Fund Evaluator:
MML Barings Diversified Bond Svc (MDBYX)
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Best Performing in Multisector Bond Over the Last Year
| 7.1% | Morningstar Multisector Bond (MSTMX) |
| 6.0% | Fidelity Advisor Strategic Income Z (FIWDX) |
| 5.4% | Russell Inv Opportunistic Credit Y (RGCYX) |
| 5.4% | Russell Inv Opportunistic Credit M (RGOTX) |
| 5.2% | Payden Managed Income SI (PKBIX) |
Fund Details
MML Barings Diversified Bond Svc Overview
MML Barings Diversified Bond Svc (MDBYX) is an actively managed Taxable Bond Multisector Bond fund. MassMutual launched the fund in 1999.
The investment seeks superior total rate of return, with an emphasis on current income, by investing in fixed income instruments. The fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. It may invest up to 25% of its total assets in securities that are not denominated in U.S. dollars including, but not limited to, corporate obligations, government and agency issues, private placement bonds, convertible bonds, and mortgage-backed and other asset-backed securities, including collateralized bond and loan obligations.
About MML Barings Diversified Bond Svc (MDBYX)
There are 4 members of the management team with an average tenure of 4.08 years: Charles Sanford (2020), Sean Feeley (2026), Stephen Ehrenberg (2017), Rishi Kapur (2025). 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 Agg Interm TR USD index with a weighting of 100%. MML Barings Diversified Bond Svc has 303 securities in its portfolio. The top 10 holdings constitute 25.5% 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.
MML Barings Diversified Bond Svc is part of the Fixed Income global asset class and is within the Taxable Bond fund group. MML Barings Diversified Bond Svc has 24.4% 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 3.8% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 94.7% (70.2% domestic bond, 24.4% foreign bond and 0.7% convertible bond). MML Barings Diversified Bond Svc has 1.0% of the portfolio in cash.
Assets Under Management
The fund has $3 million in total assets, which is below the $1 billion average for the Multisector 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.
MDBYX 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 MML Barings Diversified Bond Svc expense ratio is above average compared to funds in the Multisector Bond category. MML Barings Diversified Bond Svc has an expense ratio of 0.79%, 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. MML Barings Diversified Bond Svc has a portfolio turnover rate of 265%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 162% for the Multisector Bond category.
Recently, in the month of July 2026, MML Barings Diversified Bond Svc returned -0.3%, which earned it a grade of A, as the Multisector Bond category had an average return of -0.7%. 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.
MML Barings Diversified Bond Svc has a trailing yield of 4.54%, which is below the 5.31% 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.
MML Barings Diversified Bond Svc Grades
Year to date, the fund has returned 2.8%, 2.0 percentage points better than the category, which translates into a grade of A. The fund has returned 6.5% over the past year (grade of A), 6.8% over the past three years (grade of B) and 0.5% per year over the past five years (grade of F) and 2.5% per year over the past 10 years (grade of F).
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MDBYX 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 |
|
| MDBYX Return (NAV) | -0.3% | 1.0% | 6.5% | 6.8% | 0.5% | 2.5% |
| MDBYX Grade | A | A | A | B | F | F |
| +/- Category | 0.5% | 0.9% | 2.2% | 0.5% | -1.9% | -1.0% |
| Multisector Bond Avg | -0.7% | 0.0% | 4.3% | 6.3% | 2.4% | 3.5% |
| MDBYX Tax Cost Ratio | na | na | 1.8% | 2.3% | 2.0% | 1.7% |
MDBYX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MDBYX Return (NAV) | 2.8% | 8.7% | 4.6% | 6.0% | -16.7% | 1.8% | 8.4% | 10.4% | -1.2% | 4.9% | 3.7% |
| MDBYX Grade | A | B | D | F | F | D | B | C | B | F | F |
| +/- Category | 2.0% | 0.6% | -1.1% | -2.4% | -6.6% | -0.4% | 2.1% | 0.2% | 0.7% | -1.7% | -3.7% |
| Multisector Bond Avg | 0.9% | 8.1% | 5.7% | 8.4% | -10.1% | 2.2% | 6.3% | 10.3% | -1.9% | 6.6% | 7.5% |
| Risk Measures | |
| Standard Deviation: | 5.4% |
| Total Risk Index: | 0.44 - Low |
| Category Risk Index: | 1.21 - High |
| Category Risk Grade: | F (84% Rank) |
| Beta: | 0.94 |
| R-Squared: | 94% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 4.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $71 Mil |
| Fund Total Assets: | $ 4 Mil |
| Share Class Type: | S |
| Portfolio Turnover: | 265% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 8.8 years | |||
| Average Tenure: 4.1 years | |||
| Managers (Year): Ehrenberg Stephen (2017), Sanford Charles (2020), Kapur Rishi (2025), Feeley Sean (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 303 |
| % in Top 10 Holdings: | 25.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 24.4% |
Portfolio Allocation |
|
| Domestic Stock: | -0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 3.8% |
| Domestic Bond: | 70.2% |
| Foreign Bond: | 24.4% |
| Convertible Bond: | 0.7% |
| Other: | 0.0% |
| Cash: | 1.0% |
Purchase Information
| Fund Family: | MassMutual |
| Phone Number: | 888-309-3539 |
| Website: | www.massmutual.com |
| Status: | Open |
| Inception Date: | May 3, 1999 |
| 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 (%): | 0.79% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.94% |
| Share Class: | MML Barings Diversified Bond R5 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
