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PIA High Yield (MACS) Fund
mutual fund
PIAMX
Payout Change
Pending
Price as of:
$8.75
+0.01
+0.11%
primary theme
High Yield Bond
share class
PIAMX (Mutual Fund)
PIA High Yield (MACS) Fund
Payout Change
Pending
Price as of:
$8.75
+0.01
+0.11%
primary theme
High Yield Bond
share class
PIAMX (Mutual Fund)
PIA High Yield (MACS) Fund
Payout Change
Pending
Price as of:
$8.75
+0.01
+0.11%
primary theme
High Yield Bond
share class
Name
As of 12/24/2024Price
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
11.1%
1 yr return
11.4%
3 Yr Avg Return
5.2%
5 Yr Avg Return
6.4%
Net Assets
$152 M
Holdings in Top 10
15.3%
52 WEEK LOW AND HIGH
$8.7
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.20%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 70.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/24/2024Price
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
PIAMX - Profile
Distributions
- YTD Total Return 11.1%
- 3 Yr Annualized Total Return 5.2%
- 5 Yr Annualized Total Return 6.4%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 6.91%
- Dividend Yield 7.3%
- Dividend Distribution Frequency None
Fund Details
-
Legal NamePIA High Yield (MACS) Fund
-
Fund Family NamePIA Mutual Funds
-
Inception DateDec 26, 2017
-
Shares Outstanding14383926
-
Share ClassSMA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMichael Yean
Fund Description
The High Yield (MACS) Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of domestic and foreign high yield instruments (“junk bonds”), defined as bonds, convertible securities, forward commitments, loan participations and assignments, preferred stocks and Rule 144A securities. High yield instruments are securities rated below investment grade as defined by the Bloomberg index methodology, or, if unrated, determined by the Adviser to be of comparable quality.
The remainder of the High Yield (MACS) Fund’s assets may be invested in investment grade instruments including bonds, debt securities, convertible securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities, and loan participations and assignments.
The average portfolio duration of the High Yield (MACS) Fund normally varies within two years (plus or minus) of the duration of the Bloomberg U.S. Corporate High-Yield Index (the “Bloomberg Index”) at any point in time. The Bloomberg Index had a duration of 3.19 years as of January 31, 2024. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in interest rates.
The Fund may invest up to 10% of its net assets in securities and instruments that are economically tied to emerging market countries.
The High Yield (MACS) Fund may invest up to 10% of its net assets in derivative instruments, such as options, futures contracts or swap agreements for both bona fide hedging purposes and for speculative purposes.
From time to time, the Fund may experience significant inflows; if this occurs, the Fund may, on a temporary or interim basis, invest these new assets (potentially in an amount which may approach up to 100% of the Fund’s total net assets if new flows were extremely large relative to the Fund’s current assets) in a combination of derivative instruments and other investment companies, including exchange-traded funds (“ETFs”), until such time as the Adviser can identify and invest in appropriate high yield instruments in accordance with the Fund’s principal strategy. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. The 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).
In selecting investments for the High Yield (MACS) Fund, the Adviser will consider the risks and opportunities presented by the industries within the high yield universe. The Adviser evaluates the bond issuers within the selected industries and identifies those investments which the Adviser believes have favorable risk reward characteristics and match the Adviser’s investing philosophy. The Adviser evaluates various criteria such as historical and future expected financial performance, management tenure and experience, capital structure, free cash flow generation, barriers to entry, security protections, yield and relative value, and ownership structure. Investments are targeted that have individual yield premiums which appear to be favorable and are viewed by the Adviser as having a comparable or lower probability of default and/or loss risk.
