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As of June 30, 2017 Fact sheet wellsfargofunds.com High Yield Bond Fund Asset class: Fixed Income OVERALL MORNINGSTAR RATINGTM, † ★★★★ The Overall Morningstar Rating, a weighted average of the three-, five-, and ten-year (if applicable) ratings, is out of 590 funds in the High Yield Bond category, based on risk-adjusted return as of 06-30-17. Class CUSIP Ticker Class A 94985D210 EKHAX Class C 94985D186 EKHCX Administrator 94985D178 EKHYX Institutional 94988A726 EKHIX THE FUND Seeks current income by investing primarily in a diversified portfolio of non-investment-grade corporate debt securities. Competitive advantages ■ More than 30 years of investment management experience: The portfolio manager has extensive experience in the high-yield bond markets, managing through virtually all market conditions, and has built a legacy of competitive returns through diligent evaluation of each company’s entire capital structure to determine the best relatively valued securities. ■ Depth of resources: Management of the fund draws on a deep network of investment professionals across the company, including economic strategists, fixed-income and equity research analysts, and risk management consultants. ■ Top-down approach fortified by rigorous credit analysis: Security selection is founded on a top-down evaluation of the best sectors and industries to invest in, while being supported by an extensive team of credit analysts that focus on individual credit fundamentals. This combination of resources empowers the portfolio manager to execute her top-down strategy through a discerning selection of the best relatively valued debt securities within each company’s entire capital structure. Credit quality (%)1 ■ ■ ■ ■ Seeks to outperform the broad high-yield fixed-income market (represented by the BofA Merrill Lynch U.S. High Yield Constrained Index) over a full market cycle. Principally invests in below-investment-grade debt securities of corporate issuers, including traditional corporate bonds and convertible bonds. Seeks to identify the best relatively valued debt securities by evaluating the entire capital structure of a company. Uses a top-down macroeconomic approach to determine which sectors and industries to invest in and applies fundamental research to identify the most attractive companies within those sectors and industries. Seeks to invest in debt securities issued by companies with sustainable competitive advantages and high barriers to entry, specifically preferring companies with strong management teams and financial flexibility. Diebold Nixdorf Incorporated, 8.50, 4-15-2024 Post Holdings, Inc., 5.00, 8-15-2026 14 24 0 49 8 5 10 15 20 25 30 35 40 45 50 55 The percentages of the fund's portfolio with the ratings depicted in the chart are calculated based on total investments of the fund. Maturity distribution and credit quality are subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding. Growth of $10,000 and annual returns (Class A shares 6-30-07 through 6-30-17) Does not include sales charges and assumes reinvestment of dividends and capital gains. If sales charges were included, returns would be lower. $25,000 20,000 $18,939 15,000 10,000 5,000 0 ’08 TOP HOLDINGS (%) 4 0–1 year 1–3 years 3–5 years 5–10 years Other BBB/Baa (3) BB/Ba (41) B/B (46) Other (8) Not Rated (2) FUND STRATEGY ■ Maturity distribution (%) Fund (%) -26.17 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 52.42 13.26 4.08 14.11 3.66 4.56 -1.92 12.55 3.11 ANNUALIZED 2.73 Year to 3 Month date ’17 Gross Net expense expense 10 year ratio ratio TransDigm, Inc., 6.38, 6-15-2026 WESCO Distribution, Inc., 5.38, 6-15-2024 Mallinckrodt International Finance SA, 5.50, 4-15-2025 HD Supply, Inc., 5.75, 4-15-2024 Iron Mountain US Holdings, Inc., 5.38, 6-1-2026 SPX Flow, Inc., 5.88, 8-15-2026 2.73 Total returns (%) 1 year 3 year 5 year 2.72 Class A Shares2 Including Sales Charge 2.59 – 4.97 – 11.01 6.02 4.48 2.88 6.22 5.23 6.59 6.10 1.04 – 0.93 – 2.64 Class C Shares2 Including Sales Charge 2.40 – 4.58 – 10.18 9.18 3.71 3.71 5.43 5.43 5.80 5.80 1.79 – 1.68 – BofAML U.S. High Yield Constrained Index3 2.14 4.90 12.74 4.49 6.92 7.63 A. Schulman, Inc., 6.88, 6-1-2023 2.32 AMN Healthcare, Inc., 5.13, 10-1-2024 2.27 2.64 2.45 2.36 Portfolio holdings are subject to change and may have changed since the date specified. The holdings listed should not be considered recommendations to purchase or sell a particular security. Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on a fund. Investment return, principal value, and yields of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available at the funds’ website, wellsfargofunds.com. For Class A, the maximum front-end sales charge is 4.50%. For Class C, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. The manager has contractually committed, through 12-31-17, to waive fees and/or reimburse expenses to the extent necessary to cap the fund's total annual operating expenses after fee waiver, at 0.93% for Class A and 1.68% for Class C. