MZLIX — Muzinich Low Duration Fund
Data updated: 2026-08-27
MZLIX — Muzinich Low Duration Fund. Short Corporate Bond · $1.16B AUM · 0.61% expense ratio · -3.6% 1-yr return. Holdings, fees, performance and SEC filings.
MZLIX Fund Overview
MZLIX — Muzinich Low Duration Fund is a US mutual fund managed by Professionally Managed Portfolios, 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: Professionally Managed Portfolios
- Category: Short Corporate Bond
- Assets under management: $1.16B
- 1-year return: -3.6%
- Ticker: MZLIX
- SEC CIK: 0000811030
- SEC series ID: S000054438
- Share class ID: C000170963
MZLIX Investment Objective and Strategy
Muzinich Low Duration Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Professionally Managed Portfolios.
Investment objective
The Muzinich Low Duration Fund (the Low Duration Fund or the Fund) seeks to protect capital and generate positive returns under most market conditions.
Principal investment strategy
The Muzinich Low Duration Fund normally invests at least 80% of the Funds net assets (plus any borrowings for investment purposes) in a well-diversified portfolio of corporate bonds and syndicated loans, including floating rate loans and restricted securities such as bonds issued pursuant to Rule 144A. Like bonds, syndicated loans represent amounts borrowed by companies or other entities. Investments are primarily made in securities of companies domiciled in or with principal business in developed markets, both outside and within the United States. The Fund may have a majority of its assets in foreign fixed income securities, with permitted-currency emerging market exposure not to exceed 20% of the Funds net assets. The permitted currencies of the Funds securities will be U.S. dollars (USD), euros (EUR), Swiss francs (CHF), and British pounds (GBP).
The Fund may invest up to 25% of its net assets in the banking sector and up to 20% of its net assets in the diversified financials sector. The Advisor may manage and adjust overall portfolio duration and credit risk exposure by the strategic use of derivatives that are primarily used to reduce portfolio volatility. In this context, the Advisor would expect to principally use credit index derivatives or options thereon and/or futures and options on primarily U.S. Treasurys and other developed market government bonds to manage portfolio duration and credit spread sensitivity. The Advisor generally focuses on risk management from a long-term perspective, rather than only being reactive to intermittent periods of market volatility, thus allowing portfolio management to focus on long-term investing.
The Funds holdings maintain an average investment grade rating of at least Baa3 or BBB- according to the Managers compilation of the highest ratings available for each bond from Moodys, Standard & Poors, or Fitch, as applicable. The Advisor will assign a rating to unrated bonds for this purpose. No more than 40% of the Funds net assets may be junk bonds rated, by the highest rating available for each issue, below investment grade (Ba1 or BB1, as applicable) by Moodys, Standard & Poors or Fitch, or as deemed equivalent by the Advisor. As this is an income-focused fund, investments may also include asset-backed securities (ABS) including mortgage-backed securities (MBS) and securities backed by other forms of loans or securities. The Fund may invest in mutual funds (including affiliated mutual funds) and/or exchange-traded funds (ETFs) which invest principally in any of the previously mentioned types of fixed income securities and such investments in fixed income mutual funds and ETFs will be included in the Funds 80% test.
The mutual funds and ETFs in which the Fund invests have an investment objective similar to that of the Fund or are otherwise permitted investments in accordance with the Funds investment policies described herein. The Advisor seeks to reduce, but cannot eliminate, the risk to the Fund from rising interest rates, which will typically result in falling bond prices, by investing principally in securities with shorter durations. The Low Duration Funds average duration-to-worst profile is usually targeted at no more than two years, and, under normal market conditions, is not expected to exceed three years. Duration-to-worst is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a securitys price to changes in interest rates. Due to market fluctuations, the average duration-to-worst profile of the portfolio may vary from time to time.
