Fund Evaluator:
Dunham High-Yield Bond N (DNHYX)
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Best Performing in High Yield Bond Over the Last Year
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| 7.2% | Fidelity High Income (SPHIX) |
Fund Details
Dunham High-Yield Bond N Overview
Dunham High-Yield Bond N (DNHYX) is an actively managed Taxable Bond High Yield Bond fund. Dunham Funds launched the fund in 2005.
The investment seeks to provide a high level of current income, with capital appreciation as a secondary goal. Under normal market conditions, the fund invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) in debt securities and convertible securities rated below investment grade (rated BB+ or lower) by S&P or comparably rated by another nationally recognized statistical rating organization (NRSRO), also known as "high-yield" or "junk" bonds, and in unrated debt securities determined by the Sub-Adviser to be of comparable quality.
About Dunham High-Yield Bond N (DNHYX)
There are 2 members of the management team with an average tenure of 6.84 years: John Yovanovic (2017), Jeremy Burton (2021). 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 HY Ba/B 2% Issuer Cap TRUSD index with a weighting of 100%. Dunham High-Yield Bond N has 280 securities in its portfolio. The top 10 holdings constitute 10.5% 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.
Dunham High-Yield Bond N is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Dunham High-Yield Bond N has 11.8% 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 1.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 94.6% (82.8% domestic bond, 11.8% foreign bond and 0.0% convertible bond). Dunham High-Yield Bond N has 4.2% of the portfolio in cash.
Assets Under Management
The fund has $257 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.
DNHYX 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 Dunham High-Yield Bond N expense ratio is high compared to funds in the High Yield Bond category. Dunham High-Yield Bond N has an expense ratio of 1.11%, which is 21% higher than its category average, making the fund expense ratio grade a D. 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. Dunham High-Yield Bond N 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 72% for the High Yield Bond category.
Recently, in the month of July 2026, Dunham High-Yield Bond N returned -0.4%, which earned it a grade of D, 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.
Dunham High-Yield Bond N has a trailing yield of 6.13%, which is below 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.
Dunham High-Yield Bond N Grades
Year to date, the fund has returned 1.3%, 0.3 percentage points worse than the category, which translates into a grade of D. The fund has returned 4.5% over the past year (grade of D), 7.6% over the past three years (grade of C) and 4.1% per year over the past five years (grade of B) and 5.1% per year over the past 10 years (grade of B).
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DNHYX 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 |
|
| DNHYX Return (NAV) | -0.4% | 0.4% | 4.5% | 7.6% | 4.1% | 5.1% |
| DNHYX Grade | D | C | D | C | B | B |
| +/- Category | -0.1% | -0.0% | -0.4% | 0.1% | 0.4% | 0.3% |
| High Yield Bond Avg | -0.3% | 0.4% | 4.9% | 7.5% | 3.7% | 4.8% |
| DNHYX Tax Cost Ratio | na | na | 2.4% | 2.5% | 2.4% | 2.2% |
DNHYX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DNHYX Return (NAV) | 1.3% | 7.5% | 7.2% | 14.8% | -10.3% | 5.0% | 7.7% | 14.6% | -4.3% | 6.6% | 11.0% |
| DNHYX Grade | D | D | D | A | C | C | A | B | F | C | F |
| +/- Category | -0.3% | -0.4% | -0.5% | 2.9% | -0.3% | -0.1% | 2.5% | 1.5% | -1.6% | -0.1% | -2.4% |
| 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: | 4.4% |
| Total Risk Index: | 0.36 - Low |
| Category Risk Index: | 1.09 - Above Average |
| Category Risk Grade: | D (78% Rank) |
| Beta: | 0.60 |
| R-Squared: | 60% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 6.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $270 Mil |
| Fund Total Assets: | $ 257 Mil |
| Share Class Type: | N |
| Portfolio Turnover: | 69% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 9.1 years | |||
| Average Tenure: 6.8 years | |||
| Managers (Year): Yovanovic John (2017), Burton Jeremy (2021) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 280 |
| % in Top 10 Holdings: | 10.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 11.8% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 1.2% |
| Domestic Bond: | 82.8% |
| Foreign Bond: | 11.8% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.2% |
Purchase Information
| Fund Family: | Dunham Funds |
| Phone Number: | 888-338-6426 |
| Website: | www.dunham.com |
| Status: | Open |
| Inception Date: | July 1, 2005 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $50,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.11% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | Dunham High-Yield Bond N |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
