Full Discretion
We believe the market is inefficient at pricing risk. Our approach is opportunistic, benchmark-agnostic and focused on total return and risk.
$83.9B
Assets Under
Management
27
Investment professionals
23+
Average years of investment industry experience
Numbers as of 09/30/2025
We are high-conviction, active credit investors focused on results for our clients.
The team’s passion for performance & unwavering commitment to their clients is marked by
consistency, transparency, and integrity.
A Legacy of Innovative Investing
We have a legacy of independent thinking and leaning into the market when others may be pulling away. We take a deep-value, equity-like approach to credit selection across global fixed income markets. Our disciplined process helps give us confidence in seeking to identify macro trends, formulate a clear view on market sectors, and invest throughout the credit cycle.
Our Bottom-Up Approach
For more than 40 years, we have been applying our distinctive style of bond picking that helps us deliver portfolios designed to provide excess yield potential and have low correlations to traditional benchmark-focused fixed income strategies.
Our six pillars of security selection are the foundation of our bottom-up approach, and are consistently applied across credit cycles.
Fallen Angels
Forced selling by investment grade accounts can help push bonds below fair value and inflates the risk premium
Cheap for Rating
Bonds trading cheap to fundamental credit risk tend to outperform
Upgrade Candidates
The market is often slow to price potential upgrades due to short time horizons and distortions created by passive investing
Stressed/Distressed
In our experience, prices for the lowest-quality bonds can become dislocated when the distressed ratio is elevated
Mitigate Risk
Minimizing permanent principal losses associated with value traps
New Issue Premium
New issues often come at a premium in order to help attract investors to the primary market
Extra Credit
November 2025
When it comes to assessing value across various fixed income credit markets, we believe the big picture is essential. For the Full Discretion team, the big picture means analyzing where we are in the credit cycle and calculating the current risk premium, defined as a market’s option-adjusted spread (OAS) less our estimated one-year-forward losses from downgrades and defaults.
“Call it art or call it a philosophy; we consider it to be both. Fundamental research is the cornerstone of everything we do and believe in.”
Matt Eagan, CFA
Head of the Full Discretion Team and Portfolio Manager
20 Investment Offerings
Monthly performance as of 11/30/2025
|
Product Name Ticker • Share Class
|
Asset Class | NAV* | 1Y | 3Y | 5Y | 10Y | Inception | Inception Date |
|---|---|---|---|---|---|---|---|---|
| Bond Fund LSBRX • Class R | Fixed | 12.15 | 7.33% | 7.39% | 2.50% | 3.42% | 6.09% | 12/31/1996 |
| Bond Fund LSBNX • Class N | Fixed | 12.22 | 7.70% | 7.74% | 2.82% | 3.74% | 3.19% | 2/1/2013 |
| Bond Fund LSBDX • Class I | Fixed | 12.24 | 7.63% | 7.67% | 2.76% | 3.68% | 7.63% | 5/16/1991 |
| Bond Fund LBFAX • Class A | Fixed | 12.11 | 7.18% | 7.16% | 2.27% | 3.17% | 5.58% | 1/2/1998 |
| Fixed Income Fund LSFIX • Class I | Fixed | 12.48 | 7.77% | 7.36% | 2.73% | 4.33% | 7.53% | 1/17/1995 |
| High Income Fund NEHYX • Class Y | Fixed | 3.69 | 8.06% | 9.02% | 3.52% | 5.08% | 5.67% | 2/29/2008 |
