Continue to site >
Trending ETFs
You have successfully subscribed to Advisor Access. Thank you!
Help us personalize your experience.
Which type of investor describes you best?
Help us personalize your experience.
What is your AUM?
Knowing your investable assets will help us build and prioritize features that will suit your investment needs.

Congratulations on personalizing your experience.

Email is verified. Thank you!

Name

As of 12/17/2021

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

Muzinich Low Duration Fund

MZLRX | Fund

-

$1.03 B

0.00%

0.01%

Vitals

YTD Return

N/A

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$1.03 B

Holdings in Top 10

7.9%

52 WEEK LOW AND HIGH

$0.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.01%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 12/17/2021

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

Muzinich Low Duration Fund

MZLRX | Fund

-

$1.03 B

0.00%

0.01%

MZLRX - Profile

Distributions

  • YTD Total Return N/A
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Muzinich Low Duration Fund
  • Fund Family Name
    N/A
  • Inception Date
    Jun 30, 2016
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Tatjana Greil Castro

Fund Description

The Muzinich Low Duration Fund normally invests at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in a well-diversified portfolio of corporate bonds and syndicated loans, including floating rate loans and restricted securities such as bonds issued pursuant to Rule 144A. Like bonds, syndicated loans represent amounts borrowed by companies or other entities. Investments are primarily made in securities of companies domiciled in or with principal business in developed markets, both outside and within the United States. The Fund may have a majority of its assets in foreign fixed income securities, with permitted-currency emerging market exposure not to exceed 20% of the Fund’s net assets. The permitted currencies of the Fund’s securities will be U.S. dollars (USD), euros (EUR), Swiss francs (CHF), and British pounds (GBP). The Fund may invest up to 25% of its net assets in the banking sector and up to 20% of its net assets in the diversified financials sector.
The Advisor may manage and adjust overall portfolio duration and credit risk exposure by the strategic use of derivatives that are primarily used to reduce portfolio volatility. In this context, the Advisor would expect to principally use credit index derivatives or options thereon and/or futures and options on primarily U.S. Treasuries and other developed market government bonds to manage portfolio duration and credit spread sensitivity. The Advisor generally focuses on risk management from a long-term perspective, rather than only being reactive to intermittent periods of market volatility, thus allowing portfolio management to focus on long-term investing.
The Fund’s holdings maintain an average investment grade rating of at least Baa3 or BBB- according to the Manager’s compilation of the highest ratings available for each bond from Moody’s, Standard & Poor’s, or Fitch, as applicable. The Advisor will assign a rating to unrated bonds for this purpose. No more than 40% of the Fund’s net assets may be “junk bonds” rated, by the highest rating available for each issue, below investment grade (Ba1 or BB1, as applicable) by Moody’s, Standard & Poor’s or Fitch, or as deemed equivalent by the Advisor. As this is a credit-focused fund, investments may also include asset-backed securities (“ABS”) including mortgage-backed securities (“MBS”) and securities backed by other forms of loans or securities. The Fund may invest in mutual funds (including affiliated mutual funds) and/or exchange-traded funds (“ETFs”) which invest principally in any of the previously mentioned types of fixed income securities and such investments in fixed income mutual funds and ETFs
will be included in the Fund’s 80% test. The mutual funds and ETFs in which the Fund invests have an investment objective similar to that of the Fund or are otherwise permitted investments in accordance with the Fund’s investment policies described herein.
The Advisor seeks to reduce, but cannot eliminate, the risk to the Fund from rising interest rates, which will typically result in falling bond prices, by investing principally in securities with shorter durations. The Low Duration Fund’s average “duration-to-worst” profile is usually targeted at no more than two years, and, under normal market conditions, is not expected to exceed three years. 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. Due to market fluctuations, the average “duration-to-worst” profile of the portfolio may vary from time to time. It is anticipated that most bonds in the portfolio will have a remaining maturity of between zero and ten years. The Advisor believes that this short duration approach reduces the risk to the portfolio from rising interest rates, but cannot eliminate it entirely.
Although the Advisor will consider ratings assigned by ratings agencies in selecting the portfolio’s debt instruments, it relies principally on its own research and investment analysis. As applicable, the Advisor considers both company-specific quantitative and qualitative factors such as: a company’s managerial strength and commitment to debt repayment, anticipated cash flow, debt maturity schedules, borrowing requirements, use of borrowing proceeds, asset coverage and earnings prospects; legislation, regulation, litigation,transparency, market perspective or other environmental, social and governance (ESG) risks; and the strength and depth of the protections afforded the lender through the documentation governing the bond or syndicated loan issuance. The types of ESG factors that the Advisor believes can impact financial risks derive from, among other issues: changes to regulations, changes to consumer preferences, technology advancements, climate impacts, litigation risks, efficiency, brand value, innovation, market disruption/obsolescence, respect for human rights, anti-corruption, anti-bribery matters, and social license to operate. As a result of considering ESG factors in the Advisor’s investment decision process, an investment may be excluded or rejected where Muzinich believes those factors imply heightened risk of decreased liquidity of an investment and/or other negative financial impacts. In line with this, securities ineligible for investment by the Norges Bank Investment Management Company are also ineligible for inclusion in the Fund.
The portfolio is actively managed and the Fund may sell a holding when it has already met or no longer meets the portfolio managers’ expectations, no longer offers compelling relative value, shows deteriorating fundamentals, or it falls short of the portfolio managers’ expectations. The portfolio managers may also decide to continue to hold a bond or loan (or related securities) after a default.
Read More

