Global High Yield in EUR
The Global High Yield in EUR strategy seeks to outperform the ICE BofA Merrill Lynch Global High Yield Index through diversified and actively managed exposure to the global high yield credit market
Primary Benchmark:
ICE BofA ML Global High Yield in EUR Index
Strategy Highlights
- Primarily seeks to leverage the insights of Loomis Sayles’ global high yield sector team to outperform through issue and sector selection
- Modify relative market exposure based on macro views of credit cycle
- Seeks to add value through limited exposure of off-benchmark positions
- Seeks to achieve gross returns of 100-150 basis points in excess of the ICE BofA Merrill Lynch Global High Yield Index with a tracking error of 200-300* basis points over a market cycle
Portfolio Construction
- Typical portfolio: 100 to 200 issuers
- 3% maximum per issuer with typical positions of 1% (Government & GSEs excluded), or benchmark weighting +/-2%, as determined at the time of purchase
- 25% maximum per industry or benchmark weighting +/-15%, as determined at the time of purchase
- Typical average duration range: +/- 2 years relative to the duration of the index
- Minimum average quality: B- or higher at purchase. There is no minimum credit quality requirement for any individual investment
*Tracking error is a range and the strategy may not always be able to remain within it.
The Global High Yield in EUR Composite includes all discretionary separate accounts with market values greater than $5 million managed by Loomis Sayles with investment guidelines that allow for a diversified, actively managed exposure to the Global High Yield credit market which emphasizes a disciplined portfolio construction and risk assessment process in fixed income and related investments of any maturity and credit quality, including lower-rated fixed income investments, derivatives, and bonds with equity-like features. The Composite was created in 2017.
Primary Benchmark:
ICE BofA ML Global High Yield in EUR Index
Quarter-End Performance as of 12/31/2020 Cumulative | Gross | Net | Index |
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3 month | 3.84% | 3.71% | 3.05% | Year-to-date | 1.50% | 0.99% | -0.89% |
Trailing Performance as of 12/31/2020 Average Annualized Return | Gross | Net | Index |
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1 year | 1.50% | 0.99% | -0.89% | 3 years | 5.77% | 5.25% | 5.24% | Since Inception 1/31/2017 | 3.62% | 3.11% | 3.28% |
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Period Performance Year | Gross | Net | Index |
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2020 | 1.50% | 0.99% | -0.89% | 2019 | 15.22% | 14.65% | 15.82% | 2018 | 1.19% | 0.68% | 1.53% | 2017* | -2.86% | -3.31% | -2.62% |
* Since Inception 1/31/2017 |
Performance data shown represents past performance and is no guarantee of, and not necessarily indicative 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.
There is no guarantee that the investment objective will be realized or that the strategy will generate positive or excess return.
Monthly as of -1/-1/-1
Currency Distribution | |
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| @ERROR% | Duration Distribution | |
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| @ERROR% |
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Sector Distribution (Fixed) | |
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| 0.0% | Country Distribution | |
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| @ERROR% | Maturity Distribution | |
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| @ERROR% | |
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 -1/-1/-1
Currency Distribution | Fund | Index |
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| @ERROR% | 0.0% | Duration Distribution | Fund | Index |
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| @ERROR% | @ERROR% |
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Sector Distribution (Fixed) | Fund | Index |
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| 0.0% | 0.0% | | 0.0% | 0.0% | Country Distribution | Fund | Index |
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| @ERROR% | 0.0% | Maturity Distribution | Fund | Index |
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| @ERROR% | @ERROR% | Credit Quality | Fund | Index |
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| @ERROR% | 0.0% | |
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%.