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Trending ETFs

Shenkman Capital Short Duration High Income Fund

mutual fund
SCFCX
Payout Change
Pending
Price as of:
$9.84 +0.0 +0.0%
primary theme
High Yield Bond
SCFCX (Mutual Fund)

Shenkman Capital Short Duration High Income Fund

Payout Change
Pending
Price as of:
$9.84 +0.0 +0.0%
primary theme
High Yield Bond
SCFCX (Mutual Fund)

Shenkman Capital Short Duration High Income Fund

Payout Change
Pending
Price as of:
$9.84 +0.0 +0.0%
primary theme
High Yield Bond

Name

As of 12/10/2024

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

$9.84

$1.94 B

4.59%

$0.45

1.75%

Vitals

YTD Return

5.3%

1 yr return

6.1%

3 Yr Avg Return

3.2%

5 Yr Avg Return

2.7%

Net Assets

$1.94 B

Holdings in Top 10

10.7%

52 WEEK LOW AND HIGH

$9.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.75%

SALES FEES

Front Load N/A

Deferred Load 1.00%

TRADING FEES

Turnover 80.00%

Redemption Fee 1.00%


Min Investment

Standard (Taxable)

$1,000

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/10/2024

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

$9.84

$1.94 B

4.59%

$0.45

1.75%

SCFCX - Profile

Distributions

  • YTD Total Return 5.3%
  • 3 Yr Annualized Total Return 3.2%
  • 5 Yr Annualized Total Return 2.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.86%
DIVIDENDS
  • Dividend Yield 4.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Shenkman Capital Short Duration High Income Fund
  • Fund Family Name
    Shenkman Funds
  • Inception Date
    Oct 31, 2012
  • Shares Outstanding
    1774313
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Mark Shenkman

Fund Description

Under normal market conditions, the Short Duration Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in fixed-income securities, bank loans and other instruments issued by companies that are rated below investment grade (i.e., “junk” bonds and loans). The Fund considers below investment grade instruments to include instruments with ratings lower than BBB- by S&P Global Ratings (“S&P”) or Baa3 by Moody’s Investors Service, Inc. (“Moody’s”), or that are not rated or considered by the Advisor to be equivalent to high yield instruments. The Fund generally invests in high yield instruments rated CCC or better by S&P or Caa or better by Moody’s, but retains the discretion to invest in even lower rated instruments.
The fixed-income securities, bank loans and other instruments in which the Short Duration Fund invests include traditional corporate bonds, U.S. government obligations and bank loans to corporate borrowers, and may have fixed, floating or variable rates. The Fund typically focuses on instruments that have short durations (i.e., have an expected redemption through maturity, call or other corporate action within three years or less from the time of purchase). The Fund will seek to maintain a dollar-weighted average portfolio duration of approximately three years or less. Duration is a measure of a debt instrument’s price sensitivity to yield. Higher duration indicates debt instruments that are more sensitive to interest rate changes. Bonds with shorter duration are typically less sensitive to interest rate changes. Duration takes into account a debt instrument’s cash flows over time, including the possibility that a debt instrument might be prepaid by the issuer or redeemed by the holder prior to its stated maturity date. In contrast, maturity measures only the time until final payment is due.
The Short Duration Fund may invest up to 20% of its total assets in foreign fixed-income instruments, including those denominated in U.S. dollars, such as Yankee bonds, or other currencies, and may also invest without limit in Rule 144A fixed-income securities. Additionally, the Fund may invest up to 15% of its total assets in convertible bonds, and up to 10% of its total assets in preferred stocks. The Fund may also utilize leverage of no more than 33% of the Fund’s total assets as part of the portfolio management process. Leverage is the practice of borrowing money to purchase investments, for instance, by borrowing money against a line of credit. The Fund may also create leverage by borrowing money against a margin account where the Fund’s portfolio holdings and cash serve as collateral for the loan.
Additionally, the Fund may hold from time to time equity positions received as a result of a restructuring of a debt instrument held by the Fund.
The Short Duration Fund may invest up to 100% of its net assets in high-quality, short-term debt securities and money market instruments for temporary defensive purposes.
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SCFCX - Performance

Return Ranking - Trailing

Period SCFCX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.3% -7.5% 17.7% 93.27%
1 Yr 6.1% -4.7% 18.4% 95.57%
3 Yr 3.2%* -14.4% 21.6% 42.50%
5 Yr 2.7%* -11.4% 37.2% 88.97%
10 Yr 2.6%* -4.7% 20.4% 90.52%

