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Name

As of 12/20/2024

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

Six Circles Credit Opportunities Fund

CRDOX | Fund

$8.93

$10 B

11.10%

$0.99

0.79%

Vitals

YTD Return

8.5%

1 yr return

8.9%

3 Yr Avg Return

2.2%

5 Yr Avg Return

N/A

Net Assets

$10 B

Holdings in Top 10

6.3%

52 WEEK LOW AND HIGH

$8.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.79%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/20/2024

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

Six Circles Credit Opportunities Fund

CRDOX | Fund

$8.93

$10 B

11.10%

$0.99

0.79%

CRDOX - Profile

Distributions

  • YTD Total Return 8.5%
  • 3 Yr Annualized Total Return 2.2%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.26%
DIVIDENDS
  • Dividend Yield 11.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Six Circles Credit Opportunities Fund
  • Fund Family Name
    Six Circles Funds
  • Inception Date
    Aug 19, 2020
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Brian Clapp

Fund Description

The Fund is designed to provide total return by investing mainly in global fixed income opportunities, including below investment-grade debt, as well as other tactical credit opportunities.
As part of this investment strategy, the Fund may invest in the following instruments (though the Fund may not necessarily hold all of these instruments at any given time): high yield debt securities of U.S. and non‑U.S. corporate issuers, fixed and floating rate debt securities issued in developed and emerging markets, bank loans, obligations of governments, government agencies or instrumentalities, including U.S. Treasury securities, securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, securities issued or guaranteed by supranational organizations, securities issued or guaranteed by foreign governments (sovereign debt), asset-backed, mortgage-related and mortgage-backed securities (“MBS”) (residential or commercial) (and which may include “to be announced” (“TBA”) transactions), other debt securities and preferred stock. Non‑U.S. instruments, including emerging markets debt, may be U.S. dollar or local currency denominated. The instruments in which the Fund invests may pay fixed, variable, or floating interest rates and may consist of zero‑coupon securities, convertible securities, including convertible bonds and preferred stock, inflation-indexed bonds, repurchase agreements, privately issued (Rule 144A and
Regulation S) securities, structured notes, collateralized mortgage obligations (“CMOs”), collateralized debt obligations (“CDOs”), collateralized loan obligations (“CLOs”), loan participations, loan assignments and other securities and instruments bearing fixed or variable interest rates. The Fund may also invest in obligations issued, guaranteed or originated by U.S. or foreign banks, including bank loans originated by banks to companies of different types. The Fund may invest in commercial paper, including asset-backed commercial paper. The Fund’s investment in non‑U.S. dollar denominated bonds may be on a currency hedged or unhedged basis. The Fund also may invest up to 10% of its net assets in domestic and foreign common stock (provided that such limit will not prevent the Fund from receiving stock or other equity securities as a result of the bankruptcy, restructuring or reorganization of a company whose debt instruments are held by the Fund). The Fund can also invest, to the extent consistent with its investment objective, in non‑U.S. and emerging market securities and currencies. The Fund also may invest in other investment companies, such as open‑end, closed‑end and exchange-traded funds, and other pooled investment vehicles, which may include private funds. The Fund will seek to purchase certain newly-issued Regulation S securities in its Asia High Yield sleeve through investments in Six Circles Credit Opportunities Fund (Cayman) Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Regulation S securities are securities of U.S. and non‑U.S. issuers that are issued through private offerings without registration with the U.S. Securities and Exchange Commission (the “SEC”) pursuant to Regulation S under the Securities Act of 1933, as amended (the “1933 Act”). The Subsidiary is advised by JPMPI and sub‑advised by Pacific Investment Management Company LLC (“PIMCO”).
