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 04/18/2024

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

PIA High Yield (MACS) Fund

PIAMX | Fund

$8.51

$152 M

0.00%

0.20%

Vitals

YTD Return

2.2%

1 yr return

11.7%

3 Yr Avg Return

3.4%

5 Yr Avg Return

5.4%

Net Assets

$152 M

Holdings in Top 10

18.3%

52 WEEK LOW AND HIGH

$8.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.20%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 70.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

$1,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/18/2024

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

PIA High Yield (MACS) Fund

PIAMX | Fund

$8.51

$152 M

0.00%

0.20%

PIAMX - Profile

Distributions

  • YTD Total Return 2.2%
  • 3 Yr Annualized Total Return 3.4%
  • 5 Yr Annualized Total Return 5.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 6.91%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    PIA High Yield (MACS) Fund
  • Fund Family Name
    PIA Mutual Funds
  • Inception Date
    Dec 26, 2017
  • Shares Outstanding
    14383926
  • Share Class
    SMA
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Yean

Fund Description

The High Yield (MACS) Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of domestic and foreign high yield instruments (“junk bonds”), defined as bonds, convertible securities, forward commitments, loan participations and assignments, preferred stocks and Rule 144A securities. High yield instruments are securities rated below investment grade as defined by the Bloomberg index methodology, or, if unrated, determined by the Adviser to be of comparable quality.
The remainder of the High Yield (MACS) Fund’s assets may be invested in investment grade instruments including bonds, debt securities, convertible securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities, and loan participations and assignments.
The average portfolio duration of the High Yield (MACS) Fund normally varies within two years (plus or minus) of the duration of the Bloomberg U.S. Corporate High-Yield Index (the “Bloomberg Index”) at any point in time. The Bloomberg Index had a duration of 3.19 years as of January 31, 2024. Duration 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.
The Fund may invest up to 10% of its net assets in securities and instruments that are economically tied to emerging market countries.
The High Yield (MACS) Fund may invest up to 10% of its net assets in derivative instruments, such as options, futures contracts or swap agreements for both bona fide hedging purposes and for speculative purposes.
From time to time, the Fund may experience significant inflows; if this occurs, the Fund may, on a temporary or interim basis, invest these new assets (potentially in an amount which may approach up to 100% of the Fund’s total net assets if new flows were extremely large relative to the Fund’s current assets) in a combination of derivative instruments and other investment companies, including exchange-traded funds (“ETFs”), until such time as the Adviser can identify and invest in appropriate high yield instruments in accordance with the Fund’s principal strategy. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls).
In selecting investments for the High Yield (MACS) Fund, the Adviser will consider the risks and opportunities presented by the industries within the high yield universe. The Adviser evaluates the bond issuers within the selected industries and identifies those investments which the Adviser believes have favorable risk reward characteristics and match the Adviser’s investing philosophy. The Adviser evaluates various criteria such as historical and future expected financial performance, management tenure and experience, capital structure, free cash flow generation, barriers to entry, security protections, yield and relative value, and ownership structure. Investments are targeted that have individual yield premiums which appear to be favorable and are viewed by the Adviser as having a comparable or lower probability of default and/or loss risk.
Read More

PIAMX - Performance

Return Ranking - Trailing

Period PIAMX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% -7.2% 5.1% 4.55%
1 Yr 11.7% -9.4% 15.0% 2.04%
3 Yr 3.4%* -16.5% 19.8% 4.43%
5 Yr 5.4%* -11.9% 36.4% 3.65%
10 Yr N/A* -4.9% 19.3% N/A

* Annualized

Return Ranking - Calendar

Period PIAMX Return Category Return Low Category Return High Rank in Category (%)
2023 7.0% -4.7% 14.3% 8.27%
2022 -17.4% -33.4% 3.6% 81.57%
2021 -0.9% -8.4% 14.9% 80.00%
2020 1.6% -13.9% 302.7% 17.23%
2019 4.3% -4.4% 13.3% 88.04%

Total Return Ranking - Trailing

Period PIAMX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% -7.2% 5.1% 4.55%
1 Yr 11.7% -9.4% 15.0% 2.04%
3 Yr 3.4%* -16.5% 19.8% 4.43%
5 Yr 5.4%* -11.9% 36.4% 3.65%
10 Yr N/A* -4.9% 19.3% N/A

* Annualized

Total Return Ranking - Calendar

Period PIAMX Return Category Return Low Category Return High Rank in Category (%)
2023 16.4% -4.7% 18.2% 2.81%
2022 -10.3% -33.4% 47.8% 42.20%
2021 7.8% -8.4% 24.8% 9.02%
2020 9.0% -9.6% 325.6% 6.76%
2019 11.8% 0.9% 21.5% 77.82%

NAV & Total Return History

PIAMX - Holdings

Concentration Analysis

PIAMX Category Low Category High PIAMX % Rank
Net Assets 152 M 1.45 M 23.6 B 77.35%
Number of Holdings 101 2 2736 93.81%
Net Assets in Top 10 27.1 M -492 M 4.45 B 73.99%
Weighting of Top 10 18.26% 4.2% 146.9% 26.78%

