Opportunistic Securitized Credit
The Opportunistic Securitized Credit strategy pursues high current income and total potential returns through a diversified credit exposure to securitized assets including asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), and non-agency residential mortgage-backed securities (RMBS)
Primary Benchmark:
ICE BofA Merrill Lynch US ABS & CMBS Index
Strategy Highlights
- Credit focused strategy that seeks to outperform through both security selection and sector allocation within the non-agency securitized asset classes
- Securitized credit generally results in a portfolio with shorter duration than overall fixed income market
- Seeks to maintain a high yield risk profile but can hold securities rated above investment grade
- Ability to invest in distressed securities and residual/equity classes of securitizations
- Strategy has no restrictions based on credit ratings
Effective 6/30/2020 the Composite formerly known as High Yield Securitized changed its name. The Composite includes all discretionary accounts with market values greater than $25 million managed by Loomis Sayles with guidelines that allow for unrestricted allocation to Non-agency MBS, which are typically rated below investment grade, and benchmarked against broad securitized market indices. The Composite inception date is February 1, 2012. The Composite was created in 2012.
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Strategy Facts as of 12/31/2022
| Strategy Inception | 12/15/2011 |
| Strategy Assets | $284.0 million |
| Composite Assets | $284.0 million |
| Number of Composite Accounts | 1 |
Primary Benchmark:
ICE BofA Merrill Lynch US ABS & CMBS Index
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Quarter-End Performance as of 12/31/2022 | Cumulative | Gross | Net | Index |
|---|
| 3 month | 1.35% | 1.22% | 0.79% | | Year-to-date | -4.44% | -4.92% | -7.20% |
Trailing Performance as of 12/31/2022 | Average Annualized Return | Gross | Net | Index |
|---|
| 1 year | -4.44% | -4.92% | -7.20% | | 3 years | 0.90% | 0.40% | -0.78% | | 5 years | 2.70% | 2.19% | 1.02% | | 10 years | 4.55% | 4.03% | 1.52% | | Since Inception 2/1/2012 | 6.05% | 5.53% | 1.85% |
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Period Performance | Year | Gross | Net | Index |
|---|
| 2022 | -4.44% | -4.92% | -7.20% | | 2021 | 7.40% | 6.87% | 0.05% | | 2020 | 0.09% | -0.41% | 5.20% | | 2019 | 6.11% | 5.58% | 5.89% | | 2018 | 4.81% | 4.29% | 1.74% | | 2017 | 8.92% | 8.38% | 2.84% | | 2016 | 6.08% | 5.55% | 2.71% | | 2015 | 3.79% | 3.27% | 0.81% | | 2014 | 6.75% | 6.22% | 3.09% | | 2013 | 6.70% | 6.17% | 0.62% |
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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 |
|---|
| @ERROR% | 0.0% | | Duration Distribution | Fund | Index |
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| @ERROR% | @ERROR% |
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| Sector Distribution (Fixed) * | Fund | Index |
|---|
| 0.0% | 0.0% | | 0.0% | 0.0% | | Country Distribution | Fund | Index |
|---|
| @ERROR% | 0.0% | | Maturity Distribution | Fund | Index |
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| @ERROR% | @ERROR% | | Credit Quality | Fund | Index |
|---|
| @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%.