Mesirow High Yield Fund
Name
As of 04/22/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
2.8%
1 yr return
12.1%
3 Yr Avg Return
2.7%
5 Yr Avg Return
4.9%
Net Assets
$89.2 M
Holdings in Top 10
18.2%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.66%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 71.00%
Redemption Fee 1.00%
Min Investment
Standard (Taxable)
$5,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/22/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
MFHVX - Profile
Distributions
- YTD Total Return 2.8%
- 3 Yr Annualized Total Return 2.7%
- 5 Yr Annualized Total Return 4.9%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 6.86%
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameMesirow High Yield Fund
-
Fund Family NameMesirow Financial
-
Inception DateDec 03, 2018
-
Shares Outstanding732859
-
Share ClassInvestor
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerRobert Sydow
Fund Description
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in
high yield instruments (also known as “junk bonds”) and other financial instruments with economic characteristics similar to such instruments, such as derivatives and exchange-traded funds (“ETFs”). This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders.
High yield instruments in which the Fund may invest include domestic and foreign bonds (including corporate bonds), convertible securities, forward commitments, loan participations and assignments, preferred stocks and privately issued securities (e.g., Rule 144A securities) that are rated below investment grade by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by S&P Global Ratings (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, determined by MFIM to be of comparable quality.
The Fund may invest the remainder of its assets in investment grade instruments including securities issued or guaranteed by the U.S. Government and its agencies or instrumentalities, municipal bonds, corporate bonds, residential and commercial mortgage-backed securities, asset-backed securities, loan participations and assignments, U.S. dollar-denominated foreign debt securities and ETFs that invest in such instruments. The Fund may also invest up to 5% of its net assets in foreign currency-denominated securities. The Fund may also invest up to 10% of its net assets in securities and instruments that are economically tied to emerging market countries, which MFIM defines as those countries that are: (i) characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) included in an emerging markets index by a recognized index provider; or (iii) countries with similar developing or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase. The Fund may also invest in equity securities, which are ownership interests in a public or private company or partnership and consist of common stocks, warrants and rights to acquire common stock, and investments in master limited partnerships (“MLPs”). The Fund may invest in securities of companies with any market capitalization.
The Fund also may invest up to 5% of its net assets in derivative instruments, such as options, futures contracts or swap agreements, for bona fide hedging purposes, to gain exposure to certain markets or segments of markets, and for speculative purposes. From time to time, the Fund may experience significant inflows; if this occurs,
the Fund may, on a temporary or interim basis, invest these new assets (potentially in an amount which may approach up to 50% of the Fund’s total net assets if new flows were extremely large relative to the Fund’s current assets) in a combination of derivative instruments and other investment companies, including ETFs, until such time as MFIM can identify and invest in appropriate high yield instruments in accordance with the Fund’s principal strategy. The Fund may purchase or sell securities or other assets on a when-issued, delayed delivery or forward commitment basis. The Fund may borrow money for, among other reasons, cash management purposes, to obtain leverage and to meet redemptions.
The average portfolio duration of the Fund normally varies within two years (plus or minus) of the portfolio duration of the securities comprising the Bloomberg U.S. Corporate High-Yield Index, which as of September 30, 2023 was 3.47 years. Duration 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 selecting investments for the Fund, MFIM will consider the risks and opportunities presented by the industries within the high yield universe. MFIM evaluates the bond issuers within the selected industries and identifies those investments which MFIM believes have favorable risk reward characteristics and match MFIM’s investing philosophy. MFIM evaluates various criteria such as historical and future expected financial performance, management tenure and experience, capital structure, free cash flow generation, barriers to entry, security protections, yield and relative value, and ownership structure. MFIM targets investments that have individual yield premiums which appear to be favorable and are viewed by MFIM as having a comparable or lower probability of default and/or loss risk.
The Fund may invest in cash or money market instruments for the purpose of meeting redemption requests or making other anticipated cash payments.