It is anticipated that most bonds in the portfolio will have a remaining maturity of between zero and ten years. The Advisor believes that this short duration approach reduces the risk to the portfolio from rising interest rates, but cannot eliminate it entirely. Although the Advisor will consider ratings assigned by ratings agencies in selecting the portfolios debt instruments, it relies principally on its own research and investment analysis. As applicable, the Advisor considers both company-specific quantitative and qualitative factors such as: a companys managerial strength and commitment to debt repayment, anticipated cash flow, debt maturity schedules, borrowing requirements, use of borrowing proceeds, asset coverage and earnings prospects; legislation, regulation, litigation, transparency, market perspective or other environmental, social and governance (ESG) risks; and the strength and depth of the protections afforded the lender through the documentation governing the bond or syndicated loan issuance.
The types of ESG factors that the Advisor believes can impact financial risks derive from, among other issues: changes to regulations, changes to consumer preferences, technology advancements, physical or transitional climate impacts, litigation risks, efficiency, brand value, innovation, market disruption/obsolescence, respect for human rights, anti-corruption, anti-bribery matters, and social license to operate. As a result of considering ESG factors in the Advisors investment decision process, an investment may be excluded or rejected where Muzinich believes those factors imply heightened risk of decreased liquidity of an investment and/or other negative financial impacts. In line with this, securities ineligible for investment by the Norges Bank Investment Management Company are also ineligible for inclusion in the Fund.
The portfolio is actively managed and the Fund may sell a holding when it has already met or no longer meets the portfolio managers expectations, no longer offers compelling relative value, shows deteriorating fundamentals, or it falls short of the portfolio managers expectations. The portfolio managers may also decide to continue to hold a bond or loan (or related securities) after a default.
MZLIX Holdings
Top 10 holdings of Muzinich Low Duration Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| First American Treasury Obliga | 1.87% |
| Dp World Crescent Ltd. | 0.94% |
| Cco Hldgs Llc/cap Corp. | 0.74% |
| Ck Hutchison Intl 24 | 0.71% |
| Gaci First Investment | 0.67% |
| Deutsche Bank AG | 0.61% |
| Jaguar Land Rover Automo | 0.55% |
| Hsbc Holdings PLC | 0.52% |
| Tallgrass Nrg Prtnr/fin | 0.51% |
| Yorkshire Water Finance | 0.49% |
MZLIX Portfolio Allocation
Asset-class allocation of Muzinich Low Duration Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 89.4% |
| Securitized | 3.8% |
| Loans | 2.6% |
| Cash & Equivalents | 1.9% |
| Derivatives | 1.2% |
MZLIX Performance
Total returns for MZLIX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -3.6% |
| 3 years (annualised) | 0.7% |
MZLIX Risk Information
Risk metrics for MZLIX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 3.8%
MZLIX Costs and Fees
MZLIX costs about $61 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.61%
- Gross expense ratio: 0.70%
- Portfolio turnover: 69%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
MZLIX Cashflows
Over the 12 months to 2026-06, Muzinich Low Duration Fund had net outflows of $39.88M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | $10.86M |
| 2026-05 | $16.28M |
| 2026-04 | $7.88M |
| 2026-03 | −$6.46M |
| 2026-02 | $34.88M |
| 2026-01 | $29.75M |
MZLIX Debt Constituents
Largest debt holdings of Muzinich Low Duration Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Dp World Crescent Ltd. | 0.94% |
| Cco Hldgs Llc/cap Corp. | 0.74% |
| Ck Hutchison Intl 24 | 0.71% |
| Gaci First Investment | 0.67% |
| Deutsche Bank AG | 0.61% |
| Jaguar Land Rover Automo | 0.55% |
| Hsbc Holdings PLC | 0.52% |
| Tallgrass Nrg Prtnr/fin | 0.51% |
| Yorkshire Water Finance | 0.49% |
| Oracle Corp. | 0.49% |
MZLIX Prospectus and SEC Filings
Official Muzinich Low Duration Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-04-30
- Prospectus (485BPOS) — filed 2024-04-29
- Prospectus supplement (497) — filed 2026-05-19
- Portfolio holdings (N-PORT) — filed 2026-08-27
- Portfolio holdings (N-PORT) — filed 2026-05-27
- Portfolio holdings (N-PORT) — filed 2026-02-26
- Annual census (N-CEN) — filed 2026-03-11
- Annual census (N-CEN) — filed 2025-03-13
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.