Fund Facts  

Inception Date: Dec 2, 2002
CUSIP: 411511538
Ticker Symbol: HYFIX
Morningstar Category:High Yield Bond
As of Sep 30, 2020
Fund Net Assets ($millions) $425

Documents for Fund or Underlying Fund(s)  

Description

Objective  

The investment seeks total returns (i.e., current income and capital appreciation).

Principal Investment Strategies  

The fund invests at least 80% of its net assets, plus borrowings for investment purposes, in a diversified portfolio of below investment-grade, high-risk, corporate bonds that are rated below Baa3 by Moody's or below BBB- by S&P or Fitch, commonly referred to as "high yield" or "junk" bonds. It may invest up to 20% of its net assets in bank loans and up to 10% of its total assets in equity securities, including common stock. Additionally, the fund may invest a portion of its assets in credit default swaps in which the fund may be either the buyer or the seller.

Principal Investment Risks  

There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. Please see the Fund’s prospectus or other disclosure documents for information about the Fund’s risks.

 

Performance & Expenses

Standard Performance As of Sep 30, 2020
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
Harbor High-Yield Bond Inva3.93%-0.44%1.58%3.17%4.96%4.74%6.14%
ICE BofA US High Yield Master II Indexa,b4.71%-0.30%2.30%3.83%6.61%6.28%N/A
Morningstar High Yield Bonda,c4.32%-0.99%1.33%2.89%5.18%5.29%N/A

Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, participants or plan sponsors in an ICMA-RC administered account can log in at www.icmarc.org, or institutions can go to www.vantagepointfunds.org.

Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.

Fund Expensesa,d
Gross Expenses1.11%
Net Expenses1.02%

 

a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2020 All rights reserved. This information: (1) is proprietary to 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 information. Morningstar is a registered trademark of Morningstar, Inc.

b. The Intercontinental Exchange Bank of America ("ICE BofA") US High Yield Master II Index is a broad-based index consisting of all U.S.-dollar-denominated high-yield bonds with a minimum outstanding amount of $100 million and with remaining terms to maturity of greater than 1 year. The quality rating is less than BBB.

c. The Morningstar category represents the average return for a category of funds with similar investment objectives and strategies. The average is calculated and funds are assigned to a category by Morningstar.

d. Differences between the net and gross expense ratios of a fund are typically due to fee waivers, expense reimbursements, and/or expense limits.

Distributions

Dividends and Capital Gains  
Record Date Ex/Payable Date Income/Capital Gains Paid Per Share
Sep 29, 2020Sep 29, 2020$0.104970000
Jun 29, 2020Jun 29, 2020$0.112880000
Mar 30, 2020Mar 30, 2020$0.117800000
Dec 16, 2019Dec 16, 2019$0.139910000
Sep 26, 2019Sep 26, 2019$0.117010000
Jun 27, 2019Jun 27, 2019$0.119270000
Mar 28, 2019Mar 28, 2019$0.135470000
Dec 17, 2018Dec 17, 2018$0.155690000
Sep 27, 2018Sep 27, 2018$0.123040000
Jun 28, 2018Jun 28, 2018$0.131920000
Mar 28, 2018Mar 28, 2018$0.133150000
Dec 18, 2017Dec 18, 2017$0.148800000
Sep 28, 2017Sep 28, 2017$0.128350000
Jun 29, 2017Jun 29, 2017$0.127290000
Mar 30, 2017Mar 30, 2017$0.123830000
Dec 19, 2016Dec 19, 2016$0.151900000
Sep 29, 2016Sep 29, 2016$0.118800000
Jun 29, 2016Jun 29, 2016$0.114780000
 

Morningstar Information

Morningstar RatingTM   As of Sep 30, 2020
Period Stars Category Size
Overall 3 Stars620
3-Year 3 Stars620
5-Year 3 Stars534
10-Year 2 Stars350

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange–traded funds, closed–end funds, and separate accounts) with at least a three–year history. Exchange–traded funds and open–ended 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 for a managed product is derived from a weighted average of the performance figures associated with its three–, five–, and 10–year (if applicable) Morningstar Rating metrics. The weights are: 100% three–year rating for 36–59 months of total returns, 60% five–year rating/40% three–year rating for 60–119 months of total returns, and 50% 10–year rating/30% five–year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Morningstar Stylebox As of Sep 30, 2020
Fixed Income Stylebox
Low Limited
Allocation of Assets As of Jun 30, 2020
Type of Asset Percent
Equity0%
Fixed Income98%
Cash/Other2%

Due to rounding, percentages shown may not add up to 100%.

 
 

Characteristics

Allocation of Assets As of Jun 30, 2020
Asset ClassPercent
Domestic Stock0.0%
Foreign Stock0.0%
Domestic Bond84.5%
Foreign Bond10.8%
Preferred0.0%
Convertible2.7%
Cash2.0%
Other0.0%

Due to rounding, percentages shown may not add up to 100%.

 

Credit Quality As of Apr 30, 2020
Quality LevelPercent
AAA0.0%
AA0.0%
A0.0%
BBB8.1%
BB49.6%
B34.2%
Below B7.7%
Not Rated0.5%

Due to rounding, percentages shown may not add up to 100%. Exposure reflects fixed income securities only.

 
Top Ten Holdings As of Jun 30, 2020
Holding NamePercent
CSC Holdings, LLC 10.88%1.1%
Dell International L.L.C. and EMC Corporation 7.12%1.0%
Bausch Health Companies Inc 7%0.9%
Sprint Capital Corporation 8.75%0.8%
United Rentals (North America), Inc. 6.5%0.8%
Hughes Satellite Systems Corporation 7.62%0.8%
Centene Corporation 4.62%0.8%
Vistra Operations Co LLC 4.3%0.8%
XPO Logistics, Inc. 6.5%0.7%
Iron Mountain Incorporated 5.62%0.7%
Fixed Income Sector As of Jun 30, 2020
SectorPercent
Corporate98.0%
Cash & Equivalents2.0%

Exposure reflects fixed income securities only and will sum to the fixed income exposure of the fund.

 
 

Statistics

Duration and Maturity As of Apr 30, 2020
StatisticValue
Average Effective DurationN/A
Average Effective Maturity5.82 years
Portfolio Statistics As of Sep 30, 2020
Statistic3-Year5-Year
Beta0.900.88
Alpha-0.46-0.98
Standard Deviation8.367.16
 
 

Trading Restrictions

Redemption Fee  
Holding PeriodFee
90 days1.0%
 

Footnotes

1.

Please read the fund's prospectus or disclosure materials carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus or disclosure materials before investing. To request a prospectus or disclosure materials, you may contact us by calling 800-669-7400, or log in at www.icmarc.org.

The source for this information is Morningstar, Inc. Copyright © 2020 Morningstar, Inc.™ All Rights Reserved. The information contained herein: (1) is proprietary to 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 this information. Morningstar, Inc. is a global investment research firm that is not affiliated with ICMA-RC. ICMA-RC does not independently verify Morningstar data.

Morningstar places funds in certain categories based on the fund's historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund's investment strategy and portfolio holdings are governed by its prospectus, guidelines or other governing documents, not its Morningstar category.