Short Duration High Yield Fund (WHGHX) (as of 7/21/2017)

Investment Strategy

The Short Duration High Yield Fund is sub-advised by SKY Harbor Capital Management whose senior investment team has invested together for more than two decades.

The Fund invests predominately in high yield bonds that are expected to be redeemed through maturities, calls or other corporate actions within three years or less. Based on historical experience through multiple market cycles, the portfolio manager believes that such a portfolio serves to reduce volatility and attempts to preserve capital when compared to traditional high yield portfolios. The Fund seeks to generate a high level of income, and its short duration provides frequent reinvestment opportunities and liquidity.

In selecting securities for the Fund, the portfolio manager seeks issuers that exhibit attractive characteristics including: stable businesses with predictable cash flows, positive year-over-year cash flow comparisons supported by stable industry conditions, generation of cash in excess of corporate and financial obligations, and management intentions favorable to bond holders.

Ultimately, the rigorous investment process is grounded in extensive fundamental analysis to identify and potentially minimize the risks associated with owning less than investment grade corporate debt.

Growth of a $10,000 Investment

Assumes an initial investment of $10,000 was made on the fund's inception date of December 28, 2011.

The growth of a $10,000 investment in the fund is hypothetical and for illustration only. It does not represent any actual investment.


Objective

The objective of the Westwood Short Duration High Yield Fund is to generate a high level of current income while experiencing lower volatility than the broader high yield market.

Fund Facts

Ticker Symbol WHGHX
Fund Inception 12/28/2011
Total Holdings (as of 12/31/2016) 384
Expense Ratio (net) 0.80%*
Expense Ratio (gross) 1.00%
30 Day SEC Yield 4.25%
Unsubsidized 30 Day SEC Yield N/A
CUSIP 00769G758
Distribution Frequency Monthly

*The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2018. In the absence of current fee waivers, total return and yield would be reduced.

Read more on Westwood's Investment Process

Fund Performance (as of 7/21/2017)

  Inception date YTD 2016 2015 2014 2013 2012
WHGHX 12/28/2011 3.17% 7.60% -1.25% -1.11% 5.15% 6.08%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.

Click here to view the performance of this fund.

A company may reduce or eliminate its dividend, causing losses to the fund.

Diversification does not protect against market loss.

PORTFOLIO TEAM

We manage the Fund using a team-based system. Ultimately, the entire Portfolio Team is responsible for all aspects of the portfolio.

Anne Yobage, Lead Portfolio Manager

Anne Yobage, CFA

Lead Portfolio Manager

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