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Trending ETFs

Mesirow High Yield Fund

mutual fund
MFHIX
Payout Change
Pending
Price as of:
$8.58 +0.0 +0.0%
primary theme
High Yield Bond
share class
MFHIX (Mutual Fund)

Mesirow High Yield Fund

Payout Change
Pending
Price as of:
$8.58 +0.0 +0.0%
primary theme
High Yield Bond
share class
MFHIX (Mutual Fund)

Mesirow High Yield Fund

Payout Change
Pending
Price as of:
$8.58 +0.0 +0.0%
primary theme
High Yield Bond
share class

Name

As of 10/03/2024

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

$8.58

$137 M

8.50%

$0.73

1.40%

Vitals

YTD Return

8.8%

1 yr return

14.9%

3 Yr Avg Return

3.6%

5 Yr Avg Return

6.0%

Net Assets

$137 M

Holdings in Top 10

18.2%

52 WEEK LOW AND HIGH

$8.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.40%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 71.00%

Redemption Fee 1.00%


Min Investment

Standard (Taxable)

$100,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/03/2024

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

$8.58

$137 M

8.50%

$0.73

1.40%

MFHIX - Profile

Distributions

  • YTD Total Return 8.8%
  • 3 Yr Annualized Total Return 3.6%
  • 5 Yr Annualized Total Return 6.0%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 7.29%
DIVIDENDS
  • Dividend Yield 8.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Mesirow High Yield Fund
  • Fund Family Name
    Mesirow Financial
  • Inception Date
    Dec 03, 2018
  • Shares Outstanding
    5071228
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Kevin Buckle

Fund Description

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in

high yield instruments (also known as “junk bonds”) and other financial instruments with economic characteristics similar to such instruments, such as derivatives and exchange-traded funds (“ETFs”). This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders.

High yield instruments in which the Fund may invest include domestic and foreign bonds (including corporate bonds), convertible securities, forward commitments, loan participations and assignments, preferred stocks and privately issued securities (e.g., Rule 144A securities) that are rated below investment grade by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by S&P Global Ratings (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, determined by MFIM to be of comparable quality.

The Fund may invest the remainder of its assets in investment grade instruments including securities issued or guaranteed by the U.S. Government and its agencies or instrumentalities, municipal bonds, corporate bonds, residential and commercial mortgage-backed securities, asset-backed securities, loan participations and assignments, U.S. dollar-denominated foreign debt securities and ETFs that invest in such instruments. The Fund may also invest up to 5% of its net assets in foreign currency-denominated securities. The Fund may also invest up to 10% of its net assets in securities and instruments that are economically tied to emerging market countries, which MFIM defines as those countries that are: (i) characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) included in an emerging markets index by a recognized index provider; or (iii) countries with similar developing or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase. The Fund may also invest in equity securities, which are ownership interests in a public or private company or partnership and consist of common stocks, warrants and rights to acquire common stock, and investments in master limited partnerships (“MLPs”). The Fund may invest in securities of companies with any market capitalization.

The Fund also may invest up to 5% of its net assets in derivative instruments, such as options, futures contracts or swap agreements, for bona fide hedging purposes, to gain exposure to certain markets or segments of markets, and for speculative purposes. From time to time, the Fund may experience significant inflows; if this occurs,

the Fund may, on a temporary or interim basis, invest these new assets (potentially in an amount which may approach up to 50% of the Fund’s total net assets if new flows were extremely large relative to the Fund’s current assets) in a combination of derivative instruments and other investment companies, including ETFs, until such time as MFIM can identify and invest in appropriate high yield instruments in accordance with the Fund’s principal strategy. The Fund may purchase or sell securities or other assets on a when-issued, delayed delivery or forward commitment basis. The Fund may borrow money for, among other reasons, cash management purposes, to obtain leverage and to meet redemptions.

The average portfolio duration of the Fund normally varies within two years (plus or minus) of the portfolio duration of the securities comprising the Bloomberg U.S. Corporate High-Yield Index, which as of September 30, 2023 was 3.47 years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in interest rates.

In selecting investments for the Fund, MFIM will consider the risks and opportunities presented by the industries within the high yield universe. MFIM evaluates the bond issuers within the selected industries and identifies those investments which MFIM believes have favorable risk reward characteristics and match MFIM’s investing philosophy. MFIM evaluates various criteria such as historical and future expected financial performance, management tenure and experience, capital structure, free cash flow generation, barriers to entry, security protections, yield and relative value, and ownership structure. MFIM targets investments that have individual yield premiums which appear to be favorable and are viewed by MFIM as having a comparable or lower probability of default and/or loss risk.

