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Touchstone Ares Credit Opportunities Fund
mutual fund
TMAYX
Payout Change
Pending
Price as of:
$9.27
-0.01
-0.11%
primary theme
Bond Sector Diversified
share class
TMAYX (Mutual Fund)
Touchstone Ares Credit Opportunities Fund
Payout Change
Pending
Price as of:
$9.27
-0.01
-0.11%
primary theme
Bond Sector Diversified
share class
TMAYX (Mutual Fund)
Touchstone Ares Credit Opportunities Fund
Payout Change
Pending
Price as of:
$9.27
-0.01
-0.11%
primary theme
Bond Sector Diversified
share class
Name
As of 12/23/2024Price
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
8.1%
1 yr return
8.5%
3 Yr Avg Return
3.9%
5 Yr Avg Return
5.1%
Net Assets
$650 M
Holdings in Top 10
12.4%
52 WEEK LOW AND HIGH
$9.3
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.01%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 135.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/23/2024Price
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
TMAYX - Profile
Distributions
- YTD Total Return 8.1%
- 3 Yr Annualized Total Return 3.9%
- 5 Yr Annualized Total Return 5.1%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 4.66%
- Dividend Yield 6.6%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameTouchstone Ares Credit Opportunities Fund
-
Fund Family NameTouchstone
-
Inception DateAug 31, 2015
-
Shares OutstandingN/A
-
Share ClassY
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerSeth Brufsky
Fund Description
The Fund invests, under normal circumstances, at least 80% of its assets (including the amount of borrowings for investment purposes) in U.S. and non-U.S. debt instruments.The Fund seeks to achieve its investment goal by investing in a wide array of debt securities or other debt instruments. The Fund may invest in debt instruments of any credit quality or rating and may invest without limit in loans, bonds and other debt instruments that are rated below investment grade by one or more Nationally Recognized Statistical Ratings Organizations (“NRSRO”) (i.e., rated Ba or lower by Moody’s Investors Service, Inc. (“Moody’s”) or BB or lower by S&P Global Ratings (“S&P”)) or, if unrated, deemed by the Fund’s sub-adviser, Ares Capital Management II, LLC (“Ares”), to be of comparable quality. These investments may include distressed or defaulted debt instruments. Securities rated below investment grade are sometimes referred to as “high yield” or “junk” bonds. The Fund’s investment policies are based on credit ratings at the time of purchase.In managing the Fund’s portfolio, Ares seeks to take advantage of opportunities presented from time to time in credit markets by systematically allocating and reallocating the Fund’s assets among core investments and opportunistic investments as credit market conditions change.The Fund’s core investments include the following:•Opportunistic Liquid Credit—The Fund seeks to generate current income with attractive relative value by investing in senior secured and unsecured debt of U.S. and non-U.S. companies.•Structured Credit—The Fund seeks to generate current income and capital appreciation by investing in debt and equity securities of collateralized loan obligations in the U.S. and globally.•Special Situations—The Fund seeks capital appreciation by investing in distressed U.S. and non-U.S. corporate loans and bonds that trade at significant discounts to par value.•Hedges—The Fund engages in short selling, futures contracts, total return and interest rate swaps, pairs trades and options transactions in an attempt to achieve downside protection and reduce portfolio volatility. The Fund’s hedging strategies may include, among other things, entering into synthetic credit index short positions, single security short selling, pairs trades, futures contracts, total return and interest rate swaps, and certain options transactions.The Fund may also invest in securities that may be offered and sold to only qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”).In addition, the Fund may make opportunistic investments from time to time in stressed and distressed securities, including debtor-in-possession loans (sometimes referred to as “DIP” loans), exit financings, rescue financings, and post-bankruptcy equity securities, as well as preferred stock, convertible debt, and other securitized vehicles. DIP loans are a special kind of financing meant for companies that are financially distressed and in bankruptcy. Such loans typically have priority over existing debt, equity and other claims.The corporate loans (commonly referred to as “bank loans”) in which the Fund invests are typically senior in payment priority and secured by a lien on the borrower’s assets. These corporate loans may include second lien loans, mezzanine loans and, to a limited extent, DIP loans. The capacity of a company to borrow and the quality of the credit underlying a corporate loan are typically determined based upon one or more of the projected cash flows of the borrower, the enterprise value of the borrower or the asset value of the collateral supporting any liens.The corporate debt securities, including high yield bonds, and other similar debt instruments in which the Fund invests are typically unsecured and may be subordinated in payment priority to other debt of the borrower. The terms governing these debt instruments may include features that can result in principal appreciation under certain circumstances. The capacity of a company to issue debt securities or other similar debt instruments and the quality of the credit underlying a company’s debt securities or other similar debt instruments are typically determined based upon the projected cash flows of the borrower, the enterprise value of the borrower or both.
