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Trending ETFs

Name

As of 06/11/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$7.77

$130 M

8.65%

$0.67

1.11%

Vitals

YTD Return

4.8%

1 yr return

12.4%

3 Yr Avg Return

2.0%

5 Yr Avg Return

3.7%

Net Assets

$130 M

Holdings in Top 10

16.5%

52 WEEK LOW AND HIGH

$7.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.11%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$100,000

IRA

$250


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/11/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$7.77

$130 M

8.65%

$0.67

1.11%

BXIYX - Profile

Distributions

  • YTD Total Return 4.8%
  • 3 Yr Annualized Total Return 2.0%
  • 5 Yr Annualized Total Return 3.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.01%
DIVIDENDS
  • Dividend Yield 8.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    MassMutual Global Credit Income Opportunities Fund
  • Fund Family Name
    MASSMUTUAL FUNDS
  • Inception Date
    Sep 16, 2013
  • Shares Outstanding
    N/A
  • Share Class
    Y
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Scott Roth

Fund Description

Principal Investment Strategies
The Fund is managed using an absolute return investment objective, which means that it is not managed relative to the performance of a specific bond index, but rather seeks to generate positive returns over the course of a full market cycle while managing volatility through security selection and possibly hedging to reduce overall exposure to credit and interest rate risk. The Fund seeks absolute total return through a combination of current income and capital appreciation.
Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in debt instruments (consisting of loans, bonds, and notes). The Fund may invest in a wide range of debt instruments of issuers based in U.S. and non-U.S. markets, including emerging markets, as well as over-the-counter and exchange-traded derivatives. Investments may be issued or guaranteed by governments and their agencies, corporations, financial institutions, and supranational organizations that the Fund believes have the potential to provide a high total return over time. A significant portion of the Fund’s investments in debt instruments are denominated in a currency other than the U.S. dollar. Although the Fund’s investment in non-U.S. dollar denominated assets may be on a currency hedged or unhedged basis, under normal market conditions, the Fund seeks to hedge substantially all of its exposure to non-U.S. currencies. The Fund may at times have significant exposure to one or more industries or sectors.
Under normal market conditions, the Fund allocates its assets among various regions and countries (but in no less than three different countries) and invests at least 40% of its net assets in securities of non-U.S. issuers (or, if less, at least the percentage of net assets that is 5 percentage points less than the percentage of the ICE BofA Non-Financial Developed Markets High Yield Constrained Index, represented by non-U.S. issuers, as determined by the provider of the index). Although the ICE BofA Non-Financial Developed Markets High Yield Constrained Index is representative of the Fund’s investable universe, the Fund does not seek to be correlated with that index.
The Fund seeks to take advantage of inefficiencies between geographies, primarily the North American and Western European high yield bond and loan markets and within capital structures between bonds and loans. For example, the Fund seeks to take advantage of differences in pricing between bonds or loans of an issuer denominated in U.S. dollars and substantially similar bonds or loans of the same issuer denominated in Euros, potentially allowing the Fund to achieve a higher relative return for the same credit risk exposure.
The Fund invests primarily in high yield debt instruments (consisting of bonds, loans, and notes) of North American and Western European corporate issuers that are of below investment grade quality. The Fund invests in instruments that are, at the time of purchase, rated below investment grade (“junk” or “high yield”) by at least one credit rating agency (below Baa3 by Moody’s Investors Service, Inc. or below BBB- by either S&P Global Ratings, a subsidiary of S&P Global, or Fitch Ratings, Inc.) or, if unrated, determined to be of comparable quality by the Fund’s subadviser, Barings LLC (“Barings”), or sub-subadviser, Baring International Investment Limited (“BIIL”).
The Fund invests primarily in high yield bonds, loans, and notes, but also makes use of a wide range of debt instruments. The Fund may invest in both fixed and floating rate instruments; listed and unlisted corporate debt obligations; convertible securities; structured products (consisting of collateralized bond and loan obligations); bank obligations; U.S. and non-U.S. government securities; preferred securities and trust preferred securities; asset-backed securities; unsecured loans; delayed funding loans and revolving credit facilities; when-issued securities, delayed delivery purchases, and forward commitments; zero-coupon bonds, step-up bonds, and payment-in-kind securities; commercial paper; repurchase agreements; and other investment companies. The Fund’s investments may include investments in the lowest rating category of the applicable rating agency. The Fund may invest in distressed bonds and loans that are in default at the time of purchase in an effort to protect the Fund’s existing investment in securities of the same issuers. The Fund also may invest in equity securities (consisting of common and preferred stocks, warrants and rights, and limited partnership interests), but will invest in such equity investments only for the preservation of capital. The Fund may hold a portion of its assets in cash or cash equivalents.
The Fund may invest in fixed income securities or debt instruments issued by emerging market entities or sovereign nations. Emerging market countries are defined to include any country that did not become a member of the Organization for Economic Cooperation and Development (O.E.C.D.) prior to 1975 and Turkey.
The Fund may also use derivatives to a significant extent for risk management and hedging purposes, or for speculative purposes – as substitutes for investments in securities in which the Fund can invest – in order to achieve the Fund’s absolute return objective and manage volatility. The Fund may use over-the-counter and exchange-traded derivatives for a variety of purposes, consisting of: as a hedge against adverse changes in the market price of securities, interest rates, or currency exchange rates; as a substitute for purchasing or selling securities; and to increase the Fund’s yield or return as a non-hedging strategy that may be considered speculative. The Fund may establish, through derivatives, net short positions for individual sectors, markets, currencies, or securities, or as a means of adjusting the Fund’s portfolio duration, credit quality, and maturity. The Fund may invest in over-the-counter and exchange-traded derivative instruments provided that, at the time the Fund enters into a derivative transaction, the Fund segregates assets determined to be liquid by Barings or BIIL in accordance with procedures established by the Fund’s Board of Trustees, in an amount at least equal to any payment or delivery obligation of the Fund in connection with such derivative transaction. The Fund’s use of derivatives may consist primarily of total return swaps, options, index swaps or swaps on components of an index, interest rate swaps, credit default swaps, and foreign currency forward contracts and futures.
The Fund may invest in investments of any duration or maturity.
The Fund may borrow up to one-third of its assets (including the amount borrowed) to fund redemptions, post collateral for hedges, or to purchase loans, bonds, or structured products prior to settlement of pending sale transactions.
Securities may be sold when Barings or BIIL believes they no longer represent relatively attractive investment opportunities.
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BXIYX - Performance

