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METROPOLITAN WEST HIGH YIELD BOND FUND
MWHYX (Mutual Fund)
METROPOLITAN WEST HIGH YIELD BOND FUND
Name
As of 10/04/2024Price
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
Vitals
YTD Return
6.9%
1 yr return
14.2%
3 Yr Avg Return
1.5%
5 Yr Avg Return
4.0%
Net Assets
$469 M
Holdings in Top 10
19.6%
52 WEEK LOW AND HIGH
$9.5
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.92%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 117.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$5,000
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/04/2024Price
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
MWHYX - Profile
Distributions
- YTD Total Return 6.9%
- 3 Yr Annualized Total Return 1.5%
- 5 Yr Annualized Total Return 4.0%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 3.61%
- Dividend Yield 5.9%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameMETROPOLITAN WEST HIGH YIELD BOND FUND
-
Fund Family NameTCW Family of Investment Companies
-
Inception DateSep 30, 2002
-
Shares OutstandingN/A
-
Share ClassM
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerLaird Landmann
Fund Description
The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in high yield bonds (commonly known as “junk bonds”), which are bonds rated below investment grade or unrated bonds determined by the Adviser to be of comparable quality. The remainder of the Fund’s net assets may be invested in investment grade securities rated by one of the nationally recognized statistical rating organizations or, if unrated, determined by the Adviser to be of comparable quality.
Under normal circumstances, the Fund’s portfolio duration is two to eight years and the Fund’s dollar-weighted average maturity ranges from two to fifteen years. 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. The Fund invests in the U.S. and abroad, including emerging markets, and may purchase securities of varying maturities issued by domestic and foreign corporations and governments. The Adviser focuses the Fund’s portfolio holdings in areas of the bond market that the Adviser believes to be relatively undervalued, based on its analysis of quality, sector, coupon or maturity, and that the
Adviser believes offer attractive prospective risk-adjusted returns compared to other segments of the bond market. The Fund may invest up to 25% of its assets in foreign securities that are denominated in U.S. dollars. The Fund may invest up to 15% of its assets in securities of foreign issuers that are not denominated in U.S. dollars. The Fund may invest up to 10% of its assets in emerging market securities.
The Fund’s investments include various types of bonds and debt securities, including corporate bonds, mezzanine investments, swaps (including credit default swaps), currency futures and options, bank loans, preferred stock, mortgage-related and asset-backed securities (including collateralized debt obligations, which in turn include collateralized bond obligations and collateralized loan obligations), foreign securities, U.S. Treasuries and agency securities, private placements, defaulted debt securities and restricted securities, cash and cash equivalents; and common stocks or other equity securities, such as warrants. The Fund’s fixed income investments may have interest rates that are fixed, variable or floating.
Derivatives are used in an effort to hedge investments, for risk management, or to increase income or gains for the Fund. The Fund may also seek to obtain market exposure to the securities in which it invests by entering into a series of purchase and sale contracts or by using other investment techniques such as reverse repurchase agreements. The Fund may normally borrow or short sell up to 33 1/3% of the value of its total assets. The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.
