Loomis Sayles Strategic Income Fund
LOOMIS SAYLES FUNDS II · 6 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Loomis Sayles Strategic Income Fund is an actively managed U.S. bond fund. 9% of NEFZX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 87% of the fund’s equity).
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q2
The Fund seeks high current income with a
The fund invests substantially all its assets in income-producing securities globally, with a core focus on U.S. corporate bonds and a flexible mandate to shift among foreign debt, emerging-market instruments, U.S. government securities, and preferred stocks (up to 35% of assets). The portfolio managers employ in-house credit analysis to identify securities trading at discounts to economic value, with undervalued credit ratings, or offering yield premiums relative to the benchmark. Because security selection depends on the managers' credit assessments and valuations rather than an index, the fund's returns will diverge from any benchmark.
| Share class | Gross | Net | As of |
|---|---|---|---|
| NEFZX | 1.00% | 0.92% | 2026 Q2 |
| NECZX | 1.75% | 1.67% | 2026 Q2 |
| NEZYX | 0.75% | 0.67% | 2026 Q2 |
| NEZAX | 1.25% | 1.17% | 2026 Q2 |
| NEZNX | 0.66% | 0.62% | 2026 Q2 |
| LSSTX | 1.00% | 0.92% | 2025 Q2 |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 100.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 75.73% |
| Securitized | 9.38% |
| Stocks | 6.21% |
| Loans | 5.04% |
| 2 smaller | 4.19% |
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 27.3% |
| Government | 22.9% |
| International | 12.2% |
| Securitized | 9.3% |
| 12 smaller | 28.3% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Portfolio growth profile
How much of the fund’s stock holdings are in fast-growing companies · as of 2026 Q2
Share of the fund’s equity (by value) in companies whose trailing five-year revenue — or net-income — growth ranks in the top 25% of U.S. public companies. Foreign and newly-listed holdings are excluded, so the figure covers only part of the book. From SEC filings — not investment advice. How we measure this.
Latest quarter
What changed since the fund's previous filing
Largest new: BIG SKY FUNDING LLC, SPACE EXPLORATION TECH, ROMANIA, MEDLINE BORROWER LP, United States Treasury, HUNGARY GOVERNMENT BOND ×2, DISCOVERY GLOBAL HOLDINGS INC
Largest exited: United States Treasury ×2, Chicago Board of Trade ×2, Canada Government Bonds, IRON MOUNTAIN INC, DISCOVERY HOLDINGS INC, DISCOVERY COMMUNICATIONS
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +8.17% | +24.37% | +14.56% | 4.49% | -5.54% | |
| +7.30% | +21.57% | +10.21% | 4.52% | -5.73% | |
| +8.36% | +25.25% | +15.85% | 4.50% | -5.56% | |
| +7.83% | +23.46% | +13.11% | 4.53% | -5.61% | |
| +8.41% | +25.54% | +16.25% | 4.61% | -5.47% |
These classes hold the same portfolio, so the 6.04pp spread over 5 years is the cost difference between them — roughly 1.21pp a year — not a difference in what they own.
May 2026 and Jun 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.
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 | 89.5% |
| Floating rate | 7.9% |
| Zero-coupon or unclassified | 2.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 9.5% |
| 1-3y | 6.9% |
| 3-5y | 26.0% |
| 5-10y | 33.5% |
| 10y+ | 24.2% |
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 | 57% |
| Credit spreads | 43% |
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.
| Investment grade | +2.26 yr |
| High yield | +1.37 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 0.58 yr | 12% |
| 5 yr | 3.93 yr | 81% |
| 10 yr | 0.24 yr | 5% |
| 30 yr | 0.08 yr | 2% |
3 mo is NEGATIVE (-0.07 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.02 yr | 1% |
| 1 yr | 0.37 yr | 10% |
| 5 yr | 1.31 yr | 36% |
| 10 yr | 1.44 yr | 40% |
| 30 yr | 0.49 yr | 13% |
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 | -0.07 | +0.01 | +0.01 | $1.4k | $3.9k |
| 1 yr | +0.58 | +0.13 | +0.24 | $35.5k | $63.4k |
| 5 yr | +3.93 | +0.62 | +0.70 | $166.0k | $187.3k |
| 10 yr | +0.24 | +1.07 | +0.37 | $288.6k | $98.2k |
| 30 yr | +0.08 | +0.43 | +0.06 | $115.2k | $16.4k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 4.76 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | United States Treasury4.00% · due 2030-03-31 | 6.96% | $187.14M | — |
| — | Fixed Income Clearing Corp. | 3.69% | $99.19M | — |
| — | United States Treasury3.50% · due 2030-11-30 | 1.51% | $40.63M | — |
| — | MALAYSIA GOVERNMENT4.05% · due 2039-04-18 | 1.06% | $28.39M | — |
| — | ECHOSTAR CORP10.75% · due 2029-11-30 | 1.04% | $28.02M | — |
| — | BIG SKY FUNDING LLC0.00% · due 2035-10-20 | 1.00% | $26.86M | — |
| — | NATL LIFE INSURANCE-VRMT10.50% · due 2039-09-15 | 0.96% | $25.94M | — |
| — | MEX BONOS DESARR FIX RT8.00% · due 2053-07-31 | 0.94% | $25.35M | — |
| — | SPACE EXPLORATION TECH5.88% · due 2036-07-15 | 0.91% | $24.58M | — |
| — | ECHOSTAR CORP6.75% · due 2030-11-30 | 0.87% | $23.46M | — |
Top 10 positions are 18.95% of net assets, top 25 29.20%, across 395 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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