Investment Philosophy / Process
- The sub adviser believes the key to long-term returns in the U.S. corporate bond market may be to compound current income and avoid principal loss through fundamental credit analysis that seeks to identify bonds of companies with improving credit trends
RELATED
Fund Details
| Class A | Class I | Class R | |
|---|---|---|---|
| Ticker | TNHAX | TNHIX | TNHRX |
| CUSIP | 68246A 504 | 68246A 702 | 68246A 801 |
| ISIN | US68246A5048 | US68246A7028 | US68246A8018 |
| Investment Minimum* | $1,000 for all accounts except: • $500 for certain fee- based programs • $500, if establishing an Automatic Bank Draft Plan • $250 minimum for purchases by accounts through eligible financial intermediary platforms that have entered into selling or service agreements with the Distributor and that are eligible to purchase Class A shares without a sales charge • No minimum for certain employer-sponsored retirement plans and certain wrap fee based programs |
$1,000,000 for certain institutions and individuals • $1,000 for certain employees (or their immediate family members) of AXA Financial or its subsidiaries • Class I Shares are available to clients of registered investment advisers who have $250,000 invested in the Fund • No minimum investment for a wrap account client of an eligible broker-dealer or a client of a fee-based planner that is unaffiliated with a broker-dealer |
No minimum |
*Read the Prospectus for more information.
Fund Objective
Seeks to maximize current income.
How the Fund invests
Under normal circumstances, the fund invests at least 80% of its net assets, plus borrowings for investment purposes, in a broad range of high-yield, below investment-grade bonds.
A high-yield strategy combining bottom-up security selection with a macro perspective
Portfolio Manager
Carl "Pepper" Whitbeck, CFA®
Head of U.S. High Yield
Pepper Whitbeck joined AXA Investment Managers, Inc. in 2002 as a U.S. high yield credit analyst. Prior to joining AXA IM, Pepper was an analyst in the investment banking division of Lehman Brothers, where he performed financial analysis on companies in the consumer and retail sectors, and worked on a variety of mergers and acquisitions and high yield transactions.
Since 2002, he has served in various capacities within the U.S. High Yield team, including head of research, portfolio manager for U.S. High Yield portfolios and co- portfolio manager for multiple Global High Yield funds. In addition, Pepper has been the lead sector head for several industries including Automotive, Services and Special Situations.
Pepper received his undergraduate degree from Williams College and is a holder of the Chartered Financial Analysts (CFA®) designation.
CFA is a registered trademark of the CFA Institute.
Investing in lower-rated debt securities (commonly referred to as junk bonds) involves additional risks because of the lower credit quality of the securities in the fund. The investor should be aware of the possible higher level of volatility, and increased risk of default. When investing in bonds, you are subject, but not limited to, the same interest rate, inflation and credit risks associated with the underlying bonds owned by the Fund.
Top 15 Holdings as of 12/31/2019 subject to change
| Security | Weight % |
|---|---|
| JPMorgan Prime Money Market Fund, IM Shares | |
| Solera LLC,10.50%, 3/1/24 | |
| Watco Cos. LLC,6.38%, 4/1/23 | |
| Kenan Advantage Group, Inc. (The),7.88%, 7/31/23 | |
| Sophia LP,9.00%, 9/30/23 | |
| Mauser Packaging Solutions Holding Co.,7.25%, 4/15/25 | |
| Acrisure LLC,8.13%, 2/15/24 | |
| Change Healthcare Holdings LLC,5.75%, 3/1/25 | |
| Jaguar Holding Co. II,6.38%, 8/1/23 | |
| Bausch Health Cos., Inc.,7.00%, 3/15/24 | |
| Southern Star Central Corp.,5.13%, 7/15/22 | |
| Reynolds Group Issuer, Inc.,5.50%, 7/15/21 | |
| Live Nation Entertainment, Inc.,4.88%, 11/1/24 | |
| CenturyLink, Inc.,5.13%, 12/15/26 | |
| Welbilt, Inc.,9.50%, 2/15/24 |
Monthly Performance as of 12/31/2019
| Total Returns | |||||||
|---|---|---|---|---|---|---|---|
| Fund | 1 month | 3 month | YTD | 1 yr | 3 yr | 5 yr | SI1 |
| Class A (NAV) | |||||||
| Class A with sales charges (MOP)2 | |||||||
| Class I (NAV) | |||||||
| Class R (NAV) | |||||||
| ICE BofAML US High Yield Index3 | |||||||
Morningstar Rating: Category
as of
| Overall | 3 Year | 5 Year | |
|---|---|---|---|
| Rating | |||
| # of Funds |
Overall Morningstar Rating as of based on risk-adjusted returns (I share).