Return Ranking - Trailing

Period BXIYX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.8% -6.4% 7.5% 3.00%
1 Yr 12.4% -5.2% 19.2% 3.49%
3 Yr 2.0%* -16.2% 20.0% 27.23%
5 Yr 3.7%* -11.7% 37.0% 32.93%
10 Yr 3.4%* -5.2% 19.5% 43.56%

* Annualized

Return Ranking - Calendar

Period BXIYX Return Category Return Low Category Return High Rank in Category (%)
2023 3.9% -4.7% 14.3% 80.51%
2022 -15.6% -33.4% 3.6% 51.84%
2021 0.6% -8.4% 8.2% 32.50%
2020 -2.4% -13.2% 302.7% 86.45%
2019 3.7% -4.4% 13.3% 91.01%

Total Return Ranking - Trailing

Period BXIYX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.8% -6.4% 7.5% 3.00%
1 Yr 12.4% -5.2% 19.2% 3.49%
3 Yr 2.0%* -16.2% 20.0% 27.23%
5 Yr 3.7%* -11.7% 37.0% 32.93%
10 Yr 3.4%* -5.2% 19.5% 43.56%

* Annualized

Total Return Ranking - Calendar

Period BXIYX Return Category Return Low Category Return High Rank in Category (%)
2023 14.0% -4.7% 18.7% 9.03%
2022 -9.6% -33.4% 47.8% 32.32%
2021 6.2% -8.4% 12.4% 24.67%
2020 3.4% -9.6% 325.6% 80.10%
2019 10.3% -3.8% 19.4% 84.83%

NAV & Total Return History


BXIYX - Holdings

Concentration Analysis

BXIYX Category Low Category High BXIYX % Rank
Net Assets 130 M 1.45 M 23.6 B 79.94%
Number of Holdings 395 2 2888 42.06%
Net Assets in Top 10 21.6 M -492 M 5.26 B 80.00%
Weighting of Top 10 16.47% 4.2% 164.1% 32.22%

Top 10 Holdings

  1. FIXED INC CLEARING CORP.REPO 7.57%
  2. COMPANY GUAR REGS 08/25 12.5 1.98%
  3. COMPANY GUAR REGS 03/25 7 1.16%
  4. TERM LOAN B 0.91%
  5. USD 2ND LIEN TERM LOAN 0.85%
  6. 2021 EURO TERM LOAN 0.82%
  7. TYMPK 1A DRR 144A 0.81%
  8. Prime Portfolio 0.81%
  9. SR UNSECURED 144A 09/24 6.5 0.81%
  10. EUR 2019 TERM LOAN B 0.76%

