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iMGP High Income Fund

mutual fund
MAHIX
Payout Change
Pending
Price as of:
$9.93 -0.01 -0.1%
primary theme
Bond Sector Diversified
share class
MAHIX (Mutual Fund)

iMGP High Income Fund

Payout Change
Pending
Price as of:
$9.93 -0.01 -0.1%
primary theme
Bond Sector Diversified
share class
MAHIX (Mutual Fund)

iMGP High Income Fund

Payout Change
Pending
Price as of:
$9.93 -0.01 -0.1%
primary theme
Bond Sector Diversified
share class

Name

As of 10/04/2024

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

iMGP High Income Fund

MAHIX | Fund

$9.93

$90.9 M

6.16%

$0.61

1.41%

Vitals

YTD Return

7.6%

1 yr return

13.6%

3 Yr Avg Return

3.9%

5 Yr Avg Return

4.8%

Net Assets

$90.9 M

Holdings in Top 10

18.6%

52 WEEK LOW AND HIGH

$9.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.41%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 72.02%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$10,000

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/04/2024

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

iMGP High Income Fund

MAHIX | Fund

$9.93

$90.9 M

6.16%

$0.61

1.41%

MAHIX - Profile

Distributions

  • YTD Total Return 7.6%
  • 3 Yr Annualized Total Return 3.9%
  • 5 Yr Annualized Total Return 4.8%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.11%
DIVIDENDS
  • Dividend Yield 6.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    iMGP High Income Fund
  • Fund Family Name
    IMGP Funds
  • Inception Date
    Sep 28, 2018
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Anne Walsh

