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Wilshire Income Opportunities Fund
mutual fund
WIORX
Payout Change
Pending
Price as of:
$9.07
+0.0
+0.0%
primary theme
Bond Sector Diversified
share class
WIORX (Mutual Fund)
Wilshire Income Opportunities Fund
Payout Change
Pending
Price as of:
$9.07
+0.0
+0.0%
primary theme
Bond Sector Diversified
share class
WIORX (Mutual Fund)
Wilshire Income Opportunities Fund
Payout Change
Pending
Price as of:
$9.07
+0.0
+0.0%
primary theme
Bond Sector Diversified
share class
Name
As of 12/10/2024Price
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
4.6%
1 yr return
7.4%
3 Yr Avg Return
-0.3%
5 Yr Avg Return
0.6%
Net Assets
$198 M
Holdings in Top 10
14.2%
52 WEEK LOW AND HIGH
$9.1
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.41%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 109.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/10/2024Price
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
WIORX - Profile
Distributions
- YTD Total Return 4.6%
- 3 Yr Annualized Total Return -0.3%
- 5 Yr Annualized Total Return 0.6%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.49%
- Dividend Yield 4.5%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameWilshire Income Opportunities Fund
-
Fund Family NameWilshire Mutual Funds, Inc.
-
Inception DateMar 30, 2016
-
Shares Outstanding210084
-
Share ClassInvestor
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJeffrey Gundlach
Fund Description
Under normal market conditions, the Income Fund seeks to achieve its investment objectives by investing at least 80% of its total assets in a portfolio of income producing securities of varying maturities across a variety of fixed income securities including, but not limited to, U.S. Government, investment grade, below investment grade, unrated, mortgage-backed, and other asset-backed securities. Derivative investments that provide exposure to debt securities or have similar economic characteristics to the income securities in which the Portfolio invests may be used to satisfy the Income Fund’s 80% policy.
The Income Fund has the flexibility to invest in a broad range of fixed-income securities in both developed and emerging market countries. The Income Fund will generally allocate its assets among several types of securities. The Income Fund may also invest in U.S. Dollar-denominated or non-U.S. Dollar-denominated fixed-income securities; fixed income securities issued by U.S. and non-U.S. governments, their agencies and instrumentalities; mortgage-related and other asset backed securities (such as collateralized debt obligations (CDO), collateralized loan obligations (CLO), and collateralized mortgage obligations (CMO)); foreign currencies;
registered investment companies, including closed-end funds and exchange-traded funds (ETFs); and derivative instruments, such as options, futures, forwards, forward currency contracts, or swap agreements.
The Income Fund may invest an unlimited amount of its assets in securities that provide exposure to any investment sector and its exposure to any one investment sector will vary over time.
There is no limit on the average maturity of the Income Fund’s securities. The targeted weighted average duration of the portfolio is consistent with the Bloomberg U.S. Universal Index, which has a weighted average duration of 6 years as of December 31, 2023. However, it is expected that the Income Fund may deviate substantially from the benchmark duration, with a lower and upper bound of 1 and 10 years, respectively.
The Income Fund may invest without limitation in high-yield debt securities, which may include securities having the lowest rating for non-subordinated debt instruments (i.e., rated C by Moody’s Investors Service or CCC+ or lower by Standard & Poor’s Ratings Services and Fitch Ratings) and unrated securities determined to be of comparable investment quality. The Income Fund expects its allocation to unrated and below investment grade debt to range from 30% to 70% of its assets. The Income Fund also may invest in investment grade securities, bank loans, commercial paper, private placements, unregistered or restricted securities (including securities issued in reliance on Regulation D, Rule 144A and Regulation S) and convertible debt (which may result in equity received in a conversion or a workout).
The Income Fund may also use leverage to the extent permitted by applicable law by entering into reverse repurchase agreements and borrowing transactions (typically lines of credit) for investment purposes.
The Income Fund may invest without limitation in derivative instruments, such as options, futures, forwards, or swap agreements, or in mortgage- or asset-backed securities, subject to applicable law and any other restrictions described in this Prospectus or the Income Fund’s Statement of Additional Information. The Income Fund may enter into standardized derivatives contracts traded on domestic or foreign securities exchanges, boards of trade, or similar entities, and non-standardized derivatives contracts traded in the over-the-counter market. The Income Fund may use derivatives to gain exposure to non-dollar denominated securities markets to the extent it does not do so through direct investments. The Income Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Income Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls).
