Multi-Asset Income Fund
Y shares are only available to certain institutional investors. Please click here for other share classes.
The Multi-Asset Income Fund seeks current income with a secondary objective of capital appreciation*
Primary Benchmark:
Bloomberg Barclays US Aggregate Index
Portfolio Management
Tom Fahey
Kevin Kearns
Maura Murphy, CFA
Total Fund Assets (as of 9/30/2018):
$146.8 million
Lipper Category:
Flexible Portfolio Funds
Morningstar Category:
Allocation-50% to 70% Equity
Strategy Highlights
- Tactical multi-asset portfolio
- The top-down asset allocation process emphasizes a global cyclical analysis framework which is designed to help assess income opportunities and to optimize asset allocation
- Bottom-up security selection process focuses on quality of income and sources our best ideas across the firm by leveraging Loomis Sayles’ expertise in fundamental research
- Disciplined and active risk management is incorporated throughout the investment process and is integral to the strategy’s pursuit of its investment goal
- Under normal market conditions, the fund typically invests 20-80% of its assets in fixed-income securities and 30-70% in equity securities
- The fund is not required to allocate investments among asset classes in any fixed proportion and may invest up to 100% of assets in either equity securities or fixed-income securities
About Risk
- Asset allocation strategies do not guarantee a profit or protect against a loss.
- Equity securities are volatile and can decline significantly in response to broad market and economic conditions.
- Fixed income securities may carry one or more of the following risks: credit, interest rate (as interest rates rise bond prices usually fall), inflation and liquidity.
- Below investment grade fixed income securities may be subject to greater risks (including the risk of default) than other fixed income securities.
- Foreign and emerging market securities may be subject to greater political, economic, environmental, credit, currency and information risks. Foreign securities may be subject to higher volatility than U.S. securities, due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets.
- Real estate investing may be subject to risks including, but not limited to, declines in the value of real estate, risks related to general economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrowers.
- Master Limited Partnerships (MLPs) may trade less frequently than traditional investments such as equities, which may result in erratic price movement or difficulty in buying or selling. MLPs are subject to significant regulation and may be adversely affected by changes in the regulatory environment including the risk that an MLP could lose its tax status as a partnership.
- Derivatives involve risk of loss and may entail additional risks. Because derivatives depend on the performance of an underlying asset, they can be highly volatile and are subject to market and credit risks.
*The Fund’s investment goal is non-fundamental, which means it may be changed without shareholder approval. The Fund will provide 60 days’ prior written notice to shareholders before changing the investment goal.
1 As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses once the expense cap of the fund has been exceeded. This arrangement is set to expire on 4/30/19. Transfer Agent Fee waivers for Class N are contractual and are set to expire on 4/30/19. When an expense cap has not been exceeded, the fund may have similar expense ratios and/or yields.
2The 30-day SEC yield is a standardized calculation, calculated by dividing the net investment income per share for the 30-day period by the maximum offering price per share at the end of the period and annualizing the result. A subsidized 30-day SEC yield reflects the effect of fee waivers and expense reimbursements. The SEC yield is not based upon distributions of the fund and actual income distributions may be higher or lower than the 30-day SEC yield amounts. Unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund. Gross expenses do not include any fee waivers or reimbursement.
The Bloomberg Barclays US Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the US investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. Indexes are unmanaged and do not incure fees. It is not possible to invest directly in an index.
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Primary Benchmark: Bloomberg Barclays US Aggregate Index
Year-to-Date Performance as of 10/22/2018 | | Class N | Class Y |
|---|
| | -2.23% | -2.34% |
Month-End Performance as of 9/30/2018 Cumulative
Total Return | Class N | Class Y |
|---|
| 3 month | 3.18% | 3.24% | | Year-to-date | 0.94% | 0.91% |
Average Annualized
Total Return | Class N | Class Y |
|---|
| Inception Date | 9/1/2015 | 12/3/2012 | | 1 Year | 4.63% | 4.65% | | 3 Years | 9.06% | 9.00% | | 5 Years | N/A | 7.40% | | 10 Years | N/A | 8.61% | | Since Inception | 8.42% | 7.19% |
Quarter-End Performance as of 9/30/2018 Cumulative
Total Return | Class N | Class Y |
|---|
| 3 month | 3.18% | 3.24% | | Year-to-date | 0.94% | 0.91% |
Average Annualized
Total Return | Class N | Class Y |
|---|
| Inception Date | 9/1/2015 | 12/3/2012 | | 1 Year | 4.63% | 4.65% | | 3 Years | 9.06% | 9.00% | | 5 Years | N/A | 7.40% | | 10 Years | N/A | 8.61% | | Since Inception | 8.42% | 7.19% |
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Lipper Ranking as of 9/30/2018 | | Class N | Class Y |
|---|
| 1 Year | 258/614 | 256/614 | | 3 Years | 111/496 | 115/496 | | 5 Years | N/A | 46/368 | | 10 Years | N/A | N/A | | Lipper Category: Flexible Portfolio Funds |
Morningstar Ranking as of 9/30/2018 | | Class N | Class Y |
|---|
| 1 Year | 606/771 | 603/771 | | 3 Years | 313/703 | 328/703 | | 5 Years | N/A | 220/619 | | 10 Years | N/A | N/A | | Morningstar Category: Allocation-50% to 70% Equity |
Lipper and Morningstar rankings are based on total returns calculated by each ranking entity. Rankings do not take into account sales charges, if applicable, but include reinvestment of dividends and capital gains, if any.
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Performance data shown represents past performance and is no guarantee of, and not necessarily indicative 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. Returns include changes in share price and reinvestment of dividends and capital gains, if any.
