Full Discretion
We believe the market is inefficient at pricing risk. Our approach is opportunistic, benchmark-agnostic and focused on total return and risk.
$87.3B
Assets under management
24
Investment professionals
22+
Average years of investment industry experience
Numbers as of 6/30/2026
Repeatable by Design
Meet the Full Discretion Team
A look at how the team works: a credit cycle lens, bottom-up analysis and a disciplined process designed to be repeatable.
For a deeper dive into how the team works, please watch the video.
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
Minimize Capital Losses
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
Recent Thought Leadership
144A-For-Life Securities: A Growing Presence in High Yield
In 2007, the SEC amended Rule 144A to increase the liquidity of privately sold securities, make private offerings more attractive to investors,[…]
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[…]
Full Discretion Team Quarterly Credit Update
We believe the credit cycle remains firmly in a late cycle phase, based on positive wealth effects, supportive fiscal policy, robust corporate[…]
“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
22 Investment Offerings
| Core Plus Full Discretion | Fixed | $44.2 billion | 1/1/1989 |
| Global High Yield Full Discretion – Hedged to USD | Fixed | $152.5 million | 10/1/2012 |
| High Yield Conservative | Fixed | $2.8 billion | 1/1/1989 |
| High Yield Full Discretion | Fixed | $2.0 billion | 1/1/1989 |
| Multisector Credit | Fixed | $168.5 million | 1/1/2010 |
| Multisector Full Discretion | Fixed | $27.3 billion | 1/1/1989 |
| Senior Floating Rate and Fixed Income | Fixed | $1.2 billion | 11/1/2011 |
| Senior Loan | Fixed | $1.2 billion | 9/1/2004 |
| Strategic Alpha | Fixed | $6.4 billion | 5/1/2011 |
| US High Yield | Fixed | $2.5 billion | 10/1/2009 |
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Monthly performance as of 8/31/2026
| Average Annual Total Returns (%) | Expense Ratio (%) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Credit Income Opportunities Fund LCIOX • Class I | Fixed | $10.00 | – | – | – | – | – | 6/1/2026 | 3.20 | 1.94 | 1/31/2029 |
| Credit Income Opportunities Fund LACIX • Class A | Fixed | $10.00 | – | – | – | – | – | 6/1/2026 | 3.70 | 2.44 | 1/31/2029 |
| Fixed Income Fund LSFIX • Class I | Fixed | $11.72 | 1.89 | 6.52 | 1.77 | 3.53 | 7.36 | 1/17/1995 | 0.62 | 0.62 | 1/31/2027 |
| High Income Fund NEHYX • Class Y | Fixed | $3.56 | 5.31 | 8.75 | 3.02 | 4.54 | 5.65 | 2/29/2008 | 1.08 | 0.70 | 4/30/2027 |
| High Income Fund LSHNX • Class N | Fixed | $3.57 | 5.34 | 8.78 | 3.06 | – | 4.70 | 11/30/2016 | 1.02 | 0.65 | 4/30/2027 |
| Income Fund LSBRX • Class R | Fixed | $11.47 | 1.83 | 6.65 | 1.57 | 2.71 | 5.94 | 12/31/1996 | 0.96 | 0.89 | 4/30/2027 |
| Income Fund LSBNX • Class N | Fixed | $11.53 | 2.21 | 6.99 | 1.89 | 3.03 | 3.04 | 2/1/2013 | 0.63 | 0.59 | 4/30/2027 |
| Income Fund LSBDX • Class I | Fixed | $11.55 | 2.16 | 6.93 | 1.83 | 2.98 | 7.47 | 5/16/1991 | 0.71 | 0.64 | 4/30/2027 |
| Income Fund LBFAX • Class A | Fixed | $11.42 | 1.67 | 6.44 | 1.36 | 2.47 | 5.43 | 1/2/1998 | 1.20 | 1.14 | 4/30/2027 |
| Institutional High Income Fund LSHIX • Class I | Fixed | $5.80 | 5.45 | 8.93 | 3.86 | 4.82 | 7.05 | 6/5/1996 | 0.74 | 0.73 | 1/31/2027 |
| Investment Grade Bond Fund LSIIX • Class Y | Fixed | $9.36 | 1.98 | 4.86 | 0.81 | 2.91 | 5.95 | 12/31/1996 | 0.53 | 0.48 | 4/30/2027 |
| Investment Grade Bond Fund LGBNX • Class N | Fixed | $9.36 | 1.93 | 4.88 | 0.84 | 2.96 | 2.84 | 2/1/2013 | 0.45 | 0.43 | 4/30/2027 |
