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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.
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| 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
| 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% |
| 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
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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% |
| 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 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% |
| 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 |
| 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 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 | Category Low | Category High | USHYX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.42% | 0.00% | 6.26% | 19.01% |
| USHYX | Category Low | Category High | Category Mode | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Annually | Monthly | Quarterly |
| Date | Amount |
|---|---|
| Mar 28, 2019 | $0.038 |
| Feb 27, 2019 | $0.038 |
| Jan 30, 2019 | $0.031 |
| Dec 17, 2018 | $0.049 |
| Nov 29, 2018 | $0.038 |
| Oct 30, 2018 | $0.043 |
| Sep 27, 2018 | $0.034 |
| Aug 30, 2018 | $0.041 |
| Jul 30, 2018 | $0.037 |
| Jun 28, 2018 | $0.037 |
| May 30, 2018 | $0.040 |
| Apr 27, 2018 | $0.039 |
| Mar 29, 2018 | $0.041 |
| Feb 27, 2018 | $0.041 |
| Jan 30, 2018 | $0.029 |
| Dec 15, 2017 | $0.049 |
| Nov 29, 2017 | $0.041 |
| Oct 30, 2017 | $0.039 |
| Sep 28, 2017 | $0.041 |
| Aug 30, 2017 | $0.039 |
| Jul 28, 2017 | $0.034 |
| Jun 29, 2017 | $0.043 |
| May 30, 2017 | $0.037 |
| Apr 27, 2017 | $0.037 |
| Mar 30, 2017 | $0.044 |
| Feb 27, 2017 | $0.039 |
| Jan 30, 2017 | $0.026 |
| Dec 14, 2016 | $0.052 |
| Nov 29, 2016 | $0.040 |
| Oct 28, 2016 | $0.039 |
| Sep 29, 2016 | $0.041 |
| Aug 30, 2016 | $0.042 |
| Jul 28, 2016 | $0.039 |
| Jun 29, 2016 | $0.031 |
| May 27, 2016 | $0.035 |
| Apr 28, 2016 | $0.040 |
| Mar 30, 2016 | $0.046 |
| Feb 26, 2016 | $0.040 |
| Jan 28, 2016 | $0.035 |
| Nov 27, 2015 | $0.038 |
| Oct 29, 2015 | $0.039 |
| Sep 29, 2015 | $0.043 |
| Aug 28, 2015 | $0.036 |
| Jul 30, 2015 | $0.042 |
| Jun 29, 2015 | $0.036 |
| May 28, 2015 | $0.035 |
| Apr 29, 2015 | $0.041 |
| Mar 30, 2015 | $0.039 |
| Feb 26, 2015 | $0.038 |
| Jan 29, 2015 | $0.031 |
| Dec 17, 2014 | $0.051 |
| Nov 26, 2014 | $0.035 |
| Oct 30, 2014 | $0.042 |
| Sep 29, 2014 | $0.041 |
| Aug 28, 2014 | $0.037 |
| Jul 30, 2014 | $0.045 |
| Jun 27, 2014 | $0.033 |
| May 29, 2014 | $0.037 |
| Apr 29, 2014 | $0.045 |
