Relative Return
A comprehensive fixed income platform powered by seasoned investors and focused, benchmark-aware investment strategies.
$143.9B
Assets under management
32
Investment professionals
32+
Average years of investment industry experience
Numbers as of 6/30/2026
Our investment process is designed to be highly repeatable and draws from our broad and deep research and trading capabilities.
Benchmark-relative fixed income products are one of the major building blocks in many fixed income allocations because of their broad utility. They can provide portfolio ballast in times of equity volatility while also offering a return profile sourced from a broad array of the investment grade fixed income universe. Relative Return has a suite of products which can be either diversified across fixed income sectors or focused on corporate and credit sectors specifically, as well as exposure to specific “plus” sectors, including high yield, emerging market debt and Treasury inflation-protected securities (TIPS).
These products range across the duration spectrum. While the underlying products may have different durations and investment universes their approaches are defined by active risk management with consistent security selection and an awareness of the credit cycle.
Our Capabilities
We offer a diverse range of benchmark-relative investment strategies that form the foundation of our clients’ fixed income allocations.
Strategies are available in institutional separate accounts, mutual funds, commingled trusts, separately managed accounts (SMAs) and bespoke portfolio solutions. All of our strategies depend on the firm’s central resource engines and utilize combinations of bottom-up and top-down portfolio inputs.
Core, Short Duration, Intermediate Duration Fixed Income
$53.2B
Invests primarily in US investment grade fixed income securities with a focus on building well-diversified portfolios across sectors, industries, and issuers. Duration is managed close to that of the benchmark.
Core Plus Fixed Income
$45.2B
Tactical positioning and active sector allocation aim to enhance returns. This strategy invests in “plus” sectors including high yield, non-US dollar, collateralized loan obligations (CLOs), bank loans, and Treasury inflation-protected securities (TIPS) for additional yield potential and diversification.
Long Duration Fixed Income Strategies
(Government/Credit, Corporate and Credit)
$10.0 B
Invests primarily in US investment-grade fixed income securities with extended maturities. The approach aims to deliver consistent, long-term returns with effective downside protection, positioning the strategies well for preserving capital and managing liabilities.
Investment Grade Corporate & Credit Bond Strategies
(Full Corporate/Credit Bond and Intermediate Corporate Bond)
$34.8 B
Corporate/credit benchmark-aware risk and return objectives. Duration stays tightly aligned to the benchmark, and historically, security selection and industry allocation have driven strong results. Many of these strategies are bespoke to clients’ specific objectives.
Active US Treasury
$688.6 M
Treasury strategy which integrates deep macroeconomic analysis with quantitative insights to guide decisions in duration, yield curve positioning and TIPS allocations.
Our team culture is well-known for its entrepreneurial spirit where employees are encouraged to develop themselves and their colleagues to best serve our clients. We encourage constant improvement of our people, performance and processes. We believe this culture exhibits itself in the quality of service we offer our clients.
Risk‑Focused, System‑Backed Portfolio Construction
The Relative Return teams have a strong focus on risk management. Our portfolio construction process integrates several risk management systems, which monitor and measure risk on a daily basis as the team determines whether to manage beta up or down. Additionally, the product team assesses market risk by identifying macroeconomic risk factors and how that impacts the current opportunity set and will adjust the risk of the portfolios accordingly.
We also utilize a number of proprietary tools which help in security selection and portfolio construction.
23 Investment Offerings
| Active US Treasury (1yr-30yrs) | Fixed Income | $688.6 million | 1/30/2020 |
| Core Fixed Income | Fixed Income | $30.0 billion | 1/1/1984 |
| Core Plus Fixed Income | Fixed Income | $45.2 billion | 1/1/1986 |
| Core Stable Value Fixed Income | Fixed Income | $30.0 billion | 3/1/2016 |
| Intermediate Duration Fixed Income | Fixed Income | $17.3 billion | 1/1/1989 |
| Intermediate Duration Stable Value Fixed Income | Fixed Income | $17.3 billion | 8/1/2011 |
| Investment Grade Corporate/Credit Bond | Fixed Income | $34.8 billion | 10/1/2003 |
| Investment Grade Intermediate Corporate Bond | Fixed Income | $34.8 billion | 10/1/1996 |
| Long Duration Corporate Bond | Fixed Income | $5.5 billion | 4/1/2009 |
| Long Duration Credit | Fixed Income | $5.5 billion | 4/1/2013 |
| Long Duration Government/Credit | Fixed Income | $3.4 billion | 3/1/2006 |
| Short Duration Fixed Income | Fixed Income | $5.9 billion | 8/1/2007 |