| Investment Grade Fixed Income Fund LSIGX • Class I | Fixed | $9.82 | 2.15 | 5.24 | 0.97 | 2.61 | 6.74 | 7/1/1994 | 0.59 | 0.53 | 4/30/2027 |
| Senior Floating Rate and Fixed Income Fund LSFYX • Class Y | Fixed | $7.87 | 4.29 | 6.73 | 5.04 | 4.41 | 5.08 | 9/30/2011 | 0.82 | 0.74 | 3/31/2027 |
| Senior Floating Rate and Fixed Income Fund LSFNX • Class N | Fixed | $7.86 | 4.33 | 6.82 | 5.12 | – | 4.25 | 3/31/2017 | 0.77 | 0.69 | 3/31/2027 |
| Strategic Alpha Fund LASYX • Class Y | Fixed | $9.65 | 3.66 | 7.63 | 3.22 | 3.82 | 3.42 | 12/15/2010 | 0.75 | 0.70 | 4/30/2028 |
| Strategic Alpha Fund LASNX • Class N | Fixed | $9.65 | 3.71 | 7.71 | 3.29 | – | 3.80 | 5/1/2017 | 0.68 | 0.65 | 4/30/2028 |
| Strategic Income Fund NEZYX • Class Y | Fixed | $11.80 | 3.08 | 7.85 | 2.34 | 3.30 | 6.56 | 12/1/1999 | 0.75 | 0.67 | 4/30/2027 |
| Strategic Income Fund NEZNX • Class N | Fixed | $11.81 | 3.13 | 7.93 | 2.41 | 3.37 | 3.59 | 2/1/2013 | 0.66 | 0.62 | 4/30/2027 |
| Credit Income Opportunities Fund LCIOX • Class I |
Fixed | $10.00 | $10.00 | 0.00% | $0.0615 | 9/25/2026 |
| Credit Income Opportunities Fund LACIX • Class A |
Fixed | $10.00 | $10.00 | 0.00% | $0.0574 | 9/25/2026 |
| Fixed Income Fund LSFIX • Class I |
Fixed | $11.72 | $11.72 | 0.00% | $0.5622 | 9/25/2026 |
| High Income Fund NEHYX • Class Y |
Fixed | $3.56 | $3.56 | 0.00% | $0.0191 | 9/25/2026 |
| High Income Fund LSHNX • Class N |
Fixed | $3.57 | $3.57 | 0.00% | $0.0193 | 9/25/2026 |
| Income Fund LSBRX • Class R |
Fixed | $11.47 | $11.51 | -0.35% | $0.0496 | 9/25/2026 |
| Income Fund LSBNX • Class N |
Fixed | $11.53 | $11.58 | -0.43% | $0.0525 | 9/25/2026 |
| Income Fund LSBDX • Class I |
Fixed | $11.55 | $11.60 | -0.43% | $0.0520 | 9/25/2026 |
| Income Fund LBFAX • Class A |
Fixed | $11.42 | $11.47 | -0.44% | $0.0472 | 9/25/2026 |
| Institutional High Income Fund LSHIX • Class I |
Fixed | $5.80 | $5.81 | -0.17% | $0.3299 | 9/25/2026 |
| Investment Grade Bond Fund LSIIX • Class Y |
Fixed | $9.36 | $9.36 | 0.00% | $0.0393 | 9/25/2026 |
| Investment Grade Bond Fund LGBNX • Class N |
Fixed | $9.36 | $9.36 | 0.00% | $0.0397 | 9/25/2026 |
| Investment Grade Fixed Income Fund LSIGX • Class I |
Fixed | $9.82 | $9.86 | -0.41% | $0.0412 | 9/25/2026 |
| Senior Floating Rate and Fixed Income Fund LSFYX • Class Y |
Fixed | $7.87 | $7.87 | 0.00% | $0.0459 | 9/25/2026 |
| Senior Floating Rate and Fixed Income Fund LSFNX • Class N |
Fixed | $7.86 | $7.86 | 0.00% | $0.0461 | 9/25/2026 |
| Strategic Alpha Fund LASYX • Class Y |
Fixed | $9.65 | $9.64 | 0.10% | $0.1334 | 9/25/2026 |
| Strategic Alpha Fund LASNX • Class N |
Fixed | $9.65 | $9.65 | 0.00% | $0.1346 | 9/25/2026 |
| Strategic Income Fund NEZYX • Class Y |
Fixed | $11.80 | $11.86 | -0.51% | $0.0626 | 9/25/2026 |
| Strategic Income Fund NEZNX • Class N |
Fixed | $11.81 | $11.87 | -0.51% | $0.0631 | 9/25/2026 |
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.
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.
| Investment Grade Bond Managed Account | Full Discretion |
| Natixis Loomis Sayles Total Return Bond ETF | The Natixis Loomis Sayles Total Return Bond ETF seeks high total investment return through a combination of current income and capital appreciation. | 6/24/2026 |
ETF 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. 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.
Meet the Team
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 Pollock
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.
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