High Income Fund
Y shares are only available to certain institutional investors. Please click here for other share classes.
The High Income Fund seeks high current income plus the opportunity for capital appreciation to produce high total return
Primary Benchmark:
Bloomberg Barclays US Corporate High Yield Index
Portfolio Management
Matt Eagan, CFA
Elaine Stokes
Brian Kennedy
Todd Vandam, CFA
Total Fund Assets (as of 5/31/2020):
$111.2 million
Morningstar Category:
High Yield Bond
Strategy Highlights
- Value driven, opportunistic approach
- Long-term investment horizon
- Allocations to out-of-benchmark securities provide value and diversification
Investment Strategy
- Under normal market conditions, the fund will invest at least 80% of its assets in below investment grade securities
- May invest up to 30% of its assets in securities of foreign issuers, including emerging markets
- Initial portfolio position in any one holding is typically 0 to 3%; 5% maximum position size under normal market conditions
About Risk
- Below investment grade fixed income securities may be subject to greater risks (including the risk of default) than other fixed income securities.
- 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.
- 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 US securities due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets.
Class N shares of the Fund are subject to a $1,000,000 initial investment minimum. There is no initial investment minimum for Certain Retirement Plans and funds of funds that are distributed by Natixis Distribution, L.P. (the “Distributor”).
Diversification does not ensure a profit or guarantee against a loss.
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 4/30/21. 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 Corporate High Yield Index covers the universe of fixed rate, non-investment grade debt. Eurobonds and debt issues from countries designated as emerging markets (sovereign rating of Baa1/BBB+/BBB+ and below using the middle of Moody’s, S&P, and Fitch) are excluded, but Canadian and global bonds (SEC registered) of issuers in non-EMG countries are included. Original issue zeroes, step-up coupon structures, 144-As and pay-in-kind bonds (PIKs, as of October 1, 2009) are also included. Indexes are unmanaged. It is not possible to invest directly in an index..
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Primary Benchmark:
Bloomberg Barclays US Corporate High Yield Index
Year-to-Date Performance as of 6/5/2020 | | Class N | Class Y |
|---|
| | -1.91% | -2.16% |
Month-End Performance as of 5/31/2020 Cumulative
Total Return | Class N | Class Y |
|---|
| 3 month | -4.25% | -4.27% | | Year-to-date | -5.76% | -6.02% |
Average Annualized
Total Return | Class N | Class Y |
|---|
| Inception Date | 11/30/2016 | 2/29/2008 | | 1 Year | -1.26% | -1.31% | | 3 Years | 1.77% | 1.72% | | 5 Years | N/A | 2.70% | | 10 Years | N/A | 5.59% | | Since Inception | 3.38% | 5.77% |
Quarter-End Performance as of 3/31/2020 Cumulative
Total Return | Class N | Class Y |
|---|
| 3 month | -14.16% | -14.16% | | Year-to-date | -14.16% | -14.16% |
Average Annualized
Total Return | Class N | Class Y |
|---|
| Inception Date | 11/30/2016 | 2/29/2008 | | 1 Year | -10.09% | -9.91% | | 3 Years | -0.83% | -0.87% | | 5 Years | N/A | 1.28% | | 10 Years | N/A | 4.45% | | Since Inception | 0.69% | 5.06% |
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Lipper Ranking as of 5/31/2020 | | Class N | Class Y |
|---|
| 1 Year | 56/111 | 57/111 | | 3 Years | 43/109 | 44/109 | | 5 Years | N/A | 43/89 | | 10 Years | N/A | 18/45 | | Lipper Category: NA |
Morningstar Ranking as of 5/31/2020 | | Class N | Class Y |
|---|
| 1 Year | 436/705 | 437/705 | | 3 Years | 347/641 | 357/641 | | 5 Years | N/A | 328/544 | | 10 Years | N/A | N/A | | Morningstar Category: High Yield Bond |
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 2020 © 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.