Morningstar Category Ranking
as of
| Morningstar RatingTM | Out of # of Funds | ||
|---|---|---|---|
| 1 Year | |||
| 3 Year | |||
| 5 Year |
As of , for class I shares (). Other share classes may have different ratings. 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. Past performance is no guarantee of future results. The Morningstar percentile ranking is based on the fund’s total-return percentile rank relative to all managed products that have the same category for the same time period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%. Morningstar total return includes both income and capital gains or losses and is not adjusted for sales charges.
Expense Ratios as of 03/01/2019
| Fund | Gross Expense Ratio | Net Expense Ratio4 |
|---|---|---|
| Class A Shares | ||
| Class I Shares | ||
| Class R Shares |
Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please call (888) 310-0416.
One cannot invest directly in an index.
Returns for periods of less than one year are not annualized.
1Fund inception date of November 12, 2014.
2Maximum Offering Price (MOP) for Class A shares includes the Fund's maximum sales charge of 4.50%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.
3ICE BofAML U.S. High Yield Index tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody's, S&P and Fitch). In addition, qualifying securities must have at least one year remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $100 million.
4Pursuant to a contract, 1290 Asset Managers® has agreed to make payments or waive its management, administrative and other fees to limit the expenses of the Fund through April 30, 2020 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) (“Expense Limitation Arrangement”) so that the annual operating expenses of the Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses (other than offering costs), fees and expenses of other investment companies in which the Fund invests, 12b-1 fees, and extraordinary expenses not incurred in the ordinary course of the Fund’s business) do not exceed an annual rate of average daily net assets of 0.75% for Class A shares, Class T shares, Class I shares and Class R shares of the Fund. The Expense Limitation Arrangement may be terminated by 1290 Asset Managers® at any time after April 30, 2020.
Distributions
Class A
| Record Date | Ex-Date | Payable Date | Ordinary Income | Short-Term Capital Gain | Long-Term Capital Gain |
|---|---|---|---|---|---|
| 12/12/2019 | 12/13/2019 | 12/13/2019 | |||
| 11/26/2019 | 11/27/2019 | 11/27/2019 | |||
| 10/30/2019 | 10/31/2019 | 10/31/2019 | |||
| 09/27/2019 | 09/30/2019 | 09/30/2019 | |||
| 08/29/2019 | 08/30/2019 | 08/30/2019 | |||
| 07/30/2019 | 07/31/2019 | 07/31/2019 | |||
| 06/27/2019 | 06/28/2019 | 06/28/2019 | |||
