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Trending ETFs

Name

As of 02/22/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.58

$296 M

6.02%

$0.52

0.57%

Vitals

YTD Return

0.2%

1 yr return

-10.1%

3 Yr Avg Return

-4.2%

5 Yr Avg Return

-3.1%

Net Assets

$296 M

Holdings in Top 10

8.5%

52 WEEK LOW AND HIGH

$8.5
$8.37
$9.54

Expenses

OPERATING FEES

Expense Ratio 0.57%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 126.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

IRA

$1,000,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 02/22/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.58

$296 M

6.02%

$0.52

0.57%

HNHYX - Profile

Distributions

  • YTD Total Return 0.2%
  • 3 Yr Annualized Total Return -4.2%
  • 5 Yr Annualized Total Return -2.5%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 4.21%
DIVIDENDS
  • Dividend Yield 6.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Harbor High Yield Bond Fund
  • Fund Family Name
    Harbor
  • Inception Date
    Mar 01, 2016
  • Shares Outstanding
    N/A
  • Share Class
    Retirement
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Mark Shenkman

Fund Description

Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in a diversified portfolio of below investment-grade, high-risk, corporate bonds that are rated below Baa3 by Moody’s or below BBB- by S&P or Fitch, commonly referred to as “high yield” or “junk” bonds. These bonds may pay interest on a semi-annual basis (i.e., cash pay bonds) or have a deferred interest feature (i.e., zero coupon bonds). Only U.S. dollar denominated securities are considered for investment in the Fund.The Fund may invest up to 20% of its net assets in bank loans and up to 10% of its total assets in equity securities, including common stock. Additionally, the Fund may invest a portion of its assets in credit default swaps in which the Fund may be either the buyer or the seller. The Fund also may invest in private placements.The Subadviser believes that the risk of investing in high yield securities is asymmetrical, with the risk of loss generally being greater than the potential for price appreciation in the same securities. High yield securities can experience significant price declines if the company defaults on its payment obligations or if the market perceives the company’s ability to pay as becoming materially weaker, whereas there may be more limited potential for price appreciation if the market perceives the company’s ability to pay as becoming materially stronger. Further, lower liquidity in the high yield market can make it more difficult to reposition the Fund’s portfolio during periods of market stress, such as by moving from companies with higher default risk to companies with lower default risk.The Subadviser’s heightened sensitivity to the downside risk of high yield investing underpins its approach of seeking to (i) identify individual companies that it believes have the financial capacity to continue to meet their payment obligations on their securities through a range of market cycles, and (ii) avoid companies evidencing a higher risk of default. This approach involves the Subadviser conducting in-depth, bottom-up fundamental analysis and using internally developed proprietary tools to assess the potential risk and relative value of each potential company investment. In particular, the Subadviser seeks to focus on a variety of factors involving each company, including:Analyses of business risks (including leverage and technology risk) and macro risks (including interest rate trends, capital market conditions and default rates)Assessment of the industry’s attractiveness and competitivenessEvaluation of the company’s business, including core strengths and competitive weaknessesQualitative evaluation of the management team, including in-person meetings or conference calls with key managersQualitative and quantitative analyses of the company’s capital structure, including how a particular security is prioritized, and financial position, including a detailed review of the company’s financial statements and ability to access the capital marketsEvaluation of the terms of the company’s debt offering, including the operation of any restrictive covenants affecting the company, such as the company’s ability to pay dividends or incur debtAssessment of the liquidity of the company’s securitiesAssessment of the impact an investment in the company could have on portfolio diversificationConsideration of environmental, social, and governance (ESG) factors, that may impact a company’s future prospects, operating performance, or valuationThis approach normally leads the Subadviser to avoid investing in those high yield securities that are considered by the market to be “distressed”, which generally means those securities that pay interest at much higher rates relative to other similarly rated bonds to compensate the purchasers for taking on a perceived higher risk of default. The Subadviser believes its approach can provide greater downside protection for the Fund’s portfolio over full market cycles, although at the expense of potentially greater appreciation during those periods in a full market cycle where the U.S. economy is experiencing stronger growth and/or stronger stock price appreciation. Periods of stronger economic growth and/or stock price appreciation tend to buoy high yield companies generally, depress default rates below historical levels and limit the benefits that can potentially come from conducting fundamental credit research. The Subadviser utilizes internally generated ESG-related research. ESG considerations are integrated into the Subadviser’s overall credit research process.Duration/Maturity: Although duration may be one of the characteristics considered in security selection, the Fund does not focus on bonds with any particular duration or maturity and does not seek to maintain the maturity of the Fund’s portfolio in any particular range. The weighted average maturity of the Fund’s portfolio was 6.31 years as of December 31, 2021.Credit Quality: The Fund invests primarily in below investment-grade debt securities, commonly referred to as “high-yield” or “junk” bonds, but may invest up to 20% of its net assets in investment-grade securities, including U.S. Treasury and U.S. government agency securities. As such, the Fund’s average weighted portfolio quality varies from time to time, depending on the level of assets allocated to such securities. The Subadviser does not seek to actively invest in defaulted securities.
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HNHYX - Performance