MWHYX - Performance
Return Ranking - Trailing
| Period | MWHYX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 6.9% | -5.4% | 15.3% | 62.46% |
| 1 Yr | 14.2% | 0.2% | 20.0% | 71.84% |
| 3 Yr | 1.5%* | -14.8% | 21.1% | 79.64% |
| 5 Yr | 4.0%* | -11.8% | 37.6% | 45.26% |
| 10 Yr | 3.9%* | -5.1% | 20.2% | 49.53% |
* Annualized
Return Ranking - Calendar
| Period | MWHYX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.9% | -4.7% | 14.3% | 80.03% |
| 2022 | -15.8% | -33.4% | 3.6% | 54.43% |
| 2021 | -0.1% | -8.4% | 8.2% | 54.08% |
| 2020 | 7.4% | -13.2% | 302.7% | 2.98% |
| 2019 | 7.7% | -4.4% | 13.3% | 56.40% |
Total Return Ranking - Trailing
| Period | MWHYX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 6.9% | -5.4% | 15.3% | 62.46% |
| 1 Yr | 14.2% | 0.2% | 20.0% | 71.84% |
| 3 Yr | 1.5%* | -14.8% | 21.1% | 79.64% |
| 5 Yr | 4.0%* | -11.8% | 37.6% | 45.26% |
| 10 Yr | 3.9%* | -5.1% | 20.2% | 49.53% |
* Annualized
Total Return Ranking - Calendar
| Period | MWHYX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 11.3% | -4.7% | 18.7% | 70.62% |
| 2022 | -11.1% | -33.4% | 47.8% | 58.69% |
| 2021 | 3.6% | -8.4% | 12.4% | 80.10% |
| 2020 | 11.8% | -9.6% | 325.6% | 2.45% |
| 2019 | 12.7% | -3.8% | 19.4% | 66.85% |
NAV & Total Return History
MWHYX - Holdings
Concentration Analysis
| MWHYX | Category Low | Category High | MWHYX % Rank | |
|---|---|---|---|---|
| Net Assets | 469 M | 3.13 M | 23.6 B | 53.56% |
| Number of Holdings | 291 | 2 | 3879 | 61.95% |
| Net Assets in Top 10 | 90.3 M | -492 M | 5.25 B | 51.06% |
| Weighting of Top 10 | 19.65% | 4.2% | 146.0% | 20.98% |
Top 10 Holdings
- MSILF Government Portfolio 4.45%
- United States Treasury Bill 2.17%
- United States Treasury Bill 2.13%
- Dreyfus Government Cash Management 1.89%
- Tenet Healthcare Corp 1.70%
- Centene Corp 1.70%
- CCO Holdings LLC / CCO Holdings Capital Corp 1.64%
- TransDigm Inc 1.44%
- Ford Motor Credit Co LLC 1.32%
- Ford Motor Credit Co LLC 1.19%
Asset Allocation
| Weighting | Return Low | Return High | MWHYX % Rank | |
|---|---|---|---|---|
| Bonds | 93.81% | 0.00% | 145.36% | 67.31% |
| Cash | 6.35% | -52.00% | 48.02% | 23.41% |
| Stocks | 0.62% | 0.00% | 99.64% | 40.29% |
| Convertible Bonds | 0.59% | 0.00% | 17.89% | 70.73% |
| Other | 0.13% | -39.08% | 99.96% | 32.85% |
| Preferred Stocks | 0.00% | 0.00% | 4.97% | 51.22% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | MWHYX % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 100.00% | 33.96% |
| Technology | 0.00% | 0.00% | 33.17% | 33.21% |
| Real Estate | 0.00% | 0.00% | 86.71% | 22.89% |
| Industrials | 0.00% | 0.00% | 93.12% | 42.59% |
| Healthcare | 0.00% | 0.00% | 22.17% | 32.27% |
| Financial Services | 0.00% | 0.00% | 100.00% | 39.59% |
| Energy | 0.00% | 0.00% | 100.00% | 1.13% |
| Communication Services | 0.00% | 0.00% | 99.99% | 52.72% |
| Consumer Defense | 0.00% | 0.00% | 100.00% | 28.33% |
| Consumer Cyclical | 0.00% | 0.00% | 100.00% | 40.34% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 44.09% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | MWHYX % Rank | |
|---|---|---|---|---|
| US | 0.62% | 0.00% | 99.64% | 39.67% |
| Non US | 0.00% | -0.01% | 0.83% | 33.66% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | MWHYX % Rank | |
|---|---|---|---|---|
| Corporate | 89.91% | 0.00% | 100.00% | 81.27% |
| Cash & Equivalents | 6.35% | 0.00% | 48.02% | 22.76% |
| Securitized | 0.32% | 0.00% | 97.24% | 30.46% |
| Derivative | 0.13% | -14.19% | 42.26% | 19.02% |
| Government | 0.11% | 0.00% | 99.07% | 26.71% |
| Municipal | 0.00% | 0.00% | 1.17% | 23.45% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | MWHYX % Rank | |
|---|---|---|---|---|
| US | 91.09% | 0.00% | 126.57% | 67.80% |
| Non US | 2.72% | 0.00% | 96.91% | 24.55% |
MWHYX - Expenses
Operational Fees
| MWHYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.92% | 0.02% | 38.33% | 54.22% |
| Management Fee | 0.50% | 0.00% | 1.75% | 29.34% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 24.26% |
| Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
| MWHYX 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
| MWHYX 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.
| MWHYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 117.00% | 1.00% | 255.00% | 92.54% |
MWHYX - Distributions
Dividend Yield Analysis
| MWHYX | Category Low | Category High | MWHYX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 5.87% | 0.00% | 11.76% | 31.66% |
Dividend Distribution Analysis
| MWHYX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Quarterly | Monthly | Monthly |
Net Income Ratio Analysis
| MWHYX | Category Low | Category High | MWHYX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 3.61% | -2.39% | 9.30% | 82.78% |
Capital Gain Distribution Analysis
| MWHYX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Sep 30, 2024 | $0.047 | OrdinaryDividend |
| Aug 30, 2024 | $0.046 | OrdinaryDividend |
| Jul 31, 2024 | $0.050 | OrdinaryDividend |
| Apr 30, 2024 | $0.052 | OrdinaryDividend |
| Mar 28, 2024 | $0.054 | OrdinaryDividend |
| Feb 29, 2024 | $0.048 | OrdinaryDividend |
| Jan 31, 2024 | $0.052 | OrdinaryDividend |
| Dec 29, 2023 | $0.052 | OrdinaryDividend |
| Nov 30, 2023 | $0.050 | OrdinaryDividend |
| Oct 31, 2023 | $0.052 | OrdinaryDividend |
| Sep 29, 2023 | $0.049 | OrdinaryDividend |
| Aug 31, 2023 | $0.051 | OrdinaryDividend |
| Jul 31, 2023 | $0.049 | OrdinaryDividend |
| Jun 30, 2023 | $0.047 | OrdinaryDividend |
| May 31, 2023 | $0.048 | OrdinaryDividend |
| Apr 28, 2023 | $0.045 | OrdinaryDividend |
| Mar 31, 2023 | $0.048 | OrdinaryDividend |
| Feb 28, 2023 | $0.042 | OrdinaryDividend |
| Jan 31, 2023 | $0.045 | OrdinaryDividend |
| Dec 30, 2022 | $0.043 | OrdinaryDividend |
| Nov 30, 2022 | $0.043 | OrdinaryDividend |
| Oct 31, 2022 | $0.042 | OrdinaryDividend |
| Sep 30, 2022 | $0.042 | OrdinaryDividend |
| Aug 31, 2022 | $0.040 | OrdinaryDividend |
| Jul 29, 2022 | $0.043 | OrdinaryDividend |
| Jun 30, 2022 | $0.039 | OrdinaryDividend |
| May 31, 2022 | $0.041 | OrdinaryDividend |
| Apr 29, 2022 | $0.036 | OrdinaryDividend |
| Mar 31, 2022 | $0.039 | OrdinaryDividend |
| Feb 28, 2022 | $0.033 | OrdinaryDividend |
| Jan 31, 2022 | $0.036 | OrdinaryDividend |
| Dec 31, 2021 | $0.033 | OrdinaryDividend |
| Nov 30, 2021 | $0.031 | OrdinaryDividend |
| Oct 29, 2021 | $0.031 | OrdinaryDividend |
| Sep 30, 2021 | $0.028 | OrdinaryDividend |
| Aug 31, 2021 | $0.032 | OrdinaryDividend |
| Jul 30, 2021 | $0.030 | OrdinaryDividend |
| Jun 30, 2021 | $0.030 | OrdinaryDividend |
| May 28, 2021 | $0.032 | OrdinaryDividend |
| Apr 30, 2021 | $0.029 | OrdinaryDividend |
| Mar 31, 2021 | $0.030 | OrdinaryDividend |
| Feb 26, 2021 | $0.026 | OrdinaryDividend |
| Jan 29, 2021 | $0.029 | OrdinaryDividend |
| Dec 31, 2020 | $0.029 | OrdinaryDividend |
| Nov 30, 2020 | $0.028 | OrdinaryDividend |
| Oct 30, 2020 | $0.032 | OrdinaryDividend |
| Sep 30, 2020 | $0.032 | OrdinaryDividend |
| Aug 31, 2020 | $0.030 | OrdinaryDividend |
| Jul 31, 2020 | $0.033 | OrdinaryDividend |
| Jun 30, 2020 | $0.033 | OrdinaryDividend |
| May 29, 2020 | $0.034 | OrdinaryDividend |
| Apr 30, 2020 | $0.029 | OrdinaryDividend |
| Mar 31, 2020 | $0.035 | OrdinaryDividend |
| Feb 28, 2020 | $0.031 | OrdinaryDividend |
| Jan 31, 2020 | $0.032 | OrdinaryDividend |
| Dec 31, 2019 | $0.032 | OrdinaryDividend |
| Nov 29, 2019 | $0.030 | OrdinaryDividend |
| Oct 31, 2019 | $0.031 | OrdinaryDividend |
| Sep 30, 2019 | $0.032 | OrdinaryDividend |
| Aug 30, 2019 | $0.034 | OrdinaryDividend |
| Jul 31, 2019 | $0.035 | OrdinaryDividend |
