Highland Opportunistic Credit Z
Name
As of 03/29/2021Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-0.4%
1 yr return
-20.5%
3 Yr Avg Return
-7.2%
5 Yr Avg Return
5.0%
Net Assets
$6.65 M
Holdings in Top 10
100.0%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 2.13%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 67.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$50
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/29/2021Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
HNRZX - Profile
Distributions
- YTD Total Return -0.4%
- 3 Yr Annualized Total Return -7.2%
- 5 Yr Annualized Total Return 5.0%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 3.34%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameHighland Opportunistic Credit Fund
-
Fund Family NameHighland Funds
-
Inception DateMay 17, 2005
-
Shares Outstanding2665299
-
Share ClassInst
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerJames Dondero
Fund Description
HNRZX - Performance
Return Ranking - Trailing
| Period | HNRZX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -0.4% | -4.7% | 8.8% | 84.71% |
| 1 Yr | -20.5% | -20.5% | 64.1% | 100.00% |
| 3 Yr | -7.2%* | -12.7% | 10.4% | 99.57% |
| 5 Yr | 5.0%* | -6.1% | 11.8% | 93.07% |
| 10 Yr | 2.4%* | 1.3% | 9.3% | 98.81% |
* Annualized
Return Ranking - Calendar
| Period | HNRZX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -39.6% | -46.8% | 399.1% | 99.72% |
| 2022 | -6.0% | -10.3% | 226.1% | 99.57% |
| 2021 | -0.2% | -18.4% | -0.2% | 0.46% |
| 2020 | -1.2% | -9.5% | 18.8% | 95.17% |
| 2019 | 15.1% | -9.1% | 28.6% | 1.25% |
Total Return Ranking - Trailing
| Period | HNRZX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -0.4% | -4.7% | 8.8% | 84.71% |
| 1 Yr | -20.5% | -23.1% | 64.1% | 99.72% |
| 3 Yr | -7.2%* | -12.7% | 10.4% | 99.57% |
| 5 Yr | 5.0%* | -6.1% | 11.8% | 90.96% |
| 10 Yr | 2.4%* | 1.3% | 9.3% | 98.81% |
* Annualized
Total Return Ranking - Calendar
| Period | HNRZX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -39.6% | -46.8% | 399.1% | 99.72% |
| 2022 | -6.0% | -6.2% | 23.9% | 99.71% |
| 2021 | -0.2% | -18.4% | 1.3% | 3.04% |
| 2020 | -1.2% | -8.5% | 18.8% | 97.67% |
| 2019 | 15.1% | -9.1% | 39.0% | 5.52% |
NAV & Total Return History
HNRZX - Holdings
Concentration Analysis
| HNRZX | Category Low | Category High | HNRZX % Rank | |
|---|---|---|---|---|
| Net Assets | 6.65 M | 3.63 M | 28.6 B | 99.73% |
| Number of Holdings | 9 | 3 | 2297 | 99.06% |
| Net Assets in Top 10 | 6.82 M | -564 M | 3.47 B | 89.54% |
| Weighting of Top 10 | 100.00% | 2.7% | 100.0% | 0.54% |
Top 10 Holdings
- Dreyfus Treasury Obligations Csh Mgt Ins 75.21%
- TerreStar Corp 24.79%
- TerreStar Corp 15.76%
- TerreStar Corp 15.76%
- TerreStar Corp 15.76%
- TerreStar Corp 15.76%
- TerreStar Corp 15.76%
- TerreStar Corp 15.76%
- TerreStar Corp 15.76%
- TerreStar Corp 15.76%
Asset Allocation
| Weighting | Return Low | Return High | HNRZX % Rank | |
|---|---|---|---|---|
| Cash | 75.21% | -40.59% | 75.21% | 0.40% |
| Stocks | 24.79% | -8.82% | 43.20% | 0.67% |
| Bonds | 0.01% | 0.01% | 146.82% | 100.00% |
| Preferred Stocks | 0.00% | 0.00% | 11.16% | 77.21% |
| Other | 0.00% | -49.68% | 33.59% | 66.49% |
| Convertible Bonds | 0.00% | 0.00% | 21.16% | 97.99% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | HNRZX % Rank | |
|---|---|---|---|---|
| Communication Services | 100.00% | 0.00% | 100.00% | 1.65% |
| Utilities | 0.00% | 0.00% | 99.28% | 64.26% |
| Technology | 0.00% | 0.00% | 99.99% | 61.78% |
| Real Estate | 0.00% | 0.00% | 100.00% | 63.84% |
| Industrials | 0.00% | 0.00% | 100.00% | 70.45% |
| Healthcare | 0.00% | 0.00% | 69.02% | 66.94% |
| Financial Services | 0.00% | 0.00% | 100.00% | 69.42% |
| Energy | 0.00% | 0.00% | 100.00% | 88.64% |
| Consumer Defense | 0.00% | 0.00% | 100.00% | 62.60% |
| Consumer Cyclical | 0.00% | 0.00% | 100.00% | 72.73% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 71.69% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | HNRZX % Rank | |
|---|---|---|---|---|
| US | 24.79% | -8.82% | 37.04% | 0.54% |
| Non US | 0.00% | 0.00% | 15.55% | 71.05% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | HNRZX % Rank | |
|---|---|---|---|---|
| Cash & Equivalents | 99.99% | 0.00% | 99.99% | 0.40% |
| Corporate | 0.01% | 0.00% | 100.00% | 99.60% |
| Derivative | 0.00% | 0.00% | 41.67% | 67.52% |
| Securitized | 0.00% | 0.00% | 92.14% | 80.81% |
| Municipal | 0.00% | 0.00% | 14.61% | 59.87% |
| Government | 0.00% | 0.00% | 79.23% | 76.91% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | HNRZX % Rank | |
|---|---|---|---|---|
| US | 0.01% | 0.01% | 121.90% | 100.00% |
| Non US | 0.00% | -25.63% | 97.17% | 99.33% |
HNRZX - Expenses
Operational Fees
| HNRZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 2.13% | 0.03% | 20.43% | 7.67% |
| Management Fee | 1.00% | 0.00% | 1.84% | 96.63% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
| HNRZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.50% | N/A |
Trading Fees
| HNRZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
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.
| HNRZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 67.00% | 0.00% | 349.00% | 52.57% |
HNRZX - Distributions
Dividend Yield Analysis
| HNRZX | Category Low | Category High | HNRZX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 3.12% | 60.64% |
Dividend Distribution Analysis
| HNRZX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Quarterly | Monthly | Monthly |
Net Income Ratio Analysis
| HNRZX | Category Low | Category High | HNRZX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 3.34% | -2.17% | 10.53% | 94.82% |
Capital Gain Distribution Analysis
| HNRZX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Mar 29, 2019 | $0.015 | |
| Feb 28, 2019 | $0.013 | |
| Jan 31, 2019 | $0.014 | |
| Dec 31, 2018 | $0.013 | |
| Nov 30, 2018 | $0.012 | |
| Oct 31, 2018 | $0.011 | |
| Aug 31, 2018 | $0.009 | |
| Jul 31, 2018 | $0.012 | |
| Jun 29, 2018 | $0.012 | |
| May 31, 2018 | $0.014 | |
| Apr 30, 2018 | $0.022 | |
| Mar 29, 2018 | $0.024 | |
| Feb 28, 2018 | $0.020 | |
| Jan 31, 2018 | $0.022 | |
| Dec 29, 2017 | $0.027 | |
| Nov 30, 2017 | $0.027 | |
| Oct 31, 2017 | $0.029 | |
| Sep 29, 2017 | $0.028 | |
| Aug 31, 2017 | $0.029 | |
| Jul 31, 2017 | $0.028 | |
| Jun 30, 2017 | $0.023 | |
| May 31, 2017 | $0.022 | |
| Apr 28, 2017 | $0.019 | |
| Mar 31, 2017 | $0.027 | |
| Feb 28, 2017 | $0.028 | |
| Jan 31, 2017 | $0.034 | |
| Dec 30, 2016 | $0.066 | |
| Nov 30, 2016 | $0.033 | |
| Oct 31, 2016 | $0.029 | |
| Sep 30, 2016 | $0.033 | |
| Aug 31, 2016 | $0.033 | |
| Jul 29, 2016 | $0.032 | |
| Jun 30, 2016 | $0.034 | |
| May 31, 2016 | $0.038 | |
| Apr 29, 2016 | $0.046 | |
| Mar 31, 2016 | $0.045 | |
| Feb 29, 2016 | $0.042 | |
| Jan 29, 2016 | $0.044 | |
| Dec 31, 2015 | $0.052 | |
| Dec 22, 2015 | $0.040 | |
| Nov 30, 2015 | $0.042 | |
| Oct 30, 2015 | $0.044 | |
| Sep 30, 2015 | $0.041 | |
| Aug 31, 2015 | $0.035 | |
| Jul 31, 2015 | $0.033 | |
| Jun 30, 2015 | $0.030 | |
| May 29, 2015 | $0.030 | |
| Apr 30, 2015 | $0.022 | |
| Apr 01, 2015 | $0.021 | |
| Mar 02, 2015 | $0.015 | |
| Feb 02, 2015 | $0.025 | |
| Jan 02, 2015 | $0.025 | |
| Dec 22, 2014 | $0.018 | |
| Sep 30, 2014 | $0.001 |
HNRZX - Fund Manager Analysis
Managers
James Dondero
Start Date
Tenure
Tenure Rank
May 17, 2005
15.8
15.8%
Mr. Dondero is also the co-founder and President of Highland, founder and President of NexPoint Advisors, L.P., Chairman of the board of directors, Chief Executive Officer and member of the investment committee of NXRT, President of NexPoint Capital, Inc., President of NMCT, director for American Banknote Corporation, director for Metro-Goldwyn-Mayer, director for Jernigan Capital, Inc., Chairman of the board of directors for Cornerstone Healthcare, Chairman of the board of directors for CCS Medical, and Chairman of NexBank, an affiliated bank that is majority owned by Mr. Dondero. Mr. Dondero has over 30 years of experience investing in credit and equity markets and has helped pioneer credit asset classes. Prior to founding Highland Capital Management in 1993, Mr. Dondero served as Chief Investment Officer of Protective Life’s GIC subsidiary and helped grow the business between 1989 and 1993. His portfolio management experience includes mortgage-backed securities, investment grade corporates, leveraged bank loans, high-yield bonds, emerging market debt, real estate, derivatives, preferred stocks and common stocks. From 1985 to 1989, he managed in fixed income funds for American Express. Mr. Dondero received a BS in Commerce (Accounting and Finance) from the University of Virginia, and is a Certified Managerial Accountant and a Chartered Financial Analyst.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.04 | 36.63 | 6.65 | 1.75 |