Muzinich Credit Opportunities Fund
Name
As of 03/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
2.8%
1 yr return
6.1%
3 Yr Avg Return
0.1%
5 Yr Avg Return
2.5%
Net Assets
$263 M
Holdings in Top 10
20.6%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.88%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 139.00%
Redemption Fee 1.00%
Min Investment
Standard (Taxable)
$1,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
MZCIX - Profile
Distributions
- YTD Total Return 2.8%
- 3 Yr Annualized Total Return 0.1%
- 5 Yr Annualized Total Return 2.5%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 2.81%
- Dividend Yield 9.9%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameMuzinich Credit Opportunities Fund
-
Fund Family NameMuzinich
-
Inception DateJan 03, 2013
-
Shares Outstanding11000666
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMichael McEachern
Fund Description
MZCIX - Performance
Return Ranking - Trailing
Period | MZCIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.8% | -6.5% | 5.7% | 11.75% |
1 Yr | 6.1% | -9.3% | 24.0% | 69.40% |
3 Yr | 0.1%* | -16.7% | 18.1% | 56.10% |
5 Yr | 2.5%* | -13.0% | 15.2% | 41.09% |
10 Yr | N/A* | -13.4% | 6.7% | N/A |
* Annualized
Return Ranking - Calendar
Period | MZCIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 3.2% | -12.0% | 15.7% | 41.98% |
2022 | -9.5% | -31.8% | 18.4% | 29.11% |
2021 | -6.4% | -26.6% | 25.7% | 94.44% |
2020 | 3.0% | -49.2% | 18.7% | 35.51% |
2019 | 3.8% | -35.1% | 15.3% | 62.67% |
Total Return Ranking - Trailing
Period | MZCIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.8% | -6.5% | 5.7% | 11.75% |
1 Yr | 6.1% | -9.3% | 24.0% | 69.40% |
3 Yr | 0.1%* | -16.7% | 18.1% | 56.10% |
5 Yr | 2.5%* | -13.0% | 15.2% | 41.09% |
10 Yr | N/A* | -13.4% | 6.7% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | MZCIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 8.2% | -7.0% | 22.2% | 45.52% |
2022 | -2.6% | -31.8% | 21.1% | 13.61% |
2021 | 2.5% | -13.5% | 49.9% | 43.79% |
2020 | 11.0% | -28.6% | 24.1% | 6.18% |
2019 | 10.6% | -4.8% | 19.1% | 30.86% |
NAV & Total Return History
MZCIX - Holdings
Concentration Analysis
MZCIX | Category Low | Category High | MZCIX % Rank | |
---|---|---|---|---|
Net Assets | 263 M | 2.32 M | 127 B | 67.13% |
Number of Holdings | 285 | 2 | 10577 | 64.19% |
Net Assets in Top 10 | 53.8 M | -1.57 B | 65.8 B | 74.66% |
Weighting of Top 10 | 20.61% | 0.7% | 170.6% | 72.22% |
Top 10 Holdings
- United States Treasury Note/Bond 6.79%
- United States Treasury Note/Bond 5.54%
- United States Treasury Note/Bond 2.22%
- First American Treasury Obligations Fund 1.34%
- Rockies Express Pipeline LLC 0.90%
- CCO Holdings LLC / CCO Holdings Capital Corp 0.79%
- Keurig Dr Pepper Inc 0.79%
- HCA Inc 0.77%
- Sherwin-Williams Co/The 0.74%
- Cheniere Energy Partners LP 0.74%
Asset Allocation
Weighting | Return Low | Return High | MZCIX % Rank | |
---|---|---|---|---|
Bonds | 100.62% | -150.81% | 203.29% | 19.42% |
Convertible Bonds | 1.63% | 0.00% | 33.50% | 44.70% |
Cash | 1.34% | -94.66% | 258.91% | 74.20% |
Stocks | 0.00% | -1.60% | 99.88% | 75.42% |
Preferred Stocks | 0.00% | 0.00% | 30.46% | 48.10% |
Other | -0.58% | -72.32% | 100.00% | 88.01% |
Bond Sector Breakdown
Weighting | Return Low | Return High | MZCIX % Rank | |
---|---|---|---|---|
Corporate | 39.01% | 0.00% | 96.66% | 45.70% |
Government | 17.85% | 0.00% | 99.43% | 33.65% |
Cash & Equivalents | 1.34% | 0.00% | 88.14% | 67.58% |
Securitized | 0.15% | 0.00% | 99.65% | 90.30% |
Municipal | 0.00% | 0.00% | 54.26% | 41.63% |
Derivative | -0.58% | -72.32% | 37.37% | 85.08% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | MZCIX % Rank | |
---|---|---|---|---|
US | 73.32% | -151.11% | 203.29% | 55.99% |
Non US | 27.30% | 0.00% | 67.77% | 14.87% |
MZCIX - Expenses
Operational Fees
MZCIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.88% | 0.01% | 20.67% | 68.53% |
Management Fee | 0.60% | 0.00% | 2.29% | 48.34% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.00% | 0.70% | N/A |
Sales Fees
MZCIX 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
MZCIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 1.00% | 0.50% | 2.00% | 69.23% |
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.
MZCIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 139.00% | 0.00% | 632.00% | 80.22% |
MZCIX - Distributions
Dividend Yield Analysis
MZCIX | Category Low | Category High | MZCIX % Rank | |
---|---|---|---|---|
Dividend Yield | 9.90% | 0.00% | 18.15% | 71.43% |
Dividend Distribution Analysis
MZCIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annually | Monthly | Quarterly |
Net Income Ratio Analysis
MZCIX | Category Low | Category High | MZCIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.81% | -1.55% | 11.51% | 54.39% |
Capital Gain Distribution Analysis
MZCIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 29, 2023 | $0.243 | OrdinaryDividend |
Sep 29, 2023 | $0.053 | OrdinaryDividend |
Jun 30, 2023 | $0.048 | OrdinaryDividend |
Mar 31, 2023 | $0.051 | OrdinaryDividend |
Sep 30, 2022 | $0.002 | OrdinaryDividend |
Jun 30, 2022 | $0.020 | OrdinaryDividend |
Mar 31, 2022 | $0.033 | OrdinaryDividend |
Sep 30, 2021 | $0.067 | OrdinaryDividend |
Jun 30, 2021 | $0.041 | OrdinaryDividend |
Mar 31, 2021 | $0.062 | OrdinaryDividend |
Sep 30, 2020 | $0.054 | OrdinaryDividend |
Jun 30, 2020 | $0.055 | OrdinaryDividend |
Mar 31, 2020 | $0.065 | OrdinaryDividend |
Sep 30, 2019 | $0.059 | OrdinaryDividend |
Jun 28, 2019 | $0.069 | OrdinaryDividend |
Mar 29, 2019 | $0.086 | OrdinaryDividend |
Sep 28, 2018 | $0.063 | OrdinaryDividend |
Jun 29, 2018 | $0.077 | OrdinaryDividend |
Mar 29, 2018 | $0.079 | OrdinaryDividend |
Jun 30, 2017 | $0.073 | OrdinaryDividend |
Mar 31, 2017 | $0.086 | OrdinaryDividend |
Sep 30, 2016 | $0.087 | OrdinaryDividend |
Jun 30, 2016 | $0.075 | OrdinaryDividend |
Mar 31, 2016 | $0.050 | OrdinaryDividend |
Dec 31, 2015 | $0.059 | OrdinaryDividend |
Sep 30, 2015 | $0.063 | OrdinaryDividend |
Jun 30, 2015 | $0.069 | OrdinaryDividend |
Mar 31, 2015 | $0.065 | OrdinaryDividend |
MZCIX - Fund Manager Analysis
Managers
Michael McEachern
Start Date
Tenure
Tenure Rank
Jan 03, 2013
9.41
9.4%
Mike joined Muzinich in 2012. He is the Head of Public Markets, a Portfolio Manager and a member of the firm’s Investment Committee. Mike is also the lead PM for the Global Tactical Credit and Credit Opportunities Funds. Prior to joining Muzinich, he was President and Head of the High Yield Division at Seix Advisors, Inc. At Seix Advisors, Mike was the Founding Partner of the high yield strategy that grew to over $13 billion, under his leadership. Previously, he served in various research and portfolio management capacities at American General Corp. and at Capital Holding Corporation. Mike earned a B.A. in Management Science from the University of California, San Diego and an M.B.A. from Rice University. He holds the Chartered Financial Analyst Designation.
Warren Hyland
Start Date
Tenure
Tenure Rank
Apr 30, 2014
8.09
8.1%
Warren joined Muzinich in 2013. He is a Portfolio Manager focusing on emerging markets credit and is the lead PM for the Emerging markets Short Duration Fund. Prior to joining Muzinich, Warren was with Schroders, where he was a Global Portfolio Manager and later, the Senior Portfolio Manager for Global Emerging Markets. In the latter role, he managed about $2 billion and helped to develop the firm’s emerging markets corporate capabilities. Previously, Warren was the Head of European Money Markets at UniCredito Italiano. Warren earned a B.Sc. in Mathematics for Business from the Middlesex University London and an M.Sc. in Shipping Trade and Finance from the CASS Business School. He holds the Chartered Financial Analyst designation.