The Fund has broad flexibility to invest in a wide variety of debt securities and instruments of any maturity and will not be managed to a target duration or average weighted maturity. The Fund currently expects to invest a substantial portion of its net assets in below investment-grade credit instruments, including “high-yield” instruments (also known as “junk bonds”) and “distressed” debt instruments. These instruments generally (i) will carry a credit rating at the time of investment of BB or lower by Standard & Poor’s Corporation (“S&P”) and Fitch Ratings (“Fitch”) or Ba or lower by Moody’s Investors Service, Inc. (“Moody’s”) or of the equivalent quality by another nationally recognized statistical rating organization (“NRSRO”) or, if such instruments are unrated, (ii) will be deemed by a Sub‑Adviser (as defined below) to be of comparable quality at the time of investment. The Fund may invest in fixed income instruments with a credit rating as low as, or lower than, CCC/CCC/Caa, according to S&P, Fitch and Moody’s, respectively. The Fund may invest up to 10% of its net assets in instruments that are in default or issued by a company in bankruptcy. An
instrument’s quality, and its default or bankruptcy status, is determined at the time of purchase, and instruments or their issuers may be downgraded, decline in credit quality or go into default or bankruptcy after purchase.
The Fund has flexibility to invest in derivatives and may use such instruments to manage duration, credit quality, and currency risk and/or as substitutes for securities and other instruments in which the Fund can invest. A derivative is an instrument that has a value based on another instrument, exchange rate or index. The Fund may use futures, swaps, forward contracts, foreign exchange instruments (spot and forward), options (including options on swaps), and structured notes, as well as repurchase agreements and reverse repurchase agreements, in connection with its principal strategies in certain market conditions in order to hedge various investments, for risk management purposes, as a substitute for securities and other instruments in which the Fund can invest or to increase income or gain to the Fund. The Fund may also use currency-related transactions involving currency derivatives as part of its investment strategy, including options on currencies, currency futures, options on such futures, forward foreign currency transactions (including non‑deliverable forwards), forward rate agreements and currency swaps, caps and floors.
Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings) in fixed income, debt or credit instruments and other related instruments with similar economic characteristics. For purposes of the 80% investment policy, the Fund will treat an investment in derivatives as an investment in the securities underlying such derivatives and will value such derivatives at market value. The Fund will provide shareholders with at least 60 days’ prior notice of any changes to its 80% investment policy.
Due to the nature of the investments in which the Fund is seeking to invest, at times a significant portion of the issuers of the investments in the Fund’s portfolio may be in the financials sector.
The Fund will likely engage in active and frequent trading. The frequency with which the Fund buys and sells securities will vary from year to year, depending on market conditions.
J.P. Morgan Private Investments Inc., the Fund’s investment adviser (“JPMPI” or the “Adviser”) constructs the Fund’s portfolio by allocating the Fund’s assets among fixed income sectors and strategies managed by one or more sub‑advisers retained by the Adviser (each, a “Sub‑Adviser”). Additionally, the Sub‑Advisers may in turn allocate to one or more additional sub‑advisers (each, a “Sub‑Sub‑Adviser”) a portion of the assets allocated to them by the Adviser. Certain references herein to the Sub‑Adviser may also include a Sub‑Sub‑Adviser, as the context requires.
The Adviser allocates assets among Sub‑Advisers managing high yield debt, short duration credit and emerging markets debt (including dollar and local currency debt) strategies, but expects over time, depending on market conditions, to expand the Fund’s investments to other opportunistic credit strategies, including preferred stock, convertibles, bank loans and securitized fixed income.
In allocating the assets of the Fund, the Adviser will generally make strategic and tactical allocation decisions by directing shifts in allocations among the various investment strategies managed by the Sub‑Advisers. The Adviser will periodically review and determine the allocations among the investment strategies and may make changes to these allocations when it believes it is beneficial to the Fund. The Adviser may, in its discretion, add to, delete from or modify the categories of investment strategies employed by the Fund, or add other investment strategies managed by the Sub‑Advisers. In making allocations among such investment strategies and/or in changing the categories of investment strategies employed by the Fund, the Adviser expects to take into account the investment goals of the broader investment programs administered by the Adviser or its affiliates, for whose use the Fund is exclusively designed. As such, the Fund may perform differently from a similar fund that is managed without regard to such broader investment programs.