| Dec 12, 2014 | $0.010 | CapitalGainShortTerm |
| Dec 12, 2014 | $0.127 | CapitalGainLongTerm |
| Dec 13, 2013 | $0.170 | CapitalGainShortTerm |
| Dec 13, 2013 | $0.112 | CapitalGainLongTerm |
| Dec 14, 2012 | $0.047 | CapitalGainShortTerm |
| Dec 14, 2012 | $0.005 | CapitalGainLongTerm |
| Dec 12, 2011 | $0.048 | CapitalGainShortTerm |
| Dec 12, 2011 | $0.070 | CapitalGainLongTerm |
| Dec 13, 2010 | $0.001 | CapitalGainShortTerm |
| Dec 13, 2010 | $0.048 | CapitalGainLongTerm |
| Dec 14, 2009 | $0.036 | CapitalGainShortTerm |
| Dec 14, 2005 | $0.202 | CapitalGainShortTerm |
| Dec 14, 2005 | $0.119 | CapitalGainLongTerm |
| Dec 31, 2004 | $0.855 | CapitalGainShortTerm |
| Dec 31, 2004 | $0.182 | CapitalGainLongTerm |
| Dec 12, 2003 | $0.390 | CapitalGainShortTerm |
| Dec 12, 2003 | $0.004 | CapitalGainLongTerm |
MWHYX - Fund Manager Analysis
Managers
Laird Landmann
Start Date
Tenure
Tenure Rank
Sep 30, 2002
19.68
19.7%
Laird R. Landmann Group Managing Director Co-Director Fixed Income U.S. Fixed Income Mr. Landmann is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). Mr. Landmann currently serves on the boards of the Trust Company of the West and the Metropolitan West Mutual Funds. He is a leader of the MetWest investment team that was recognized as Morningstar's Fixed Income Manager of the Year for 2005 and has been nominated for the award eight times. Prior to founding MetWest in 1996, Mr. Landmann was a principal and the co-director of fixed income at Hotchkis and Wiley. He also served as a portfolio manager and vice president at PIMCO. Mr. Landmann holds an AB in Economics from Dartmouth College and an MBA from the University of Chicago Booth School of Business.
Stephen Kane
Start Date
Tenure
Tenure Rank
Sep 30, 2002
19.68
19.7%
Stephen M. Kane, CFA Group Managing Director U.S. Fixed Income Mr. Kane is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). At MetWest, Mr. Kane was responsible for leading MetWest's AlphaTrak, Ultra Short and Liability Driven Investment (LDI) products, and he co-manages many of the firm's mutual funds. Under his co-leadership, the MetWest investment team was recognized as Morningstar's Fixed Income Manager of the Year for 2005. Prior to establishing MetWest, he was a fixed income portfolio manager at Hotchkis and Wiley. He also served as a Vice President at PIMCO. Mr. Kane earned a BS in Business from the University of California, Berkeley and an MBA from the University of Chicago Booth School of Business.
Jerry Cudzil
Start Date
Tenure
Tenure Rank
Dec 31, 2019
2.42
2.4%
Jerry Cudzil is a Managing Director of the Metropolitan West Asset Management, LLC, has been with the Metropolitan West Asset Management, LLC since May, 2012. From June, 2004, until May 2010, Mr. Cudzil was a portfolio manager for Dimaio Ahman Capital. From May, 2010 until May, 2011, Mr. Cudzil was a high yield bond trader with Morgan Stanley & Co., and from September, 2011 until May, 2012, he was a high yield bond trader with Deutsche Bank.
Steven Purdy
Start Date
Tenure
Tenure Rank
Dec 31, 2019
2.42
2.4%
Managing Director of Metropolitan West Asset Management since March 2016. Prior to joining Metropolitan, Mr. Purdy was a Managing Director at TPG Capital and Goldman Sachs. Mr. Purdy manages the High Yield Bond Fund.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.13 | 37.79 | 7.3 | 8.17 |
