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Trending ETFs

Name

As of 03/26/2024

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

$9.14

$13.1 M

0.00%

1.32%

Vitals

YTD Return

2.3%

1 yr return

12.5%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$13.1 M

Holdings in Top 10

26.3%

52 WEEK LOW AND HIGH

$9.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.32%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

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

$9.14

$13.1 M

0.00%

1.32%

TSWHX - Profile

Distributions

  • YTD Total Return 2.3%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    TSW High Yield Bond Fund
  • Fund Family Name
    JOHCM Funds
  • Inception Date
    Oct 26, 2021
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    William Bellamy

Fund Description

The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high yield fixed income securities, also known as “junk bonds” (higher risk, lower rated fixed income securities rated BB or below by at least one nationally recognized statistical rating organization (“NRSRO”) or determined to be of a similar quality by TSW). Under normal circumstances, the Fund will not invest more than 20% of its net assets in debt instruments that, at the time of purchase, are rated CCC or below by at least one NRSRO or determined to be of a similar quality by TSW.
The Fund’s fixed income securities include primarily corporate debt. The Fund, from time to time, will make opportunistic investments in other fixed income securities such as convertible bonds, preferred securities, loans (senior floating rate loans as well as other secured and unsecured loans) and loan participations. The Fund retains flexibility to seek temporary, indirect exposure (e.g., through pooled investment vehicles) to fixed income securities, such as when managing inflows into the Fund. The Fund expects to invest primarily in securities denominated in U.S. dollars and may invest in companies of any size, including small-and mid-capitalization companies. The Fund’s portfolio is expected to have a weighted average duration of between three and seven years under normal conditions.
The portfolio manager follows a disciplined, bottom-up research process that focuses on analyzing individual issuers. This process aims to identify securities showing stable or improving credit metrics that offer strong relative value in the context of the high yield market. The portfolio manager evaluates quantitative as well as qualitative factors in his fundamental analysis. While the investment process does not impose a top-down allocation to countries or sectors, the portfolio manager attempts to reduce risk through diversification and credit analysis as well as by considering the sector allocations of the Fund’s benchmark.
The Fund may invest in securities that are issued through private offerings without registration with the Securities and Exchange Commission under the Securities Act. Accordingly, the Fund expects to invest a significant portion of its assets in securities that are only offered and sold to “qualified institutional buyers”, pursuant to Rule 144A under the Securities Act, as such securities are prevalent in the high yield bond market.
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TSWHX - Performance

Return Ranking - Trailing

Period TSWHX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.3% -4.9% 8.2% 10.45%
1 Yr 12.5% -4.3% 26.0% 22.22%
3 Yr N/A* -15.6% 20.6% N/A
5 Yr N/A* -11.2% 37.3% N/A
10 Yr N/A* -4.7% 19.5% N/A

* Annualized

Return Ranking - Calendar

Period TSWHX Return Category Return Low Category Return High Rank in Category (%)
2023 6.2% -4.7% 14.3% 19.41%
2022 -14.8% -33.4% 3.6% 36.21%
2021 N/A -8.4% 14.9% N/A
2020 N/A -13.9% 302.7% N/A
2019 N/A -4.4% 13.3% N/A

Total Return Ranking - Trailing

Period TSWHX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.3% -4.9% 8.2% 10.45%
1 Yr 12.5% -4.3% 26.0% 22.22%
3 Yr N/A* -15.6% 20.6% N/A
5 Yr N/A* -11.2% 37.3% N/A
10 Yr N/A* -4.7% 19.5% N/A

* Annualized

Total Return Ranking - Calendar

Period TSWHX Return Category Return Low Category Return High Rank in Category (%)
2023 13.3% -4.7% 18.7% 20.34%
2022 -9.7% -33.4% 47.8% 33.07%
2021 N/A -8.4% 24.8% N/A
2020 N/A -9.6% 325.6% N/A
2019 N/A -3.8% 21.5% N/A

