High Yield Full Discretion
The High Yield Full Discretion strategy seeks to maximize total return through research driven security selection while managing downside risk through careful portfolio construction
Primary Benchmark:
Bloomberg US Corporate High Yield Index
Strategy Highlights
- 5% maximum per issuer with typical positions of 1%, GSEs excluded
- 25% maximum per industry
- Strategy can allocate up to 50% to emerging markets debt and up to 10% to non-dollar-denominated securities
The Composite includes all discretionary accounts with market values greater than $5 million managed by Loomis Sayles with the objective of maximizing total rate of return, allow greater than 50% in high yield, and are considered fully discretionary (must allow exposure to all of the following non-index sectors: foreign issuers, foreign currency and emerging market debt). Loomis Sayles’s security level research and significant allocations to non-index sectors are primary alpha sources 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 2003.
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Strategy Facts as of 12/31/2022
| Strategy Inception | 1/1/1989 |
| Strategy Assets | $3.4 billion |
| Composite Assets | $2.9 billion |
| Number of Composite Accounts | 26 |
Learn More About the Team
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Primary Benchmark:
Bloomberg US Corporate High Yield Index
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Quarter-End Performance as of 12/31/2022 | Cumulative | Gross | Net | Index |
|---|
| 3 month | 4.06% | 3.94% | 4.17% | | Year-to-date | -12.28% | -12.69% | -11.19% |
Trailing Performance as of 12/31/2022 | Average Annualized Return | Gross | Net | Index |
|---|
| 1 year | -12.28% | -12.69% | -11.19% | | 3 years | -0.11% | -0.59% | 0.05% | | 5 years | 1.62% | 1.12% | 2.31% | | 10 years | 4.01% | 3.52% | 4.03% | | Since Inception 1/1/1989 | 8.79% | 8.37% | 7.34% |
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Period Performance | Year | Gross | Net | Index |
|---|
| 2022 | -12.28% | -12.69% | -11.19% | | 2021 | 4.60% | 4.08% | 5.28% | | 2020 | 8.63% | 8.09% | 7.11% | | 2019 | 11.50% | 10.95% | 14.32% | | 2018 | -2.51% | -2.99% | -2.08% | | 2017 | 8.68% | 8.15% | 7.50% | | 2016 | 17.74% | 17.16% | 17.13% | | 2015 | -6.78% | -7.22% | -4.47% | | 2014 | 4.86% | 4.45% | 2.45% | | 2013 | 9.28% | 8.85% | 7.44% |
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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% |
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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%.