Each Sub‑Adviser may use both its own proprietary and external research and securities selection process to manage its allocated portion of the Fund’s assets. The Adviser is responsible for determining the amount of Fund assets allocated to each Sub‑Adviser. The Adviser is not required to allocate a minimum amount of Fund assets to any specific Sub-Adviser and may allocate, or re-allocate, zero Fund assets to a specific Sub-Adviser at any time. The Sub‑Advisers are responsible for determining the amount of Fund assets allocated to each Sub‑Sub‑Adviser. The Adviser engages the following Sub‑Advisers: BlackRock Investment Management, LLC (“BlackRock”), PGIM, Inc. (“PGIM”), Lord, Abbett & Co. LLC (“Lord Abbett”), RBC Global Asset Management (UK) Limited (“RBC GAM (UK)”), Muzinich & Co., Inc. (“Muzinich”) and PIMCO. BlackRock currently allocates assets to BlackRock International Limited (“BIL”) with respect to BlackRock’s High Yield Strategy, while PGIM currently allocates assets to PGIM Limited (“PGIML”) and RBC GAM (UK) currently allocates assets to RBC Global Asset Management (US) Inc. (“RBC GAM (US)”). The Adviser may adjust allocations to the Sub‑Advisers at any time or make recommendations to the Board of Trustees of the Six Circles Trust (the “Board”) with respect to the hiring, termination or replacement of a Sub‑Adviser. As such, the identity of the Fund’s Sub‑Advisers, the investment strategies they pursue and the portion of the Fund allocated to them may change over time. For example, due to market conditions, the Adviser may choose not to allocate Fund assets to a Sub-Adviser or may
reduce the portion of the Fund allocated to a Sub‑Adviser to zero. Each Sub‑Adviser is responsible for deciding which securities to purchase and sell for its respective portion of the Fund and for placing orders for the Fund’s transactions. However, the Adviser reserves the right to instruct Sub‑Advisers as needed on certain Fund transactions and manage a portion of the Fund’s portfolio directly, including, without limitation, for portfolio hedging, to temporarily adjust the Fund’s overall market exposure or to temporarily manage assets as a result of a Sub‑Adviser’s resignation or removal. Below is a summary of each current Sub‑Adviser’s investment approach.
BlackRock — High Yield
With respect to the portion of the Fund allocated to BlackRock’s High Yield Strategy, BlackRock (together with BIL) will invest primarily in high yield non‑investment grade bonds with maturities of ten years or less. To add additional diversification, BlackRock (together with BIL) can invest in a wide range of securities including corporate bonds, mezzanine investments, collateralized bond obligations, bank loans and mortgage-backed and asset-backed securities. A substantial portion of the Fund allocated to BlackRock (together with BIL) may be invested in non‑U.S. dollar denominated bonds of issuers located outside of the United States. Securities are purchased for the Fund when BlackRock (together with BIL) determines that they have the potential for above-average total return.
BlackRock — Passive Treasury
With respect to the portion of the Fund allocated to BlackRock’s Passive Treasury Strategy, BlackRock will invest primarily in U.S. Treasuries and government agency bonds. Securities are purchased for the Fund when BlackRock determines that they have the potential to mitigate tracking error versus the Fund’s benchmark.
PGIM — High Yield
With respect to its allocated portion of the Fund, PGIM (together with PGIML) primarily seeks investments that pay interest and other income and secondarily investments that will increase in value. In managing its portion of the Fund’s assets, PGIM (together with PGIML) uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. PGIM (together with PGIML) may also consider investment factors such as expected total return, yield, spread and potential for price appreciation as well as credit quality, maturity and risk. The Fund may invest in a security based upon the expected total return rather than the yield of such security. A substantial portion of the Fund allocated to PGIM (together with PGIML) may be invested in non‑U.S. dollar denominated bonds of issuers located outside of the United States.
Lord Abbett — Short Duration Credit
