Muzinich Flexible U.S. High Yield Income Fund
Name
As of 04/12/2024Price
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
1.2%
1 yr return
6.7%
3 Yr Avg Return
0.2%
5 Yr Avg Return
2.8%
Net Assets
$47.4 M
Holdings in Top 10
14.5%
52 WEEK LOW AND HIGH
$7.9
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.37%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 96.00%
Redemption Fee 1.00%
Min Investment
Standard (Taxable)
$5,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/12/2024Price
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
MZHSX - Profile
Distributions
- YTD Total Return 1.2%
- 3 Yr Annualized Total Return 0.2%
- 5 Yr Annualized Total Return 2.8%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 5.11%
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameMuzinich Flexible U.S. High Yield Income Fund
-
Fund Family NameMuzinich
-
Inception DateMar 31, 2016
-
Shares Outstanding3006972
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerBryan Petermann
Fund Description
The Advisor may actively manage the Fund’s duration (defined as “duration‐to‐worst”), such that the portfolio’s duration, and that of individual holdings within, may deviate (either shorter or longer) from that of the general U.S. high yield market depending on the portfolio managers’ views on risk, reward, and valuation. (Duration to‐worst 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.) Duration management may be achieved though the selection of individual securities and/or through the use of derivatives.
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MZHSX - Performance
Return Ranking - Trailing
| Period | MZHSX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 1.2% | -6.4% | 6.1% | 29.15% |
| 1 Yr | 6.7% | -9.7% | 15.9% | 81.29% |
| 3 Yr | 0.2%* | -16.1% | 20.1% | 76.19% |
| 5 Yr | 2.8%* | -11.8% | 36.6% | 58.51% |
| 10 Yr | N/A* | -4.8% | 19.4% | N/A |
* Annualized
Return Ranking - Calendar
| Period | MZHSX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.0% | -4.7% | 14.3% | 90.33% |
| 2022 | -16.3% | -33.4% | 3.6% | 65.67% |
| 2021 | -7.8% | -8.4% | 14.9% | 99.84% |
| 2020 | 1.3% | -13.9% | 302.7% | 21.45% |
| 2019 | 7.9% | -4.4% | 13.3% | 53.21% |
Total Return Ranking - Trailing
| Period | MZHSX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 1.2% | -6.4% | 6.1% | 29.15% |
| 1 Yr | 6.7% | -9.7% | 15.9% | 81.29% |
| 3 Yr | 0.2%* | -16.1% | 20.1% | 76.19% |
| 5 Yr | 2.8%* | -11.8% | 36.6% | 58.51% |
| 10 Yr | N/A* | -4.8% | 19.4% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | MZHSX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 10.5% | -4.7% | 18.2% | 79.88% |
| 2022 | -4.7% | -33.4% | 47.8% | 4.88% |
| 2021 | 4.9% | -8.4% | 24.8% | 53.44% |
| 2020 | 7.3% | -9.6% | 325.6% | 17.91% |
| 2019 | 14.3% | 0.9% | 21.5% | 39.17% |
NAV & Total Return History
MZHSX - Holdings
Concentration Analysis
| MZHSX | Category Low | Category High | MZHSX % Rank | |
|---|---|---|---|---|
| Net Assets | 47.4 M | 1.45 M | 23.6 B | 90.76% |
| Number of Holdings | 293 | 2 | 2736 | 59.91% |
| Net Assets in Top 10 | 6.88 M | -492 M | 4.45 B | 92.88% |
| Weighting of Top 10 | 14.50% | 4.2% | 146.9% | 40.87% |
Top 10 Holdings
- First American Treasury Obligations Fund 6.64%
- Harvest Midstream I LP 1.05%
- Carnival Corp 1.03%
- Royal Caribbean Cruises Ltd 0.86%
- Evergreen Acqco 1 LP / TVI Inc 0.84%
- Civitas Resources Inc 0.84%
- Connect Finco SARL / Connect US Finco LLC 0.84%
- Perenti Finance Pty Ltd 0.83%
- Caesars Entertainment Inc 0.79%
- American Airlines Inc/AAdvantage Loyalty IP Ltd 0.77%
Asset Allocation
| Weighting | Return Low | Return High | MZHSX % Rank | |
|---|---|---|---|---|
| Bonds | 98.22% | -3.13% | 154.38% | 7.09% |
| Cash | 6.64% | -52.00% | 48.07% | 23.07% |
| Convertible Bonds | 0.41% | 0.00% | 17.89% | 82.04% |
| Stocks | 0.00% | 0.00% | 99.54% | 99.23% |
| Preferred Stocks | 0.00% | 0.00% | 7.88% | 98.45% |
| Other | 0.00% | -63.70% | 102.57% | 82.20% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | MZHSX % Rank | |
|---|---|---|---|---|
| Corporate | 95.83% | 0.00% | 129.69% | 45.74% |
| Cash & Equivalents | 6.64% | 0.00% | 48.07% | 18.58% |
| Derivative | 0.00% | -15.04% | 42.26% | 81.58% |
| Securitized | 0.00% | 0.00% | 97.24% | 96.74% |
| Municipal | 0.00% | 0.00% | 4.66% | 94.88% |
| Government | 0.00% | 0.00% | 99.07% | 96.28% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | MZHSX % Rank | |
|---|---|---|---|---|
| US | 98.22% | -3.13% | 129.21% | 5.11% |
| Non US | 0.00% | 0.00% | 98.19% | 97.52% |
MZHSX - Expenses
Operational Fees
| MZHSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.37% | 0.04% | 31.61% | 26.78% |
| Management Fee | 0.55% | 0.00% | 1.84% | 53.40% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
| MZHSX 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% | 82.19% |
Trading Fees
| MZHSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | 1.00% | 1.00% | 2.00% | 100.00% |
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.
| MZHSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 96.00% | 1.00% | 255.00% | 85.40% |
MZHSX - Distributions
Dividend Yield Analysis
| MZHSX | Category Low | Category High | MZHSX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 46.44% | 52.00% |
Dividend Distribution Analysis
| MZHSX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Annual | Monthly | Monthly |
Net Income Ratio Analysis
| MZHSX | Category Low | Category High | MZHSX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 5.11% | -2.39% | 14.30% | 17.48% |
Capital Gain Distribution Analysis
| MZHSX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Feb 29, 2024 | $0.046 | OrdinaryDividend |
| Jan 31, 2024 | $0.048 | OrdinaryDividend |
| Dec 29, 2023 | $0.043 | OrdinaryDividend |
| Nov 30, 2023 | $0.044 | OrdinaryDividend |
| Oct 31, 2023 | $0.043 | OrdinaryDividend |
| Sep 29, 2023 | $0.040 | OrdinaryDividend |
| Aug 31, 2023 | $0.048 | OrdinaryDividend |
| Jul 31, 2023 | $0.041 | OrdinaryDividend |
| Jun 30, 2023 | $0.043 | OrdinaryDividend |
| May 31, 2023 | $0.046 | OrdinaryDividend |
| Apr 28, 2023 | $0.037 | OrdinaryDividend |
| Mar 31, 2023 | $0.050 | OrdinaryDividend |
| Feb 28, 2023 | $0.037 | OrdinaryDividend |
| Jan 31, 2023 | $0.039 | OrdinaryDividend |
| Dec 30, 2022 | $0.032 | OrdinaryDividend |
| Nov 30, 2022 | $0.041 | OrdinaryDividend |
| Oct 31, 2022 | $0.038 | OrdinaryDividend |
| Sep 30, 2022 | $0.037 | OrdinaryDividend |
| Aug 31, 2022 | $0.041 | OrdinaryDividend |
| Jul 29, 2022 | $0.033 | OrdinaryDividend |
| Jun 30, 2022 | $0.040 | OrdinaryDividend |
| May 31, 2022 | $0.033 | OrdinaryDividend |
| Apr 29, 2022 | $0.034 | OrdinaryDividend |
| Mar 31, 2022 | $0.041 | OrdinaryDividend |
| Feb 28, 2022 | $0.033 | OrdinaryDividend |
| Jan 31, 2022 | $0.034 | OrdinaryDividend |
| Nov 30, 2021 | $0.042 | OrdinaryDividend |
| Oct 29, 2021 | $0.039 | OrdinaryDividend |
| Sep 30, 2021 | $0.037 | OrdinaryDividend |
| Aug 31, 2021 | $0.039 | OrdinaryDividend |
| Jul 30, 2021 | $0.043 | OrdinaryDividend |
| Jun 30, 2021 | $0.044 | OrdinaryDividend |
| May 28, 2021 | $0.043 | OrdinaryDividend |
| Apr 30, 2021 | $0.044 | OrdinaryDividend |
| Mar 31, 2021 | $0.074 | OrdinaryDividend |
| Feb 26, 2021 | $0.047 | OrdinaryDividend |
| Jan 29, 2021 | $0.040 | OrdinaryDividend |
| Dec 31, 2020 | $0.045 | OrdinaryDividend |
| Nov 30, 2020 | $0.040 | OrdinaryDividend |
| Oct 30, 2020 | $0.044 | OrdinaryDividend |
| Sep 30, 2020 | $0.046 | OrdinaryDividend |
| Aug 31, 2020 | $0.040 | OrdinaryDividend |
| Jul 31, 2020 | $0.047 | OrdinaryDividend |
| Jun 30, 2020 | $0.042 | OrdinaryDividend |
| May 29, 2020 | $0.041 | OrdinaryDividend |
| Apr 30, 2020 | $0.035 | OrdinaryDividend |
| Mar 31, 2020 | $0.044 | OrdinaryDividend |
| Feb 28, 2020 | $0.036 | OrdinaryDividend |
| Jan 31, 2020 | $0.041 | OrdinaryDividend |
| Dec 31, 2019 | $0.044 | OrdinaryDividend |
| Nov 29, 2019 | $0.039 | OrdinaryDividend |
| Oct 31, 2019 | $0.046 | OrdinaryDividend |
| Sep 30, 2019 | $0.040 | OrdinaryDividend |
| Aug 30, 2019 | $0.041 | OrdinaryDividend |
| Jul 31, 2019 | $0.048 | OrdinaryDividend |
| Jun 28, 2019 | $0.038 | OrdinaryDividend |
| May 31, 2019 | $0.045 | OrdinaryDividend |
| Apr 30, 2019 | $0.042 | OrdinaryDividend |
