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Name

As of 04/18/2024

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

PACE High Yield Investments

PHIAX | Fund

$8.50

$192 M

0.00%

1.20%

Vitals

YTD Return

0.2%

1 yr return

8.6%

3 Yr Avg Return

0.1%

5 Yr Avg Return

2.9%

Net Assets

$192 M

Holdings in Top 10

4.2%

52 WEEK LOW AND HIGH

$8.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.20%

SALES FEES

Front Load 3.75%

Deferred Load N/A

TRADING FEES

Turnover 75.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

$250

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/18/2024

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

PACE High Yield Investments

PHIAX | Fund

$8.50

$192 M

0.00%

1.20%

PHIAX - Profile

Distributions

  • YTD Total Return 0.2%
  • 3 Yr Annualized Total Return 0.1%
  • 5 Yr Annualized Total Return 2.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.12%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    PACE High Yield Investments
  • Fund Family Name
    UBSASSETMT
  • Inception Date
    May 01, 2006
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Mabel Lung

Fund Description

Principal investments

The fund seeks to achieve its objective by investing primarily in a professionally managed, diversified portfolio of fixed income securities rated below investment grade. Under normal circumstances, the fund invests at

least 80% of its net assets (plus the amount of any borrowing for investment purposes) in high yield fixed income securities that are rated below investment grade or considered to be of comparable quality (commonly known as "junk bonds"). Such investments may be represented by derivatives or by investments in securities of other investment companies that invest primarily in such high yield fixed income securities.

These investments will include fixed income securities that are (1) rated below investment grade (lower than a Baa rating by Moody's Investors Service, Inc. ("Moody's") or lower than a BBB rating by Standard and Poor's, a division of The McGraw Hill Companies Inc. ("S&P")); (2) comparably rated by another nationally recognized statistical rating organization (collectively, with Moody's and S&P, "Rating Agencies"); or (3) unrated, but deemed by the fund's investment advisor to be of comparable quality to fixed income securities rated below Baa, BBB or a comparable rating by a Rating Agency.

The fund may also invest in other instruments, including exchange-traded funds ("ETFs"), that derive their value from such high yield fixed income securities.

The fund may invest up to 10% of its total assets in US and/or non-US senior secured bank loans (each of which may be denominated in foreign currencies), which may be in the form of loan participations and assignments. The fund may invest in a number of different countries throughout the world, including the US, Europe and emerging market countries.

Under normal circumstances, the fund's average duration will be within +/- 50% of that of the ICE BofA Global High Yield Index (Hedged in USD), which as of July 31, 2023 was approximately 3.46 years and may change over time. Duration is a measure of the fund's exposure to interest rate risk—a longer duration means that changes in market interest rates are likely to have a larger effect on the value of the fund's portfolio. The fund has no average targeted portfolio maturity.

The fund may, but is not required to, use exchange-traded or over-the-counter derivative instruments for risk management purposes or to attempt to increase total returns. The derivatives in which the fund invests include futures and currency forward agreements. These derivatives may be used for risk management purposes, such as hedging the fund's security, index, currency, interest rate or other exposure, or otherwise managing the risk profile of the fund. In addition, the derivative instruments listed above may be used to enhance returns; in place of direct investments; and to obtain or adjust exposure to certain markets. Futures on indices and interest rate swaps may also be used to adjust the fund's portfolio duration.

Management process

The fund employs a "manager of managers" structure. UBS AM, the fund's manager and primary provider of investment advisory services, has the ultimate authority, subject to oversight by the fund's board, to oversee the fund's subadvisor(s) and recommend their hiring, termination and replacement, and to allocate assets among the fund's subadvisor(s).

UBS AM's investment process begins with subadvisor selection. UBS AM's portfolio management team constructs a list of potential subadvisors based on information primarily from internal sources and the team's collective knowledge of the industry, but also supplemented by external sources. The team then focuses its research on that list to identify a small number of the most attractive candidates. This research includes analyzing the portfolio holdings and/or positioning of a subadvisor's investment strategy to understand whether the allocation of risk and the drivers of alpha are consistent with the subadvisor's investment philosophy and stated strengths. The most attractive sub-set of those subadvisors is then selected for in-depth, on-site due diligence meetings with representatives from the investment, operations and compliance groups within UBS AM. The due diligence information is then synthesized to select the most attractive candidate(s) for the fund, subject to the board's approval.

