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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 11/30/2024) | |
| Ftai Aviation Ltd. 7.0% 15-jun-2032 | 3.38 |
| Bath & Body Works, Inc. 6.875% 01-nov-2035 | 3.34 |
| Earthstone Energy Holdings, Llc 9.875% 15-jul-2031 | 3.03 |
| Markel Group Inc. 6.0% Perp | 2.73 |
| Albertsons Companies, Inc. 4.625% 15-jan-2027 | 2.64 |
| Stonex Group Inc. 7.875% 01-mar-2031 | 2.57 |
| Clarios Global Lp 6.25% 15-may-2026 | 2.38 |
| J.b. Poindexter & Co., Inc. 8.75% 15-dec-2031 | 2.33 |
| Clue Opco Llc 9.5% 15-oct-2031 | 2.28 |
| Post Holdings, Inc. 6.375% 01-mar-2033 | 2.15 |
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.
Risk Considerations
The value of the Fund’s investments will fluctuate with market conditions, and the value of your investment in the Fund also will vary. Value securities are securities of companies that may have experienced adverse business, industry, or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. 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. On the other hand, if rates fall, the value of the fixed income securities generally increases. Below investment grade fixed income securities, also known as “junk bonds,” are not investment grade and are generally considered speculative because they present a greater risk of loss than higher quality debt securities. Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers.
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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