Fund Evaluator:
Barrow Hanley Credit Opportunities I (BCONX)
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Best Performing in High Yield Bond Over the Last Year
| 11.4% | Fidelity Capital & Income (FAGIX) |
| 10.5% | Fidelity Advisor Capital & Income Z (FIQTX) |
| 7.4% | American Beacon SiM High Yld Opps Inv (SHYPX) |
| 7.4% | Fidelity Advisor High Income Z (FGUMX) |
| 7.2% | Fidelity High Income (SPHIX) |
Fund Details
Barrow Hanley Credit Opportunities I Overview
Barrow Hanley Credit Opportunities I (BCONX) is an actively managed Taxable Bond High Yield Bond fund. Perpetual Funds launched the fund in 2022.
The investment seeks to maximize total return, consistent with preservation of capital. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in credit instruments. Credit instruments consist broadly of any debt instrument or instrument with debt-like characteristics, and include high yield bonds, bank loans, loan participations and assignments, collateralized loan obligations (“CLOs”), mortgage- and asset-backed securities, structured notes, convertible securities, preferred stock and shares of investment companies that invest principally in credit instruments, including other mutual funds.
About Barrow Hanley Credit Opportunities I (BCONX)
There are 3 members of the management team with an average tenure of 4.30 years: Chet Paipanandiker (2022), Nicholas Losey (2022), Michael Trahan (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE BofA BB-B US HY TR USD index with a weighting of 100%. Barrow Hanley Credit Opportunities I has 145 securities in its portfolio. The top 10 holdings constitute 37.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Barrow Hanley Credit Opportunities I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Barrow Hanley Credit Opportunities I has 3.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.9% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 97.1% (93.3% domestic bond, 3.9% foreign bond and 0.0% convertible bond). Barrow Hanley Credit Opportunities I has 2.0% of the portfolio in cash.
Assets Under Management
The fund has $109 million in total assets, which is below the $545 million average for the High Yield Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BCONX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Barrow Hanley Credit Opportunities I expense ratio is above average compared to funds in the High Yield Bond category. Barrow Hanley Credit Opportunities I has an expense ratio of 0.77%, which is 16% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Barrow Hanley Credit Opportunities I has a portfolio turnover rate of 34%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 72% for the High Yield Bond category.
Recently, in the month of July 2026, Barrow Hanley Credit Opportunities I returned 0.2%, which earned it a grade of A, as the High Yield Bond category had an average return of -0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Barrow Hanley Credit Opportunities I has a trailing yield of 7.18%, which is above the 6.28% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Barrow Hanley Credit Opportunities I Grades
Year to date, the fund has returned 2.5%, 0.8 percentage points better than the category, which translates into a grade of A. The fund has returned 5.7% over the past year (grade of A) and 8.8% over the past three years (grade of A).
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BCONX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BCONX Return (NAV) | 0.2% | 0.9% | 5.7% | 8.8% | na | na |
| BCONX Grade | A | A | A | A | na | na |
| +/- Category | 0.5% | 0.4% | 0.8% | 1.3% | na | na |
| High Yield Bond Avg | -0.3% | 0.4% | 4.9% | 7.5% | 3.7% | 4.8% |
| BCONX Tax Cost Ratio | na | na | 2.8% | 3.1% | na | na |
BCONX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BCONX Return (NAV) | 2.5% | 8.4% | 10.4% | 13.0% | na | na | na | na | na | na | na |
| BCONX Grade | A | B | A | B | na | na | na | na | na | na | na |
| +/- Category | 0.8% | 0.6% | 2.8% | 1.1% | na | na | na | na | na | na | na |
| High Yield Bond Avg | 1.6% | 7.9% | 7.6% | 11.9% | -10.0% | 5.1% | 5.2% | 13.0% | -2.7% | 6.7% | 13.4% |
| Risk Measures | |
| Standard Deviation: | 3.8% |
| Total Risk Index: | 0.31 - Low |
| Category Risk Index: | 0.94 - Low |
| Category Risk Grade: | A (18% Rank) |
| Beta: | 0.49 |
| R-Squared: | 53% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 7.2% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $109 Mil |
| Fund Total Assets: | $ 110 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 34% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 4.3 years | |||
| Average Tenure: 4.3 years | |||
| Managers (Year): Paipanandiker Chet (2022), Losey Nicholas (2022), Trahan Michael (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 145 |
| % in Top 10 Holdings: | 37.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 3.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.9% |
| Domestic Bond: | 93.3% |
| Foreign Bond: | 3.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.0% |
Purchase Information
| Fund Family: | Perpetual Funds |
| Phone Number: | 866-778-6397 |
| Website: |
| Status: | Open |
| Inception Date: | April 12, 2022 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.77% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | Barrow Hanley Credit Opportunities I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
