SCFIX: Shenkman Capital Short Dur Hi Inc Inst

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SCFIX Shenkman Capital Short Dur Hi Inc Inst


Profile

SCFIX - Profile

Vitals

  • YTD Return -2.2%
  • 3 Yr Annualized Return -0.7%
  • 5 Yr Annualized Return -0.6%
  • Net Assets $630 M
  • Holdings in Top 10 14.5%

52 WEEK LOW AND HIGH

$9.84
$8.74
$10.09

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.72%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 77.00%

TRADING FEES

  • Max Redemption Fee 1.00%

Min Investment

  • Standard (Taxable) $1,000,000
  • IRA $1,000,000

Fund Classification


Distributions

  • YTD Total Return -2.2%
  • 3 Yr Annualized Total Return -0.7%
  • 5 Yr Annualized Total Return -0.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.98%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Shenkman Capital Short Duration High Income Fund
  • Fund Family Name
    Shenkman Funds
  • Inception Date
    Oct 31, 2012
  • Shares Outstanding
    24829509
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Nicholas Sarchese

Fund Description

Under normal market conditions, the fund will invest at least 80% of its net assets in fixed income securities, bank loans and other instruments issued by companies that are rated below investment grade. It generally invests in high yield instruments rated CCC or better by S&P or Moody's, but retains the discretion to invest in even lower rated instruments. The fixed income securities, bank loans and other instruments in which the fund invests include traditional corporate bonds, U.S. government obligations and bank loans to corporate borrowers, and may have fixed, floating or variable rates.


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Categories

Performance

SCFIX - Performance

Return Ranking - Trailing

Period SCFIX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.2% -20.3% 6.5% 4.98%
1 Yr -2.0% -19.7% 10.4% 7.01%
3 Yr -0.7%* -9.9% 1.4% 2.68%
5 Yr -0.6%* -6.4% 1.4% 7.60%
10 Yr N/A* -4.1% 1.2% N/A

* Annualized

Return Ranking - Calendar

Period SCFIX Return Category Return Low Category Return High Rank in Category (%)
2019 3.6% 0.7% 12.6% 94.31%
2018 -2.9% -14.2% -1.8% 1.89%
2017 0.4% -5.7% 4.9% 71.50%
2016 1.9% 1.1% 13.4% 95.54%
2015 -2.4% -20.6% 1.0% 4.48%

Total Return Ranking - Trailing

Period SCFIX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.2% -20.3% 6.5% 4.98%
1 Yr -2.0% -19.7% 10.4% 7.01%
3 Yr -0.7%* -9.9% 3.7% 17.32%
5 Yr -0.6%* -6.4% 3.8% 28.36%
10 Yr N/A* -4.1% 6.4% N/A

* Annualized

Total Return Ranking - Calendar

Period SCFIX Return Category Return Low Category Return High Rank in Category (%)
2019 3.6% 0.7% 12.6% 94.99%
2018 -2.9% -14.2% 0.4% 12.97%
2017 0.4% -5.1% 9.3% 79.68%
2016 1.9% 1.1% 20.7% 95.82%
2015 -2.4% -20.6% 1.0% 13.73%

NAV & Total Return History


Holdings

SCFIX - Holdings

Concentration Analysis

SCFIX Category Low Category High SCFIX % Rank
Net Assets 630 M 251 K 25.6 B 46.43%
Number of Holdings 246 3 1596 73.44%
Net Assets in Top 10 80.7 M -362 M 2.13 B 41.29%
Weighting of Top 10 14.54% 4.1% 98.9% 26.76%

Top 10 Holdings

  1. DAVITA INC 5.12% 1.80%
  2. Standard Industries Inc. 5.38% 1.74%
  3. Dell International L.L.C. and EMC Corporation 7.12% 1.66%
  4. Jaguar Holding Co II/Pharmaceutical Product Development LLC 6.38% 1.58%
  5. T-Mobile USA, Inc. 6% 1.58%
  6. Infor (US), Inc. 6.5% 1.56%
  7. T-Mobile USA, Inc. 6.38% 1.18%
  8. MGM Resorts International 7.75% 1.16%
  9. NCR Corporation 6.38% 1.15%
  10. Centene Corporation 4.75% 1.12%

Asset Allocation

Weighting Return Low Return High SCFIX % Rank
Bonds
92.15% 80.46% 148.76% 71.43%
Cash
7.85% -49.31% 19.40% 11.61%
Stocks
0.00% 0.00% 8.60% 68.75%
Preferred Stocks
0.00% 0.00% 5.25% 46.21%
Other
0.00% -4.83% 41.18% 38.17%
Convertible Bonds
0.00% 0.00% 6.42% 69.42%

Bond Sector Breakdown

Weighting Return Low Return High SCFIX % Rank
Corporate
92.15% 58.22% 100.00% 72.77%
Cash & Equivalents
7.85% 0.00% 32.30% 13.17%
Derivative
0.00% 0.00% 7.46% 27.90%
Securitized
0.00% 0.00% 11.23% 45.31%
Municipal
0.00% 0.00% 0.60% 15.63%
Government
0.00% 0.00% 21.25% 41.96%

Bond Geographic Breakdown

Weighting Return Low Return High SCFIX % Rank
US
83.99% 65.89% 127.59% 26.56%
Non US
8.16% 0.17% 29.53% 88.39%

Expenses

SCFIX - Expenses

Operational Fees

SCFIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.72% 0.13% 20.17% 79.91%
Management Fee 0.55% 0.00% 1.10% 37.08%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.30% 46.18%

Sales Fees

SCFIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.50% 27.40%

Trading Fees

SCFIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 2.00% 63.04%

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.

SCFIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 77.00% 16.00% 216.00% 77.60%

Distributions

SCFIX - Distributions

Dividend Yield Analysis

SCFIX Category Low Category High SCFIX % Rank
Dividend Yield 0.00% 0.00% 2.43% 17.86%

Dividend Distribution Analysis

SCFIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Annually

Net Income Ratio Analysis

SCFIX Category Low Category High SCFIX % Rank
Net Income Ratio 3.98% 2.13% 9.34% 89.89%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

SCFIX - Fund Manager Analysis

Managers

Nicholas Sarchese


Start Date

Tenure

Tenure Rank

Oct 31, 2012

7.67

7.7%

Mr. Sarchese joined Shenkman Capital Management, Inc.in 2003. He has 22 years of investment experience in corporate fixed-income including 18 years of high yield experience. He has been the portfolio manager for the Advisor’s short duration strategy since its inception and has been managing high yield portfolios since 2009. Mr. Sarchese received a Bachelor of Science degree in Finance and Management from New York University’s Stern School of Business and is a CFA charterholder. He is a member of the CFA Institute and the New York Society of Securities Analysts.

Mark Shenkman


Start Date

Tenure

Tenure Rank

Oct 31, 2012

7.67

7.7%

Mark R. Shenkman founded Shenkman Capital Management, Inc. in 1985. With 46 years of investment experience, and 38 years of high yield investment experience, he is considered one of the pioneers of the high yield bond and loan markets. Prior to founding Shenkman in 1985, Mr. Shenkman was President and Chief Investment Officer of First Investors Asset Management in New York. He also was Co-Manager and Vice President of the High Yield Bond Department at Lehman Brothers Kuhn Loeb in New York, where he established one of Wall Street’s earliest departments dedicated to the research, selling and trading of high yield securities. Mr. Shenkman was a research analyst and an equity portfolio manager at Fidelity Management and Research Company in Boston. From 1977 to 1979, he managed the first high yield bond mutual funds at Fidelity. Additionally, Mr. Shenkman is Chairman of the Board of Directors of the UCONN Foundation. He is a member of the Board of Trustees at The George Washington University; Vice Chairman of the Board at Wilbraham & Monson Academy since 1969; and he currently serves on the College of William and Mary, Mason School of Business Board of Advisors. He is also on the Board of Directors of the Hillel Foundation in Washington D.C. Mr. Shenkman received a BA in Political Science from the University of Connecticut (1965) and an MBA from The George Washington University (1967). Mr. Shenkman also received a Doctor of Humane Letters, honoris causa, from the University of Connecticut (2007).

Justin Slatky


Start Date

Tenure

Tenure Rank

Jul 31, 2016

3.92

3.9%

Mr. Slatky joined Shenkman Capital in 2011. Prior to joining Shenkman, Mr. Slatky was Co-Head and Managing Director of the High Yield Distressed Bond business in New York and London for Goldman Sachs. He was also a member of the Credit Investment Committee charged with reviewing proprietary investments within the Credit Department. Before joining Goldman’s High Yield Distressed Bond business in 2002, Mr. Slatky was a telecom high yield analyst and a recipient of Institutional Investor’s Runner-Up award. He joined Goldman Sachs from Credit Suisse First Boston in 2000, where he worked as a high yield analyst as part of an II ranked telecom team. Mr. Slatky graduated Magna Cum Laude with a B.S. in Economics (1998) and an MBA (1999) from The Wharton School at the University of Pennsylvania.

Jordan Barrow


Start Date

Tenure

Tenure Rank

Dec 31, 2016

3.5

3.5%

Jordan N. Barrow joined Shenkman Capital Management, Inc. in 2004 and is a Senior Vice President, Credit Analyst and Portfolio Manager. Mr. Barrow began his investment career in 2004.

Neil Wechsler


Start Date

Tenure

Tenure Rank

Jul 31, 2019

0.92

0.9%

Mr. Wechsler joined Shenkman Capital in 2002 and is a Senior Vice President, Portfolio Manager, and Research Analyst. Prior to joining Shenkman Capital, Mr. Wechsler was a Summer Associate at Goldman Sachs Assets Management, where he worked on their high yield and investment grade research teams. Previously, Mr. Wechsler was an Associate at Credit Lyonnais Securities in their Asset Backed Securities group. Mr. Wechsler began his investment career in 1998 as an Analyst in Duff & Phelps Credit Rating Co.’s Structured Finance group.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.16 35.88 6.83 1.5