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Name

As of 12/27/2019

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

Muzinich Credit Opportunities Fund

MZCRX | Fund

$11.37

$295 M

0.00%

-

Vitals

YTD Return

N/A

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$295 M

Holdings in Top 10

23.0%

52 WEEK LOW AND HIGH

$11.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio N/A

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 12/27/2019

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

Muzinich Credit Opportunities Fund

MZCRX | Fund

$11.37

$295 M

0.00%

-

MZCRX - Profile

Distributions

  • YTD Total Return N/A
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Muzinich Credit Opportunities Fund
  • Fund Family Name
    N/A
  • Inception Date
    Jan 03, 2013
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

The Credit Opportunities Fund seeks to achieve its objective by allocating the Fund’s assets among various credit sectors of the global fixed income markets which the Advisor finds attractive from time-to-time. When allocating assets into these various credit segments, the Advisor seeks to take advantage of the potential differences in return expectations over the course of a full market cycle which may arise as these different credit sectors move in and out of favor. In seeking to achieve the Fund’s objective, the Advisor constructs the Fund’s portfolio targeting an average annual return over a full market cycle that meaningfully exceeds U.S. 3-month Treasurys within a volatility-managed framework. There can be no guarantee that the Fund will be able to provide such returns and you may lose money by investing in the Fund. The Fund pursues a “go-anywhere” strategy within the credit markets and will normally invest at least 80% of its net assets in corporate bonds and syndicated loans, including floating rate loans, that the Advisor believes have attractive risk/reward characteristics and which are issued by U.S. and foreign corporations. Syndicated loans represent amounts borrowed by companies or other entities. In many cases, they are issued in connection with recapitalizations, acquisitions, leveraged buyouts and refinancings. A syndicated loan typically has priority with respect to payment (to the extent assets are available) in the event of bankruptcy. The Fund generally will acquire syndicated loans as assignments from lenders. These syndicated loans have interest rates that reset periodically (annually or more frequently), generally based on a common interest rate index.
The Fund invests in both investment grade rated bonds as well as below-investment grade bonds (or “junk”) bonds. The Fund may invest up to 25% of its assets in below-investment grade bonds rated below B- /B3 (at the time of purchase) by S&P Global Ratings (“Standard & Poor’s”), Fitch Ratings Inc. (“Fitch”) or Moody’s Investor Services, Inc. (“Moody’s”), as applicable, or which are deemed equivalent by the Advisor. However, up to 100% of the Fund may be invested in bonds that are rated below-investment grade or Advisor-rated at any time. The Fund will typically not purchase bonds that are in default. The Fund’s investments may be unsecured or backed by receivables or other assets. The Fund may invest up to 70% of its net assets in foreign securities, including up to 40% in issuers located in
emerging market countries. As this is a credit-focused fund, investments may also include asset-backed securities (“ABS”) including mortgage-backed securities (“MBS”) and securities backed by other forms of loans or securities. The Fund may invest up to 20% of its net assets in each of the banking sector and diversified financials sector. The Fund may invest (up to 80% of its net assets) in mutual funds (including affiliated mutual funds), and/or exchange-traded funds (“ETFs”) which invest principally in any of the previously mentioned types of fixed income securities and such investments in fixed income mutual funds and ETFs will be included in the Fund’s 80% test. The mutual funds and ETFs in which the Fund invests have an investment objective similar to that of the Fund or are otherwise permitted investments in accordance with the Fund’s investment policies described herein.
There are three major components to the Advisor’s investment decision making process: (i) the determination of the appropriate asset allocation across the credit spectrum as well as desired geographical diversification, (ii) selection of individual investments for the Fund, and (iii) portfolio risk management. In the first two components, the Advisor’s Asset Allocation Group develops target top-down tactical allocation ranges. The portfolio managers then make the final allocation decision regarding the approximate percentage of the Fund that will be invested in each fixed income credit sector (for example higher rated bonds vs. lower rated bonds), and within and across geographies (for example, emerging markets vs. U.S. bonds). The portfolio managers then select investments based on a bottom-up fundamental analysis/evaluation of potential investment opportunities. In the third component, the Advisor may manage and adjust overall portfolio duration and credit risk exposure by the strategic use of derivatives that are primarily used to reduce portfolio volatility. The Advisor expects to principally use credit index derivatives or options thereon (both long and short) and/or futures and options on primarily U.S. Treasuries to shorten or extend portfolio duration and credit spread sensitivity. The Advisor focuses on risk management from a long-term perspective, rather than being reactive to intermittent periods of market volatility, thus allowing portfolio management to focus on long-term investing.
