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Trending ETFs

Name

As of 03/25/2024

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

$9.22

$345 M

0.58%

$0.05

1.01%

Vitals

YTD Return

1.4%

1 yr return

13.2%

3 Yr Avg Return

3.8%

5 Yr Avg Return

5.2%

Net Assets

$345 M

Holdings in Top 10

11.1%

52 WEEK LOW AND HIGH

$9.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.01%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 135.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/25/2024

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

$9.22

$345 M

0.58%

$0.05

1.01%

TMAYX - Profile

Distributions

  • YTD Total Return 1.4%
  • 3 Yr Annualized Total Return 3.8%
  • 5 Yr Annualized Total Return 5.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.66%
DIVIDENDS
  • Dividend Yield 0.6%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Touchstone Ares Credit Opportunities Fund
  • Fund Family Name
    Touchstone
  • Inception Date
    Aug 31, 2015
  • Shares Outstanding
    N/A
  • Share Class
    Y
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Seth Brufsky

Fund Description

The Fund invests, under normal circumstances, at least 80% of its assets (including the amount of borrowings for investment purposes) in U.S. and non-U.S. debt instruments.The Fund seeks to achieve its investment goal by investing in a wide array of debt securities or other debt instruments. The Fund may invest in debt instruments of any credit quality or rating and may invest without limit in loans, bonds and other debt instruments that are rated below investment grade by one or more Nationally Recognized Statistical Ratings Organizations (“NRSRO”) (i.e., rated Ba or lower by Moody’s Investors Service, Inc. (“Moody’s”) or BB or lower by S&P Global Ratings (“S&P”)) or, if unrated, deemed by the Fund’s sub-adviser, Ares Capital Management II, LLC (“Ares”), to be of comparable quality. These investments may include distressed or defaulted debt instruments. Securities rated below investment grade are sometimes referred to as “high yield” or “junk” bonds. The Fund’s investment policies are based on credit ratings at the time of purchase.In managing the Fund’s portfolio, Ares seeks to take advantage of opportunities presented from time to time in credit markets by systematically allocating and reallocating the Fund’s assets among core investments and opportunistic investments as credit market conditions change.The Fund’s core investments include the following:Opportunistic Liquid Credit—The Fund seeks to generate current income with attractive relative value by investing in senior secured and unsecured debt of U.S. and non-U.S. companies.Structured Credit—The Fund seeks to generate current income and capital appreciation by investing in debt and equity securities of collateralized loan obligations in the U.S. and globally.Special Situations—The Fund seeks capital appreciation by investing in distressed U.S. and non-U.S. corporate loans and bonds that trade at significant discounts to par value.Hedges—The Fund engages in short selling, futures contracts, total return and interest rate swaps, pairs trades and options transactions in an attempt to achieve downside protection and reduce portfolio volatility. The Fund’s hedging strategies may include, among other things, entering into synthetic credit index short positions, single security short selling, pairs trades, futures contracts, total return and interest rate swaps, and certain options transactions.The Fund may also invest in securities that may be offered and sold to only qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”).In addition, the Fund may make opportunistic investments from time to time in stressed and distressed securities, including debtor-in-possession loans (sometimes referred to as “DIP” loans), exit financings, rescue financings, and post-bankruptcy equity securities, as well as preferred stock, convertible debt, and other securitized vehicles. DIP loans are a special kind of financing meant for companies that are financially distressed and in bankruptcy. Such loans typically have priority over existing debt, equity and other claims.The corporate loans (commonly referred to as “bank loans”) in which the Fund invests are typically senior in payment priority and secured by a lien on the borrower’s assets. These corporate loans may include second lien loans, mezzanine loans and, to a limited extent, DIP loans. The capacity of a company to borrow and the quality of the credit underlying a corporate loan are typically determined based upon one or more of the projected cash flows of the borrower, the enterprise value of the borrower or the asset value of the collateral supporting any liens.The corporate debt securities, including high yield bonds, and other similar debt instruments in which the Fund invests are typically unsecured and may be subordinated in payment priority to other debt of the borrower. The terms governing these debt instruments may include features that can result in principal appreciation under certain circumstances. The capacity of a company to issue debt securities or other similar debt instruments and the quality of the credit underlying a company’s debt securities or other similar debt instruments are typically determined based upon the projected cash flows of the borrower, the enterprise value of the borrower or both.
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TMAYX - Performance