| High Income Fund LSHNX • Class N | Fixed | 3.70 | 8.09% | 9.05% | 3.56% | – | 4.67% | 11/30/2016 |
| Institutional High Income Fund LSHIX • Class I | Fixed | 6.02 | 7.67% | 9.16% | 4.92% | 5.54% | 7.10% | 6/5/1996 |
| Investment Grade Bond Fund LSIIX • Class Y | Fixed | 9.97 | 5.47% | 5.71% | 1.27% | 3.63% | 6.12% | 12/31/1996 |
| Investment Grade Bond Fund LGBNX • Class N | Fixed | 9.96 | 5.53% | 5.76% | 1.32% | 3.69% | 3.03% | 2/1/2013 |
| Investment Grade Fixed Income Fund LSIGX • Class I | Fixed | 10.53 | 5.79% | 6.13% | 1.41% | 3.36% | 6.91% | 7/1/1994 |
| Senior Floating Rate and Fixed Income Fund LSFYX • Class Y | Fixed | 8.04 | 5.18% | 8.53% | 5.34% | 4.68% | 5.08% | 9/30/2011 |
| Senior Floating Rate and Fixed Income Fund LSFNX • Class N | Fixed | 8.03 | 5.36% | 8.58% | 5.39% | – | 4.17% | 3/31/2017 |
| Strategic Alpha Fund LASYX • Class Y | Fixed | 9.95 | 8.06% | 8.16% | 3.61% | 4.03% | 3.47% | 12/15/2010 |
| Strategic Alpha Fund LASNX • Class N | Fixed | 9.96 | 8.10% | 8.24% | 3.68% | – | 3.91% | 5/1/2017 |
| Strategic Income Fund NEZYX • Class Y | Fixed | 12.60 | 8.22% | 8.33% | 3.30% | 3.80% | 6.71% | 12/1/1999 |
| Strategic Income Fund NEZNX • Class N | Fixed | 12.61 | 8.35% | 8.41% | 3.37% | 3.87% | 3.70% | 2/1/2013 |
|
Product Name
Ticker • Share Class
|
Asset Class | NAV* | Prev NAV | % Change | Last Distribution | As of Date |
|---|---|---|---|---|---|---|
|
Bond Fund
LSBRX •
Class R
|
Fixed | $12.25 | $12.23 | 0.16% | $0.0493 | 12/26/2025 |
|
Bond Fund
LSBNX •
Class N
|
Fixed | $12.16 | $12.15 | 0.08% | $0.0463 | 12/26/2025 |
|
Bond Fund
LSBDX •
Class I
|
Fixed | $12.12 | $12.10 | 0.17% | $0.0433 | 12/26/2025 |
|
Bond Fund
LBFAX •
Class A
|
Fixed | $12.23 | $12.21 | 0.16% | $0.0499 | 12/26/2025 |
|
Fixed Income Fund
LSFIX •
Class I
|
Fixed | $11.96 | $11.95 | 0.08% | $0.5622 | 12/26/2025 |
|
High Income Fund
NEHYX •
Class Y
|
Fixed | $3.68 | $3.67 | 0.27% | $0.0301 | 12/26/2025 |
|
High Income Fund
LSHNX •
Class N
|
Fixed | $3.69 | $3.69 | 0.00% | $0.0302 | 12/26/2025 |
|
Institutional High Income Fund
LSHIX •
Class I
|
Fixed | $5.72 | $5.71 | 0.18% | $0.3299 | 12/26/2025 |
|
Investment Grade Bond Fund
LSIIX •
Class Y
|
Fixed | $9.91 | $9.91 | 0.00% | $0.0475 | 12/26/2025 |
|
Investment Grade Bond Fund
LGBNX •
Class N
|
Fixed | $9.91 | $9.90 | 0.10% | $0.0480 | 12/26/2025 |
|
Investment Grade Fixed Income Fund
LSIGX •
Class I
|
Fixed | $10.47 | $10.47 | 0.00% | $0.0640 | 12/26/2025 |
|
Senior Floating Rate and Fixed Income Fund
LSFYX •
Class Y
|
Fixed | $8.01 | $8.01 | 0.00% | $0.0481 | 12/26/2025 |
|
Senior Floating Rate and Fixed Income Fund
LSFNX •
Class N
|
Fixed | $7.99 | $7.99 | 0.00% | $0.0484 | 12/26/2025 |
|
Strategic Alpha Fund
LASYX •
Class Y
|
Fixed | $9.86 | $9.86 | 0.00% | $0.1293 | 12/26/2025 |
|
Strategic Alpha Fund
LASNX •
Class N
|
Fixed | $9.87 | $9.86 | 0.10% | $0.1305 | 12/26/2025 |
|
Strategic Income Fund
NEZYX •
Class Y
|
Fixed | $12.60 | $12.58 | 0.16% | $0.0853 | 12/26/2025 |
|
Strategic Income Fund
NEZNX •
Class N
|
Fixed | $12.60 | $12.58 | 0.16% | $0.0860 | 12/26/2025 |
|
Product Name
Ticker • Share Class
|
Asset Class | Documents |
|---|---|---|
|
Bond Fund
LSBRX • Class R
|
Fixed | |
| Documents | ||
|
Bond Fund
LSBNX • Class N
|
Fixed | |
| Documents | ||
|
Bond Fund
LSBDX • Class I
|
Fixed | |
| Documents | ||
|
Bond Fund
LBFAX • Class A
|
Fixed | |
| Documents | ||