Fund Description

The High Income Fund invests in a mix of strategies that iM Global believes offer risk-return characteristics that are attractive individually and even more compelling collectively. The High Income Fund is intended to be used by investors seeking high current income consistent with capital preservation over time, and with long-term capital appreciation a secondary objective.
The Advisor believes that giving highly disciplined sub‑advisors (each, a “manager” or “sub‑advisor”) latitude in the types of stocks they can own can confer an advantage over managers who are more tightly constrained to an arbitrary “style box.” This belief underlays the premise of the High Income Fund to seek skilled managers, give them broad flexibility, limit them to their highest-conviction ideas and create diversification at the overall fund level by choosing managers with complementary styles, which the Advisor believes also should reduce risk. The Advisor is responsible for recommending which sub‑advisors to hire or remove. Before hiring a sub‑advisor, the Advisor performs extensive due diligence. This includes quantitative and qualitative analysis, including (but not limited to) an evaluation of the investment process, the consistency of its execution and discipline; individual holdings; strategies employed, past mistakes, risk controls, team depth and quality; operations and compliance; and business focus and vision. The Advisor’s evaluation process includes review of literature and documents, quantitative historical performance evaluation, extensive discussions with members of the investment team and firm management and background checks through industry contacts.
There is no minimum or maximum allocation of the High Income Fund’s portfolio assets to each sub‑advisor, but it is expected that no one strategy will be allocated less than 10% of portfolio assets or more than 60% of portfolio assets as measured at the time of allocation. It is possible that additional managers and strategies
will be added to (or removed from) the High Income Fund in the future and/or there may be adjustments in the allocation ranges. The Advisor is responsible for establishing the target allocation of High Income Fund assets to each manager based on the Advisor’s goal of maintaining a balance of investment styles (growth, value, and blend) and market capitalization exposure (large‑cap, mid‑cap and small‑cap companies) and may adjust the target allocations at its discretion. Market performance may result in allocation drift among the managers of the High Income Fund. The Advisor is responsible for periodically rebalancing the portfolios, the timing and degree of which will be determined by the Advisor based on the amount of deviation from pre‑established target allocation ranges and the Advisor’s assessment of market conditions and investment opportunities available to each sub‑advisor. The Advisor monitors the individual portfolios managed by the sub‑advisors to ensure that the overall portfolio does not include any unintentional over-weights to market capitalization levels, sectors, industries or individual securities.
Sub‑advisor strategies may seek to benefit from: opportunities to combine securities with differing risk characteristics; market inefficiencies; opportunities to provide liquidity; tactical opportunities in asset classes or securities; special situations such as spin-offs; as well as other opportunities in other areas. In the aggregate, the managers can invest globally in debt and equity securities of companies of any size, domicile or market capitalization, government and corporate bonds, loans, loan participation interests, mortgage or other asset-backed securities
and other fixed income securities and currencies, including short positions of any of the foregoing, within their respective segments of the High Income Fund. The managers may invest without limitation in below investment grade fixed income securities. Under normal market conditions, the High Income Fund does not expect to invest more than 25% of its total assets in emerging market securities. iM Global defines an emerging market country as any country that is included in the MSCI Emerging Markets Index.
The managers may also write options, invest in derivatives, including, without limitation, options, futures contracts, participatory notes (“P‑Notes”) and swaps, to manage risk or enhance return and can also borrow amounts up to one third of the value of the High Income Fund’s total assets (except that the High Income Fund may exceed this limit to satisfy redemption requests or for other temporary purposes). Each of the managers may invest in illiquid securities; however, the High Income Fund as a whole may not hold more than 15% of its net assets in illiquid securities.
Each sub‑advisor will have an investment approach that generally focuses on a particular asset class or specific strategies. Currently, the strategies the sub‑advisors focus on are as follows: (1) a credit value strategy, (2) a multi-credit strategy, and (3) an option income strategy. iM Global may hire sub‑advisors that focus on other strategies in the future, and not all strategies that may be appropriate will be represented in the High Income Fund’s portfolio at all times.
SUB‑ ADVISOR
TARGET ASSET
ALLOCATION
   STOCK-PICKING STYLE
Brown Brothers Harriman & Co. (“BBH”) 40%    Credit Value
Guggenheim Partners Investment Management, LLC (“Guggenheim”) 40%    Multi-Credit
Neuberger Berman Investment Advisers LLC (“Neuberger”) 20%    Option Income
The sub‑advisor that manages the credit value strategy primarily invests its segment of the High Income Fund in fixed income securities it believes have the potential for excess return. The sub‑advisor invests in fixed income securities from a wide variety of sectors, asset-backed securities, commercial mortgage-backed securities, corporate bonds, floating-rate loans and municipal bonds. The sub‑advisor expects to invest in structured and corporate securities. The sub‑advisor’s emphasizes A/BBB‑rated asset backed securities and BBB/BB‑rated corporate securities, as these ratings segments have historically offered attractive risk-adjusted returns, along with low default rates. The sub‑advisor also invests in U.S. Treasury futures to manage duration of the portfolio, which allows individual security selection to be managed without regard to portfolio duration. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security to changes in interest rates. Fixed income securities and portfolios with longer durations are subject to more volatility than those with shorter durations. The sub‑advisor will not typically own CCC‑rated or distressed securities.
The sub‑advisor that manages the multi-credit strategy seeks to preserve invested capital and maximize total return through a
combination of current income and capital appreciation. The team invests in a wide range of fixed income and other instruments selected from a variety of credit qualities, and sectors, including, but not limited to, corporate bonds, loans and loan participations, structured finance investments, U.S. government and agency, mezzanine and preferred securities and convertible securities. The team seeks opportunities across fixed income market sectors and aims to take advantage of downturns/inefficiencies that occur during times of uncertainty. The multi-credit strategy is flexible and is not constrained by duration, sector, issuer, or credit quality.
The sub‑advisor that manages the option income strategy writes collateralized put options on both U.S. indices, including the S&P 500® Index and the Russell 2000® Index, and exchange traded funds (“ETFs”). The manager seeks to generate returns through the receipt of option premiums from selling puts, as well as through investments in fixed income instruments, which collectively are intended to reduce volatility relative to the level of volatility the strategy would experience if the High Income Fund held the underlying equity index on which the options are written. The portfolio’s investments in fixed income instruments may be of any
duration, may include variable and floating rate instruments, and may include U.S. Treasury securities and other securities issued by the U.S. government and its agencies and instrumentalities, debt securities issued by corporations or trust entities, cash and cash equivalents, mortgage-backed securities and asset-backed securities. The manager also may invest in money market mutual funds and ETFs.
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MAHIX - Performance

Return Ranking - Trailing

Period MAHIX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.6% -8.0% 14.8% 16.69%
1 Yr 13.6% -6.3% 30.2% 34.61%
3 Yr 3.9%* -16.6% 16.8% 9.91%
5 Yr 4.8%* -14.0% 14.3% 7.04%
10 Yr N/A* -6.9% 6.8% N/A

* Annualized

Return Ranking - Calendar

Period MAHIX Return Category Return Low Category Return High Rank in Category (%)
2023 5.3% -12.0% 15.7% 8.26%
2022 -10.8% -31.8% 18.4% 36.99%
2021 0.6% -16.2% 25.7% 16.69%
2020 1.5% -31.1% 18.7% 54.40%
2019 4.5% -6.1% 15.3% 52.85%