Asset Allocation

Weighting Return Low Return High BXIYX % Rank
Bonds
95.22% -0.88% 154.38% 50.71%
Other
9.86% -63.70% 100.29% 4.44%
Convertible Bonds
2.21% 0.00% 17.89% 17.30%
Cash
0.81% -52.00% 48.07% 86.98%
Stocks
0.53% 0.00% 99.58% 43.92%
Preferred Stocks
0.00% 0.00% 7.88% 43.02%

Stock Sector Breakdown

Weighting Return Low Return High BXIYX % Rank
Energy
96.73% 0.00% 100.00% 15.38%
Communication Services
3.27% 0.00% 99.99% 47.58%
Utilities
0.00% 0.00% 100.00% 30.77%
Technology
0.00% 0.00% 33.17% 30.20%
Real Estate
0.00% 0.00% 86.71% 22.51%
Industrials
0.00% 0.00% 93.12% 33.90%
Healthcare
0.00% 0.00% 22.17% 17.95%
Financial Services
0.00% 0.00% 100.00% 28.49%
Consumer Defense
0.00% 0.00% 100.00% 20.80%
Consumer Cyclical
0.00% 0.00% 100.00% 42.74%
Basic Materials
0.00% 0.00% 100.00% 29.63%

Stock Geographic Breakdown

Weighting Return Low Return High BXIYX % Rank
US
0.39% 0.00% 99.58% 48.25%
Non US
0.13% -0.01% 0.83% 3.81%

Bond Sector Breakdown

Weighting Return Low Return High BXIYX % Rank
Corporate
82.57% 0.00% 100.00% 90.62%
Securitized
10.23% 0.00% 97.24% 3.82%
Cash & Equivalents
0.81% 0.00% 48.07% 78.57%
Derivative
0.29% -14.70% 42.26% 12.70%
Municipal
0.00% 0.00% 1.17% 9.86%
Government
0.00% 0.00% 99.07% 35.61%

Bond Geographic Breakdown

Weighting Return Low Return High BXIYX % Rank
US
66.23% -0.88% 129.21% 92.70%
Non US
28.99% 0.00% 98.19% 3.02%

BXIYX - Expenses

Operational Fees

BXIYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.11% 0.02% 38.33% 40.10%
Management Fee 0.75% 0.00% 1.84% 88.92%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.05% 0.00% 0.50% 23.56%

Sales Fees

BXIYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

BXIYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

BXIYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 1.00% 255.00% 50.28%

BXIYX - Distributions

Dividend Yield Analysis

BXIYX Category Low Category High BXIYX % Rank
Dividend Yield 8.65% 0.00% 11.76% 1.74%

Dividend Distribution Analysis

BXIYX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly SemiAnnual Monthly Monthly

Net Income Ratio Analysis

BXIYX Category Low Category High BXIYX % Rank
Net Income Ratio 5.01% -2.39% 14.30% 19.71%

Capital Gain Distribution Analysis

BXIYX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

BXIYX - Fund Manager Analysis

Managers

Scott Roth


Start Date

Tenure

Tenure Rank

Sep 16, 2013

8.71

8.7%

Scott Roth is Co-Head of Barings’ U.S. High Yield Investments Group, Chair of the U.S. High Yield Investment Committee and a member of the Global High Yield Allocation Committee. His responsibilities include portfolio management for various high yield bond total return strategies. Scott has worked in the industry since 1993 and his experience has encompassed fund management, underwriting, leveraged loans and high yield. Prior to joining the firm in 2002, he was a vice president at Webster Bank and was a high yield analyst at Times Square Capital Management. He also served as an underwriter at Chubb Insurance Company. Scott holds a B.B.A. from Western Michigan University, an M.B.A. from the Ross School of Business at University of Michigan and is a member of the CFA Institute.

Sean Feeley


Start Date

Tenure

Tenure Rank

Sep 16, 2013

8.71

8.7%

Sean Feeley is a portfolio manager for Barings’ U.S. High Yield Investments Group. He is also a member of the firm’s U.S. High Yield Investment Committee and the Global High Yield Allocation Committee. Sean is responsible for the portfolio management of various high yield bond total return strategies. Sean has worked in the industry since 1996 and his experience has encompassed the credit market across a variety of industries. Prior to joining the firm in 2003, he worked at Cigna Investment Management in project finance and at Credit Suisse, where he worked in the leveraged finance group. Sean holds a B.S. in Accounting from Canisius College (magna cum laude) and an M.B.A. from Cornell University. He is a Certified Public Accountant (inactive) and member of the CFA Institute.