| 05/30/2019 | 05/31/2019 | 05/31/2019 | |||
| 04/29/2019 | 04/30/2019 | 04/30/2019 | |||
| 03/28/2019 | 03/29/2019 | 03/29/2019 | |||
| 02/27/2019 | 02/28/2019 | 02/28/2019 | |||
| 01/30/2019 | 01/31/2019 | 01/31/2019 | |||
| 12/12/2018 | 12/13/2018 | 12/13/2018 | |||
| 11/29/2018 | 11/30/2018 | 11/30/2018 | |||
| 10/30/2018 | 10/31/2018 | 10/31/2018 | |||
| 09/27/2018 | 09/28/2018 | 09/28/2018 | |||
| 08/30/2018 | 08/31/2018 | 08/31/2018 | |||
| 07/30/2018 | 07/31/2018 | 07/31/2018 | |||
| 06/28/2018 | 06/29/2018 | 06/29/2018 | |||
| 05/30/2018 | 05/31/2018 | 05/31/2018 | |||
| 04/27/2018 | 04/30/2018 | 04/30/2018 | |||
| 03/28/2018 | 03/29/2018 | 03/29/2018 | |||
| 02/27/2018 | 02/28/2018 | 02/28/2018 | |||
| 01/30/2018 | 01/31/2018 | 01/31/2018 | |||
| 12/13/2017 | 12/14/2017 | 12/14/2017 | |||
| 11/29/2017 | 11/30/2017 | 11/30/2017 | |||
| 10/30/2017 | 10/31/2017 | 10/31/2017 | |||
| 09/28/2017 | 09/29/2017 | 09/29/2017 | |||
| 08/30/2017 | 08/31/2017 | 08/31/2017 | |||
| 07/28/2017 | 07/31/2017 | 07/31/2017 | |||
| 06/29/2017 | 06/30/2017 | 06/30/2017 | |||
| 05/30/2017 | 05/31/2017 | 05/31/2017 | |||
| 04/27/2017 | 04/28/2017 | 04/28/2017 | |||
| 03/30/2017 | 03/31/2017 | 03/31/2017 | |||
| 02/27/2017 | 02/28/2017 | 02/28/2017 | |||
| 01/30/2017 | 01/31/2017 | 01/31/2017 | |||
| 11/29/2016 | 11/30/2016 | 11/30/2016 | |||
| 10/28/2016 | 10/31/2016 | 10/31/2016 | |||
| 09/29/2016 | 09/30/2016 | 09/30/2016 | |||
| 08/30/2016 | 08/31/2016 | 08/31/2016 | |||
| 07/28/2016 | 07/29/2016 | 07/29/2016 | |||
| 06/29/2016 | 06/30/2016 | 06/30/2016 | |||
| 05/27/2016 | 05/31/2016 | 05/31/2016 | |||
| 04/28/2016 | 04/29/2016 | 04/29/2016 | |||
| 03/30/2016 | 03/31/2016 | 03/31/2016 | |||
| 02/26/2016 | 02/29/2016 | 02/29/2016 | |||
| 01/28/2016 | 01/29/2016 | 01/29/2016 | |||
| 12/30/2015 | 12/31/2015 | 12/31/2015 | |||
| 11/27/2015 | 11/30/2015 | 11/30/2015 | |||
| 10/29/2015 | 10/30/2015 | 10/30/2015 | |||
| 09/29/2015 | 09/30/2015 | 09/30/2015 | |||
| 08/28/2015 | 08/31/2015 | 08/31/2015 | |||
| 07/30/2015 | 07/31/2015 | 07/31/2015 | |||
| 06/29/2015 | 06/30/2015 | 06/30/2015 | |||
| 05/28/2015 | 05/29/2015 | 05/29/2015 | |||
| 04/29/2015 | 04/30/2015 | 04/29/2015 | |||
| 03/30/2015 | 03/31/2015 | 03/31/2015 | |||
| 02/26/2015 | 02/27/2015 | 02/27/2015 | |||
| 01/29/2015 | 01/30/2015 | 01/30/2015 | |||
| 12/30/2014 | 12/31/2014 | 12/31/2014 | |||
| 11/26/2014 | 11/28/2014 | 11/28/2014 |
Class I
| Record Date | Ex-Date | Payable Date | Ordinary Income | Short-Term Capital Gain | Long-Term Capital Gain |
|---|---|---|---|---|---|
| 12/12/2019 | 12/13/2019 | 12/13/2019 | |||
| 11/26/2019 | 11/27/2019 | 11/27/2019 | |||
| 10/30/2019 | 10/31/2019 | 10/31/2019 | |||
| 09/27/2019 | 09/30/2019 | 09/30/2019 | |||