MZLRX - Performance

Return Ranking - Trailing

Period MZLRX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -50.0% 268.1% N/A
1 Yr N/A -64.8% 268.1% N/A
3 Yr N/A* -100.0% 115.6% N/A
5 Yr N/A* -100.0% 58.6% N/A
10 Yr N/A* -12.1% 26.2% N/A

* Annualized

Return Ranking - Calendar

Period MZLRX Return Category Return Low Category Return High Rank in Category (%)
2023 N/A -100.0% 73.0% N/A
2022 N/A -76.0% 212.6% N/A
2021 N/A -65.0% 900.0% N/A
2020 N/A -87.3% 336.8% N/A
2019 N/A -60.1% 304.1% N/A

Total Return Ranking - Trailing

Period MZLRX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -50.0% 268.1% N/A
1 Yr N/A -64.8% 268.1% N/A
3 Yr N/A* -100.0% 115.6% N/A
5 Yr N/A* -100.0% 58.6% N/A
10 Yr N/A* -12.1% 26.3% N/A

* Annualized

Total Return Ranking - Calendar

Period MZLRX Return Category Return Low Category Return High Rank in Category (%)
2023 N/A -100.0% 76.6% N/A
2022 N/A -30.7% 212.6% N/A
2021 N/A -65.0% 900.0% N/A
2020 N/A -87.3% 341.1% N/A
2019 N/A -60.1% 304.1% N/A

NAV & Total Return History

MZLRX - Holdings

Concentration Analysis

MZLRX Category Low Category High MZLRX % Rank
Net Assets 1.03 B 10 804 B 98.76%
Number of Holdings 522 1 17333 N/A
Net Assets in Top 10 66.6 M -7.11 B 145 B N/A
Weighting of Top 10 7.89% 0.0% 20474.3% N/A

Top 10 Holdings

  1. CREDIT SUISSE AG 1.10%
  2. WINTERSHALL DEA FINANCE 1.04%
  3. AIB GROUP PLC 0.81%
  4. FCA BANK SPA IRELAND 0.79%
  5. LEASYS SPA 0.75%
  6. CONTINENTAL AG 0.75%
  7. HARLEY-DAVIDSON FINL SER 0.73%
  8. COMMERZBANK AG 0.67%
  9. UBS AG 0.64%
  10. VOLKSWAGEN BANK GMBH 0.61%

