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HIGH INCOME FUND
mutual fund
AHIAX
Payout Change
Pending
Price as of:
$8.65
+0.01
+0.12%
primary theme
High Yield Bond
share class
AHIAX (Mutual Fund)
HIGH INCOME FUND
Payout Change
Pending
Price as of:
$8.65
+0.01
+0.12%
primary theme
High Yield Bond
share class
AHIAX (Mutual Fund)
HIGH INCOME FUND
Payout Change
Pending
Price as of:
$8.65
+0.01
+0.12%
primary theme
High Yield Bond
share class
Name
As of 12/20/2024Price
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
7.1%
1 yr return
7.5%
3 Yr Avg Return
2.3%
5 Yr Avg Return
4.0%
Net Assets
$2.23 B
Holdings in Top 10
4.7%
52 WEEK LOW AND HIGH
$8.6
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.04%
SALES FEES
Front Load 4.50%
Deferred Load N/A
TRADING FEES
Turnover 49.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/20/2024Price
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
AHIAX - Profile
Distributions
- YTD Total Return 7.1%
- 3 Yr Annualized Total Return 2.3%
- 5 Yr Annualized Total Return 4.0%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 4.59%
- Dividend Yield 6.5%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameHIGH INCOME FUND
-
Fund Family NameAmerican Century Investments
-
Inception DateOct 02, 2017
-
Shares Outstanding551655
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerStephen Kotsen
Fund Description
Under normal market conditions, the fund invests primarily in high-yield corporate bonds and other debt instruments with an emphasis on those that are rated below investment-grade. A high-yield security, or junk bond, is one that has been rated below the four highest categories used by a nationally recognized statistical rating organization, or, if unrated, determined by the investment advisor to be of similar quality.
Types of high-yield securities the fund may invest in include: bank loans in the form of assignments or participations; payment-in-kind securities; deferred payment securities; and fixed, variable, and floating rate obligations. The fund may invest in new issuances of high yield securities, distressed securities, and restricted or illiquid securities, including Rule 144A securities.
Bank loans include senior secured and unsecured floating rate loans of corporations, partnerships, or other entities. Typically these loans hold a senior position in the borrower’s capital structure, they have interest rates that reset frequently, and they may be secured by the borrower’s assets or they may be unsecured. The fund may invest up to 20% of its net assets in bank loan investments.
Deferred payment securities are zero-coupon securities that convert on a specified date to interest bearing debt securities. On this date, the stated coupon rate becomes effective and interest is paid at regular intervals.
The fund may invest in fixed-income instruments of foreign issuers, including emerging market issuers. Generally, the fund invests in U.S. dollar denominated securities, however, the fund may invest in securities denominated in foreign currencies.
The fund has no average maturity limitations, but it typically invests in intermediate-term and long-term debt securities. The fund may also invest in short-term money market instruments and U.S. government securities.
To determine whether to buy or sell a security, the portfolio managers consider, among other things, various fund requirements and standards, along with economic conditions, alternative investments and interest rates.
