Putnam Global High Yield Bond Fund (Class I)

Seeking attractive bond investment across the world markets

Highlights

Objective

The fund seeks high current income. Capital growth is a secondary goal when consistent with achieving higher current income.

Strategy and process

  • Extensive capabilities: The fund's long-tenured managers are backed by the deep experience of Putnam's US and European high-yield team.
  • Active approach: The managers constantly evaluate changing global bond markets and uncover opportunities through a combination of fundamental and quantitative analysis.
  • Diversified exposure: The fund is diversified across countries, industries, sectors, companies and credit ratings within the global high-yield universe to help reduce volatility.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $2.56
0.00% | $0.00
$2.57
09/09/2019
$2.36
24/12/2018
Historical fund price

Fund facts as of 31/08/2019

Total net assets
$327.29M
Dividend frequency
Monthly
Number of holdings
521
Fiscal year-end
June
CUSIP / Fund code
G73008446 / 2IK
Inception date
08/06/2000
Category
Fixed Income
Open to new investors

The Fund does not currently intend to distribute net income to class E2 Unitholders.

Management team

Co-Head of Fixed Income
Portfolio Manager
Portfolio Manager
Portfolio Manager


Literature

Fund documents

Fact Sheet (PDF)
UK Country Supplement (PDF)
Daily yields (PDF)

Performance

  • Total return (%) as of 30/06/2019

  • Annual performance as of 30/06/2019

Annualized Total return (%) as of 30/06/2019

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 7.47% 6.87% 4.08% 8.61%
ICE BofAML Global HY IG Country Constrained Index 8.19%7.54%4.89%9.55%

Data is historical. Past performance is not a guarantee of future results. More recent returns may be more or less than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your units. Performance assumes reinvestment of distributions at net asset value (NAV) and reflects fund operating expenses such as management fees but does not account for any taxes or sales charges. The payment of any sales charges will reduce performance. Performance for each class of Units is denominated in the currency of the respective class. 

Performance snapshot

  Before sales charge
1 mt. as of 31/08/2019 0.79%
YTD as of 18/09/2019 12.14%

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.


Holdings

Top 10 holdings as of 31/08/2019

Charter Communications 1.96%
Sprint Communications 1.88%
Bausch Health 1.75%
Altice USA 1.72%
Tenet Healthcare 1.69%
Altice Numericable 1.25%
Ally Financial 1.21%
Centurylink 1.09%
Teva Pharmaceutical Industries 1.05%
Community Health Systems 1.01%
Top 10 holdings, percent of portfolio 14.61%