Return Ranking - Trailing

Period HNHYX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.2% -39.9% 5.7% 92.41%
1 Yr -10.1% -24.9% 21.3% 45.49%
3 Yr -4.2%* -15.2% 65.4% 54.03%
5 Yr -3.1%* -13.9% 36.8% 56.70%
10 Yr N/A* -9.4% 16.2% 60.85%

* Annualized

Return Ranking - Calendar

Period HNHYX Return Category Return Low Category Return High Rank in Category (%)
2023 -13.6% -44.3% 3.7% 28.37%
2022 -0.2% -56.9% 9.2% 64.53%
2021 0.1% -53.7% 70.9% 48.50%
2020 1.7% -33.7% 5.1% 61.02%
2019 -1.6% -9.4% 12.0% 44.78%

Total Return Ranking - Trailing

Period HNHYX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.2% -39.9% 5.7% 92.41%
1 Yr -10.1% -24.9% 22.2% 45.79%
3 Yr -4.2%* -15.2% 65.4% 54.90%
5 Yr -2.5%* -13.9% 36.8% 44.85%
10 Yr N/A* -9.4% 16.2% 57.27%

* Annualized

Total Return Ranking - Calendar

Period HNHYX Return Category Return Low Category Return High Rank in Category (%)
2023 -13.6% -44.3% 3.7% 28.51%
2022 -0.2% -56.9% 9.2% 64.39%
2021 0.1% -53.7% 70.9% 48.50%
2020 1.7% -33.7% 5.1% 65.37%
2019 -1.1% -9.4% 12.0% 29.19%

NAV & Total Return History


HNHYX - Holdings

Concentration Analysis

HNHYX Category Low Category High HNHYX % Rank
Net Assets 296 M 1.47 M 26.2 B 58.08%
Number of Holdings 525 2 2736 25.19%
Net Assets in Top 10 26.2 M -492 M 2.55 B 65.19%
Weighting of Top 10 8.49% 1.9% 100.0% 75.33%

Top 10 Holdings

  1. Altice France S.A 8.125% 1.40%
  2. Verscend Escrow Corp 9.75% 1.38%
  3. Stars Group Holdings BV / Stars Group (US) Co-Borrower LLC 7% 1.10%
  4. Centene Corporation 3% 1.10%
  5. CSC Holdings, LLC 10.88% 1.08%
  6. Tempo Acquisition LLC / Tempo Acquisition Fin Corp 6.75% 1.02%
  7. Dell International L.L.C. and EMC Corporation 7.125% 0.99%
  8. Bausch Health Companies Inc 7% 0.95%
  9. LifePoint Health, Inc 9.75% 0.87%
  10. Altice Financing S.A. 7.5% 0.82%

