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Trending ETFs

Name

Price

Aum/Mkt Cap

YIELD & DIV

Exp Ratio

Watchlist

$9.33

$342 M

0.16%

$0.01

0.60%

Vitals

YTD Return

-11.2%

1 yr return

-5.1%

3 Yr Avg Return

2.3%

5 Yr Avg Return

2.8%

Net Assets

$342 M

Holdings in Top 10

42.7%

52 WEEK LOW AND HIGH

$9.3
$9.32
$11.19

Expenses

OPERATING FEES

Expense Ratio 0.60%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 139.00%

Redemption Fee 1.00%


Min Investment

Standard (Taxable)

$5,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund

Investment Style

Multisector Bond


Name

Price

Aum/Mkt Cap

YIELD & DIV

Exp Ratio

Watchlist

$9.33

$342 M

0.16%

$0.01

0.60%

MZCSX - Profile

Distributions

  • YTD Total Return -11.2%
  • 3 Yr Annualized Total Return 2.3%
  • 5 Yr Annualized Total Return 2.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.90%
DIVIDENDS
  • Dividend Yield 0.2%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Muzinich Credit Opportunities Fund
  • Fund Family Name
    Muzinich
  • Inception Date
    Jan 03, 2013
  • Shares Outstanding
    23700498
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Michael McEachern

Fund Description

The fund seeks to achieve its objective by allocating the fund's assets among various credit sectors of the global fixed income markets which the Advisor finds attractive from time-to-time. It will normally invest at least 80% of its net assets in corporate bonds and syndicated loans that the Advisor believes have attractive risk/reward characteristics and which are issued by U.S. and foreign corporations. The fund may invest up to 70% of its net assets in foreign securities, including up to 40% in issuers located in emerging market countries.


MZCSX - Performance

Return Ranking - Trailing

Period MZCSX Return Category Return Low Category Return High Rank in Category (%)
YTD -11.2% -35.2% 18.5% 44.20%
1 Yr -5.1% -20.6% 24.2% 44.32%
3 Yr 2.3%* -12.2% 16.2% 30.92%
5 Yr 2.8%* -16.3% 10.3% 19.83%
10 Yr N/A* -12.8% 11.8% N/A

* Annualized

Return Ranking - Calendar

Period MZCSX Return Category Return Low Category Return High Rank in Category (%)
2021 -6.4% -26.6% 25.7% 93.79%
2020 3.0% -49.2% 314.3% 33.59%
2019 3.9% -35.1% 16.7% 58.58%
2018 -1.9% -48.0% 10.9% 9.80%
2017 1.8% -14.8% 11.2% 47.52%

Total Return Ranking - Trailing

Period MZCSX Return Category Return Low Category Return High Rank in Category (%)
YTD -11.2% -35.2% 28.6% 42.45%
1 Yr -5.1% -21.2% 38.5% 37.94%
3 Yr 2.3%* -13.9% 16.2% 28.36%
5 Yr 2.8%* -17.3% 10.3% 17.91%
10 Yr N/A* -13.3% 11.8% N/A

* Annualized

Total Return Ranking - Calendar

Period MZCSX Return Category Return Low Category Return High Rank in Category (%)
2021 -6.4% -26.6% 25.7% 93.79%
2020 3.0% -49.2% 314.3% 33.59%
2019 3.9% -35.1% 16.7% 61.39%
2018 0.2% -48.0% 10.9% 10.89%
2017 4.7% -14.8% 15.2% 27.52%

NAV & Total Return History


MZCSX - Holdings

Concentration Analysis

MZCSX Category Low Category High MZCSX % Rank
Net Assets 342 M 100 124 B 57.90%
Number of Holdings 220 2 8175 70.49%
Net Assets in Top 10 62.4 M -1.57 B 20.5 B 56.74%
Weighting of Top 10 42.67% 4.3% 100.0% 26.18%

Top 10 Holdings

  1. United States Treasury Notes 1.75% 1.75% 7.49%
  2. United States Treasury Notes 2.38% 2.38% 6.78%
  3. United States Treasury Notes 2.5% 2.5% 6.36%
  4. 5 Year Treasury Note Future June 21 5.83%
  5. 5 Year Treasury Note Future June 21 5.83%
  6. 5 Year Treasury Note Future June 21 5.83%
  7. 5 Year Treasury Note Future June 21 5.83%
  8. 5 Year Treasury Note Future June 21 5.83%
  9. 5 Year Treasury Note Future June 21 5.83%
  10. 5 Year Treasury Note Future June 21 5.83%

Asset Allocation

Weighting Return Low Return High MZCSX % Rank
Bonds
74.99% -150.81% 188.92% 72.24%
Cash
23.39% -261.12% 258.91% 18.06%
Convertible Bonds
1.63% 0.00% 33.50% 43.80%
Stocks
0.00% -38.22% 261.12% 72.51%
Preferred Stocks
0.00% 0.00% 31.88% 59.16%
Other
0.00% -25.82% 276.99% 41.91%

Bond Sector Breakdown

Weighting Return Low Return High MZCSX % Rank
Corporate
39.01% 0.00% 100.00% 46.01%
Derivative
27.41% 0.00% 72.98% 7.58%
Government
17.85% 0.00% 99.43% 33.02%
Cash & Equivalents
15.57% 0.00% 100.00% 29.77%
Securitized
0.15% 0.00% 99.65% 89.99%
Municipal
0.00% 0.00% 54.26% 46.82%

Bond Geographic Breakdown

Weighting Return Low Return High MZCSX % Rank
US
57.54% -151.11% 194.51% 64.69%
Non US
17.45% -136.75% 90.11% 46.90%

MZCSX - Expenses

Operational Fees

MZCSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.60% 0.01% 6.46% 85.58%
Management Fee 0.60% 0.00% 2.29% 44.52%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

MZCSX 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% 5.50% 51.72%

Trading Fees

MZCSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 0.50% 2.00% 58.82%

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.

MZCSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 139.00% 0.00% 496.00% 79.30%

MZCSX - Distributions

Dividend Yield Analysis

MZCSX Category Low Category High MZCSX % Rank
Dividend Yield 0.16% 0.00% 40.58% 87.87%

Dividend Distribution Analysis

MZCSX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Monthly Monthly Monthly

Net Income Ratio Analysis

MZCSX Category Low Category High MZCSX % Rank
Net Income Ratio 2.90% -1.55% 11.51% 50.14%

Capital Gain Distribution Analysis

MZCSX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Monthly Annually

Dividend Payout History

View More +

MZCSX - 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.

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.

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.

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 5.67 3.19