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For Financial Professionals in the US

Multi-Sector Income Managed Account

For investors seeking a steady stream of high income with lower risk than a dedicated high-yield strategy.

Overview

About this Portfolio

This multi-sector income strategy seeks high, current income with lower volatility than a dedicated high-yield strategy. Our approach leverages dynamic allocation and a bottom-up, fundamentally driven process that focuses on identifying the best risk-adjusted opportunities across fixed income sectors.

Why Invest

Our Team
Same portfolio management team since inception of the strategy with more than 75 years of combined investment industry experience and complementary expertise in high yield credit, investment grade credit and securitized assets.

Disciplined Risk Budgeting
We dynamically allocate risk across market cycles and build a structural foundation of more optimal allocations designed to serve as a better starting point than traditional benchmarks.

High Conviction
Best ideas portfolio, with bottom-up research expected to drive excess returns and an ability to invest in smaller, hard-to-access issuers not widely covered across industry analysts.

Portfolio Management

Seth Meyer, CFA

Global Head of Client Portfolio Management | Portfolio Manager

Industry since 1998. Joined Firm in 2004.

John Lloyd

Lead, Multi-Sector Credit Strategies | Portfolio Manager

Industry since 1998. Joined Firm in 2005.

John Kerschner, CFA

Head of US Securitised Products | Portfolio Manager

Industry since 1990. Joined Firm in 2010.

Performance

RETURNS (%) (As of 12/31/2024)
Composite Gross Composite Net Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
Composite Gross -0.17 6.77 6.77 1.67 3.03 4.66 4.62
Composite Net -0.54 5.20 5.20 0.17 1.51 3.12 3.08
Bloomberg U.S. Aggregate Bond Index -3.06 1.25 1.25 -2.41 -0.33 1.35 1.63

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.

Net returns are calculated by subtracting the highest applicable Managed Account fee (3.00% annually, or 0.25% monthly) from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.

RETURNS (%) (As of 02/28/2025)
Composite Gross Composite Net Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
Composite Gross 1.76 2.12 8.69 3.37 3.18 4.59 4.75
Composite Net 1.38 1.87 7.09 1.84 1.66 3.05 3.20
Bloomberg U.S. Aggregate Bond Index 1.06 2.74 5.81 -0.44 -0.52 1.51 1.85

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.

Net returns are calculated by subtracting the highest applicable Managed Account fee (3.00% annually, or 0.25% monthly) from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.

Calendar Year Returns (%)
Composite Gross Composite Net Bloomberg U.S. Aggregate Bond Index
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Composite Gross 6.77 11.01 -11.33 3.90 6.35 11.95 1.35 7.53 8.49 2.62
Composite Net 5.20 9.38 -12.66 2.37 4.78 10.31 -0.15 5.95 6.89 1.11
Bloomberg U.S. Aggregate Bond Index 1.25 5.53 -13.01 -1.54 7.51 8.72 0.01 3.54 2.65 0.55

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.

Net returns are calculated by subtracting the highest applicable Managed Account fee (3.00% annually, or 0.25% monthly) from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.

Portfolio

Top Holdings (As of 01/31/2025)
% of Fund
Janus Henderson Securitized Income ETF 42.37
Janus Henderson B-BBB CLO ETF 9.48
Janus Henderson Mortgage-Backed Securities ETF 6.64
Franklin Senior Loan ETF 4.99
Janus Henderson Emerging Markets Debt Hard Currency ETF 3.95
iShares Broad USD High Yield Corporate Bond ETF 1.89
United States Treasury Note/Bond, 4.25%, 01/31/2030 1.86
Oracle Corp, 6.90%, 11/09/2052 0.84
Occidental Petroleum Corp, 6.45%, 09/15/2036 0.78
Blue Owl Credit Income Corp, 6.65%, 03/15/2031 0.78
TOTAL 73.58
View full holdings
Portfolio Characteristics (As of )
  REP ACCOUNT INDEX
Number of Holdings
Equity Issues		 -
Market Capitalization
Weighted Average		 - -
Portfolio Turnover Rate
(1-year trailing)		 - -
Price/Earnings Ratio
(1-year forward)		 - -
Price/Book Ratio
 - -
Earnings Growth Rate
(1-year forward)		 - -
Sector Allocation % of Fund % of Index % of Fund % of Index As of 01/31/2025
Regional Allocation % of Fund % of Index % of Fund % of Index As of 01/31/2025
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 01/31/2025

No data found at this time

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
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