Asset Allocation

Weighting Return Low Return High HNHYX % Rank
Bonds
91.56% 0.00% 154.38% 71.02%
Convertible Bonds
5.76% 0.00% 17.89% 4.03%
Cash
2.69% -52.00% 100.00% 53.77%
Stocks
0.00% -0.60% 52.82% 92.88%
Preferred Stocks
0.00% 0.00% 14.10% 89.74%
Other
0.00% -63.70% 32.06% 84.81%

Bond Sector Breakdown

Weighting Return Low Return High HNHYX % Rank
Corporate
97.31% 0.00% 100.00% 28.61%
Cash & Equivalents
2.69% 0.00% 100.00% 59.04%
Derivative
0.00% 0.00% 45.95% 84.27%
Securitized
0.00% 0.00% 97.24% 90.38%
Municipal
0.00% 0.00% 1.17% 82.05%
Government
0.00% 0.00% 99.07% 86.35%

Bond Geographic Breakdown

Weighting Return Low Return High HNHYX % Rank
US
78.65% 0.00% 150.64% 66.62%
Non US
12.91% 0.00% 96.17% 47.66%

HNHYX - Expenses

Operational Fees

HNHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.57% 0.02% 3.87% 78.92%
Management Fee 0.60% 0.00% 1.84% 69.87%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

HNHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

HNHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 83.78%

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.

HNHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 126.00% 1.00% 327.00% 95.06%

HNHYX - Distributions

Dividend Yield Analysis

HNHYX Category Low Category High HNHYX % Rank
Dividend Yield 6.02% 0.00% 39.60% 15.37%

Dividend Distribution Analysis

HNHYX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

HNHYX Category Low Category High HNHYX % Rank
Net Income Ratio 4.21% -2.39% 14.30% 58.68%

Capital Gain Distribution Analysis

HNHYX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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HNHYX - Fund Manager Analysis

Managers

Mark Shenkman


Start Date

Tenure

Tenure Rank

Nov 29, 2002

19.52

19.5%

Mark R. Shenkman founded Shenkman Capital Management, Inc. in 1985. With 46 years of investment experience, and 38 years of high yield investment experience, he is considered one of the pioneers of the high yield bond and loan markets. Prior to founding Shenkman in 1985, Mr. Shenkman was President and Chief Investment Officer of First Investors Asset Management in New York. He also was Co-Manager and Vice President of the High Yield Bond Department at Lehman Brothers Kuhn Loeb in New York, where he established one of Wall Street’s earliest departments dedicated to the research, selling and trading of high yield securities. Mr. Shenkman was a research analyst and an equity portfolio manager at Fidelity Management and Research Company in Boston. From 1977 to 1979, he managed the first high yield bond mutual funds at Fidelity. Additionally, Mr. Shenkman is Chairman of the Board of Directors of the UCONN Foundation. He is a member of the Board of Trustees at The George Washington University; Vice Chairman of the Board at Wilbraham & Monson Academy since 1969; and he currently serves on the College of William and Mary, Mason School of Business Board of Advisors. He is also on the Board of Directors of the Hillel Foundation in Washington D.C. Mr. Shenkman received a BA in Political Science from the University of Connecticut (1965) and an MBA from The George Washington University (1967). Mr. Shenkman also received a Doctor of Humane Letters, honoris causa, from the University of Connecticut (2007).

Justin Slatky


Start Date

Tenure

Tenure Rank

Dec 31, 2012

9.42

9.4%

Justin W. Slatky joined Shenkman Capital in 2011. He has 21 years of investing experience in high yield and distressed securities. Prior to joining Shenkman Capital, Mr. Slatky was Co-Head and Managing Director of the Distressed Bond business in New York and London for Goldman Sachs. He was also a member of the Credit Investment Committee charged with reviewing proprietary investments within the Credit Department. Before joining the distressed bond business in 2002, Mr. Slatky was a telecom high yield analyst and a recipient of Institutional Investor’s Runner-Up award. He joined Goldman Sachs from Credit Suisse First Boston in 1999, where he worked as a high yield analyst as part of an II ranked telecom team. Mr. Slatky graduated magna cum laude with a BS in Economics (1998) and an MBA (1999) from The Wharton School at the University of Pennsylvania.