The Income Fund may invest up to 10% of its total assets in convertible, preferred stocks and dividend-paying common stocks.
The Income Fund uses a multi-manager strategy where subadvisers employ different strategies with respect to separate portions of the Portfolio in order achieve the Portfolio’s investment objective. Wilshire typically allocates the Portfolio’s assets among the Portfolio’s subadvisers in accordance with its outlook for the economy and the financial markets. DoubleLine® Capital LP (“DoubleLine”), Manulife Investment Management (US) LLC (“Manulife”) and Voya Investment Management Co LLC (“Voya”) each manage a portion of the Income Fund’s portfolio.
DoubleLine expects to allocate its portion of the Income Fund’s assets in response to changing market, financial, economic, and political factors and events that the portfolio manager believes may affect the values of the Income Fund’s investments. DoubleLine seeks to manage its portion of the Income Fund’s duration based on DoubleLine’s view of, among other things, future interest rates and market conditions.
Manulife looks for investments that are appropriate in terms of yield, credit quality, structure and liquidity. Relative yield analysis and risk/reward ratios are the primary considerations in selecting securities.
In managing its portion of the Portfolio, Voya focuses on managing a broad array of fixed income investment opportunities, including but not limited to U.S. government securities, securities of foreign governments, and supranational organizations; bank loans; notes that can invest in securities with any credit rating; mortgage-backed, asset-backed debt securities and other structured credit securities, commercial paper and debt securities of foreign issuers, including emerging market countries. In addition, Voya may also invest in its affiliated registered investment companies.
WIORX - Performance
Return Ranking - Trailing
| Period | WIORX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.6% | -11.3% | 18.9% | 83.90% |
| 1 Yr | 7.4% | -9.7% | 20.6% | 77.24% |
| 3 Yr | -0.3%* | -16.9% | 16.9% | 85.87% |
| 5 Yr | 0.6%* | -14.7% | 13.4% | 84.11% |
| 10 Yr | N/A* | -7.0% | 7.1% | N/A |
* Annualized
Return Ranking - Calendar
| Period | WIORX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.3% | -12.0% | 8.9% | 38.49% |
| 2022 | -14.1% | -31.8% | 18.4% | 61.01% |
| 2021 | -3.0% | -16.2% | 25.7% | 74.43% |
| 2020 | -0.4% | -31.1% | 18.7% | 66.67% |
| 2019 | 5.6% | -6.1% | 15.3% | 38.73% |
Total Return Ranking - Trailing
| Period | WIORX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.6% | -11.3% | 18.9% | 83.90% |
| 1 Yr | 7.4% | -9.7% | 20.6% | 77.24% |
| 3 Yr | -0.3%* | -16.9% | 16.9% | 85.87% |
| 5 Yr | 0.6%* | -14.7% | 13.4% | 84.11% |
| 10 Yr | N/A* | -7.0% | 7.1% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | WIORX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 6.3% | -6.9% | 22.2% | 76.66% |
| 2022 | -11.2% | -31.8% | 21.1% | 67.19% |
| 2021 | 0.4% | -13.5% | 49.9% | 74.26% |
| 2020 | 3.6% | -28.6% | 24.1% | 66.49% |