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TMAYX - Performance
Return Ranking - Trailing
| Period | TMAYX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 8.1% | -12.8% | 18.9% | 13.47% |
| 1 Yr | 8.5% | -13.9% | 19.8% | 12.54% |
| 3 Yr | 3.9%* | -17.4% | 13.4% | 12.54% |
| 5 Yr | 5.1%* | -15.3% | 13.3% | 4.46% |
| 10 Yr | 4.0%* | -7.1% | 6.9% | 7.61% |
* Annualized
Return Ranking - Calendar
| Period | TMAYX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 4.4% | -12.0% | 8.9% | 16.54% |
| 2022 | -13.9% | -31.8% | 18.4% | 59.90% |
| 2021 | 2.8% | -16.2% | 25.7% | 4.43% |
| 2020 | -2.1% | -31.1% | 18.7% | 75.94% |
| 2019 | 8.2% | -6.1% | 15.3% | 10.02% |
Total Return Ranking - Trailing
| Period | TMAYX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 8.1% | -12.8% | 18.9% | 13.47% |
| 1 Yr | 8.5% | -13.9% | 19.8% | 12.54% |
| 3 Yr | 3.9%* | -17.4% | 13.4% | 12.54% |
| 5 Yr | 5.1%* | -15.3% | 13.3% | 4.46% |
| 10 Yr | 4.0%* | -7.1% | 6.9% | 7.61% |
* Annualized
Total Return Ranking - Calendar
| Period | TMAYX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 13.2% | -6.9% | 22.2% | 3.25% |
| 2022 | -8.6% | -31.8% | 21.1% | 48.18% |
| 2021 | 9.5% | -13.5% | 49.9% | 5.57% |
| 2020 | 4.7% | -28.6% | 24.1% | 57.40% |
| 2019 | 10.5% | -4.8% | 19.1% | 31.41% |
NAV & Total Return History
TMAYX - Holdings
Concentration Analysis
| TMAYX | Category Low | Category High | TMAYX % Rank | |
|---|---|---|---|---|
| Net Assets | 650 M | 2.63 M | 143 B | 53.50% |
| Number of Holdings | 374 | 4 | 9638 | 57.57% |
| Net Assets in Top 10 | 77.3 M | -204 M | 89.4 B | 68.33% |
| Weighting of Top 10 | 12.43% | 5.8% | 265.8% | 84.43% |
Top 10 Holdings
- Dreyfus Government Cash Management Funds SH BEN INT 4.72%
- Short-Term Invts T INVSCO GOVT INST 1.24%
- CHTR 4.5 08/15/30 144A 0.96%
- CYH 5.625 03/15/27 144A 0.82%
- LVLT 4.875 06/15/29 144A 0.80%
- EQM 6.5 07/15/48 0.80%
- BPR 4.5 04/01/27 144A 0.80%
- SSP 3.875 01/15/29 144A 0.79%
- CITPET 6.375 06/15/26 144A 0.76%
- ZAYO 4 03/01/27 144A 0.75%
Asset Allocation
| Weighting | Return Low | Return High | TMAYX % Rank | |
|---|---|---|---|---|
| Bonds | 95.71% | 0.00% | 199.60% | 29.33% |
| Cash | 5.96% | -94.66% | 99.97% | 34.01% |
| Convertible Bonds | 0.97% | 0.00% | 33.50% | 57.85% |
| Stocks | 0.66% | -6.18% | 99.68% | 43.53% |
| Preferred Stocks | 0.00% | 0.00% | 21.58% | 88.30% |
| Other | -0.02% | -75.22% | 147.15% | 89.39% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | TMAYX % Rank | |
|---|---|---|---|---|
| Energy | 93.27% | 0.00% | 100.00% | 13.91% |
| Industrials | 6.73% | 0.00% | 100.00% | 33.04% |
| Utilities | 0.00% | 0.00% | 100.00% | 87.25% |
| Technology | 0.00% | 0.00% | 28.30% | 86.09% |
| Real Estate | 0.00% | 0.00% | 100.00% | 87.54% |
| Healthcare | 0.00% | 0.00% | 18.60% | 86.38% |
| Financial Services | 0.00% | 0.00% | 100.00% | 90.72% |
| Communication Services | 0.00% | 0.00% | 100.00% | 88.12% |
| Consumer Defense | 0.00% | 0.00% | 99.97% | 87.54% |
| Consumer Cyclical | 0.00% | 0.00% | 89.95% | 88.41% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 87.25% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | TMAYX % Rank | |
|---|---|---|---|---|
| US | 0.66% | -6.18% | 99.68% | 40.41% |
| Non US | 0.00% | -0.30% | 17.73% | 84.71% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | TMAYX % Rank | |
|---|---|---|---|---|
| Corporate | 88.07% | 0.00% | 96.66% | 1.77% |
| Securitized | 8.43% | 0.00% | 99.65% | 68.44% |
