High Yield Fixed Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, High Yield Fixed Income Fund held 539 positions with $2.12B in net assets. Its ten largest holdings made up 15.3% of the fund. The NHFIX share class costs 0.61% a year. Over the 12 months to May 2026, NHFIX returned 7.8%, with dividends reinvested. In 2026 Q2 it added 76 new positions and exited 77.
The Fund seeks a high level of current income. In doing so, the Fund also may consider the potential for capital appreciation.
The fund invests at least 80% of assets in below-investment-grade bonds and fixed-income securities rated BB, Ba or lower, selected through a relative value approach that analyzes economic conditions and compares expected returns against assumed risks; the adviser may emphasize particular sectors or security types expected to offer favorable risk-adjusted returns. Because security selection depends on the adviser's analysis and models, fund performance will diverge from any benchmark. The fund may hold focused positions exceeding 15% of assets in individual sectors and engages in active trading without regard to portfolio turnover.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
NI US GOV T PORTFOLIO | 3.90% | $82.87M | — |
Chicago Board of Trade | 3.88% | $82.45M | — |
Chicago Board of Trade | 3.02% | $64.23M | — |
CCO HLDGS. LLC / CC 5.00% 5.00% · due 2028-02-01 | 0.89% | $18.96M | — |
ECHOSTAR CORP 10.75% 10.75% · due 2029-11-30 | 0.68% | $14.39M | — |
AMERICAN AIRLINES I 5.75% 5.75% · due 2029-04-20 | 0.61% | $13.04M | — |
VENTURE GBL. LNG IN 9.50% 9.50% · due 2029-02-01 | 0.61% | $12.94M | — |
CERDIA FINANZ GMBH 9.375% 9.38% · due 2031-10-03 | 0.57% | $12.04M | — |
ARDONAGH GRP. FIN. 8.875% 8.88% · due 2032-02-15 | 0.55% | $11.73M | — |
NCR ATLEOS CORP 9.50% 9.50% · due 2029-04-01 | 0.55% | $11.71M | — |
The 200 largest of 539 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 94.97% |
| Derivatives | 6.11% |
| Cash & short-term | 3.90% |
Derivatives are shown at market value, not notional exposure.
By sector
- Other
- 51.5%
- International
- 15.9%
- Financials
- 4.7%
- Consumer Discretionary
- 4.2%
- 10 other sectors
- 23.6%
- Other
- 51.5%
- International
- 15.9%
- Financials
- 4.7%
- Consumer Discretionary
- 4.2%
- Communication Services
- 4.2%
- Cash
- 3.7%
- Industrials
- 3.5%
- Energy
- 3.0%
- Health Care
- 2.9%
- Information Technology
- 2.5%
- Utilities
- 1.7%
- Materials
- 1.6%
- Consumer Staples
- 0.4%
- Government
- 0.1%
How it has done
NHFIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.73%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
High Yield Fixed Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.61%· NHFIX 0.61%
- Portfolio turnover
- 45.13% a year · as of 2025 Q3
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
76 new· the largest 6
77 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 99.7% |
| Floating rate | 0.2% |
| Zero-coupon or unclassified | 0.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.2% |
| 1-3y | 19.0% |
| 3-5y | 34.8% |
| 5-10y | 39.6% |
| 10y+ | 3.4% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 53% |
| Credit spreads | 47% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +2.65 yr |
| Investment grade | +0.15 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.28 yr | 9% |
| 1 yr | 0.63 yr | 20% |
| 5 yr | 1.66 yr | 54% |
| 10 yr | 0.50 yr | 16% |
| 30 yr | 0.03 yr | 1% |
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.63 yr | 23% |
| 5 yr | 1.64 yr | 59% |
| 10 yr | 0.47 yr | 17% |
| 30 yr | 0.03 yr | 1% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.28 | +0.00 | +0.03 | $282 | $6.3k |
| 1 yr | +0.63 | +0.02 | +0.61 | $5.0k | $128.8k |
| 5 yr | +1.66 | +0.05 | +1.59 | $10.6k | $337.3k |
| 10 yr | +0.50 | +0.05 | +0.42 | $10.9k | $88.5k |
| 30 yr | +0.03 | +0.02 | +0.01 | $4.1k | $2.9k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — NHFIX, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”