Home
Guide
Picks
High Yield
Dates
Monthly
Screener
Resources
ESG
Retire
Channels
Continue to site >
Trending ETFs

Muzinich Low Duration Fund

mutual fund
MZLSX
Payout Change
Pending
Price as of:
$9.63 +0.0 +0.0%
primary theme
Bond Sector Diversified
share class
Instl (MZLSX)
MZLSX (Mutual Fund)

Muzinich Low Duration Fund

Payout Change
Pending
Price as of:
$9.63 +0.0 +0.0%
primary theme
Bond Sector Diversified
share class
Instl (MZLSX)
MZLSX (Mutual Fund)

Muzinich Low Duration Fund

Payout Change
Pending
Price as of:
$9.63 +0.0 +0.0%
primary theme
Bond Sector Diversified
share class
Instl (MZLSX)

Name

As of 12/13/2024

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

Muzinich Low Duration Fund

MZLSX | Fund

$9.63

$1.17 B

4.03%

$0.39

0.58%

Vitals

YTD Return

9.1%

1 yr return

6.7%

3 Yr Avg Return

3.3%

5 Yr Avg Return

3.1%

Net Assets

$1.17 B

Holdings in Top 10

7.4%

52 WEEK LOW AND HIGH

$9.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.58%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 69.00%

Redemption Fee 1.00%

Min Investment

Standard (Taxable)

$5,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/13/2024

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

Muzinich Low Duration Fund

MZLSX | Fund

$9.63

$1.17 B

4.03%

$0.39

0.58%

MZLSX - Profile

Distributions

  • YTD Total Return 9.1%
  • 3 Yr Annualized Total Return 3.3%
  • 5 Yr Annualized Total Return 3.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.46%
DIVIDENDS
  • Dividend Yield 4.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Muzinich Low Duration Fund
  • Fund Family Name
    Muzinich
  • Inception Date
    Jun 30, 2016
  • Shares Outstanding
    49671116
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Tatjana Greil-Castro

Fund Description

The Muzinich Low Duration Fund normally invests at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in a well-diversified portfolio of corporate bonds and syndicated loans, including floating rate loans and restricted securities such as bonds issued pursuant to Rule 144A. Like bonds, syndicated loans represent amounts borrowed by companies or other entities. Investments are primarily made in securities of companies domiciled in or with principal business in developed markets, both outside and within the United States. The Fund may have a majority of its assets in foreign fixed income securities, with permitted-currency emerging market exposure not to exceed 20% of the Fund’s net assets. The permitted currencies of the Fund’s securities will be U.S. dollars (USD), euros (EUR), Swiss francs (CHF), and British pounds (GBP). The Fund may invest up to 25% of its net assets in the banking sector and up to 20% of its net assets in the diversified financials sector.
The Advisor may manage and adjust overall portfolio duration and credit risk exposure by the strategic use of derivatives that are primarily used to reduce portfolio volatility. In this context, the Advisor would expect to principally use credit index derivatives or options thereon and/or futures and options on primarily U.S. Treasurys and other developed market government bonds to manage portfolio duration and credit spread sensitivity. The Advisor generally focuses on risk management from a long-term perspective, rather than only being reactive to intermittent periods of market volatility, thus allowing portfolio management to focus on long-term investing.
The Fund’s holdings maintain an average investment grade rating of at least Baa3 or BBB- according to the Manager’s compilation of the highest ratings available for each bond from Moody’s, Standard & Poor’s, or Fitch, as applicable. The Advisor will assign a rating to unrated bonds for this purpose. No more than 40% of the Fund’s net assets may be “junk bonds” rated, by the highest rating available for each issue, below investment grade (Ba1 or BB1, as applicable) by Moody’s, Standard & Poor’s or Fitch, or as deemed equivalent by the Advisor. As this is a credit-focused fund, investments may also include asset-backed securities (“ABS”) including mortgage-backed securities (“MBS”) and securities backed by other forms of loans or securities. The Fund may invest in mutual funds (including affiliated mutual funds) and/or exchange-traded funds (“ETFs”) which invest principally in any of the previously mentioned types of fixed income securities and such investments in fixed income mutual funds and ETFs will be included in the Fund’s 80% test. The mutual funds and ETFs in which the Fund invests have an investment objective similar to that of the Fund or are otherwise permitted investments in accordance with the Fund’s investment policies described herein.
The Advisor seeks to reduce, but cannot eliminate, the risk to the Fund from rising interest rates, which will typically result in falling bond prices, by investing principally in securities with shorter durations. The Low Duration Fund’s average “duration-to-worst” profile is usually targeted at no more than two years, and, under normal market conditions, is not expected to exceed three years. Duration-to-worst 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. Due to market fluctuations, the average “duration-to-worst” profile of the portfolio may vary from time to time. It is anticipated that most bonds in the portfolio will
have a remaining maturity of between zero and ten years. The Advisor believes that this short duration approach reduces the risk to the portfolio from rising interest rates, but cannot eliminate it entirely.
Although the Advisor will consider ratings assigned by ratings agencies in selecting the portfolio’s debt instruments, it relies principally on its own research and investment analysis. As applicable, the Advisor considers both company-specific quantitative and qualitative factors such as: a company’s managerial strength and commitment to debt repayment, anticipated cash flow, debt maturity schedules, borrowing requirements, use of borrowing proceeds, asset coverage and earnings prospects; legislation, regulation, litigation,transparency, market perspective or other environmental, social and governance (ESG) risks; and the strength and depth of the protections afforded the lender through the documentation governing the bond or syndicated loan issuance. The types of ESG factors that the Advisor believes can impact financial risks derive from, among other issues: changes to regulations, changes to consumer preferences, technology advancements, physical or transitional climate impacts, litigation risks, efficiency, brand value, innovation, market disruption/obsolescence, respect for human rights, anti-corruption, anti-bribery matters, and social license to operate. As a result of considering ESG factors in the Advisor’s investment decision process, an investment may be excluded or rejected where Muzinich believes those factors imply heightened risk of decreased liquidity of an investment and/or other negative financial impacts. In line with this, securities ineligible for investment by the Norges Bank Investment Management Company are also ineligible for inclusion in the Fund.
The portfolio is actively managed and the Fund may sell a holding when it has already met or no longer meets the portfolio managers’ expectations, no longer offers compelling relative value, shows deteriorating fundamentals, or it falls short of the portfolio managers’ expectations. The portfolio managers may also decide to continue to hold a bond or loan (or related securities) after a default.
Read More