With respect to its allocated portion of the Fund, the Lord Abbett portfolio management team utilizes a multi-sector, credit focused approach, emphasizing the short maturity segments of investment grade corporate bonds, commercial mortgage-backed securities, asset-backed securities, and high yield corporate bonds. The team combines top‑down and bottom‑up analysis to construct its strategic yield-based portfolio, using a blend of quantitative and fundamental research. As part of its top-down analysis, the Lord Abbett team evaluates global economic conditions, including monetary, fiscal, and regulatory policy, as well as the political and geopolitical environment, in order to identify and assess opportunities and risks. The Lord Abbett team employs bottom‑up analysis to identify and select securities for investment based on in‑depth company, industry, and market research and analysis. Lord Abbett may actively rotate sector exposure based on its assessment of relative value. Lord Abbett may engage in active and frequent trading of portfolio securities in its allocated portion of the Fund.
RBC GAM (UK) — European High Yield Debt
With respect to its allocated portion of the Fund, RBC GAM (UK) (together with RBC GAM (US)) invests predominantly in European below investment-grade corporate debt with a focus on capital preservation. Credit selection is driven by rigorous proprietary bottom-up fundamental analysis with an emphasis on downside stress testing. Single name credit analysis is supplemented by economic, policy and political inputs, which combine to help determine the sectoral and geographic composition of the portfolio, as well as the correlation of the strategy to the overall market. RBC GAM (UK) (together with RBC GAM (US)) invests across secured and unsecured assets.
Muzinich — Global Short Duration Crossover
With respect to its allocated portion of the Fund, Muzinich manages a global short duration crossover strategy blending investment-grade with high yield corporate bonds, seeking to enhance yield while mitigating risk. For this strategy, Muzinich invests predominantly in corporate bonds with a rating ranging from A to B- by S&P or Fitch and/or A1 to B3 by Moody’s, while typically maintaining an average portfolio duration of less than two years. The strategy aims to generate strong risk-adjusted returns and achieve capital preservation through prudent asset allocation between short duration investment-grade bonds, which have historically been more correlated to sovereign debt, and high yield bonds, which tend to be more correlated to equity markets.
PIMCO — Emerging Markets Debt
With respect to the portion of the Fund allocated to PIMCO’s Emerging Markets Debt Strategy, PIMCO invests predominantly in fixed income instruments (including bonds, debt securities and other similar instruments) issued by various U.S. and non‑U.S. public- or private-sector entities that are economically tied to emerging market countries, which instruments may be represented by forwards or derivatives such as options, futures or swap agreements. Such instruments may be denominated in U.S. dollars and in non‑U.S. currencies. PIMCO has broad discretion to identify countries that it considers to qualify as emerging markets. PIMCO emphasizes countries with relatively low gross national product per capita and with the potential for rapid economic growth. For this strategy, PIMCO will select the country and currency composition based on its evaluation of relative interest rates, inflation rates, exchange rates, monetary and fiscal policies, trade and current account balances, legal and political developments and any other specific factors PIMCO believes to be relevant. PIMCO may invest in instruments whose return is based on the return of an emerging market security or a currency of an emerging market country, such as a derivative instrument, rather than investing directly in emerging market securities or countries.
PIMCO — Asia High Yield
With respect to the portion of the Fund allocated to PIMCO’s Asia High Yield Strategy, PIMCO invests in a combination of fixed income instruments of issuers that are economically tied to Asia ex-Japan countries and related derivatives on such securities. PIMCO seeks to purchase certain newly-issued Regulation S securities through investments in the Subsidiary. PIMCO will utilize a credit (i.e., fixed income) strategy that seeks to deploy PIMCO’s total return investment approach. This total return investment approach includes both top-down and bottom-up decision making inputs to help PIMCO to identify multiple sources of value. Top-down strategies focus on both short-term and longer-term global macroeconomic considerations and forces likely to influence the global economy and financial markets (such as interest rates and the rate of inflation) and provide context for regional and sector selection. Bottom-up strategies drive the security selection process by analyzing individual securities and are key to PIMCO’s ability to select what PIMCO considers to be undervalued securities in the fixed income market.
Read More