| 2019 | 9.6% | -4.8% | 19.1% | 41.04% |
NAV & Total Return History
WIORX - Holdings
Concentration Analysis
| WIORX | Category Low | Category High | WIORX % Rank | |
|---|---|---|---|---|
| Net Assets | 198 M | 2.63 M | 143 B | 74.20% |
| Number of Holdings | 1397 | 4 | 9638 | 15.44% |
| Net Assets in Top 10 | 28.4 M | -204 M | 89.4 B | 84.09% |
| Weighting of Top 10 | 14.16% | 5.8% | 265.8% | 81.13% |
Top 10 Holdings
- United States Treasury Note/Bond 3.31%
- Freddie Mac Gold Pool 1.84%
- Voya VACS Series HYB Fund 1.62%
- Fannie Mae Pool 1.53%
- United States Treasury Note/Bond 1.39%
- United States Treasury Note/Bond 1.27%
- United States Treasury Note/Bond 0.99%
- Voya VACS Series EMHCD Fund 0.89%
- United States Treasury Note/Bond 0.66%
- Angel Oak Mortgage Trust I LLC 2019-2 0.65%
Asset Allocation
| Weighting | Return Low | Return High | WIORX % Rank | |
|---|---|---|---|---|
| Bonds | 89.16% | 0.00% | 199.60% | 50.55% |
| Other | 4.48% | -75.22% | 147.15% | 44.46% |
| Cash | 2.99% | -94.66% | 99.97% | 55.23% |
| Stocks | 2.52% | -6.18% | 99.68% | 31.36% |
| Convertible Bonds | 2.24% | 0.00% | 33.50% | 37.50% |
| Preferred Stocks | 0.86% | 0.00% | 21.58% | 14.66% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | WIORX % Rank | |
|---|---|---|---|---|
| Utilities | 57.59% | 0.00% | 100.00% | 5.51% |
| Financial Services | 18.68% | 0.00% | 100.00% | 28.99% |
| Industrials | 14.46% | 0.00% | 100.00% | 14.49% |
| Consumer Cyclical | 4.62% | 0.00% | 89.95% | 26.38% |
| Real Estate | 3.35% | 0.00% | 100.00% | 29.57% |
| Consumer Defense | 0.87% | 0.00% | 99.97% | 30.14% |
| Communication Services | 0.40% | 0.00% | 100.00% | 38.55% |
| Technology | 0.03% | 0.00% | 28.30% | 36.52% |
| Healthcare | 0.00% | 0.00% | 18.60% | 64.35% |
| Energy | 0.00% | 0.00% | 100.00% | 84.35% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 66.96% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | WIORX % Rank | |
|---|---|---|---|---|
| US | 2.52% | -6.18% | 99.68% | 29.49% |
| Non US | 0.00% | -0.30% | 17.73% | 54.76% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | WIORX % Rank | |
|---|---|---|---|---|
| Corporate | 27.35% | 0.00% | 96.66% | 57.17% |
| Government | 23.48% | 0.00% | 99.43% | 23.35% |
| Securitized | 18.83% | 0.00% | 99.65% | 46.22% |
| Cash & Equivalents | 0.00% | 0.00% | 94.89% | 96.56% |
| Municipal | 0.00% | 0.00% | 54.26% | 63.61% |
| Derivative | -0.08% | -75.22% | 147.15% | 75.74% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | WIORX % Rank | |
|---|---|---|---|---|
| US | 79.53% | 0.00% | 199.60% | 49.30% |
| Non US | 9.63% | 0.00% | 74.14% | 32.76% |
WIORX - Expenses
Operational Fees
| WIORX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.41% | 0.03% | 34.13% | 39.97% |
| Management Fee | 0.60% | 0.00% | 2.29% | 53.10% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 34.78% |
| Administrative Fee | N/A | 0.00% | 0.70% | N/A |
Sales Fees
| WIORX 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
| WIORX 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.