Return Ranking - Trailing

Period TMAYX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.4% -6.8% 5.6% 35.29%
1 Yr 13.2% -9.3% 23.2% 3.10%
3 Yr 3.8%* -16.6% 18.0% 5.86%
5 Yr 5.2%* -13.0% 15.0% 3.01%
10 Yr 3.3%* -13.4% 6.7% 15.41%

* Annualized

Return Ranking - Calendar

Period TMAYX Return Category Return Low Category Return High Rank in Category (%)
2023 4.4% -12.0% 15.7% 16.54%
2022 -13.9% -31.8% 18.4% 59.43%
2021 2.8% -26.6% 25.7% 3.76%
2020 -2.1% -49.2% 18.7% 76.46%
2019 8.2% -35.1% 15.3% 9.92%

Total Return Ranking - Trailing

Period TMAYX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.4% -6.8% 5.6% 35.29%
1 Yr 13.2% -9.3% 23.2% 3.10%
3 Yr 3.8%* -16.6% 18.0% 5.86%
5 Yr 5.2%* -13.0% 15.0% 3.01%
10 Yr 3.3%* -13.4% 6.7% 15.41%

* Annualized

Total Return Ranking - Calendar

Period TMAYX Return Category Return Low Category Return High Rank in Category (%)
2023 13.2% -7.0% 22.2% 2.78%
2022 -8.6% -31.8% 21.1% 47.70%
2021 9.5% -13.5% 49.9% 3.60%
2020 4.7% -28.6% 24.1% 57.70%
2019 10.5% -4.8% 19.1% 32.44%

NAV & Total Return History


TMAYX - Holdings

Concentration Analysis

TMAYX Category Low Category High TMAYX % Rank
Net Assets 345 M 2.32 M 127 B 60.31%
Number of Holdings 341 2 10577 58.73%
Net Assets in Top 10 40.9 M -1.57 B 65.8 B 78.45%
Weighting of Top 10 11.06% 0.7% 170.6% 91.36%

Top 10 Holdings

  1. Dreyfus Government Cash Management Funds SH BEN INT 2.96%
  2. Short-Term Invts T INVSCO GOVT INST 1.09%
  3. BMCAUS 4.375 07/15/30 144A 0.94%
  4. CMP 6.75 12/01/27 144A 0.91%
  5. BALL 2.875 08/15/30 0.91%
  6. EQM 6.5 07/15/48 0.91%
  7. TPC 6.875 05/01/25 144A 0.88%
  8. CF 5.15 03/15/34 0.87%
  9. RRAM 2023-26A SUB 0.80%
  10. SBPLLC 6.375 09/30/26 144A 0.79%

Asset Allocation

Weighting Return Low Return High TMAYX % Rank
Bonds
95.77% -150.81% 203.29% 25.80%
Cash
4.05% -94.66% 258.91% 46.74%
Stocks
1.29% -1.60% 99.88% 37.63%
Convertible Bonds
0.97% 0.00% 33.50% 58.26%
Preferred Stocks
0.00% 0.00% 30.46% 82.09%
Other
-0.04% -72.32% 100.00% 83.46%

Stock Sector Breakdown

Weighting Return Low Return High TMAYX % Rank
Energy
93.27% 0.00% 100.00% 13.76%
Industrials
6.73% 0.00% 100.00% 32.58%
Utilities
0.00% 0.00% 100.00% 81.46%
Technology
0.00% 0.00% 28.30% 78.37%
Real Estate
0.00% 0.00% 100.00% 79.49%
Healthcare
0.00% 0.00% 18.60% 79.21%
Financial Services
0.00% 0.00% 100.00% 84.55%
Communication Services
0.00% 0.00% 100.00% 80.34%
Consumer Defense
0.00% 0.00% 99.97% 79.21%
Consumer Cyclical
0.00% 0.00% 89.95% 81.74%
Basic Materials
0.00% 0.00% 100.00% 79.49%

Stock Geographic Breakdown

Weighting Return Low Return High TMAYX % Rank
US
1.29% -1.47% 99.88% 33.23%
Non US
0.00% -0.13% 17.73% 74.36%

Bond Sector Breakdown

Weighting Return Low Return High TMAYX % Rank
Corporate
88.07% 0.00% 96.66% 1.88%
Securitized
8.43% 0.00% 99.65% 67.76%
Cash & Equivalents
4.05% 0.00% 88.14% 39.57%
Municipal
0.00% 0.00% 54.26% 81.69%
Government
0.00% 0.00% 99.43% 95.46%
Derivative
-0.04% -72.32% 37.37% 61.49%

Bond Geographic Breakdown

Weighting Return Low Return High TMAYX % Rank
US
93.90% -151.11% 203.29% 23.37%
Non US
1.87% 0.00% 67.77% 52.35%

TMAYX - Expenses

Operational Fees

TMAYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.01% 0.01% 20.67% 60.06%
Management Fee 0.60% 0.00% 2.29% 52.71%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.00% 0.70% 60.75%

Sales Fees

TMAYX 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

TMAYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 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.

TMAYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 135.00% 0.00% 632.00% 79.30%

TMAYX - Distributions

Dividend Yield Analysis

TMAYX Category Low Category High TMAYX % Rank
Dividend Yield 0.58% 0.00% 18.15% 6.02%

Dividend Distribution Analysis

TMAYX Category Low Category High Category Mod
Dividend Distribution Frequency None Quarterly Monthly Quarterly

Net Income Ratio Analysis

TMAYX Category Low Category High TMAYX % Rank
Net Income Ratio 4.66% -1.55% 11.51% 11.56%

Capital Gain Distribution Analysis

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

Distributions History

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TMAYX - Fund Manager Analysis

Managers

Seth Brufsky


Start Date

Tenure

Tenure Rank

Aug 31, 2015

6.75

6.8%

Mr. Brufsky is a Partner in the Ares Credit Group, Co-Head and Portfolio Manager of Global Liquid Credit and a member of the Management Committee of Ares Management. Mr. Brufsky also serves as a Director, President, Chief Executive Officer and Portfolio Manager of the Ares Dynamic Credit Allocation Fund, Inc. (NYSE: ARDC). Additionally, he serves as a member of the Ares Credit Group’s U.S. Liquid Credit Investment Committee and the Ares Dynamic Credit Allocation Fund Investment Committee.

Jason Duko


Start Date

Tenure

Tenure Rank

Dec 31, 2018

3.42

3.4%

Mr. Duko is a Partner and Portfolio Manager of U.S. Liquid Credit in the Ares Credit Group, where he is primarily responsible for managing Ares’ U.S. bank loan credit strategies. Mr. Duko also serves as a Vice President of Ares Dynamic Credit Allocation Fund, Inc. Additionally, he serves as a member of the Ares Credit Group’s U.S. Liquid Credit Investment Committee.

Kapil Singh


Start Date

Tenure

Tenure Rank

Dec 31, 2018

3.42

3.4%

Mr. Singh is a Partner and Portfolio Manager of U.S. Liquid Credit in the Ares Credit Group, where he is primarily responsible for managing Ares’ U.S. high yield credit strategies. Additionally, he serves as a member of the Ares Credit Group’s U.S. Liquid Credit Investment Committee and the Liquid Credit Allocation Committee. Prior to joining Ares in 2018, Mr. Singh was a Portfolio Manager in the Global Developed Credit Group at DoubleLine Capital, where he managed high yield bonds across strategies and portfolios in a variety of investment vehicles. Previously, Mr. Singh was a Senior Analyst at the Post Advisory Group, where he managed high yield bonds and leveraged loans within the energy sector. In addition, Mr. Singh was Co-Portfolio Manager and Senior Credit Analyst at Four Corners Capital, a subsidiary of Macquarie Funds Group. He also held positions at Bradford & Marzec, PPM America and Heller Financial. Mr. Singh holds a B.S. from the University of Illinois, Urbana-Champaign College of Business in Finance and an M.B.A. from Northwestern University, Kellogg School of Management in Strategy and Finance. Additionally, Mr. Singh is a CFA® charterholder.

Chris Mathewson


Start Date

Tenure

Tenure Rank

Sep 18, 2019

2.7

2.7%

Mr. Mathewson is a Managing Director and Portfolio Manager of U.S. Liquid Credit in the Ares Credit Group, where he is primarily responsible for managing Ares’ U.S. high yield credit strategies. Additionally, he serves as a member of the Ares Credit Group’s U.S. Liquid Credit Investment Committee. Prior to joining Ares in 2006, Mr. Mathewson was an Analyst in the Communications and Media Investment Banking Group at Lehman Brothers, where he focused on creating financial models, performing valuation analysis and conducting due diligence. Mr. Mathewson holds a B.A. from Dartmouth College in Economics.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.72 3.19