Fund Evaluator:
Manning & Napier Systmtc Hi Yld Bd I (MSHIX)
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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
Manning & Napier Systmtc Hi Yld Bd I Overview
Manning & Napier Systmtc Hi Yld Bd I (MSHIX) is an actively managed Taxable Bond High Yield Bond fund. Manning & Napier launched the fund in 2025.
The investment seeks to provide a high level of income as its primary objective and capital appreciation as a secondary objective. The fund will invest, under normal circumstances, at least 80% of its assets in high yield fixed income securities (i.e., “junk bonds”) of any maturity and duration and other financial instruments, principally derivative instruments and exchange-traded funds (ETFs), with economic characteristics similar to high yield fixed income securities.
About Manning & Napier Systmtc Hi Yld Bd I (MSHIX)
There are 2 members of the management team with an average tenure of 0.87 years: Marc Bushallow (2025), Scott Friedman (2025). Management tenure is more important for actively managed funds than passive index funds.
Manning & Napier Systmtc Hi Yld Bd I has 262 securities in its portfolio. The top 10 holdings constitute 4.7% 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.
Manning & Napier Systmtc Hi Yld Bd I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Manning & Napier Systmtc Hi Yld Bd I has 8.2% 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 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 97.2% (89.1% domestic bond, 8.2% foreign bond and 0.0% convertible bond). Manning & Napier Systmtc Hi Yld Bd I has 2.8% of the portfolio in cash.
Assets Under Management
The fund has $966 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.
MSHIX 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 Manning & Napier Systmtc Hi Yld Bd I expense ratio is above average compared to funds in the High Yield Bond category. Manning & Napier Systmtc Hi Yld Bd I has an expense ratio of 0.61%, which is 34% 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. Manning & Napier Systmtc Hi Yld Bd I has a portfolio turnover rate of 50%, 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, Manning & Napier Systmtc Hi Yld Bd I returned -0.0%, which earned it a grade of A, 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.
Manning & Napier Systmtc Hi Yld Bd I has a trailing yield of 0.00%, 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.
Manning & Napier Systmtc Hi Yld Bd I Grades
Year to date, the fund has returned 2.0%, 0.4 percentage points better than the category, which translates into a grade of B.
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MSHIX 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 |
|
| MSHIX Return (NAV) | -0.0% | 1.1% | na | na | na | na |
| MSHIX Grade | A | A | na | na | na | na |
| +/- Category | 0.3% | 0.6% | na | na | na | na |
| High Yield Bond Avg | -0.3% | 0.4% | 4.9% | 7.5% | 3.7% | 4.8% |
| MSHIX Tax Cost Ratio | na | na | na | na | na | na |
MSHIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MSHIX Return (NAV) | 2.0% | na | na | na | na | na | na | na | na | na | na |
| MSHIX Grade | B | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.4% | na | na | na | na | na | na | na | na | na | na |
| 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: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | -- |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $26 Mil |
| Fund Total Assets: | $ 1 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 50% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.9 years | |||
| Average Tenure: 0.9 years | |||
| Managers (Year): Bushallow Marc (2025), Friedman Scott (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 262 |
| % in Top 10 Holdings: | 4.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 8.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 89.1% |
| Foreign Bond: | 8.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.8% |
Purchase Information
| Fund Family: | Manning & Napier |
| Phone Number: | 800-466-3863 |
| Website: | www.manning-napier.com |
| Status: | Open |
| Inception Date: | September 15, 2025 |
| 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: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.61% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | Manning & Napier Systmtc Hi Yld Bd W |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
