Senior Loan
As of 3/9/2020, Heather Young was named Portfolio Manager.
The Senior Loan strategy is designed to deliver pure bank loan exposure and outperform the benchmark over a full credit cycle, especially during adverse credit markets
Primary Benchmark:
S&P/LSTA US BB Ratings Loan Index
Strategy Highlights
The Senior Loan strategy is based primarily on defensive strategies:
- Investment philosophy is transparent, straightforward and long-only
- Intense fundamental research attempts to reduce default risk
- Favor higher quality, par loans
- Avoid second lien loans under most market conditions
Portfolio Construction
- Portfolios are diversified by industry and security
- Intensive credit focus
- Enterprise value vs. loan value
- Default risk
- Multiple credit cushions
- Debt and equity subordination
- Quality of equity story
- Valuable and separable collateral
- Potential external surprises
- Extensive diversification: minimum of 100 issuers
- Benchmark aware
- Not all bank loan portfolios are created equal
- Low volatility
- Low correlation
- Interest rate risk adjustment
Diversification does not ensure a profit or guarantee against a loss.
The Senior Loan Composite includes all discretionary accounts with market values greater than $50 million managed by Loomis Sayles with a primary focus on attractive risk/return trade-offs within the bank loan sector. The Composite was created in 2007.
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Primary Benchmark: S&P/LSTA US BB Ratings Loan Index
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Month-End Performance as of 2/29/2020 | Cumulative | Gross | Net | Index |
|---|
| 3 month | -0.02% | -0.14% | -0.26% | | Year-to-date | -1.04% | -1.12% | -1.12% |
Quarter-End Performance as of 12/31/2019 | Cumulative | Gross | Net | Index |
|---|
| 3 month | 1.33% | 1.21% | 1.38% | | Year-to-date | 8.56% | 8.05% | 9.31% |
Trailing Performance as of 12/31/2019 | Average Annualized Return | Gross | Net | Index |
|---|
| 1 year | 8.56% | 8.05% | 9.31% | | 3 years | 4.11% | 3.62% | 4.04% | | 5 years | 4.35% | 3.86% | 4.32% | | 10 years | 4.84% | 4.35% | 4.46% | | Since Inception 9/1/2004 | 4.44% | 3.94% | 4.05% |
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Period Performance | Year | Gross | Net | Index |
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| 2019 | 8.56% | 8.05% | 9.31% | | 2018 | 0.21% | -0.26% | -0.42% | | 2017 | 3.72% | 3.24% | 3.44% | | 2016 | 8.04% | 7.54% | 7.33% | | 2015 | 1.48% | 1.00% | 2.23% | | 2014 | 1.64% | 1.17% | 1.52% | | 2013 | 4.71% | 4.22% | 3.80% | | 2012 | 8.62% | 8.12% | 7.17% | | 2011 | 3.03% | 2.53% | 2.74% | | 2010 | 8.93% | 8.39% | 7.88% |
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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%.