Full portfolio holdings as of 30/06/2019

TREASURY BILL 00.0000 07/16/2019 1.97%
REPO DELIV TREAS 2.5 07/01/2019 1.78%
LEVEL 3 FINANCING INC 05.2500 03/15/2026 0.91%
ALLY FINANCIAL INC 08.0000 11/01/2031 0.90%
FED HOME LN DISCOUNT NT 313384JE0 GDC 07/16/2019 0.90%
HCA INC 05.2500 06/15/2026 0.75%
CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 0.66%
TENET HEALTHCARE CORP 08.1250 04/01/2022 0.64%
SPRINT COMMUNICATIONS 06.0000 11/15/2022 0.62%
EQUINIX INC 05.3750 05/15/2027 0.62%
SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 0.60%
UNITYMEDIA HESSEN / NRW REGS 06.2500 01/15/2029 0.60%
CEQUEL COM & CAP P/P 144A 07.5000 04/01/2028 0.60%
ZIGGO BOND COMPANY B.V. REGS 04.6250 01/15/2025 0.59%
DIAMOND 1 FIN/DIAM P/P 144A 06.0200 06/15/2026 0.53%
NOVELIS CORP P/P 144A 05.8750 09/30/2026 0.52%
SPRINT CORP 07.8750 09/15/2023 0.52%
CCO HOLDINGS LLC P/P 144A 05.3750 06/01/2029 0.50%
ATLANTIC ASSET SECURITIZATION 04821UUJ9 DCP 07/18/2019 0.49%
TELEFONICA EUROPE BV REGS 05.8750 03/31/2024 0.48%
ALTICE FRANCE P/P 144A 07.3750 05/01/2026 0.48%
FIRST DATA CORP P/P 144A 05.7500 01/15/2024 0.47%
WYNN LAS VEGAS P/P 144A 05.2500 05/15/2027 0.47%
COMMSCOPE TECH LLC P/P 144A 06.0000 06/15/2025 0.46%
TECHEM VERWALTUNGSGES REGS 06.0000 07/30/2026 0.45%
VIRGIN MEDIA SECURED FIN REGS 06.2500 03/28/2029 0.45%
EUROPCAR MOBILITY GROUP REGS 04.1250 11/15/2024 0.44%
REFINITIV US HOLDINGS REGS 04.5000 05/15/2026 0.44%
DISH DBS CORP 05.8750 11/15/2024 0.43%
CSC HOLDINGS LLC 05.2500 06/01/2024 0.42%
TELENET FINANCE VI REGS 04.8750 07/15/2027 0.42%
FIAT CHRYSLER AUTOMOBIL REGS 03.7500 03/29/2024 0.41%
T-MOBILE USA INC 06.3750 03/01/2025 0.40%
CCO HLDGS LLC/CAP CO P/P 144A 05.8750 04/01/2024 0.40%
CHENIERE CORP CHRIST 05.8750 03/31/2025 0.40%
REFINITIV US HLDG P/P 144A 06.2500 05/15/2026 0.40%
DIAMONDBACK ENERGY INC 05.3750 05/31/2025 0.40%
STONEGATE PUB CO REGS 04.8750 03/15/2022 0.40%
STAPLES INC P/P 144A 07.5000 04/15/2026 0.39%
JACK OHIO FIN LLC/FI P/P 144A 10.2500 11/15/2022 0.39%
NOVAFIVES REGS 05.0000 06/15/2025 0.38%
UBS GROUP FUNDING SWITZE REGS 07.0000 12/31/2049 0.38%
TEMPO ACQ LLC/FI P/P 144A 06.7500 06/01/2025 0.38%
ALTICE LUXEMBOURG SA REGS 06.2500 02/15/2025 0.37%
GOLDEN NUGGET INC P/P 144A 06.7500 10/15/2024 0.37%
BIG RVR STL/FIN P/P 144A 07.2500 09/01/2025 0.37%
SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 0.36%
SS&C TECH INC P/P 144A 05.5000 09/30/2027 0.36%
NAVISTAR INTL CORP P/P 144A 06.6250 11/01/2025 0.36%
WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 0.36%
SIGMA HOLDCO BV REGS 05.7500 05/15/2026 0.35%
CCO HLDGS LLC/CAP CO P/P 144A 05.7500 02/15/2026 0.35%
PINNACLE BIDCO PLC REGS 06.3750 02/15/2025 0.34%
TEVA PHARMACEUTICALS NE USD 03.1500 10/01/2026 0.34%
TEVA PHARMACEUTICALS NE USD 06.7500 03/01/2028 0.34%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.34%
NEXSTAR BROADC P/P 144A 05.6250 08/01/2024 0.34%
CIT GROUP INC. 05.2500 03/07/2025 0.34%
NIELSEN FIN LLC/CO P/P 144A 05.0000 04/15/2022 0.34%
HOLLY ENERGY PARTNE P/P 144A 06.0000 08/01/2024 0.33%
CLUBCORP HLDG INC P/P 144A 08.5000 09/15/2025 0.33%
CALPINE CORP P/P 144A 05.2500 06/01/2026 0.33%
SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 0.33%
HESS INFRASTRUCTURE P/P 144A 05.6250 02/15/2026 0.33%
GRAY TELEVISION INC P/P 144A 07.0000 05/15/2027 0.33%
COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 0.32%
CASINO GUICHARD PERRACHO REGS 03.5800 02/07/2025 0.32%
CHEMOURS CO 04.0000 05/15/2026 0.32%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 0.32%
RBS GLOBAL/REXNO P/P 144A 04.8750 12/15/2025 0.31%
INTELSAT JACKSON HLD P/P 144A 09.7500 07/15/2025 0.31%
BANCO BILBAO VIZCAYA ARG REGS 08.8750 12/29/2049 0.31%
BAUSCH HLTH COS INC P/P 144A 09.0000 12/15/2025 0.31%
BOISE CASCADE CO P/P 144A 05.6250 09/01/2024 0.31%
BAUSCH HLTH COS INC P/P 144A 06.1250 04/15/2025 0.31%
CCO HLDGS LLC/CAP C P/P 144A 05.5000 05/01/2026 0.31%
1011778 BC / NEW RED P/P 144A 05.0000 10/15/2025 0.31%
CONSTELLIUM N.V. REGS 04.2500 02/15/2026 0.31%
PULTEGROUP INC. 07.8750 06/15/2032 0.30%
ENDEAVOR ENERGY P/P 144A 05.7500 01/30/2028 0.30%
T-MOBILE USA INC 05.3750 04/15/2027 0.29%
FRONTIER COMM 11.0000 09/15/2025 0.29%
MATCH GROUP INC P/P 144A 05.0000 12/15/2027 0.29%
SYNGENTA FINANCE NV P/P 144A 05.1820 04/24/2028 0.29%
CHENIERE CORP CHRIST 05.1250 06/30/2027 0.29%
LPL HOLDINGS INC P/P 144A 05.7500 09/15/2025 0.29%
TEVA PHARMACEUTICALS NE USD 02.2000 07/21/2021 0.29%
