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Name

As of 04/25/2024

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

MassMutual Total Return Bond Fund

MSPZX | Fund

$8.05

$828 M

4.19%

$0.34

0.38%

Vitals

YTD Return

-5.4%

1 yr return

-3.7%

3 Yr Avg Return

-4.7%

5 Yr Avg Return

-0.4%

Net Assets

$828 M

Holdings in Top 10

40.9%

52 WEEK LOW AND HIGH

$8.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.38%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 435.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/25/2024

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

MassMutual Total Return Bond Fund

MSPZX | Fund

$8.05

$828 M

4.19%

$0.34

0.38%

MSPZX - Profile

Distributions

  • YTD Total Return -5.4%
  • 3 Yr Annualized Total Return -4.7%
  • 5 Yr Annualized Total Return -0.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.55%
DIVIDENDS
  • Dividend Yield 4.2%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    MassMutual Total Return Bond Fund
  • Fund Family Name
    MASSMUTUAL FUNDS
  • Inception Date
    Jul 06, 2010
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Laird Landmann

Fund Description

Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified portfolio of investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB- or higher by Standard & Poor’s, BBB- or higher by Fitch, or A-2 by S&P, P-2 by Moody’s, or F-2 by Fitch for short-term debt obligations, or, if unrated, determined by the Fund’s subadviser, Metropolitan West Asset Management, LLC (“MetWest”), to be of comparable quality). These typically include bonds, notes, collateralized bond obligations, collateralized debt obligations, mortgage-related and asset-backed securities, municipal securities, private
placements, and securities subject to legal restrictions on resale pursuant to Rule 144A. These investments may have interest rates that are fixed, variable, or floating. The Fund invests in securities of varying maturities issued by domestic and foreign corporations and governments (and their agencies and instrumentalities). MetWest focuses the Fund’s portfolio holdings in areas of the bond market (based on quality, sector, coupon, or maturity) that the subadviser believes to be relatively undervalued.
The Fund may invest up to 20% of its net assets in below investment grade debt securities (“junk” or “high yield” bonds), including securities in default and bank loans. In the event that a security is downgraded after its purchase by the Fund, the Fund may continue to hold the security if MetWest considers doing so would be consistent with the Fund’s investment objective.
The Fund may invest up to 25% of its total assets in foreign securities that are denominated in U.S. dollars. The Fund may also invest up to 15% of its total assets in foreign securities that are not denominated in U.S. dollars and up to 10% of its total assets in emerging market foreign securities.
The Fund may but will not necessarily engage in foreign currency forward transactions to take long or short positions in foreign currencies in order to seek to enhance the Fund’s investment return or to seek to hedge or to attempt to protect against adverse changes in currency exchange rates. In pursuing its investment objective, the Fund may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivatives, including options, futures contracts, and swap contracts for hedging or investment purposes as a substitute for investing directly in securities or to adjust various portfolio characteristics, including the duration (interest rate volatility) of the Fund’s portfolio. Use of derivatives by the Fund may create investment leverage.
The Fund may purchase and sell securities on a when-issued, delayed delivery, or forward commitment basis. The Fund may normally short sell up to 25% of the value of its total assets for hedging or investment purposes.
The Fund may also invest in money market securities, including commercial paper. The Fund may enter into repurchase agreement transactions. The Fund may at times have significant exposure to one or more industries or sectors. The Fund may hold a portion of its assets in cash or cash equivalents. The Fund may enter into dollar roll or reverse repurchase agreement transactions.
MetWest intends for the Fund’s portfolio duration to be between two to eight years. The dollar-weighted average maturity of the Fund’s portfolio is expected to range from two to fifteen years. Duration measures the price sensitivity of a bond to changes in interest rates. Duration is the dollar weighted average time to maturity of a bond utilizing the present value of all future cash flows.
MetWest employs a value-oriented fixed income management philosophy with a goal of consistently outperforming the portfolio benchmark while maintaining volatility similar to the benchmark. The investment process is predicated on a long-term economic outlook, which is determined by the investment team on a quarterly basis and is reviewed constantly. Investments are characterized by diversification among the sectors of the fixed income marketplace. The investment management team seeks to achieve the desired outperformance through the measured and disciplined application of five fixed income management strategies which include duration management, yield curve positioning, sector allocation, security selection, and opportunistic execution.
The first three strategies are top-down in orientation and start with a decision of where within the plus-or-minus one year range around the benchmark the duration should be established. Then comes a determination of how the overall average duration is to be effected – with a concentration of intermediate maturity issues or a combination of long- and short-term issues. The relative value decision regarding where to overweight/underweight sectors, including governments, agencies, corporates, mortgages, or asset-backed securities, is dependent on the current market environment. Bottom-up security selection involves the day-to-day fundamental analysis of available bond market opportunities, while execution is characterized by the aggressive and informed negotiation of the prices at which transactions take place.
The Fund expects that it will engage in active and frequent trading and so will typically have a relatively high portfolio turnover rate.
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MSPZX - Performance