The Fund may invest in cash or money market instruments for the purpose of meeting redemption requests or making other anticipated cash payments.

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MFHIX - Performance

Return Ranking - Trailing

Period MFHIX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.8% -5.4% 15.3% 12.14%
1 Yr 14.9% 0.2% 20.0% 61.65%
3 Yr 3.6%* -14.8% 21.1% 21.69%
5 Yr 6.0%* -11.8% 37.6% 7.19%
10 Yr N/A* -5.1% 20.2% N/A

* Annualized

Return Ranking - Calendar

Period MFHIX Return Category Return Low Category Return High Rank in Category (%)
2023 3.4% -4.7% 14.3% 87.50%
2022 -18.9% -33.4% 3.6% 90.49%
2021 1.6% -8.4% 8.2% 14.63%
2020 -1.1% -13.2% 302.7% 69.70%
2019 3.6% -4.4% 13.3% 91.89%

Total Return Ranking - Trailing

Period MFHIX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.8% -5.4% 15.3% 12.14%
1 Yr 14.9% 0.2% 20.0% 61.65%
3 Yr 3.6%* -14.8% 21.1% 21.69%
5 Yr 6.0%* -11.8% 37.6% 7.19%
10 Yr N/A* -5.1% 20.2% N/A

* Annualized

Total Return Ranking - Calendar

Period MFHIX Return Category Return Low Category Return High Rank in Category (%)
2023 14.3% -4.7% 18.7% 7.31%
2022 -11.7% -33.4% 47.8% 73.44%
2021 10.7% -8.4% 12.4% 2.72%
2020 7.2% -9.6% 325.6% 19.44%
2019 13.0% -3.8% 19.4% 61.98%

NAV & Total Return History


MFHIX - Holdings

Concentration Analysis

MFHIX Category Low Category High MFHIX % Rank
Net Assets 137 M 3.13 M 23.6 B 80.42%
Number of Holdings 132 2 3879 90.41%
Net Assets in Top 10 26.4 M -492 M 5.25 B 77.07%
Weighting of Top 10 18.17% 4.2% 146.0% 25.04%

Top 10 Holdings

  1. BROWN BROTHERS HARRIMAN SWEEP INTEREST 3.64%
  2. ISHARES IBOXX HIGH YLD CORP MUTUAL FUND 2.66%
  3. GREENFIRE RESOURCES LTD 144A 12.000000% 10/01/2028 1.54%
  4. VENTURE GLOBAL LNG INC 144A 8.375000% 06/01/2031 1.50%
  5. CONDUENT BUSINESS SERVICES LLC / CONDUENT STATE 6.000000% 11/01/2029 1.48%
  6. TKC HOLDINGS INC 144A 6.875000% 05/15/2028 1.48%
  7. CONSENSUS CLOUD SOLUTIONS INC 144A 6.500000% 10/15/2028 1.47%
  8. SCIENTIFIC GAMES HOLDINGS LP/SCIENTIFIC GAMES US F 6.625000% 03/01/2030 1.47%
  9. TENNECO INC 144A 8.000000% 11/17/2028 1.47%
  10. ALLIED UNIVERSAL HOLDCO LLC 144A 7.875000% 02/15/2031 1.45%

Asset Allocation

Weighting Return Low Return High MFHIX % Rank
Bonds
93.86% 0.00% 145.36% 67.15%
Cash
3.64% -52.00% 48.02% 50.08%
Stocks
2.96% 0.00% 99.64% 20.71%
Convertible Bonds
1.39% 0.00% 17.89% 36.26%
Preferred Stocks
0.09% 0.00% 4.97% 34.47%
Other
0.00% -39.08% 99.96% 73.01%

Stock Sector Breakdown

Weighting Return Low Return High MFHIX % Rank
Utilities
0.00% 0.00% 100.00% 68.49%
Technology
0.00% 0.00% 33.17% 66.54%
Real Estate
0.00% 0.00% 86.71% 68.49%
Industrials
0.00% 0.00% 93.12% 72.80%
Healthcare
0.00% 0.00% 22.17% 68.30%
Financial Services
0.00% 0.00% 100.00% 69.86%
Energy
0.00% 0.00% 100.00% 89.04%
Communication Services
0.00% 0.00% 99.99% 76.71%
Consumer Defense
0.00% 0.00% 100.00% 66.93%
Consumer Cyclical
0.00% 0.00% 100.00% 0.59%
Basic Materials
0.00% 0.00% 100.00% 75.73%

