Multi-Manager High Yield Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Multi-Manager High Yield Bond Fund held 1,135 positions with $2.85B in net assets. Its ten largest holdings made up 11.8% of the fund. The MMHGX share class costs 0.44% a year. In 2026 Q3 it added 181 new positions and exited 121.
The Multi-Manager High Yield Bond Fund (the Fund) seeks a high level of current income and may also consider the potential for capital appreciation.
The fund allocates its assets among multiple unaffiliated underlying managers, each of whom independently selects high-yield fixed-income securities rated below investment grade, along with derivatives and other instruments with similar economic characteristics. The Investment Adviser oversees manager hiring, termination, and asset allocation across the portfolio. Because each underlying manager acts independently with its own investment process, the fund's holdings and performance will reflect the distinct decisions and security selections of multiple managers rather than a single unified strategy.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Goldman Sachs Financial Square Government Fund | 5.55% | $158.33M | 158.3M | $1.00 |
iShares Broad USD High Yield Corporate Bond ETF | 2.00% | $56.89M | 1.5M | $37.23 |
United States Treasury 3.88% · due 2030-06-30 | 0.74% | $21.11M | — | — |
United States Treasury 3.88% · due 2028-03-31 | 0.69% | $19.64M | — | — |
PGIM Active High Yield Bond ETF | 0.58% | $16.67M | 475.0K | $35.10 |
BEACH ACQUISITION BIDCO 10.00% · due 2033-07-15 | 0.52% | $14.88M | — | — |
ASURION LLC/ASURION CO 8.00% · due 2032-12-31 | 0.48% | $13.66M | — | — |
1261229 BC LTD 10.00% · due 2032-04-15 | 0.43% | $12.35M | — | — |
VOYAGER PARENT LLC 9.25% · due 2032-07-01 | 0.40% | $11.37M | — | — |
Radiate Holdco LLC 8.77% floating · due 2029-09-25 | 0.38% | $10.92M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
The 200 largest of 1,135 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 | 90.67% |
| Stocks | 5.56% |
| Loans | 2.98% |
| Cash & short-term | 0.35% |
| 2 smaller | 0.07% |
Look-through blends 2 underlying funds; 5.552% of NAV was not looked through and stays direct-classified.
By sector
- Other
- 52.8%
- International
- 12.3%
- Financials
- 5.2%
- Consumer Discretionary
- 4.7%
- 11 other sectors
- 25.0%
- Other
- 52.8%
- International
- 12.3%
- Financials
- 5.2%
- Consumer Discretionary
- 4.7%
- Industrials
- 4.1%
- Energy
- 3.7%
- Health Care
- 3.4%
- Communication Services
- 2.5%
- Utilities
- 2.5%
- Materials
- 2.5%
- Information Technology
- 2.3%
- Government
- 1.6%
- Consumer Staples
- 1.5%
- Real Estate
- 0.9%
- Cash
- 0.0%
How it has done
MMHGX share class · total returns with dividends reinvested
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.
Fees & fund details
Multi-Manager High Yield Bond 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
- 0.44%· MMHGX 0.44%
- Portfolio turnover
- 2.00% 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.
181 new· the largest 8
121 exited· the largest 7
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 | 96.4% |
| Floating rate | 3.2% |
| Zero-coupon or unclassified | 0.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.4% |
| 1-3y | 20.3% |
| 3-5y | 41.5% |
| 5-10y | 35.6% |
| 10y+ | 1.3% |
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 | +2.63 yr |
| Investment grade | +0.03 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 | 0.04 yr | 2% |
| 1 yr | 0.76 yr | 30% |
| 5 yr | 1.40 yr | 55% |
| 10 yr | 0.28 yr | 11% |
| 30 yr | 0.06 yr | 2% |
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.80 yr | 30% |
| 5 yr | 1.52 yr | 57% |
| 10 yr | 0.27 yr | 10% |
| 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 | +0.04 | +0.00 | +0.04 | $360 | $10.4k |
| 1 yr | +0.76 | +0.01 | +0.79 | $2.5k | $226.5k |
| 5 yr | +1.40 | +0.01 | +1.51 | $3.0k | $429.3k |
| 10 yr | +0.28 | +0.00 | +0.27 | $1.2k | $76.2k |
| 30 yr | +0.06 | +0.00 | +0.03 | $1.1k | $8.0k |
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.
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