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TSW High Yield Bond Fund (TSWHX)
To fund manager Bill Bellamy, high yield bonds are an often misunderstood and overlooked asset class. With the help of analysts David McMackin and Chuck Finley, the team seeks to identify opportunities in high yield corporate credit that generates strong current income and total return potential per unit of risk taken. As a boutique manager, the team combines fundamental credit work, relative value analysis, and a macroeconomic overlay in portfolio construction. Focus is placed on higher quality non-investment grade credit (primarily BB and B rated) although positions in CCC bonds are opportunistically added when risk/reward is believed favorable.
Investment Objective:
The primary investment objective of the TSW High Yield Bond Fund (the “Fund”) is to seek high current income with a secondary focus on capital appreciation.
Strategy Summary:
| Asset Class | High Yield |
| Benchmark | ICE® Bank of America Merrill Lynch U.S. High Yield Constrained Index |
| Institutional Class | TSWHX |
| Expense Ratio |
Gross |
Net* |
|
Institutional Class |
1.32% |
0.66% |
*Expense ratios as stated in the latest prospectus. Perpetual Americas Funds Services has contractually agreed to waive fees and reimburse expenses so that the Net Total Operating Expenses do not exceed the stated amounts until February 1, 2025.
Top 10 Holdings and Active Weights (as of 8/31/2024):
| Top 10 Holdings | |
| Vista Outdoor Inc. 4.5% 15-mar-2029 | 3.44% |
| Earthstone Energy Holdings, Llc 9.875% 15-jul-2031 | 3.05% |
| Markel Group Inc. 6.0% Perp | 2.73% |
| Albertsons Companies, Inc. 4.625% 15-jan-2027 | 2.65% |
| Stonex Group Inc. 7.875% 01-mar-2031 | 2.65% |
| Clarios Global Lp 6.25% 15-may-2026 | 2.46% |
| J.b. Poindexter & Co., Inc. 8.75% 15-dec-2031 | 2.31% |
| Ftai Aviation Ltd. 7.0% 15-jun-2032 | 2.29% |
| Clue Opco Llc 9.5% 15-oct-2031 | 2.27% |
| Burford Capital Global Finance Llc 6.25% 15-apr-2028 | 2.18% |
Important information:
Fund holdings are subject to change without notification
Prospectus
An investor should consider the Fund’s investment objectives, risks, and charges and expenses carefully before investing or sending any money. This and other important information about the Funds can be found in the Fund’s(s) prospectus or summary prospectus which can be obtained at www.perpetual.com or by calling 866-260-9549 or 312-557-5913. Please read the prospectus or summary prospectus carefully before investing. The Perpetual Americas Funds are advised by Perpetual Americas Funds Services and distributed through Perpetual Americas Funds Distributors, LLC, member FINRA. The Perpetual Americas Funds are not FDIC-insured, may lose value, and have no bank guarantee.
Investors should note that investments in foreign securities involve additional risks due to currency fluctuations, economic and political conditions, and differences in financial reporting standards.
Smaller company stocks are more volatile and less liquid than larger, more established company securities.
The small and mid-cap companies the Fund may invest in may be more vulnerable to adverse business or economic events than larger companies and may be more volatile; the price movements of the Fund's shares may reflect that volatility.
Fixed income securities will increase or decrease in value based on changes in interest rates.
If rates increase, the value of the Fund’s fixed income securities generally declines.
High yield securities (commonly known as “junk bonds”) are generally considered speculative because they may be subject to greater levels of interest rate, credit (including issuer default) and liquidity risk than investment grade securities and may be subject to greater volatility.
Other risks may include and not limited to hedging strategies, derivatives and commodities.
Read the prospectus and summary prospectus carefully before investing. Investing includes the risk of loss.
Distributed by Perpetual Americas Funds Distributors, LLC, member FINRA/SIPC; not affiliated with Perpetual Americas Funds Services.
Copyright © 2024 Perpetual Asset Management International.
NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
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