In managing the fund and overseeing the fund's subadvisor(s), UBS AM views its research process as an ongoing one, as the team continually seeks to confirm a subadvisor's investment thesis over the appropriate investment horizon. In general, UBS AM leverages its research and market knowledge to construct funds with exposure to various subadvisors that are expected, in combination, to produce the desired overall fund characteristics. UBS AM's ongoing monitoring and risk management process incorporates daily, weekly, monthly, quarterly and annual responsibilities designed to monitor the drivers of fund risk and performance at the subadvisor level and at the overall fund level. Through this process, UBS AM may adjust a fund's positioning by altering its allocation weights across subadvisors within the fund and/or by changing the specific subadvisors within the fund.

The subadvisor utilizes a "total return" strategy driven by credit research and a team effort to generate alpha in high yield.

Read More

PHIAX - Performance

Return Ranking - Trailing

Period PHIAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.2% -7.2% 5.1% 45.61%
1 Yr 8.6% -9.4% 15.0% 31.29%
3 Yr 0.1%* -16.5% 19.8% 73.89%
5 Yr 2.9%* -11.9% 36.4% 48.96%
10 Yr 3.4%* -4.9% 19.3% 37.32%

* Annualized

Return Ranking - Calendar

Period PHIAX Return Category Return Low Category Return High Rank in Category (%)
2023 5.9% -4.7% 14.3% 31.36%
2022 -16.0% -33.4% 3.6% 59.06%
2021 -2.2% -8.4% 14.9% 91.15%
2020 1.4% -13.9% 302.7% 19.59%
2019 6.2% -4.4% 13.3% 76.08%

Total Return Ranking - Trailing

Period PHIAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.2% -7.2% 5.1% 45.61%
1 Yr 8.6% -9.4% 15.0% 31.29%
3 Yr 0.1%* -16.5% 19.8% 73.89%
5 Yr 2.9%* -11.9% 36.4% 48.96%
10 Yr 3.4%* -4.9% 19.3% 37.32%

* Annualized

Total Return Ranking - Calendar

Period PHIAX Return Category Return Low Category Return High Rank in Category (%)
2023 12.6% -4.7% 18.2% 37.91%
2022 -11.8% -33.4% 47.8% 73.70%
2021 3.4% -8.4% 24.8% 83.77%
2020 7.2% -9.6% 325.6% 19.43%
2019 12.2% 0.9% 21.5% 72.96%

NAV & Total Return History

PHIAX - Holdings

Concentration Analysis

PHIAX Category Low Category High PHIAX % Rank
Net Assets 192 M 1.45 M 23.6 B 74.42%
Number of Holdings 1442 2 2736 2.94%
Net Assets in Top 10 8.18 M -492 M 4.45 B 89.94%
Weighting of Top 10 4.25% 4.2% 146.9% 99.69%

Top 10 Holdings

  1. State Street Institutional US Government Money Market Fund 1.00%
  2. Carnival Corp. 0.43%
  3. Petroleos Mexicanos 0.43%
  4. Petroleos Mexicanos 0.42%
  5. TransDigm, Inc. 0.38%
  6. Petroleos Mexicanos 0.36%
  7. UniCredit SpA 0.33%
  8. IHO Verwaltungs GmbH 0.30%
  9. CCO Holdings LLC/CCO Holdings Capital Corp. 0.30%
  10. Transportadora de Gas del Sur SA 0.30%

Asset Allocation

Weighting Return Low Return High PHIAX % Rank
Bonds 		96.64% -3.13% 154.38% 27.89%
Cash 		2.67% -52.00% 48.07% 64.09%
Convertible Bonds 		0.86% 0.00% 17.89% 62.54%
Stocks 		0.35% 0.00% 99.54% 52.08%
Other 		0.28% -63.70% 102.57% 27.40%
Preferred Stocks 		0.05% 0.00% 7.88% 39.32%

