High Yield Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, High Yield Fund held 448 positions with $6.43B in net assets. Its ten largest holdings made up 7.7% of the fund. The CPHYX share class costs 0.9% a year. Over the 12 months to May 2026, CPHYX returned 6.1%, with dividends reinvested. In 2026 Q3 it added 47 new positions and exited 49.
The Fund seeks to provide a high level of current income.
The fund invests at least 80% of assets in below-investment-grade bonds and bank loans rated Ba1 or lower by Moody's or BB+ or lower by S&P Global, selecting securities that meet these thresholds to generate high current income. It also holds investment-grade bank loans and foreign securities. Because security selection depends on ratings assigned by external agencies, the fund's holdings will shift when those ratings change.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Principal Funds, Inc - Government Money Market Fund - Class R-6 | 1.26% | $80.75M | — |
Energy Transfer LP 6.50% floating · due 2056-02-15 | 0.82% | $52.44M | — |
Smyrna Ready Mix Concrete LLC 6.00% · due 2028-11-01 | 0.77% | $49.20M | — |
EchoStar Corp 10.75% · due 2029-11-30 | 0.76% | $49.01M | — |
Jazz Securities DAC 4.38% · due 2029-01-15 | 0.72% | $46.59M | — |
Freedom Mortgage Holdings LLC 9.13% · due 2031-05-15 | 0.71% | $45.54M | — |
Victra Holdings LLC / Victra Finance Corp 8.75% · due 2029-09-15 | 0.69% | $44.59M | — |
California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.38% · due 2032-02-15 | 0.68% | $43.49M | — |
Global Aircraft Leasing Co Ltd 8.75% · due 2027-09-01 | 0.67% | $43.05M | — |
1261229 BC Ltd Term Loan B 9.90% floating · due 2030-10-08 | 0.66% | $42.51M | — |
The 200 largest of 448 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 | 91.72% |
| Loans | 5.01% |
| Cash & short-term | 4.01% |
| Stocks | 0.03% |
| Derivatives | 0.00% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified. The blend is as of 2025Q4, one or more quarters before the direct holdings (2026Q2).
By sector
- Other
- 49.8%
- International
- 15.8%
- Financials
- 4.9%
- Consumer Discretionary
- 4.7%
- 10 other sectors
- 24.8%
- Other
- 49.8%
- International
- 15.8%
- Financials
- 4.9%
- Consumer Discretionary
- 4.7%
- Communication Services
- 4.0%
- Energy
- 3.8%
- Utilities
- 3.1%
- Health Care
- 2.9%
- Cash
- 2.6%
- Industrials
- 2.4%
- Information Technology
- 2.2%
- Materials
- 2.0%
- Consumer Staples
- 1.7%
- Real Estate
- 0.2%
How it has done
CPHYX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.66%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.90% | +6.08% | +25.93% | +22.38% | -2.33% | |
| 1.69% | +5.27% | +22.92% | +17.67% | -2.43% | |
| 0.61% | +6.43% | +26.91% | +24.25% | -2.30% | |
| 0.52% | +6.55% | +27.30% | +24.67% | -2.29% |
These classes hold the same portfolio, so the 6.99pp spread over 5 years is the cost difference between them — roughly 1.40pp a year — not a difference in what they own.
Fees & fund details
High Yield 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
- Short duration
- Expense ratio, by class
- 0.52% – 1.69%· CPHYX 0.90%
- Portfolio turnover
- 40.30% a year · as of 2026 Q1
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.
47 new· the largest 8
49 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
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 | 88.1% |
| Floating rate | 11.6% |
| Zero-coupon or unclassified | 0.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.2% |
| 1-3y | 16.8% |
| 3-5y | 34.4% |
| 5-10y | 41.7% |
| 10y+ | 3.1% |
| Unknown | 2.9% |
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
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
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.
| Credit spreads | 51% |
| Interest rates | 49% |
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 | +2.75 yr |
| Investment grade | +0.18 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 | 0.05 yr | 2% |
| 1 yr | 0.14 yr | 5% |
| 5 yr | 1.99 yr | 70% |
| 10 yr | 0.63 yr | 22% |
| 30 yr | 0.03 yr | 1% |
| 3 mo | 0.05 yr | 2% |
| 1 yr | 0.14 yr | 5% |
| 5 yr | 2.06 yr | 70% |
| 10 yr | 0.65 yr | 22% |
| 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 | +0.05 | +0.00 | +0.05 | $1.9k | $29.2k |
| 1 yr | +0.14 | +0.01 | +0.13 | $5.5k | $84.9k |
| 5 yr | +1.99 | +0.13 | +1.93 | $80.6k | $1.24m |
| 10 yr | +0.63 | +0.04 | +0.61 | $25.6k | $394.0k |
| 30 yr | +0.03 | +0.00 | +0.03 | $1.3k | $19.7k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
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