CRDOX - Performance

Return Ranking - Trailing

Period CRDOX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.5% -8.5% 17.4% 25.66%
1 Yr 8.9% -9.2% 18.3% 24.51%
3 Yr 2.2%* -14.6% 21.0% 64.92%
5 Yr N/A* -12.0% 36.7% N/A
10 Yr N/A* -4.8% 20.2% N/A

* Annualized

Return Ranking - Calendar

Period CRDOX Return Category Return Low Category Return High Rank in Category (%)
2023 0.8% -4.7% 14.3% 97.37%
2022 -15.5% -33.4% 3.6% 48.92%
2021 -0.1% -8.4% 8.2% 54.73%
2020 N/A -13.2% 302.7% N/A
2019 N/A -4.4% 13.3% N/A

Total Return Ranking - Trailing

Period CRDOX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.5% -8.5% 17.4% 25.66%
1 Yr 8.9% -9.2% 18.3% 24.51%
3 Yr 2.2%* -14.6% 21.0% 64.92%
5 Yr N/A* -12.0% 36.7% N/A
10 Yr N/A* -4.8% 20.2% N/A

* Annualized

Total Return Ranking - Calendar

Period CRDOX Return Category Return Low Category Return High Rank in Category (%)
2023 9.6% -4.7% 18.7% 89.49%
2022 -10.6% -33.4% 47.8% 48.76%
2021 2.9% -8.4% 12.4% 89.50%
2020 N/A -9.6% 325.6% N/A
2019 N/A -3.8% 19.4% N/A

NAV & Total Return History

CRDOX - Holdings

Concentration Analysis

CRDOX Category Low Category High CRDOX % Rank
Net Assets 10 B 3.13 M 25.3 B 7.86%
Number of Holdings 3001 2 3879 0.33%
Net Assets in Top 10 634 M -492 M 5.25 B 12.83%
Weighting of Top 10 6.32% 4.2% 146.0% 95.89%

Top 10 Holdings

  1. FUTURE CONTRACT ON EURO-SCHATZ FUT DEC24 /EUR/ 0.00000000 1.55%
  2. FUTURE CONTRACT ON US 2YR NOTE (CBT) DEC24 0.00000000 1.20%
  3. UNITED STATES TREASURY NOTE 4.25000000 0.57%
  4. SPDR BLACKSTONE SENIOR LOAN ETF CL USD INC 0.00000000 0.56%
  5. FUTURE CONTRACT ON US 10YR NOTE (CBT)DEC24 0.00000000 0.49%
  6. VENTURE GLOBAL LNG INC REGD V/R /PERP/ 144A P/P 9.00000000 0.46%
  7. HUB INTERNATIONAL LTD REGD 144A P/P 7.37500000 0.41%
  8. MAUSER PACKAGING SOLUT REGD 144A P/P 7.87500000 0.37%
  9. HUB INTERNATIONAL LTD REGD 144A P/P 7.25000000 0.35%
  10. FUTURE CONTRACT ON US 5YR NOTE (CBT) DEC24 0.00000000 0.35%

Asset Allocation

Weighting Return Low Return High CRDOX % Rank
Bonds 		95.87% 0.00% 145.36% 43.70%
Other 		2.65% -39.08% 99.86% 5.43%
Convertible Bonds 		2.40% 0.00% 17.89% 14.80%
Stocks 		0.73% 0.00% 97.54% 37.97%
Cash 		0.68% -52.00% 48.02% 91.12%
Preferred Stocks 		0.07% 0.00% 4.97% 39.64%

Stock Sector Breakdown

Weighting Return Low Return High CRDOX % Rank
Utilities 		0.00% 0.00% 100.00% N/A
Technology 		0.00% 0.00% 33.17% N/A
Real Estate 		0.00% 0.00% 86.71% N/A
Industrials 		0.00% 0.00% 93.12% N/A
Healthcare 		0.00% 0.00% 22.17% N/A
Financial Services 		0.00% 0.00% 100.00% N/A
Energy 		0.00% 0.00% 100.00% N/A
Communication Services 		0.00% 0.00% 99.99% N/A
Consumer Defense 		0.00% 0.00% 100.00% N/A
Consumer Cyclical 		0.00% 0.00% 100.00% N/A
Basic Materials 		0.00% 0.00% 100.00% N/A