AHIAX - Performance
Return Ranking - Trailing
| Period | AHIAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 7.1% | -8.0% | 17.4% | 69.41% |
| 1 Yr | 7.5% | -8.2% | 18.4% | 73.85% |
| 3 Yr | 2.3%* | -14.5% | 21.2% | 62.73% |
| 5 Yr | 4.0%* | -11.8% | 36.7% | 29.77% |
| 10 Yr | N/A* | -4.7% | 20.2% | N/A |
* Annualized
Return Ranking - Calendar
| Period | AHIAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 6.6% | -4.7% | 14.3% | 12.64% |
| 2022 | -16.6% | -33.4% | 3.6% | 68.49% |
| 2021 | 0.1% | -8.4% | 8.2% | 47.68% |
| 2020 | 2.1% | -13.2% | 302.7% | 13.48% |
| 2019 | 6.5% | -4.4% | 13.3% | 71.58% |
Total Return Ranking - Trailing
| Period | AHIAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 7.1% | -8.0% | 17.4% | 69.41% |
| 1 Yr | 7.5% | -8.2% | 18.4% | 73.85% |
| 3 Yr | 2.3%* | -14.5% | 21.2% | 62.73% |
| 5 Yr | 4.0%* | -11.8% | 36.7% | 29.77% |
| 10 Yr | N/A* | -4.7% | 20.2% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | AHIAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 13.9% | -4.7% | 18.7% | 10.84% |
| 2022 | -11.6% | -33.4% | 47.8% | 71.64% |
| 2021 | 6.4% | -8.4% | 12.4% | 22.72% |
| 2020 | 8.1% | -9.6% | 325.6% | 10.82% |
| 2019 | 12.2% | -3.8% | 19.4% | 73.04% |
NAV & Total Return History
AHIAX - Holdings
Concentration Analysis
| AHIAX | Category Low | Category High | AHIAX % Rank | |
|---|---|---|---|---|
| Net Assets | 2.23 B | 3.13 M | 25.3 B | 23.90% |
| Number of Holdings | 1479 | 2 | 3879 | 3.95% |
| Net Assets in Top 10 | 109 M | -492 M | 5.25 B | 45.89% |
| Weighting of Top 10 | 4.73% | 4.2% | 146.0% | 99.18% |
Top 10 Holdings
- State Street Institutional US Government Money Market Fund 0.67%
- Cloud Software Group Inc 9.00 09/30/2029 0.54%
- Carnival Corp 5.75 03/01/2027 0.54%
- TransDigm Inc 5.50 11/15/2027 0.52%
- Weatherford International Ltd 8.63 04/30/2030 0.50%
- CCO Holdings LLC / CCO Holdings Capital Corp 4.75 02/01/2032 0.49%
- Imola Merger Corp 4.75 05/15/2029 0.43%
- Carnival Corp 6.00 05/01/2029 0.36%
- AthenaHealth Group Inc 6.50 02/15/2030 0.35%
- 1011778 BC ULC / New Red Finance Inc 4.00 10/15/2030 0.31%
Asset Allocation
| Weighting | Return Low | Return High | AHIAX % Rank | |
|---|---|---|---|---|
| Bonds | 97.14% | 0.00% | 145.36% | 25.86% |
| Cash | 1.28% | -52.00% | 48.02% | 87.01% |
| Preferred Stocks | 1.14% | 0.00% | 4.97% | 7.57% |
| Convertible Bonds | 1.00% | 0.00% | 17.89% | 54.44% |
| Stocks | 0.44% | 0.00% | 97.54% | 45.34% |
| Other | 0.00% | -39.08% | 99.86% | 51.48% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | AHIAX % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 100.00% | 41.94% |
| Technology | 0.00% | 0.00% | 33.17% | 42.16% |
| Real Estate | 0.00% | 0.00% | 86.71% | 34.22% |
| Industrials | 0.00% | 0.00% | 93.12% | 45.03% |
| Healthcare | 0.00% | 0.00% | 22.17% | 35.10% |
| Financial Services | 0.00% | 0.00% | 100.00% | 41.50% |
| Energy | 0.00% | 0.00% | 100.00% | 21.41% |
| Communication Services | 0.00% | 0.00% | 99.99% | 52.32% |
| Consumer Defense | 0.00% | 0.00% | 100.00% | 37.53% |
| Consumer Cyclical | 0.00% | 0.00% | 100.00% | 50.33% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 10.38% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | AHIAX % Rank | |
|---|---|---|---|---|
| US | 0.44% | 0.00% | 97.54% | 43.59% |
| Non US | 0.00% | -0.01% | 0.83% | 15.13% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | AHIAX % Rank | |
|---|---|---|---|---|
| Corporate | 99.85% | 0.00% | 100.00% | 1.48% |
| Cash & Equivalents | 0.67% | 0.00% | 48.02% | 81.41% |
| Securitized | 0.04% | 0.00% | 97.24% | 42.67% |
| Derivative | 0.00% | -14.58% | 42.26% | 36.18% |
| Municipal | 0.00% | 0.00% | 1.17% | 55.19% |
| Government | 0.00% | 0.00% | 99.07% | 67.22% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | AHIAX % Rank | |
|---|---|---|---|---|
| US | 97.14% | 0.00% | 126.57% | 18.91% |
| Non US | 0.00% | 0.00% | 96.91% | 73.03% |
AHIAX - Expenses
Operational Fees
| AHIAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.04% | 0.02% | 38.33% | 44.33% |
| Management Fee | 0.78% | 0.00% | 1.75% | 92.62% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 37.87% |
| Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
| AHIAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 4.50% | 2.25% | 5.75% | 26.60% |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| AHIAX 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.
| AHIAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 49.00% | 1.00% | 255.00% | 28.78% |
AHIAX - Distributions
Dividend Yield Analysis
| AHIAX | Category Low | Category High | AHIAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 6.45% | 0.00% | 11.76% | 53.10% |
Dividend Distribution Analysis
| AHIAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | SemiAnnual | Monthly | Monthly |
Net Income Ratio Analysis
| AHIAX | Category Low | Category High | AHIAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 4.59% | -2.39% | 9.30% | 39.20% |
Capital Gain Distribution Analysis
| AHIAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 29, 2024 | $0.046 | OrdinaryDividend |
| Oct 31, 2024 | $0.045 | OrdinaryDividend |
| Sep 30, 2024 | $0.042 | OrdinaryDividend |
| Aug 30, 2024 | $0.047 | OrdinaryDividend |
| Jul 31, 2024 | $0.044 | OrdinaryDividend |
| Apr 30, 2024 | $0.044 | OrdinaryDividend |
| Mar 28, 2024 | $0.044 | OrdinaryDividend |
| Feb 29, 2024 | $0.044 | OrdinaryDividend |
| Jan 31, 2024 | $0.043 | OrdinaryDividend |
| Dec 29, 2023 | $0.044 | OrdinaryDividend |
| Nov 30, 2023 | $0.043 | OrdinaryDividend |
| Oct 31, 2023 | $0.042 | OrdinaryDividend |
| Sep 29, 2023 | $0.044 | OrdinaryDividend |
| Aug 31, 2023 | $0.042 | OrdinaryDividend |
| Jul 31, 2023 | $0.040 | OrdinaryDividend |
| Jun 30, 2023 | $0.045 | OrdinaryDividend |
| May 31, 2023 | $0.042 | OrdinaryDividend |
| Apr 28, 2023 | $0.039 | OrdinaryDividend |
| Mar 31, 2023 | $0.044 | OrdinaryDividend |
| Feb 28, 2023 | $0.044 | OrdinaryDividend |
| Jan 31, 2023 | $0.038 | OrdinaryDividend |
| Dec 30, 2022 | $0.043 | OrdinaryDividend |
| Nov 30, 2022 | $0.042 | OrdinaryDividend |
| Oct 31, 2022 | $0.038 | OrdinaryDividend |
| Sep 30, 2022 | $0.040 | OrdinaryDividend |
| Aug 31, 2022 | $0.039 | OrdinaryDividend |
| Jul 29, 2022 | $0.040 | OrdinaryDividend |
| Jun 30, 2022 | $0.039 | OrdinaryDividend |
| May 31, 2022 | $0.039 | OrdinaryDividend |
| May 24, 2022 | $0.017 | CapitalGainLongTerm |
| Apr 29, 2022 | $0.040 | OrdinaryDividend |
| Mar 31, 2022 | $0.038 | OrdinaryDividend |
| Jan 31, 2022 | $0.036 | OrdinaryDividend |
| Dec 31, 2021 | $0.038 | OrdinaryDividend |
| Dec 07, 2021 | $0.080 | CapitalGainShortTerm |
| Dec 07, 2021 | $0.016 | CapitalGainLongTerm |
| Nov 30, 2021 | $0.039 | OrdinaryDividend |
| Oct 29, 2021 | $0.038 | OrdinaryDividend |
| Sep 30, 2021 | $0.038 | OrdinaryDividend |
| Aug 31, 2021 | $0.039 | OrdinaryDividend |
| Jul 30, 2021 | $0.040 | OrdinaryDividend |
| Jun 30, 2021 | $0.036 | OrdinaryDividend |
| May 31, 2021 | $0.037 | OrdinaryDividend |
| Apr 30, 2021 | $0.038 | OrdinaryDividend |
| Mar 31, 2021 | $0.038 | OrdinaryDividend |
| Feb 28, 2021 | $0.040 | OrdinaryDividend |
| Jan 31, 2021 | $0.039 | OrdinaryDividend |
| Dec 31, 2020 | $0.040 | OrdinaryDividend |
| Nov 30, 2020 | $0.040 | OrdinaryDividend |
| Oct 30, 2020 | $0.038 | OrdinaryDividend |
| Sep 30, 2020 | $0.039 | OrdinaryDividend |
| Aug 31, 2020 | $0.041 | OrdinaryDividend |
| Jul 31, 2020 | $0.041 | OrdinaryDividend |
| Jun 30, 2020 | $0.042 | OrdinaryDividend |
| May 29, 2020 | $0.037 | OrdinaryDividend |