The Fund may use derivatives in various ways. The Fund may use derivatives as a substitute for taking a long or short position in the reference asset or to gain exposure to certain asset classes; under such circumstances, the derivatives may have economic characteristics similar to those of the reference asset, and the Fund’s investment in the derivatives may be applied toward meeting a requirement to invest a certain percentage of its net assets in instruments with such characteristics. The Fund may use derivatives to hedge (or reduce) its exposure to a portfolio asset or risk. The Fund may also use derivatives to manage cash. By investing in derivatives, the Fund attempts to achieve the economic equivalence it would achieve if it were to invest directly in the underlying security.
To mitigate the counterparty risk resulting from swap transactions, the Fund will only enter into swap transactions with highly rated financial institutions specializing in this type of transaction and in accordance with the standard terms laid down by the International Securities Dealers Association.
Although the Advisor will consider ratings assigned by ratings agencies in selecting investments, it relies principally on its own research and investment analysis. As applicable, the Advisor considers company-specific quantitative and qualitative factors such as: a company’s managerial strength and commitment to debt repayment, anticipated cash flow, debt maturity schedules, borrowing requirements, use of borrowing proceeds, asset coverage and earnings prospects; legislation, regulation, litigation, transparency, market perspective, or other environmental, social and governance (ESG) risks; and the strength and depth of the protections afforded the lender through the documentation governing the bond or syndicated loan issuance. The types of ESG factors that the Advisor believes can impact financial risks derive from, among other issues: changes to regulations, changes to consumer preferences, technology advancements, climate impacts, litigation risks, efficiency, brand value, innovation, market disruption/obsolescence, respect for human rights, anti-corruption, anti-bribery matters, and social license to operate.
As a result of considering ESG factors in the Advisor’s investment decision process, an investment may be excluded or rejected where Muzinich believes those factors imply heightened risk of decreased liquidity of an investment and/or other negative financial impacts. In line with this, securities ineligible for investment by the Norges Bank Investment Management Company are also ineligible for inclusion in the Fund.
The Advisor does not manage the Fund to any particular duration. Rather, depending on the mix of securities within the Fund’s portfolio and market conditions, the portfolio’s average duration may change. The average duration-to-worst is anticipated to fall most often between zero and five years, with a concentration toward the middle of that range, but could be shortened or extended. (Duration-to-worst is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in interest rates.) In general, the longer the duration of the Fund’s bonds and/or loans, the greater the likelihood that an increase in interest rates would cause a decline in the price of the Fund’s shares.
In constructing the Fund’s portfolio, the Advisor pays close attention to the overall liquidity of the Fund’s portfolio. The Advisor seeks to maintain a liquid portfolio. Under certain circumstances, particularly in difficult market environments, this may cause the Advisor to avoid certain investments whose liquidity might be challenged in those markets.
The portfolio is actively managed and the Fund may sell a holding when it has already met or no longer meets the portfolio managers’ expectations, no longer offers compelling relative value, shows deteriorating fundamentals, or if it falls short of the portfolio managers’ expectations. Trading securities frequently may lead to high portfolio turnover. Tax consequences are not a primary consideration in the Fund’s investment decisions. The Fund may also sell holdings as a result of a change in the tactical asset allocation. Although the Fund will typically not purchase bonds or loans that are already in default, the portfolio managers may decide to continue to hold a bond or loan (or related securities) after a default. There is no limit on the amount of defaulted securities the Fund may hold.
Read More

MZCRX - Performance

Return Ranking - Trailing

Period MZCRX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -55.0% 9.1% 37.50%
1 Yr N/A -55.3% 10.9% 0.30%
3 Yr N/A* -40.3% 4.9% 0.34%
5 Yr N/A* -35.0% 21.0% 1.20%
10 Yr N/A* -3.6% 1.2% N/A

