Mutual Fund

Polen U.S. High Yield Fund — Institutional

  • Average Yield

    8.3%

    As of 06-30-2024

  • Effective Duration

    2.8 years

    As of 06-30-2024

  • Inception Date

    07-01-2022

Investment Objective

Our Polen U.S. High Yield Fund seeks to achieve overall total return consisting of a high level of current income together with long-term capital appreciation.

Performance

Fund Performance – Institutional Shares (%)
Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Polen Credit U.S. High Yield Fund (Net) 0.85 2.50 9.23 - - - 8.96
ICE BofA U.S. High Yield Index 1.09 2.62 10.45 - - - 9.64

Returns are presented net of management fees and include the reinvestment of all income. The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained by calling 1-844-363-4898. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance would have been lower without fee waivers in effect. Data shown (%) as of recent calendar quarter end. Periods over one-year are annualized. Gross expense ratios as of the most recent prospectus are 7.47% for Institutional and 7.22% for Investor Shares. Polen Capital Management has contractually agreed to reduce its fees or reimburse the Fund’s operating expenses in order to limit the total annual operating expenses. Total returns would be lower had such fees and expenses not been waived and/or reimbursed. This agreement will terminate on 08-31-2024, unless the Board of Trustees approves an earlier termination.

As of 06-30-2024

Portfolio

Top 10 Issuers (% of Portfolio)
Kennedy-Wilson 3.25
Scientific Games Lottery 3.10
Teine Energy 3.00
IEA Energy Services 2.60
Realtruck Group (Truck Hero) 2.54
Concrete Pumping Holdings 2.51
Dexko Global 2.44
SPX Flow 1.93
Internet Brands (WebMD) 1.91
KIK Custom Products 1.91
Total 25.19
As of 06-30-2024
Portfolio Characteristics
Number of Issuers 89
Top 10 Issuers 25.19%
Top 25 Issuers 49.60%
Average Coupon 6.50%
Avg. Blended Yield 8.30%
Average Blended Price $93.60
Adj. Effective Duration 2.8 years
PBBIX 30-Day Yield (incl. temp. expense waivers/reimbursements) 0.07%
PBBIX 30-Day Yield (excl. temp. expense waivers/reimbursements) 0.04%

For the avoidance of doubt, the portfolio characteristics are based on the underlying company attributes of the portfolio. This information along with all other information on the website is not intended to be construed or understood in any way to equate to the expected or projected future performance/returns of the portfolio or any Polen portfolio.

As of 06-30-2024

Debt Type Allocation (% of Portfolio)
Senior Unsecured Notes 67.32
Secured Notes 14.33
Term Loans 13.24
Holdco/Subordinated Debt 1.58
Cash & Cash Equivalents 3.53
As of 06-30-2024

Fund Information

Share Class Details
Institutional Investor
Ticker PBBIX PBBRX
CUSIP 36087T635 36087T643
Inception Date 7/1/2022 7/1/2022
Minimum Investment $100,000 $3,000
Expense Ratio Net 0.65% 0.90%
Expense Ratio Gross 7.22% 7.47%

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Polen Capital Credit, LLC, a wholly-owned subsidiary of Polen Capital Management, LLC, is an investment adviser registered with the SEC. Please find Polen Capital Credit, LLC ‘s Form ADV linked here.

Holdings are subject to change. The top holdings, as well as other data, are as of the period indicated and should not be considered a recommendation to purchase, hold, or sell any particular security. There is no assurance that any of the securities noted will remain in a portfolio at the time you view this webpage. Actual holding and percentage allocation in individual client portfolios may vary and are subject to change. It should not be assumed that any of the holdings discussed were or will prove to be profitable or that the investment recommendations or decisions we make in the future will be profitable. A list of all securities held in this portfolio in the prior year is available upon request.

Through November 20, 2023, the Fund had been known as the Polen Upper Tier High Yield Fund.

The ICE BofA U.S. High Yield Index is a broad unmanaged high yield index that consists primarily of bonds and notes rated BB or lower and excludes financials. The index does not include any private (non-144A) obligations, convertible bonds, and preferred and common equity. The volatility and other material characteristics of the indices referenced may be materially different from the performance achieved. Holdings of portfolios pursuing the strategy may be materially different from those within the index. Indices are unmanaged.

Risks: Mutual fund investing involves risk, including possible loss of principal. The Fund targets investments in high yield, or below investment grade, bank loans and bonds. Such investments are subject to several types of investment risk, including, without limitation, credit risk (i.e., the risk that the issuer may be unable to make timely interest payments as well as repay the principal upon maturity), interest rate risk (i.e., the risk that their value will be inversely affected by fluctuations in the prevailing interest rates), market risk (i.e., the risk that their value may decline, sometimes rapidly or unpredictably, due to general market conditions), call or income risk, (i.e., the risk that certain debt securities with high interest rates will be prepaid or “called” by the issuer before they mature), and event risk (i.e., the risk that certain debt securities may suffer a substantial decline in credit quality and market value if the issuer restructures). In particular, debt investments in high yield issuers, which are described as speculative by major credit rating agencies, are generally more susceptible to credit risk than other fixed income investments. In addition, the Fund’s high yield debt investments, including bank loans and Rule 144A securities, are subject to liquidity risk, as the Fund may not be able to sell investments at the best prices or at the value that the Fund places on them. 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. Such investments, which are the most junior security in a company’s capital structure and typically subject to significant volatility in price, are subject to equity securities risk. An investor should be aware that the foregoing is not an exhaustive list of all of the risks associated with investing in the Fund.

ESG Risk: The Adviser integrates material environmental, social, and governance (ESG) factors into research analysis as part of a comprehensive evaluation of a company’s long-term financial sustainability. The risk that the investment techniques and risk analyses applied by the investment adviser, including but not limited to the Adviser’s integration of ESG factors into its research analysis, will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the investment adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

30-Day Yield (also known as “SEC yield”): For each share class, SEC yield is a compounded and annualized figure calculated according to a formula set by the SEC. The formula requires use of a specific methodology for calculating dividends and interest earned, and expenses accrued, during the period, and reflects the maximum offering price per Fund share. The standardized computation is designed to facilitate yield comparisons among different funds.

Adjusted Effective Duration: With respect to the portfolio, the adjusted effective duration statistic provided is calculated by taking a weighted average of (i) modified duration to next reset date for all floating rate instruments, and (ii) effective duration for all fixed coupon instruments. With respect to the benchmark, duration is shown as effective duration.

Average Blended Yield: The weighted average of (i) for instruments priced at or above par, yield to worst for bonds and yield to three year take out for loans, and (ii) for instruments trading at a discount, yield to maturity. Yield to worst is the lowest possible yield from owning a bond considering all potential call dates prior to maturity and is the statistic provided for the index as it is comprised of high yield bonds only. Yield to three year take out is the yield from owning a senior bank loan assuming the loan is retired in three years, or yield to maturity if the loan’s maturity date is in less than three years.

Mutual fund investing involves risk, including possible loss of principal. The Fund is non-diversified, which means that a large portion of the Fund’s assets may be invested in one or few companies or sectors. The Fund could fluctuate in value more than a diversified fund.

Investors should consider the investment objectives, risks, charges, and expenses of the Polen U.S. High Yield Fund carefully before investing. A prospectus with this and other information about the Fund may be obtained by calling 1-888-678-6024 or visiting the Materials tab. It should be read carefully before investing.

All performance is calculated in U.S. Dollars. The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Returns are presented net of management fees and include the reinvestment of all income.

Polen Funds are distributed by Foreside Funds Distributors LLC., not affiliated with Polen Capital Management.