PIA High Yield Fund (PHYSX)

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PIA High Yield Fund (PHYSX) is up 1.1% since the beginning of the year. PHYSX is currently trading at $8 per share. Investors who bought $1,000 worth of PHYSX shares 5 years ago would now be looking at an investment worth $1,180.

PIA High Yield Fund (PHYSX) has returned 1.05% so far this year and 1.82% over the past 12 months. Over the last ten years, PHYSX has returned 5.08% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.

Based on dividend-adjusted daily data since Feb 26, 1999, PHYSX's average daily return is +0.05%, while the average monthly return is +0.62%. At this rate, an investment would double in approximately 9.3 years.

Historically, 71% of months were positive and 29% were negative. The best month was Jan 2001 with a return of +7.5%, while the worst month was Mar 2020 at -14.2%. The longest winning streak lasted 18 consecutive months, and the longest losing streak was 6 months.

On a daily basis, PHYSX closed higher 47% of trading days. The best single day was Jan 31, 2001 with a return of +7.5%, while the worst single day was Oct 31, 2008 at -11.4%.

PIA High Yield Fund has an annualized alpha of 12.56%, beta of 0.06, and R2 of 0.02 versus S&P 500 Index. Calculated based on daily prices since February 26, 1999.

• This fund captured 32.36% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -16.17%) - a profile typical of hedging or uncorrelated assets.
• Beta of 0.06 may look defensive, but with R2 of 0.02 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 0.02 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.

PHYSX has an expense ratio of 0.86%, placing it in the medium range.

PHYSX ranks 8 for risk / return — above 8% of mutual funds peers on PortfoliosLab. Its historical combined result is below most peers; review the five component ranks for context.

PIA High Yield Fund provided a 6.66% dividend yield over the last twelve months, with an annual payout of $0.55 per share. The fund has been increasing its distributions for 4 consecutive years.

The table displays the monthly dividend distributions for PIA High Yield Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

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.

The table below displays the maximum drawdowns of the PIA High Yield 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 PIA High Yield Fund was 24.10%, occurring on Dec 31, 2008. Recovery took 9 trading sessions.

The current PIA High Yield Fund drawdown is 0.29%.

The chart below shows the rolling one-month volatility.