- ISIN
- US74316P1324
- Issuer
- Muzinich
- Inception Date
- Jun 29, 2016
- Category
- Multisector Bonds
- Min. Investment
- $5,000,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
MZLSX Performance Chart
Muzinich Low Duration Fund (MZLSX) is up 1.6% since the beginning of the year. MZLSX is currently trading at $9 per share. Investors who bought $1,000 worth of MZLSX shares 5 years ago would now be looking at an investment worth $1,199.
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Returns By Period
Muzinich Low Duration Fund (MZLSX) has returned 1.63% so far this year and 3.96% over the past 12 months. Over the last ten years, MZLSX has returned 3.69% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
Muzinich Low Duration Fund
- 1D
- 0.00%
- 1M
- -0.11%
- 6M
- 1.21%
- YTD
- 1.63%
- 1Y
- 3.96%
- 3Y*
- 6.11%
- 5Y*
- 3.69%
- 10Y*
- 3.69%
- ALL TIME*
- 3.69%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
MZLSX Monthly Returns History
Based on dividend-adjusted daily data since Jul 5, 2016, MZLSX's average daily return is +0.01%, while the average monthly return is +0.31%. At this rate, an investment would double in approximately 18.7 years.
Historically, 79% of months were positive and 21% were negative. The best month was Apr 2020 with a return of +4.2%, while the worst month was Mar 2020 at -9.8%. The longest winning streak lasted 14 consecutive months, and the longest losing streak was 6 months.
On a daily basis, MZLSX closed higher 32% of trading days. The best single day was Apr 9, 2020 with a return of +1.3%, while the worst single day was Mar 18, 2020 at -1.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.41% | 0.41% | -1.28% | 1.06% | 0.73% | 0.41% | -0.11% | 1.63% | |||||
| 2025 | 0.62% | 0.72% | -0.02% | 0.40% | 0.82% | 0.71% | 0.60% | 0.59% | 0.49% | 0.50% | 0.32% | 0.48% | 6.38% |
| 2024 | 0.43% | 0.10% | 0.59% | -0.03% | 0.83% | 0.51% | 1.08% | 0.86% | 0.77% | -0.08% | 0.76% | 0.32% | 6.30% |
| 2023 | 1.47% | 0.18% | -0.34% | 0.64% | 0.30% | 0.30% | 0.96% | 0.35% | 0.14% | 0.36% | 1.47% | 1.57% | 7.63% |
| 2022 | -0.64% | -1.16% | -0.77% | -0.67% | -0.26% | -2.08% | 1.32% | 0.01% | -1.61% | 0.55% | 1.42% | 0.48% | -3.41% |
| 2021 | 0.27% | 0.34% | 0.45% | 0.18% | 0.33% | 0.35% | 0.25% | 0.37% | 0.02% | -0.35% | -0.09% | 0.35% | 2.50% |
Benchmark Metrics
Muzinich Low Duration Fund has an annualized alpha of 3.21%, beta of 0.03, and R2 of 0.09 versus S&P 500 Index. Calculated based on daily prices since July 05, 2016.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (14.60%) than losses (9.75%) - typical of diversified or defensive assets.
- Beta of 0.03 may look defensive, but with R2 of 0.09 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 0.09 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 3.21%
- Beta
- 0.03
- R²
- 0.09
- Upside Capture
- 14.60%
- Downside Capture
- 9.75%
Expense Ratio
MZLSX has an expense ratio of 0.50%, placing it in the medium range.
Return for Risk
Risk / Return Rank
MZLSX ranks 91 for risk / return — above 91% of mutual funds peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Muzinich Low Duration Fund (MZLSX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MZLSX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.15 | ||
| Sortino ratioReturn per unit of downside risk | +2.09 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.25 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 2.00 | +0.69 |
| Martin ratioReturn relative to average drawdown | 12.05 | 8.49 | +3.56 |
Dividends
Dividend History
Muzinich Low Duration Fund provided a 7.14% dividend yield over the last twelve months, with an annual payout of $0.67 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.67 | $0.66 | $0.45 | $0.45 | $0.35 | $0.62 | $0.21 | $0.22 | $0.82 | $0.19 | $0.08 |
Dividend yield | 7.14% | 7.03% | 4.77% | 4.88% | 3.85% | 6.36% | 2.08% | 2.24% | 8.62% | 1.86% | 0.79% |
Monthly Dividends
The table displays the monthly dividend distributions for Muzinich Low Duration 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 | $0.01 | $0.01 | $0.03 | $0.01 | $0.01 | $0.01 | $0.00 | $0.07 | |||||
| 2025 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.09 | $0.49 | $0.66 |
| 2024 | $0.01 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.03 | $0.03 | $0.22 | $0.45 |
| 2023 | $0.00 | $0.01 | $0.01 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.05 | $0.26 | $0.45 |
| 2022 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.30 | $0.35 |
| 2021 | $0.02 | $0.09 | $0.03 | $0.03 | $0.03 | $0.00 | $0.01 | $0.01 | $0.01 | $0.02 | $0.02 | $0.36 | $0.62 |
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 Low Duration 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 Low Duration Fund was 12.66%, occurring on Mar 24, 2020. Recovery took 165 trading sessions.
The current Muzinich Low Duration Fund drawdown is 0.21%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-12.66%Mar 2020 | 29d | 7mo 27d | 8mo 26dFeb 2020 - Nov 2020 | COVID crash2020 |
-6.09%Oct 2022 | 1y 20d | 10mo 21d | 1y 11moSep 2021 - Aug 2023 | Bear market2022 |
-1.50%Mar 2026 | 28d | 1mo 10d | 2mo 8dFeb 2026 - May 2026 | — |
-1.36%Nov 2016 | 1mo 28d | 19d | 2mo 17dOct 2016 - Dec 2016 | — |
-1.09%Dec 2018 | 2mo 8d | 1mo 15d | 3mo 23dOct 2018 - Jan 2019 | Rate-hike selloffLate 2018 |
Drawdown Indicators
| MZLSX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.66% | -56.78% | +44.12% |
Max Drawdown (1Y)Largest decline over 1 year | -1.50% | -9.10% | +7.60% |
Max Drawdown (3Y)Largest decline over 3 years | -1.50% | -18.90% | +17.40% |
Max Drawdown (5Y)Largest decline over 5 years | -6.09% | -25.43% | +19.34% |
Max Drawdown (10Y)Largest decline over 10 years | -12.66% | -33.92% | +21.26% |
Current DrawdownCurrent decline from peak | -0.21% | -1.58% | +1.37% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -10.70% | +9.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.34% | 2.14% | -1.80% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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