MFHVX - Performance
Return Ranking - Trailing
Period | MFHVX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.8% | -7.2% | 5.7% | 2.20% |
1 Yr | 12.1% | -8.9% | 16.0% | 2.05% |
3 Yr | 2.7%* | -16.2% | 19.9% | 13.46% |
5 Yr | 4.9%* | -12.0% | 36.4% | 5.57% |
10 Yr | N/A* | -4.9% | 19.3% | N/A |
* Annualized
Return Ranking - Calendar
Period | MFHVX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 3.4% | -4.7% | 14.3% | 87.19% |
2022 | -19.0% | -33.4% | 3.6% | 91.01% |
2021 | 1.7% | -8.4% | 14.9% | 13.79% |
2020 | -1.2% | -13.9% | 302.7% | 70.90% |
2019 | 3.6% | -4.4% | 13.3% | 91.49% |
Total Return Ranking - Trailing
Period | MFHVX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.8% | -7.2% | 5.7% | 2.20% |
1 Yr | 12.1% | -8.9% | 16.0% | 2.05% |
3 Yr | 2.7%* | -16.2% | 19.9% | 13.46% |
5 Yr | 4.9%* | -12.0% | 36.4% | 5.57% |
10 Yr | N/A* | -4.9% | 19.3% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | MFHVX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 14.1% | -4.7% | 18.2% | 9.69% |
2022 | -12.1% | -33.4% | 47.8% | 77.60% |
2021 | 10.5% | -8.4% | 24.8% | 3.12% |
2020 | 6.9% | -9.6% | 325.6% | 23.52% |
2019 | 12.8% | 0.9% | 21.5% | 64.93% |
NAV & Total Return History
MFHVX - Holdings
Concentration Analysis
MFHVX | Category Low | Category High | MFHVX % Rank | |
---|---|---|---|---|
Net Assets | 89.2 M | 1.45 M | 23.6 B | 83.80% |
Number of Holdings | 103 | 2 | 2736 | 92.56% |
Net Assets in Top 10 | 16.3 M | -492 M | 4.45 B | 82.48% |
Weighting of Top 10 | 18.24% | 4.2% | 146.9% | 26.98% |
Top 10 Holdings
- ISHARES IBOXX HIGH YLD CORP MUTUAL FUND 3.47%
- BROWN BROTHERS HARRIMAN SWEEP INTEREST 2.63%
- VISTAJET MALTA FINANCE PLC / VISTA MANAGEMENT HOLD 6.375000% 02/01/2030 1.62%
- URBAN ONE INC 144A 7.375000% 02/01/2028 1.58%
- PARK-OHIO INDUSTRIES INC 6.625000% 04/15/2027 1.56%
- CIMPRESS PLC 7.000000% 06/15/2026 1.50%
- MIDCAP FINANCIAL ISSUER TRUST 144A 6.500000% 05/01/2028 1.50%
- RAIN CARBON INC 144A 12.250000% 09/01/2029 1.47%
- MERCER INTERNATIONAL INC 144A 12.875000% 10/01/2028 1.46%
- TMS INTERNATIONAL CORP/DE 144A 6.250000% 04/15/2029 1.46%
Asset Allocation
Weighting | Return Low | Return High | MFHVX % Rank | |
---|---|---|---|---|
Bonds | 92.81% | -3.13% | 154.38% | 70.06% |
Stocks | 3.78% | 0.00% | 99.54% | 19.75% |
Cash | 3.31% | -52.00% | 48.07% | 54.26% |
Convertible Bonds | 1.39% | 0.00% | 17.89% | 35.81% |
Preferred Stocks | 0.10% | 0.00% | 7.88% | 34.88% |
Other | 0.00% | -63.70% | 102.57% | 44.34% |
Stock Sector Breakdown
Weighting | Return Low | Return High | MFHVX % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 100.00% | 38.75% |
Technology | 0.00% | 0.00% | 33.17% | 32.68% |
Real Estate | 0.00% | 0.00% | 86.71% | 36.59% |
Industrials | 0.00% | 0.00% | 93.12% | 43.84% |
Healthcare | 0.00% | 0.00% | 22.17% | 37.77% |
Financial Services | 0.00% | 0.00% | 100.00% | 42.07% |
Energy | 0.00% | 0.00% | 100.00% | 80.63% |
Communication Services | 0.00% | 0.00% | 99.99% | 52.45% |
Consumer Defense | 0.00% | 0.00% | 100.00% | 32.49% |
Consumer Cyclical | 0.00% | 0.00% | 100.00% | 0.20% |
Basic Materials | 0.00% | 0.00% | 100.00% | 50.68% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | MFHVX % Rank | |
---|---|---|---|---|
US | 3.78% | 0.00% | 99.54% | 19.84% |
Non US | 0.00% | -0.01% | 0.83% | 41.55% |
Bond Sector Breakdown
Weighting | Return Low | Return High | MFHVX % Rank | |
---|---|---|---|---|
Corporate | 97.48% | 0.00% | 129.69% | 22.05% |
Cash & Equivalents | 2.63% | 0.00% | 48.07% | 51.47% |
Derivative | 0.00% | -15.04% | 42.26% | 34.26% |
Securitized | 0.00% | 0.00% | 97.24% | 73.29% |
Municipal | 0.00% | 0.00% | 4.66% | 51.86% |
Government | 0.00% | 0.00% | 99.07% | 64.44% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | MFHVX % Rank | |
---|---|---|---|---|
US | 92.81% | -3.13% | 129.21% | 52.87% |
Non US | 0.00% | 0.00% | 98.19% | 57.67% |
MFHVX - Expenses
Operational Fees
MFHVX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.66% | 0.04% | 31.61% | 17.83% |
Management Fee | 0.55% | 0.00% | 1.84% | 45.13% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 30.82% |
Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
MFHVX 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
MFHVX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 1.00% | 1.00% | 2.00% | 50.00% |
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.
