Investment Objective

Seeks high current income. Capital appreciation is a secondary objective

SIHAX | SIHSX | SHYIX | SIHPX | SHYSX


Investment Management Team

Scott Minerd
Global Chief Investment Officer Managing Partner

Kevin Gundersen
Senior Managing Director and Portfolio Manager

Thomas Hauser
Senior Managing Director and Portfolio Manager

Richard de Wet
Director and Portfolio Manager

Guggenheim High Yield Fund (the "Fund") seeks high current income with capital appreciation as a secondary objective. The Fund pursues its objective by investing at least 80% of its assets, under normal market conditions, in a broad range of high yield debt securities.

Discover Guggenheim High Yield Fund

  • Seeking to outperform the broad high yield market, the fund has the flexibility to invest across a broad array of high yield securities including corporate bonds, syndicated bank loans, mortgage-backed, asset-backed securities, and convertible securities.
  • Investments are made through rigorous credit selection based on proprietary research that incorporates knowledge of companies, industries and capital structures to develop a unique perspective on the worthiness of each investment.
  • An allocation to high yield securities, when added to a mixed asset portfolio, may provide additional diversification¹ along with higher income and return potential. Investors should note, high yield, below investment grade and unrated high risk debt securities may present additional risk because these securities may be less liquid and present more credit risk than investment grade bonds.

Average Annual Total Returns

6.30.2018

High Yield Chart

Guggenheim High Yield Fund (SHYIX)

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Bloomberg Barclays US Corporate High Yield Index

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Sector Allocation Comparison - Fund vs Benchmark

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DURATION
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Correlation

As of December 2016

Correlation: A measurement between -1 and 1, which indicates the linear relationship between two variables. If there is no relationship between two variables, the correlation coefficient is 0. If there is a perfect relationship, the correlation is 1. And if there is a perfect inverse relationship, the correlation is -1.

Duration is a measure of interest-rate sensitivity of a fixed-income security based on an interest rate change of 1% or 100 basis points.

Weighted average effective duration of the securities comprising the fund portfolio or the index. Effective duration takes into account any embedded options (i.e., a put or a call) and reflects the expected change in future cash flows caused by the options in response to changing interest rates.

Yield to Maturity (YTM) is the total return anticipated on a bond if the bond is held until the end of its lifetime.

Sector Allocation Breakdown Over Time

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Cash was set to zero for periods where the ending cash balance was negative due to traded but not settled trades.

Inception Date: 7/11/08
Gross Expense Ratio: 0.94%
Net Expense Ratio: 0.94%


Chart illustrates values of a hypothetical $10,000 investment made on the fund's inception date, plotted monthly, to the most recent year-end, with dividends and capital gains reinvested.

Annualized Volatility: is measured by standard deviation, a statistical measure of the historical volatility of an investment, usually computed using 36 monthly returns.

Standard Deviation: A statistical measure of the historical volatility of an investment, usually computed using 36 monthly returns.

Yield to Maturity (YTM) is the total return anticipated on a bond if the bond is held until the end of its lifetime.

Performance displayed represents past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Current performance may be lower or higher than the performance data quoted. Returns for performance under one year are cumulative, not annualized. For standard performance and performance current to the most recent month end, click here.

The Bloomberg Barclays U.S. Corporate High Yield Index measures the market for USD-denominated non-investment grade, fixedrate, taxable corporate bonds.

Index performance is for illustration purposes only and is not meant to represent any particular fund. Returns do not reflect any management fees, transaction costs or expenses. The index is unmanaged and not available for direct investment.

Past performance is no guarantee of future results.

¹ Diversification neither assures a profit or eliminate risk.

*As of 6.30.2018, the Institutional Class was rated, based on its risk-adjusted returns, 5 stars Overall, 4 stars for 3 years, 5 stars for 5 years, and 4 stars for 10 years out of 575, 575, 484, and 321 High Yield Bond funds, respectively.

The Morningstar Rating for funds, or “star rating”, is calculated for managed products with at least a three-year history and does not include the effect of sales charges. Exchange-traded funds and open-end mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-year. 5-year, and 10-year (if applicable) Morningstar Rating metrics.

©2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary of Morningstar and /or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of its information. Past performance is no guarantee of future results.

The Funds may not be suitable for all investors. Investments in fixed-income securities are subject to the possibility that interest rates could rise, causing the value of the Funds’ securities and share price to decline. Fixed-income securities with longer durations are subject to more volatility than those with shorter durations. High yield, below investment grade, and unrated debt securities are subject to greater volatility and risk of default than investment grade bonds and may be less liquid. Investors in asset-backed securities, including residential mortgage-backed securities, commercial mortgage-backed securities and other structured finance investments, generally receive payments that are part interest and part return of principal, which may vary based on the rate the loans are repaid. Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, causing their prices to be volatile; and they are subject to interest rate, credit, liquidity, and valuation risks. Loan investments are often below investment grade or unrated and subject to special types of risks, including credit, interest rate, counterparty, liquidity, and prepayment risk. The Funds’ use of leverage, through borrowings or instruments such as derivatives, may cause the Funds to be more volatile and riskier than if they had not been leveraged. Please see the Funds’ prospectuses for more information on these and other risks.

©2018 Guggenheim Investments. All Rights Reserved.

• Not FDIC Insured • No Bank Guarantee • May Lose Value

Read the fund’s prospectus and summary prospectus (if available) carefully before investing. It contains the fund’s investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. To obtain a prospectus and summary prospectus (if available), click here or call 800.820.0888.

Investing involves risk, including the possible loss of principal.

The referenced funds are distributed by Guggenheim Funds Distributors, LLC. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC ("Guggenheim"), which includes Guggenheim Partners Investment Management ("GPIM") and Security Investors, LLC ("SI"), the investment advisors to the referenced funds. Guggenheim Funds Distributors, LLC, is affiliated with Guggenheim, SI, and GPIM.

This website is directed to and intended for use by citizens or residents of the United States of America only. The material provided on this website is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. Investing involves risk, including the possible loss of principal.