Six Circles Credit Opportunities Fund
Actively managed global bond fund
As of its 2026 Q2 report, Six Circles Credit Opportunities Fund held 3,798 positions with $5.55B in net assets. Its ten largest holdings made up 10.4% of the fund. The CRDOX share class costs 0.25% a year. Over the 12 months to May 2026, CRDOX returned 8.3%, with dividends reinvested. In 2026 Q2 it added 551 new positions and exited 547.
The Fund seeks to provide total return.
The fund allocates assets among multiple sub-advisers managing strategies in high yield debt, short duration credit, emerging markets debt, and other opportunistic credit sectors, with day-to-day security selection delegated to these sub-advisers rather than handled by the primary adviser. The fund invests predominantly in below-investment-grade fixed income instruments globally, including high yield bonds, bank loans, emerging market debt, securitized products, and convertibles, with flexibility to hold instruments rated as low as CCC or in default. For its Asia High Yield strategy, the fund purchases newly-issued Regulation S securities through a wholly-owned Cayman Islands subsidiary advised by PIMCO. Because the fund's sub-advisers independently select securities within their allocated portions, performance may diverge from what a single unified strategy would produce.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
F/C US 2YR NOTE (CBT) SEP26 | 3.94% | $218.71M | — |
F/C ICE 3MTH SONIA FU DEC26 | 1.52% | $84.38M | — |
F/C US 10YR NOTE (CBT)SEP26 | 1.29% | $71.76M | — |
F/C EURO-BOBL FUTURE SEP26 | 0.97% | $54.05M | — |
F/C SHORT EURO-BTP FU SEP26 | 0.55% | $30.70M | — |
REPUBLIC OF ARGE S/UP 07/09/41 3.50% floating · due 2041-07-09 | 0.54% | $29.89M | — |
N/A | 0.48% | $26.92M | — |
GACI FIRST INVE 5.25% 10/13/32 5.25% · due 2032-10-13 | 0.40% | $22.14M | — |
BEIGNET INVEST 6.581% 05/30/49 6.58% · due 2049-05-30 | 0.40% | $21.93M | — |
MERIDIAN ARC HO 6.25% 04/30/31 6.25% · due 2031-04-30 | 0.34% | $18.77M | — |
The 200 largest of 3,798 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 | 88.08% |
| Derivatives | 9.02% |
| Securitized | 4.11% |
| Loans | 2.71% |
| 2 smaller | 1.53% |
These positions come to 105.46% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
Derivatives are shown at market value, not notional exposure.
How it has done
CRDOX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.56%. 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.
Fees & fund details
Six Circles Credit Opportunities Fund is an actively managed global bond fund.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.25%· CRDOX 0.25%
- Portfolio turnover
- 69.13% a year · as of 2026 Q2
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.
551 new· the largest 8
547 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 | 83.1% |
| Floating rate | 16.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.8% |
| 1-3y | 17.8% |
| 3-5y | 30.1% |
| 5-10y | 31.0% |
| 10y+ | 18.2% |
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 | 51% |
| Credit spreads | 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 | +2.42 yr |
| Investment grade | +1.06 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 | 0.24 yr | 7% |
| 1 yr | 0.57 yr | 16% |
| 5 yr | 1.50 yr | 41% |
| 10 yr | 0.83 yr | 23% |
| 30 yr | 0.49 yr | 13% |
| 3 mo | 0.02 yr | 1% |
| 1 yr | 0.56 yr | 16% |
| 5 yr | 1.52 yr | 44% |
| 10 yr | 0.81 yr | 23% |
| 30 yr | 0.57 yr | 17% |
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 | +0.24 | +0.00 | +0.02 | $2.8k | $10.1k |
| 1 yr | +0.57 | +0.11 | +0.45 | $61.4k | $246.9k |
| 5 yr | +1.50 | +0.29 | +1.23 | $159.9k | $683.2k |
| 10 yr | +0.83 | +0.35 | +0.45 | $195.4k | $252.1k |
| 30 yr | +0.49 | +0.31 | +0.27 | $170.9k | $148.1k |
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 3.62 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.
Understand how this fund fits with the rest.
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