Westwood Short Duration High Yield Fund
Data updated: 2022-01-13
C000108846 — Westwood Short Duration High Yield Fund. Short Corporate Bond · $96.05M AUM · 0.40% expense ratio. Holdings, fees, performance and SEC filings.
C000108846 Fund Overview
Westwood Short Duration High Yield Fund is a US mutual fund managed by Advisors' Inner Circle Fund, 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
- Category: Short Corporate Bond
- Assets under management: $96.05M
- 1-year return: 15.7%
- SEC CIK: 0000878719
- SEC series ID: S000035444
- Share class ID: C000108846
C000108846 Investment Objective and Strategy
Westwood 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.
Investment objective
"The investment objective of the Westwood Short Duration High Yield Fund (the ""Fund"") is to generate a high level of current income while experiencing lower volatility than the broader high yield market."
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, also referred to as ""junk"" bonds, are securities rated BB+, Ba1 or below by independent rating agencies at the time of purchase by the Fund, or securities that are unrated but judged to be of comparable quality by SKY Harbor Capital Management, LLC (the ""Sub-Adviser""). The Fund may invest in securities of any rating, including securities that are in default. In seeking to achieve the Fund's objective, the Sub-Adviser generally invests in a portfolio of high yield securities of U.S. companies, as described in further detail below.
While the Sub-Adviser may purchase securities of any maturity, under normal market conditions, the Sub-Adviser generally expects to invest in high yield securities, including privately placed securities, that have an expected redemption through maturity, call or other corporate action within three years or less, although this may vary if, in the Sub-Adviser's opinion, it is warranted by current market conditions. While there is no maximum duration on individual securities, the average maximum ""duration to worst"" of the Fund is expected to be under three years. ""Duration to worst"" is the duration of a bond computed using the bond's nearest call date or maturity, whichever comes first. The Sub-Adviser believes such a portfolio serves to reduce volatility and preserve capital when compared to traditional high yield portfolios.
In the Sub-Adviser's view, traditional high yield portfolios generally possess durations to worst of longer than three years. Portfolios with longer durations to worst are generally more sensitive to interest rate changes and other market risks. Accordingly, the Sub-Adviser seeks to achieve less volatility and better preservation of capital for the Fund relative to traditional high yield portfolios by maintaining a duration to worst for the Fund that is significantly shorter than that of traditional high yield portfolios. The Fund also invests in high yield securities of non-U.S. companies, and the Sub-Adviser expects that the Fund's investments in non-U.S. companies will normally represent less than 25% of the Fund's assets, and may include investments in emerging markets. In selecting securities for the Fund's portfolio, the Sub-Adviser seeks issuers that exhibit attractive characteristics including, but not limited to: stable businesses with projectable 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 for use of cash flows favorable to bond holders.
In making investment decisions, the Sub-Adviser utilizes an investment process that is based on fundamental analysis of issuers, markets, and general macro-economic conditions and supported by quantitative valuation and risk monitoring tools. The goal of the investment process is to identify high yield securities with attractively priced income streams and to achieve superior long term returns from investments. The Sub-Adviser employs an established selling discipline and may generally sell a security for one of three non-exclusive reasons: (i) there is a negative change in the Sub-Adviser's fundamental assessment of a security; (ii) the security becomes overvalued relative to other opportunities; or (iii) the Sub-Adviser is shifting the portfolio from one sector or risk segment to another."
C000108846 Performance
Total returns for C000108846 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 15.7% |
| 3 years (annualised) | 10.7% |
C000108846 Risk Information
Risk metrics for C000108846, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 5.9%
C000108846 Costs and Fees
C000108846 costs about $40 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.40%
- Gross expense ratio: 0.59%
- Portfolio turnover: 130%
- Brokerage commissions: 4.23 bps of average net assets (SEC N-CEN)
C000108846 Cashflows
Over the 12 months to 2021-10, Westwood Short Duration High Yield Fund had net inflows of $56.54M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2021-10 | $5.95M |
| 2021-09 | $8.30M |
| 2021-08 | $3.52M |
| 2021-07 | $1.45M |
| 2021-06 | $6.95M |
| 2021-05 | $4.44M |
C000108846 Debt Constituents
No individual debt constituents are reported in Westwood Short Duration High Yield Fund's latest SEC N-PORT filing.
C000108846 Prospectus and SEC Filings
Official Westwood Short Duration High Yield Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2021-02-26
- Prospectus (485BPOS) — filed 2020-04-13
- Prospectus (485BPOS) — filed 2020-03-19
- Portfolio holdings (N-PORT) — filed 2021-12-28
- Portfolio holdings (N-PORT) — filed 2021-09-28
- Portfolio holdings (N-PORT) — filed 2021-06-28
- Annual census (N-CEN) — filed 2022-01-13
- Annual census (N-CEN) — filed 2021-01-14
Related Funds
Other Short Corporate Bond 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.