| Mar 29, 2019 | $0.045 | OrdinaryDividend |
| Feb 28, 2019 | $0.041 | OrdinaryDividend |
| Jan 31, 2019 | $0.040 | OrdinaryDividend |
| Dec 31, 2018 | $0.050 | OrdinaryDividend |
| Nov 30, 2018 | $0.036 | OrdinaryDividend |
| Oct 31, 2018 | $0.047 | OrdinaryDividend |
| Sep 28, 2018 | $0.038 | OrdinaryDividend |
| Aug 31, 2018 | $0.043 | OrdinaryDividend |
| Jul 31, 2018 | $0.046 | OrdinaryDividend |
| Jun 29, 2018 | $0.039 | OrdinaryDividend |
| May 31, 2018 | $0.045 | OrdinaryDividend |
| Apr 30, 2018 | $0.040 | OrdinaryDividend |
| Mar 29, 2018 | $0.043 | OrdinaryDividend |
| Feb 28, 2018 | $0.031 | OrdinaryDividend |
| Jan 31, 2018 | $0.041 | OrdinaryDividend |
| Dec 29, 2017 | $0.047 | OrdinaryDividend |
| Nov 30, 2017 | $0.042 | OrdinaryDividend |
| Oct 31, 2017 | $0.036 | OrdinaryDividend |
| Sep 29, 2017 | $0.095 | OrdinaryDividend |
| Aug 31, 2017 | $0.050 | OrdinaryDividend |
| Jul 31, 2017 | $0.044 | OrdinaryDividend |
| Jun 30, 2017 | $0.049 | OrdinaryDividend |
| May 31, 2017 | $0.053 | OrdinaryDividend |
| Apr 28, 2017 | $0.038 | OrdinaryDividend |
| Mar 31, 2017 | $0.047 | OrdinaryDividend |
| Feb 28, 2017 | $0.038 | OrdinaryDividend |
| Jan 31, 2017 | $0.038 | OrdinaryDividend |
| Dec 30, 2016 | $0.028 | OrdinaryDividend |
| Nov 30, 2016 | $0.042 | OrdinaryDividend |
| Oct 31, 2016 | $0.016 | OrdinaryDividend |
| Sep 30, 2016 | $0.039 | OrdinaryDividend |
| Aug 31, 2016 | $0.045 | OrdinaryDividend |
| Jul 29, 2016 | $0.040 | OrdinaryDividend |
| Jun 30, 2016 | $0.044 | OrdinaryDividend |
| May 31, 2016 | $0.031 | OrdinaryDividend |
| Apr 29, 2016 | $0.018 | OrdinaryDividend |
MZHSX - Fund Manager Analysis
Managers
Bryan Petermann
Start Date
Tenure
Tenure Rank
Mar 31, 2016
6.17
6.2%
Bryan, Portfolio Manager, joined Muzinich in 2010 from Pinebridge Investments (formerly AIG Investments) where he served as Managing Director, Head of high yield for the last five years of his tenure. Bryan started his career in the banking sector. He worked in the media and cable groups at the Union Bank of California and Banque Paribas. Previously, he participated in the start of Société Générale’s cable and media group. Bryan received a B.A. from the University of California, Los Angeles where he was a Phi Beta Kappa scholar, and an M.B.A. from the University of California, Berkeley
Kevin Ziets
Start Date
Tenure
Tenure Rank
Jul 06, 2020
1.9
1.9%
Kevin Ziets joined Muzinich in 2017. Kevin serves as a Portfolio Manager focusing on U.S. High Yield credits after spending 20 years as a research analyst primarily in the U.S. high yield market, covering a variety of sectors across buy side, sell side, and rating agency roles. Previously, as a Senior Credit Analyst for Muzinich, Kevin covered the gaming, lodging, leisure, airlines, homebuilders/building products, packaging and transportation sectors. Prior to joining Muzinich, Kevin was a high yield corporate Credit Analyst most recently at Citigroup and before that at Goldman Sachs, Moody’s, Lazard, PrinceRidge and Pali Capital. Kevin earned a B.A. from Northwestern University and an M.B.A. from New York University’s Stern School of Business. He holds the Chartered Financial Analyst designation.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.13 | 37.79 | 7.12 | 8.17 |