| WIORX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 109.00% | 0.00% | 632.00% | 67.36% |
WIORX - Distributions
Dividend Yield Analysis
| WIORX | Category Low | Category High | WIORX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 4.55% | 0.00% | 23.30% | 89.03% |
Dividend Distribution Analysis
| WIORX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | SemiAnnual | Monthly | Monthly |
Net Income Ratio Analysis
| WIORX | Category Low | Category High | WIORX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.49% | -1.55% | 11.51% | 66.24% |
Capital Gain Distribution Analysis
| WIORX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Sep 30, 2024 | $0.103 | OrdinaryDividend |
| Mar 28, 2024 | $0.095 | OrdinaryDividend |
| Dec 27, 2023 | $0.043 | OrdinaryDividend |
| Sep 29, 2023 | $0.023 | OrdinaryDividend |
| Jun 30, 2023 | $0.098 | OrdinaryDividend |
| Mar 31, 2023 | $0.085 | OrdinaryDividend |
| Dec 28, 2022 | $0.114 | OrdinaryDividend |
| Sep 30, 2022 | $0.079 | OrdinaryDividend |
| Jun 30, 2022 | $0.067 | OrdinaryDividend |
| Mar 31, 2022 | $0.035 | OrdinaryDividend |
| Dec 29, 2021 | $0.044 | OrdinaryDividend |
| Dec 13, 2021 | $0.093 | CapitalGainLongTerm |
| Sep 30, 2021 | $0.067 | OrdinaryDividend |
| Jun 30, 2021 | $0.066 | OrdinaryDividend |
| Mar 31, 2021 | $0.082 | OrdinaryDividend |
| Dec 29, 2020 | $0.093 | OrdinaryDividend |
| Dec 11, 2020 | $0.038 | OrdinaryDividend |
| Sep 30, 2020 | $0.079 | OrdinaryDividend |
| Jun 30, 2020 | $0.079 | OrdinaryDividend |
| Mar 31, 2020 | $0.105 | OrdinaryDividend |
| Dec 27, 2019 | $0.113 | OrdinaryDividend |
| Sep 30, 2019 | $0.085 | OrdinaryDividend |
| Jun 28, 2019 | $0.193 | OrdinaryDividend |
| Dec 27, 2018 | $0.302 | OrdinaryDividend |
| Dec 28, 2017 | $0.419 | OrdinaryDividend |
| Dec 15, 2017 | $0.003 | CapitalGainShortTerm |
| Dec 15, 2017 | $0.036 | CapitalGainLongTerm |
| Dec 29, 2016 | $0.175 | OrdinaryDividend |
WIORX - Fund Manager Analysis
Managers
Jeffrey Gundlach
Start Date
Tenure
Tenure Rank
Mar 30, 2016
6.17
6.2%
Mr. Gundlach is CEO of DoubleLine. In 2011, he appeared on the cover of Barron's as "The New Bond King." In 2013, Institutional Investor named him "Money Manager of the Year." In 2012, 2015 and 2016, he was named one of "The Fifty Most Influential" in Bloomberg Markets. In 2017, he was inducted into the FIASI Fixed Income Hall of Fame. Mr. Gundlach is a summa cum laude graduate of Dartmouth College, with degrees in Mathematics and Philosophy.
Jeffrey Sherman
Start Date
Tenure
Tenure Rank
May 01, 2017
5.08
5.1%
As DoubleLine’s Deputy Chief Investment Officer, Jeffrey Sherman oversees and administers DoubleLine’s Investment Management sub-committee coordinating and implementing policies and processes across the investment teams. He also serves as lead portfolio manager for multi-sector and derivative-based strategies. He is a member of DoubleLine’s Executive Management and Fixed Income Asset Allocation Committees. Prior to joining DoubleLine in 2009, he was a Senior Vice President at TCW where he worked as a portfolio manager and quantitative analyst focused on fixed income and real-asset portfolios.
Thomas Goggins
Start Date
Tenure
Tenure Rank
Jun 21, 2018
3.95
4.0%
Thomas C. Goggins is a senior managing director and senior portfolio manager on the Global Multi-Sector Fixed Income Team at Manulife Investment Management. He is responsible for portfolio management, global bond research, security selection and risk management for the company’s global multi-sector fixed income strategies. Prior to joining the company, Tom held positions at Putnam Investments, Transamerica Investments, SAC Capital and Fontana Capital.
Matthew Toms
Start Date
Tenure
Tenure Rank
Jun 20, 2018
3.95
4.0%
Matt Toms, CFA, Chief Investment Officer, Fixed Income at Voya Investment Management. In this role, he leads a team of more than 100 investment professionals, with broad oversight of Voya’s fixed income platform as well as business management responsibilities. As CIO, Matt serves as the chair of the Fixed Income Asset Allocation Committee, a group that formulates the fixed income platform’s strategic investment themes that in turn informs strategy and risk budgeting across public fixed income portfolios. Matt is also a member of the Investment Committee that is represented by the CIOs from across Voya Investment Management. Before becoming CIO, Matt was head of public fixed income at Voya Investment Management, overseeing the investment teams responsible for investment grade corporate, high yield corporate, structured products, mortgage-backed securities, emerging market debt and money market strategies for Voya’s general account and third-party business. Prior to joining the firm, Matt worked at Calamos Investments, where he built their fixed income business. He also has prior portfolio management experience at Northern Trust and Lincoln National. Matt received a BBA from the University of Michigan and holds the Chartered Financial Analyst® designation.