Top 10 Holdings

  1. Fidelity Government Portfolio 6.31%
  2. Verde Purchaser LLC 1.81%
  3. ITT Holdings LLC 1.36%
  4. WASH Multifamily Acquisition Inc 1.30%
  5. Rand Parent LLC 1.27%
  6. Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed 1.26%
  7. Cimpress PLC 1.26%
  8. Railworks Holdings LP / Railworks Rally Inc 1.25%
  9. Rain Carbon Inc 1.24%
  10. TMS International Corp/DE 1.22%

Asset Allocation

Weighting Return Low Return High PIAMX % Rank
Bonds 		91.02% -3.13% 154.38% 79.97%
Cash 		8.88% -52.00% 48.07% 11.61%
Convertible Bonds 		1.12% 0.00% 17.89% 46.75%
Stocks 		0.10% 0.00% 99.54% 60.25%
Preferred Stocks 		0.00% 0.00% 7.88% 56.50%
Other 		0.00% -63.70% 102.57% 52.79%

Stock Sector Breakdown

Weighting Return Low Return High PIAMX % Rank
Utilities 		0.00% 0.00% 100.00% 56.13%
Technology 		0.00% 0.00% 33.17% 56.70%
Real Estate 		0.00% 0.00% 86.71% 52.99%
Industrials 		0.00% 0.00% 93.12% 0.28%
Healthcare 		0.00% 0.00% 22.17% 56.70%
Financial Services 		0.00% 0.00% 100.00% 55.56%
Energy 		0.00% 0.00% 100.00% 65.24%
Communication Services 		0.00% 0.00% 99.99% 57.83%
Consumer Defense 		0.00% 0.00% 100.00% 49.00%
Consumer Cyclical 		0.00% 0.00% 100.00% 68.09%
Basic Materials 		0.00% 0.00% 100.00% 56.13%

Stock Geographic Breakdown

Weighting Return Low Return High PIAMX % Rank
US 		0.10% 0.00% 99.54% 59.13%
Non US 		0.00% -0.01% 0.83% 37.31%

Bond Sector Breakdown

Weighting Return Low Return High PIAMX % Rank
Corporate 		95.05% 0.00% 129.69% 51.63%
Cash & Equivalents 		6.31% 0.00% 48.07% 24.46%
Derivative 		0.00% -15.04% 42.26% 46.28%
Securitized 		0.00% 0.00% 97.24% 60.31%
Municipal 		0.00% 0.00% 4.66% 29.61%
Government 		0.00% 0.00% 99.07% 50.23%

Bond Geographic Breakdown

Weighting Return Low Return High PIAMX % Rank
US 		91.02% -3.13% 129.21% 63.78%
Non US 		0.00% 0.00% 98.19% 56.66%

PIAMX - Expenses

Operational Fees

PIAMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.20% 0.04% 31.61% 98.92%
Management Fee 0.00% 0.00% 1.84% 0.15%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

PIAMX 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

PIAMX 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.

PIAMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 70.00% 1.00% 255.00% 65.87%

PIAMX - Distributions

Dividend Yield Analysis

PIAMX Category Low Category High PIAMX % Rank
Dividend Yield 0.00% 0.00% 49.68% 3.38%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

PIAMX Category Low Category High PIAMX % Rank
Net Income Ratio 6.91% -2.39% 14.30% 2.52%

Capital Gain Distribution Analysis

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

Distributions History

View More +

PIAMX - Fund Manager Analysis

Managers

Michael Yean

Start Date

Tenure

Tenure Rank

Dec 26, 2017

4.43

4.4%

Michael Y. Yean Vice President Portfolio Manager/Credit Research Analyst Mr. Yean is responsible for the management of the firm’s high yield and convertible bond strategies. Mr. Yean is also is a credit research analyst, where he specializes in the industrial sector. In 1998 Mr. Yean joined PIA as a portfolio manager and research analyst for the PIA Small-cap and Mid-cap Equity portfolios. In 2002, Michael transitioned to fixed income credit analyst as the Bond Dept restructured toward greater emphasis in credit research. Prior to joining PIA Michael served in the Consulting Department of Merrill Lynch and the Investment Department of M.J. Segal & Company. He earned a Bachelor of Arts degree in Economics at University of California at Los Angeles.

Lloyd McAdams

Start Date

Tenure

Tenure Rank

Dec 26, 2017

4.43

4.4%

Mr. McAdams currently serves as President of PIA. From PIA’s formation in 1986 until 2018 he served as the firm’s Chief Investment Officer. Mr. McAdams is a board member of Anworth Mortgage Asset Corp., a publicly-traded company which manages a portfolio of mortgage securities for its shareholders. From 1996 to 2004, Mr. McAdams served as the Chairman and CEO of Syndicated Capital, Inc., the former distributor of the PIA Mutual Funds.. Before joining PIA, Mr. McAdams held the positions of President of Security Pacific Investment Managers, Inc., Senior Vice President of Trust Company of the West, and an Investment Officer with the State of Tennessee. Mr. McAdams has served as a Board member of the California Public Employees Retirement System (“CALPERS”). Since 1997, Mr. McAdams has also been the founder, Chairman and CEO of Anworth Mortgage Asset Corp, a NYSE listed company (“ANH”) that manages a portfolio of mortgage backed securities for its mostly institutional shareholders. He is a Chartered Financial Analyst Charter Holder, and a Certified Employee Benefit Specialist. Mr. McAdams holds a B.S. in Statistics from Stanford University and an M.B.A. from the University of Tennessee

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.12 8.17

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.