| Cash & Equivalents | 5.96% | 0.00% | 94.89% | 31.92% |
| Municipal | 0.00% | 0.00% | 54.26% | 90.02% |
| Government | 0.00% | 0.00% | 99.43% | 97.75% |
| Derivative | -0.02% | -75.22% | 147.15% | 71.67% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | TMAYX % Rank | |
|---|---|---|---|---|
| US | 93.83% | 0.00% | 199.60% | 24.02% |
| Non US | 1.87% | 0.00% | 76.68% | 51.64% |
TMAYX - Expenses
Operational Fees
| TMAYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.01% | 0.03% | 34.13% | 59.72% |
| Management Fee | 0.60% | 0.00% | 2.29% | 54.64% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | 0.15% | 0.00% | 0.70% | 60.56% |
Sales Fees
| TMAYX 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
| TMAYX 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.
| TMAYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 135.00% | 0.00% | 632.00% | 79.62% |
TMAYX - Distributions
Dividend Yield Analysis
| TMAYX | Category Low | Category High | TMAYX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 6.64% | 0.00% | 23.30% | 4.48% |
Dividend Distribution Analysis
| TMAYX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | SemiAnnual | Monthly | Monthly |
Net Income Ratio Analysis
| TMAYX | Category Low | Category High | TMAYX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 4.66% | -1.55% | 11.51% | 11.25% |
Capital Gain Distribution Analysis
| TMAYX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 27, 2024 | $0.051 | OrdinaryDividend |
| Oct 30, 2024 | $0.073 | OrdinaryDividend |
| Sep 27, 2024 | $0.040 | OrdinaryDividend |
| Aug 29, 2024 | $0.063 | OrdinaryDividend |
| Jul 30, 2024 | $0.070 | OrdinaryDividend |
| Apr 29, 2024 | $0.072 | OrdinaryDividend |
| Mar 28, 2024 | $0.056 | OrdinaryDividend |
| Feb 28, 2024 | $0.054 | OrdinaryDividend |
| Jan 30, 2024 | $0.072 | OrdinaryDividend |
| Dec 27, 2023 | $0.094 | OrdinaryDividend |
| Nov 29, 2023 | $0.066 | OrdinaryDividend |
| Oct 30, 2023 | $0.050 | OrdinaryDividend |
| Sep 27, 2023 | $0.053 | OrdinaryDividend |
| Aug 30, 2023 | $0.061 | OrdinaryDividend |
| Jul 28, 2023 | $0.064 | OrdinaryDividend |
| Jun 28, 2023 | $0.054 | OrdinaryDividend |
| May 30, 2023 | $0.056 | OrdinaryDividend |
| Apr 27, 2023 | $0.064 | OrdinaryDividend |
| Mar 29, 2023 | $0.052 | OrdinaryDividend |
| Feb 27, 2023 | $0.047 | OrdinaryDividend |
| Jan 30, 2023 | $0.068 | OrdinaryDividend |
| Dec 28, 2022 | $0.072 | OrdinaryDividend |
| Nov 29, 2022 | $0.046 | OrdinaryDividend |
| Oct 28, 2022 | $0.058 | OrdinaryDividend |
| Sep 28, 2022 | $0.002 | ReturnOfCapital |
| Sep 28, 2022 | $0.046 | OrdinaryDividend |
| Aug 30, 2022 | $0.002 | ReturnOfCapital |
| Aug 30, 2022 | $0.048 | OrdinaryDividend |
| Jul 28, 2022 | $0.002 | ReturnOfCapital |
| Jul 28, 2022 | $0.043 | OrdinaryDividend |
| Jun 28, 2022 | $0.001 | ReturnOfCapital |
| Jun 28, 2022 | $0.034 | OrdinaryDividend |
| May 27, 2022 | $0.002 | ReturnOfCapital |
| May 27, 2022 | $0.036 | OrdinaryDividend |
| Apr 28, 2022 | $0.002 | ReturnOfCapital |
| Apr 28, 2022 | $0.045 | OrdinaryDividend |
| Mar 29, 2022 | $0.004 | ReturnOfCapital |
| Mar 29, 2022 | $0.108 | OrdinaryDividend |
| Dec 29, 2021 | $0.086 | OrdinaryDividend |
| Dec 09, 2021 | $0.318 | CapitalGainShortTerm |
| Sep 28, 2021 | $0.105 | OrdinaryDividend |
| Jun 28, 2021 | $0.083 | OrdinaryDividend |
| Mar 29, 2021 | $0.062 | OrdinaryDividend |
| Dec 29, 2020 | $0.299 | OrdinaryDividend |
| Sep 28, 2020 | $0.122 | OrdinaryDividend |