Stock Geographic Breakdown

Weighting Return Low Return High MFHIX % Rank
US
2.96% 0.00% 99.64% 20.81%
Non US
0.00% -0.01% 0.83% 66.34%

Bond Sector Breakdown

Weighting Return Low Return High MFHIX % Rank
Corporate
97.48% 0.00% 100.00% 22.64%
Cash & Equivalents
3.64% 0.00% 48.02% 44.07%
Derivative
0.00% -14.19% 42.26% 66.99%
Securitized
0.00% 0.00% 97.24% 78.99%
Municipal
0.00% 0.00% 1.17% 61.89%
Government
0.00% 0.00% 99.07% 70.85%

Bond Geographic Breakdown

Weighting Return Low Return High MFHIX % Rank
US
93.86% 0.00% 126.57% 49.43%
Non US
0.00% 0.00% 96.91% 75.12%

MFHIX - Expenses

Operational Fees

MFHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.40% 0.02% 38.33% 24.51%
Management Fee 0.55% 0.00% 1.75% 48.46%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

MFHIX 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

MFHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 2.00% 75.00%

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.

MFHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 71.00% 1.00% 255.00% 67.50%

MFHIX - Distributions

Dividend Yield Analysis

MFHIX Category Low Category High MFHIX % Rank
Dividend Yield 8.50% 0.00% 11.76% 0.81%

Dividend Distribution Analysis

MFHIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

MFHIX Category Low Category High MFHIX % Rank
Net Income Ratio 7.29% -2.39% 9.30% 1.16%

Capital Gain Distribution Analysis

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

Distributions History

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MFHIX - Fund Manager Analysis

Managers

Kevin Buckle


Start Date

Tenure

Tenure Rank

Dec 03, 2018

3.49

3.5%

Mr. Buckle High Yield Portfolio Manager. He joined Grandview Capital in June 2002 as a Portfolio Manager and was previously Managing Director at Willow Brook Capital, a private equity boutique. From 1994 to 2001, he was a Vice President, Director, and Senior Vice President and Portfolio Manager of SunAmerica Investments, where he co-managed high yield bond, leveraged loan, and structured product portfolios. Mr. Buckle earned a B.S. in finance and accounting in 1986 and an M.B.A. with honors in 1990 from the University of Southern California. Mr. Buckle is a Chartered Financial Analyst.

James Lisko


Start Date

Tenure

Tenure Rank

Dec 03, 2018

3.49

3.5%

James Lisko, Managing Director and Portfolio Manager, serves as a portfolio manager for Mesirow Financial Investment Management, Inc. Mr. Lisko joined Mesirow Financial in 2017. Prior to joining Mesirow Financial in 2017, Mr. Lisko was a senior vice president at Pacific Income Advisers from 2010 to 2017. Previously, he was a portfolio manager at Grandview Capital, portfolio manager at JPBT Advisors, senior analyst at Western Asset Management and SunAmerica Investments, and a director of research at Papillon Partners. Mr. Lisko earned an undergraduate degree in Finance from Ohio State University and an M.B.A. from the University of Miami. Mr. Lisko has 25 years of industry experience.

Robert Sydow


Start Date

Tenure

Tenure Rank

Dec 03, 2018

3.49

3.5%

Robert Sydow is Senior Managing Director, Chief Investment Officer, and Portfolio Manager at Mesirow Financial Investment Management, Inc. Mr. Sydow joined Mesirow Financial in 2017. Prior to joining Mesirow Financial, Mr. Sydow was a senior vice president at Pacific Income Advisers from 2010 to 2017. Previously, he founded Grandview Capital and served in multiple positions at SunAmerica Investments’ High Yield Bond Department. Mr. Sydow also held multiple positions at First Interstate Bancorp and Atlantic Richfield Company. He earned joint undergraduate degrees in Economics and History, graduating summa cum laude, and an M.B.A. and J.D. from UCLA. Mr. Sydow has 30 years of industry experience.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.3 8.17