Polen DDJ Opportunistic High Yield Fund
Data updated: 2023-12-14
C000158334 — Polen DDJ Opportunistic High Yield Fund. Intermediate Corporate Bond · $288.54M AUM. Holdings, fees, performance and SEC filings.
C000158334 Fund Overview
Polen DDJ Opportunistic High Yield Fund is a US mutual fund managed by ALPS Series Trust, categorised as Intermediate 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: ALPS Series Trust
- Category: Intermediate Corporate Bond
- Assets under management: $288.54M
- 1-year return: 8.0%
- SEC CIK: 0001558107
- SEC series ID: S000050179
- Share class ID: C000158334
C000158334 Investment Objective and Strategy
Polen DDJ Opportunistic High Yield Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by ALPS Series Trust.
Investment objective
The Fund's investment objective is overall total return consisting of a high level of current income together with long-term capital appreciation.
Principal investment strategy
"The Fund pursues its investment objective by seeking to outperform the broader high yield market over a complete credit cycle. The ""credit cycle"" is a cyclical event that generally occurs over a several year timeframe as access to credit increases or decreases for borrowers. The Fund seeks to achieve its objective mainly by investing in high yield fixed income securities with a focus on ""middle market"" issuers in the United States and, to a lesser extent, Canada. The Adviser considers middle market companies to be those with normalized earnings before interest, tax and depreciation (""EBITDA"") in the range of $20-250 million. The Adviser believes that the flexibility to invest, sell, and reinvest throughout the capital structure of an issuer (and in particular, in both more senior bank loans and more junior high yield bonds) will enable the Adviser to tailor its investment approach to the specific credit-related circumstances of that issuer as they may change from time to time and thereby select the most attractive opportunities for the Fund.
The Fund intends to invest a substantial amount of its assets in credit instruments that are rated below investment grade by some or all relevant independent rating agencies, including Moody's Investors Service, Standard and Poor's Rating Services and Fitch Ratings. Additionally, certain other high yield securities may be unrated by rating agencies, but determined by the Adviser to be of similar quality as other below investment grade bonds and credit instruments and accordingly purchased for investment by the Fund. The Fund does not have a percentage limitation on investing in securities that are rated below investment grade. High yield fixed income securities include high yield corporate bonds (commonly known as ""junk bonds""), senior loans, convertible bonds, preferred stock, and other types of debt instruments (including, without limitation, unregistered (Rule 144A) securities, floating and variable rate securities and other restricted fixed income securities to the extent permitted by the Investment Company Act of 1940, as amended (the ""1940 Act"")).
In addition, the Fund may also purchase equity securities or otherwise hold positions in equity or other assets that the Fund receives as part of a reorganization process of a high yield issuer, and may hold those assets until such time as the Adviser believes that a disposition is most advantageous. From time to time, the Fund may make investments in distressed or defaulted securities or in issuers that are in bankruptcy. The Fund does not have any maturity or duration requirements. However, the Fund typically targets securities that, on average, have a shorter maturity and duration than the maturity and duration of broad-based high yield market indices generally. In making these investments, the Adviser will seek to purchase instruments that the Adviser believes are undervalued and offer a compelling risk/reward ratio.
Specifically, the Adviser's investment process attempts to exploit inefficiencies in the high yield credit markets by adhering to a disciplined, bottom-up, fundamentally-oriented investment process with a strict adherence to downside protection. This process applies value investing principles through exhaustive research coupled with financial, structural and legal analysis, including a review of bankruptcy law considerations where applicable. The foundation of this investment process is to derive an accurate, real-time valuation of a target company, and only invest in securities of that company's capital structure that offer a significant margin of safety coupled with strong total return potential. By utilizing such a fundamental, bottom-up approach to investing, the Adviser seeks to add value first and foremost through security selection.
The Adviser intends to manage a relatively concentrated portfolio typically comprising between 60-80 issuers and 80-100 issues. The Fund has adopted an investment policy providing that under normal circumstances, the Fund will invest at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in high yield fixed income securities."
C000158334 Holdings
Top 10 holdings of Polen DDJ Opportunistic High Yield Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Century Aluminum Company | 3.81% |
| Baffinland Iron Corp/lp | 3.23% |
| NFP Corp. | 2.71% |
| Cano Health Llc | 2.58% |
| Titan Acq/co-borrower | 2.52% |
| Ford Motor Company | 2.40% |
| Surgery Center Holdings | 2.37% |
| Tenet Healthcare Corp | 2.33% |
| Msilf Treasury Securities Portfolio | 2.24% |
| Asurion LLC | 2.22% |
C000158334 Portfolio Allocation
Asset-class allocation of Polen DDJ Opportunistic High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 65.3% |
| Loans | 30.3% |
| Cash & Equivalents | 2.2% |
| Equity | 0.9% |
C000158334 Performance
Total returns for C000158334 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 8.0% |
| 3 years (annualised) | 4.3% |
C000158334 Risk Information
Risk metrics for C000158334, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 6.9%
C000158334 Costs and Fees
C000158334 costs about $79 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.79%
- Gross expense ratio: 0.89%
- Portfolio turnover: 36%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000158334 Cashflows
Over the 12 months to 2023-06, Polen DDJ Opportunistic High Yield Fund had net inflows of $32.03M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-06 | −$1.58M |
| 2023-05 | $1.96M |
| 2023-04 | $1.78M |
| 2023-03 | $6.68M |
| 2023-02 | $7.17M |
| 2023-01 | $2.00M |
C000158334 Debt Constituents
Largest debt holdings of Polen DDJ Opportunistic High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Century Aluminum Company | 3.81% |
| Baffinland Iron Corp/lp | 3.23% |
| NFP Corp. | 2.71% |
| Cano Health Llc | 2.58% |
| Titan Acq/co-borrower | 2.52% |
| Ford Motor Company | 2.40% |
| Surgery Center Holdings | 2.37% |
| Tenet Healthcare Corp | 2.33% |
| AssuredPartners, Inc. | 2.18% |
| Hub International Ltd | 2.07% |
C000158334 Prospectus and SEC Filings
Official Polen DDJ Opportunistic High Yield Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2022-01-28
- Prospectus (485BPOS) — filed 2021-01-28
- Prospectus supplement (497) — filed 2023-02-08
- Portfolio holdings (N-PORT) — filed 2023-08-28
- Portfolio holdings (N-PORT) — filed 2023-05-30
- Portfolio holdings (N-PORT) — filed 2023-03-01
- Annual census (N-CEN) — filed 2023-12-14
- Annual census (N-CEN) — filed 2022-12-14
Related Funds
Other Intermediate 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.