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MassMutual High Yield Fund
mutual fund
MPHLX
Payout Change
Pending
Price as of:
$8.03
+0.02
+0.25%
primary theme
High Yield Bond
MPHLX (Mutual Fund)
MassMutual High Yield Fund
Payout Change
Pending
Price as of:
$8.03
+0.02
+0.25%
primary theme
High Yield Bond
MPHLX (Mutual Fund)
MassMutual High Yield Fund
Payout Change
Pending
Price as of:
$8.03
+0.02
+0.25%
primary theme
High Yield Bond
Name
As of 11/07/2024Price
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
9.0%
1 yr return
14.9%
3 Yr Avg Return
0.9%
5 Yr Avg Return
3.2%
Net Assets
$421 M
Holdings in Top 10
17.0%
52 WEEK LOW AND HIGH
$8.0
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.95%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 68.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/07/2024Price
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
MPHLX - Profile
Distributions
- YTD Total Return 9.0%
- 3 Yr Annualized Total Return 0.9%
- 5 Yr Annualized Total Return 3.2%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 5.20%
- Dividend Yield 6.8%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameMassMutual High Yield Fund
-
Fund Family NameMASSMUTUAL FUNDS
-
Inception DateNov 01, 2004
-
Shares OutstandingN/A
-
Share ClassAdmin
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerScott Roth
Fund Description
Principal Investment Strategies
The Fund invests primarily in lower rated U.S. debt securities (“junk” or “high yield” bonds), including securities in default. Debt securities may include, for example, corporate bonds, mortgage-backed and asset-backed securities, and obligations of the U.S. Government or its agencies or instrumentalities. Under normal circumstances, the Fund invests at least 80% of its net assets (plus
the amount of any borrowings for investment purposes) in lower rated fixed income securities (rated below Baa3 by Moody’s, below BBB- by Standard & Poor’s or the equivalent by any other nationally recognized statistical rating organization (using the lower rating) or, if unrated, determined to be of below investment grade quality by the Fund’s subadviser, Barings LLC (“Barings”), or sub-subadviser, Baring International Investment Limited (“BIIL”)). The Fund may also invest in convertible securities, preferred stocks, warrants, bank loans, and other fixed income securities, including Rule 144A securities, of both U.S. and foreign issuers. Currently, Barings or BIIL does not expect that the Fund will invest more than 20% of its total assets in bank loans. The Fund may invest up to 15% of its total assets in securities that are not denominated in U.S. dollars including, but not limited to, corporate bonds, government and agency issues, Rule 144A securities, convertible securities, bank loans, mortgage-backed, and asset-backed securities.
In pursuing its investment objective, the Fund may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivatives, including futures contracts (for hedging purposes, to adjust various portfolio characteristics, including the duration (interest rate volatility) of the Fund’s portfolio, or as a substitute for direct investments); interest rate swaps (for hedging purposes or as a substitute for direct investments); total return swaps (for hedging purposes); and credit default swaps (for hedging purposes, to adjust various portfolio characteristics, including the duration (interest rate volatility) of the Fund’s portfolio, or as a substitute for direct investments). Use of derivatives by the Fund may create investment leverage.
The Fund may enter into repurchase agreement transactions. The Fund may at times have significant exposure to one or more industries or sectors. The Fund may hold a portion of its assets in cash or cash equivalents. The Fund may enter into reverse repurchase agreement transactions. Under normal market conditions, the Fund expects to have a dollar-weighted average portfolio maturity ranging from 4 to 10 years. The Fund’s portfolio may include securities with maturities outside this range, and the range may change from time to time.
In selecting the Fund’s investments, Barings or BIIL employs a bottom-up, fundamental approach to its credit analysis, which focuses first on a specific issuer’s financial strength, among other
things, before considering trends or macro economic factors. Barings or BIIL prefers companies that it believes possess one or more of the following characteristics: strong business position, ability to generate free cash flow to repay debt, favorable capital structure, high level of fixed assets, conservative accounting, and respected management or equity sponsor(s) (such management and sponsors would have a good reputation and/or have had prior positive relations with Barings or BIIL).
The Fund expects that it will engage in active and frequent trading and so will typically have a relatively high portfolio turnover rate.
