Core Plus Full Discretion
Overview
Strategy Details
Available Vehicles
- Institutional Separate Account
- Mutual Fund
- 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.
- Separately Managed Accounts (SMA)
Portfolio Managers
Matt Eagan, CFA
Portfolio Manager, Head of Full Discretion
Brian Kennedy
Portfolio Manager
Associate Portfolio Manager3
Bryan Hazelton, CFA
Portfolio Manager, Associate Portfolio Manager, Investment Grade Corporate Strategist
About the Team
High-conviction, active credit investors focused on results.
Investment Strategy
- High conviction, active credit manager
- Core plus strategy seeking to exploit opportunities across credit qualities and sectors
- Repeatable, deep value equity-like approach to fundamental research and issue selection
- Risk awareness tools overlay fundamental investment process
- May invest up to 20% in non-US dollar denominated securities
- May invest up to 15% in high yield securities
- May invest up to 5% in equity securities
- Maximum of 5% 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 | 2.48% | 2.37% | 2.03% |
| Year-To-Date | 7.11% | 6.79% | 6.13% |
Annualized Total Return (%)
As of 9/30/2025| Period | Gross | Net | Index |
|---|---|---|---|
| 1 Year | 4.15% | 3.74% | 2.88% |
| 3 Years | 6.97% | 6.56% | 4.93% |
| 5 Years | 2.06% | 1.74% | -0.45% |
| 10 Years | 4.03% | 3.72% | 1.84% |
| Since 1/1/1989 | 7.29% | 7.03% | 5.31% |
Period Performance (%)
As of 9/30/2025| Year | Gross | Net | Index |
|---|---|---|---|
| 2024 | 3.49% | 3.08% | 1.25% |
| 2023 | 7.98% | 7.55% | 5.53% |
| 2022 | -10.95% | -11.14% | -13.01% |
| 2021 | 0.33% | 0.11% | -1.54% |
| 2020 | 11.77% | 11.47% | 7.51% |
| 2019 | 9.44% | 9.13% | 8.72% |
| 2018 | 0.15% | -0.14% | 0.01% |
| 2017 | 6.16% | 5.86% | 3.54% |
| 2016 | 7.15% | 6.84% | 2.65% |
| 2015 | -1.99% | -2.27% | 0.55% |
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, Non-US Securities Risk, Currency 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 at least $5 million managed by Loomis Sayles with the objective of maximizing total return through individual security selection with a 15% limit in high yield securities and use of out-of-benchmark sectors, including, but not limited to, non-US dollar denominated, emerging market debt, convertibles, securitized debt and bank loans. Yield curve and duration management provide additional tactical tools for the portfolio management team with strategic allocation to higher yielding credit sensitive sectors employing Loomis Sayles security level research and significant allocation to non-index sectors as primary sources of alpha. Tracking error is not explicitly targeted for this product, however, historically these portfolios have exhibited annualized tracking error of approximately 200-500 basis points. As of 1/1/2021 the Composite was redefined to include commingled vehicles, previously only separate accounts were included. The Composite inception date is January 1, 1989. The Composite was created in August 2003.