Empower High Yield Bond Fund
Name
As of 11/25/2024Price
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
Vitals
YTD Return
9.2%
1 yr return
14.6%
3 Yr Avg Return
3.0%
5 Yr Avg Return
4.8%
Net Assets
$641 M
Holdings in Top 10
10.6%
52 WEEK LOW AND HIGH
$10.4
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.66%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 58.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/25/2024Price
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
MXFRX - Profile
Distributions
- YTD Total Return 9.2%
- 3 Yr Annualized Total Return 3.0%
- 5 Yr Annualized Total Return 4.8%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.94%
- Dividend Yield 0.1%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameEmpower High Yield Bond Fund
-
Fund Family NameGreat-West Funds
-
Inception DateMay 01, 2015
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerNorman Boucher
Fund Description
Below is a summary of the principal investment strategies of the Fund.The Fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in below investment grade securities (commonly known as “high yield securities” or “junk bonds”). Below investment grade securities are those rated Ba1 or lower by Moody’s Investors Service, Inc. (“Moody's”), BB+ or lower by Standard & Poor’s Global Ratings (“S&P”), have a comparable rating from another nationally recognized statistical rating organization, or are of a comparable quality if unrated and no more than 35% of the Fund’s total assets may be invested in securities that have below a B3/B- rating. The Fund will invest primarily in fixed or floating rate income securities, such as corporate bonds, convertible securities, bank loans (term and revolving), zero coupon bonds and Rule 144A fixed income securities that are subject to resale restrictions. The Fund invests primarily in securities that have intermediate to long-term maturities (three years or longer).Up to 20% of the total assets of the Fund may be invested in non-corporate fixed income securities. The Fund may invest in foreign securities and up to 20% of its total assets may be invested in securities not denominated in U.S. dollars. The Fund may invest in derivatives, including but not limited to forward currency contracts; futures and options on securities, securities indices or currencies; options on these futures; credit default swaps and credit default swap indices; and interest rate or currency swaps.Empower Capital Management, LLC (“ECM”) is the Fund’s investment adviser and, subject to the approval of the Board of Directors of Empower Funds (the “Board”), selects the Fund’s sub-adviser and monitors its performance on an ongoing basis. The Fund’s investment portfolio is managed by Putnam Investment Management, LLC (the “Sub-Adviser” or “Putnam”). Putnam’s investment approach combines a top-down, macroeconomic overview with strong fundamental credit research, which provides sector-specific coverage across the full credit rating spectrum (AAA to distressed) and capital structure (loans to equity). Putnam integrates environmental, social, and governance (“ESG”) considerations into its fundamental research process and investment decision-making when the portfolio managers consider them material and relevant. ESG considerations are only one component in the evaluation of eligible investments and may not be a determinative factor in the final investment decision.
