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USHYX USAA High Income

  • Fund
  • USHYX
  • Price as of: Sep 17, 2019
  • $7.92 - $0.01 - 0.13%

USHYX - Profile

Vitals

  • YTD Return 6.5%
  • 3 Yr Annualized Return -0.4%
  • 5 Yr Annualized Return -2.3%
  • Net Assets $2.04 B
  • Holdings in Top 10 14.2%

52 WEEK LOW AND HIGH

$7.92
$7.39
$8.04

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.81%

SALES FEES

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

BROKERAGE FEES

  • Turnover 22.00%

TRADING FEES

  • Max Redemption Fee 1.00%

Min Investment

STANDARD (TAXABLE)

$3,000

IRA

N/A

Fund Classification

PRIMARY CATEGORY

  • Fund Type Open End Mutual Fund
  • Investment Style High Yield Bond

Distributions

  • YTD Total Return 6.5%
  • 3 Yr Annualized Total Return -0.4%
  • 5 Yr Annualized Total Return -2.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.79%
DIVIDENDS
  • Dividend Yield 3.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name USAA High Income Fund
  • Fund Family Name USAA
  • Inception Date Aug 02, 1999
  • Shares Outstanding N/A
  • Share Class No Load
  • Currency USD
  • Domiciled Country United States
  • Manager Julianne Bass

Fund Description

The USAA High Income Fund (USHYX) is an actively managed fund designed to provide high current income. USHYX does this by investing in various bonds with an emphasis on noninvestment-grade debt. This includes junk bonds, convertible securities, leveraged and senior loans, and preferred stocks. The fund uses fundamental analysis to help balance risk and find undervalued junk bonds.

USHYX features low expenses and makes an ideal satellite positon for those investors with a diversified fixed-income portfolio. The fund is managed by USAA Asset Management Company.

USHYX - Performance

Return Ranking - Trailing

Period USHYX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.5% -4.6% 11.7% 50.86%
1 Yr -1.4% -10.2% 9.6% 75.00%
3 Yr -0.4%* -6.5% 2.3% 71.94%
5 Yr -2.3%* -8.5% 1.8% 67.31%
10 Yr 0.7%* -5.7% 3.4% 39.77%

* Annualized


Return Ranking - Calendar

Period USHYX Return Category Return Low Category Return High Rank in Category (%)
2018 -9.0% -13.5% 0.0% 73.42%
2017 1.2% -9.5% 6.3% 64.68%
2016 10.8% -0.8% 28.6% 5.82%
2015 -13.7% -34.3% 3.5% 89.44%
2014 -2.8% -21.7% 2.6% 23.49%

Total Return Ranking - Trailing

Period USHYX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.5% -4.6% 11.7% 53.02%
1 Yr -1.4% -10.2% 11.0% 83.77%
3 Yr -0.4%* -6.5% 7.8% 81.12%
5 Yr -2.3%* -7.8% 6.1% 80.13%
10 Yr 0.7%* -1.9% 7.2% 67.05%

* Annualized


Total Return Ranking - Calendar

Period USHYX Return Category Return Low Category Return High Rank in Category (%)
2018 -9.0% -13.5% 1.3% 83.33%
2017 1.2% -8.5% 10.5% 75.12%
2016 10.8% -0.8% 39.0% 18.52%
2015 -13.7% -32.4% 3.5% 91.30%
2014 -2.8% -16.5% 7.9% 42.28%

NAV & Total Return History

USHYX - Holdings

Concentration Analysis

USHYX Category Low Category High USHYX % Rank
Net Assets 2.04 B 1.85 M 11.8 B 12.71%
Number of Holdings 451 3 1544 25.94%
Net Assets in Top 10 303 M -30.8 M 1.13 B 12.55%
Weighting of Top 10 14.16% 5.2% 3643.4% 51.05%

Top 10 Holdings

  1. iShares iBoxx $ High Yield Corp Bd ETF 3.28%

  2. SPDR® Blmbg Barclays High Yield Bd ETF 2.94%

  3. Nustar Logistics, L.P. 0% 1.37%

  4. HCA Inc. 5.62% 1.26%

  5. Sprint Corporation 7.62% 1.03%

  6. Sprint Corporation 7.62% 0.94%

  7. Dairy Farmers of America Inc 0% 0.93%

  8. Bausch Health Companies Inc 7.25% 0.88%

  9. Bombardier Inc. 7.5% 0.81%

  10. Bausch Health Companies Inc 6.12% 0.72%


Asset Allocation

Weighting Return Low Return High USHYX % Rank
Bonds
85.88% 0.00% 109.61% 74.06%
Cash
6.42% -20.39% 63.34% 39.33%
Preferred Stocks
4.36% -0.06% 25.61% 4.60%
Stocks
3.03% -1.36% 22.14% 10.88%
Convertible Bonds
0.31% 0.00% 35.95% 69.46%
Other
0.00% -10.14% 98.81% 94.14%