AKER BP ASA P/P 144A 05.8750 03/31/2025 0.28%
ARCELORMITTAL USD 07.0000 10/15/2039 0.28%
TTM TECHNOLOGIES INC P/P 144A 05.6250 10/01/2025 0.28%
GREAT LAKES D&D 08.0000 05/15/2022 0.28%
STARFRUIT US/STAR FI P/P 144A 08.0000 10/01/2026 0.28%
WESTERN DIGITAL CORP 04.7500 02/15/2026 0.28%
ALLISON TRANSMISSION P/P 144A 04.7500 10/01/2027 0.28%
DCP MIDSTREAM P/P 144A 06.7500 09/15/2037 0.28%
DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 0.28%
PROVIDENT FDG/PFG FI P/P 144A 06.3750 06/15/2025 0.28%
ITRON INC P/P 144A 05.0000 01/15/2026 0.28%
TREASURY BILL 00.0000 08/15/2019 0.27%
CALPINE CORPORATION 05.7500 01/15/2025 0.27%
STEVENS HLDG CO INC P/P 144A 06.1250 10/01/2026 0.27%
CRC ESCROW ISSUER LL P/P 144A 05.2500 10/15/2025 0.27%
GFL ENVIRONMENTAL P/P 144A 07.0000 06/01/2026 0.27%
BOMBARDIER INC P/P 144A 07.5000 12/01/2024 0.27%
BANCO SANTANDER SA REGS 06.7500 12/31/2049 0.26%
CSC HOLDINGS LLC P/P 144A 07.7500 07/15/2025 0.26%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.26%
1011778 BC / NEW RED P/P 144A 04.2500 05/15/2024 0.26%
RIVERS PITTSBURGH LP P/P 144A 06.1250 08/15/2021 0.26%
NETFLIX INC. 05.8750 11/15/2028 0.26%
SIX FLAGS ENT P/P 144A 04.8750 07/31/2024 0.26%
HOWARD HUGHES CORP P/P 144A 05.3750 03/15/2025 0.26%
FRONTIER COMM P/P 144A 08.5000 04/01/2026 0.26%
GCP APPLIED TECH P/P 144A 05.5000 04/15/2026 0.26%
INGEVITY CORP P/P 144A 04.5000 02/01/2026 0.26%
ORTHO-CLINICAL INC/S P/P 144A 06.6250 05/15/2022 0.26%
SPECTRUM BRANDS INC 06.1250 12/15/2024 0.26%
SCIENTIFIC GAMES P/P 144A 08.2500 03/15/2026 0.26%
CF INDUSTRIES INC 04.9500 06/01/2043 0.26%
ENERGY TRANSFER OPERATNG 06.6250 02/15/2028 0.25%
INTELSAT CONNECT FIN P/P 144A 09.5000 02/15/2023 0.25%
JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 0.25%
TREASURY BILL 00.0000 08/13/2019 0.25%
SIX FLAGS ENT P/P 144A 05.5000 04/15/2027 0.25%
LIVE NATION ENTERTAI P/P 144A 05.6250 03/15/2026 0.25%
MATTAMY GROUP CORP P/P 144A 06.8750 12/15/2023 0.25%
KFC HLD/PIZZA HUT/TA P/P 144A 04.7500 06/01/2027 0.25%
SERVICE CORP INTL 05.1250 06/01/2029 0.25%
VOLKSWAGEN INTL FIN NV REGS 03.8750 06/14/2027 0.25%
AES CORP/THE 05.1250 09/01/2027 0.25%
ALLEGHENY TECHNOLOGIES INC 07.8750 08/15/2023 0.25%
GOLDEN NUGGET INC P/P 144A 08.7500 10/01/2025 0.24%
ALPHA 3 BV / US BID P/P 144A 06.2500 02/01/2025 0.24%
APERGY CORP 06.3750 05/01/2026 0.24%
VERISURE MIDHOLDING AB REGS 05.7500 12/01/2023 0.24%
SCIENTIFIC GAMES INT 10.0000 12/01/2022 0.24%
STAPLES INC P/P 144A 10.7500 04/15/2027 0.24%
PRECISION DRILL P/P 144A 07.1250 01/15/2026 0.24%
LENNAR CORP 05.8750 11/15/2024 0.23%
MILLER HOMES GRP HLDS REGS 05.5000 10/15/2024 0.23%
WEWORK COS INC P/P 144A 07.8750 05/01/2025 0.23%
CEMEX P/P 144A 05.7000 01/11/2025 0.23%
NRG ENERGY INC 06.6250 01/15/2027 0.23%
NABORS INDUSTRIES INC. 05.7500 02/01/2025 0.23%
GARTNER INC P/P 144A 05.1250 04/01/2025 0.23%
QORVO INC 05.5000 07/15/2026 0.23%
MEG ENERGY CORP P/P 144A 06.5000 01/15/2025 0.23%
SPRINT COMMUNICATIONS INC. 07.0000 08/15/2020 0.23%
BMC EAST LLC P/P 144A 05.5000 10/01/2024 0.22%
ELANCO ANIMAL HEALTH 04.9000 08/28/2028 0.22%
WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 0.22%
CORNERSTONE BUILDING P/P 144A 08.0000 04/15/2026 0.22%
SIRIUS XM RADIO INC P/P 144A 06.0000 07/15/2024 0.22%
BWAY HOLDING CO P/P 144A 07.2500 04/15/2025 0.22%
GREIF INC P/P 144A 06.5000 03/01/2027 0.22%
CHESAPEAKE ENERGY CORPORATION 08.0000 01/15/2025 0.22%
BAUSCH HLTH COS INC P/P 144A 07.0000 03/15/2024 0.22%
AES CORP/THE 05.5000 04/15/2025 0.22%
AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 0.22%
CHS/COMMUNITY HEALTH 06.8750 02/01/2022 0.22%
VISTRA OPERATIONS CO P/P 144A 05.5000 09/01/2026 0.22%
BANFF MERGER SUB INC P/P 144A 09.7500 09/01/2026 0.21%
CCO HLDGS LLC/CAP CO P/P 144A 05.8750 05/01/2027 0.21%
ENTERCOM MEDIA CORP P/P 144A 07.2500 11/01/2024 0.21%
JAMES HARDIE INT P/P 144A 05.0000 01/15/2028 0.21%
SERVICE CORPORATION INTL 04.6250 12/15/2027 0.21%
ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 0.21%
BAUSCH HLTH AMERICAS P/P 144A 09.2500 04/01/2026 0.21%
ARDAGH PKG FIN/HLDGS P/P 144A 07.2500 05/15/2024 0.21%
CODERE FINANCE 2 LUXEMBO REGS 06.7500 11/01/2021 0.21%
LOUISIANA-PACIFIC CORPORATION 04.8750 09/15/2024 0.21%
SPRINGLEAF FINANCE CORP 06.8750 03/15/2025 0.21%
TREASURY BILL 00.0000 08/08/2019 0.21%
CIRSA FINANCE INTER REGS 06.2500 12/20/2023 0.21%
INDIGO NATURAL P/P 144A 06.8750 02/15/2026 0.21%
