High Yield Conservative Overview Composite Performance Overview The High Yield Conservative strategy seeks to maximize total return through research driven security selection while managing downside risk through careful portfolio construction Primary BenchmarkBloomberg US Corporate High Yield IndexPortfolio ManagementPortfolio Managers Matt Eagan Portfolio Manager, Head of Full Discretion Read bio Brian Kennedy Portfolio Manager Read bio Peter Sheehan Portfolio Manager Read bio Eric Williams Portfolio Manager Read bio Associate Portfolio Manager 1 Christopher Romanelli Associate Portfolio Manager & Strategist Read bio Strategy Highlights High conviction, active credit manager High yield strategy seeking to exploit cross-sector opportunities across global high yield markets Repeatable, deep value equity-like approach to fundamental research and issue selection Allocations to out-of-benchmark securities can provide value and diversification Risk awareness tools overlay fundamental investment process May invest up to 10% in non-US dollar denominated securities May invest up to 5% in equity securities Maximum of 5% per non-government issuer (GSEs excluded) Maximum of 25% per industry Strategy Facts as of 3/31/2025Strategy Inception1/1/1989Strategy Assets$2.4 billionComposite Assets$533.4 millionNumber of Composite Accounts2Fact Sheet Learn More About the Team Explore more about the team’s philosophy, offerings, and insights.Learn More 1Associate Portfolio Managers do not have discretion over the strategy. Diversification does not ensure a profit or guarantee against a loss. The Composite includes all discretionary accounts with market values at least $5 million managed by Loomis Sayles with investment guidelines that allow greater than 50% in high yield but have a threshold on average quality of BB- or higher or restrict the use of securities below BB- to 30%. Where allowed by guidelines, accounts in the Composite may allow limited exposure to one or two of the following non-index sectors: foreign issuers, foreign currency or emerging market debt. Proprietary quantitative models are employed in portfolio construction and risk assessment. Loomis Sayles’s security level research is a primary alpha source for this product. 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 July 2003. Performance Primary BenchmarkBloomberg US Corporate High Yield Index Quarter-End Performance as of 3/31/2025CumulativeGrossNetIndex3 month1.21%1.09%1.00% Year-to-date1.21%1.09%1.00%Trailing Performance as of 3/31/2025Annualized Total ReturnGrossNetIndex1 year9.51%9.00%7.69% 3 years4.25%3.77%4.98% 5 years7.02%6.51%7.29% 10 years4.47%3.97%5.01% Since Inception 1/1/19898.64%8.28%7.50% Period PerformanceYearGrossNetIndex20249.86%9.35%8.19% 202310.91%10.39%13.44% 2022-12.70%-13.11%-11.19% 20214.43%3.91%5.28% 20209.53%8.99%7.11% 201912.45%11.89%14.32% 2018-2.58%-3.07%-2.08% 20179.38%8.83%7.50% 201613.84%13.28%17.13% 2015-6.41%-6.83%-4.47% 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. There is no guarantee that the investment objective will be realized or that the strategy will generate positive or excess return. Monthly Characteristics Monthly as of -1/-1/-1 Currency Distribution @ERROR% Duration Distribution @ERROR% Sector Distribution (Fixed) 0.0% Country Distribution @ERROR% Maturity Distribution @ERROR% Credit Quality @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 Characteristics Quarterly as of -1/-1/-1 Currency DistributionFundIndex @ERROR%0.0% Duration DistributionFundIndex@ERROR%@ERROR% Sector Distribution (Fixed)FundIndex0.0%0.0% 0.0%0.0% Country DistributionFundIndex@ERROR%0.0% Maturity DistributionFundIndex @ERROR%@ERROR% Credit QualityFundIndex@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%. Holdings Top Ten Holdings as of -1/-1/-1% Assets@ERROR% Top 10 holdings may not be representative of current or future holdings and will evolve over time. x < Page: / > Download PDF