Fund Evaluator:
MML Barings High Yield R5 (MPHSX)
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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
MML Barings High Yield R5 Overview
MML Barings High Yield R5 (MPHSX) is an actively managed Taxable Bond High Yield Bond fund. MassMutual launched the fund in 2004.
The investment seeks to achieve a high level of total return, with an emphasis on current income, by investing primarily in high yield debt and related securities. The fund invests primarily in lower rated U.S. debt securities, including securities in default. It invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in lower rated fixed income securities (rated below Baa3 by Moody's, below BBB- by Standard & Poor's or the equivalent by any NRSRO (using the lower rating) or, if unrated, determined to be of below investment grade quality by the fund's sub-adviser.
About MML Barings High Yield R5 (MPHSX)
There are 2 members of the management team with an average tenure of 15.67 years: Scott Roth (2010), Sean Feeley (2010). 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 Corporate High Yield TR USD index with a weighting of 100%. MML Barings High Yield R5 has 311 securities in its portfolio. The top 10 holdings constitute 14.7% 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.
MML Barings High Yield R5 is part of the Fixed Income global asset class and is within the Taxable Bond fund group. MML Barings High Yield R5 has 14.5% 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 1.7% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 92.6% (78.1% domestic bond, 14.5% foreign bond and 1.4% convertible bond). MML Barings High Yield R5 has 4.3% of the portfolio in cash.
Assets Under Management
The fund has $37 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.
MPHSX 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 High Yield R5 expense ratio is above average compared to funds in the High Yield Bond category. MML Barings High Yield R5 has an expense ratio of 0.65%, which is 29% lower than its category average, making the fund expense ratio grade a B. 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 High Yield R5 has a portfolio turnover rate of 97%, 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, MML Barings High Yield R5 returned -0.2%, which earned it a grade of B, 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.
MML Barings High Yield R5 has a trailing yield of 6.79%, 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.
MML Barings High Yield R5 Grades
Year to date, the fund has returned 2.6%, 0.9 percentage points better than the category, which translates into a grade of A. The fund has returned 5.9% over the past year (grade of A), 8.9% over the past three years (grade of A) and 4.6% per year over the past five years (grade of A) and 5.6% per year over the past 10 years (grade of A).
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MPHSX 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 |
|
| MPHSX Return (NAV) | -0.2% | 0.9% | 5.9% | 8.9% | 4.6% | 5.6% |
| MPHSX Grade | B | A | A | A | A | A |
| +/- Category | 0.1% | 0.5% | 1.0% | 1.4% | 0.9% | 0.7% |
| High Yield Bond Avg | -0.3% | 0.4% | 4.9% | 7.5% | 3.7% | 4.8% |
| MPHSX Tax Cost Ratio | na | na | 2.7% | 2.8% | 2.9% | 2.7% |
MPHSX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MPHSX Return (NAV) | 2.6% | 8.7% | 9.5% | 12.9% | -11.1% | 7.4% | 4.8% | 13.4% | -2.9% | 7.6% | 15.0% |
| MPHSX Grade | A | B | A | B | C | A | C | C | C | B | B |
| +/- Category | 0.9% | 0.8% | 1.9% | 1.0% | -1.1% | 2.3% | -0.5% | 0.4% | -0.2% | 0.9% | 1.6% |
| 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: | 4.2% |
| Total Risk Index: | 0.34 - Low |
| Category Risk Index: | 1.04 - Average |
| Category Risk Grade: | C (53% Rank) |
| Beta: | 0.60 |
| R-Squared: | 65% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 6.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $545 Mil |
| Fund Total Assets: | $ 37 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 97% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 15.7 years | |||
| Average Tenure: 15.7 years | |||
| Managers (Year): Roth Scott (2010), Feeley Sean (2010) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 311 |
| % in Top 10 Holdings: | 14.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 14.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 1.7% |
| Domestic Bond: | 78.1% |
| Foreign Bond: | 14.5% |
| Convertible Bond: | 1.4% |
| Other: | 0.0% |
| Cash: | 4.3% |
Purchase Information
| Fund Family: | MassMutual |
| Phone Number: | 888-309-3539 |
| Website: | www.massmutual.com |
| Status: | Open |
| Inception Date: | November 1, 2004 |
| 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 (%): | 0.65% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | MML Barings High Yield Svc |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
