Kent Siefers
Overview
A diversified high yield strategy that seeks high current income and capital appreciation by investing in a diversified portfolio of predominantly high yield securities. The strategy also seeks to mitigate sustainability risks by incorporating sustainability analysis into credit research and selection.
Credit Selection
Focused on identifying companies with strong fundamentals and attractive relative valuations.
Sustainability Integration
Our Sustainability Framework for Fixed Income helps to identify and manage sustainability risks across a broad range of sectors and activities while addressing disclosure gaps that exist in smaller or private issuers.
Risk Management
Risk management is embedded in every part of our process. The Enterprise Risk team is responsible for independent oversight and challenge of first line activities.
Monthly Total Returns
Month End | Quarter End | Average Annual Returns (%) | |||||||
---|---|---|---|---|---|---|---|---|
1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Since Inception1 | |
Impax High Yield Bond Fund – Investor Class | -0.68 | 1.86 | 5.31 | 14.47 | 0.89 | 2.89 | 3.22 | 4.87 |
Impax High Yield Bond Fund – Class A5 | -0.84 | 1.86 | 5.30 | 14.25 | 0.90 | 2.90 | 3.22 | 4.87 |
Impax High Yield Bond Fund – Institutional Class1 | -0.66 | 1.93 | 5.52 | 14.58 | 1.18 | 3.17 | 3.47 | 5.07 |
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index | -0.72 | 1.94 | 6.25 | 14.93 | 2.56 | 3.98 | 4.61 | |
Quarterly Total Returns
Month End | Quarter End | Average Annual Returns (%) | |||||||
---|---|---|---|---|---|---|---|---|
1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Since Inception1 | |
Impax High Yield Bond Fund – Investor Class | 1.09 | 4.24 | 6.03 | 13.39 | 0.98 | 3.12 | 3.25 | 4.91 |
Impax High Yield Bond Fund – Class A5 | 1.26 | 4.40 | 6.19 | 13.35 | 0.99 | 3.15 | 3.26 | 4.92 |
Impax High Yield Bond Fund – Institutional Class1 | 1.11 | 4.31 | 6.22 | 13.49 | 1.22 | 3.40 | 3.50 | 5.12 |
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index | 1.12 | 4.39 | 7.03 | 14.64 | 2.75 | 4.20 | 4.84 | |
Performance data quoted represent past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
Effective October 28, 2024, shares of Impax High Yield Bond Fund redeemed within 30 days of purchase will be charged a 2.00% redemption fee. Performance data quoted does not reflect the redemption fee. If reflected, total returns would be reduced.
Performance after Sales Charge
Month End | Quarter End | Average Annual Returns (%) | |||||||
---|---|---|---|---|---|---|---|---|
1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Since Inception1 | |
Impax High Yield Bond Fund – Class A (Load) | -5.30 | -2.65 | 0.63 | 9.19 | -0.66 | 1.94 | 2.75 | 4.68 |
Performance after Sales Charge
Month End | Quarter End | Average Annual Returns (%) | |||||||
---|---|---|---|---|---|---|---|---|
1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Since Inception1 | |
Impax High Yield Bond Fund – Class A (Load) | -3.34 | -0.28 | 1.48 | 8.25 | -0.55 | 2.20 | 2.79 | 4.73 |
Yields4
30 Day SEC Yield (%) | Annual Distribution Yield (%) | 30 Day Distribution Yield (%) | |
---|---|---|---|
Impax High Yield Bond Fund – Investor Class | 5.70 | 5.39 | 5.45 |
Impax High Yield Bond Fund – Class A | 5.44 | 5.39 | 5.44 |
Impax High Yield Bond Fund – Institutional Class | 5.96 | 5.63 | 5.70 |
Risk Statistics
High Yield Bond | Overall | 3yrs | 5yrs | 10yrs | |
---|---|---|---|---|---|
Impax High Yield Bond Fund – Investor Class | Rating | ★★ | ★ | ★★ | ★★ |
Impax High Yield Bond Fund – Class A | Rating | ★★ | ★ | ★★ | ★★ |
Impax High Yield Bond Fund – Institutional Class | Rating | ★★ | ★ | ★★ | ★★ |
# In Peer Group | 588 | 588 | 553 | 422 |
High Yield Bond | 1yr | 3yrs | 5yrs | 10yrs | |
---|---|---|---|---|---|
Impax High Yield Bond Fund – Investor Class | Percentile Rank | 72 | 95 | 87 | 89 |
Prime Rank | 362 | 429 | 378 | 305 | |
# In Peer Group | 504 | 454 | 435 | 343 | |
Impax High Yield Bond Fund – Class A | Percentile Rank | 77 | 95 | 87 | 89 |
Prime Rank | 388 | 428 | 376 | 304 | |
# In Peer Group | 504 | 454 | 435 | 343 | |
Impax High Yield Bond Fund – Institutional Class | Percentile Rank | 70 | 91 | 79 | 82 |
Prime Rank | 352 | 411 | 341 | 278 | |
# In Peer Group | 504 | 454 | 435 | 343 |
Asset Allocation
Portfolio Statistics
Value | |
---|---|
Value | |
Assets (all share classes) | $530,888,538 |
Number of Holdings (All) | 215 |
Turnover Ratio (12/31/2023) | 30 |
Top Sectors
Top Ten Holdings – Fixed Income
Portfolio % | |
---|---|
Portfolio % | |
Hilton Domestic Operating Co., Inc. 6.125% 01-apr-2032 | 1.30 |
Alliant Holdings Intermediate, Llc 7.0% 15-jan-2031 | 1.20 |
Cco Holdings, Llc 4.75% 01-mar-2030 | 1.10 |
Liberty Mutual Group, Inc. 4.125% 15-dec-2051 | 1.10 |
Avantor Funding, Inc. 4.625% 15-jul-2028 | 1.00 |
Interface, Inc. 5.5% 01-dec-2028 | 1.00 |
Bank Of America Corporation 4.3% Perp | 1.00 |
MEDLINE BORROWER, LP | 0.90 |
Cvs Health Corporation 6.125% 15-sep-2039 | 0.90 |
Victoria’s Secret & Co. 4.625% 15-jul-2029 | 0.80 |
Fixed Income Characteristics
Value | |
---|---|
Value | |
Current Yield (Weighted Average)‡ | 5.92 |
Average Coupon (Weighted Average) | 6.27 |
Yield to Maturity (Weighted Average) | 6.68 |
Effective Duration | 3.06 |
Years to Maturity (Weighted Average) | 5.55 |