Stock Sector Breakdown

Weighting Return Low Return High PHIAX % Rank
Energy 		63.16% 0.00% 100.00% 32.87%
Basic Materials 		33.86% 0.00% 100.00% 1.12%
Communication Services 		2.98% 0.00% 99.99% 48.88%
Utilities 		0.00% 0.00% 100.00% 56.74%
Technology 		0.00% 0.00% 33.17% 58.99%
Real Estate 		0.00% 0.00% 86.71% 51.12%
Industrials 		0.00% 0.00% 93.12% 60.39%
Healthcare 		0.00% 0.00% 22.17% 50.28%
Financial Services 		0.00% 0.00% 100.00% 55.62%
Consumer Defense 		0.00% 0.00% 100.00% 53.37%
Consumer Cyclical 		0.00% 0.00% 100.00% 64.04%

Stock Geographic Breakdown

Weighting Return Low Return High PHIAX % Rank
US 		0.32% 0.00% 99.54% 51.70%
Non US 		0.04% -0.01% 0.83% 7.89%

Bond Sector Breakdown

Weighting Return Low Return High PHIAX % Rank
Corporate 		90.79% 0.00% 129.69% 77.52%
Government 		3.58% 0.00% 99.07% 8.53%
Cash & Equivalents 		1.08% 0.00% 48.07% 72.60%
Derivative 		0.28% -15.04% 42.26% 11.30%
Securitized 		0.02% 0.00% 97.24% 44.81%
Municipal 		0.00% 0.00% 4.66% 42.33%

Bond Geographic Breakdown

Weighting Return Low Return High PHIAX % Rank
US 		75.09% -3.13% 129.21% 88.24%
Non US 		21.56% 0.00% 98.19% 5.26%

PHIAX - Expenses

Operational Fees

PHIAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.20% 0.04% 31.61% 35.14%
Management Fee 0.60% 0.00% 1.84% 64.04%
12b-1 Fee 0.25% 0.00% 1.00% 32.92%
Administrative Fee 0.10% 0.00% 0.50% 46.88%

Sales Fees

PHIAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.75% 2.25% 5.75% 62.63%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

PHIAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 71.88%

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.

PHIAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 75.00% 1.00% 255.00% 71.82%

PHIAX - Distributions

Dividend Yield Analysis

PHIAX Category Low Category High PHIAX % Rank
Dividend Yield 0.00% 0.00% 49.68% 54.62%

Dividend Distribution Analysis

PHIAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

PHIAX Category Low Category High PHIAX % Rank
Net Income Ratio 5.12% -2.39% 14.30% 16.38%

Capital Gain Distribution Analysis

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

Distributions History

View More +

PHIAX - Fund Manager Analysis

Managers

Mabel Lung

Start Date

Tenure

Tenure Rank

Dec 31, 2006

15.42

15.4%

• Mabel has been an integral member in portfolio management of Multi-Asset and Multi-Component Portfolios since 2000 when UBS Asset Management launched the UBS Multi-Asset Managed Accounts Program. • Recognizing the importance of after-tax investment results to US private clients, Mabel led her team to launch Personalized Tax Management in 2011 as a tax overlay investment service to multi-asset portfolios. • Mabel has significant experience in manager selection, overseeing $30 billion of assets for institutional and private clients globally through open architecture of best-in-class managers in liquid strategies, combined with a keen focus on risk-aware and holistic portfolio construction. • Mabel joined the firm in 1984, after her graduate study in business administration and has held various positions in finance, treasury, strategic and business planning, prior to joining the asset management division of the firm in 1995. • Prior to business school, she was a corporate finance analyst at an investment banking firm.