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MXFRX - Performance
Return Ranking - Trailing
| Period | MXFRX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 9.2% | -8.1% | 17.3% | 18.40% |
| 1 Yr | 14.6% | -2.4% | 18.9% | 10.26% |
| 3 Yr | 3.0%* | -14.5% | 21.6% | 60.50% |
| 5 Yr | 4.8%* | -11.2% | 37.2% | 20.81% |
| 10 Yr | N/A* | -5.1% | 20.1% | 15.58% |
* Annualized
Return Ranking - Calendar
| Period | MXFRX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 6.2% | -4.7% | 14.3% | 18.30% |
| 2022 | -14.1% | -33.4% | 3.6% | 28.22% |
| 2021 | 1.8% | -8.4% | 8.2% | 12.67% |
| 2020 | 7.5% | -13.2% | 302.7% | 2.82% |
| 2019 | 9.4% | -4.4% | 13.3% | 15.25% |
Total Return Ranking - Trailing
| Period | MXFRX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 9.2% | -8.1% | 17.3% | 18.40% |
| 1 Yr | 14.6% | -2.4% | 18.9% | 10.26% |
| 3 Yr | 3.0%* | -14.5% | 21.6% | 60.50% |
| 5 Yr | 4.8%* | -11.2% | 37.2% | 20.81% |
| 10 Yr | N/A* | -5.1% | 20.1% | 15.10% |
* Annualized
Total Return Ranking - Calendar
| Period | MXFRX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 11.5% | -4.7% | 18.7% | 65.85% |
| 2022 | -11.7% | -33.4% | 47.8% | 72.28% |
| 2021 | 4.0% | -8.4% | 12.4% | 73.29% |
| 2020 | 11.3% | -9.6% | 325.6% | 2.65% |
| 2019 | 14.7% | -3.8% | 19.4% | 30.31% |
NAV & Total Return History
MXFRX - Holdings
Concentration Analysis
| MXFRX | Category Low | Category High | MXFRX % Rank | |
|---|---|---|---|---|
| Net Assets | 641 M | 3.13 M | 23.6 B | 45.44% |
| Number of Holdings | 493 | 2 | 3879 | 33.22% |
| Net Assets in Top 10 | 45.7 M | -492 M | 5.25 B | 67.43% |
| Weighting of Top 10 | 10.63% | 4.2% | 146.0% | 72.50% |
Top 10 Holdings
- DREYFUS INSTL PREFER GOVT-IS #6546 4.65%
- F 4 11/13/30 0.85%
- ENDENR 5.75 01/30/28 144A 0.71%
- TIBX 6.5 03/31/29 144A 0.71%
- CHTR 5.375 06/01/29 144A 0.70%
- THC 6.125 06/15/30 0.65%
- CSCHLD 5.375 02/01/28 144A 0.61%
- CCO 7.875 04/01/30 144A 0.60%
- WYNFIN 7.125 02/15/31 144A 0.58%
- Apollo Global Management Inc 6.75% SERIES A MANDATORY CONVERTIBLE PREFERRED STOCK 0.57%
Asset Allocation
| Weighting | Return Low | Return High | MXFRX % Rank | |
|---|---|---|---|---|
| Bonds | 91.01% | 0.00% | 145.36% | 82.08% |
| Convertible Bonds | 15.84% | 0.00% | 17.89% | 0.65% |
| Cash | 5.38% | -52.00% | 48.02% | 28.31% |
| Preferred Stocks | 1.54% | 0.00% | 4.97% | 6.06% |
| Other | 1.32% | -39.08% | 99.96% | 12.11% |
| Stocks | 0.75% | 0.00% | 99.64% | 36.81% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | MXFRX % Rank | |
|---|---|---|---|---|
| Utilities | 53.60% | 0.00% | 100.00% | 3.54% |
| Technology | 11.62% | 0.00% | 33.17% | 8.26% |
| Industrials | 9.76% | 0.00% | 93.12% | 8.85% |
| Energy | 9.09% | 0.00% | 100.00% | 58.11% |
| Healthcare | 5.51% | 0.00% | 22.17% | 5.31% |
| Consumer Cyclical | 5.32% | 0.00% | 100.00% | 24.48% |
| Communication Services | 5.10% | 0.00% | 99.99% | 40.71% |
| Real Estate | 0.00% | 0.00% | 86.71% | 19.47% |
| Financial Services | 0.00% | 0.00% | 100.00% | 26.84% |
| Consumer Defense | 0.00% | 0.00% | 100.00% | 18.29% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 28.32% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | MXFRX % Rank | |
|---|---|---|---|---|
| US | 0.68% | 0.00% | 99.64% | 37.97% |
| Non US | 0.08% | -0.01% | 0.83% | 8.67% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | MXFRX % Rank | |
|---|---|---|---|---|
| Corporate | 100.00% | 0.00% | 100.00% | 0.16% |
| Cash & Equivalents | 4.65% | 0.00% | 48.02% | 28.64% |
| Derivative | 1.32% | -14.19% | 42.26% | 4.91% |
| Securitized | 0.00% | 0.00% | 97.24% | 46.23% |
| Municipal | 0.00% | 0.00% | 1.17% | 7.05% |
| Government | 0.00% | 0.00% | 99.07% | 32.79% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | MXFRX % Rank | |
|---|---|---|---|---|
| US | 89.90% | 0.00% | 126.57% | 73.49% |
| Non US | 1.11% | 0.00% | 96.91% | 31.26% |
MXFRX - Expenses
Operational Fees
| MXFRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.66% | 0.02% | 38.33% | 80.07% |
| Management Fee | 0.60% | 0.00% | 1.75% | 61.50% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 0.33% |
| Administrative Fee | N/A | 0.00% | 0.50% | 0.86% |
Sales Fees
| MXFRX 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
| MXFRX 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.
| MXFRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 58.00% | 1.00% | 255.00% | 38.28% |
MXFRX - Distributions
Dividend Yield Analysis
| MXFRX | Category Low | Category High | MXFRX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.05% | 0.00% | 11.76% | 85.69% |
Dividend Distribution Analysis
| MXFRX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Quarterly | Monthly | Monthly |
Net Income Ratio Analysis
| MXFRX | Category Low | Category High | MXFRX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.94% | -2.39% | 9.30% | 94.17% |
Capital Gain Distribution Analysis
| MXFRX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Sep 06, 2024 | $0.006 | OrdinaryDividend |
| Dec 27, 2023 | $0.210 | OrdinaryDividend |
| Sep 06, 2023 | $0.021 | OrdinaryDividend |
| Jun 27, 2023 | $0.230 | OrdinaryDividend |
| Dec 28, 2022 | $0.138 | OrdinaryDividend |
| Sep 06, 2022 | $0.019 | OrdinaryDividend |
| Jun 23, 2022 | $0.100 | OrdinaryDividend |
| Dec 29, 2021 | $0.050 | OrdinaryDividend |
| Sep 03, 2021 | $0.025 | OrdinaryDividend |
| Jun 23, 2021 | $0.147 | OrdinaryDividend |
| Dec 29, 2020 | $0.161 | OrdinaryDividend |
| Jun 24, 2020 | $0.175 | OrdinaryDividend |
| Dec 27, 2019 | $0.198 | OrdinaryDividend |
| Sep 06, 2019 | $0.020 | OrdinaryDividend |
| Jun 24, 2019 | $0.238 | OrdinaryDividend |
| Dec 27, 2018 | $0.335 | OrdinaryDividend |
| Sep 07, 2018 | $0.022 | OrdinaryDividend |
| Jun 22, 2018 | $0.255 | OrdinaryDividend |
| Dec 27, 2017 | $0.283 | OrdinaryDividend |
MXFRX - Fund Manager Analysis
Managers
Norman Boucher
Start Date
Tenure
Tenure Rank
Aug 03, 2009
12.83
12.8%
Norman is responsible for managing the cyclical part of Putnam’s high-yield portfolios. He joined Putnam as an Analyst covering the automotive, aerospace, and technology sectors. He served as a Portfolio Manager on the U.S. High Yield group before moving to Putnam’s London office to manage European high-yield portfolios. He rejoined the U.S. High Yield team in 2005. Norman joined Putnam in 1998 and has been in the investment industry since 1985.
Robert Salvin
Start Date
Tenure
Tenure Rank
Aug 03, 2009
12.83
12.8%
Mr. Salvin is a Portfolio Manager of Putnam's global credit strategies. He is responsible for managing convertible securities, U.S. high-yield, global high-yield, and floating rate loan strategies. Mr. Salvin joined Putnam in 2000 and has been in the investment industry since 1986. Prior to joining Putnam, Mr. Salvin was a Managing Director at BancBoston Robertson Stephens from 1997 to 1999, a Director at SBC Warburg Inc. from 1996 to 1997, an Associate at Chase Securities from 1993 to 1996, and an Analyst at Broadview Associates from 1986 to 1991.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.13 | 37.79 | 7.32 | 8.17 |