OASIS PETROLEUM INC 06.8750 01/15/2023 0.20%
FREEPORT-MCMORAN INC 06.8750 02/15/2023 0.20%
ICAHN ENTERPRISES/FI 05.8750 02/01/2022 0.20%
TRANSOCEAN PONTUS LT P/P 144A 06.1250 08/01/2025 0.20%
TRANSDIGM INC 06.3750 06/15/2026 0.20%
EL CORTE INGLES SA REGS 03.0000 03/15/2024 0.20%
TRANSDIGM INC P/P 144A 06.2500 03/15/2026 0.20%
WELLCARE HEALTH PLANS 05.2500 04/01/2025 0.20%
PARKLAND FUEL CORP 05.6250 05/09/2025 0.20%
SERVICE CORP INTL 05.3750 05/15/2024 0.20%
ISTAR INC 06.0000 04/01/2022 0.20%
VISTRA OPERATIONS CO P/P 144A 05.6250 02/15/2027 0.20%
ARD FINANCE SA 06.6250 09/15/2023 0.20%
KINDER MORGAN INC/DELAWA 07.8000 08/01/2031 0.20%
ALTICE LUXEMBOURG SA P/P 144A 10.5000 05/15/2027 0.19%
ASCEND LEARNING LLC P/P 144A 06.8750 08/01/2025 0.19%
MGP ESCROW ISSUER/CO 05.6250 05/01/2024 0.19%
PENSKE AUTOMOTIVE GROUP 05.5000 05/15/2026 0.19%
T-MOBILE USA INC 04.7500 02/01/2028 0.19%
PLANTRONICS INC P/P 144A 05.5000 05/31/2023 0.19%
US CONCRETE INC 06.3750 06/01/2024 0.19%
BEACON ROOFING SUPP P/P 144A 04.8750 11/01/2025 0.19%
BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 0.19%
ON SEMICONDUC CV 01.0000 12/01/2020 0.19%
CROWN CASTLE INTL CORP 06.8750 CUM CV PFD 0.19%
STARWOOD PROP TR 04.7500 03/15/2025 0.19%
ZEKELMAN IND INC P/P 144A 09.8750 06/15/2023 0.19%
ALTICE FINCO S.A. REGS 04.7500 01/15/2028 0.19%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 0.19%
GFL ENVIRONMENTA P/P 144A 08.5000 05/01/2027 0.19%
NRG ENERGY INC P/P 144A 05.2500 06/15/2029 0.19%
CAESARS ENTERTAINMENT CORP 0.19%
ENTERCOM MEDIA CORP P/P 144A 06.5000 05/01/2027 0.19%
WPX ENERGY INC 05.7500 06/01/2026 0.19%
BOMBARDIER INC P/P 144A 07.8750 04/15/2027 0.18%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 02/01/2025 0.18%
TOPBUILD CORP P/P 144A 05.6250 05/01/2026 0.18%
HCA INC 05.0000 03/15/2024 0.18%
FREEPORT-MCMORAN INC 05.4500 03/15/2043 0.18%
NETFLIX INC 03.6250 05/15/2027 0.18%
QUEBECOR MEDIA INC USD 05.7500 01/15/2023 0.18%
TENNANT CO 05.6250 05/01/2025 0.18%
CONSTANTIN INVESTISSEME REGS 05.3750 04/15/2025 0.18%
IRON MOUNTAIN UK PLC REGS 03.8750 11/15/2025 0.18%
TMS INTL CORP P/P 144A 07.2500 08/15/2025 0.18%
AMC ENTERTAINMENT HLDGS 05.7500 06/15/2025 0.18%
BOYD GAMING CORPORATION 06.0000 08/15/2026 0.18%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.18%
USI INC/NY P/P 144A 06.8750 05/01/2025 0.18%
CENTENE CORP 06.1250 02/15/2024 0.18%
MATTERHORN TELECOM SA REGS 03.8750 05/01/2022 0.18%
RITE AID CORP P/P 144A 06.1250 04/01/2023 0.18%
WEEKLEY HOMES LLC 06.0000 02/01/2023 0.18%
CREDIT AGRICOLE SA REGS 06.5000 06/23/2021 0.17%
DISH DBS CORPORATION 06.7500 06/01/2021 0.17%
PANTHER BF AGGRE 2 P/P 144A 08.5000 05/15/2027 0.17%
TALLGRASS NRG PRTNR P/P 144A 05.5000 01/15/2028 0.17%
HUB INTL LTD P/P 144A 07.0000 05/01/2026 0.17%
WERNER FINCO LP/INC P/P 144A 08.7500 07/15/2025 0.17%
ALLY FINANCIAL INC 0.17%
BAUSCH HLTH AMERICAS P/P 144A 08.5000 01/31/2027 0.17%
INFOR US INC 06.5000 05/15/2022 0.17%
LIONS GATE CAP HOLD P/P 144A 06.3750 02/01/2024 0.17%
CBS OUT AMER CAP LLC 05.8750 03/15/2025 0.17%
VIRGIN MEDIA FINANCE PLC REGS 04.5000 01/15/2025 0.17%
CNO FINANCIAL GROUP INC 05.2500 05/30/2029 0.17%
NETFLIX INC REGS 04.6250 05/15/2029 0.17%
ANTERO RESOURCES FIN 05.1250 12/01/2022 0.17%
FAURECIA REGS 03.1250 06/15/2026 0.17%
CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 0.16%
KFC HLD/PIZZA HUT/TA P/P 144A 05.2500 06/01/2026 0.16%
PAR PHARMA INC P/P 144A 07.5000 04/01/2027 0.16%
VIDEOTRON LTD USD 05.0000 07/15/2022 0.16%
BAUSCH HLTH COS INC P/P 144A 07.2500 05/30/2029 0.16%
HUDBAY MINERALS INC P/P 144A 07.6250 01/15/2025 0.16%
MEREDITH CORP 06.8750 02/01/2026 0.16%
SUGAR HSP GAMING P/P 144A 05.8750 05/15/2025 0.16%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.16%
CENOVUS ENERGY INC USD 06.7500 11/15/2039 0.16%
LIONS GATE CAP HOLD P/P 144A 05.8750 11/01/2024 0.16%
WYNDHAM HOTELS & RE P/P 144A 05.3750 04/15/2026 0.16%
IRON MOUNTAIN INC P/P 144A 04.8750 09/15/2027 0.16%
NEWELL BRANDS INC 04.2000 04/01/2026 0.16%
SABRE GLBL INC P/P 144A 05.3750 04/15/2023 0.16%
CONSTELLIUM SE P/P 144A 05.8750 02/15/2026 0.16%
CSC HOLDINGS LLC P/P 144A 05.5000 05/15/2026 0.16%
JAGUAR HL / PPDI P/P 144A 06.3750 08/01/2023 0.16%
KRONOS INTERNATIONAL INC REGS 03.7500 09/15/2025 0.16%
AKER BP ASA REGS 06.0000 07/01/2022 0.16%
COVEY PARK ENERGY LL P/P 144A 07.5000 05/15/2025 0.16%
CARRIAGE SVCS INC P/P 144A 06.6250 06/01/2026 0.16%