Fred Lee

Start Date

Tenure

Tenure Rank

Dec 31, 2009

12.42

12.4%

Fred Lee, CFA, as the Head of Portfolio Construction & Quantitative Research within the MMS team since January 2009, oversees the portfolio construction process in determining the specific allocations to individual managers. He also leads the team responsible for the quantitative assessment of managers. Mr. Lee is located in the London office of UBS AM, which he joined in 2006 as a Risk Analyst where he provided risk assessment and monitoring for all client portfolios and enhanced proprietary risk models. Prior to joining UBS AM, Mr. Lee worked as a consultant for MSCI Barra providing advice to large investment managers across Europe on the interpretation and use of risk models and analytics.

Gina Toth

Start Date

Tenure

Tenure Rank

Mar 31, 2013

9.17

9.2%

Gina Toth, CFA, is a Portfolio Manager within the MMS team at UBS AM, focusing on fixed income and multi-asset investment strategies, including liquid alternatives. She is part of the team responsible for manager due diligence and selection, portfolio construction, risk management, investment oversight, and performance of multi-asset strategies. Ms. Toth joined the firm in March 2013. Previously, she worked at AllianceBernstein as a Senior Portfolio Manager in New York and Sydney, specializing in multi-asset portfolios, asset allocation and custom solutions for the institutional, high-net worth and retail channels, encompassing both traditional and non-traditional asset classes. She also spent 14 years in New York and London as a fixed income portfolio manager for US and global portfolios.

Steven Rosenthal

Start Date

Tenure

Tenure Rank

Jul 01, 2015

6.92

6.9%

Steven Rosenthal, CFA, is an executive director and portfolio manager with NCRAM. He is the portfolio manager of NCRAM's European high yield strategy having managed it since its 2012 inception. He also supervises NCRAM's activities in the leveraged loan market. From 2010 to 2016 he was the co-portfolio manager of the long/short strategy. He had been the assistant portfolio manager of the long/short strategy during 2009. In 2005 he spearheaded the firm's establishment of a dedicated distressed capability and was the primary analyst following the distressed universe through 2009. Prior to that, he had been an analyst in the high yield group at NCRAM for various industries including gaming, lodging, leisure, metals and mining, homebuilding and building products and wireline telecommunications since 2000. He is a CFA charterholder, a member of the CFA Institute, and a member of the New York Society of Security Analysts.

David Crall

Start Date

Tenure

Tenure Rank

Jul 01, 2015

6.92

6.9%

David Crall, CFA, is the President, Chief Executive Officer (CEO), Chief Investment Officer (CIO), and a Managing Director with NCRAM. He is also a member of NCRAM’s Board of Directors. Mr. Crall became President and CEO of NCRAM in June 2019, and in this capacity he is responsible for the firm’s overall management and business strategy. In addition, as CIO since January 2010, he leads the investment activities and investment team of NCRAM. He is the Chair of NCRAM’s Investment, New Product, Risk Monitoring, and ESG Committees. Previously, he was a portfolio manager and co-head of the high yield bond team at NCRAM, encompassing primarily high yield bonds but also public-side management of loans and distressed investments, since 2000. Prior to that, he was a portfolio manager of various high yield accounts at NCRAM since 1997, and an analyst in the high yield group at NCRAM for various industries since 1992. Mr. Crall received his B.A. from Yale University in 1992. He is a CFA® charterholder, a member of the CFA institute, and a member of the New York Society of Security Analysts.

Simon Tan

Start Date

Tenure

Tenure Rank

Jul 01, 2015

6.92

6.9%

Simon Tan, CFA is the head of fixed income and senior portfolio manager with NAM Singapore. He joined NAM Singapore in June 2011 and is currently responsible for the management of Nomura Asset Management's Asia-ex Japan fixed income mandates. Mr. Tan was previously a fixed income portfolio manager with APS Komaba Asset Management with responsibility over institutional mandates covering Asia credit, Asia rates & currencies and global rate & currencies. Prior to that, he was a portfolio manager and investment analyst at UOB Asset Management.

