Fund Evaluator:
Six Circles Credit Opportunities (CRDOX)
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Best Performing in High Yield Bond Over the Last Year
| 15.7% | Fidelity Capital & Income (FAGIX) |
| 14.3% | Fidelity Advisor Capital & Income Z (FIQTX) |
| 10.0% | Northeast Investors Trust (NTHEX) |
| 8.5% | American Beacon SiM High Yld Opps Inv (SHYPX) |
| 8.5% | Fidelity Advisor High Income Z (FGUMX) |
Fund Details
Six Circles Credit Opportunities Overview
Six Circles Credit Opportunities (CRDOX) is an actively managed Taxable Bond High Yield Bond fund. Six Circles launched the fund in 2020.
The investment seeks to provide total return. The fund is designed to provide total return by investing mainly in global fixed income opportunities, including below investment-grade debt, as well as other tactical credit opportunities. It has broad flexibility to invest in a wide variety of debt securities and instruments of any maturity and will not be managed to a target duration or average weighted maturity. Under normal circumstances, the fund will invest at least 80% of its net assets (plus borrowings) in fixed income, debt or credit instruments and other related instruments with similar economic characteristics.
About Six Circles Credit Opportunities (CRDOX)
There are 46 members of the management team with an average tenure of 3.55 years: Steven Rocco (2020), Brian Clapp (2020), Paul Benson (2025), Robert Spano (2020), David Delbos (2020), Scott Radell (2021), Mitchell Garfin (2020), Tatjana Greil-Castro (2021), Marlene Walker-Smith (2025), Javier Romo (2021), Stephanie Shu (2025), Yacov Arnopolin (2021), Thomas Samson (2024), Jeffrey Gaffney (2020), Pramol Dhawan (2021), Vish Acharya (2024), Abhijeet Neogy (2021), Adam Castle (2021), Yoana Koleva (2022), Joseph Galzerano (2021), Tim Leary (2023), Harris Trifon (2021), Sid Chhabra (2024), Ian Horn (2021), Lucien Lu (2021), Michael Gormally (2022), Jesse Rosenblum (2026), Brian Lalli (2024), Jamie Cane (2024), Eric Schure (2023), Richard Smith (2023), William Newton (2025), Ty J. Kern (2025), Jeffrey Eshleman (2024), Corentin Tarlier (2025), Tim van der Weyden (2024), Mel Siew (2025), Gregory Benz (2025), Tracy Lynn Gregory (2025), Justin Griffith (2026), Stephen Chang (2021), Andrew O'Brien (2020), Robert Lee (2020), Richard Madigan (2020), Michael Gray (2020), Robert Cignarella (2020). 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 Bloomberg US Interm Corp TR USD index with a weighting of 100%. Six Circles Credit Opportunities has 3845 securities in its portfolio. The top 10 holdings constitute 28.3% 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.
Six Circles Credit Opportunities is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Six Circles Credit Opportunities has 69.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.2%. There is 0.3% allocated to foreign stock, and 0.7% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 127.5% (58.5% domestic bond, 69.1% foreign bond and 0.2% convertible bond). Six Circles Credit Opportunities has -19.2% of the portfolio in cash.
Assets Under Management
The fund has $5 billion in total assets, which is above 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.
CRDOX 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 Six Circles Credit Opportunities expense ratio is below average compared to funds in the High Yield Bond category. Six Circles Credit Opportunities has an expense ratio of 0.25%, which is 73% lower than its category average, making the fund expense ratio grade a A. 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. Six Circles Credit Opportunities has a portfolio turnover rate of 69%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 71% for the High Yield Bond category.
Recently, in the month of June 2026, Six Circles Credit Opportunities returned 0.6%, which earned it a grade of A, as the High Yield Bond category had an average return of 0.2%. 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.
Six Circles Credit Opportunities has a trailing yield of 6.56%, which is above the 6.26% 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.
