Strategies

High Yield

Long Term Composite Performance (%) Average Annual Total Returns for periods greater than one year

As of 12/31/2020
 QUARTERYTD1 YEAR3 YEAR5 YEAR10 YEARSINCE 05/01/2009
Gross of Fees8.084.724.724.087.406.559.37
Net of Fees7.964.244.243.596.886.058.85
ICE BofA BB-B US HY Constrained Index5.706.286.286.228.026.639.00
ICE BofA US HY Index6.486.176.175.898.436.629.69

Calendar Year Performance

As of 12/31/2020
 2020201920182017201620152014201320122011
GROSS4.7210.79-2.828.9216.35-3.721.739.6519.203.14
NET4.2410.27-3.298.3915.79-4.211.239.1418.692.68

Net of fee performance in the “Long Term Composite Performance” chart is preliminary through the latest time period.  Past performance is not a reliable indicator or a guarantee of future results.

Calendar year performance for the High Yield strategy, including index performance, and other important disclosures are included in the strategy’s GIPS Report. The strategy used in managing the accounts in the Composite may prevent or limit investment in major bonds in the indexes and returns may not be correlated to the indexes. It is not possible to invest directly in an index. The GIPS Compliant Presentation should be reviewed as part of the performance information presented above.

Valuations and returns are stated in U.S. dollars. Investment returns include reinvestment of dividends, interest, and capital gains. Gross performance results are presented before management and custodial fees but after all trading expenses. Net performance results are presented after actual management fees and all trading expenses but before custodial fees. An account’s size, timing of transactions, and market conditions at the time of investment may lead to different performance results among accounts.

All investments contain risk and may lose value. Investing in high yield securities is subject to certain risks, including market, credit, liquidity, issuer, interest-rate, inflation, and derivatives risks.  Lower-rated and non-rated securities involve greater risk than higher-rated securities.

Index definitions