Kisoo Park
Start Date
Tenure
Tenure Rank
Jun 21, 2018
3.95
4.0%
Kisoo Park is a managing director and portfolio manager on the Global Multi-Sector Fixed Income Team at Manulife Investment Management. He is responsible for portfolio management, global bond research and currency management for the company’s global multi-sector fixed income strategies. Before joing the company, Kisoo was a founding member and COO of hedge fund firm based in Hong Kong. Prior to that, he was the CIO responsible for tactical asset allocation investing in global equities, fixed income, commodities, FX and interest rate asset classes at Prince Asset Management, Hong Kong.
Brian Timberlake
Start Date
Tenure
Tenure Rank
Jun 20, 2018
3.95
4.0%
Brian Timberlake is the head of fixed income research at Voya Investment Management and is responsible for managing the organization’s global fixed income research analysts as well as the coordination of macroeconomic data across the fixed income platform. Prior to this position, Mr. Timberlake was Head of Quantitative Research and before that, a Senior Quantitative Analyst. He joined Voya IM in 2003. His team is responsible for macro and quantitative fixed income research and provides additional assistance to individual sector groups and the risk management team. In addition, Brian is a named portfolio manager on several global and opportunistic fixed income products. Previously, he was the head of quantitative research where he helped develop an integrated, automated tool for interest rate hedging, created multifactor risk models, and was integral to the design and monitoring of customized client portfolios. Prior to that he was a senior quantitative analyst at Voya. Brian received a BS in chemical engineering from the University of Maryland, an MS in quantitative and computational finance from the Georgia Institute of Technology and a PhD in chemical engineering from the Georgia Institute of Technology. He holds the Chartered Financial Analyst® designation.
Sean Banai
Start Date
Tenure
Tenure Rank
Jun 20, 2018
3.95
4.0%
Sean Banai is head of portfolio management for the fixed income platform at Voya Investment Management. Previously, Sean was a senior portfolio manager and before that head of quantitative research for proprietary fixed income. Prior to joining the firm in 1999, he was a partner in a private sector company. Sean received a BA and an MS in actuarial science from Georgia State University. He holds the Chartered Financial Analyst® designation.
Christopher Chapman
Start Date
Tenure
Tenure Rank
Jun 21, 2018
3.95
4.0%
Chris is co-leader of the company’s global multi sector fixed income strategies, responsible for portfolio management, global sovereign debt, portfolio construction, and currency and risk management. Previously, he was a portfolio manager for global multi sector fixed income and, prior to that, he was a senior investment analyst and trader with the team. Earlier in his career, he worked in several other areas of the firm, including as an investment risk analyst on the quantitative research team. Chris began his career at State Street Bank. He holds the Certified Financial Analyst designation.
Daniel Janis
Start Date
Tenure
Tenure Rank
Jun 21, 2018
3.95
4.0%
Daniel S. Janis, III is head of Global Multi-Sector Fixed Income at Manulife Investment Management. He is a senior managing director, senior portfolio manager and the lead portfolio manager for the company’s global multi-sector fixed income strategies, responsible for asset allocation, global bond research and currency management. His areas of expertise include global economics, foreign exchange, derivatives and risk management. Prior to joining the company, Dan was a vice president and proprietary risk manager for BankBoston.
Bradley Lutz
Start Date
Tenure
Tenure Rank
Mar 31, 2022
0.17
0.2%
Brad Lutz is a managing director, portfolio manager and senior investment analyst for John Hancock Asset Management. Prior to joining the firm, he held analyst positions at Declaration Management & Research, Summit Investment Partners and Pacholder Associates, Inc. He has been with the investment management industry since 1993, a B.S. from Miami University and holds the Chartered Financial Analyst designation.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 28.19 | 5.71 | 3.19 |