MZLSX - Performance

Return Ranking - Trailing

Period MZLSX Return Category Return Low Category Return High Rank in Category (%)
YTD 9.1% -11.1% 18.9% 10.22%
1 Yr 6.7% -9.2% 20.8% 61.61%
3 Yr 3.3%* -16.9% 16.8% 19.84%
5 Yr 3.1%* -14.7% 13.4% 30.54%
10 Yr N/A* -7.0% 7.1% N/A

* Annualized

Return Ranking - Calendar

Period MZLSX Return Category Return Low Category Return High Rank in Category (%)
2023 2.5% -12.0% 8.9% 58.89%
2022 -7.0% -31.8% 18.4% 19.81%
2021 -3.7% -16.2% 25.7% 84.10%
2020 0.5% -31.1% 18.7% 62.75%
2019 5.5% -6.1% 15.3% 39.31%

Total Return Ranking - Trailing

Period MZLSX Return Category Return Low Category Return High Rank in Category (%)
YTD 9.1% -11.1% 18.9% 10.22%
1 Yr 6.7% -9.2% 20.8% 61.61%
3 Yr 3.3%* -16.9% 16.8% 19.84%
5 Yr 3.1%* -14.7% 13.4% 30.54%
10 Yr N/A* -7.0% 7.1% N/A

* Annualized

Total Return Ranking - Calendar

Period MZLSX Return Category Return Low Category Return High Rank in Category (%)
2023 11.3% -6.9% 22.2% 8.96%
2022 0.1% -31.8% 21.1% 4.75%
2021 3.1% -13.5% 49.9% 32.13%
2020 3.8% -28.6% 24.1% 64.53%
2019 14.6% -4.8% 19.1% 2.70%

NAV & Total Return History

MZLSX - Holdings

Concentration Analysis

MZLSX Category Low Category High MZLSX % Rank
Net Assets 1.17 B 2.63 M 143 B 40.45%
Number of Holdings 513 4 9638 49.14%
Net Assets in Top 10 84.4 M -204 M 89.4 B 69.73%
Weighting of Top 10 7.37% 5.8% 265.8% 96.86%

Top 10 Holdings

  1. First American Treasury Obligations Fund 1.56%
  2. CK Hutchison International 24 Ltd 0.73%
  3. AIB Group PLC 0.70%
  4. AIB Group PLC 0.68%
  5. Standard Chartered PLC 0.67%
  6. Jaguar Land Rover Automotive PLC 0.65%
  7. HSBC Holdings PLC 0.63%
  8. Bank of America Corp 0.60%
  9. Societe Generale SA 0.58%
  10. Leasys SpA 0.58%

Asset Allocation

Weighting Return Low Return High MZLSX % Rank
Bonds 		98.82% 0.00% 199.60% 23.56%
Convertible Bonds 		9.19% 0.00% 33.50% 4.97%
Cash 		1.79% -94.66% 99.97% 68.33%
Stocks 		0.00% -6.18% 99.68% 74.88%
Preferred Stocks 		0.00% 0.00% 21.58% 52.57%
Other 		-0.61% -75.22% 147.15% 92.98%

