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USHYX USAA High Income

  • Fund
  • USHYX
  • Price as of: Dec 09, 2016
  • $8.09
  • + $0.02
  • + 0.25%
  • Category
  • High Yield Bonds

USHYX - Profile

Vitals

  • YTD Return 11.0%
  • 3 Yr Annualized Return 3.3%
  • 5 Yr Annualized Return 7.2%
  • Net Assets $2.13 B
  • Holdings in Top 10 13.8%

52 WEEK LOW AND HIGH

$8.09
$6.88
$8.17

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.82%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 36.00%

TRADING FEES

  • Max Redemption Fee 1.00%

Min Investment

STANDARD (TAXABLE)

$3,000

IRA

N/A

Investment Themes

CATEGORY

High Yield Bonds
  • Fund Type Open End Mutual Fund
  • Investment Style High Yield Bond

Distributions

  • YTD Total Return 17.2%
  • 3 Yr Annualized Total Return 3.3%
  • 5 Yr Annualized Total Return 7.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 6.22%
DIVIDENDS
  • Dividend Yield 0.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name USAA High Income Fund
  • Fund Family Name USAA
  • Inception Date Aug 02, 1999
  • Shares Outstanding N/A
  • Share Class No Load
  • Currency USD
  • Domiciled Country United States
  • Manager Julianne Bass

Fund Description

The USAA High Income Fund (USHYX) is an actively managed fund designed to provide high current income. USHYX does this by investing in various bonds with an emphasis on noninvestment-grade debt. This includes junk bonds, convertible securities, leveraged and senior loans, and preferred stocks. The fund uses fundamental analysis to help balance risk and find undervalued junk bonds.

USHYX features low expenses and makes an ideal satellite positon for those investors with a diversified fixed-income portfolio. The fund is managed by USAA Asset Management Company.

USHYX - Performance

Return Ranking - Trailing

Period USHYX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 11.0% -30.0% 333.8% 3.90% 1
1 Yr 11.7% -30.5% 333.8% 4.48% 1
3 Yr 3.3% * -14.3% 56.1% 37.44% 2
5 Yr 7.2% * -10.4% 21.4% 17.66% 1
10 Yr 6.6% * -4.8% 7.9% 26.52% 2

* Annualized


Return Ranking - Calendar

Period USHYX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -13.7% -34.3% 1.0% 62.84% 5
2014 -2.8% -21.7% 10.4% 15.08% 2
2013 0.3% -16.9% 31.6% 29.66% 2
2012 7.7% -18.5% 17.6% 27.71% 2
2011 -4.4% -18.8% 6.8% 40.86% 4

Total Return Ranking - Trailing

Period USHYX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 17.2% -30.0% 333.8% 2.19% 1
1 Yr 11.7% -30.5% 333.8% 3.70% 1
3 Yr 3.3% * -12.0% 56.1% 31.20% 2
5 Yr 7.2% * -4.0% 21.4% 15.55% 1
10 Yr 6.6% * -4.8% 12.5% 24.04% 2

* Annualized


Total Return Ranking - Calendar

Period USHYX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -9.7% -30.4% 4.6% 56.96% 4
2014 4.2% -18.4% 10.4% 4.51% 1
2013 10.8% -16.9% 55.9% 4.94% 1
2012 24.2% -18.5% 33.1% 4.98% 1
2011 4.2% -18.8% 11.9% 21.85% 2

NAV & Total Return History

USHYX - Holdings

Filings data as of: Oct 31, 2016

Concentration Analysis

USHYX Category Low Category High USHYX % Rank Quintile
Net Assets 2.13 B 2.52 M 20.6 B 5.06% 1
Number of Holdings 428 1 1424 8.28% 2
Net Assets in Top 10 245 M -32.2 M 3.32 B 6.75% 2
Weighting of Top 10 13.8% 0.0% 100.0% 12.27% 2

Top 10 Holdings

  1. Nustar Logistics L P Pfd 1.62%
  2. Neptune Finco 144A 10.875% 1.36%
  3. Vrx Escrow 144A 6.125% 1.27%
  4. Russell 2000 Mini Dec16 Ifus 20161216 1.12%
  5. Frontier Comms 11% 0.97%
  6. Dairy Fmrs Amer Pfd 144A 1.00%
  7. iShares iBoxx $ High Yield Corporate Bd 1.55%
  8. Clear Channel Ww Hldgs 7.625% 0.94%
  9. SPDR® Blmbg Barclays High Yield Bd ETF 2.99%
  10. Sprint 7.25% 0.97%