NAV & Total Return History


TSWHX - Holdings

Concentration Analysis

TSWHX Category Low Category High TSWHX % Rank
Net Assets 13.1 M 1.85 M 22.6 B 98.31%
Number of Holdings 58 2 2736 97.69%
Net Assets in Top 10 2.33 M -492 M 4.45 B 98.77%
Weighting of Top 10 26.30% 4.2% 149.6% 10.49%

Top 10 Holdings

  1. VSTO 4.5 03/15/29 144A 3.43%
  2. Northern Inst Fds TREAS PRT PRMR 3.33%
  3. PR 9.875 07/15/31 144A 3.13%
  4. ACI 4.625 01/15/27 144A 2.74%
  5. POWSOL 6.25 05/15/26 144A 2.53%
  6. SNEX 8.625 06/15/25 144A 2.28%
  7. STENA 6.125 02/01/25 144A 2.24%
  8. RITM 6.25 10/15/25 144A 2.22%
  9. NCLH 5.875 03/15/26 144A 2.20%
  10. FWRD 9.5 10/15/31 144A 2.20%

Asset Allocation

Weighting Return Low Return High TSWHX % Rank
Bonds
95.69% -3.13% 154.38% 37.94%
Cash
4.31% -52.00% 49.49% 39.35%
Stocks
0.00% 0.00% 99.61% 99.08%
Preferred Stocks
0.00% 0.00% 8.06% 97.99%
Other
0.00% -63.70% 102.57% 84.41%
Convertible Bonds
0.00% 0.00% 17.89% 99.85%

Bond Sector Breakdown

Weighting Return Low Return High TSWHX % Rank
Corporate
96.37% 0.00% 129.69% 35.55%
Cash & Equivalents
3.33% 0.00% 49.49% 41.20%
Derivative
0.00% -15.04% 42.26% 81.64%
Securitized
0.00% 0.00% 97.24% 97.84%
Municipal
0.00% 0.00% 4.66% 95.98%
Government
0.00% 0.00% 99.07% 96.75%

Bond Geographic Breakdown

Weighting Return Low Return High TSWHX % Rank
US
95.69% -3.13% 129.21% 24.85%
Non US
0.00% 0.00% 97.33% 97.84%

TSWHX - Expenses

Operational Fees

TSWHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.32% 0.04% 31.61% 29.17%
Management Fee 0.50% 0.00% 1.84% 37.08%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

TSWHX 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

TSWHX 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.

TSWHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 1.00% 255.00% N/A

TSWHX - Distributions

Dividend Yield Analysis

TSWHX Category Low Category High TSWHX % Rank
Dividend Yield 0.00% 0.00% 35.52% 55.52%

Dividend Distribution Analysis

TSWHX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly SemiAnnual Monthly Monthly

Net Income Ratio Analysis

TSWHX Category Low Category High TSWHX % Rank
Net Income Ratio N/A -2.39% 14.30% N/A

Capital Gain Distribution Analysis

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

Distributions History

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TSWHX - Fund Manager Analysis

Managers

William Bellamy


Start Date

Tenure

Tenure Rank

Oct 24, 2021

0.6

0.6%

Bill Bellamy is the Director of Income Strategies and is responsible for overseeing all fixed income management including investment grade, high yield, core plus, and municipal bonds. He is the Portfolio Manager for the TS&W Core Plus Fixed Income strategy. Bill began his career in the investment industry in 1987. Prior to joining TS&W in 2002, he was a Fixed Income Portfolio Manager at Trusco Capital Management managing total return oriented institutional accounts. Previously Bill was a Vice President of Institutional Fixed Income for First Union Capital Markets and Clayton Brown & Associates, after beginning his career in Institutional Sales and Trading at Merrill Lynch. He earned his undergraduate degree from Cornell University and his MBA from The Fuqua School of Business at Duke University. He holds the Chartered Financial Analyst® designation and is a member of the Association for Investment Management and Research as well as the Richmond Society of Financial Analysts.

Tenure Analysis

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