|
Fixed Income Fund
LSFIX • Class I
|
Fixed | |
| Documents | ||
|
High Income Fund
NEHYX • Class Y
|
Fixed | |
| Documents | ||
|
High Income Fund
LSHNX • Class N
|
Fixed | |
| Documents | ||
|
Institutional High Income Fund
LSHIX • Class I
|
Fixed | |
| Documents | ||
|
Investment Grade Bond Fund
LSIIX • Class Y
|
Fixed | |
| Documents | ||
|
Investment Grade Bond Fund
LGBNX • Class N
|
Fixed | |
| Documents | ||
|
Investment Grade Fixed Income Fund
LSIGX • Class I
|
Fixed | |
| Documents | ||
|
Senior Floating Rate and Fixed Income Fund
LSFYX • Class Y
|
Fixed | |
| Documents | ||
|
Senior Floating Rate and Fixed Income Fund
LSFNX • Class N
|
Fixed | |
| Documents | ||
|
Strategic Alpha Fund
LASYX • Class Y
|
Fixed | |
| Documents | ||
|
Strategic Alpha Fund
LASNX • Class N
|
Fixed | |
| Documents | ||
|
Strategic Income Fund
NEZYX • Class Y
|
Fixed | |
| Documents | ||
|
Strategic Income Fund
NEZNX • Class N
|
Fixed | |
| Documents | ||
*Net asset value is a mutual fund’s price per share. The value is calculated daily, based on the value of the securities in the portfolio at market close.
Gross expense ratio is the fund’s total annual operating expense ratio before any fee waivers or reimbursements.
Net expense ratio is the fund’s total annual operating expense ratio after any fee waivers or reimbursements.
Performance data shown represents past performance and is no guarantee of future results. Total return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Performance for periods less than one year is cumulative, not annualized. Returns include changes in share price and reinvestment of dividends and capital gains, if any.
Bond Fund Gross expense ratio: (N) 0.64%, (I) 0.72%, (R) 0.97%, (Admin) 1.19%; Net expense ratio: (N) 0.59%, (I) 0.64%, (R) 0.89%, (Admin) 1.14%; As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 4/30/27. Transfer Agent Fee waivers for Class N are contractual and are set to expire 4/30/27. When an expense limitation has not been exceeded, the fund may have similar expense ratios.
Fixed Income Fund Gross expense ratio: (I) 0.61%; Net expense ratio: (I) 0.61%; As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 1/31/26. When an expense limitation has not been exceeded, the fund may have similar expense ratios.
High Income Fund Gross expense ratio: (N) 1.31%, (Y) 1.26%; Net expense ratio: (N) 0.65%, (Y) 0.70%; As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 4/30/26. When an expense limitation has not been exceeded, the fund may have similar expense ratios.
Institutional High Income Fund Gross expense ratio: (I) 0.72%; Net expense ratio: (I) 0.72%; As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 1/31/26. When an expense limitation has not been exceeded, the fund may have similar expense ratios.
Investment Grade Bond Fund Gross expense ratio: (N) 0.48%, (Y) 0.56%; Net expense ratio: (N) 0.43%, (Y) 0.48%; As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 4/30/27. Transfer Agent Fee waivers for Class N are contractual and are set to expire 4/30/27. When an expense limitation has not been exceeded, the fund may have similar expense ratios.
Investment Grade Fixed Income Fund Gross expense ratio: (I) 0.57%; Net expense ratio: (I) 0.53%; As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 4/30/26. When an expense limitation has not been exceeded, the fund may have similar expense ratios.
