Fund Evaluator:
Polen Opportunistic High Yield - Y (DDJIX)
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Fund Details
Polen Opportunistic High Yield - Y Overview
Polen Opportunistic High Yield - Y (DDJIX) is an actively managed Taxable Bond High Yield Bond fund. Polen Capital launched the fund in 2015.
The investment seeks to achieve overall total return consisting of a high level of current income together with long-term capital appreciation. The fund invests in fixed- and floating-rate high yield fixed income securities with a focus on "middle market" issuers in the United States and, to a much lesser extent, Canada. The adviser intends to invest its assets in credit instruments that are rated below investment grade by some or all relevant independent rating agencies, including Moody's Investors Service, Standard and Poor's Rating Services and Fitch Ratings.
About Polen Opportunistic High Yield - Y (DDJIX)
There are 2 members of the management team with an average tenure of 10.17 years: John Sherman (2016), Benjamin Santonelli (2016). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Universal TR USD index with a weighting of 100% and ICE BofA US High Yield TR USD index with a weighting of 100%. Polen Opportunistic High Yield - Y has 137 securities in its portfolio. The top 10 holdings constitute 23.3% 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.
Polen Opportunistic High Yield - Y is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Polen Opportunistic High Yield - Y has 8.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.4% (87.1% domestic bond, 8.3% foreign bond and 0.0% convertible bond). Polen Opportunistic High Yield - Y has 4.3% of the portfolio in cash.
Assets Under Management
The fund has $191 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.
DDJIX 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 Polen Opportunistic High Yield - Y expense ratio is above average compared to funds in the High Yield Bond category. Polen Opportunistic High Yield - Y has an expense ratio of 0.79%, which is 14% 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. Polen Opportunistic High Yield - Y has a portfolio turnover rate of 74%, 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, Polen Opportunistic High Yield - Y returned -0.8%, which earned it a grade of F, 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.
Polen Opportunistic High Yield - Y has a trailing yield of 8.23%, 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.
Polen Opportunistic High Yield - Y Grades
Year to date, the fund has returned -0.2%, 1.8 percentage points worse than the category, which translates into a grade of F. The fund has returned 1.0% over the past year (grade of F), 5.4% over the past three years (grade of F) and 2.8% per year over the past five years (grade of F) and 4.4% per year over the past 10 years (grade of D).
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DDJIX 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 |
|
| DDJIX Return (NAV) | -0.8% | -0.9% | 1.0% | 5.4% | 2.8% | 4.4% |
| DDJIX Grade | F | F | F | F | F | D |
| +/- Category | -0.5% | -1.4% | -3.9% | -2.1% | -0.9% | -0.4% |
| High Yield Bond Avg | -0.3% | 0.4% | 4.9% | 7.5% | 3.7% | 4.8% |
| DDJIX Tax Cost Ratio | na | na | 3.2% | 3.2% | 3.1% | 3.3% |
DDJIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DDJIX Return (NAV) | -0.2% | 4.7% | 8.9% | 12.3% | -11.3% | 6.2% | 3.5% | 6.1% | -0.3% | 10.6% | 14.7% |
| DDJIX Grade | F | F | A | C | D | B | F | F | A | A | B |
| +/- Category | -1.8% | -3.1% | 1.3% | 0.4% | -1.3% | 1.1% | -1.7% | -6.9% | 2.4% | 3.9% | 1.3% |
| 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: | 3.3% |
| Total Risk Index: | 0.27 - Low |
| Category Risk Index: | 0.82 - Low |
| Category Risk Grade: | A (13% Rank) |
| Beta: | 0.31 |
| R-Squared: | 29% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 8.2% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $194 Mil |
| Fund Total Assets: | $ 192 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 74% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 10.2 years | |||
| Average Tenure: 10.2 years | |||
| Managers (Year): Sherman John (2016), Santonelli Benjamin (2016) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 137 |
| % in Top 10 Holdings: | 23.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 8.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 87.1% |
| Foreign Bond: | 8.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.3% |
Purchase Information
| Fund Family: | Polen Capital |
| Phone Number: | 844-363-4898 |
| Website: | www.tobam.fr |
| Status: | Open |
| Inception Date: | July 16, 2015 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 1.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.79% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | Polen Opportunistic High Yield - Y |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
