PKHIX — PPM High Yield Core Fund
Data updated: 2024-11-26
PKHIX — PPM High Yield Core Fund. Intermediate Corporate Bond · $40.12M AUM · 0.71% expense ratio. Holdings, fees, performance and SEC filings.
PKHIX Fund Overview
PKHIX — PPM High Yield Core Fund is a US mutual fund managed by PPM Funds, 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: PPM Funds
- Category: Intermediate Corporate Bond
- Assets under management: $40.12M
- 1-year return: 14.3%
- Ticker: PKHIX
- SEC CIK: 0001722478
- SEC series ID: S000061238
- Share class ID: C000198336
PKHIX Investment Objective and Strategy
PPM High Yield Core Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by PPM Funds.
Investment objective
The Fund seeks to maximize current income and seeks capital appreciation.
Principal investment strategy
The Fund seeks to achieve its objective by investing under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in high yield, high-risk debt securities (junk bonds) rated below BBB- by S&P or have an equivalent rating by a nationally recognized statistical rating organization (NRSRO), or, if unrated, determined to be of comparable quality. Below investment grade securities offer a higher yield, but generally carry more risks than higher rated securities with similar maturities. As a result, an investment in below investment grade securities is considered speculative. The Fund may also invest up to 20% of its total assets in equity securities (other than preferred stock, in which the Fund may invest without limit). The Fund may invest in securities sold pursuant to Rule 144A of the Securities Act of 1933, as amended.
Rule 144A securities are restricted securities that can be resold to qualified institutional buyers but not to the general public. The Fund may also invest in bank loans. The Fund may also invest up to 35% of its total assets in securities of foreign issuers. To the extent that the Fund invests in emerging market debt rated below BBB- by S&P or another NRSRO or, if unrated, determined by PPM to be of comparable quality, this will be considered as an investment in a high yield security for purposes of the 80% investment minimum requirement. Additionally, the Fund has the ability to invest in other investment companies, such as exchange-traded funds (ETFs), money market funds, unit investment trusts, and open-end and closed-end funds, including affiliated investment companies. For purposes of satisfying the 80% requirement, the Fund may invest in high yield ETFs comprised of the securities described above.
The Fund generally uses high yield ETFs as a tool to obtain exposure to the securities in which it primarily invests. In seeking to maximize income, PPM seeks to identify the best relative value investment opportunities across various debt sectors by analyzing overall economic conditions within and among these sectors. In pursuing capital appreciation, PPM looks for those companies that it believes have the highest potential for improving credit fundamentals. In light of the risks associated with high yield securities, PPM takes various factors into consideration in evaluating the creditworthiness of an issuer.
PKHIX Holdings
Top 10 holdings of PPM High Yield Core Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| State Street U.S. Government Money Market Fund | 5.17% |
| State Street Navigator Securities Lending Government Money Market Portfolio | 3.59% |
| Carnival Corporation | 1.97% |
| Energean Israel Finance Ltd | 1.01% |
| Marb Bondco PLC | 0.98% |
| Intelsat Jackson Holdings S.A. | 0.96% |
| Bip-V Chinook | 0.89% |
| Pilgrim's Pride Corporation | 0.83% |
| Majordrive Holdings IV, LLC | 0.80% |
| Ascent Resources - Utica, LLC | 0.79% |
PKHIX Portfolio Allocation
Asset-class allocation of PPM High Yield Core Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 87.6% |
| Cash & Equivalents | 8.8% |
| Loans | 6.7% |
| Equity | 0.3% |
PKHIX Performance
Total returns for PKHIX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 14.3% |
| 3 years (annualised) | 2.6% |
PKHIX Risk Information
Risk metrics for PKHIX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 5.4%
PKHIX Costs and Fees
PKHIX costs about $71 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.71%
- Gross expense ratio: 1.32%
- Portfolio turnover: 66%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
PKHIX Cashflows
Over the 12 months to 2024-09, PPM High Yield Core Fund had net inflows of $2.66M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-09 | $233.42K |
| 2024-08 | $245.62K |
| 2024-07 | $239.12K |
| 2024-06 | $236.31K |
| 2024-05 | $244.22K |
| 2024-04 | −$1.33M |
PKHIX Debt Constituents
Largest debt holdings of PPM High Yield Core Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Carnival Corporation | 1.97% |
| Energean Israel Finance Ltd | 1.01% |
| Marb Bondco PLC | 0.98% |
| Intelsat Jackson Holdings S.A. | 0.96% |
| Bip-V Chinook | 0.89% |
| Pilgrim's Pride Corporation | 0.83% |
| Majordrive Holdings IV, LLC | 0.80% |
| Ascent Resources - Utica, LLC | 0.79% |
| MoneyGram International, Inc. | 0.70% |
| Altice Financing S.A. | 0.69% |
PKHIX Prospectus and SEC Filings
Official PPM High Yield Core Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-04-26
- Prospectus (485BPOS) — filed 2023-04-26
- Prospectus (485BPOS) — filed 2022-04-28
- Portfolio holdings (N-PORT) — filed 2024-11-26
- Portfolio holdings (N-PORT) — filed 2024-08-28
- Portfolio holdings (N-PORT) — filed 2024-05-23
- Annual census (N-CEN) — filed 2024-03-14
- Annual census (N-CEN) — filed 2023-03-15
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.