Bond Sector Breakdown

Weighting Return Low Return High MZLSX % Rank
Corporate 		51.90% 0.00% 96.66% 30.92%
Securitized 		2.15% 0.00% 99.65% 84.38%
Cash & Equivalents 		1.56% 0.00% 94.89% 68.54%
Government 		0.92% 0.00% 99.43% 80.84%
Municipal 		0.00% 0.00% 54.26% 46.86%
Derivative 		-0.61% -75.22% 147.15% 89.51%

Bond Geographic Breakdown

Weighting Return Low Return High MZLSX % Rank
US 		52.70% 0.00% 199.60% 78.16%
Non US 		46.12% 0.00% 74.14% 5.46%

MZLSX - Expenses

Operational Fees

MZLSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.58% 0.03% 34.13% 93.31%
Management Fee 0.45% 0.00% 2.29% 15.17%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

MZLSX 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

MZLSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 0.50% 2.00% 53.85%

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.

MZLSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 69.00% 0.00% 632.00% 40.94%

MZLSX - Distributions

Dividend Yield Analysis

MZLSX Category Low Category High MZLSX % Rank
Dividend Yield 4.03% 0.00% 23.30% 50.85%

Dividend Distribution Analysis

MZLSX Category Low Category High Category Mod
Dividend Distribution Frequency None SemiAnnual Monthly Quarterly

Net Income Ratio Analysis

MZLSX Category Low Category High MZLSX % Rank
Net Income Ratio 2.46% -1.55% 11.51% 66.72%

Capital Gain Distribution Analysis

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

Distributions History

View More +

MZLSX - Fund Manager Analysis

Managers

Tatjana Greil-Castro

Start Date

Tenure

Tenure Rank

Jun 29, 2016

5.92

5.9%

Tatjana Greil-Castro joined Muzinich in 2007. Tatjana is a Portfolio Manager with 18 years of corporate credit experience. Prior to joining Muzinich, Tatjana worked for Metlife Investments, where she served as an Associate Director of the High Return Unit. Earlier, Tatjana worked as Senior Portfolio Manager in European high yield for Fortis Investments and as a portfolio manager and credit analyst at Legal & General Investment Management. She started her career as a high yield telecom analyst with Merrill Lynch in 1999. She has a Ph.D. from the London School of Economics & Political Science, a Masters from the Kiel Institute of World Economics in Germany, and an M.Sc./B.S. in Economics from the University of Vienna.

Ian Horn

Start Date

Tenure

Tenure Rank

Apr 30, 2020

2.08

2.1%

Ian Horn joined Muzinich in 2013. Ian is a Portfolio Manager on Muzinich’s Investment Grade strategies with seven years of corporate credit experience. Ian also has credit analysis responsibilities within the utilities, real estate and transportation industries. Prior to joining Muzinich, Ian spent 2 years at the Royal Bank of Canada in their Wealth Management division, and previously worked at Lazard and JP Morgan. Ian earned a Masters in Engineering from the University of Oxford, where he received academic awards including a scholarship from the Institution of Mechanical Engineers. Ian holds the Chartered Financial Analyst designation.

Joseph Galzerano

Start Date

Tenure

Tenure Rank

May 01, 2021

1.08

1.1%

Joseph joined Muzinich in 2010. He is a Portfolio Manager focusing on U.S. high yield. Prior to joining Muzinich, Joseph worked at Babson Capital Management where he was Managing Director and Senior Investment Analyst. Previously, he held Senior Analyst positions in high yield research at CIBC World Markets and Citicorp Securities. Joseph earned a B.A., Epsilon Sigma Pi, cum laude, from Manhattan College, and an M.B.A. in Corporate Finance from Fordham University where he finished his degree with honor designations Phi Kappa Phi and Beta Gamma Sigma. He was formally credit trained at the Citicorp Global Institute of Finance and is a Certified Public Accountant.

Craig Guttenplan

Start Date

Tenure

Tenure Rank

May 01, 2021

1.08

1.1%

Craig Guttenplan joined Muzinich in 2016. Mr. Guttenplan is a Portfolio Manager, focusing on investment-grade strategies, with 16 years of corporate credit experience. He also has credit analysis responsibilities focusing on the financials industry. Prior to joining Muzinich, he was at Rogge Global Partners where he was an Analyst focusing on global financials across investment-grade and high yield. Previously, he was an Analyst at a leading independent research firm, CreditSights, where he also covered a variety of financial sectors. Mr. Guttenplan earned B.S. in Finance and International Business from New York University’s Leonard H. Stern School of Business. He also holds the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.71 3.19

Advertisement

×

Wait! Rates are rising, is your portfolio ready?

×