Stock Geographic Breakdown

Weighting Return Low Return High CRDOX % Rank
US 		0.73% 0.00% 97.54% 37.34%
Non US 		0.00% -0.01% 2.00% 56.91%

Bond Sector Breakdown

Weighting Return Low Return High CRDOX % Rank
Corporate 		74.19% 0.00% 100.00% 94.07%
Government 		15.33% 0.00% 99.07% 1.48%
Securitized 		7.89% 0.00% 97.24% 5.60%
Derivative 		2.65% -14.58% 42.26% 3.62%
Cash & Equivalents 		0.17% 0.00% 48.02% 88.65%
Municipal 		0.00% 0.00% 1.17% 49.26%

Bond Geographic Breakdown

Weighting Return Low Return High CRDOX % Rank
US 		75.24% 0.00% 126.57% 87.66%
Non US 		20.63% 0.00% 96.91% 5.92%

CRDOX - Expenses

Operational Fees

CRDOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.79% 0.02% 38.33% 66.67%
Management Fee 0.75% 0.00% 1.75% 90.82%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.01% 0.00% 0.50% 1.08%

Sales Fees

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

Trading Fees

CRDOX 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.

CRDOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 1.00% 255.00% N/A

CRDOX - Distributions

Dividend Yield Analysis

CRDOX Category Low Category High CRDOX % Rank
Dividend Yield 11.10% 0.00% 11.76% 7.84%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

CRDOX Category Low Category High CRDOX % Rank
Net Income Ratio 3.26% -2.39% 9.30% 89.95%

Capital Gain Distribution Analysis

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

Distributions History

View More +

CRDOX - Fund Manager Analysis

Managers

Brian Clapp

Start Date

Tenure

Tenure Rank

Aug 19, 2020

1.78

1.8%

Brian Clapp, CFA, is Principal and high yield portfolio manager for PGIM Fixed Income's High Yield Team. Previously, Mr. Clapp was a senior high yield credit analyst on PGIM Fixed Income’s Credit Research team. He joined Prudential Financial in 2006 from Muzinich & Co. While there, Mr. Clapp held several positions, including portfolio manager for a high yield bond based hedge fund, hedge fund credit analyst, and credit analyst covering the chemical, industrial, and transportation sectors. Earlier at Triton Partners, an institutional high yield fund manager, Mr. Clapp was a credit analyst covering the metals and mining, healthcare, homebuilding, building products and transportation sectors. He received a BS in Finance from Bryant College, and an MS in Computational Finance, and an MBA from Carnegie Mellon. Mr. Clapp holds the Chartered Financial Analyst (CFA) designation.

Robert Spano

Start Date

Tenure

Tenure Rank

Aug 19, 2020

1.78

1.8%

Robert Spano, CFA, CPA, is Principal and high yield portfolio manager for Prudential Fixed Income's High Yield Team. Prior to assuming his current position in 2007, Mr. Spano was a high yield credit analyst for 10 years in Prudential Fixed Income's Credit Research Group, covering the health, lodging, consumer, gaming, restaurants, and chemical industries. Earlier, he worked as an investment analyst in the Project Finance Unit of Prudential Financial’s private placement group. Mr. Spano also held positions in the internal audit and risk management units of Prudential Securities. He received a BS in Accounting from the University of Delaware and an MBA from New York University. Mr. Spano holds the Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) designations.

David Delbos

Start Date

Tenure

Tenure Rank

Aug 19, 2020

1.78

1.8%

Managing Director of BlackRock, Inc. since 2012; Director of BlackRock, Inc. from 2007 to 2011; Vice President of BlackRock, Inc. from 2005 to 2006.

Mitchell Garfin

Start Date

Tenure

Tenure Rank

Aug 19, 2020

1.78

1.8%

Managing Director of BlackRock, Inc. since 2009 and Co-Head of U.S. Leveraged Finance; Director of BlackRock, Inc. from 2005 to 2008.

