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USHYX USAA High Income

  • Fund
  • USHYX
  • Price as of: Aug 08, 2016
  • $7.96
  • + $0.02
  • + 0.25%
  • Category
  • High Yield Bonds

USHYX - Profile

Vitals

  • YTD Return 9.2%
  • 3 Yr Annualized Return 3.2%
  • 5 Yr Annualized Return 5.3%
  • Net Assets $2.1 B
  • Holdings in Top 10 14.1%

52 WEEK LOW AND HIGH

$7.96
$6.88
$7.96

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.89%

SALES FEES

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

BROKERAGE FEES

  • Turnover 16.00%

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 9.2%
  • 3 Yr Annualized Total Return 3.2%
  • 5 Yr Annualized Total Return 5.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.46%
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 9.2% -30.0% 20.5% 2.67% 1
1 Yr 2.9% -30.5% 10.8% 38.40% 2
3 Yr 3.2% * -11.3% 8.2% 52.66% 3
5 Yr 5.3% * -12.9% 7.6% 35.03% 2
10 Yr 6.9% * -12.2% 12.4% 25.85% 2

* Annualized


Return Ranking - Calendar

Period USHYX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -13.7% -34.3% 7.2% 67.06% 5
2014 N/A -5.0% -1.0% N/A N/A
2013 N/A -1.3% 3.8% N/A N/A
2012 N/A 7.4% 9.6% N/A N/A
2011 N/A -8.1% -0.2% N/A N/A

Total Return Ranking - Trailing

Period USHYX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 9.2% -30.0% 20.5% 2.74% 1
1 Yr 2.9% -30.5% 10.2% 28.26% 2
3 Yr 3.2% * -11.3% 8.2% 43.91% 3
5 Yr 5.3% * -12.9% 7.6% 30.53% 2
10 Yr 6.9% * -12.2% 12.4% 22.45% 2

* Annualized


Total Return Ranking - Calendar

Period USHYX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -13.7% -34.3% 7.2% 66.72% 5
2014 N/A -4.8% -0.6% N/A N/A
2013 N/A -1.3% 4.5% N/A N/A
2012 N/A 7.4% 10.4% N/A N/A
2011 N/A -7.8% -0.2% N/A N/A

NAV & Total Return History

USHYX - Holdings

Filings data as of: Apr 30, 2016

Concentration Analysis

USHYX Category Low Category High USHYX % Rank Quintile
Net Assets 2.1 B 859 K 19.6 B 4.75% 1
Number of Holdings 420 1 1294 8.59% 2
Net Assets in Top 10 232 M -32.2 M 3.99 B 6.29% 2
Weighting of Top 10 14.1% 0.0% 100.0% 11.81% 2

Top 10 Holdings

  1. Nustar Logistics L P Pfd 1.65%
  2. Neptune Finco 144A 10.875% 1.42%
  3. St Barbara 144A 8.875% 1.29%
  4. Russell 2000 Mini Jun16 Ifus 20160617 1.15%
  5. Frontier Comms 144A 11% 1.03%
  6. Dairy Fmrs Amer Pfd 144A 1.08%
  7. iShares iBoxx $ High Yield Corporate Bd 1.63%
  8. Vrx Escrow 144A 6.125% 0.85%
  9. SPDR® Barclays High Yield Bond ETF 3.15%
  10. ArcelorMittal39 SrN 0.86%

Asset Allocation

Weighting Category Low Category High USHYX % Rank Quintile
Bonds
87.34% -5.63% 107.80% 22.55% 5
Preferred Stocks
6.92% 0.00% 12.41% 0.46% 1
Other
3.01% -34.84% 38.60% 5.83% 1
Stocks
2.26% 0.00% 99.05% 4.45% 1
Cash
0.43% -11.47% 133.84% 28.37% 5
Convertible Bonds
0.04% 0.00% 18.92% 13.04% 3

Stock Sector Breakdown

Weighting Category Low Category High USHYX % Rank Quintile
Financial Services
0.85% 0.00% 16.69% 3.39% 1
Basic Materials
0.53% 0.00% 2.68% 1.91% 1
Communication Services
0.47% -0.05% 9.22% 1.69% 1
Healthcare
0.40% 0.00% 24.74% 4.24% 1
Consumer Cyclical
0.24% 0.00% 17.17% 7.84% 2
Technology
0.20% -0.01% 24.70% 3.60% 1
Energy
0.18% 0.00% 11.08% 6.14% 1
Real Estate
0.17% 0.00% 7.16% 3.18% 1
Industrials
0.17% 0.00% 13.93% 4.03% 1
Consumer Defense
0.13% -0.14% 5.89% 3.60% 1
Utilities
0.00% -0.08% 7.62% 4.87% 2

Stock Geographic Breakdown

Weighting Category Low Category High USHYX % Rank Quintile
US
1.64% -0.04% 81.88% 4.60% 1
Non US
0.62% -0.01% 53.49% 1.99% 1

Bond Sector Breakdown

Weighting Category Low Category High USHYX % Rank Quintile
Corporate
85.61% 0.00% 101.98% 20.40% 4
Securitized
7.35% 0.00% 68.88% 1.38% 1
Government
1.11% -6.62% 39.91% 12.73% 2
Cash & Equivalents
0.42% -7.60% 133.84% 28.07% 5
Municipal
0.08% 0.00% 99.16% 2.91% 1
Derivative
0.00% -19.62% 5.63% 3.68% 1

Bond Geographic Breakdown

Weighting Category Low Category High USHYX % Rank Quintile
US
67.58% -5.63% 100.00% 22.70% 4
Non US
19.76% 0.00% 45.22% 8.90% 2

USHYX - Expenses

Operational Fees

USHYX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.89% 0.00% 7.85% 21.51% 2
Management Fee 0.55% 0.12% 1.00% 3.99% 2
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% 1.20% 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 16.00% 7.20% 2247.00% 16.59% 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 5.46% -2.75% 8.95% 17.20% 2

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

9.58

Tenure Rank

4.3%

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.


R. Matthew Freund

Manager

Start Date

Aug 02, 1999

Tenure

17.01

Tenure Rank

1.1%

Freund, CFA, is Portfolio Manager and Senior Vice President with United Services Automobile Association, his employer since 1994. With 21 years of investment management experience, Freund is a member of the Association for Investment Management and Research, the San Antonio Financial Analysts Society, Inc., the CFA Institute, and the CFA Society of San Antonio. He received a B.A. from Franklin & Marshall College and an M.B.A. from Indiana University.


Tenure Analysis

Category Low

0.0

Category High

56.2

Category Average

6.26

Category Mode

1.6