MFHVX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 71.00% | 1.00% | 255.00% | 67.35% |
MFHVX - Distributions
Dividend Yield Analysis
MFHVX | Category Low | Category High | MFHVX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 11.76% | 1.08% |
Dividend Distribution Analysis
MFHVX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
MFHVX | Category Low | Category High | MFHVX % Rank | |
---|---|---|---|---|
Net Income Ratio | 6.86% | -2.39% | 14.30% | 2.84% |
Capital Gain Distribution Analysis
MFHVX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 28, 2024 | $0.064 | OrdinaryDividend |
Feb 29, 2024 | $0.064 | OrdinaryDividend |
Jan 31, 2024 | $0.068 | OrdinaryDividend |
Dec 29, 2023 | $0.085 | OrdinaryDividend |
Nov 30, 2023 | $0.073 | OrdinaryDividend |
Oct 31, 2023 | $0.076 | OrdinaryDividend |
Sep 29, 2023 | $0.063 | OrdinaryDividend |
Aug 31, 2023 | $0.075 | OrdinaryDividend |
Jul 31, 2023 | $0.063 | OrdinaryDividend |
Jun 30, 2023 | $0.067 | OrdinaryDividend |
May 31, 2023 | $0.071 | OrdinaryDividend |
Apr 28, 2023 | $0.059 | OrdinaryDividend |
Mar 31, 2023 | $0.070 | OrdinaryDividend |
Feb 28, 2023 | $0.058 | OrdinaryDividend |
Jan 31, 2023 | $0.057 | OrdinaryDividend |
Dec 30, 2022 | $0.069 | OrdinaryDividend |
Nov 30, 2022 | $0.071 | OrdinaryDividend |
Oct 31, 2022 | $0.063 | OrdinaryDividend |
Sep 30, 2022 | $0.063 | OrdinaryDividend |
Aug 31, 2022 | $0.061 | OrdinaryDividend |
Jul 29, 2022 | $0.056 | OrdinaryDividend |
Jun 30, 2022 | $0.064 | OrdinaryDividend |
May 31, 2022 | $0.064 | OrdinaryDividend |
Apr 29, 2022 | $0.055 | OrdinaryDividend |
Mar 31, 2022 | $0.064 | OrdinaryDividend |
Feb 28, 2022 | $0.049 | OrdinaryDividend |
Jan 31, 2022 | $0.053 | OrdinaryDividend |
Dec 31, 2021 | $0.056 | OrdinaryDividend |
Nov 30, 2021 | $0.056 | OrdinaryDividend |
Oct 29, 2021 | $0.054 | OrdinaryDividend |
Sep 30, 2021 | $0.054 | OrdinaryDividend |
Aug 31, 2021 | $0.056 | OrdinaryDividend |
Jul 30, 2021 | $0.055 | OrdinaryDividend |
Jun 30, 2021 | $0.058 | OrdinaryDividend |
May 28, 2021 | $0.049 | OrdinaryDividend |
Apr 30, 2021 | $0.054 | OrdinaryDividend |
Mar 31, 2021 | $0.060 | OrdinaryDividend |
Feb 26, 2021 | $0.057 | OrdinaryDividend |
Jan 29, 2021 | $0.046 | OrdinaryDividend |
Dec 31, 2020 | $0.072 | OrdinaryDividend |
Nov 30, 2020 | $0.062 | OrdinaryDividend |
Oct 30, 2020 | $0.058 | OrdinaryDividend |
Sep 30, 2020 | $0.058 | OrdinaryDividend |
Aug 31, 2020 | $0.044 | OrdinaryDividend |
Jul 31, 2020 | $0.059 | OrdinaryDividend |
Jun 30, 2020 | $0.061 | OrdinaryDividend |
May 29, 2020 | $0.058 | OrdinaryDividend |
Apr 30, 2020 | $0.056 | OrdinaryDividend |
Mar 31, 2020 | $0.061 | OrdinaryDividend |
Feb 28, 2020 | $0.051 | OrdinaryDividend |
Jan 31, 2020 | $0.054 | OrdinaryDividend |
Dec 31, 2019 | $0.059 | OrdinaryDividend |
Dec 23, 2019 | $0.183 | OrdinaryDividend |
