Morningstar

Muzinich Dynamic Income Fund Supra Institutional Shares MZCSX

Morningstar Medalist Rating
Unlock
Medalist Rating as of See Muzinich Investment Hub
  • NAV / 1-Day Return $9.37  /  +0.11 %
  • Fund Size $135.2M
  • Adjusted Expense Ratio 0.610%
  • Net Expense Ratio 0.600%
  • Fee Level: Distribution Below Average
  • Share Class Type Institutional
  • Morningstar Category Multisector Bond
  • Fixed-Income Style Box (Funds) Low/Limited
  • Minimum Initial Investment $1M
  • Investment Status Open
  • TTM Yield 6.94%
  • Average Effective Duration 3.83 yrs
NAV and 1-Day Return as of

Morningstar’s Analysis MZCSX

Will MZCSX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable MZCSX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the MZCSX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of MZCSX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Despite recent changes in the supporting cast, we maintain strong conviction in the fund's team and process.

Analyst Giovanni Cafaro

Giovanni Cafaro

Analyst

Summary

The strategy’s large and seasoned team, headed by a very experienced leader, has consistently and successfully executed a disciplined credit-focused approach. Lead manager Michael McEachern boasts more than four decades of experience in credit markets. He spent 14 years at Seix Advisors, latterly as head of their high-yield division. He then joined Muzinich in January 2012 as head of public markets and launched this strategy the following year while setting up the monthly asset-allocation group. This forum assesses the macro environment and the state of credit markets, looking at fundamentals, valuations, and technicals across regions. Its output helps McEachern shape the strategy’s top-down positioning.

by Giovanni Cafaro
Rated on Published on

Unlock our full analysis with Morningstar Investor

Portfolio Holdings MZCSX

More MZCSX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 5.9
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

EUR/USD FWD 20261209 Purchased

30.23 41M
Derivative

GBP/USD FWD 20261209 Purchased

3.90 5M
Derivative

First American Treasury Obligs X

3.04 4M
Cash and Equivalents

United States Treasury Bills 0%

1.09 1M
Government

USD/GBP FWD 20261209 Purchased

0.79 1M
Derivative

USD/EUR FWD 20261209 Purchased

0.67 913,244
Derivative

Foundry JV Holdco LLC. 5.9%

0.67 912,477
Corporate

International Distribution Services Ltd. 7.38%

0.67 905,675
Corporate

UBS Group AG 9.25%

0.62 844,850
Corporate

Aker BP ASA 4%

0.59 807,760
Corporate

Sponsor Center