RESIDEO FUNDING INC P/P 144A 06.1250 11/01/2026 0.15%
ALBERTSONS COS LLC P/P 144A 07.5000 03/15/2026 0.15%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.15%
OASIS PETROLEUM INC P/P 144A 06.2500 05/01/2026 0.15%
BOMBARDIER INC P/P 144A 08.7500 12/01/2021 0.15%
ANTERO RESOURCES COR 05.6250 06/01/2023 0.15%
DEUTSCHE BANK AKTIENGESE REGS 04.5000 05/19/2026 0.15%
ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 0.15%
FREEDOM MTGE CORP P/P 144A 08.1250 11/15/2024 0.15%
IHEARTCOMMUNICATIONS INC 08.3750 05/01/2027 0.15%
KFC HLD/PIZZA HUT/TA P/P 144A 05.0000 06/01/2024 0.15%
LEVEL 3 FINANCING INC 05.6250 02/01/2023 0.15%
CSC HOLDINGS LLC 06.7500 11/15/2021 0.15%
SPRINGLEAF FINANCE CORP 06.6250 01/15/2028 0.15%
THE WILLIAMS COMPANIES INC. 08.7500 03/15/2032 0.15%
INTERTRUST GROUP BV REGS 03.3750 11/15/2025 0.15%
CROWN CORK & SEAL CO INC 07.3750 12/15/2026 0.15%
NATIONSTAR MTG P/P 144A 08.1250 07/15/2023 0.15%
TREASURY BILL 00.0000 07/05/2019 0.14%
CHARTER COMMUNICATIONS INC-A 0.14%
MALLINCKRODT FIN/SB P/P 144A 05.5000 04/15/2025 0.14%
OSHKOSH CORP 05.3750 03/01/2025 0.14%
MOLINA HEALTHCARE IN P/P 144A 04.8750 06/15/2025 0.14%
PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 0.14%
TRANSOCEAN SENTR P/P 144A 05.3750 05/15/2023 0.14%
PANTHER BF AGGREGA P/P 144A 06.2500 05/15/2026 0.14%
MATALAN FINANCE PLC REGS 06.7500 01/31/2023 0.14%
SYNGENTA FINANCE NV P/P 144A 04.8920 04/24/2025 0.14%
CHEMOURS CO 07.0000 05/15/2025 0.14%
NETFLIX INC REGS 03.8750 11/15/2029 0.14%
NRG ENERGY INC. 07.2500 05/15/2026 0.14%
PENN NATIONAL GAMING P/P 144A 05.6250 01/15/2027 0.14%
TITAN ACQ LTD P/P 144A 07.7500 04/15/2026 0.14%
BERRY GLOBAL INC P/P 144A 04.5000 02/15/2026 0.13%
INEOS GROUP HLDG S.A. REGS 05.3750 08/01/2024 0.13%
MOLINA HEALTHCARE IN 05.3750 11/15/2022 0.13%
WIND TRE S.P.A. REGS 02.6250 01/20/2023 0.13%
NETFLIX INC 04.8750 04/15/2028 0.13%
SCIENTIFIC GAMES INTERNA REGS 03.3750 02/15/2026 0.13%
ENERGIZER GAMMA ACQ BV REGS 04.6250 07/15/2026 0.13%
GOEASY LTD P/P 144A 07.8750 11/01/2022 0.13%
AMSTED INDUSTRIES P/P 144A 05.6250 07/01/2027 0.13%
CLEAR CHNL WORLD 06.5000 11/15/2022 0.13%
JELD-WEN INC P/P 144A 04.8750 12/15/2027 0.13%
PANTHER BF AGGREGATOR 2 REGS 04.3750 05/15/2026 0.13%
TECK RESOURCES LIMITED USD 03.7500 02/01/2023 0.13%
MERCER INTL INC P/P 144A 07.3750 01/15/2025 0.13%
STANDARD IND INC P/P 144A 06.0000 10/15/2025 0.13%
BWAY HOLDING CO REGS 04.7500 04/15/2024 0.13%
TEVA PHARM FNC NL II REGS 01.2500 03/31/2023 0.13%
UBS GROUP FUNDING SWITZE REGS 06.8750 12/29/2049 0.13%
WMG ACQUISITION CORP P/P 144A 05.0000 08/01/2023 0.13%
DENBURY RESOURCES IN P/P 144A 09.0000 05/15/2021 0.12%
CLEAR CHANNEL WORLD P/P 144A 09.2500 02/15/2024 0.12%
THE AES CORPORATION 04.8750 05/15/2023 0.12%
TMX FIN LLC/TITLEMAX P/P 144A 11.1250 04/01/2023 0.12%
SAMSONITE FINCO REGS 03.5000 05/15/2026 0.12%
BAUSCH HLTH COS INC P/P 144A 06.5000 03/15/2022 0.12%
INTESA SANPAOLO SPA REGS 06.2500 01/01/2050 0.12%
STANDARD IND INC P/P 144A 04.7500 01/15/2028 0.12%
WPX ENERGY INC 08.2500 08/01/2023 0.12%
NRG ENERGY INC P/P 144A 04.4500 06/15/2029 0.12%
TREASURY BILL 00.0000 09/12/2019 0.12%
UNILABS SUBHOLD REGS 05.7500 05/15/2025 0.12%
ALTICE FINCO S.A. P/P 144A 07.6250 02/15/2025 0.12%
ARDAGH PKG FIN/HLDGS USA REGS 04.7500 07/15/2027 0.12%
CLEAN HARBORS INC P/P 144A 04.8750 07/15/2027 0.12%
BRAND ENERGY & I P/P 144A 08.5000 07/15/2025 0.12%
WOLVERINE WORLD WIDE P/P 144A 05.0000 09/01/2026 0.12%
ALLIANT HOLD / CO-IS P/P 144A 08.2500 08/01/2023 0.11%
MGM GROWTH/MGM FINANCE 04.5000 01/15/2028 0.11%
CROWN AMER/CAP 04.7500 02/01/2026 0.11%
VISTRA OPERATION P/P 144A 05.0000 07/31/2027 0.11%
COMSTOCK RESOURCES 09.7500 08/15/2026 0.11%
ABN AMRO BANK NV REGS 05.7500 12/29/2049 0.11%
EP ENER/EVEREST ACQ P/P 144A 07.7500 05/15/2026 0.11%
STANDARD IND INC P/P 144A 05.3750 11/15/2024 0.11%
ASP AMC MERGER SUB P/P 144A 08.0000 05/15/2025 0.11%
CHS/COMMUNITY HEALT P/P 144A 08.1250 06/30/2024 0.11%
CREDIT SUISSE GROUP AG REGS 06.2500 12/29/2049 0.11%
FAIRFAX FINL HLDGS USD 04.8500 04/17/2028 0.11%
AES CORP/THE 06.0000 05/15/2026 0.10%
STARFRUIT FINCO/STAR US REGS 06.5000 10/01/2026 0.10%
USA COMPRESSION PART 06.8750 04/01/2026 0.10%
EI GROUP PLC REGS 07.5000 03/15/2024 0.10%
POMEGRANATE MERGER S P/P 144A 09.7500 05/01/2023 0.10%
TARGA RES PRTNRS 05.1250 02/01/2025 0.10%
TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 0.10%
ZIGGO BV P/P 144A 05.5000 01/15/2027 0.10%