| Apr 30, 2020 | $0.038 | OrdinaryDividend |
| Mar 31, 2020 | $0.041 | OrdinaryDividend |
| Feb 28, 2020 | $0.039 | OrdinaryDividend |
| Jan 31, 2020 | $0.039 | OrdinaryDividend |
| Dec 31, 2019 | $0.039 | OrdinaryDividend |
| Nov 29, 2019 | $0.038 | OrdinaryDividend |
| Oct 31, 2019 | $0.037 | OrdinaryDividend |
| Sep 30, 2019 | $0.039 | OrdinaryDividend |
| Aug 30, 2019 | $0.039 | OrdinaryDividend |
| Jul 31, 2019 | $0.038 | OrdinaryDividend |
AHIAX - Fund Manager Analysis
Managers
Stephen Kotsen
Start Date
Tenure
Tenure Rank
Dec 27, 2012
9.43
9.4%
Steve Kotsen, CFA, is a Managing Director and Portfolio Manager with NCRAM. He has been the portfolio manager for NCRAM’s High Yield Total Return Strategy since 2000, including numerous separate accounts and commingled vehicles. He joined NCRAM in December 1998 and initially worked as a credit analyst primarily responsible for the Gaming, Lodging, Leisure, Metals and Mining, Chemicals, Homebuilding, Building Products, Printing, Publishing, and Shipping industries. Previously, he was a portfolio manager and credit analyst at Lazard Frères Asset Management. Mr. Kotsen received his M.B.A. in Finance from Columbia Business School in 1995, and his B.A. in International Relations from Princeton University in 1991. Mr. Kotsen is a CFA® charterholder, a member of the CFA Institute, and a member of the New York Society of Security Analysts.
David Crall
Start Date
Tenure
Tenure Rank
Dec 27, 2012
9.43
9.4%
David Crall, CFA, is the President, Chief Executive Officer (CEO), Chief Investment Officer (CIO), and a Managing Director with NCRAM. He is also a member of NCRAM’s Board of Directors. Mr. Crall became President and CEO of NCRAM in June 2019, and in this capacity he is responsible for the firm’s overall management and business strategy. In addition, as CIO since January 2010, he leads the investment activities and investment team of NCRAM. He is the Chair of NCRAM’s Investment, New Product, Risk Monitoring, and ESG Committees. Previously, he was a portfolio manager and co-head of the high yield bond team at NCRAM, encompassing primarily high yield bonds but also public-side management of loans and distressed investments, since 2000. Prior to that, he was a portfolio manager of various high yield accounts at NCRAM since 1997, and an analyst in the high yield group at NCRAM for various industries since 1992. Mr. Crall received his B.A. from Yale University in 1992. He is a CFA® charterholder, a member of the CFA institute, and a member of the New York Society of Security Analysts.
Amy Chang
Start Date
Tenure
Tenure Rank
Aug 01, 2019
2.83
2.8%
Amy Yu Chang, CFA, Managing Director and Portfolio Manager of NCRAM.
Derek Leung
Start Date
Tenure
Tenure Rank
Aug 01, 2019
2.83
2.8%
Mr. Leung, Executive Director and Portfolio Manager, joined Nomura Corporate Research and Asset Management Inc. in 2003 and has been a portfolio manager for NCRAM’s high yield total return portfolios since 2019. He is a CFA charterholder. Mr. Leung received his B.A. in Economics from Yale University in May 2003.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.13 | 37.79 | 7.31 | 8.17 |