* Annualized

Return Ranking - Calendar

Period MZCRX Return Category Return Low Category Return High Rank in Category (%)
2023 N/A -35.1% 11.0% 10.22%
2022 N/A -48.0% 0.8% 4.70%
2021 N/A -14.8% 8.5% 64.13%
2020 8.6% -11.2% 19.1% N/A
2019 -2.0% -51.1% 4.0% N/A

Total Return Ranking - Trailing

Period MZCRX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -55.0% 9.1% 37.50%
1 Yr N/A -55.3% 6.4% 0.89%
3 Yr N/A* -40.3% 3.7% 3.07%
5 Yr N/A* -35.0% 21.0% 12.35%
10 Yr N/A* -3.6% 5.0% N/A

* Annualized

Total Return Ranking - Calendar

Period MZCRX Return Category Return Low Category Return High Rank in Category (%)
2023 N/A -35.1% 12.0% 10.22%
2022 N/A -48.0% 4.5% 7.38%
2021 N/A -14.8% 14.0% 40.22%
2020 10.6% -11.2% 22.5% N/A
2019 1.0% -51.1% 4.0% N/A

NAV & Total Return History

MZCRX - Holdings

Concentration Analysis

MZCRX Category Low Category High MZCRX % Rank
Net Assets 295 M 5 M 126 B 59.77%
Number of Holdings 264 5 7722 71.26%
Net Assets in Top 10 68.1 M -418 M 29.7 B 58.33%
Weighting of Top 10 22.95% 4.8% 214.0% 83.29%

Top 10 Holdings

  1. US TREASURY N/B 11.94%
  2. US TREASURY N/B 3.03%
  3. US TREASURY N/B 2.17%
  4. ROGERS COMMUNICATIONS IN 1.20%
  5. CHENIERE CORP CHRISTI HD 0.83%
  6. CONSTELLATION BRANDS INC 0.82%
  7. CAESARS ENTERTAIN INC 0.79%
  8. ROCKIES EXPRESS PIPELINE 0.77%
  9. SPRINT LLC 0.73%
  10. T-MOBILE USA INC 0.68%

Asset Allocation

Weighting Return Low Return High MZCRX % Rank
Bonds 		98.05% 14.17% 155.51% 50.00%
Cash 		2.25% -71.09% 75.97% 25.00%
Stocks 		0.00% -0.27% 13.09% 66.86%
Preferred Stocks 		0.00% 0.00% 39.23% 70.40%
Convertible Bonds 		0.00% 0.00% 25.18% 43.39%
Other 		-0.30% -8.59% 18.26% 44.25%

Bond Sector Breakdown

Weighting Return Low Return High MZCRX % Rank
Cash & Equivalents 		0.00% 0.02% 84.27% 31.32%
Securitized 		0.00% 0.00% 99.22% 97.13%
Corporate 		0.00% 0.00% 94.51% 3.45%
Municipal 		0.00% 0.00% 36.37% 55.75%
Government 		0.00% 0.00% 99.16% 76.72%
Derivative 		-0.30% -0.44% 47.67% 41.09%

Bond Geographic Breakdown

Weighting Return Low Return High MZCRX % Rank
US 		72.19% 13.35% 135.69% 68.97%
Non US 		25.86% -16.32% 68.65% 31.32%

MZCRX - Expenses

Operational Fees

MZCRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio N/A 0.06% 24.26% 53.08%
Management Fee N/A 0.00% 2.25% 58.56%
12b-1 Fee N/A 0.00% 1.00% 28.43%
Administrative Fee N/A 0.04% 0.70% N/A

Sales Fees

MZCRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% 39.73%
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

MZCRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 65.00%

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.

MZCRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 421.00% 94.31%

MZCRX - Distributions

Dividend Yield Analysis

MZCRX Category Low Category High MZCRX % Rank
Dividend Yield 0.00% 0.00% 5.81% 8.56%

Dividend Distribution Analysis

MZCRX Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Monthly Monthly

Net Income Ratio Analysis

MZCRX Category Low Category High MZCRX % Rank
Net Income Ratio N/A 0.96% 18.14% 90.96%

Capital Gain Distribution Analysis

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

Distributions History

View More +

MZCRX - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 29.32 5.6 5.67

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