Total Return Ranking - Trailing

Period MAHIX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.6% -8.0% 14.8% 16.69%
1 Yr 13.6% -6.3% 30.2% 34.61%
3 Yr 3.9%* -16.6% 16.8% 9.91%
5 Yr 4.8%* -14.0% 14.3% 7.04%
10 Yr N/A* -6.9% 6.8% N/A

* Annualized

Total Return Ranking - Calendar

Period MAHIX Return Category Return Low Category Return High Rank in Category (%)
2023 12.3% -6.9% 22.2% 5.66%
2022 -7.1% -31.8% 21.1% 37.15%
2021 4.7% -13.5% 49.9% 13.45%
2020 5.6% -28.6% 24.1% 50.35%
2019 8.4% -4.8% 19.1% 53.99%

NAV & Total Return History


MAHIX - Holdings

Concentration Analysis

MAHIX Category Low Category High MAHIX % Rank
Net Assets 90.9 M 2.53 M 143 B 86.14%
Number of Holdings 607 4 9195 42.59%
Net Assets in Top 10 21.5 M -204 M 80.4 B 88.27%
Weighting of Top 10 18.60% 6.2% 209.5% 71.38%

Top 10 Holdings

  1. FIXED INC CLEARING CORP.REPO 6.99%
  2. Fannie Mae Pool 2.11%
  3. State Street Institutional Treasury Money Market Fund 1.84%
  4. U.S. Treasury Notes 1.72%
  5. U.S. Treasury Notes 1.61%
  6. Eastern Power LLC Term Loan B 0.96%
  7. CCO Holdings LLC / CCO Holdings Capital Corp 0.95%
  8. Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 0.87%
  9. Bank of America Corp 0.78%
  10. System One Holdings LLC 2024 Term Loan B 0.77%

Asset Allocation

Weighting Return Low Return High MAHIX % Rank
Bonds
79.65% 0.00% 192.97% 70.06%
Other
18.54% -73.61% 112.16% 15.43%
Stocks
1.90% -4.92% 99.66% 33.80%
Preferred Stocks
1.89% 0.00% 26.42% 7.25%
Cash
0.09% -94.66% 91.07% 88.89%
Convertible Bonds
0.01% 0.00% 33.50% 83.52%

Stock Sector Breakdown

Weighting Return Low Return High MAHIX % Rank
Utilities
40.85% 0.00% 100.00% 8.83%
Energy
21.51% 0.00% 100.00% 38.18%
Real Estate
10.98% 0.00% 100.00% 17.95%
Basic Materials
7.44% 0.00% 100.00% 14.53%
Technology
6.06% 0.00% 28.30% 24.79%
Industrials
5.03% 0.00% 100.00% 35.04%
Healthcare
3.89% 0.00% 18.60% 21.94%
Communication Services
2.06% 0.00% 100.00% 36.47%
Consumer Cyclical
1.95% 0.00% 89.95% 37.04%
Consumer Defense
0.23% 0.00% 99.97% 33.33%
Financial Services
0.00% 0.00% 100.00% 60.68%

Stock Geographic Breakdown

Weighting Return Low Return High MAHIX % Rank
US
1.90% -4.84% 99.66% 32.41%
Non US
0.00% -0.26% 17.73% 32.25%

Bond Sector Breakdown

Weighting Return Low Return High MAHIX % Rank
Corporate
57.06% 0.00% 96.66% 26.43%
Government
16.95% 0.00% 99.43% 38.69%
Securitized
15.75% 0.00% 99.65% 54.94%
Cash & Equivalents
0.09% 0.00% 88.00% 87.46%
Municipal
0.00% 0.00% 54.26% 47.77%
Derivative
-0.01% -73.61% 112.16% 76.47%

Bond Geographic Breakdown

Weighting Return Low Return High MAHIX % Rank
US
78.62% 0.00% 192.97% 49.54%
Non US
1.03% 0.00% 74.14% 57.10%

MAHIX - Expenses

Operational Fees

MAHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.41% 0.03% 20.67% 40.15%
Management Fee 0.85% 0.00% 2.29% 76.26%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

MAHIX 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% 1.50% N/A

Trading Fees

MAHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 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.

MAHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 72.02% 0.00% 632.00% 44.32%

MAHIX - Distributions

Dividend Yield Analysis

MAHIX Category Low Category High MAHIX % Rank
Dividend Yield 6.16% 0.00% 23.30% 14.98%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

MAHIX Category Low Category High MAHIX % Rank
Net Income Ratio 3.11% -1.55% 11.51% 44.04%

Capital Gain Distribution Analysis

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

Distributions History

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MAHIX - Fund Manager Analysis

Managers

Anne Walsh


Start Date

Tenure

Tenure Rank

Sep 28, 2018

3.67

3.7%

Anne B. Walsh, Chief Investment Officer, Fixed Income, Senior Managing Director and Portfolio Manager of Guggenheim Partners. Ms. Walsh joined Guggenheim Partners (or its affiliate or predecessor) in 2007 is also the head of the Portfolio Construction Group and Portfolio Management. She oversees more than $185 billion in fixed-income investments including Agencies, Credit, Municipals, and Structured Securities. She is responsible for portfolio design, strategy, sector allocation and risk management, as well as conveying Guggenheim Partners' macroeconomic outlook to Portfolio Managers and fixed income Sector Specialists. Ms. Walsh specializes in liability-driven portfolio management. Prior to joining Guggenheim Partners, she served as Chief Investment Officer at Reinsurance Group of America, and also held roles at Zurich Scudder Investments, Lincoln Investment Management and American Bankers Insurance Group. She has earned the right to use the Chartered Financial Analyst® designation and is a member of the CFA Institute. Ms. Walsh received her BSBA and MBA from Auburn University and her J.D. from the University of Miami School of Law.

Jeremy DeGroot


Start Date

Tenure

Tenure Rank

Sep 28, 2018

3.67

3.7%

Jeremy DeGroot, CFA MA, Principal, Chief Investment Officer Jeremy joined Litman Gregory in 1999 and became a principal in 2003. He is responsible for overseeing the firm's manager due diligence, asset class research, and portfolio allocation decisions. Jeremy is also Portfolio Manager of the Litman Gregory Masters Alternative Strategies Fund and Co-Portfolio Manager of the Litman Gregory Masters Equity, International, and Smaller Companies funds. He is frequently quoted in the national media in the areas of asset allocation and manager selection. Jeremy holds the Chartered Financial Analyst® (CFA®) designation. Prior to joining Litman Gregory, Jeremy was an Economic Consulting Services Manager with KPMG Peat Marwick and was a Senior Economist with the Law & Economics Consulting Group. Jeremy is a graduate of University of Wisconsin - Madison (BS - Economics) and University of California - Berkeley (MA - Economics).

Andrew Hofer


Start Date

Tenure

Tenure Rank

Sep 28, 2018

3.67

3.7%

Mr. Hofer is Head of Taxable Fixed Income for BBH. Mr. Hofer joined BBH in 1988 and spent his first 10 years as both a generalist banker and then as a financial institutions specialist. He joined Investment Management in 1998 as Head of Insurance Asset Management, and from 2003-2006 was Investment Management's Chief Operating Officer and Head of Risk Management. Mr. Hofer earned a BA in East Asian studies from Yale, and an MIA (Master of International Affairs) from Columbia University. He is also the Chairman of Learning Ally, a not-for-profit provider and advocate of accessible learning materials.

Adam Bloch


Start Date

Tenure

Tenure Rank

Sep 28, 2018

3.67

3.7%

Adam Bloch, Managing Director and Portfolio Manager of Guggenheim Partners. Mr. Bloch joined Guggenheim Partners in 2012 and is a Portfolio Manager for the firm's Active Fixed Income and Total Return mandates. Mr. Bloch works with the Chief Investment Officers and other Portfolio Managers to develop portfolio strategy that is in line with the firm’s views. He oversees strategy implementation, working with research analysts and traders to generate trade ideas, hedge portfolios, and manage day-to-day risk. Prior to joining Guggenheim Partners, he worked in Leveraged Finance at Bank of America Merrill Lynch in New York where he structured high-yield bonds and leveraged loans for leveraged buyouts, restructurings, and corporate refinancings across multiple industries. Mr. Bloch graduated from the University of Pennsylvania.

Jack Chee


Start Date

Tenure

Tenure Rank

Sep 28, 2018

3.67

3.7%

Jack Chee Principal, Senior Research Analyst and Co-PortfolioManager Jack joined Litman Gregory in 2000 and became a principal in 2011. He is Co-Portfolio Manager of the Litman Gregory Masters Equity Fund, High Income Alternatives Fund, and Smaller Companies Fund. Jack's research responsibilities include asset-class analysis on the majority of fixed-income markets as well as the equity REIT market. He is also responsible for selecting and monitoring equity, fixed-income, and REIT money managers. His analysis appears regularly on AdvisorIntelligence. Prior to joining Litman Gregory, Jack was an analyst with Value Line Mutual Fund Survey. Jack is a graduate of Drexel University (BS - Mechanical Engineering).