Eric Dobbin


Start Date

Tenure

Tenure Rank

Dec 31, 2012

9.42

9.4%

Eric Dobbin joined Shenkman Capital in April 2006, and has 32 years of investment experience. Previously, he worked for Merrill Lynch as Managing Director, Head of High Yield and Distressed Bond Trading, from 2000 to 2006. From 1995 to 2000, Mr. Dobbin was a Portfolio Manager at Hamilton Partners. From 1989 to 1995 he worked for Travelers/Smith Barney in Investment Banking, as Head of High Yield Research and then as Portfolio Manager. Mr. Dobbin was Manager of Financial Analysis at Allied Signal from 1985 to 1989. Mr. Dobbin received his BA in Economics (1984) and his MBA (1985) from Duke University.

Robert Kricheff


Start Date

Tenure

Tenure Rank

Mar 01, 2015

7.25

7.3%

Bob Kricheff joined Shenkman Capital in 2013.  He has 33 years of investment research and strategy experience in leveraged finance. Prior to joining Shenkman Capital, Mr. Kricheff was Managing Director and Head of the Americas High Yield Sector Strategy for Credit Suisse. During his distinguished tenure at Credit Suisse, he oversaw U.S., European and Emerging Market credit research as well as high yield sector and portfolio strategy.  He also worked as a high yield analyst where he covered the media, cable, satellite, telecom, gaming, and entertainment sectors. His work covered bonds, loans and CDS. Additionally, Mr. Kricheff has published two textbooks and two e-books on topics related to leveraged finance and its analysis and has most recently published a book on technology’s impact on investment economics. He has been invited to speak to graduate students at University of London SOAS, Columbia University and New York University.  Mr. Kricheff received a BA degree in Economics from New York University and a MS in Financial Economics from the University of London’s School of Oriental and African Studies. Bob is also on the Board of Directors of Symphony Space, a non-profit committed to improving literacy and education through the arts. He is also a volunteer at Center for Food Action, a non-profit dedicated to preventing hunger and homelessness.

Neil Wechsler


Start Date

Tenure

Tenure Rank

Mar 01, 2017

5.25

5.3%

Neil Wechsler joined Shenkman Capital in 2002. He has 22 years of investment experience including 17 years of high yield research experience. Prior to joining Shenkman Capital, Neil was a Summer Associate at Goldman Sachs Asset Management, where he worked on their high yield and investment grade research teams. In 2000, Neil was an Associate at Credit Lyonnais Securities in their Asset Backed Securities group. From 1998 to 2000, Neil worked at Duff & Phelps Credit Rating Co. as an Analyst in their Structured Finance group. Neil received a BS degree in Business Administration from the University at Albany (1996) and a MBA from New York University (2002). Mr. Wechsler is a CFA charterholder (2003) and a member of the CFA Institute and CFA Society New York.

Jordan Barrow


Start Date

Tenure

Tenure Rank

May 01, 2020

2.08

2.1%

Jordan Barrow joined Shenkman Capital in 2004.  He has over 16 years of leveraged finance investing experience and has been a portfolio manager since 2011.  Mr. Barrow has experience managing portfolios for the firm’s High Yield, Short Duration, and Convertible strategies.  He started his career as a high yield research analyst specializing in Healthcare and has also covered Retail, Technology and Service Industries.  In 2010, Mr. Barrow was instrumental in launching the firm’s Short Duration High Yield Strategy. He was also key in the launches of the Global Convertible and Investment Grade Convertible Strategies, in 2015 and 2014, respectively.  Mr. Barrow is a member of Shenkman Capital’s Risk Committee and currently serves on the board of the Friends of Mount Sinai Health System.  Mr. Barrow received a BA degree in Economics and International Relations from the University of Pennsylvania.  In addition, he is a CFA charterholder (2007).

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.08 2.92