Asset Allocation

Weighting Category Low Category High USHYX % Rank Quintile
Bonds
85.70% -9.44% 107.80% 25.77% 5
Preferred Stocks
6.04% 0.00% 18.78% 0.61% 1
Other
4.23% -11.89% 38.60% 4.75% 1
Stocks
2.33% 0.00% 99.40% 4.45% 1
Cash
1.49% -11.47% 109.44% 25.31% 5
Convertible Bonds
0.21% 0.00% 18.92% 11.66% 3

Stock Sector Breakdown

Weighting Category Low Category High USHYX % Rank Quintile
Financial Services
0.84% 0.00% 16.65% 2.65% 1
Basic Materials
0.49% 0.00% 1.80% 1.83% 1
Communication Services
0.42% -0.06% 9.11% 1.83% 1
Healthcare
0.36% 0.00% 21.24% 3.46% 1
Energy
0.23% 0.00% 12.30% 6.72% 2
Technology
0.22% 0.00% 26.11% 3.67% 1
Consumer Cyclical
0.22% 0.00% 16.04% 7.33% 2
Industrials
0.17% 0.00% 15.72% 4.48% 1
Real Estate
0.15% 0.00% 8.20% 3.46% 1
Consumer Defense
0.11% -0.12% 5.56% 3.87% 1
Utilities
0.00% -0.07% 6.44% 5.50% 2

Stock Geographic Breakdown

Weighting Category Low Category High USHYX % Rank Quintile
US
1.76% 0.00% 83.03% 4.75% 1
Non US
0.57% -0.01% 53.05% 2.45% 1

Bond Sector Breakdown

Weighting Category Low Category High USHYX % Rank Quintile
Corporate
85.97% 0.00% 101.98% 21.78% 4
Securitized
5.88% 0.00% 68.93% 1.69% 1
Cash & Equivalents
0.27% -7.60% 100.00% 27.45% 5
Municipal
0.08% 0.00% 100.00% 3.53% 1
Government
0.05% -9.04% 51.73% 19.02% 4
Derivative
0.00% -19.62% 9.44% 3.68% 1

Bond Geographic Breakdown

Weighting Category Low Category High USHYX % Rank Quintile
US
66.18% -9.44% 100.00% 23.47% 4
Non US
19.52% 0.00% 47.90% 9.05% 2

USHYX - Expenses

Operational Fees

USHYX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.82% 0.00% 3.69% 22.43% 2
Management Fee 0.45% 0.12% 1.00% 5.52% 1
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee 0.15% 0.00% 0.45% 3.23% 4

Sales Fees

USHYX Fees (% of AUM) Category Low Category High USHYX Rank Quintile
Front Load N/A 2.00% 5.75% N/A N/A
Deferred Load N/A 0.75% 5.50% N/A N/A

Trading Fees

USHYX Fees (% of AUM) Category Low Category High USHYX Rank Quintile
Max Redemption Fee 1.00% 1.00% 2.00% 1.23% 1

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

USHYX Fees (% of AUM) Category Low Category High USHYX Rank Quintile
Turnover 36.00% 3.52% 2247.00% 13.82% 1

USHYX - Distributions

Dividend Yield Analysis

USHYX Category Low Category High USHYX % Rank Quintile
Dividend Yield 0.4% 0.00% 6.16% 32.08% 3

Dividend Distribution Analysis

USHYX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

USHYX Category Low Category High USHYX % Rank Quintile
Net Income Ratio 6.22% -2.75% 9.92% 10.14% 1

Capital Gain Distribution Analysis

USHYX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Quarterly Annually

USHYX - Managers

Julianne Bass

Manager

Start Date

Jan 04, 2007

Tenure

9.91

Tenure Rank

4.2%

JULIANNE BASS, CFA, assistant vice president and portfolio manager. Education: B.B.A., University of Texas at Austin; M.B.A., University of Houston. She holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.


John Spear

Manager

Start Date

Nov 04, 2016

Tenure

0.07

Tenure Rank

16.8%

John Spear, CFA, Vice President of Long-Term Fixed Income. He has managed the USAA Life Insurance Portfolio since November 1999, and has supervised the USAA fixed-income portfolio management team since May 2012. Mr. Spear has 30 years of investment management experience and has worked for us for 19 years. Education: B.B.A., Western Illinois University; M.B.A., Butler University. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.


Kurt Daum

Manager

Start Date

Nov 04, 2016

Tenure

0.07

Tenure Rank

16.8%

Kurt Daum, JD, Director of Research, focusing on all areas of fixed-income research. Mr. Daum has 15 years of investment management experience and has worked for us for three years. Prior to joining USAA, he was a Director at Highland Capital Management focused on fixed income and private equity investing from January 2009 until November 2013. Education: B.B.A., University of Texas at Austin; J.D., University of Texas School of Law.


Tenure Analysis

Category Low

0.0

Category High

56.5

Category Average

6.46

Category Mode

1.9