| Short Duration Stable Value Fixed Income | Fixed Income | $5.9 billion | 6/1/2018 |
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| Core Fixed Income Managed Account | Relative Return |
| Core Fixed Income with Securitized Asset Fund Managed Account | Relative Return |
| Core Plus Fixed Income Managed Account | Relative Return |
| Core Total Return Managed Account | Relative Return |
| Government/Credit Managed Account | Relative Return |
| Intermediate Duration Fixed Income Managed Account | Relative Return |
Monthly performance as of 9/30/2026
| Average Annual Total Returns (%) | Expense Ratio (%) | ||||||||||
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| Core Plus Bond Fund NERYX • Class Y | Fixed Income | $11.04 | -2.09 | 4.25 | -0.50 | 1.73 | 5.19 | 12/30/1994 | 0.49 | 0.48 | 1/31/2027 |
| Core Plus Bond Fund NERNX • Class N | Fixed Income | $11.05 | -2.08 | 4.32 | -0.43 | 1.81 | 2.18 | 2/1/2013 | 0.39 | 0.39 | 1/31/2027 |
| Intermediate Duration Bond Fund LSDIX • Class Y | Fixed Income | $9.26 | -0.34 | 4.61 | 0.99 | 2.05 | 4.03 | 1/28/1998 | 0.50 | 0.40 | 1/31/2027 |
| Intermediate Duration Bond Fund LSDNX • Class N | Fixed Income | $9.25 | -0.29 | 4.63 | 1.04 | – | 2.45 | 2/1/2019 | 0.43 | 0.35 | 1/31/2027 |
| Limited Term Government and Agency Fund NELYX • Class Y | Fixed Income | $10.70 | 0.99 | 4.16 | 1.90 | 1.74 | 3.50 | 3/31/1994 | 0.53 | 0.45 | 1/31/2027 |
| Limited Term Government and Agency Fund LGANX • Class N | Fixed Income | $10.69 | 1.04 | 4.22 | 1.95 | – | 1.96 | 2/1/2017 | 0.43 | 0.40 | 1/31/2027 |
| Core Plus Bond Fund NERYX • Class Y |
Fixed Income | $11.04 | $11.00 | 0.36% | $0.0390 | 10/8/2026 |
| Core Plus Bond Fund NERNX • Class N |
Fixed Income | $11.05 | $11.01 | 0.36% | $0.0399 | 10/8/2026 |
| Intermediate Duration Bond Fund LSDIX • Class Y |
Fixed Income | $9.26 | $9.25 | 0.11% | $0.0345 | 10/8/2026 |
| Intermediate Duration Bond Fund LSDNX • Class N |
Fixed Income | $9.25 | $9.23 | 0.22% | $0.0349 | 10/8/2026 |
| Limited Term Government and Agency Fund NELYX • Class Y |
Fixed Income | $10.70 | $10.69 | 0.09% | $0.0322 | 10/8/2026 |
| Limited Term Government and Agency Fund LGANX • Class N |
Fixed Income | $10.69 | $10.69 | 0.00% | $0.0327 | 10/8/2026 |
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Core Plus Bond Fund
NERYX • Class Y |
Fixed Income | |
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Core Plus Bond Fund
NERNX • Class N |
Fixed Income | |
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Intermediate Duration Bond Fund
LSDIX • Class Y |
Fixed Income | |
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Intermediate Duration Bond Fund
LSDNX • Class N |
Fixed Income | |
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Limited Term Government and Agency Fund
NELYX • Class Y |
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Documents
Limited Term Government and Agency Fund Reports
Limited Term Government and Agency Fund Prospectus
Limited Term Government and Agency Fund Attribution
Limited Term Government and Agency Fund Fast Facts
Limited Term Government and Agency Fund Commentary
Limited Term Government and Agency Fund Fact Sheet
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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.
| Natixis Loomis Sayles Dynamic Core Plus ETF | The Natixis Loomis Sayles Dynamic Core Plus ETF seeks high total investment return through a combination of current income and capital appreciation, and to outperform the Bloomberg U.S. Aggregate Bond Index. | 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
Recent Thought Leadership
Fixed Income Unscripted: Challenging Consensus Thinking
Markets appear confident, but are investors overlooking key risks and opportunities? In this article, Loomis Sayles investors challenge consensus views in a[…]
A Dynamic Approach to Core Fixed Income Investing
Investor demand for core fixed income strategies may wax and wane based on the interest rate environment. But, we believe investment grade[…]
Credit Compass: Mapping the Markets as Conditions Evolve
The disinflation trend has continued, and a shift to easier monetary policy appears to be underway. Geopolitical risks and other variables loom[…]
Contact the Relative Return Team
We’re looking forward to hearing from you.
EJ Tateosian, CFA
Investment Director
Elise Carner, CFA
Investment Director
Kristy Keenan
Associate Investment Director
Ted Cahill
Associate Investment Director
Anna Freedman
Product Management Analyst
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, Issuer Risk, Interest Rate Risk, Liquidity Risk, Non-US Securities Risk, Currency Risk, Prepayment Risk and Extension Risk
Investment vehicles may not be available to all investors and are subject to eligibility. There are distinct differences between these vehicles, including but not limited to fee structure, customization ability, and minimum initial investments.
There is no guarantee that the investment objective will be realized or that the strategy will generate positive or excess return.
Beta measures the volatility of a security or a portfolio in comparison to the market as a whole.
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.
NIM-08242026-zi5gyi1z
8674902.2.2
NTX001151