Shenkman Capital Short Duration High Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Shenkman Capital Short Duration High Income Fund held 393 positions with $2.50B in net assets. Its ten largest holdings made up 8.4% of the fund. The SCFAX share class costs 1% a year. Over the 12 months to May 2026, SCFAX returned 5.1%, with dividends reinvested. In 2026 Q2 it added 56 new positions and exited 51.
The Short Duration Fund seeks to generate a high level of current income.
The fund invests at least 80% of assets in below-investment-grade fixed-income securities and bank loans, typically those rated CCC or better, with a focus on instruments maturing or callable within three years to maintain a dollar-weighted average duration of approximately three years or less. The fund may use leverage up to 33% of total assets and may hold up to 20% in foreign fixed-income instruments, 15% in convertible bonds, and 10% in preferred stocks. Because the fund concentrates in high-yield debt with short duration, credit deterioration or widening spreads among its holdings will reduce returns.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
First American Government Obli | 1.50% | $37.50M | — |
HUB INTERNATIONAL LTD 7.25% · due 2030-06-15 | 0.97% | $24.26M | — |
DISCOVERY HOLDINGS INC 3.75% · due 2027-03-15 | 0.86% | $21.55M | — |
SS&C TECHNOLOGIES INC 5.50% · due 2027-09-30 | 0.75% | $18.76M | — |
CHS/COMMUNITY HEALTH SYS 6.00% · due 2029-01-15 | 0.75% | $18.65M | — |
IRON MOUNTAIN INC 7.00% · due 2029-02-15 | 0.74% | $18.54M | — |
CCO HLDGS LLC/CAP CORP 6.38% · due 2029-09-01 | 0.74% | $18.42M | — |
CAESARS ENTERTAIN INC 4.63% · due 2029-10-15 | 0.72% | $17.93M | — |
SIX FLAGS/CANADA WON 5.25% · due 2029-07-15 | 0.71% | $17.88M | — |
HERC HOLDINGS INC 7.00% · due 2030-06-15 | 0.67% | $16.72M | — |
The 200 largest of 393 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 | 93.34% |
| Loans | 4.01% |
| Cash & short-term | 1.50% |
By sector
- Other
- 49.9%
- International
- 13.5%
- Consumer Discretionary
- 9.7%
- Industrials
- 6.3%
- 10 other sectors
- 20.5%
- Other
- 49.9%
- International
- 13.5%
- Consumer Discretionary
- 9.7%
- Industrials
- 6.3%
- Health Care
- 5.3%
- Financials
- 3.6%
- Communication Services
- 3.4%
- Information Technology
- 2.7%
- Cash
- 1.5%
- Consumer Staples
- 1.3%
- Energy
- 1.2%
- Utilities
- 0.9%
- Real Estate
- 0.5%
- Materials
- 0.1%
How it has done
SCFAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.36%. 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.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.00% | +5.11% | +20.65% | +22.64% | -0.46% | |
| 1.75% | +4.38% | +18.01% | +18.21% | -0.53% | |
| 0.65% | +5.44% | +21.67% | +24.42% | -0.43% | |
| 0.75% | +5.36% | +21.38% | +23.92% | -0.44% |
These classes hold the same portfolio, so the 6.21pp spread over 5 years is the cost difference between them — roughly 1.24pp a year — not a difference in what they own.
Fees & fund details
Shenkman Capital Short Duration High 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
- Short duration
- Expense ratio, by class
- 0.65% – 1.75%· SCFAX 1.00%
- Portfolio turnover
- 72.00% 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.
56 new· the largest 7
51 exited· the largest 8
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 | 96.1% |
| Floating rate | 3.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 6.5% |
| 1-3y | 49.3% |
| 3-5y | 41.0% |
| 5-10y | 3.2% |
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 | 50% |
| Credit spreads | 50% |
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 | +1.45 yr |
| Investment grade | +0.11 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 | 0.99 yr | 64% |
| 1 yr | 0.44 yr | 28% |
| 5 yr | 0.13 yr | 8% |
| 10 yr | 0.00 yr | 0% |
| 3 mo | 1.02 yr | 66% |
| 1 yr | 0.41 yr | 26% |
| 5 yr | 0.12 yr | 8% |
| 10 yr | 0.00 yr | 0% |
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 | +0.99 | +0.04 | +0.98 | $11.0k | $244.1k |
| 1 yr | +0.44 | +0.03 | +0.38 | $7.3k | $95.3k |
| 5 yr | +0.13 | +0.03 | +0.09 | $7.8k | $23.1k |
| 10 yr | +0.00 | +0.00 | +0.00 | $263 | $7 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
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.
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