PIAMX - Performance
Return Ranking - Trailing
| Period | PIAMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 11.1% | -8.8% | 17.7% | 1.49% |
| 1 Yr | 11.4% | -9.2% | 18.4% | 1.49% |
| 3 Yr | 5.2%* | -14.6% | 21.0% | 2.37% |
| 5 Yr | 6.4%* | -12.0% | 36.6% | 3.04% |
| 10 Yr | N/A* | -4.8% | 20.1% | N/A |
* Annualized
Return Ranking - Calendar
| Period | PIAMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 7.0% | -4.7% | 14.3% | 7.89% |
| 2022 | -17.4% | -33.4% | 3.6% | 81.56% |
| 2021 | -0.9% | -8.4% | 8.2% | 80.17% |
| 2020 | 1.6% | -13.2% | 302.7% | 17.23% |
| 2019 | 4.3% | -4.4% | 13.3% | 87.96% |
Total Return Ranking - Trailing
| Period | PIAMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 11.1% | -8.8% | 17.7% | 1.49% |
| 1 Yr | 11.4% | -9.2% | 18.4% | 1.49% |
| 3 Yr | 5.2%* | -14.6% | 21.0% | 2.37% |
| 5 Yr | 6.4%* | -12.0% | 36.6% | 3.04% |
| 10 Yr | N/A* | -4.8% | 20.1% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | PIAMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 16.4% | -4.7% | 18.7% | 2.30% |
| 2022 | -10.3% | -33.4% | 47.8% | 42.69% |
| 2021 | 7.8% | -8.4% | 12.4% | 9.31% |
| 2020 | 9.0% | -9.6% | 325.6% | 6.39% |
| 2019 | 11.8% | -3.8% | 21.6% | 77.74% |
NAV & Total Return History
PIAMX - Holdings
Concentration Analysis
| PIAMX | Category Low | Category High | PIAMX % Rank | |
|---|---|---|---|---|
| Net Assets | 152 M | 3.13 M | 25.3 B | 79.34% |
| Number of Holdings | 108 | 2 | 3879 | 93.57% |
| Net Assets in Top 10 | 26.4 M | -492 M | 5.25 B | 78.75% |
| Weighting of Top 10 | 15.26% | 4.2% | 146.0% | 40.03% |
Top 10 Holdings
- Fidelity Government Portfolio 2.69%
- Verde Purchaser LLC 1.69%
- ITT Holdings LLC 1.47%
- TMS International Corp/DE 1.42%
- VistaJet Malta Finance PLC / Vista Management Holding Inc 1.40%
- Pitney Bowes Inc 1.37%
- Iris Holdings Inc 1.32%
- Consensus Cloud Solutions Inc 1.31%
- GPD Cos Inc 1.30%
- WASH Multifamily Acquisition Inc 1.28%
Asset Allocation
| Weighting | Return Low | Return High | PIAMX % Rank | |
|---|---|---|---|---|
| Bonds | 95.33% | 0.00% | 145.36% | 47.05% |
| Cash | 4.61% | -52.00% | 48.02% | 35.75% |
| Convertible Bonds | 1.12% | 0.00% | 17.89% | 46.46% |
| Stocks | 0.06% | 0.00% | 97.54% | 66.23% |
| Preferred Stocks | 0.00% | 0.00% | 4.97% | 60.46% |
| Other | 0.00% | -39.08% | 99.86% | 62.93% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | PIAMX % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 100.00% | 56.13% |
| Technology | 0.00% | 0.00% | 33.17% | 56.70% |
| Real Estate | 0.00% | 0.00% | 86.71% | 52.99% |
| Industrials | 0.00% | 0.00% | 93.12% | 0.28% |
| Healthcare | 0.00% | 0.00% | 22.17% | 56.70% |
| Financial Services | 0.00% | 0.00% | 100.00% | 55.56% |
| Energy | 0.00% | 0.00% | 100.00% | 65.24% |
| Communication Services | 0.00% | 0.00% | 99.99% | 57.83% |
| Consumer Defense | 0.00% | 0.00% | 100.00% | 49.00% |
| Consumer Cyclical | 0.00% | 0.00% | 100.00% | 68.09% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 56.13% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | PIAMX % Rank | |
|---|---|---|---|---|
| US | 0.06% | 0.00% | 97.54% | 64.91% |
| Non US | 0.00% | -0.01% | 2.00% | 45.30% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | PIAMX % Rank | |
|---|---|---|---|---|
| Corporate | 95.05% | 0.00% | 100.00% | 51.49% |
| Cash & Equivalents | 2.69% | 0.00% | 48.02% | 57.17% |
| Derivative | 0.00% | -14.58% | 42.26% | 51.57% |
| Securitized | 0.00% | 0.00% | 97.24% | 64.03% |
| Municipal | 0.00% | 0.00% | 1.17% | 35.15% |
| Government | 0.00% | 0.00% | 99.07% | 55.78% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | PIAMX % Rank | |
|---|---|---|---|---|
| US | 95.33% | 0.00% | 126.57% | 35.26% |
| Non US | 0.00% | 0.00% | 96.91% | 60.96% |
PIAMX - Expenses
Operational Fees
| PIAMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.20% | 0.02% | 38.33% | 98.36% |
| Management Fee | 0.00% | 0.00% | 1.75% | 0.33% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
| PIAMX 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
| PIAMX 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.
| PIAMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 70.00% | 1.00% | 255.00% | 65.83% |
PIAMX - Distributions
Dividend Yield Analysis
| PIAMX | Category Low | Category High | PIAMX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 7.29% | 0.00% | 11.76% | 3.27% |
Dividend Distribution Analysis
| PIAMX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | SemiAnnual | Monthly | Monthly |
Net Income Ratio Analysis
| PIAMX | Category Low | Category High | PIAMX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 6.91% | -2.39% | 9.30% | 1.85% |
Capital Gain Distribution Analysis
| PIAMX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 26, 2024 | $0.053 | OrdinaryDividend |
| Oct 29, 2024 | $0.070 | OrdinaryDividend |
| Sep 26, 2024 | $0.059 | OrdinaryDividend |
| Aug 28, 2024 | $0.061 | OrdinaryDividend |
| Jul 29, 2024 | $0.068 | OrdinaryDividend |
| Apr 26, 2024 | $0.059 | OrdinaryDividend |
| Mar 26, 2024 | $0.057 | OrdinaryDividend |
| Feb 27, 2024 | $0.057 | OrdinaryDividend |
| Jan 29, 2024 | $0.059 | OrdinaryDividend |
| Dec 27, 2023 | $0.063 | OrdinaryDividend |
| Nov 28, 2023 | $0.057 | OrdinaryDividend |
| Oct 27, 2023 | $0.058 | OrdinaryDividend |
| Sep 27, 2023 | $0.054 | OrdinaryDividend |
| Aug 29, 2023 | $0.062 | OrdinaryDividend |
| Jul 27, 2023 | $0.056 | OrdinaryDividend |
| Jun 28, 2023 | $0.060 | OrdinaryDividend |
| May 26, 2023 | $0.062 | OrdinaryDividend |
| Apr 26, 2023 | $0.052 | OrdinaryDividend |
| Mar 29, 2023 | $0.066 | OrdinaryDividend |
| Feb 24, 2023 | $0.051 | OrdinaryDividend |
| Jan 27, 2023 | $0.050 | OrdinaryDividend |
| Dec 29, 2022 | $0.059 | OrdinaryDividend |
| Nov 28, 2022 | $0.056 | OrdinaryDividend |
| Oct 27, 2022 | $0.052 | OrdinaryDividend |
| Sep 28, 2022 | $0.051 | OrdinaryDividend |
| Aug 29, 2022 | $0.112 | OrdinaryDividend |
| Jul 27, 2022 | $0.052 | OrdinaryDividend |
| Jun 28, 2022 | $0.057 | OrdinaryDividend |
| May 26, 2022 | $0.051 | OrdinaryDividend |
| Apr 27, 2022 | $0.049 | OrdinaryDividend |
| Mar 29, 2022 | $0.061 | OrdinaryDividend |
| Feb 24, 2022 | $0.047 | OrdinaryDividend |
| Jan 27, 2022 | $0.045 | OrdinaryDividend |
| Dec 29, 2021 | $0.063 | OrdinaryDividend |
| Dec 29, 2021 | $0.156 | CapitalGainShortTerm |
| Nov 26, 2021 | $0.053 | OrdinaryDividend |
| Oct 27, 2021 | $0.053 | OrdinaryDividend |
| Sep 28, 2021 | $0.058 | OrdinaryDividend |
| Aug 27, 2021 | $0.054 | OrdinaryDividend |
| Jul 28, 2021 | $0.056 | OrdinaryDividend |
| Jun 28, 2021 | $0.061 | OrdinaryDividend |
| May 26, 2021 | $0.053 | OrdinaryDividend |
| Apr 28, 2021 | $0.056 | OrdinaryDividend |
| Mar 29, 2021 | $0.069 | OrdinaryDividend |
| Feb 24, 2021 | $0.052 | OrdinaryDividend |
| Jan 27, 2021 | $0.048 | OrdinaryDividend |
| Dec 29, 2020 | $0.071 | OrdinaryDividend |
| Nov 25, 2020 | $0.052 | OrdinaryDividend |
| Oct 28, 2020 | $0.056 | OrdinaryDividend |
| Sep 28, 2020 | $0.054 | OrdinaryDividend |
| Aug 27, 2020 | $0.049 | OrdinaryDividend |
| Jul 29, 2020 | $0.053 | OrdinaryDividend |
| Jun 26, 2020 | $0.047 | OrdinaryDividend |
| May 27, 2020 | $0.052 | OrdinaryDividend |
| Apr 28, 2020 | $0.052 | OrdinaryDividend |
| Mar 27, 2020 | $0.057 | OrdinaryDividend |
| Feb 26, 2020 | $0.050 | OrdinaryDividend |
| Jan 29, 2020 | $0.051 | OrdinaryDividend |
| Dec 27, 2019 | $0.064 | OrdinaryDividend |
| Dec 27, 2019 | $0.020 | CapitalGainShortTerm |
| Dec 27, 2019 | $0.002 | CapitalGainLongTerm |