B. Scott Minerd


Start Date

Tenure

Tenure Rank

Sep 28, 2018

3.67

3.7%

B. Scott Minerd, Chairman, Global Chief Investment Officer, Managing Partner and Portfolio Manager of Guggenheim Partners. Mr. Minerd joined Guggenheim Partners (or its affiliate or predecessor) in May 1998. Mr. Minerd leads Guggenheim Partners' research on global macroeconomics and guides the firm’s investment strategies.Previously, Mr. Minerd was a Managing Director with Credit Suisse First Boston in charge of trading and risk management for the Fixed Income Credit Trading Group. In this position, he was responsible for the corporate bond, preferred stock, money markets, U.S. government agency and sovereign debt, derivatives securities, structured debt and interest rate swaps trading business units. Prior to that, Mr. Minerd was Morgan Stanley’s London based European Capital Markets Products Trading and Risk Manager responsible for Eurobonds, Euro-MTNs, domestic European Bonds, FRNs, derivative securities and money market products in 12 European currencies and Asian markets. Mr. Minerd has also held capital markets positions with Merrill Lynch and Continental Bank. Prior to that, he was a Certified Public Accountant and worked for the public accounting firm of Price Waterhouse. Mr. Minerd is a member of the Federal Reserve Bank of New York’s Investor Advisory Committee on Financial Markets, helping advise the NY Fed President and senior management at the bank about the current financial markets and ways the public and private sectors can better understand and mitigate systematic risks. Mr. Minerd also works with the Organization for Economic Cooperation and Development (OECD), advising on research and analysis of private sector infrastructure investment, and is a contributing member of the World Economic Forum (WEF). He is a regularly featured guest and contributor to leading financial media outlets, including The Wall Street Journal, The Financial Times, Bloomberg, and CNBC, where he shares insights on today’s financial climate. Mr. Minerd holds a B.S. degree in Economics from the Wharton School, University of Pennsylvania, Philadelphia, and has completed graduate work at the University of Chicago Graduate School of Business and the Wharton School, University of Pennsylvania.

Derek Devens


Start Date

Tenure

Tenure Rank

Sep 28, 2018

3.67

3.7%

Derek Devens, CFA, is a Managing Director of Neuberger Berman Investment Advisers LLC. Mr. Devens joined Neuberger Berman Investment Advisers LLC in 2016 and is a Senior Portfolio Manager of the Options Group. Prior to joining Neuberger Berman Investment Advisers LLC, he was a member of the investment committee at another investment adviser since 2010, where he also served as a portfolio manager since 2012.

Neil Hohmann


Start Date

Tenure

Tenure Rank

Sep 28, 2018

3.67

3.7%

Mr. Hohmann has directed BBH’s structured products strategy and credit research since 2007. He is also involved in the management of BBH’s fixed income positions in financial companies. Prior to joining Brown Brothers in 2006, Mr. Hohmann was a director of structured products at Munich Re for four years and prior to that, a director of research in capital markets at Swiss Re. Mr. Hohmann graduated Magna Cum Laude with Distinction from Yale University and earned his PhD in Economics from the University of Chicago.

Steven Brown


Start Date

Tenure

Tenure Rank

Sep 28, 2018

3.67

3.7%

Steve Brown, Senior Managing Director and Portfolio Manager of Guggenheim Partners and Senior Managing Director and Portfolio Manager of Security Investors. He has co-managed Series E since 2016. Mr. Brown joined Guggenheim Investments in 2010 and is a Portfolio Manager for Guggenheim Partners' Active Fixed Income and Total Return mandates. He works with the Chief Investment Officers and other members of the Portfolio Management team to develop and execute portfolio strategy. Additionally, he works closely with the Sector Teams and Portfolio Construction Group. Prior to joining Portfolio Management in 2012, Brown worked in Guggenheim Partners' Asset Backed Securities group. His responsibilities on that team included trading and evaluating investment opportunities and monitoring credit performance. Prior to joining Guggenheim Partners in 2010, Mr. Brown held roles within structured products at ABN AMRO and Bank of America in Chicago and London. He has earned the right to use the Chartered Financial Analyst® designation and is a member of the CFA Institute.

Jason Steuerwalt


Start Date

Tenure

Tenure Rank

Sep 28, 2018

3.67

3.7%

Jason Steuerwalt is a senior Research Analyst at Litman Gregory Fund Advisors, LLC. Prior to joining LGAM in 2013, Steuerwalt was a Vice President with Hall Capital Partners, focusing on absolute return hedge funds and opportunistic/private credit strategies.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.72 3.19