Highland Fixed Income Fund
Data updated: 2021-03-01
C000004360 — Highland Fixed Income Fund. Money Market · $203.64M AUM · 0.95% expense ratio · 7.5% 1-yr return. Holdings, fees, performance and SEC filings.
C000004360 Fund Overview
Highland Fixed Income Fund is a US mutual fund managed by Nexpoint Funds II, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Nexpoint Funds II
- Category: Money Market
- Assets under management: $203.64M
- 1-year return: 7.5%
- SEC CIK: 0000891079
- SEC series ID: S000001613
- Share class ID: C000004360
C000004360 Investment Objective and Strategy
Highland Fixed Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Nexpoint Funds II.
Investment objective
The investment objective of Highland Fixed Income Fund (“Highland Fixed Income Fund” or the “Fund”) is to seek maximum income consistent with prudent investment management and the preservation of capital.
Principal investment strategy
The Fund seeks to achieve its investment objective by investing at least 80% of its net assets under normal circumstances in debt securities. This investment policy may be changed by the Fund upon 60 days prior written notice to shareholders. Highland Capital Management Fund Advisors, L.P. (HCMFA or the Adviser), the Funds investment adviser, has allocated all the assets of the Fund to be managed/advised by First Foundation Advisors (FFA or the Sub-Adviser), the Funds sub-adviser. The Fund invests primarily in a variety of investment-grade debt securities, such as mortgage-backed securities, corporate bonds, U.S. Government securities and money market instruments. The Fund normally has a weighted average maturity of approximately five to ten years, but is subject to no limitation with respect to the maturities of the instruments in which it may invest.
U.S. Government securities are securities that are issued or guaranteed as to principal and interest by the U.S. Government or one of its agencies or instrumentalities. Some U.S. Government securities are backed by the full faith and credit of the U.S. Government, such as U.S. Treasury bills and notes and obligations of the Government National Mortgage Association (Ginnie Mae). Other U.S. Government securities are neither issued nor guaranteed by the full faith and credit of the U.S. Government, including those issued by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Fannie Mae and Freddie Mac have been operating under a conservatorship since 2008, with the Federal Housing Finance Authority acting as their conservator, and receive certain financing support from and have access to certain borrowing arrangements with the U.S.
Treasury. The portfolio managers seek to identify debt securities with characteristics such as: attractive yields and prices the potential for capital appreciation reasonable credit quality The portfolio managers may consider selling a security when one of these characteristics no longer applies, or when valuation becomes excessive and more attractive alternatives are identified. The Fund also may invest to a lesser extent in non-mortgage asset-backed securities, high yield securities (also known as junk securities), foreign (non-U.S.) and emerging market debt securities and equity securities, such as exchange-traded funds (ETFs). The portfolio managers may also use various types of derivatives (such as options, futures and options on futures) to manage interest rate risk (also known as duration) and to manage exposure to credit quality.
The reference in the Funds investment objective to capital preservation does not indicate that the Fund may not lose money. The investment adviser seeks to employ strategies that are consistent with capital preservation, but there can be no assurance that the investment adviser will be successful in doing so.
C000004360 Performance
Total returns for C000004360 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 7.5% |
C000004360 Risk Information
Risk metrics for C000004360, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 7.4%
C000004360 Costs and Fees
C000004360 costs about $95 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.95%
- Gross expense ratio: 1.00%
- Portfolio turnover: 53%
- Brokerage commissions: 1.45 bps of average net assets (SEC N-CEN)
C000004360 Cashflows
Over the 12 months to 2020-12, Highland Fixed Income Fund had net inflows of $65.38M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-12 | $3.98M |
| 2020-11 | $7.79M |
| 2020-10 | $8.73M |
| 2020-09 | $4.22M |
| 2020-08 | $3.01M |
| 2020-07 | $7.55M |
C000004360 Debt Constituents
No individual debt constituents are reported in Highland Fixed Income Fund's latest SEC N-PORT filing.
C000004360 Prospectus and SEC Filings
Official Highland Fixed Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-02-21
- Prospectus (485BPOS) — filed 2019-01-31
- Prospectus (485BPOS) — filed 2018-02-22
- Portfolio holdings (N-PORT) — filed 2021-03-01
- Portfolio holdings (N-PORT) — filed 2020-11-30
- Portfolio holdings (N-PORT) — filed 2020-08-31
- Annual census (N-CEN) — filed 2020-12-14
- Annual census (N-CEN) — filed 2019-12-16
Related Funds
Other Money Market funds tracked on ABC INVEST:
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.