| Nov 26, 2019 | $0.050 | OrdinaryDividend |
| Oct 29, 2019 | $0.061 | OrdinaryDividend |
| Sep 26, 2019 | $0.050 | OrdinaryDividend |
| Aug 28, 2019 | $0.052 | OrdinaryDividend |
| Jul 29, 2019 | $0.060 | OrdinaryDividend |
| Jun 26, 2019 | $0.048 | OrdinaryDividend |
| May 29, 2019 | $0.059 | OrdinaryDividend |
| Apr 26, 2019 | $0.048 | OrdinaryDividend |
| Mar 27, 2019 | $0.055 | OrdinaryDividend |
| Feb 26, 2019 | $0.048 | OrdinaryDividend |
| Jan 29, 2019 | $0.049 | OrdinaryDividend |
| Dec 27, 2018 | $0.025 | CapitalGainShortTerm |
| Dec 27, 2018 | $0.020 | CapitalGainLongTerm |
| Dec 27, 2018 | $0.058 | OrdinaryDividend |
| Nov 28, 2018 | $0.050 | OrdinaryDividend |
| Oct 29, 2018 | $0.057 | OrdinaryDividend |
| Sep 26, 2018 | $0.047 | OrdinaryDividend |
| Aug 29, 2018 | $0.055 | OrdinaryDividend |
| Jul 27, 2018 | $0.051 | OrdinaryDividend |
| Jun 27, 2018 | $0.048 | OrdinaryDividend |
| May 29, 2018 | $0.056 | OrdinaryDividend |
| Apr 26, 2018 | $0.048 | OrdinaryDividend |
| Mar 27, 2018 | $0.049 | OrdinaryDividend |
| Feb 26, 2018 | $0.045 | OrdinaryDividend |
| Jan 29, 2018 | $0.046 | OrdinaryDividend |
| Dec 29, 2017 | $0.006 | OrdinaryDividend |
PIAMX - Fund Manager Analysis
Managers
Michael Yean
Start Date
Tenure
Tenure Rank
Dec 26, 2017
4.43
4.4%
Michael Y. Yean Vice President Portfolio Manager/Credit Research Analyst Mr. Yean is responsible for the management of the firm’s high yield and convertible bond strategies. Mr. Yean is also is a credit research analyst, where he specializes in the industrial sector. In 1998 Mr. Yean joined PIA as a portfolio manager and research analyst for the PIA Small-cap and Mid-cap Equity portfolios. In 2002, Michael transitioned to fixed income credit analyst as the Bond Dept restructured toward greater emphasis in credit research. Prior to joining PIA Michael served in the Consulting Department of Merrill Lynch and the Investment Department of M.J. Segal & Company. He earned a Bachelor of Arts degree in Economics at University of California at Los Angeles.
Lloyd McAdams
Start Date
Tenure
Tenure Rank
Dec 26, 2017
4.43
4.4%
Mr. McAdams currently serves as President of PIA. From PIA’s formation in 1986 until 2018 he served as the firm’s Chief Investment Officer. Mr. McAdams is a board member of Anworth Mortgage Asset Corp., a publicly-traded company which manages a portfolio of mortgage securities for its shareholders. From 1996 to 2004, Mr. McAdams served as the Chairman and CEO of Syndicated Capital, Inc., the former distributor of the PIA Mutual Funds.. Before joining PIA, Mr. McAdams held the positions of President of Security Pacific Investment Managers, Inc., Senior Vice President of Trust Company of the West, and an Investment Officer with the State of Tennessee. Mr. McAdams has served as a Board member of the California Public Employees Retirement System (“CALPERS”). Since 1997, Mr. McAdams has also been the founder, Chairman and CEO of Anworth Mortgage Asset Corp, a NYSE listed company (“ANH”) that manages a portfolio of mortgage backed securities for its mostly institutional shareholders. He is a Chartered Financial Analyst Charter Holder, and a Certified Employee Benefit Specialist. Mr. McAdams holds a B.S. in Statistics from Stanford University and an M.B.A. from the University of Tennessee
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.13 | 37.79 | 7.31 | 8.17 |