Thomas Samson
Start Date
Tenure
Tenure Rank
Apr 30, 2014
8.09
8.1%
Thomas joined Muzinich in 2004. He is a Portfolio Manager, a member of the firm’s Investment Committee and the lead PM for the Europeyield Fund. Prior to joining Muzinich, Thomas worked as an Investment Analyst at Trafalgar Asset Managers, a distressed-debt hedge fund. Previously, he worked as a financial Analyst at GE Capital. Thomas has a Masters in Finance from London Business School and earned an M.Sc. in Corporate Finance from the Institut d’Études Politiques de Paris, France. He holds the Chartered Financial Analyst designation.
Anthony DeMeo
Start Date
Tenure
Tenure Rank
Apr 29, 2016
6.09
6.1%
Anthony joined Muzinich in 2015. He is a Portfolio Manager focusing on US investment grade bonds and a PM for the Enhancedyield Short-Term and Low Duration Funds. Prior to joining Muzinich, Anthony was an Investment Grade Credit Trader at Société Générale for four years focusing on the consumer, retail and industrial sectors. Previously, he spent 11 years in debt capital markets at Barclays Capital and Deutsche Bank where he advised corporations on financing and solution strategies. Anthony earned a B.A. in Economics from Cornell University.
Joseph Galzerano
Start Date
Tenure
Tenure Rank
Apr 30, 2018
4.09
4.1%
Joseph joined Muzinich in 2010. He is a Portfolio Manager focusing on U.S. high yield. Prior to joining Muzinich, Joseph worked at Babson Capital Management where he was Managing Director and Senior Investment Analyst. Previously, he held Senior Analyst positions in high yield research at CIBC World Markets and Citicorp Securities. Joseph earned a B.A., Epsilon Sigma Pi, cum laude, from Manhattan College, and an M.B.A. in Corporate Finance from Fordham University where he finished his degree with honor designations Phi Kappa Phi and Beta Gamma Sigma. He was formally credit trained at the Citicorp Global Institute of Finance and is a Certified Public Accountant.
Brian Nold
Start Date
Tenure
Tenure Rank
Aug 31, 2021
0.75
0.8%
Brian is a senior portfolio manager and a senior high yield research analyst covering both healthcare and utilities. As senior portfolio manager, Brian has lead responsibility for the High Yield Unconstrained Strategy in addition to his involvement with the Flagship High Yield portfolios. Before joining Seix, he was a high yield analyst at Morgan Stanley in Global High Yield Research. Brian was a member of the Institutional Investor Health Care Research Team, ranked #1 for three consecutive years. Earlier, he was an active member of Morgan Stanley's Capital Markets Team, providing research reports and conducting due diligence reviews. Brian received a B.A. degree in Environmental Science from the University of Virginia. He was awarded the Doctor of Medicine degree from the University of Virginia Medical School and has published research in the Journal of Allergy & Clinical Immunology.
Stuart Fuller
Start Date
Tenure
Tenure Rank
Apr 30, 2022
0.08
0.1%
Stuart joined ECM in 2002 and moved to the Loans team in 2006. He is responsible for portfolio management, analysis of corporate loans and senior secured high yield investments in ECM’s portfolios. With the majority of his experience being gained at ECM he has more than 10 years of credit market investment experience, covering Loans, Mezzanine, High Yield, Investment Grade, ABS & Credit Financings. Prior to ECM Stuart held internships including brokerage Tullett & Tokyo Liberty Ltd. He graduated with a BSc from St Andrews University.Stuart Fuller joined Muzinich in 2016. Stuart is a Portfolio Manager with 16 years of corporate credit experience. Prior to joining Muzinich, Stuart worked for ECM Asset Management Limited from 2002 to 2016, where he was a Portfolio Manager responsible for loan and high yield investments in multi-strategy and asset-class-specific programs and credit analysis of senior and subordinated loan positions across a wide range of industries for all of ECM’s portfolios. Stuart started his career at Tullett & Tokyo Liberty Ltd. Stuart earned a B.Sc. from the Faculty of Science at St Andrews University.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 28.19 | 5.72 | 3.19 |