ADHIX — Aegon Short Duration High Yield Fund

ADHIX Fund Overview

ADHIX — Aegon Short Duration High Yield Fund is a US mutual fund managed by Advisors' Inner Circle Fund III, categorised as Short Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Advisors' Inner Circle Fund III
• Category: Short Corporate Bond
• Assets under management: $18.31M
• Ticker: ADHIX
• SEC CIK: 0001593547
• SEC series ID: S000065667
• Share class ID: C000212430

ADHIX Investment Objective and Strategy

Aegon Short Duration High Yield Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Advisors' Inner Circle Fund III.

Investment objective

The Aegon Short Duration High Yield Fund (the Short Duration High Yield Fund or the Fund) seeks to provide a high level of current income.

Principal investment strategy

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in high yield securities. This investment policy may be changed by the Fund upon 60 days prior written notice to shareholders. High yield securities (commonly known as junk bonds) are fixed- or floating-rate securities rated below BBB by Standard & Poors or Fitch or below Baa by Moodys or, if unrated, determined to be of comparable quality by the Adviser. The high-yield securities in which the Fund invests are primarily corporate bonds. For purposes of the Funds 80% investment policy, however, high yield securities also include foreign sovereign debt, bank loans and convertible securities. The Fund may also invest in investment grade securities, common stocks, preferred stocks and cash equivalents (including bank obligations).

The Fund may invest in securities of any rating, including securities that are in default. While the Fund may invest in securities of any maturity or duration, the Adviser seeks to maintain a weighted average portfolio duration for the Fund of 36 months or less. Duration measures how changes in interest rates affect the value of a fixed income security. For example, a five-year duration means that the fixed income security will decrease in value by 5% if interest rates rise 1% and increase in value by 5% if interest rates fall 1%. The Fund may invest in securities in both developed and emerging market countries, and may invest in securities denominated in any currency, including local currencies or hard currencies (i.e., a currency that is not likely to depreciate suddenly or to fluctuate greatly in value).

Emerging market countries are countries that are included in the JPMorgan Emerging Markets Bond Index - Global Diversified, the JPMorgan Corporate Emerging Markets Bond Index - Diversified, the JPMorgan Emerging Local Markets Index or the JPMorgan Government Bond Index - Emerging Markets Global Diversified, as well as those countries which are not defined as a High Income Organization for Economic Cooperation and Development (OECD) member country by the World Bank. From time to time, the Fund may focus its investments in a particular sector, or may focus its investments in a particular country or geographic region, such as Europe. In managing the Funds assets, the Adviser uses a fundamental research process that combines a global top-down analysis of the macroeconomic and interest rate environment and bottom-up research of corporate and sovereign debt, stressed and distressed securities, and other debt instruments.

In the Advisers qualitative top-down approach, the Adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement of markets and securities prices worldwide. Fundamental analysis attempts to estimate the quality of a particular security based on a variety of factors, such as: financial efficiency ratios, capital utilization, cash flow, gross margin, cost, and revenues. Technical analysis includes evaluating recent trading movements and trends to identify potential supply/demand imbalances that may impact trading prices. Sentiment analysis attempts to measure the market in terms of the attitudes of investors. Valuation analysis is a process to estimate the approximate value or worth of a security so that it can be compared to current and historical trading levels as well as to other relevant benchmarks.

This top-down analysis assists the Adviser in analyzing portfolio risk and allocating assets among sectors, industries, and credit quality categories. In its bottom-up research, the Adviser considers various fundamental and other factors, such as creditworthiness and capital structure. The Advisers research analysts may integrate environmental, social and governance (ESG) factors within their analytical process alongside traditional credit analysis in an effort to determine and assess the potential economic impact of ESG issues on an issuer.

ADHIX Costs and Fees

ADHIX costs about $70 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.70%
• Gross expense ratio: 1.31%
• Portfolio turnover: 11%
• Brokerage commissions: 0.01 bps of average net assets (SEC N-CEN)

ADHIX Cashflows

Over the 12 months to 2020-03, Aegon Short Duration High Yield Fund had net inflows of $140.52K, from monthly SEC N-PORT filings.

ADHIX Debt Constituents

No individual debt constituents are reported in Aegon Short Duration High Yield Fund's latest SEC N-PORT filing.

ADHIX Prospectus and SEC Filings

Official Aegon Short Duration High Yield Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-02-07
• Prospectus (485BPOS) — filed 2019-06-18
• Portfolio holdings (N-PORT) — filed 2020-05-28
• Annual census (N-CEN) — filed 2019-12-16

Related Funds

Other Short Corporate Bond funds tracked on ABC INVEST:

• Vanguard Short-Term Investment-Grade Fund (VFSTX)
• Vanguard Short-Term Corporate Bond Index Fund (VSCSX)
• American High Income Trust (AHITX)
• Vanguard High-Yield Corporate Fund (VWEHX)
• PGIM High Yield Fund (JDYRX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.