MZHIX Performance — Muzinich Flexible U.S. High Yield Income Fund, Institutional Class
Data updated: 2026-08-27
MZHIX returned +2.04% year to date and +6.06% over one year to Jun 2026. Annualised returns are +7.77% over 3 years and +3.16% over 5 years. The fund beat its High Yield Bond category average: $100 invested three years ago grew to $125, against $125 for the category, and to $106 over one year, against $106. Volatility over the past three years was 3.47% a year. In the 12 months to Jun 2026 the fund took in a net $6.9M, and assets reached $68.73M.
MZHIX Growth of $100
What $100 invested in Muzinich Flexible U.S. High Yield Income Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the High Yield Bond category average over the same months.
| Period | MZHIX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $106 | $106 |
| 3 years (Jul 2023 – Jun 2026) | $125 | $125 |
| 5 years (Jul 2021 – Jun 2026) | $117 | $119 |
| Since data start (Jul 2019 – Jun 2026) | $134 | $134 |
MZHIX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +2.04% |
| 1 year | +6.06% |
| 3 years (annualised) | +7.77% |
| 5 years (annualised) | +3.16% |
MZHIX Annual Returns
Calendar-year total returns of Muzinich Flexible U.S. High Yield Income Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +2.04% |
| 2025 | +8.43% |
| 2024 | +7.51% |
| 2023 | +9.99% |
| 2022 | −11.73% |
| 2021 | +4.40% |
| 2020 | +6.81% |
| 2019 (Jul–Dec) | +4.05% |
MZHIX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.2% | +0.2% | −1.0% | +1.7% | +0.6% | +0.3% | — | — | — | — | — | — |
| 2025 | +1.5% | +0.6% | −1.2% | +0.1% | +1.6% | +1.7% | +0.5% | +1.0% | +0.7% | +0.3% | +0.7% | +0.7% |
| 2024 | +0.4% | +0.6% | +0.9% | −0.2% | +1.0% | +0.7% | +1.5% | +1.3% | +1.1% | −0.8% | +1.3% | −0.5% |
| 2023 | +3.1% | −1.3% | +1.2% | +1.0% | −0.9% | +1.5% | +1.3% | +0.1% | −0.9% | −1.3% | +3.4% | +2.6% |
| 2022 | −2.7% | −1.2% | −0.7% | −3.5% | −0.2% | −6.6% | +5.4% | −2.3% | −3.7% | +2.8% | +1.4% | −0.4% |
| 2021 | +0.2% | +0.4% | +0.3% | +0.9% | +0.2% | +1.0% | 0.0% | +0.4% | +0.1% | −0.3% | −0.9% | +1.9% |
| 2020 | 0.0% | −1.5% | −9.8% | +3.9% | +4.3% | +0.8% | +4.5% | +0.9% | −1.1% | +0.4% | +3.5% | +1.7% |
| 2019 | — | — | — | — | — | — | +0.6% | +0.3% | +0.6% | +0.2% | +0.6% | +1.7% |
MZHIX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 3.47%
- 3-year Sharpe ratio: 0.94 (vs 4.5% risk-free rate)
- Best month: +3.37% (Nov 2023)
- Worst month: −1.26% (Oct 2023)
MZHIX Fund Flows
Monthly money in and out of Muzinich Flexible U.S. High Yield Income Fund, from SEC Form N-PORT.
- 12-month net flow: $6.9M
- 12-month gross sales (incl. reinvestments): $15.0M
- Sales ÷ redemptions: 1.85×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $1.3M | $2.9M | −$1.6M |
| May 2026 | $140K | $506K | −$366K |
| Apr 2026 | $152K | $6K | $146K |
| Mar 2026 | $1.5M | $324 | $1.5M |
| Feb 2026 | $123K | $1.0M | −$891K |
| Jan 2026 | $149K | $29 | $149K |
| Dec 2025 | $112K | $1.6M | −$1.5M |
| Nov 2025 | $153K | $0 | $153K |
| Oct 2025 | $1.0M | $1.5M | −$476K |
| Sep 2025 | $10.1M | $5K | $10.1M |
| Aug 2025 | $139K | $296K | −$158K |
| Jul 2025 | $108K | $286K | −$177K |
MZHIX Assets Under Management
Net assets of Muzinich Flexible U.S. High Yield Income Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $68.73M |
| 2026-03-31 | $69.92M |
| 2025-12-31 | $70.65M |
| 2025-09-30 | $72.35M |
| 2025-06-30 | $62.28M |
| 2025-03-31 | $59.68M |
| 2024-12-31 | $58.88M |
| 2024-09-30 | $59.32M |
| 2024-06-30 | $47.55M |
| 2024-03-31 | $47.68M |
| 2023-12-31 | $47.42M |
| 2023-09-30 | $37.44M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.