BARCLAYS PLC REGS 07.8750 12/29/2049 0.10%
LIVE NATION ENTERTAINMENT IN 0.10%
IHEARTCOMMUNICATIONS INC 06.3750 05/01/2026 0.10%
TENET HEALTHCARE 04.6250 07/15/2024 0.10%
CENTENE CORP 04.7500 05/15/2022 0.10%
PARK-OHIO INDUSTRIES INC 06.6250 04/15/2027 0.10%
MERCER INTL INC USD 06.5000 02/01/2024 0.10%
TRANSOCEAN POSEIDON P/P 144A 06.8750 02/01/2027 0.10%
VISTRA ENERGY CORP P/P 144A 08.1250 01/30/2026 0.10%
ENSCO ROWAN PLC USD 07.7500 02/01/2026 0.10%
NIELSEN CO LUXEM P/P 144A 05.0000 02/01/2025 0.10%
TRANSDIGM INC. 06.5000 07/15/2024 0.10%
CIRSA FINANCE INTER REGS 04.7500 05/22/2025 0.10%
ROSE ROCK MIDSTREAM/ 05.6250 07/15/2022 0.10%
WPX ENERGY INC 06.0000 01/15/2022 0.10%
SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 0.10%
REXEL SA REGS 02.7500 06/15/2026 0.10%
TENDAM BRANDS SAU REGS 05.0000 09/15/2024 0.10%
CINEMARK USA INC 05.1250 12/15/2022 0.10%
CIRSA FINANCE INTER P/P 144A 07.8750 12/20/2023 0.10%
EIRCOM FINANCE DAC REGS 03.5000 05/15/2026 0.10%
IHS MARKIT LTD P/P 144A 04.0000 03/01/2026 0.10%
ICAHN ENTERPRISES/FI 06.2500 02/01/2022 0.09%
TAKKO LUX 2 SCA REGS 05.3750 11/15/2023 0.09%
VERTIV GROUP CORP P/P 144A 09.2500 10/15/2024 0.09%
ASCEND LEARNING LLC P/P 144A 06.8750 08/01/2025 0.09%
ARCELORMITTAL USD 06.1250 06/01/2025 0.09%
ENERGY TRANSFER OPERATNG 05.5000 06/01/2027 0.09%
CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 0.09%
SAFARI VERWALTUNGS GMBH REGS 05.3750 11/30/2022 0.09%
SESI LLC 07.1250 12/15/2021 0.09%
AIR MEDICAL MERGER S P/P 144A 06.3750 05/15/2023 0.09%
SUNSHINE MID BV REGS 06.5000 05/15/2026 0.09%
CINEMARK USA INC 04.8750 06/01/2023 0.09%
CIT GROUP INC 0.09%
CREDIT ACCEPTANC P/P 144A 06.6250 03/15/2026 0.09%
HOLOGIC INC P/P 144A 04.3750 10/15/2025 0.09%
MERCER INTL INC USD 05.5000 01/15/2026 0.09%
STEEL DYNAMICS INC 05.0000 12/15/2026 0.09%
AKER BP ASA P/P 144A 04.7500 06/15/2024 0.09%
HANESBRANDS INC P/P 144A 04.6250 05/15/2024 0.09%
UNIVISION COMM P/P 144A 05.1250 02/15/2025 0.09%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.09%
BERRY GLOBAL ESCR P/P 144A 05.6250 07/15/2027 0.09%
JOSEPH T RYERSON & S P/P 144A 11.0000 05/15/2022 0.09%
P/P 144A 06.8750 08/15/2026 0.09%
WMG ACQUISITION CORP REGS 03.6250 10/15/2026 0.09%
GO DADDY OPCO/FINCO P/P 144A 05.2500 12/01/2027 0.08%
IHS MARKIT LTD USD 04.7500 08/01/2028 0.08%
CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 0.08%
NETFLIX INC P/P 144A 06.3750 05/15/2029 0.08%
ALLEGHENY TECHNOLOGIES 05.9500 01/15/2021 0.08%
SPRINGLEAF FINANCE CORP 07.1250 03/15/2026 0.08%
TARGA RESOURCES PART P/P 144A 06.5000 07/15/2027 0.08%
TENET HEALTHCARE P/P 144A 06.2500 02/01/2027 0.08%
AMC ENT HOLDIN 05.8750 11/15/2026 0.08%
BAUSCH HLTH COS INC P/P 144A 07.0000 01/15/2028 0.08%
BOYD GAMING CORP 06.3750 04/01/2026 0.08%
CHS/COMMUNITY HEALTH P/P 144A 08.0000 03/15/2026 0.08%
CENTENE ESCROW I CO P/P 144A 05.3750 06/01/2026 0.08%
T-MOBILE USA INC 04.5000 02/01/2026 0.08%
ALTICE LUXEMBOURG SA P/P 144A 07.6250 02/15/2025 0.08%
NOBLE HLDG INTL LTD P/P 144A 07.8750 02/01/2026 0.08%
STEEL DYNAMICS INC 05.5000 10/01/2024 0.08%
TRI POINTE GROUP / HOMES 05.8750 06/15/2024 0.08%
COMMSCOPE INC P/P 144A 06.0000 03/01/2026 0.08%
ICAHN ENTER/FIN 06.7500 02/01/2024 0.08%
AVAYA HOLDINGS CORP 0.08%
ING GROEP NV USD 06.0000 12/29/2049 0.08%
NRG ENERGY INC 05.7500 01/15/2028 0.08%
TRONOX FINANCE PLC P/P 144A 05.7500 10/01/2025 0.08%
KRATON POLYMERS LLC/ P/P 144A 07.0000 04/15/2025 0.08%
VISTRA OPERATION P/P 144A 04.3000 07/15/2029 0.08%
MATTAMY GROUP CORP P/P 144A 06.5000 10/01/2025 0.08%
NRG P/P 144A 03.7500 06/15/2024 0.08%
BERRY GLOBAL INC 05.1250 07/15/2023 0.07%
DISH NETWORK CV 03.3750 08/15/2026 0.07%
BAYTEX ENERGY CORP P/P 144A 05.6250 06/01/2024 0.07%
MEG ENERGY CORP P/P 144A 06.3750 01/30/2023 0.07%
ARD SECURITIES FIN P/P 144A 08.7500 01/31/2023 0.07%
CSC HOLDINGS LLC P/P 144A 10.8750 10/15/2025 0.07%
NINE ENERGY SERVICE P/P 144A 08.7500 11/01/2023 0.07%
ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 0.07%
ICAHN ENTER/FIN P/P 144A 06.2500 05/15/2026 0.07%
LIVE NATION ENT P/P 144A 04.8750 11/01/2024 0.07%
WILLIAMS COS INC 07.7500 06/15/2031 0.07%
CLEAN HARBORS INC P/P 144A 05.1250 07/15/2029 0.07%
NEXSTAR ESCROW INC P/P 144A 05.6250 07/15/2027 0.07%
NOVELIS CORP P/P 144A 06.2500 08/15/2024 0.07%
TRANSOCEAN INC 07.5000 04/15/2031 0.06%
VERTIV INT HOLD CORP P/P 144A 12.0000 02/15/2022 0.06%