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Monthly as of 5/31/2020
| Characteristics | |
|---|
| Number of Issues | 418 | | Average Maturity | 6.92 | | Weighted Average Duration | 4.80 | | Annual Turnover (12/31/2019) | 48% |
| Currency Distribution | |
|---|
| US Dollar | 100.0% | | Duration Distribution | |
|---|
| Less than 1 Yr. | 3.0% | | 1 to 3 Yrs. | 21.7% | | 3 to 5 Yrs. | 38.8% | | 5 to 7 Yrs. | 20.4% | | 7 to 10 Yrs. | 7.0% | | 10 Yrs. or more | 7.1% | | Cash & Equivalents | 2.1% |
|
| Sector Distribution | |
|---|
| High Yield Credit | 76.3% | | Emerging Market Credit | 8.3% | | Investment Grade Credit | 5.7% | | Convertibles | 4.9% | | Securitized | 2.4% | | Equity | 0.3% | | Cash & Equivalents | 2.1% | | Country Distribution | |
|---|
| United States | 79.4% | | Canada | 3.1% | | Italy | 2.1% | | Israel | 2.0% | | Zambia | 1.7% | | Luxembourg | 1.7% | | Belgium | 1.3% | | United Kingdom | 0.9% | | Netherlands | 0.9% | | Other | 6.8% | | Maturity Distribution | |
|---|
| Less than 1 Yr. | 1.3% | | 1 to 3 Yrs. | 16.1% | | 3 to 5 Yrs. | 27.5% | | 5 to 7 Yrs. | 20.3% | | 7 to 10 Yrs. | 22.1% | | 10 Yrs. or more | 10.7% | | Cash & Equivalents | 2.1% | | Credit Quality | |
|---|
| US Treasurys | 0.0% | | AAA | 0.0% | | AA | 0.0% | | A | 0.0% | | BAA | 12.2% | | BA | 50.0% | | B | 25.7% | | CAA & Lower | 7.2% | | Not Rated | 2.8% | | Cash & Equivalents | 2.1% | |
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%.
Both duration and maturity for equity securities are deemed to be zero.
Quarterly as of 3/31/2020
| Characteristics | Fund | Index |
|---|
| Number of Issues | 358 | 1943 | | Average Maturity | 5.65 | 5.55 | | Weighted Average Duration | 3.92 | 3.97 | | Annual Turnover (12/31/2019) | 48% | |
| Currency Distribution | Fund | Index |
|---|
| US Dollar | 100.0% | 100.0% | | Duration Distribution | Fund | Index |
|---|
| Less than 1 Yr. | 2.4% | 4.5% | | 1 to 3 Yrs. | 13.9% | 28.2% | | 3 to 5 Yrs. | 39.0% | 42.9% | | 5 to 7 Yrs. | 21.8% | 18.2% | | 7 to 10 Yrs. | 4.0% | 4.4% | | 10 Yrs. or more | 3.0% | 1.9% | | Cash & Equivalents | 15.9% | 0.0% |
|
| Sector Distribution | Fund | Index |
|---|
| High Yield Credit | 66.9% | 99.0% | | Emerging Market Credit | 6.9% | 0.9% | | Convertibles | 6.3% | 0.0% | | Securitized | 2.2% | 0.0% | | Investment Grade Credit | 1.3% | 0.0% | | Equity | 0.2% | 0.0% | | Bank Loans | 0.2% | 0.0% | | Cash & Equivalents | 15.9% | 0.0% | | Country Distribution | Fund | Index |
|---|
| United States | 80.2% | 86.6% | | Canada | 4.0% | 4.1% | | Italy | 2.1% | 0.9% | | Luxembourg | 2.0% | 1.4% | | Israel | 1.8% | 0.0% | | Zambia | 1.3% | 0.0% | | Belgium | 1.1% | 0.1% | | China | 0.9% | 0.0% | | Brazil | 0.9% | 0.0% | | Other | 5.8% | 6.9% | | Maturity Distribution | Fund | Index |
|---|
| Less than 1 Yr. | 0.7% | 2.8% | | 1 to 3 Yrs. | 9.9% | 18.6% | | 3 to 5 Yrs. | 22.3% | 28.7% | | 5 to 7 Yrs. | 22.0% | 26.3% | | 7 to 10 Yrs. | 22.8% | 18.7% | | 10 Yrs. or more | 6.3% | 5.0% | | Cash & Equivalents | 15.9% | 0.0% | | Credit Quality | Fund | Index |
|---|
| US Treasurys | 0.0% | 0.0% | | AAA | 0.0% | 0.0% | | AA | 0.0% | 0.0% | | A | 0.0% | 0.1% | | BAA | 6.4% | 8.9% | | BA | 44.4% | 51.9% | | B | 23.9% | 30.8% | | CAA & Lower | 5.8% | 8.1% | | Not Rated | 3.6% | 0.2% | | Cash & Equivalents | 15.9% | 0.0% |
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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%.
Both duration and maturity for equity securities are deemed to be zero.