US High Yield
Overview
Strategy Details
Available Vehicles
- Institutional Separate Account
- Commingled TrustCommingled trust may include a collective investment trust, an institutional-only investment structure that is exclusively available to qualified retirement plans which meet certain eligibility requirements. A collective investment trust is not available to retail investors or the general public. For more information, qualified retirement plan sponsors should reach out to their Loomis Sayles Relationship Manager.
Portfolio Managers
Matt Eagan, CFA
Portfolio Manager, Head of Full Discretion
Brian Kennedy
Portfolio Manager
Peter Sheehan
Portfolio Manager
Eric Williams
Portfolio Manager
Associate Portfolio Manager3
Chris Romanelli, CFA
Portfolio Manager, Associate Portfolio Manager, High Yield Corporate Strategist
About the Team
High-conviction, active credit investors focused on results.
Investment Strategy
- High conviction, active credit manager
- Benchmark-aware, US high yield strategy
- Repeatable, deep value equity-like approach to fundamental research and issue selection
- Risk awareness tools overlay fundamental investment process
- May invest up to 5% in non-US dollar denominated securities, which are hedged back to USD
- Maximum of 3% per non-government issuer (GSEs excluded)
- Maximum of 25% per industry
Composite Performance
Cumulative Total Return (%)
As of 9/30/2025| Period | Gross | Net | Index |
|---|---|---|---|
| 3 Months | 3.19% | 3.07% | 2.54% |
| Year-To-Date | 8.41% | 8.05% | 7.22% |
Annualized Total Return (%)
As of 9/30/2025| Period | Gross | Net | Index |
|---|---|---|---|
| 1 Year | 9.30% | 8.82% | 7.41% |
| 3 Years | 11.40% | 10.91% | 11.09% |
| 5 Years | 5.62% | 5.16% | 5.54% |
| 10 Years | 6.05% | 5.57% | 6.16% |
| Since 10/1/2009 | 7.12% | 6.62% | 6.87% |
Period Performance (%)
As of 9/30/2025| Year | Gross | Net | Index |
|---|---|---|---|
| 2024 | 9.48% | 9.00% | 8.19% |
| 2023 | 12.12% | 11.62% | 13.44% |
| 2022 | -11.38% | -11.76% | -11.18% |
| 2021 | 4.22% | 3.76% | 5.26% |
| 2020 | 8.51% | 8.03% | 7.05% |
| 2019 | 12.60% | 12.09% | 14.32% |
| 2018 | -2.93% | -3.37% | -2.08% |
| 2017 | 8.03% | 7.56% | 7.50% |
| 2016 | 16.29% | 15.72% | 17.13% |
| 2015 | -1.77% | -2.26% | -4.43% |
Documents
3Associate Portfolio Managers do not have discretion over the strategy.
Important Disclosures
Performance data shown represents past performance and is no guarantee of future results. Current performance may be lower or higher than quoted. Returns are shown in US dollars and are annualized for one and multi-year periods. Gross returns are net of trading costs. Net returns are gross returns less effective management fees.
KEY RISKS: Credit Risk, Issuer Risk, Interest Rate Risk, Liquidity Risk, Prepayment Risk and Extension Risk. Investing involves risk including possible loss of principal.
There is no guarantee that the investment objective will be realized or that the strategy will generate positive or excess return.
Investment vehicles may not be available to all investors and are subject to eligibility.
The Composite includes all discretionary accounts with market values greater than $5 million managed by Loomis Sayles with investment guidelines that allow for a diversified, actively managed exposure to the US High Yield credit market which emphasizes a disciplined portfolio construction and risk assessment process in fixed income and related investments of any maturity and credit quality, including lower-rated fixed income investments, derivatives, and bonds with equity like features. As of 1/1/2021 the Composite was redefined to include commingled vehicles, previously only separate accounts were included. The Composite inception date is October 1, 2009. The Composite was created in 2010.