MPHLX - Performance
Return Ranking - Trailing
| Period | MPHLX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 9.0% | -6.7% | 431.8% | 16.56% |
| 1 Yr | 14.9% | -0.9% | 460.1% | 19.64% |
| 3 Yr | 0.9%* | -14.6% | 75.1% | 88.37% |
| 5 Yr | 3.2%* | -11.9% | 44.0% | 74.34% |
| 10 Yr | 4.1%* | -5.1% | 23.0% | 37.18% |
* Annualized
Return Ranking - Calendar
| Period | MPHLX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 5.8% | -4.7% | 14.3% | 34.69% |
| 2022 | -16.2% | -33.4% | 3.6% | 61.02% |
| 2021 | 1.3% | -8.4% | 8.2% | 21.33% |
| 2020 | -0.7% | -13.2% | 302.7% | 62.57% |
| 2019 | 6.7% | -4.4% | 13.3% | 69.08% |
Total Return Ranking - Trailing
| Period | MPHLX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 9.0% | -6.7% | 431.8% | 16.56% |
| 1 Yr | 14.9% | -0.9% | 460.1% | 19.64% |
| 3 Yr | 0.9%* | -14.6% | 75.1% | 88.37% |
| 5 Yr | 3.2%* | -11.9% | 44.0% | 74.34% |
| 10 Yr | 4.1%* | -5.1% | 23.0% | 37.18% |
* Annualized
Total Return Ranking - Calendar
| Period | MPHLX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 7.5% | -4.7% | 18.7% | 94.79% |
| 2022 | -11.2% | -33.4% | 47.8% | 63.65% |
| 2021 | 6.9% | -8.4% | 12.4% | 15.02% |
| 2020 | 4.5% | -9.6% | 325.6% | 66.26% |
| 2019 | 13.2% | -3.8% | 19.4% | 59.13% |
NAV & Total Return History
MPHLX - Holdings
Concentration Analysis
| MPHLX | Category Low | Category High | MPHLX % Rank | |
|---|---|---|---|---|
| Net Assets | 421 M | 3.13 M | 23.6 B | 59.81% |
| Number of Holdings | 283 | 2 | 3879 | 63.68% |
| Net Assets in Top 10 | 64.5 M | -492 M | 5.25 B | 58.31% |
| Weighting of Top 10 | 17.03% | 4.2% | 146.0% | 29.64% |
Top 10 Holdings
- Prime Portfolio 4.53%
- SR UNSECURED 144A 09/24 6.5 2.24%
- COMPANY GUAR 04/33 6.4 1.50%
- COMPANY GUAR 05/26 6.25 1.38%
- SHORT TERMS 1.32%
- SHORT TERMS 1.32%
- SR UNSECURED 144A 03/30 4.625 1.29%
- SR SECURED 144A 06/30 8.625 1.25%
- SR SECURED 144A 01/28 9 1.11%
- SR SECURED 144A 06/31 5.5 1.10%
Asset Allocation
| Weighting | Return Low | Return High | MPHLX % Rank | |
|---|---|---|---|---|
| Bonds | 95.67% | 0.00% | 145.36% | 44.57% |
| Cash | 9.02% | -52.00% | 48.02% | 12.87% |
| Convertible Bonds | 1.03% | 0.00% | 17.89% | 50.81% |
| Stocks | 0.12% | 0.00% | 99.64% | 61.10% |
| Preferred Stocks | 0.00% | 0.00% | 4.97% | 59.28% |
| Other | 0.00% | -39.08% | 99.96% | 66.12% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | MPHLX % Rank | |
|---|---|---|---|---|
| Corporate | 98.29% | 0.00% | 100.00% | 10.93% |
| Cash & Equivalents | 9.02% | 0.00% | 48.02% | 12.05% |
| Derivative | 0.00% | -14.19% | 42.26% | 57.98% |
| Securitized | 0.00% | 0.00% | 97.24% | 63.46% |
| Municipal | 0.00% | 0.00% | 1.17% | 34.75% |
| Government | 0.00% | 0.00% | 99.07% | 54.49% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | MPHLX % Rank | |
|---|---|---|---|---|
| US | 95.67% | 0.00% | 126.57% | 32.41% |
| Non US | 0.00% | 0.00% | 96.91% | 62.05% |
MPHLX - Expenses
Operational Fees
| MPHLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.95% | 0.02% | 38.33% | 51.54% |
| Management Fee | 0.47% | 0.00% | 1.75% | 23.21% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | 0.30% | 0.00% | 0.50% | 94.12% |
Sales Fees
| MPHLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.25% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| MPHLX 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.
| MPHLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 68.00% | 1.00% | 255.00% | 59.61% |
MPHLX - Distributions
Dividend Yield Analysis
| MPHLX | Category Low | Category High | MPHLX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 6.75% | 0.00% | 11.76% | 37.22% |
Dividend Distribution Analysis
| MPHLX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Annual | Monthly | Monthly |
Net Income Ratio Analysis
| MPHLX | Category Low | Category High | MPHLX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 5.20% | -2.39% | 9.30% | 14.10% |
Capital Gain Distribution Analysis
| MPHLX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Oct 31, 2024 | $0.045 | OrdinaryDividend |
| Sep 30, 2024 | $0.047 | OrdinaryDividend |
| Aug 30, 2024 | $0.047 | OrdinaryDividend |
| Jul 31, 2024 | $0.049 | OrdinaryDividend |
| Apr 30, 2024 | $0.050 | OrdinaryDividend |
| Mar 28, 2024 | $0.041 | OrdinaryDividend |
| Feb 29, 2024 | $0.044 | OrdinaryDividend |
| Jan 31, 2024 | $0.046 | OrdinaryDividend |
| Dec 29, 2023 | $0.039 | OrdinaryDividend |
| Nov 30, 2023 | $0.042 | OrdinaryDividend |
| Dec 30, 2022 | $0.037 | OrdinaryDividend |
| Nov 30, 2022 | $0.039 | OrdinaryDividend |
| Oct 31, 2022 | $0.039 | OrdinaryDividend |
| Sep 30, 2022 | $0.039 | OrdinaryDividend |
| Aug 31, 2022 | $0.039 | OrdinaryDividend |
| Jul 29, 2022 | $0.035 | OrdinaryDividend |
| Jun 30, 2022 | $0.036 | OrdinaryDividend |
| May 31, 2022 | $0.037 | OrdinaryDividend |
| Apr 29, 2022 | $0.035 | OrdinaryDividend |
| Mar 31, 2022 | $0.037 | OrdinaryDividend |
| Feb 28, 2022 | $0.037 | OrdinaryDividend |
| Jan 31, 2022 | $0.033 | OrdinaryDividend |
| Dec 08, 2021 | $0.484 | OrdinaryDividend |
| Dec 11, 2020 | $0.452 | OrdinaryDividend |
| Dec 13, 2019 | $0.529 | OrdinaryDividend |
| Dec 14, 2018 | $0.488 | OrdinaryDividend |
| Dec 18, 2017 | $0.573 | OrdinaryDividend |
| Dec 19, 2016 | $0.547 | OrdinaryDividend |
| Dec 17, 2015 | $0.565 | OrdinaryDividend |
| Dec 17, 2014 | $0.098 | CapitalGainShortTerm |
| Dec 17, 2014 | $0.141 | CapitalGainLongTerm |
| Dec 17, 2014 | $0.660 | OrdinaryDividend |
| Dec 18, 2013 | $0.005 | CapitalGainShortTerm |
| Dec 18, 2013 | $0.169 | CapitalGainLongTerm |
| Dec 18, 2013 | $0.638 | OrdinaryDividend |
| Dec 19, 2012 | $0.685 | OrdinaryDividend |
| Dec 19, 2011 | $0.535 | OrdinaryDividend |
| Dec 17, 2010 | $0.852 | OrdinaryDividend |
| Dec 18, 2009 | $0.682 | OrdinaryDividend |
| Dec 18, 2008 | $0.934 | OrdinaryDividend |
| Dec 17, 2007 | $0.803 | OrdinaryDividend |
| Dec 26, 2006 | $0.013 | CapitalGainShortTerm |
| Dec 26, 2006 | $0.005 | CapitalGainLongTerm |
| Dec 26, 2006 | $0.656 | OrdinaryDividend |
| Dec 28, 2005 | $0.049 | CapitalGainLongTerm |
| Dec 28, 2005 | $0.719 | OrdinaryDividend |
| Dec 28, 2004 | $0.061 | OrdinaryDividend |
MPHLX - Fund Manager Analysis
Managers
Scott Roth
Start Date
Tenure
Tenure Rank
Dec 03, 2010
11.5
11.5%
Scott Roth is Co-Head of Barings’ U.S. High Yield Investments Group, Chair of the U.S. High Yield Investment Committee and a member of the Global High Yield Allocation Committee. His responsibilities include portfolio management for various high yield bond total return strategies. Scott has worked in the industry since 1993 and his experience has encompassed fund management, underwriting, leveraged loans and high yield. Prior to joining the firm in 2002, he was a vice president at Webster Bank and was a high yield analyst at Times Square Capital Management. He also served as an underwriter at Chubb Insurance Company. Scott holds a B.B.A. from Western Michigan University, an M.B.A. from the Ross School of Business at University of Michigan and is a member of the CFA Institute.
Sean Feeley
Start Date
Tenure
Tenure Rank
Dec 03, 2010
11.5
11.5%
Sean Feeley is a portfolio manager for Barings’ U.S. High Yield Investments Group. He is also a member of the firm’s U.S. High Yield Investment Committee and the Global High Yield Allocation Committee. Sean is responsible for the portfolio management of various high yield bond total return strategies. Sean has worked in the industry since 1996 and his experience has encompassed the credit market across a variety of industries. Prior to joining the firm in 2003, he worked at Cigna Investment Management in project finance and at Credit Suisse, where he worked in the leveraged finance group. Sean holds a B.S. in Accounting from Canisius College (magna cum laude) and an M.B.A. from Cornell University. He is a Certified Public Accountant (inactive) and member of the CFA Institute.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.13 | 37.79 | 7.32 | 8.17 |