Senior Floating Rate and Fixed Income Fund Gross expense ratio: (N) 0.78%, (Y) 0.81%; Net expense ratio: (N) 0.69%, (Y) 0.74%; As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 3/31/26. When an expense limitation has not been exceeded, the fund may have similar expense ratios and/or yields.
Strategic Alpha Fund Gross expense ratio: (N) 0.73%, (Y) 0.80%; Net expense ratio: (N) 0.68%, (Y) 0.73%; As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 4/30/26. When an expense limitation has not been exceeded, the fund may have similar expense ratios.
Strategic Income Fund Gross expense ratio: (N) 0.67%, (Y) 0.75%; Net expense ratio: (N) 0.62%, (Y) 0.67%; As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 4/30/26. When an expense limitation has not been exceeded, the fund may have similar expense ratios.
| Strategy Name | Type | AUM | Inception Date |
|---|---|---|---|
| Core Plus Full Discretion | Fixed | $42.3 billion | 1/1/1989 |
| Global High Yield Full Discretion – Hedged to USD | Fixed | $217.2 million | 10/1/2012 |
| High Yield Conservative | Fixed | $2.3 billion | 1/1/1989 |
| High Yield Full Discretion | Fixed | $2.1 billion | 1/1/1989 |
| Multisector Credit | Fixed | $223.9 million | 1/1/2010 |
| Multisector Full Discretion | Fixed | $26.3 billion | 1/1/1989 |
| Senior Floating Rate and Fixed Income | Fixed | $1.6 billion | 11/1/2011 |
| Senior Loan | Fixed | $1.6 billion | 9/1/2004 |
| Strategic Alpha | Fixed | $5.7 billion | 5/1/2011 |
| US High Yield | Fixed | $2.3 billion | 10/1/2009 |
| Product Name | Asset Class | Documents |
|---|---|---|
| Fixed | ||
| Document | ||
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| Product Name | Team |
|---|---|
| Investment Grade Bond Managed Account | Full Discretion |
Meet the Team
Thought leadership and insights from the team
Loomis Sayles Core Plus Full Discretion: A Differentiated Approach
After an extended period of low interest rates, the yield reset in 2022 has investors re-thinking their approach to “core” fixed income[…]
Loomis Sayles Strategic Alpha: A Low Volatility Multisector Approach
We believe a flexible, benchmark-agnostic fixed income strategy targeting 4-6% volatility can offer investors the ability to seek strong risk-adjusted returns, diversification[…]
Credit Check: The Full Discretion Approach to Credit Selection
Credit markets are frequently moving. During our decades as bond investors, we’ve seen them frozen during times of crisis, frothy when investors[…]
Contact the Full Discretion Team
Reach out—our team is ready to discuss how we can create tailored solutions for you. We look forward to hearing from you.
David Zielinski, CFA
Investment Director
Cheryl Stober
Investment Director
Important Disclosures
This marketing communication is provided for informational purposes only and should not be construed as investment advice. Investment decisions should consider the individual circumstances of the particular investor. Any opinions or forecasts contained herein, reflect the subjective judgments and assumptions of the authors only, and do not necessarily reflect the views of Loomis, Sayles & Company, L.P. Investment recommendations may be inconsistent with these opinions. There is no assurance that developments will transpire as forecasted and actual results will be different. Information, including that obtained from outside sources, is believed to be correct, but we cannot guarantee its accuracy. This information is subject to change at any time without notice.
Key Risks: Credit Risk, Interest Rate Risk, Inflation Risk, Liquidity Risk.
Any investment that has the possibility for profits also has the possibility of losses, including the loss of principal.
Diversification does not ensure a profit or guarantee against a loss.
Market conditions are extremely fluid and change frequently.
Past performance is no guarantee of future results.
Before investing, consider the fund’s investment objectives, risks, charges, and expenses. You may obtain a prospectus or a summary prospectus containing this and other information on this website. Read it carefully.
Natixis Distribution, LLC (fund distributor, member FINRA|SIPC) and Loomis, Sayles & Company, L.P. are affiliated.
Loomis Sayles Funds | 800.633.3330