Personal
Become a Client
Muzinich ShortDurationHighYield Fund Hedged Euro Accumulation R Units
Muzinich Funds (Unit Trust domiciled in Ireland)
Key Information
Legal Documents
Performance
Analysis

Fund Profile

Category: Unit Trust

Investment Objective: The Fund seeks to protect capital and generate attractive returns which exceed those available from similar duration Benchmark Government Bonds. Investment Policy The Muzinich ShortDurationHighYield Fund invests primarily in high yield (sub investment grade) corporate bonds, with short maturities or short duration-to-worst. Duration-to-worst denotes how sensitive a bond is to changes in the general interest rate environment with shorter durations denoting less sensitivity. It is calculated assuming a bond will be repaid at the date most advantageous to the issuer even if that occurs before the bond's stated maturity date. These bonds, which are mainly priced in US Dollars, are issued primarily by North American companies. In order to control risk, the portfolio is well-diversified across more than 100 bond issuers and 20 industries. The Investment Manager may use derivatives to hedge investments in the Fund's securities and their related assets, markets and currencies. Derivatives are financial instruments whose value is linked to the price of an underlying asset. The Fund is actively managed and run on an entirely discretionary basis. The Fund is not managed in reference to any benchmark. Fund Currency The reference currency of the Fund is US Dollars. Currency Policy: The Manager endeavours to reduce currency risk this unit class could face from assets held in currencies different from the unit class currency. For this purpose, the Manager may utilize derivatives such as currency forward contracts which lock in a future price for buying or selling currency. Income Policy If you invest in Income Units, net income the Fund declares will be paid out to you. If you invest in Accumulation Units, net income will be reinvested in the Fund on behalf of investors. Buying and selling units You can buy and sell units in the Fund on any business day in Dublin, London and New York (a "Dealing Day"). Purchase and sale orders must be received by the Administrator no later than 4.00PM Irish time on the relevant Dealing Day. FOR FULL INVESTMENT OBJECTIVE AND POLICY DETAILS PLEASE REFER TO THE RELEVANT SUPPLEMENT TO THE PROSPECTUS

Morningstar Rating
N/A
More information about the calculation of the Morningstar Ratings
Risk and reward profile
4
Lower Risk
Possible Lower
Returns
Higher Risk
Possible Higher
Returns
Key Information
Closing Price 24/09/2021124.34
Morningstar categoryOther Bond
CurrencyEUR
Distribution statusAccumulating
ISINIE00B3MB7B14
Inception Date12/10/2010
Minimum initial amount1,000.00 EUR
Fees And Charges
Entry feeNone
Custody feeNone
Exit feeNone
Ongoing charge1.23% of which 0.50% is paid to MeDirect
Fund management company
AddressMuzinich & Co. (Ireland) Limited 32 Molesworth Street Dublin Ireland
Manager NameDavid A. Bowen
Manager Start Date04/10/2010
Total Net Assets (mil)1,866.99 EUR (31/08/2021)
UCITSYes
AdministratorState Street Fund Services (Ireland) Ltd

Documents

Prospectus
aaen 14/09/2021
Annual Report
aaen 30/11/2020
Semi Annual Report
aaen 31/05/2021
Morningstar Report
aa26/09/2021

Performance

Historical returns are no guarantee for future performances. Investing in Financial markets and securities involves risk. Past performance is not a guarantee of future results. Investment losses may occur and investors could lose some or all of their investment in the Fund.
Entry fees, purchase charges, custody fees, exit fees, sale charges and taxes are not included in the calculation of past performance. Ongoing charges (including management fees, administrative fees and other costs) have been taken in to account, as they are already included in the price/NAV of the fund.
Annualised performance in EUR
PeriodAnnualised returnDate
1 year5.06%24/09/2021
3 years1.34%24/09/2021
5 years0.93%24/09/2021
10 years2.02%24/09/2021
Since launch2.01%24/09/2021
Cumulative performance in EUR
Performance
YTD 01/01/20211.84
1 month0.39
3 months0.44
6 months1.40
Quarterly Returns
Q 1Q 2Q 3Q 4
20210.65%0.90%--
2020-8.69%5.20%2.76%2.66%
20192.91%0.21%-0.22%0.60%
2018-0.59%-0.10%0.91%-2.70%
20170.39%0.28%0.31%-0.58%
Dividend

Analysis

Asset Allocation
% Long% Short% Net Assets
Stock0.00%0.00%0.00%
Bond94.98%0.00%94.98%
Cash2.49%0.00%2.49%
Other2.54%0.00%2.54%
Return/Risk Analysis
Risk Measurement1 Year3 Years5 Years
Standard Deviation
8.299.588.67
Sharpe Ratio
0.360.120.15
Sortino Ratio
0.660.180.23
Positive Months9.0023.0036.00
Negative Months3.0013.0024.00
Worst Month-0.34-7.57-7.57
World Regions
No Data Available
Stock Sector Weighting
No Data Available
Top 10 Holdings
HoldingSectorCountry% of Assets
American Axle & Manufacturing, Inc. 6.5% 01/04/2027United States1.06
Level 3 Financing, Inc. 5.25% 15/03/2026United States0.96
Nexstar Escrow Inc 5.62% 15/07/2027United States0.95
Caesars Entertainment Inc New 6.25% 01/07/2025United States0.93
Ziggo B.V. 5.5% 15/01/2027Netherlands0.86
Rayonier A.M. Prods Inc 7.62% 15/01/2026United States0.83
ModivCare Inc 5.88% 15/11/2025United States0.83
Trinseo Materials Operating SCA and Trinseo Materials Finance, Inc 5.38% 01/09/2025United States0.82
Royal Caribbean Group 9.12% 15/06/2023United States0.80
Neon Holdings Inc 10.12% 01/04/2026United States0.78
Classification of Morningstar Category
Ranking1 Year2 Years3 Years5 Years
Top 25%
Category above the average
Category below the average
Bottom 25%
Morningstar Style Box
Fixed Income Style
Large
Interest Rate Sensitivity
Mid
Small
Value
Blend
Growth
Credit Quality
124.34
Closing Price
All key information and documents must be reviewed before being able to Invest.

© 2021 MeDirect Bank (Malta) plc. All rights reserved.
MeDirect Bank (Malta) plc, company registration number C34125, is licensed to undertake the business of banking in terms of the Banking Act (Cap. 371) and investment services under the Investment Services Act (Cap. 370). MeDirect Bank (Malta) plc is regulated by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994.