Ryan Kelly

Start Date

Tenure

Tenure Rank

Aug 19, 2020

1.78

1.8%

Ryan Kelly, CFA, is Principal and high yield portfolio manager for Prudential Fixed Income's High Yield Team. Prior to assuming his current position in 2012, Mr. Kelly was a high yield credit analyst for nearly 10 years in Prudential Fixed Income's Credit Research Group, covering the automotive, energy, and finance sectors. Previously, Mr. Kelly was a senior high yield bond analyst at Muzinich & Company. Earlier, he was a senior associate at PNC Capital Markets/PNC Bank where he worked in the high yield bond, mergers and acquisition (M&A) and loan syndication groups. Mr. Kelly began his career as an investment banker at Chase Manhattan Bank, working on project finance transactions and M&A advisory mandates for the electric power sector. He earned a BA in Economics from Michigan State University and holds the Chartered Financial Analyst (CFA) designation.

Steven Rocco

Start Date

Tenure

Tenure Rank

Nov 23, 2020

1.52

1.5%

Mr. Rocco is Partner and Director of Taxable Fixed Income of Lord Abbett. Mr. Rocco is a lead portfolio manager for the high yield fixed income strategy and also contributes as portfolio manager to the multi-sector fixed-income strategy. Mr. Rocco joined Lord Abbett in 2004 and was named Partner in 2011. Mr. Rocco joined Lord Abbett as an associate portfolio manager and then transitioned to lead portfolio manager for our short duration and corporate bond strategies. He was previously a Consultant at FactSet. Mr. Rocco received a BA from Cornell University. He is a holder of a Chartered Financial Analyst designation and has been in the investment business since 2001.

Steven Wagner

Start Date

Tenure

Tenure Rank

Dec 04, 2020

1.49

1.5%

Mr. Wagner joined Federated in 1997 as an analyst in the high yield area and has been Senior Investment Analyst and Vice President of Federated Investment Management Company since 2003. Mr. Wagner received his B.S. from Boston College and his M.B.A. in Finance from the University of Pittsburgh.

Tatjana Greil-Castro

Start Date

Tenure

Tenure Rank

Mar 12, 2021

1.22

1.2%

Tatjana Greil-Castro joined Muzinich in 2007. Tatjana is a Portfolio Manager with 18 years of corporate credit experience. Prior to joining Muzinich, Tatjana worked for Metlife Investments, where she served as an Associate Director of the High Return Unit. Earlier, Tatjana worked as Senior Portfolio Manager in European high yield for Fortis Investments and as a portfolio manager and credit analyst at Legal & General Investment Management. She started her career as a high yield telecom analyst with Merrill Lynch in 1999. She has a Ph.D. from the London School of Economics & Political Science, a Masters from the Kiel Institute of World Economics in Germany, and an M.Sc./B.S. in Economics from the University of Vienna.

Javier Romo

Start Date

Tenure

Tenure Rank

May 01, 2021

1.08

1.1%

Mr. Romo is a senior vice president and emerging markets portfolio manager in the Newport Beach office. Prior to joining PIMCO in 2011, he was a vice president in the emerging markets trading group at Citigroup, focusing on trading hard currency bonds and credit default swaps in Latin America. Mr. Romo was previously an analyst at Sandell Asset Management in New York. He also served as vice president at Morgan Stanley, where he was a trader and a strategist for local currency, local rate and credit derivatives in emerging markets. He began his career as a civil engineer in Mexico. He has 12 years of investment and financial services experience and holds master's degrees in financial engineering from Columbia University and civil engineering from Stanford University. He received a bachelor's degree in civil engineering from Universidad Iberoamericana in Mexico City.

Scott Radell

Start Date

Tenure

Tenure Rank

Nov 30, 2021

0.5

0.5%

Scott Radell has been employed as managing director and portfolio manager with BlackRock Investment Management LLC and BlackRock Financial Advisers (formerly, Barclays Global Fund Advisors) and its predecessors since 2009. Mr. Radell served as a portfolio manager at Barclays Global Fund Advisors and its affiliates since 2004. Radell was a credit strategist from 2003 to 2004 before becoming a CoreAlpha Bond Portfolio Manager and prior to that he was employed by Morgan Stanley Asset Management as a credit analyst from 1996 to 2003.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.31 8.17

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