Stock Sector Breakdown

Weighting Return Low Return High USHYX % Rank
Financial Services
0.71% -0.03% 4.46% 12.02%
Healthcare
0.40% 0.00% 2.90% 7.10%
Communication Services
0.35% -0.04% 4.01% 10.38%
Technology
0.31% -0.17% 5.92% 10.93%
Consumer Cyclical
0.26% -0.14% 4.07% 32.24%
Industrials
0.22% 0.00% 7.70% 25.14%
Basic Materials
0.21% 0.00% 1.30% 12.02%
Energy
0.19% -0.06% 3.24% 37.16%
Real Estate
0.15% -0.03% 7.72% 9.84%
Consumer Defense
0.07% -0.09% 0.91% 8.20%
Utilities
0.00% -0.04% 5.58% 97.27%

Stock Geographic Breakdown

Weighting Return Low Return High USHYX % Rank
US
2.79% -1.36% 19.66% 10.88%
Non US
0.24% 0.00% 2.92% 14.64%

Bond Sector Breakdown

Weighting Return Low Return High USHYX % Rank
Corporate
88.12% 0.00% 3345.86% 58.16%
Cash & Equivalents
6.42% -20.41% 53.07% 39.75%
Securitized
1.10% 0.00% 88.21% 38.91%
Municipal
0.69% 0.00% 18.20% 2.51%
Government
0.65% -3298.93% 65.95% 42.68%
Derivative
0.00% -18.65% 9.72% 87.87%

Bond Geographic Breakdown

Weighting Return Low Return High USHYX % Rank
US
67.83% -233.75% 101.20% 49.37%
Non US
18.05% 0.00% 280.68% 57.74%

USHYX - Expenses

Operational Fees

USHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.81% 0.00% 33.95% 80.43%
Management Fee 0.50% 0.00% 1.84% 24.79%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.00% 0.50% 66.97%

Sales Fees

USHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

USHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 0.00% 2.00% 96.55%

Turnover 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.

USHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 22.00% 5.00% 1334.00% 16.74%

USHYX - Distributions

Dividend Yield Analysis

USHYX Category Low Category High USHYX % Rank
Dividend Yield 3.42% 0.00% 6.26% 19.01%

Dividend Distribution Analysis

USHYX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Annually Monthly Quarterly

Dividend Payout History


Net Income Ratio Analysis

USHYX Category Low Category High USHYX % Rank
Net Income Ratio 5.79% -0.65% 8.97% 17.39%

Capital Gain Distribution Analysis

USHYX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

USHYX - Managers

Julianne Bass

Manager

Start Date

Tenure

Tenure Rank

Jan 04, 2007

12.66

12.7%

JULIANNE BASS, CFA, is vice president and portfolio manager. Education: B.B.A., University of Texas at Austin; M.B.A., University of Houston. She holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.


John Spear

Manager

Start Date

Tenure

Tenure Rank

Nov 04, 2016

2.82

2.8%

CFA, Senior Vice President, Chief Investment Officer of USAA Investments, has co-managed the Fund since November 2016. Mr. Spear has managed the USAA Life Insurance Portfolio since November 1999 and has supervised the USAA fixed-income portfolio management team since May 2012.Education: B.B.A., Western Illinois University. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.


Kurt Daum

Manager

Start Date

Tenure

Tenure Rank

Nov 04, 2016

2.82

2.8%

Kurt Daum, J.D., Executive Director of Mutual Funds Portfolios, focusing on all areas of fixed-income research, has co-managed the Fund since November 2016. Prior to joining USAA, he was a Director at Highland Capital Management focused on fixed-income and private equity investing from January 2009 until November 2013. Education: B.B.A., University of Texas at Austin; J.D., University of Texas School of Law.


James F. Jackson

Manager

Start Date

Tenure

Tenure Rank

Jul 01, 2019

0.17

0.2%

James F. Jackson, Jr., CFA, Victory Capital Senior Portfolio Manager and Head of Fixed Income Portfolio Management–USAA Investments, A Victory Capital Investment Franchise. Mr. Jackson has investment management experience since 2000, including 10 years with AMCO, which was acquired by the Adviser's parent company in 2019. Education: M.B.A. with High Distinction, Ross School of Business, University of Michigan and a B.S., United States Naval Academy. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.


R.Neal Graves

Manager

Start Date

Tenure

Tenure Rank

Jul 01, 2019

0.17

0.2%

R. Neal Graves, CFA, CPA, Assistant Vice President, Insurance Portfolios, has more than 20 years of finance related experience including 18 years of investment management experience with USAA Asset Management Company. Education: Master in Professional Accounting, University of Texas at Austin and a B.B.A., University of Texas at Austin. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.


Tenure Analysis

Category Low

0.0

Category High

30.1

Category Average

5.7

Category Mode

1.83