PBBIX — Polen U.S. High Yield Fund
Data updated: 2025-07-07
PBBIX — Polen U.S. High Yield Fund. Intermediate Corporate Bond · $2.96M AUM · 0.65% expense ratio. Holdings, fees, performance and SEC filings.
PBBIX Fund Overview
PBBIX — Polen U.S. High Yield Fund is a US mutual fund managed by FundVantage 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: FundVantage Trust
- Category: Intermediate Corporate Bond
- Assets under management: $2.96M
- 1-year return: 6.3%
- Ticker: PBBIX
- SEC CIK: 0001388485
- SEC series ID: S000076729
- Share class ID: C000236764
PBBIX Investment Objective and Strategy
Polen U.S. High Yield Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by FundVantage Trust.
Investment objective
Polen U.S. High Yield Fund (formerly, Polen Upper Tier High Yield Fund) (the Fund) seeks to achieve 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 U.S. dollar-denominated high yield fixed income securities. The Fund intends to invest its assets primarily in high yield fixed income securities that are rated below investment grade. The portfolio will predominantly consist of fixed income securities rated B or BB by some or all relevant independent rating agencies, including Moodys Investors Service, Standard and Poors Rating Services and Fitch Ratings. High yield fixed income securities include high yield corporate 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 hold positions in equity or other assets that the Fund receives as part of a reorganization process of a high yield issuer until such time as the Adviser believes that a disposition is most advantageous. The Fund does not have any maturity or duration requirements. In making these investments, the Adviser seeks to purchase instruments that the Adviser believes are undervalued and offer a compelling risk/reward ratio. Specifically, the Advisers investment process attempts to exploit inefficiencies in the high yield credit markets by adhering to a disciplined, bottom-up, fundamentally-oriented investment process with an emphasis on downside protection. 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 companys capital structure that offer a significant margin of safety coupled with strong total return potential.
No single factor considered is determinative in the selecting a security. By utilizing such a fundamental, bottom-up approach to investing, the Adviser seeks to add value first and foremost through security selection. Although the Fund is not limited in the number of securities in which it can invest, the Adviser intends to manage a relatively concentrated portfolio typically comprising between 60-120 issuers. 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 U.S. dollar-denominated high yield fixed income securities rated below investment grade by at least one independent rating agency such as Moodys Investors Service, Standard and Poors Rating Services and Fitch Ratings (or, if unrated, are otherwise determined to be of similar quality by the Adviser).
PBBIX Holdings
Top 10 holdings of Polen U.S. High Yield Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Kennedy-Wilson, Inc. | 3.41% |
| Grubhub Holdings, Inc. | 3.33% |
| Sc Games Holdin/us Finco | 3.02% |
| Advantage Sales & Market | 2.97% |
| Teine Energy Ltd. | 2.92% |
| Scih Salt Holdings, Inc. | 2.23% |
| Jane Street Grp/jsg Fin | 2.13% |
| Dealer Tire Llc/dt Issr | 2.10% |
| Oscar Acquisitionco LLC | 2.03% |
| Dornoch Debt Merger Sub | 1.73% |
PBBIX Portfolio Allocation
Asset-class allocation of Polen U.S. High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 82.5% |
| Loans | 2.5% |
PBBIX Performance
Total returns for PBBIX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 6.3% |
| 3 years (annualised) | 8.1% |
PBBIX Risk Information
Risk metrics for PBBIX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 3.5%
PBBIX Costs and Fees
PBBIX costs about $65 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.65%
- Gross expense ratio: 5.02%
- Portfolio turnover: 30%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
PBBIX Cashflows
Over the 12 months to 2025-04, Polen U.S. High Yield Fund had net inflows of $32.40K, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2025-04 | $58.75K |
| 2025-03 | $24.74K |
| 2025-02 | −$248.27K |
| 2025-01 | −$82.98K |
| 2024-12 | $15.19K |
| 2024-11 | $116.70K |
PBBIX Debt Constituents
Largest debt holdings of Polen U.S. High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Kennedy-Wilson, Inc. | 3.41% |
| Grubhub Holdings, Inc. | 3.33% |
| Sc Games Holdin/us Finco | 3.02% |
| Advantage Sales & Market | 2.97% |
| Teine Energy Ltd. | 2.92% |
| Scih Salt Holdings, Inc. | 2.23% |
| Jane Street Grp/jsg Fin | 2.13% |
| Dealer Tire Llc/dt Issr | 2.10% |
| Oscar Acquisitionco LLC | 2.03% |
| Dornoch Debt Merger Sub | 1.73% |
PBBIX Prospectus and SEC Filings
Official Polen U.S. High Yield Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-08-28
- Prospectus (485BPOS) — filed 2023-08-28
- Prospectus supplement (497) — filed 2023-11-20
- Portfolio holdings (N-PORT) — filed 2025-06-25
- Portfolio holdings (N-PORT) — filed 2025-03-25
- Portfolio holdings (N-PORT) — filed 2024-12-19
- Annual census (N-CEN) — filed 2025-07-07
- Annual census (N-CEN) — filed 2024-07-15
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.