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the fund's returns would have been lower. The expense ratio paid by an investor is the net expense ratio or the total annual fund operating expense after fee waiver, as stated in the prospectus. As of June 30, 2017 Fact sheet wellsfargofunds.com High Yield Bond Fund Asset class: Fixed Income FIXED-INCOME STYLE BOX4 Ltd Fund characteristics Fund BofAML U.S. High Yield Constrained Index3 Effective duration 4.45 years 4.03 years Portfolio turnover 44.54% – 121 1,888 DURATION Mod Ext CREDIT QUALITY High Medium Low Number of holdings Fund information Advisor: Wells Fargo Funds Management, LLC Sub-Advisor: Wells Capital Management Incorporated Fund managers/years of experience: Margaret D. Patel5 (45) Inception Date: 9-11-35 Class A Class C 1-20-98 Monthly Daily Accrual 1-21-98 Monthly Daily Accrual 30-day SEC yield6 3.59% 3.01% 30-day SEC unsubsidized yield6 3.51% 2.93% August 31 August 31 $1,000/$100 $1,000/$100 Class inception date Distribution frequency Fiscal year-end Minimum initial/subsequent purchase Net asset value Class/fund assets ($M) $3.39 $3.39 $317.46/$549.34 $63.13/$549.34 Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. This fund is exposed to foreign investment risk. Consult the fund’s prospectus for additional information on these and other risks. † For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar risk-adjusted return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees, unless otherwise indicated), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each Share Class is counted as a fraction of one fund within this scale and is rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. Across U.S.-domiciled High Yield Bond funds, the High Yield Bond Fund received 4 stars among 590 funds, 4 stars among 474 funds, and 3 stars among 317 funds for the 3-, 5-, and 10-year periods, respectively. The Morningstar Rating is for the A Class only; other classes may have different performance characteristics. Past performance is no guarantee of future results. 1. The ratings indicated are from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit Quality Ratings: Credit quality ratings apply to underlying holdings of the fund and not the fund itself. Standard & Poor's rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Standard & Poor's rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest).Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG-1/VMIG-1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Fitch rates the creditworthiness of short-term notes from F-1 (highest) to D (lowest). If a security was rated by all three rating agencies, the middle rating was used. If rated by two of three rating agencies, the lower rating was used, and if rated by one of the agencies, that rating was used. 2. Performance for the fund or the class shown reflects a predecessor fund's or class' performance and may be adjusted to reflect the fund's or class' expenses as applicable. 3. The BofA Merrill Lynch U.S. High Yield Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3 but are not in default. The BofA Merrill Lynch U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. 4. Placement within the Morningstar Fixed-Income Style Box™ is based on two variables: the vertical axis shows the credit quality of the long bonds owned and the horizontal axis shows interest-rate sensitivity as measured by a bond's effective duration. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of low, medium, or high based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than BBB-, medium are those less than AA- but greater or equal to BBB-, and high are those with a weighted average credit quality of AAor higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar’s analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii)Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years. 5. Effective August 31, 2012. 6. The 30-day SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share and includes the effect of any fee waivers. Without waivers, yields would be reduced. The 30-day unsubsidized SEC yield does not reflect waivers in effect. A fund's actual distribution rate will differ from the SEC yield and any income distributions from the fund may be higher or lower than the SEC yield. Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visit wellsfargofunds.com. Read it carefully before investing. Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor. 304689-FAFS101 07-17 © 2017 Wells Fargo Funds Management, LLC. All rights reserved.