Six Circles Credit Opportunities Grades
Year to date, the fund has returned 2.6%, 0.6 percentage points better than the category, which translates into a grade of A. The fund has returned 7.2% over the past year (grade of A), 8.8% over the past three years (grade of B) and 4.0% per year over the past five years (grade of C).
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CRDOX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CRDOX Return (NAV) | 0.6% | 3.5% | 7.2% | 8.8% | 4.0% | na |
| CRDOX Grade | A | A | A | B | C | na |
| +/- Category | 0.4% | 1.1% | 1.5% | 0.7% | 0.2% | na |
| High Yield Bond Avg | 0.2% | 2.4% | 5.7% | 8.1% | 3.8% | 5.1% |
| CRDOX Tax Cost Ratio | na | na | 2.6% | 2.8% | 2.7% | na |
CRDOX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CRDOX Return (NAV) | 2.6% | 9.3% | 8.7% | 9.6% | -10.0% | 3.1% | na | na | na | na | na |
| CRDOX Grade | A | A | B | F | B | F | na | na | na | na | na |
| +/- Category | 0.6% | 1.5% | 1.0% | -2.3% | -0.0% | -2.0% | na | na | na | na | na |
| High Yield Bond Avg | 1.9% | 7.9% | 7.6% | 11.9% | -10.0% | 5.1% | 5.3% | 13.0% | -2.7% | 6.7% | 13.4% |
| Risk Measures | |
| Standard Deviation: | 4.1% |
| Total Risk Index: | 0.33 - Low |
| Category Risk Index: | 1.01 - Average |
| Category Risk Grade: | C (41% Rank) |
| Beta: | 0.59 |
| R-Squared: | 66% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 6.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $5548 Mil |
| Fund Total Assets: | $5,548 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 69% |
Management Team
| Number of Managers: 46 | |||
| Longest Tenure: 5.9 years | |||
| Average Tenure: 3.6 years | |||
| Managers (Year): Clapp Brian (2020), Spano Robert (2020), Delbos David (2020), Garfin Mitchell (2020), Gaffney Jeffrey (2020), Madigan Richard (2020), Gray Michael (2020), Cignarella Robert (2020), O'Brien Andrew (2020), Lee Robert (2020), Rocco Steven (2020), Greil-Castro Tatjana (2021), Galzerano Joseph (2021), Horn Ian (2021), Trifon Harris (2021), Romo Javier (2021), Castle Adam (2021), Dhawan Pramol (2021), Arnopolin Yacov (2021), Neogy Abhijeet (2021), Lu Lucien (2021), Chang Stephen (2021), Radell Scott (2021), Koleva Yoana (2022), Gormally Michael (2022), Leary Tim (2023), Smith Richard (2023), Schure Eric (2023), Lalli Brian (2024), Eshleman Jeffrey (2024), Acharya Vish (2024), van der Weyden Tim (2024), Chhabra Sid (2024), Cane Jamie (2024), Samson Thomas (2024), Siew Mel (2025), Tarlier Corentin (2025), Newton William (2025), Benson Paul (2025), Shu Stephanie (2025), Walker-Smith Marlene (2025), Gregory Tracy Lynn (2025), Kern Ty J. (2025), Benz Gregory (2025), Rosenblum Jesse (2026), Griffith Justin (2026) | |||
Portfolio Composition (as of 12/31/25)
| # of Holdings: | 3845 |
| % in Top 10 Holdings: | 28.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 69.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.2% |
| Foreign Stock: | 0.3% |
| Preferred Stock: | 0.7% |
| Domestic Bond: | 58.5% |
| Foreign Bond: | 69.1% |
| Convertible Bond: | 0.2% |
| Other: | -9.7% |
| Cash: | -19.2% |
Purchase Information
| Fund Family: | Six Circles |
| Phone Number: | 212-464-2070 |
| Website: |
| Status: | Open |
| Inception Date: | August 19, 2020 |
| Min. Initial Purchase: | $ 0 |
| 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 (%): | 0.25% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | Six Circles Credit Opportunities |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