Return Ranking - Trailing

Period MSPZX Return Category Return Low Category Return High Rank in Category (%)
YTD -5.4% -12.8% 2.8% 98.91%
1 Yr -3.7% -11.6% 10.7% 95.61%
3 Yr -4.7%* -11.0% 24.6% 87.17%
5 Yr -0.4%* -7.2% 190.5% 71.44%
10 Yr 1.1%* -2.7% 73.3% 57.55%

* Annualized

Return Ranking - Calendar

Period MSPZX Return Category Return Low Category Return High Rank in Category (%)
2023 1.7% -16.2% 8.1% 68.63%
2022 -16.5% -34.7% 131.9% 66.12%
2021 -2.9% -11.6% 4.4% 32.80%
2020 3.0% -10.1% 946.1% 66.52%
2019 5.9% -1.7% 16.9% 38.23%

Total Return Ranking - Trailing

Period MSPZX Return Category Return Low Category Return High Rank in Category (%)
YTD -5.4% -12.8% 2.8% 98.91%
1 Yr -3.7% -11.6% 10.7% 95.61%
3 Yr -4.7%* -11.0% 24.6% 87.17%
5 Yr -0.4%* -7.2% 190.5% 71.44%
10 Yr 1.1%* -2.7% 73.3% 57.55%

* Annualized

Total Return Ranking - Calendar

Period MSPZX Return Category Return Low Category Return High Rank in Category (%)
2023 5.8% -11.3% 11.0% 59.34%
2022 -14.2% -32.2% 131.9% 71.63%
2021 -1.1% -9.4% 9.2% 52.93%
2020 9.2% -1.9% 1009.0% 29.41%
2019 9.2% 1.1% 21668.0% 40.64%

NAV & Total Return History

MSPZX - Holdings

Concentration Analysis

MSPZX Category Low Category High MSPZX % Rank
Net Assets 828 M 2.9 M 314 B 57.87%
Number of Holdings 621 1 17889 53.06%
Net Assets in Top 10 342 M -106 M 36.5 B 50.39%
Weighting of Top 10 40.89% 4.4% 134.1% 16.77%

Top 10 Holdings

  1. 10/28 4.875 5.47%
  2. 12/26 4.375 4.61%
  3. SINGLE FAMILY MORTGAGE 4.25%
  4. FIXED INC CLEARING CORP.REPO 4.20%
  5. 11/33 4.5 4.00%
  6. 11/53 4.75 3.94%
  7. 11/28 4.375 3.94%
  8. SINGLE FAMILY MORTGAGE 3.87%
  9. 08/43 4.375 3.62%
  10. 12/28 3.75 2.99%

Asset Allocation

Weighting Return Low Return High MSPZX % Rank
Bonds 		106.18% 0.00% 215.98% 11.61%
Other 		18.72% -13.23% 50.66% 7.10%
Cash 		1.65% -54.51% 79.52% 66.86%
Convertible Bonds 		1.56% 0.00% 7.93% 45.58%
Stocks 		0.06% 0.00% 99.93% 23.92%
Preferred Stocks 		0.00% 0.00% 74.68% 72.39%