| Mar 28, 2014 | $0.043 |
| Feb 27, 2014 | $0.041 |
| Jan 30, 2014 | $0.037 |
| Dec 18, 2013 | $0.054 |
| Nov 27, 2013 | $0.041 |
| Oct 30, 2013 | $0.047 |
| Sep 27, 2013 | $0.042 |
| Aug 29, 2013 | $0.045 |
| Jul 30, 2013 | $0.047 |
| Jun 27, 2013 | $0.041 |
| May 30, 2013 | $0.044 |
| Apr 29, 2013 | $0.042 |
| Mar 28, 2013 | $0.041 |
| Feb 27, 2013 | $0.045 |
| Jan 30, 2013 | $0.037 |
| Dec 19, 2012 | $0.050 |
| Nov 29, 2012 | $0.048 |
| Oct 31, 2012 | $0.048 |
| Sep 27, 2012 | $0.042 |
| Aug 30, 2012 | $0.050 |
| Jul 30, 2012 | $0.044 |
| Jun 28, 2012 | $0.044 |
| May 30, 2012 | $0.052 |
| Apr 27, 2012 | $0.046 |
| Mar 29, 2012 | $0.047 |
| Feb 28, 2012 | $0.051 |
| Jan 30, 2012 | $0.037 |
| Dec 20, 2011 | $0.053 |
| Nov 29, 2011 | $0.051 |
| Oct 28, 2011 | $0.044 |
| Sep 29, 2011 | $0.048 |
| Aug 30, 2011 | $0.057 |
| Jul 28, 2011 | $0.042 |
| Jun 29, 2011 | $0.058 |
| May 27, 2011 | $0.045 |
| Apr 28, 2011 | $0.048 |
| Mar 30, 2011 | $0.050 |
| Feb 25, 2011 | $0.048 |
| Jan 28, 2011 | $0.042 |
| Dec 21, 2010 | $0.066 |
| Nov 29, 2010 | $0.051 |
| Oct 28, 2010 | $0.049 |
| Sep 29, 2010 | $0.052 |
| Aug 30, 2010 | $0.053 |
| Jul 29, 2010 | $0.047 |
| Jun 29, 2010 | $0.058 |
| May 27, 2010 | $0.057 |
| Apr 29, 2010 | $0.051 |
| Mar 30, 2010 | $0.057 |
| Feb 25, 2010 | $0.054 |
| Jan 28, 2010 | $0.037 |
| Dec 22, 2009 | $0.079 |
| Nov 27, 2009 | $0.049 |
| Oct 29, 2009 | $0.052 |
| Sep 29, 2009 | $0.055 |
| Aug 28, 2009 | $0.052 |
| Jul 30, 2009 | $0.054 |
| Jun 29, 2009 | $0.049 |
| May 28, 2009 | $0.051 |
| Apr 29, 2009 | $0.054 |
| Mar 30, 2009 | $0.056 |
| Feb 26, 2009 | $0.052 |
| Jan 29, 2009 | $0.044 |
| Dec 19, 2008 | $0.058 |
| Nov 26, 2008 | $0.045 |
| Oct 30, 2008 | $0.055 |
| Sep 29, 2008 | $0.052 |
| Aug 28, 2008 | $0.048 |
| Jul 30, 2008 | $0.055 |
| Jun 27, 2008 | $0.051 |
| May 29, 2008 | $0.049 |
| Apr 29, 2008 | $0.053 |
| Mar 28, 2008 | $0.049 |
| Feb 28, 2008 | $0.050 |
| Jan 30, 2008 | $0.048 |
| Dec 28, 2007 | $0.062 |
| Nov 29, 2007 | $0.053 |
| Oct 30, 2007 | $0.055 |
| Sep 27, 2007 | $0.050 |
| Aug 30, 2007 | $0.050 |
| Jul 30, 2007 | $0.050 |
| Jun 28, 2007 | $0.053 |
| May 30, 2007 | $0.053 |
| Apr 27, 2007 | $0.052 |
| Mar 29, 2007 | $0.052 |
| Feb 27, 2007 | $0.053 |
| Jan 30, 2007 | $0.040 |
| Dec 28, 2006 | $0.059 |
| Nov 29, 2006 | $0.054 |
| Oct 30, 2006 | $0.047 |
| Sep 28, 2006 | $0.047 |
| Aug 30, 2006 | $0.053 |
| Jul 28, 2006 | $0.050 |
| Jun 29, 2006 | $0.050 |
| May 30, 2006 | $0.051 |
| Apr 27, 2006 | $0.047 |
| Mar 30, 2006 | $0.048 |