BAUSCH HLTH COS INC P/P 144A 05.7500 08/15/2027 0.06%
CREDIT SUISSE GRP AG P/P 144A 06.2500 12/18/2024 0.06%
WELLCARE HLTH PLANS P/P 144A 05.3750 08/15/2026 0.06%
CHESAPEAKE ENERGY CORP 08.0000 06/15/2027 0.06%
CIT GROUP INC. 05.0000 08/15/2022 0.06%
BAUSCH HLTH COS INC P/P 144A 05.5000 11/01/2025 0.06%
DIGICEL LTD P/P 144A 06.7500 03/01/2023 0.06%
JELD-WEN INC P/P 144A 04.6250 12/15/2025 0.06%
STERIGENICS-NORDION P/P 144A 06.5000 05/15/2023 0.06%
NOBLE HOLDING INTL LTD USD 07.7500 01/15/2024 0.06%
BANK OF AMERICA CORP 06.5000 10/29/2049 0.06%
ENERGIZER HLDG INC P/P 144A 06.3750 07/15/2026 0.06%
WMG ACQUISITION CORP P/P 144A 05.5000 04/15/2026 0.06%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.06%
KINDER MORGAN INC/DELAWA 07.7500 01/15/2032 0.06%
SPRINT CORP 07.2500 09/15/2021 0.06%
ASCENT RESOURCES/AR P/P 144A 07.0000 11/01/2026 0.05%
GESTAMP FUND LUX SA REGS 03.5000 05/15/2023 0.05%
TARGA RESOURCES PART P/P 144A 06.8750 01/15/2029 0.05%
DENBURY RESOURCES P/P 144A 07.7500 02/15/2024 0.05%
ELDORADO RESORTS INC 07.0000 08/01/2023 0.05%
FAURECIA REGS 02.6250 06/15/2025 0.05%
USA COM PART/USA COM P/P 144A 06.8750 09/01/2027 0.05%
COMMSCOPE INC P/P 144A 05.5000 03/01/2024 0.05%
ABC SUPPLY CO INC P/P 144A 05.8750 05/15/2026 0.05%
AMC ENTERTAINMENT HLDGS 06.1250 05/15/2027 0.05%
CREDIT ACCEPTANC 07.3750 03/15/2023 0.05%
EAGLE HLDG CO II LLC P/P 144A 07.7500 05/15/2022 0.05%
TELE COLUMBUS AG REGS 03.8750 05/02/2025 0.05%
TRANSDIGM INC 06.5000 05/15/2025 0.05%
ENERGY TRANSFER OPERA 05.8750 01/15/2024 0.05%
NATIONSTAR MTG P/P 144A 09.1250 07/15/2026 0.04%
BUILDERS FIRSTSOURCE P/P 144A 06.7500 06/01/2027 0.04%
CENOVUS ENERGY INC 0.04%
REALOGY GRP / CO P/P 144A 09.3750 04/01/2027 0.04%
VISTRA OPERATION P/P 144A 03.5500 07/15/2024 0.04%
AES CORP/THE 04.5000 03/15/2023 0.04%
BOYD GAMING CORPORATION 06.8750 05/15/2023 0.04%
IRON MOUNTAIN INC P/P 144A 05.2500 03/15/2028 0.04%
SESI LLC 07.7500 09/15/2024 0.04%
ALTICE FRANCE SA REGS 05.8750 02/01/2027 0.04%
COMMSCOPE TECH LLC P/P 144A 05.0000 03/15/2027 0.04%
SHOP DIRECT FUNDING PLC REGS 07.7500 11/15/2022 0.04%
ABC SUPPLY CO INC P/P 144A 05.7500 12/15/2023 0.04%
IAA INC P/P 144A 05.5000 06/15/2027 0.04%
STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 0.03%
NEW GOLD INC P/P 144A 06.2500 11/15/2022 0.03%
EL PASO NATURAL GAS 08.3750 06/15/2032 0.03%
ELDORADO RESORTS INC 06.0000 09/15/2026 0.03%
STEEL DYNAMICS INC 04.1250 09/15/2025 0.03%
BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 0.03%
IHEARTMEDIA INC WT 0.03%
CIT GROUP INC 05.0000 08/01/2023 0.03%
CLEAR CHANNEL OUTDOOR HOLDIN 0.03%
CLEVELAND-CLIFFS INC 05.7500 03/01/2025 0.03%
ZIGGO BOND CO BV REGS 07.1250 05/15/2024 0.03%
TARGA RESOURCES PART 05.0000 01/15/2028 0.03%
ROSE ROCK MIDSTREAM/ 05.6250 11/15/2023 0.02%
TREASURY BILL 00.0000 08/06/2019 0.02%
ALTICE LUXEMBOURG S.A. REGS 07.2500 05/15/2022 0.02%
NABORS INDUSTRIES INC. 05.5000 01/15/2023 0.02%
FREEDOM MTGE CORP P/P 144A 08.2500 04/15/2025 0.02%
ADVANZ PHARMA CORP 0.02%
ENERGIZER HLDG INC P/P 144A 07.7500 01/15/2027 0.02%
PHOSPHORUS HOLDCO PLC REGS 10.0000 04/01/2020 0.01%
CHESAPEAKE ENERGY CORP 05.7500 03/15/2023 0.01%
SWITZERLAND REGS 04.0000 04/08/2028 0.01%
OASIS PETROLEUM INC 06.8750 03/15/2022 0.01%
MERCER INTL INC USD 07.7500 12/01/2022 0.01%
GENON 939CER907 0.01%
ISTAR INC. 05.2500 09/15/2022 0.01%
CHC GRP LLC P/P CV 00.0000 10/01/2020 0.01%
TRANSOCEAN INC P/P 144A 09.0000 07/15/2023 0.01%
GENON ENERGY/NRG AMER 09.0438 12/01/2023 0.00%
IHEARTMEDIA INC - CLASS A 0.00%
MWO HOLDINGS LLC 0.00%
NINE POINT ENERGY CNV PRF 0.00%
ION MEDIA NETWORKS INC 0.00%
INCEPTION MRGR/RACK P/P 144A 08.6250 11/15/2024 0.00%
NINE POINT ENERGY COM 0.00%
TERVITA CORP 0.00%
AVAYA INC ESCROW P/P 144A 07.0000 04/01/2020 0.00%
CAD/USD 07/17/2019 CITI 0.00%
CHC GROUP LLC P/P 0.00%
CHF/USD 09/18/2019 BCAP-FX 0.00%
ESC SEVENTYSEVENERG 06.5000 07/15/2022 0.00%
CAD/USD 07/17/2019 WPAC -0.00%
GBP/USD 09/18/2019 BCAP-FX -0.00%
GBP/USD 09/18/2019 JPMCB -0.00%
GBP/USD 09/18/2019 UBS -0.00%
GBP/USD 09/18/2019 BANKAM -0.00%
GBP/USD 09/18/2019 CITI -0.00%
CAD/USD 07/17/2019 SSBT -0.00%
EUR/USD 09/18/2019 WPAC -0.00%
EUR/USD 09/18/2019 CITI -0.01%
EUR/USD 09/18/2019 SSBT -0.01%
EUR/USD 09/18/2019 RBSF -0.01%
EUR/USD 09/18/2019 GSFX -0.01%
EUR/USD 09/18/2019 HSBCB -0.01%
EUR/USD 09/18/2019 JPMCB -0.01%
EUR/USD 09/18/2019 BANKAM -0.02%
EUR/USD 09/18/2019 UBS -0.03%
EUR/USD 09/18/2019 BCAP-FX -0.05%