Stephen Kotsen

Start Date

Tenure

Tenure Rank

Jul 01, 2015

6.92

6.9%

Steve Kotsen, CFA, is a Managing Director and Portfolio Manager with NCRAM. He has been the portfolio manager for NCRAM’s High Yield Total Return Strategy since 2000, including numerous separate accounts and commingled vehicles. He joined NCRAM in December 1998 and initially worked as a credit analyst primarily responsible for the Gaming, Lodging, Leisure, Metals and Mining, Chemicals, Homebuilding, Building Products, Printing, Publishing, and Shipping industries. Previously, he was a portfolio manager and credit analyst at Lazard Frères Asset Management. Mr. Kotsen received his M.B.A. in Finance from Columbia Business School in 1995, and his B.A. in International Relations from Princeton University in 1991. Mr. Kotsen is a CFA® charterholder, a member of the CFA Institute, and a member of the New York Society of Security Analysts.

Eric Torres

Start Date

Tenure

Tenure Rank

Aug 31, 2016

5.75

5.8%

Eric Torres, is an executive director and portfolio manager for NCRAM's emerging markets ("EM") strategies. Mr. Torres is responsible for the management of EM hard currency sovereign credit bonds and assumed the lead portfolio manager role for EM corporate sleeves for global high-yield products managed by NCRAM in September 2016. Before joining NCRAM in 2008, Mr. Torres was a research strategist in the Latin America research team at JPMorgan in New York, where he worked since 2000, covering different roles within the emerging markets research team. Prior to joining JPMorgan, Mr. Torres was an economist, covering Mexico at Chase Manhattan Bank Mexico (from 1998 to 2000) and Banco Santander's economic consulting unit (from 1996 to 1998) based in Mexico City.

Chris Andersen

Start Date

Tenure

Tenure Rank

May 31, 2021

1.0

1.0%

Christopher is Head of Portfolio Management, Americas House View Portfolios for UBS Asset Management. In his role, Christopher is responsible for leading the portfolio management activities of portfolios offered to UBS Wealth Management clients that are aligned with UBS Wealth Management House Views. In that capacity, he leads a team of portfolio managers responsible for the House View Portfolios, which implement the House View’s strategic and tactical asset allocations, with passive and active pooled vehicles and individual securities. Christopher is deputy-chair and a voting member of the Managed Account Solutions Investment Committee. The Investment Committee reviews and approves investment strategies, prior to implementation, in the House View portfolios. Prior to moving to UBS Asset Management in November 2020, Christopher was promoted to Head of Portfolio Construction Americas for UBS Global Wealth Management in 2018. Christopher led the portfolio management activities of the team of portfolio managers responsible for the UBS Managed Portfolios (renamed as House View Portfolios). Christopher chaired the Investment Management Investment Committee (IMIC) and was a member of the Investment Management Research Committee (IMRC). Prior to joining UBS in 2012, Christopher spent 15 years with New York Life Investment Management (NYLIM) overseeing the company’s Investment Consulting Group. In this role, he was responsible for the independent oversight of investment activities of the Mainstay Funds, as well as manager selection across asset allocation strategies, sub-advisory mandates and NYLIM's mutual fund M&A activities. Christopher received a B.A. in economics and German from Binghamton University.  Christopher holds the Chartered Financial Analyst® (CFA) designation and is a member of the CFA Society New York. He is FINRA Series 7, 24 and 63 licensed.

David Kelly

Start Date

Tenure

Tenure Rank

May 31, 2021

1.0

1.0%

David Kelly is a portfolio manager for Americas House View Portfolios for UBS AM. Mr. Kelly is responsible for managing portfolios offered to UBS Financial Services clients that are aligned with UBS Financial Services House Views. He is a voting member of the Managed Account Solutions Investment Committee. Prior to joining UBS AM in May 2021, Mr. Kelly was a portfolio manager in the Investment Management group of UBS Financial Services, where he was responsible for strategy selection, portfolio construction and management of the multi-managed strategies. Mr. Kelly was a voting member of the Investment Management Investment Committee and was a member of the Investment Management Research Committee. Prior to joining UBS in 2004, Mr. Kelly worked at Merrill Lynch for 15 years where he served in a variety of municipal and taxable fixed income capacities, including private client sales, municipal new issue marketing and fixed income portfolio construction.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.12 8.17

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