- ISIN
- US74316J5653
- Issuer
- Muzinich
- Inception Date
- Mar 31, 2016
- Category
- High Yield Bonds
- Min. Investment
- $5,000,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
MZHSX Performance Chart
Muzinich U.S. High Yield Credit Fund (MZHSX) is up 1.7% since the beginning of the year. MZHSX is currently trading at $8 per share. Investors who bought $1,000 worth of MZHSX shares 5 years ago would now be looking at an investment worth $1,176.
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Returns By Period
Muzinich U.S. High Yield Credit Fund (MZHSX) has returned 1.72% so far this year and 7.56% over the past 12 months.
Muzinich U.S. High Yield Credit Fund
- 1D
- 0.00%
- 1M
- 0.50%
- YTD
- 1.72%
- 6M
- 2.46%
- 1Y
- 7.56%
- 3Y*
- 7.95%
- 5Y*
- 3.30%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.13%
- 1M
- 5.25%
- YTD
- 11.16%
- 6M
- 11.43%
- 1Y
- 28.20%
- 3Y*
- 21.12%
- 5Y*
- 12.66%
- 10Y*
- 13.75%
MZHSX Monthly Returns History
Based on dividend-adjusted daily data since Jan 3, 2017, MZHSX's average daily return is +0.02%, while the average monthly return is +0.38%. At this rate, an investment would double in approximately 15.2 years.
Historically, 68% of months were positive and 32% were negative. The best month was Jul 2022 with a return of +5.2%, while the worst month was Mar 2020 at -9.8%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 6 months.
On a daily basis, MZHSX closed higher 45% of trading days. The best single day was Apr 9, 2020 with a return of +3.2%, while the worst single day was Mar 18, 2020 at -3.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.25% | 0.22% | -1.04% | 1.68% | 0.63% | 0.00% | 1.72% | ||||||
| 2025 | 1.32% | 0.62% | -1.19% | 0.07% | 1.59% | 1.73% | 0.47% | 1.01% | 0.66% | 0.30% | 0.71% | 0.73% | 8.27% |
| 2024 | 0.35% | 0.58% | 1.00% | -0.34% | 1.01% | 0.69% | 1.54% | 1.30% | 1.13% | -0.76% | 1.26% | -0.34% | 7.65% |
| 2023 | 3.12% | -1.30% | 1.16% | 0.99% | -0.95% | 1.47% | 1.30% | 0.10% | -0.90% | -1.26% | 3.37% | 2.61% | 9.99% |
| 2022 | -2.58% | -1.20% | -0.79% | -3.42% | -0.32% | -6.53% | 5.24% | -2.34% | -3.61% | 2.63% | 1.58% | -0.41% | -11.62% |
| 2021 | 0.20% | 0.37% | 0.34% | 0.95% | 0.34% | 0.94% | 0.13% | 0.40% | -0.03% | -0.21% | -1.00% | 1.93% | 4.43% |
Benchmark Metrics
Muzinich U.S. High Yield Credit Fund has an annualized alpha of 2.33%, beta of 0.15, and R2 of 0.32 versus S&P 500 Index. Calculated based on daily prices since January 04, 2017.
- This fund participated in 36.09% of S&P 500 Index downside but only 27.72% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.15 may look defensive, but with R2 of 0.32 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.32 means the benchmark explains less than half of this fund's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 2.33%
- Beta
- 0.15
- R²
- 0.32
- Upside Capture
- 27.72%
- Downside Capture
- 36.09%
Expense Ratio
MZHSX has an expense ratio of 0.58%, placing it in the medium range.
Return for Risk
Risk / Return Rank
MZHSX ranks 90 for risk / return — in the top 90% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Muzinich U.S. High Yield Credit Fund (MZHSX) and compare them to S&P 500 Index.
| MZHSX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.02 | 2.39 | +0.63 |
Sortino ratioReturn per unit of downside risk | 4.65 | 3.25 | +1.39 |
Omega ratioGain probability vs. loss probability | 1.69 | 1.43 | +0.25 |
Calmar ratioReturn relative to maximum drawdown | 3.76 | 3.11 | +0.64 |
Martin ratioReturn relative to average drawdown | 19.50 | 14.38 | +5.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Muzinich U.S. High Yield Credit Fund provided a 6.31% dividend yield over the last twelve months, with an annual payout of $0.50 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.50 | $0.53 | $0.56 | $0.51 | $0.44 | $1.21 | $0.50 | $0.51 | $0.50 | $1.25 |
Dividend yield | 6.31% | 6.53% | 7.00% | 6.45% | 5.77% | 13.18% | 5.03% | 5.16% | 5.45% | 12.68% |
Monthly Dividends
The table displays the monthly dividend distributions for Muzinich U.S. High Yield Credit Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.04 | $0.04 | $0.05 | $0.04 | $0.04 | $0.00 | $0.21 | ||||||
| 2025 | $0.04 | $0.05 | $0.05 | $0.05 | $0.04 | $0.04 | $0.05 | $0.04 | $0.04 | $0.04 | $0.04 | $0.05 | $0.53 |
| 2024 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.04 | $0.05 | $0.04 | $0.04 | $0.05 | $0.04 | $0.04 | $0.56 |
| 2023 | $0.04 | $0.04 | $0.05 | $0.04 | $0.05 | $0.04 | $0.04 | $0.05 | $0.04 | $0.04 | $0.04 | $0.04 | $0.51 |
| 2022 | $0.03 | $0.03 | $0.04 | $0.03 | $0.03 | $0.04 | $0.03 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.44 |
| 2021 | $0.04 | $0.05 | $0.07 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.72 | $1.21 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Muzinich U.S. High Yield Credit Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Muzinich U.S. High Yield Credit Fund was 19.40%, occurring on Mar 23, 2020. Recovery took 90 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -19.40%Mar 2020 | 1mo 1d | 4mo 9d | 5mo 10dFeb 2020 - Jul 2020 |
Bear market2022 | -15.10%Sep 2022 | 9mo 2d | 1y 8mo | 2y 5moDec 2021 - Jun 2024 |
Rate-hike selloffLate 2018 | -4.97%Dec 2018 | 2mo 21d | 1mo 13d | 4mo 4dOct 2018 - Feb 2019 |
2025 selloff2025 | -3.83%Apr 2025 | 1mo 8d | 1mo 5d | 2mo 13dFeb 2025 - May 2025 |
2018 pullback2018 | -2.32%Feb 2018 | 1mo | 5mo 29d | 6mo 29dJan 2018 - Aug 2018 |
Drawdown Indicators
| MZHSX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.40% | -56.78% | +37.38% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -9.10% | +7.08% |
Max Drawdown (3Y)Largest decline over 3 years | -3.83% | -18.90% | +15.07% |
Max Drawdown (5Y)Largest decline over 5 years | -15.10% | -25.43% | +10.33% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.48% | -10.72% | +8.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.39% | 1.97% | -1.58% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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