Nov 29, 2019 | $0.056 | OrdinaryDividend |
Oct 31, 2019 | $0.065 | OrdinaryDividend |
Sep 30, 2019 | $0.057 | OrdinaryDividend |
Aug 30, 2019 | $0.058 | OrdinaryDividend |
Jul 31, 2019 | $0.064 | OrdinaryDividend |
Jun 28, 2019 | $0.053 | OrdinaryDividend |
May 31, 2019 | $0.059 | OrdinaryDividend |
Apr 30, 2019 | $0.061 | OrdinaryDividend |
Mar 29, 2019 | $0.056 | OrdinaryDividend |
Feb 28, 2019 | $0.054 | OrdinaryDividend |
Jan 31, 2019 | $0.040 | OrdinaryDividend |
Dec 31, 2018 | $0.044 | OrdinaryDividend |
MFHVX - Fund Manager Analysis
Managers
Robert Sydow
Start Date
Tenure
Tenure Rank
Dec 03, 2018
3.49
3.5%
Robert Sydow is Senior Managing Director, Chief Investment Officer, and Portfolio Manager at Mesirow Financial Investment Management, Inc. Mr. Sydow joined Mesirow Financial in 2017. Prior to joining Mesirow Financial, Mr. Sydow was a senior vice president at Pacific Income Advisers from 2010 to 2017. Previously, he founded Grandview Capital and served in multiple positions at SunAmerica Investments’ High Yield Bond Department. Mr. Sydow also held multiple positions at First Interstate Bancorp and Atlantic Richfield Company. He earned joint undergraduate degrees in Economics and History, graduating summa cum laude, and an M.B.A. and J.D. from UCLA. Mr. Sydow has 30 years of industry experience.
Kevin Buckle
Start Date
Tenure
Tenure Rank
Dec 03, 2018
3.49
3.5%
Mr. Buckle High Yield Portfolio Manager. He joined Grandview Capital in June 2002 as a Portfolio Manager and was previously Managing Director at Willow Brook Capital, a private equity boutique. From 1994 to 2001, he was a Vice President, Director, and Senior Vice President and Portfolio Manager of SunAmerica Investments, where he co-managed high yield bond, leveraged loan, and structured product portfolios. Mr. Buckle earned a B.S. in finance and accounting in 1986 and an M.B.A. with honors in 1990 from the University of Southern California. Mr. Buckle is a Chartered Financial Analyst.
James Lisko
Start Date
Tenure
Tenure Rank
Dec 03, 2018
3.49
3.5%
James Lisko, Managing Director and Portfolio Manager, serves as a portfolio manager for Mesirow Financial Investment Management, Inc. Mr. Lisko joined Mesirow Financial in 2017. Prior to joining Mesirow Financial in 2017, Mr. Lisko was a senior vice president at Pacific Income Advisers from 2010 to 2017. Previously, he was a portfolio manager at Grandview Capital, portfolio manager at JPBT Advisors, senior analyst at Western Asset Management and SunAmerica Investments, and a director of research at Papillon Partners. Mr. Lisko earned an undergraduate degree in Finance from Ohio State University and an M.B.A. from the University of Miami. Mr. Lisko has 25 years of industry experience.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.13 | 37.79 | 7.12 | 8.17 |