Prior top 10 holdings

Top 10 holdings as of 31/08/2019
Charter Communications
Sprint Communications
Bausch Health
Altice USA
Tenet Healthcare
Altice Numericable
Ally Financial
Centurylink
Teva Pharmaceutical Industries
Community Health Systems
Holdings represent 14.61% of portfolio
Top 10 holdings as of 31/07/2019
Charter Communications
Sprint Communications
Bausch Health
Altice USA
Altice Numericable
Ally Financial
Teva Pharmaceutical Industries
Community Health Systems
Centurylink
T-Mobile
Holdings represent 14.24% of portfolio
Top 10 holdings as of 30/06/2019
Charter Communications
Sprint Communications
Bausch Health
Altice USA
Altice Numericable
Ally Financial
Teva Pharmaceutical Industries
Community Health Systems
Centurylink
T-Mobile
Holdings represent 13.76% of portfolio
Top 10 holdings as of 31/05/2019
Sprint Communications
Bausch Health
Charter Communications
Altice USA
Altice Numericable
Ally Financial
Teva Pharmaceutical Industries
Community Health Systems
Centurylink
T-Mobile
Holdings represent 13.66% of portfolio

Unitholders may obtain more recent information about certain Funds' portfolio holdings from time to time by contacting the Manager. Portfolio holdings information will only be provided for legitimate purposes as determined by the Manager, and will be subject to a reasonable delay intended to protect the Funds.

Fixed income statistics as of 31/08/2019

Average effective maturity 3.49 yrs.
Average effective duration 2.97 yrs.
Average yield to maturity 5.12%
Average coupon 5.68%

Sector weightings as of 31/08/2019

  Cash investments Non-cash investments Total portfolio
  Weight Spread duration Weight Spread duration Weight Spread duration
High-yield corporate bonds 79.55% 2.25 0.00% 0.00 79.55% 2.25
Investment-grade corporate bonds 10.20% 0.51 0.00% 0.00 10.20% 0.51
Emerging-market bonds 1.83% 0.08 0.00% 0.00 1.83% 0.08
Equity investments 0.66% 0.00 0.00% 0.00 0.66% 0.00
Convertible securities 0.46% 0.00 0.00% 0.00 0.46% 0.00
International Treasury/agency 0.46% 0.03 0.00% 0.00 0.46% 0.03
Net cash 6.84% 0.00 0.00% 0.00 6.84% 0.00

Spread duration is displayed in years and reflects the contribution by sector to the portfolio's total spread duration with the exception of the Treasury and Interest-rate swap sectors where effective duration is displayed. Spread duration estimates the price sensitivity of a specific sector or asset class to a 100 basis-point movement, 1%, (either widening or narrowing) in its yield spread relative to Treasuries. Effective duration provides a measure of a portfolio's interest-rate sensitivity. The longer a portfolio's duration, the more sensitive the portfolio is to shifts in the interest rates. Allocations may not total 100% of net assets because the table includes the notional value of derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities.

Maturity detail as of 31/08/2019

0 - 1 yr. 20.23%
1 - 5 yrs. 56.38%
5 - 10 yrs. 20.40%
10 - 15 yrs. 1.78%
Over 15 yrs. 1.21%

Quality rating as of 31/08/2019

AAA 0.01%
BBB 11.47%
BB 42.78%
B 30.90%
CCC and Below 7.12%
Not Rated 0.88%
Net cash 6.84%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Risks: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed investments, unlike traditional debt investments, are subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. The fund concentrates on a limited group of industries and is non-diversified. Because the fund may invest in fewer issuers than a diversified fund, it is vulnerable to common economic forces and may result in greater losses and volatility. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Unlike bonds, funds that invest in bonds have fees and expenses. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. You can lose money by investing in the fund.

Top industry sectors as of 31/08/2019

Consumer cyclicals 18.62%
Communication services 15.71%
Basic materials 11.09%
Health care 9.27%
Financials 8.84%
Energy 7.92%
Capital goods 7.34%
Consumer staples 7.17%
Net Cash 6.84%
 
Other
7.20%
Technology 3.72%
Utilities 3.25%
Transportation 0.23%

Allocations may not total 100% of net assets because the table includes the notional value of certain derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities.

Sectors will vary over time.

Country allocation as of 31/08/2019

United States 72.86%
Canada 4.75%
France 3.38%
Luxembourg 3.15%
United Kingdom 2.50%
Netherlands 2.44%
Ireland 1.58%
Germany 1.56%
Spain 1.33%
 
Other
6.45%
Switzerland 1.30%
Israel 1.05%
European Community 0.71%
Italy 0.70%
Norway 0.53%
Mexico 0.40%
Indonesia 0.38%
Sweden 0.36%
Cayman Islands 0.33%
Belgium 0.32%
Bermuda 0.32%
Jamaica 0.05%

Expenses

Expense ratio

Class A Class B Class C Class E Class I Class S Class S3
Total expense ratio 1.62% 2.12% 2.01% 0.77% 0.79% 0.77% -

The ICE BofAML Global High Yield Investment Grade Country Constrained Index is an unmanaged, USD-hedged index of high yield corporate bonds from those countries that issue investment-grade government bonds. It is not possible to invest directly in an index.

Risks: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed investments, unlike traditional debt investments, are subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. The fund concentrates on a limited group of industries and is non-diversified. Because the fund may invest in fewer issuers than a diversified fund, it is vulnerable to common economic forces and may result in greater losses and volatility. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Unlike bonds, funds that invest in bonds have fees and expenses. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. You can lose money by investing in the fund.