| Feb 27, 2006 | $0.049 |
| Jan 30, 2006 | $0.047 |
| Dec 29, 2005 | $0.054 |
| Nov 29, 2005 | $0.051 |
| Oct 28, 2005 | $0.048 |
| Sep 29, 2005 | $0.053 |
| Aug 30, 2005 | $0.050 |
| Jul 28, 2005 | $0.049 |
| Jun 29, 2005 | $0.052 |
| May 27, 2005 | $0.049 |
| Apr 28, 2005 | $0.053 |
| Mar 30, 2005 | $0.051 |
| Feb 25, 2005 | $0.050 |
| Jan 28, 2005 | $0.052 |
| Dec 30, 2004 | $0.051 |
| Nov 29, 2004 | $0.051 |
| Oct 28, 2004 | $0.051 |
| Sep 29, 2004 | $0.051 |
| Aug 30, 2004 | $0.052 |
| Jul 29, 2004 | $0.049 |
| Jun 29, 2004 | $0.052 |
| May 27, 2004 | $0.051 |
| Apr 29, 2004 | $0.051 |
| Mar 30, 2004 | $0.058 |
| Feb 26, 2004 | $0.055 |
| Jan 29, 2004 | $0.047 |
| Dec 30, 2003 | $0.059 |
| Nov 26, 2003 | $0.052 |
| Oct 30, 2003 | $0.053 |
| Sep 29, 2003 | $0.056 |
| Aug 28, 2003 | $0.053 |
| Jul 30, 2003 | $0.054 |
| Jun 27, 2003 | $0.058 |
| May 29, 2003 | $0.056 |
| Apr 29, 2003 | $0.053 |
| Mar 28, 2003 | $0.060 |
| Feb 27, 2003 | $0.056 |
| Jan 30, 2003 | $0.060 |
| Dec 30, 2002 | $0.063 |
| Nov 27, 2002 | $0.057 |
| Oct 30, 2002 | $0.058 |
| Sep 27, 2002 | $0.060 |
| Aug 29, 2002 | $0.057 |
| Jul 30, 2002 | $0.065 |
| Jun 27, 2002 | $0.070 |
| May 30, 2002 | $0.060 |
| Apr 29, 2002 | $0.061 |
| Mar 27, 2002 | $0.070 |
| Feb 27, 2002 | $0.069 |
| Jan 30, 2002 | $0.070 |
| Dec 28, 2001 | $0.071 |
| Nov 29, 2001 | $0.072 |
| Oct 30, 2001 | $0.068 |
| Sep 27, 2001 | $0.079 |
| Aug 30, 2001 | $0.078 |
| Jul 30, 2001 | $0.078 |
| Jun 28, 2001 | $0.084 |
| May 30, 2001 | $0.086 |
| Apr 27, 2001 | $0.068 |
| Mar 29, 2001 | $0.097 |
| Feb 27, 2001 | $0.086 |
| Jan 30, 2001 | $0.096 |
| Dec 28, 2000 | $0.090 |
| Nov 29, 2000 | $0.092 |
| Oct 30, 2000 | $0.091 |
| Aug 31, 2000 | $0.091 |
| Jul 31, 2000 | $0.083 |
| Jun 30, 2000 | $0.093 |
| May 31, 2000 | $0.086 |
| Apr 28, 2000 | $0.087 |
| Mar 31, 2000 | $0.090 |
| Feb 29, 2000 | $0.076 |
| Jan 28, 2000 | $0.067 |
| Dec 31, 1999 | $0.110 |
| Nov 30, 1999 | $0.075 |
| Oct 29, 1999 | $0.072 |
| Sep 30, 1999 | $0.085 |
| Aug 31, 1999 | $0.049 |
| USHYX | Category Low | Category High | USHYX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 5.79% | -0.65% | 8.97% | 17.39% |
| USHYX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
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.
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.
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.
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.
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
MUTUAL FUND EDUCATION
MUTUAL FUND EDUCATION