* Annualized

Return Ranking - Calendar

Period SCFCX Return Category Return Low Category Return High Rank in Category (%)
2023 3.5% -4.7% 14.3% 85.41%
2022 -6.1% -33.4% 3.6% 2.15%
2021 0.0% -8.4% 8.2% 50.34%
2020 0.0% -13.2% 302.7% 47.61%
2019 3.5% -4.4% 13.3% 92.90%

Total Return Ranking - Trailing

Period SCFCX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.3% -7.5% 17.7% 93.27%
1 Yr 6.1% -4.7% 18.4% 95.57%
3 Yr 3.2%* -14.4% 21.6% 42.50%
5 Yr 2.7%* -11.4% 37.2% 88.97%
10 Yr 2.6%* -4.7% 20.4% 90.52%

* Annualized

Total Return Ranking - Calendar

Period SCFCX Return Category Return Low Category Return High Rank in Category (%)
2023 8.4% -4.7% 18.7% 92.79%
2022 -3.3% -33.4% 47.8% 4.64%
2021 1.9% -8.4% 12.4% 92.96%
2020 2.5% -9.6% 325.6% 88.67%
2019 6.8% -3.8% 19.4% 96.17%

NAV & Total Return History


SCFCX - Holdings

Concentration Analysis

SCFCX Category Low Category High SCFCX % Rank
Net Assets 1.94 B 3.13 M 25.3 B 27.61%
Number of Holdings 376 2 4432 46.47%
Net Assets in Top 10 199 M -492 M 6.67 B 31.20%
Weighting of Top 10 10.72% 4.2% 146.0% 73.07%

Top 10 Holdings

  1. Tenet Healthcare Corp 1.35%
  2. Caesars Entertainment Inc 1.24%
  3. Uber Technologies Inc 1.22%
  4. IQVIA Inc 1.21%
  5. Clarios Global LP / Clarios US Finance Co 1.05%
  6. CCO Holdings LLC / CCO Holdings Capital Corp 1.02%
  7. International Game Technology PLC 1.01%
  8. Carnival Holdings Bermuda Ltd 0.94%
  9. IRB Holding Corp 0.88%
  10. Teva Pharmaceutical Finance Netherlands III BV 0.81%

Asset Allocation

Weighting Return Low Return High SCFCX % Rank
Bonds
97.97% 0.00% 145.36% 15.69%
Cash
2.03% -52.00% 48.02% 76.52%
Convertible Bonds
0.53% 0.00% 17.89% 74.38%
Stocks
0.00% 0.00% 97.54% 83.66%
Preferred Stocks
0.00% 0.00% 4.97% 67.16%
Other
0.00% -39.08% 99.23% 67.49%

Bond Sector Breakdown

Weighting Return Low Return High SCFCX % Rank
Corporate
97.37% 0.00% 100.00% 24.84%
Cash & Equivalents
0.77% 0.00% 48.02% 79.64%
Derivative
0.00% -14.58% 42.26% 53.04%
Securitized
0.00% 0.00% 97.24% 63.16%
Municipal
0.00% 0.00% 1.17% 36.51%
Government
0.00% 0.00% 99.07% 55.26%

Bond Geographic Breakdown

Weighting Return Low Return High SCFCX % Rank
US
97.97% 0.00% 126.57% 10.67%
Non US
0.00% 0.00% 96.91% 67.49%

SCFCX - Expenses

Operational Fees

SCFCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.75% 0.02% 38.33% 14.10%
Management Fee 0.55% 0.00% 1.75% 46.48%
12b-1 Fee 1.00% 0.00% 1.00% 88.37%
Administrative Fee N/A 0.00% 0.50% 48.19%

Sales Fees

SCFCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load 1.00% 1.00% 5.00% 50.63%

Trading Fees

SCFCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 2.00% 71.43%

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.

SCFCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 80.00% 1.00% 255.00% 75.58%

SCFCX - Distributions

Dividend Yield Analysis

SCFCX Category Low Category High SCFCX % Rank
Dividend Yield 4.59% 0.00% 11.76% 91.03%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

SCFCX Category Low Category High SCFCX % Rank
Net Income Ratio 1.86% -2.39% 9.30% 98.83%

Capital Gain Distribution Analysis

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

Distributions History

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SCFCX - Fund Manager Analysis

