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. Total returns reflect the reinvestment of all dividends. Current performance may be lower or higher than the performance data quoted. For up-to-date fund performance, including performance current to the most recent month-end, click here.
The WealthManagement.com Executive Forum and Industry Awards recognize the companies and organizations that support financial advisor success. The Asset Managers: Fixed Income subcategory winner is selected based on a new initiative or program, or an enhancement to an existing platform, that improves advisors’ understanding, usage and portfolio management of fixed income. Initiatives can include areas such as research tools, practice management programs, wholesaler support, service improvements, technology enhancements, etc. Criteria include quantitative measures—such as specific feature set, usage, adoption, scope, scale, advisor survey scores, etc.—along with qualitative measures such as innovation, creativity, new methods of deployment, etc. For the 2017 awards, WealthManagement.com received 470 submissions from firms across 72 awards categories. For the 2018 awards, WealthManagement.com received 600 submissions from firms across 67 categories. A panel of judges from the financial services industry selected the finalists and award winners. For more details, visit events.wealthmanagement.com.
Winners of the HFM U.S. Hedge Fund Performance Awards were selected by a panel of judges and announced on October 19, 2017. The judges, who are investors and investment consultants, reviewed both quantitative and qualitative factors, including the pedigree of the managers, structural criteria and reputation with investors, and the last 12 months of returns and risk-adjusted performance ending June 2017. 7 finalists were chosen out of many entries for the Best 40 Act Fund-Other category. Seven finalists were chosen out of 12 entries for the Best 40 Act Fund-Other category. The Guggenheim Macro Opportunities ranked 1.
The HFM Alt Credit 40 Act category consists of over 100 alternative credit fixed income mutual funds chosen from the Morningstar Nontraditional Bond and Long-Short Credit categories, as well as other '40 Act funds tracked by HFM Global. From the category, fifteen funds were chosen by HFM based on the highest 12-month total return performance as of December 31, 2018, which were then narrowed down to a short list of four entries when adjusted for fund size and risk-adjusted returns based on Sharpe ratio and standard deviation over longer-term time horizons. Guggenheim Macro Opportunities Fund was selected as the winner of those four finalists by a panel of judges based on additional qualitative factors such as company infrastructure, team reputation, and longer-date returns.
Overall Morningstar Ratings are based on risk-adjusted returns and Morningstar Rankings are based on average annual total return. The Institutional class for each fund was rated, based on its risk-adjusted returns, 3 stars for overall, 3 years, and 5 years among 223, 223, and 197 Bank Loan funds (Floating Rate Strategies Fund); 3 stars for overall, 2 stars for 3 years, 4 stars for 5 years, and 3 stars for 10 years among 621, 621, 540, and 338 High Yield funds (High Yield Fund); 5 stars for overall, 3 years, and 5 years among 530, 530, and 442 Intermediate Core-Plus Bond funds (Investment Grade Bond Fund); 4 stars for overall, 3 stars for 3 years, and 5 stars for 5 years among 496, 496, and 442 Short-Term Bond funds (Limited Duration Fund); 4 stars for overall, 3 stars for 3 years, and 4 stars for 5 years among 287, 287, and 240 Nontraditional Bond funds (Macro Opportunities Fund); 5 stars for overall, 5 stars for 3 years, and 5 stars for 5 years among 530, 530, and 442 Intermediate Core-Plus Bond funds (Total Return Bond Fund); and 4 stars for overall, 3 stars for 3 years, and 4 stars for 5 years among 164, 164, and 128 Ultrashort Bond funds (Ultra Short Duration Fund). The Institutional Class for the 1-year period was ranked 135 out of 243 (67th percentile) Bank Loan funds (Floating Rate Strategies Fund), 401 out of 699 (61st percentile) High Yield funds (High Yield Fund), 97 out of 606 (18th percentile) Intermediate Core-Plus Bond funds (Investment Grade Bond Fund), 263 out of 573 (50th percentile) Short-Term Bond funds (Limited Duration Fund), 179 out of 324 (54th percentile) Nontraditional Bond funds (Macro Opportunities Fund), 102 out of 606 (19th percentile) Intermediate Core-Plus Bond funds (Total Return Bond Fund), and 105 out of 204 (60th percentile) Ultrashort Bond funds (Ultra Short Duration Fund). The Institutional Class for the 3-year period was ranked 125 out of 223 (64th percentile) Bank Loan funds (Floating Rate Strategies Fund), 406 out of 621 (69th percentile) High Yield funds (High Yield Fund), 42 out of 530 (8th percentile) Intermediate Core-Plus Bond funds (Investment Grade Bond Fund), 156 out of 496 (35th percentile) Short-Term Bond funds (Limited Duration Fund), 156 out of 287 (52nd percentile) Nontraditional Bond funds (Macro Opportunities Fund), 47 out of 530 (8th percentile) Intermediate Core-Plus Bond funds (Total Return Bond Fund), and 66 out of 164 (51st percentile) Ultrashort Bond funds (Ultra Short Duration Fund). The Institutional Class for the 10-year period was ranked 103 out of 338 (32nd percentile) High Yield funds (High Yield Fund).
Morningstar absolute and percentile ranks are based on average annual total return relative to all funds in the same Morningstar category, which includes both mutual funds and ETFs, and do not include the effect of sales charges. Absolute ranks are assigned in descending order for each fund in the category, with 1 being the top performing fund. Funds with the same performance figure are assigned the same absolute rank. Percentile ranks range from 1 (top 1%) to 100 (least favorable), with no minimum number of funds per category. For example, for a category containing three funds, the ranks would be 1, 50, and 100.
Morningstar Rankings do not include the effect of a fund's sales load, if applicable. Other share classes may have different performance characteristics. Morningstar rankings are based on a fund's average annual total return relative to all funds in the same Morningstar category, which includes both mutual funds and ETFs. Fund performance used within the rankings, reflects certain fee waivers, without which, returns and Morningstar rankings would have been lower. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Multiple share classes of a fund have a common portfolio but impose different expense structures.
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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. Some asset-backed securities, including mortgage-backed securities and CLOs, 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, 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’ prospectus for more information on these and other risks.