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. Purchase and sale orders received by the Administrator no later than 4.00PM Irish time on a business day will normally be processed on the following business 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 18/09/2020119.28
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 charge1.21% 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)1,599.94 EUR (31/08/2020)
UCITSYes
AdministratorState Street Fund Services (Ireland) Ltd

Documents

Prospectus
en 20/08/2020
Annual Report
en 30/11/2019
Semi Annual Report
en 31/05/2020
Morningstar Report
19/09/2020

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 year-0.67%18/09/2020
3 years-0.20%18/09/2020
5 years0.57%18/09/2020
Since launch1.79%18/09/2020
Cumulative performance in EUR
Performance
YTD 01/01/2020-1.00
1 month0.56
3 months2.09
6 months14.24
Quarterly Returns
Q 1Q 2Q 3Q 4
2020-8.69%5.20%--
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%
20161.13%1.27%1.46%0.09%
Dividend

Asset Allocation
% Long% Short% Net Assets
Stock0.00%0.00%0.00%
Bond96.98%0.00%96.98%
Cash5.70%2.68%3.02%
Other0.00%0.00%0.00%
Return/Risk Analysis
Risk Measurement1 Year3 Years5 Years
Standard Deviation
13.369.228.90
Sharpe Ratio
0.58-0.130.13
Sortino Ratio
0.93-0.190.19
Positive Months7.0019.0034.00
Negative Months5.0017.0026.00
Worst Month-7.57-7.57-7.57
World Regions
No Data Available
Stock Sector Weighting
No Data Available
Top 10 Holdings
HoldingSectorCountry% of Assets
T-Mobile US, Inc. 7.88% 15/09/2023United States1.80
Reynolds Group Issuer LLC. 4.72% 15/07/2021United States1.30
ALTICE FRANCE S.A 7.38% 01/05/2026France1.29
Bausch Health Companies Inc 7% 15/03/2024United States1.15
T-Mobile USA, Inc. 6.5% 15/01/2024United States1.12
Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation 6.25% 01/02/2022United States1.08
Intelsat Jackson Holdings, Ltd. 8% 15/02/2024United States1.04
Springleaf Finance Corporation 7.75% 01/10/2021United States0.95
Penske Automotive Group, Inc. 5.75% 01/10/2022United States0.91
CVR Partners, LP and CVR Nitrogen Finance Corporation 9.25% 15/06/2023United States0.91
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
119.28
Closing Price
All key information and documents must be reviewed before being able to Invest.