| 08/29/2019 | 08/30/2019 | 08/30/2019 | |||
| 07/30/2019 | 07/31/2019 | 07/31/2019 | |||
| 06/27/2019 | 06/28/2019 | 06/28/2019 | |||
| 05/30/2019 | 05/31/2019 | 05/31/2019 | |||
| 04/29/2019 | 04/30/2019 | 04/30/2019 | |||
| 03/28/2019 | 03/29/2019 | 03/29/2019 | |||
| 02/27/2019 | 02/28/2019 | 02/28/2019 | |||
| 01/30/2019 | 01/31/2019 | 01/31/2019 | |||
| 12/12/2018 | 12/13/2018 | 12/13/2018 | |||
| 11/29/2018 | 11/30/2018 | 11/30/2018 | |||
| 10/30/2018 | 10/31/2018 | 10/31/2018 | |||
| 09/27/2018 | 09/28/2018 | 09/28/2018 | |||
| 08/30/2018 | 08/31/2018 | 08/31/2018 | |||
| 07/30/2018 | 07/31/2018 | 07/31/2018 | |||
| 06/28/2018 | 06/29/2018 | 06/29/2018 | |||
| 05/30/2018 | 05/31/2018 | 05/31/2018 | |||
| 04/27/2018 | 04/30/2018 | 04/30/2018 | |||
| 03/28/2018 | 03/29/2018 | 03/29/2018 | |||
| 02/27/2018 | 02/28/2018 | 02/28/2018 | |||
| 01/30/2018 | 01/31/2018 | 01/31/2018 | |||
| 12/13/2017 | 12/14/2017 | 12/14/2017 | |||
| 11/29/2017 | 11/30/2017 | 11/30/2017 | |||
| 10/30/2017 | 10/31/2017 | 10/31/2017 | |||
| 09/28/2017 | 09/29/2017 | 09/29/2017 | |||
| 08/30/2017 | 08/31/2017 | 08/31/2017 | |||
| 07/28/2017 | 07/31/2017 | 07/31/2017 | |||
| 06/29/2017 | 06/30/2017 | 06/30/2017 | |||
| 05/30/2017 | 05/31/2017 | 05/31/2017 | |||
| 04/27/2017 | 04/28/2017 | 04/28/2017 | |||
| 03/30/2017 | 03/31/2017 | 03/31/2017 | |||
| 02/27/2017 | 02/28/2017 | 02/28/2017 | |||
| 01/30/2017 | 01/31/2017 | 01/31/2017 | |||
| 12/15/2016 | 12/16/2016 | 12/16/2016 | |||
| 11/29/2016 | 11/30/2016 | 11/30/2016 | |||
| 10/28/2016 | 10/31/2016 | 10/31/2016 | |||
| 09/29/2016 | 09/30/2016 | 09/30/2016 | |||
| 08/30/2016 | 08/31/2016 | 08/31/2016 | |||
| 07/28/2016 | 07/29/2016 | 07/29/2016 | |||
| 06/29/2016 | 06/30/2016 | 06/30/2016 | |||
| 05/27/2016 | 05/31/2016 | 05/31/2016 | |||
| 04/28/2016 | 04/29/2016 | 04/29/2016 | |||
| 03/30/2016 | 03/31/2016 | 03/31/2016 | |||
| 02/26/2016 | 02/29/2016 | 02/29/2016 | |||
| 01/28/2016 | 01/29/2016 | 01/29/2016 | |||
| 12/30/2015 | 12/31/2015 | 12/31/2015 | |||
| 11/27/2015 | 11/30/2015 | 11/30/2015 | |||
| 10/29/2015 | 10/30/2015 | 10/30/2015 | |||
| 09/29/2015 | 09/30/2015 | 09/30/2015 | |||
| 08/28/2015 | 08/31/2015 | 08/31/2015 | |||
| 07/30/2015 | 07/31/2015 | 07/31/2015 | |||
| 06/29/2015 | 06/30/2015 | 06/30/2015 | |||
| 05/28/2015 | 05/29/2015 | 05/29/2015 | |||
| 04/29/2015 | 04/30/2015 | 04/30/2015 | |||
| 03/30/2015 | 03/31/2015 | 03/31/2015 | |||
| 02/26/2015 | 02/27/2015 | 02/27/2015 | |||
| 01/29/2015 | 01/30/2015 | 01/30/2015 | |||
| 12/30/2014 | 12/31/2014 | 12/31/2014 | |||
| 11/26/2014 | 11/28/2014 | 11/28/2014 |
Class R
| Record Date | Ex-Date | Payable Date | Ordinary Income | Short-Term Capital Gain | Long-Term Capital Gain |
|---|---|---|---|---|---|
