Shenkman Capital Short Duration High Income Fund
Advisors Series Trust · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Gross | Net |
|---|---|---|
| SCFAX | 1.01% | 1.00% |
| SCFCX | 1.76% | 1.75% |
| SCFIX | 0.66% | 0.65% |
| SCFFX | 0.76% | 0.75% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 72.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 93.34% |
| Loans | 4.01% |
| Cash & short-term | 1.50% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 49.9% |
| International | 13.5% |
| Consumer Discretionary | 9.4% |
| Industrials | 6.3% |
| 10 smaller | 20.9% |
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).
Latest quarter
What changed since the fund's previous filing
Largest new: DISCOVERY HOLDINGS INC ×2, LIGHT & WONDER INTL INC, DISCOVERY COMMUNICATIONS, UNIVISION COMMUNICATIONS, TRAVEL + LEISURE CO, BAUSCH + LOMB CORP, SLM CORP
Largest exited: LIFEPOINT HEALTH INC, OUTFRONT MEDIA CAP LLC/C, CHOBANI HOLDCO II LLC, ROCKETMTGE CO-ISSUER INC, VISTRA OPERATIONS CO LLC, DISCOVERY HOLDINGS INC, NEXSTAR MEDIA INC, TRAVEL + LEISURE CO
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 |
|---|---|---|---|---|---|
| +5.67% | +19.67% | +22.25% | 1.51% | -0.46% | |
| +4.94% | +17.05% | +17.84% | 1.55% | -0.53% | |
| +6.11% | +20.83% | +24.16% | 1.58% | -0.43% | |
| +5.93% | +20.42% | +23.54% | 1.55% | -0.44% |
These classes hold the same portfolio, so the 6.32pp spread over 5 years is the cost difference between them — roughly 1.26pp 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 | 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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | First American Government Obli | 1.50% | $37.50M | — |
| — | HUB INTERNATIONAL LTD7.25% · due 2030-06-15 | 0.97% | $24.26M | — |
| — | DISCOVERY HOLDINGS INC3.75% · due 2027-03-15 | 0.86% | $21.55M | — |
| — | SS&C TECHNOLOGIES INC5.50% · due 2027-09-30 | 0.75% | $18.76M | — |
| — | CHS/COMMUNITY HEALTH SYS6.00% · due 2029-01-15 | 0.75% | $18.65M | — |
| — | IRON MOUNTAIN INC7.00% · due 2029-02-15 | 0.74% | $18.54M | — |
| — | CCO HLDGS LLC/CAP CORP6.38% · due 2029-09-01 | 0.74% | $18.42M | — |
| — | CAESARS ENTERTAIN INC4.63% · due 2029-10-15 | 0.72% | $17.93M | — |
| — | SIX FLAGS/CANADA WON5.25% · due 2029-07-15 | 0.71% | $17.88M | — |
| — | HERC HOLDINGS INC7.00% · due 2030-06-15 | 0.67% | $16.72M | — |
Top 10 positions are 8.41% of net assets, top 25 16.97%, across 261 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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