Stock Sector Breakdown

Weighting Return Low Return High MSPZX % Rank
Utilities 		0.00% 0.00% 100.00% N/A
Technology 		0.00% 0.00% 43.45% N/A
Real Estate 		0.00% 0.00% 99.26% N/A
Industrials 		0.00% 0.00% 48.31% N/A
Healthcare 		0.00% 0.00% 17.70% 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% 100.00% N/A
Consumer Defense 		0.00% 0.00% 99.67% 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 MSPZX % Rank
US 		0.06% 0.00% 99.93% 23.47%
Non US 		0.00% 0.00% 86.52% 78.21%

Bond Sector Breakdown

Weighting Return Low Return High MSPZX % Rank
Government 		41.45% 0.00% 86.23% 15.29%
Securitized 		33.08% 0.00% 98.40% 39.82%
Corporate 		22.47% 0.00% 100.00% 80.44%
Cash & Equivalents 		1.65% 0.00% 76.23% 62.23%
Municipal 		0.31% 0.00% 100.00% 55.41%
Derivative 		-0.06% -3.37% 50.66% 90.04%

Bond Geographic Breakdown

Weighting Return Low Return High MSPZX % Rank
US 		105.17% 0.00% 215.98% 14.30%
Non US 		1.02% 0.00% 39.04% 26.23%

MSPZX - Expenses

Operational Fees

MSPZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.38% 0.01% 39.10% 86.18%
Management Fee 0.30% 0.00% 1.76% 34.46%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.50% 4.34%

Sales Fees

MSPZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

MSPZX 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.

MSPZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 435.00% 2.00% 493.39% 91.77%

MSPZX - Distributions

Dividend Yield Analysis

MSPZX Category Low Category High MSPZX % Rank
Dividend Yield 4.19% 0.00% 10.22% 33.56%

Dividend Distribution Analysis

MSPZX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Monthly Monthly Monthly

Net Income Ratio Analysis

MSPZX Category Low Category High MSPZX % Rank
Net Income Ratio 1.55% -1.28% 4.79% 59.65%

Capital Gain Distribution Analysis

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

Distributions History

View More +

MSPZX - Fund Manager Analysis

Managers

Laird Landmann

Start Date

Tenure

Tenure Rank

Oct 27, 2014

7.6

7.6%

Laird R. Landmann Group Managing Director Co-Director Fixed Income U.S. Fixed Income Mr. Landmann is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). Mr. Landmann currently serves on the boards of the Trust Company of the West and the Metropolitan West Mutual Funds. He is a leader of the MetWest investment team that was recognized as Morningstar's Fixed Income Manager of the Year for 2005 and has been nominated for the award eight times. Prior to founding MetWest in 1996, Mr. Landmann was a principal and the co-director of fixed income at Hotchkis and Wiley. He also served as a portfolio manager and vice president at PIMCO. Mr. Landmann holds an AB in Economics from Dartmouth College and an MBA from the University of Chicago Booth School of Business.

Stephen Kane

Start Date

Tenure

Tenure Rank

Oct 27, 2014

7.6

7.6%

Stephen M. Kane, CFA Group Managing Director U.S. Fixed Income Mr. Kane is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). At MetWest, Mr. Kane was responsible for leading MetWest's AlphaTrak, Ultra Short and Liability Driven Investment (LDI) products, and he co-manages many of the firm's mutual funds. Under his co-leadership, the MetWest investment team was recognized as Morningstar's Fixed Income Manager of the Year for 2005. Prior to establishing MetWest, he was a fixed income portfolio manager at Hotchkis and Wiley. He also served as a Vice President at PIMCO. Mr. Kane earned a BS in Business from the University of California, Berkeley and an MBA from the University of Chicago Booth School of Business.

Bryan Whalen

Start Date

Tenure

Tenure Rank

Oct 27, 2014

7.6

7.6%

Bryan T. Whalen, CFA Group Managing Director U.S. Fixed Income Mr. Whalen is a Generalist Portfolio Manager in the U.S. Fixed Income Group. Mr. Whalen joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest) as co-head of the Securitized Products division. Prior to joining TCW, Mr. Whalen was a partner and co-head of MetWest's Securitized Products division. Prior to joining MetWest in 2004, he was a director in the fixed income department at Credit Suisse First Boston in New York. Previously, he was a vice president at Donaldson, Lufkin & Jenrette. Mr. Whalen earned a BA in Economics from Yale University. He is a CFA charterholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 33.43 6.81 1.16

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