Martin Horne


Start Date

Tenure

Tenure Rank

Mar 08, 2016

6.23

6.2%

Martin Horne is a Managing Director and Head of Barings’ Global Public Fixed Income with primary responsibility for the European High Yield, Structured Credit and Emerging Market Corporate Debt Investment Groups. He is also Chairman of the European High Yield Investment Committee and Vice Chairman of the Global High Yield Allocation Committee. His responsibilities include portfolio management for several of the firm’s loan and multi-strategy portfolios. Mr. Horne has worked in the industry since 1996 and his experience has encompassed the mid cap, structured credit, investment grade and leverage finance markets. Prior to joining the firm in 2002, he was a member of the European Leverage team at Dresdner Kleinwort Wasserstein where he focused on lead arranging and underwriting senior, mezzanine and high yield facilities for financial sponsor driven leverage buyouts throughout Europe. He has also held positions at KPMG Corporate Finance where he advised on complex debt transactions and National Westminster Bank in the corporate banking unit. Mr. Horne also previously served on the board of directors of the Loan Market Association. He holds a B.A. in Economics from Reading University.

Thomas McDonnell


Start Date

Tenure

Tenure Rank

Nov 01, 2017

4.58

4.6%

Thomas McDonnell is a Managing Director and member of Barings LLC’s U.S. High Yield Investments Group and the U.S. High Yield Investment Committee. His responsibilities include portfolio management for a number of high yield total return portfolios, including global loan and global multi-strategy portfolios. Mr. McDonnell has worked in the industry since 1996 and his experience has encompassed leveraged loans, distressed credit and management of total return focused strategies. Prior to joining the firm in 2005, he was a Managing Director at Patriarch Partners, LLC, where he had active involvement with portfolio company management teams, crisis managers and attorneys to effectuate turn around and recovery plans. Before Patriarch, he worked at Bank of America in the Corporate Finance Group and at Bank One in various risk management and corporate finance positions, specializing in credit risk management and structuring of off balance sheet special purpose entities. Tom holds a B.S. in Business Management, an M.B.A. in Accounting from the State University of New York at Buffalo, and is a Certificate Public Accountant (inactive).

Omotunde Lawal


Start Date

Tenure

Tenure Rank

May 01, 2021

1.08

1.1%

Ms. Lawal is the Head of Emerging Markets Corporate Debt Group and the lead portfolio manager for the Emerging Markets Corporate Debt strategy. She chairs the Emerging Markets Corporate Investment Committee and is also a member of the Global High Yield Allocation Committee and Global Investment Grade Allocation Committee. Prior to her current role, she was the Head of Barings EM Corporate Credit Research, with research coverage responsibilities for various sectors such as Real Estate, LATAM Energy, and LATAM Infrastructure. She has worked in the industry since 2000. Prior to joining the firm in 2014, she was a portfolio manager at Cosford Capital Management, focusing on high yield and distressed LATAM and CEEMEA corporates. Prior to this, she was at Standard Bank, where she traded and invested in distressed and stressed emerging markets corporates in LATAM and CEEMEA for the Principal Trading Team. Earlier, she worked at Barclays Capital and Deloitte & Touche/Arthur Andersen. Ms. Lawal holds a B.Sc. in Accounting & Finance from University of Warwick, is a Fellow of the Chartered Institute of Accountants in England and Wales, and is a member of the CFA Institute. She shares principal responsibility for the day-to-day management of the Barings Active Short Duration Bond Fund (since June 1, 2021) and Barings Global Credit Income Opportunities Fund (since May 1, 2021).

Chris Sawyer


Start Date

Tenure

Tenure Rank

May 01, 2021

1.08

1.1%

Mr. Sawyer is a Managing Director and member of Barings’ European High Yield Investments Group. He is also a member of the firm’s European High Yield Investment Committee and Global High Yield Allocation Committee as well as is responsible for the portfolio management of several high yield strategies. Mr. Sawyer has worked in the industry since 2005. Prior to joining the trading team in 2008, he was a member of the portfolio monitoring team where he was responsible for the performance analysis of individual portfolio assets. Mr. Sawyer holds a B.Sc. in Economics and Business Finance from Brunel University. He shares principal responsibility for the day-to-day management of the Barings Global Credit Income Opportunities Fund (since May 1, 2021) and Barings Global Floating Rate Fund (since March 2, 2020).

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.17 8.17