| 12/12/2019 | 12/13/2019 | 12/13/2019 | |||
| 11/26/2019 | 11/27/2019 | 11/27/2019 | |||
| 10/30/2019 | 10/31/2019 | 10/31/2019 | |||
| 09/27/2019 | 09/30/2019 | 09/30/2019 | |||
| 08/29/2019 | 08/30/2019 | 08/30/2019 | |||
| 07/30/2019 | 07/31/2019 | 07/31/2019 | |||
| 06/27/2019 | 06/28/2019 | 06/28/2019 | |||
| 05/30/2019 | 05/31/2019 | 05/31/2019 | |||
| 04/29/2019 | 04/30/2019 | 04/30/2019 | |||
| 03/28/2019 | 03/29/2019 | 03/29/2019 | |||
| 02/27/2019 | 02/28/2019 | 02/28/2019 | |||
| 01/30/2019 | 01/31/2019 | 01/31/2019 | |||
| 12/12/2018 | 12/13/2018 | 12/13/2018 | |||
| 11/29/2018 | 11/30/2018 | 11/30/2018 | |||
| 10/30/2018 | 10/31/2018 | 10/31/2018 | |||
| 09/27/2018 | 09/28/2018 | 09/28/2018 | |||
| 08/30/2018 | 08/31/2018 | 08/31/2018 | |||
| 07/30/2018 | 07/31/2018 | 07/31/2018 | |||
| 06/28/2018 | 06/29/2018 | 06/29/2018 | |||
| 05/30/2018 | 05/31/2018 | 05/31/2018 | |||
| 04/27/2018 | 04/30/2018 | 04/30/2018 | |||
| 03/28/2018 | 03/29/2018 | 03/29/2018 | |||
| 02/27/2018 | 02/28/2018 | 02/28/2018 | |||
| 01/30/2018 | 01/31/2018 | 01/31/2018 | |||
| 12/13/2017 | 12/14/2017 | 12/14/2017 | |||
| 11/29/2017 | 11/30/2017 | 11/30/2017 | |||
| 10/30/2017 | 10/31/2017 | 10/31/2017 | |||
| 09/28/2017 | 09/29/2017 | 09/29/2017 | |||
| 08/30/2017 | 08/31/2017 | 08/31/2017 | |||
| 07/28/2017 | 07/31/2017 | 07/31/2017 | |||
| 06/29/2017 | 06/30/2017 | 06/30/2017 | |||
| 05/30/2017 | 05/31/2017 | 05/31/2017 | |||
| 04/27/2017 | 04/28/2017 | 04/28/2017 | |||
| 03/30/2017 | 03/31/2017 | 03/31/2017 | |||
| 02/27/2017 | 02/28/2017 | 02/28/2017 | |||
| 01/30/2017 | 01/31/2017 | 01/31/2017 | |||
| 11/29/2016 | 11/30/2016 | 11/30/2016 | |||
| 10/28/2016 | 10/31/2016 | 10/31/2016 | |||
| 09/29/2016 | 09/30/2016 | 09/30/2016 | |||
| 08/30/2016 | 08/31/2016 | 08/31/2016 | |||
| 07/28/2016 | 07/29/2016 | 07/29/2016 | |||
| 06/29/2016 | 06/30/2016 | 06/30/2016 | |||
| 05/27/2016 | 05/31/2016 | 05/31/2016 | |||
| 04/28/2016 | 04/29/2016 | 04/29/2016 | |||
| 03/30/2016 | 03/31/2016 | 03/31/2016 | |||
| 02/26/2016 | 02/29/2016 | 02/29/2016 | |||
| 01/28/2016 | 01/29/2016 | 01/29/2016 | |||
| 12/30/2015 | 12/31/2015 | 12/31/2015 | |||
| 11/27/2015 | 11/30/2015 | 11/30/2015 | |||
| 10/29/2015 | 10/30/2015 | 10/30/2015 | |||
| 09/29/2015 | 09/30/2015 | 09/30/2015 | |||
| 08/28/2015 | 08/31/2015 | 08/31/2015 | |||
| 07/30/2015 | 07/31/2015 | 07/31/2015 | |||
| 06/29/2015 | 06/30/2015 | 06/30/2015 | |||
| 05/28/2015 | 05/29/2015 | 05/29/2015 | |||
| 04/29/2015 | 04/30/2015 | 04/30/2015 | |||
| 03/30/2015 | 03/31/2015 | 03/31/2015 | |||
| 02/26/2015 | 02/27/2015 | 02/27/2015 | |||
| 01/29/2015 | 01/30/2015 | 01/30/2015 | |||
| 12/30/2014 | 12/31/2014 | 12/31/2014 | |||
| 11/26/2014 | 11/28/2014 | 11/28/2014 |