| Jun 26, 2020 | $0.136 | OrdinaryDividend |
| Mar 27, 2020 | $0.084 | OrdinaryDividend |
| Dec 27, 2019 | $0.219 | OrdinaryDividend |
| Dec 27, 2018 | $0.205 | OrdinaryDividend |
| Dec 13, 2017 | $0.423 | CapitalGainShortTerm |
| Dec 13, 2017 | $0.017 | CapitalGainLongTerm |
| Dec 13, 2016 | $0.294 | CapitalGainShortTerm |
| Dec 29, 2015 | $0.033 | OrdinaryDividend |
| Dec 11, 2014 | $0.015 | CapitalGainLongTerm |
TMAYX - Fund Manager Analysis
Managers
Seth Brufsky
Start Date
Tenure
Tenure Rank
Aug 31, 2015
6.75
6.8%
Mr. Brufsky is a Partner in the Ares Credit Group, Co-Head and Portfolio Manager of Global Liquid Credit and a member of the Management Committee of Ares Management. Mr. Brufsky also serves as a Director, President, Chief Executive Officer and Portfolio Manager of the Ares Dynamic Credit Allocation Fund, Inc. (NYSE: ARDC). Additionally, he serves as a member of the Ares Credit Group’s U.S. Liquid Credit Investment Committee and the Ares Dynamic Credit Allocation Fund Investment Committee.
Jason Duko
Start Date
Tenure
Tenure Rank
Dec 31, 2018
3.42
3.4%
Mr. Duko is a Partner and Portfolio Manager of U.S. Liquid Credit in the Ares Credit Group, where he is primarily responsible for managing Ares’ U.S. bank loan credit strategies. Mr. Duko also serves as a Vice President of Ares Dynamic Credit Allocation Fund, Inc. Additionally, he serves as a member of the Ares Credit Group’s U.S. Liquid Credit Investment Committee.
Kapil Singh
Start Date
Tenure
Tenure Rank
Dec 31, 2018
3.42
3.4%
Mr. Singh is a Partner and Portfolio Manager of U.S. Liquid Credit in the Ares Credit Group, where he is primarily responsible for managing Ares’ U.S. high yield credit strategies. Additionally, he serves as a member of the Ares Credit Group’s U.S. Liquid Credit Investment Committee and the Liquid Credit Allocation Committee. Prior to joining Ares in 2018, Mr. Singh was a Portfolio Manager in the Global Developed Credit Group at DoubleLine Capital, where he managed high yield bonds across strategies and portfolios in a variety of investment vehicles. Previously, Mr. Singh was a Senior Analyst at the Post Advisory Group, where he managed high yield bonds and leveraged loans within the energy sector. In addition, Mr. Singh was Co-Portfolio Manager and Senior Credit Analyst at Four Corners Capital, a subsidiary of Macquarie Funds Group. He also held positions at Bradford & Marzec, PPM America and Heller Financial. Mr. Singh holds a B.S. from the University of Illinois, Urbana-Champaign College of Business in Finance and an M.B.A. from Northwestern University, Kellogg School of Management in Strategy and Finance. Additionally, Mr. Singh is a CFA® charterholder.
Chris Mathewson
Start Date
Tenure
Tenure Rank
Sep 18, 2019
2.7
2.7%
Mr. Mathewson is a Managing Director and Portfolio Manager of U.S. Liquid Credit in the Ares Credit Group, where he is primarily responsible for managing Ares’ U.S. high yield credit strategies. Additionally, he serves as a member of the Ares Credit Group’s U.S. Liquid Credit Investment Committee. Prior to joining Ares in 2006, Mr. Mathewson was an Analyst in the Communications and Media Investment Banking Group at Lehman Brothers, where he focused on creating financial models, performing valuation analysis and conducting due diligence. Mr. Mathewson holds a B.A. from Dartmouth College in Economics.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 28.19 | 5.71 | 3.19 |