Lipper Analytical Services Inc., a Thomson Reuters Company, is a nationally recognized organization that provides performance information for mutual funds. Copyright 2018 © Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
© 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Monthly as of 9/30/2018
| Currency Distribution | |
|---|
| Euro | 4.3% | | Japanese Yen | 1.1% | | British Pound Sterling | 1.0% | | South African Rand | 0.5% | | Canadian Dollar | 0.4% | | Indonesian Rupiah | 0.3% | | Hong Kong Dollar | 0.2% | | Danish Krone | 0.1% | | New Zealand Dollar | 0.1% | | Norwegian Krone | 0.1% | | Singapore Dollar | 0.1% | | Swedish Krona | 0.1% |
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| Asset Allocation | |
|---|
| US Equity | 30.6% | | High Yield Credit | 14.0% | | Preferred | 13.1% | | Global Equity | 10.5% | | Bank Loans | 8.8% | | Emerging Markets Debt | 7.1% | | Investment Grade Credit | 6.7% | | Mlp | 4.9% | | Convertibles | 0.8% | | REITs | 0.7% | | Securitized | 0.2% | | Cash & Equivalents | 2.8% |
| Sector Distribution | |
|---|
| Energy | 22.9% | | Banking | 18.2% | | Technology | 10.3% | | Sovereign Bonds / Supranationals | 7.4% | | Consumer Non-Cyclical | 6.7% | | Communications | 6.2% | | Capital Goods | 5.1% | | Insurance | 4.3% | | Consumer Cyclical | 3.7% | | Basic Industry | 3.6% | | Transportation | 3.3% | | Financial Other | 1.8% | | Finance Companies | 1.4% | | Electric | 1.1% | | REITs | 0.6% | | Industrial Other | 0.5% | | CMBS | 0.3% | | Cash & Equivalents | 2.8% | | Credit Quality | |
|---|
| US Treasurys | 0.0% | | AAA | 0.0% | | AA | 0.6% | | A | 1.3% | | BAA | 10.3% | | BA | 16.4% | | B | 17.7% | | CAA & Lower | 1.8% | | Equity | 49.1% | | Not Rated | 0.0% | | Cash & Equivalents | 2.8% | |
Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.
Credit Quality reflects the highest credit rating assigned to individual holdings of the fund among Moody’s, S&P or Fitch; ratings are subject to change. The fund’s shares are not rated by any rating agency and no credit rating for fund shares is implied. Bond credit ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).
Cash & Equivalents reflects unsettled trades, fees and derivatives. Negative Cash & Equivalents reflect the market value of future trade commitments for the fund. ABS/RMBS: Asset-Backed Securities/Residential Mortgage-Backed Securities. Agency MBS: Agency Mortgage-Backed Securities. CMBS: Commercial Mortgage-Backed Securities.
Due to rounding, Sector, Currency, Country, Duration, Maturity and Quality distribution totals may not equal 100%.
Quarterly as of 9/30/2018
| Currency Distribution | Fund |
|---|
| Euro | 4.3% | | Japanese Yen | 1.1% | | British Pound Sterling | 1.0% | | South African Rand | 0.5% | | Canadian Dollar | 0.4% | | Indonesian Rupiah | 0.3% | | Hong Kong Dollar | 0.2% | | Danish Krone | 0.1% | | New Zealand Dollar | 0.1% | | Norwegian Krone | 0.1% | | Singapore Dollar | 0.1% | | Swedish Krona | 0.1% | | US Dollar | 0.0% |
|
| Asset Allocation | Fund |
|---|
| US Equity | 30.6% | | High Yield Credit | 14.0% | | Preferred | 13.1% | | Global Equity | 10.5% | | Bank Loans | 8.8% | | Emerging Markets Debt | 7.1% | | Investment Grade Credit | 6.7% | | Mlp | 4.9% | | Convertibles | 0.8% | | REITs | 0.7% | | Securitized | 0.2% | | Cash & Equivalents | 2.8% |
| Sector Distribution | Fund |
|---|
| Energy | 22.9% | | Banking | 18.2% | | Technology | 10.3% | | Sovereign Bonds / Supranationals | 7.4% | | Consumer Non-Cyclical | 6.7% | | Communications | 6.2% | | Capital Goods | 5.1% | | Insurance | 4.3% | | Consumer Cyclical | 3.7% | | Basic Industry | 3.6% | | Transportation | 3.3% | | Financial Other | 1.8% | | Finance Companies | 1.4% | | Electric | 1.1% | | REITs | 0.6% | | Industrial Other | 0.5% | | CMBS | 0.3% | | Cash & Equivalents | 2.8% | | Credit Quality | Fund |
|---|
| US Treasurys | 0.0% | | AAA | 0.0% | | AA | 0.6% | | A | 1.3% | | BAA | 10.3% | | BA | 16.4% | | B | 17.7% | | CAA & Lower | 1.8% | | Equity | 49.1% | | Not Rated | 0.0% | | Cash & Equivalents | 2.8% |
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Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.
Credit Quality reflects the highest credit rating assigned to individual holdings of the fund among Moody’s, S&P or Fitch; ratings are subject to change. The fund’s shares are not rated by any rating agency and no credit rating for fund shares is implied. Bond credit ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).
Cash & Equivalents reflects unsettled trades, fees and derivatives. Negative Cash & Equivalents reflect the market value of future trade commitments for the fund. ABS/RMBS: Asset-Backed Securities/Residential Mortgage-Backed Securities. Agency MBS: Agency Mortgage-Backed Securities. CMBS: Commercial Mortgage-Backed Securities.
Due to rounding, Sector, Currency, Country, Duration, Maturity and Quality distribution totals may not equal 100%.