Managers

Mark Shenkman


Start Date

Tenure

Tenure Rank

Oct 31, 2012

9.59

9.6%

Mark R. Shenkman founded Shenkman Capital Management, Inc. in 1985. With 46 years of investment experience, and 38 years of high yield investment experience, he is considered one of the pioneers of the high yield bond and loan markets. Prior to founding Shenkman in 1985, Mr. Shenkman was President and Chief Investment Officer of First Investors Asset Management in New York. He also was Co-Manager and Vice President of the High Yield Bond Department at Lehman Brothers Kuhn Loeb in New York, where he established one of Wall Street’s earliest departments dedicated to the research, selling and trading of high yield securities. Mr. Shenkman was a research analyst and an equity portfolio manager at Fidelity Management and Research Company in Boston. From 1977 to 1979, he managed the first high yield bond mutual funds at Fidelity. Additionally, Mr. Shenkman is Chairman of the Board of Directors of the UCONN Foundation. He is a member of the Board of Trustees at The George Washington University; Vice Chairman of the Board at Wilbraham & Monson Academy since 1969; and he currently serves on the College of William and Mary, Mason School of Business Board of Advisors. He is also on the Board of Directors of the Hillel Foundation in Washington D.C. Mr. Shenkman received a BA in Political Science from the University of Connecticut (1965) and an MBA from The George Washington University (1967). Mr. Shenkman also received a Doctor of Humane Letters, honoris causa, from the University of Connecticut (2007).

Nicholas Sarchese


Start Date

Tenure

Tenure Rank

Oct 31, 2012

9.59

9.6%

Nicholas Sarchese joined Shenkman Capital in 2003. He has 25 years of investment experience in fixed income research including 21 years of high yield research experience. Nicholas joined us from Credit Suisse First Boston / Donaldson Lufkin & Jenrette where he worked from 1997 to 2002 as an analyst on their high yield and investment grade research teams focused on media and telecommunications. From 1995 to 1997, he was a Senior Associate at Moody’s Investors Service in their Corporate Ratings and Analysis group. Mr. Sarchese received a BS degree in Finance and Management from New York University’s Stern School of Business (1995) and is a CFA charterholder (2001). He is a member of the CFA Institute and CFA Society New York.

Justin Slatky


Start Date

Tenure

Tenure Rank

Jul 31, 2016

5.84

5.8%

Justin W. Slatky joined Shenkman Capital in 2011. He has 21 years of investing experience in high yield and distressed securities. Prior to joining Shenkman Capital, Mr. Slatky was Co-Head and Managing Director of the Distressed Bond business in New York and London for Goldman Sachs. He was also a member of the Credit Investment Committee charged with reviewing proprietary investments within the Credit Department. Before joining the distressed bond business in 2002, Mr. Slatky was a telecom high yield analyst and a recipient of Institutional Investor’s Runner-Up award. He joined Goldman Sachs from Credit Suisse First Boston in 1999, where he worked as a high yield analyst as part of an II ranked telecom team. Mr. Slatky graduated magna cum laude with a BS in Economics (1998) and an MBA (1999) from The Wharton School at the University of Pennsylvania.

Jordan Barrow


Start Date

Tenure

Tenure Rank

Dec 31, 2016

5.42

5.4%

Jordan Barrow joined Shenkman Capital in 2004.  He has over 16 years of leveraged finance investing experience and has been a portfolio manager since 2011.  Mr. Barrow has experience managing portfolios for the firm’s High Yield, Short Duration, and Convertible strategies.  He started his career as a high yield research analyst specializing in Healthcare and has also covered Retail, Technology and Service Industries.  In 2010, Mr. Barrow was instrumental in launching the firm’s Short Duration High Yield Strategy. He was also key in the launches of the Global Convertible and Investment Grade Convertible Strategies, in 2015 and 2014, respectively.  Mr. Barrow is a member of Shenkman Capital’s Risk Committee and currently serves on the board of the Friends of Mount Sinai Health System.  Mr. Barrow received a BA degree in Economics and International Relations from the University of Pennsylvania.  In addition, he is a CFA charterholder (2007).

Neil Wechsler


Start Date

Tenure

Tenure Rank

Jul 31, 2019

2.84

2.8%

Neil Wechsler joined Shenkman Capital in 2002. He has 22 years of investment experience including 17 years of high yield research experience. Prior to joining Shenkman Capital, Neil was a Summer Associate at Goldman Sachs Asset Management, where he worked on their high yield and investment grade research teams. In 2000, Neil was an Associate at Credit Lyonnais Securities in their Asset Backed Securities group. From 1998 to 2000, Neil worked at Duff & Phelps Credit Rating Co. as an Analyst in their Structured Finance group. Neil received a BS degree in Business Administration from the University at Albany (1996) and a MBA from New York University (2002). Mr. Wechsler is a CFA charterholder (2003) and a member of the CFA Institute and CFA Society New York.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.31 8.17