IFR – Senior Portfolio Manager Peter Schwab weighs in on the state of private markets and the recent Carvana high yield bond issue.


As of 3/31/2022, Carvana Co. 5.5% 15-apr-2027 was 0.2% of the Pax High Yield Bond Fund.

The top 10 holdings of the Pax High Yield Bond Fund as of 3/31/2022 are as follows: Cco Holdings LLC, 4.750%, 3/1//30 was 0.9% of the Fund, Prime Security Services Borrower LLC, 6.25%, 1/15/28 was 0.9% of the Fund, Centene Cor. 4.625%, 12/15/29 was 0.8% of the Fund, Avantor Funding, Inc., 4.625%, 7/15/28 was 0.7%, Nmg Holding Co., Inc., 7.125%, 4/1/26 was 0.7% of the Fund, Mileage Plus Holdings LLC, 6/20/27 was 0.7% of the Fund. Ardagh Packaging Finance plc, 5.25%, 8/15/27 was 0.7% of the Fund, Altice France Holding SA, 10.5%, 5/15/27 was 0.7% of the Fund. Ncr Corp., 5.125%, 4/15/29 was 0.6% of the Fund, Nielsen Finance LLC, 5.625%, 10/1/28 was 0.6% of the Fund.

Holdings subject to change.

RISK:

The Fund can invest in “junk bonds” which are considered predominately speculative with respect to the issuer’s continuing ability to make principal and interest payments when due. Yield and share price will vary with changes in interest rates and market conditions. Investors should note that if interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term. Mortgage related securities tend to become more sensitive to interest rate changes as interest rates rise, increasing their volatility. There is also a chance that some of the fund’s holdings may have their credit rating downgraded or may default. The Fund is actively managed. The investment techniques and decisions of the investment adviser and the Fund’s portfolio manager(s), including the investment adviser’s assessment of a company’s ESG (Environmental, Social and Governance) profile when selecting investments for the Fund, may not produce the desired results and may adversely impact the Fund’s performance, including relative to other Funds that do not consider ESG factors or come to different conclusions regarding such factors.

Management risk:

The investment techniques and decisions of the investment adviser and the Fund’s portfolio manager(s), including the investment adviser’s assessment of a company’s ESG (Environmental, Social and Governance) profile when selecting investments for the Fund, may not produce the desired results and may adversely impact the Fund’s performance, including relative to other Funds that do not consider ESG factors or come to different conclusions regarding such factors.

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