Asset Allocation

Weighting Return Low Return High MZLRX % Rank
Bonds 		103.46% -955.59% 2458.15% N/A
Stocks 		0.00% -142.98% 259.25% N/A
Preferred Stocks 		0.00% -21.20% 80.89% N/A
Convertible Bonds 		0.00% -0.37% 144.58% N/A
Cash 		0.00% -2458.20% 7388.76% N/A
Other 		-2.53% -7288.76% 493.15% N/A

Bond Sector Breakdown

Weighting Return Low Return High MZLRX % Rank
Cash & Equivalents 		0.00% -2458.20% 7388.76% N/A
Securitized 		0.00% -24.16% 264.51% N/A
Corporate 		0.00% -46.36% 3345.86% N/A
Municipal 		0.00% 0.00% 165.37% N/A
Government 		0.00% -3298.93% 2458.15% N/A
Derivative 		-2.53% -511.61% 54.22% N/A

Bond Geographic Breakdown

Weighting Return Low Return High MZLRX % Rank
Non US 		62.47% -153.97% 464.75% N/A
US 		41.00% -955.59% 2458.15% N/A

MZLRX - Expenses

Operational Fees

MZLRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.01% -2.86% 950.64% N/A
Management Fee 0.00% 0.00% 2.87% 34.28%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 52000.00% N/A

Sales Fees

MZLRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 25.00% N/A
Deferred Load N/A 0.25% 5.50% N/A

Trading Fees

MZLRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 2.00% 65.94%

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.

MZLRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 5067.00% N/A

MZLRX - Distributions

Dividend Yield Analysis

MZLRX Category Low Category High MZLRX % Rank
Dividend Yield 0.00% 0.00% 84.51% 76.60%

Dividend Distribution Analysis

MZLRX Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Monthly Annually

Net Income Ratio Analysis

MZLRX Category Low Category High MZLRX % Rank
Net Income Ratio N/A -46.00% 10.88% N/A

Capital Gain Distribution Analysis

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

Distributions History

View More +

MZLRX - Fund Manager Analysis

Managers

Tatjana Greil Castro

Start Date

Tenure

Tenure Rank

Jun 29, 2016

0.09

0.1%

Ms. Tatjana Greil Castro joined Muzinich in 2007 from MetLife Investments, where she served as an Associate Director of the High Return Unit. Earlier, Ms. Greil Castro worked as Senior Portfolio Manager in European High Yield for Fortis Investments and as a portfolio manager and credit analyst at Legal & General Investment Management. She started her career as a high yield telecom analyst with Merrill Lynch in 1999. She has a Ph.D. from the London School of Economics & Political Science, a Masters from the Kiel Institute of World Economics in Germany, and an M.Sc./B.S. in Economics from the University of Vienna.

Thomas Samson

Start Date

Tenure

Tenure Rank

Jun 29, 2016

0.09

0.1%

Mr. Samson, Portfolio Manager, joined Muzinich in 2004. Prior to that, he was an investment analyst at Trafalgar Asset Managers where he developed valuation models for high-yield debt and formulated investment recommendations.

Anthony DeMeo

Start Date

Tenure

Tenure Rank

Jun 29, 2016

0.09

0.1%

Mr. DeMeo, Portfolio Manager, joined the Muzinich & Co., Inc. in 2015. Before joining Muzinich in 2015, Mr. DeMeo was an investment grade credit trader at Societe Generale for four years focusing on the consumer, retail and industrial sectors. Prior to that, he spent 11 years in debt capital markets at Barclays Capital and Deutsche Bank where he advised corporations on financing and solution strategies. Mr. DeMeo holds a B.A. in Economics from Cornell University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.01 33.52 5.37 3.25

Advertisement

×

Wait! Do you know all the important aspects of mutual funds?

×

Free Advisor Access newsletter emailed to you.

Receive free and exclusive email updates for financial advisors about best performers, news, CE accredited webcasts and more.

Sign up for Advisor Access

Receive email updates about best performers, news, CE accredited webcasts and more.

Disclaimer: By registering, you agree to share your data with MutualFunds.com and opt-in to receiving occasional communications about projects and events. The contents of this form are subject to the MutualFunds.com Privacy Policy. You can unsubscribe at any time.