Fund Evaluator:

Muzinich Low Duration Supra Instl Overview

Muzinich Low Duration Supra Instl (MZLSX) is an actively managed Taxable Bond Short-Term Bond fund. Muzinich launched the fund in 2016.

The investment seeks to protect capital and generate positive returns under most market conditions. The fund normally invests at least 80% of the fund's net assets (plus any borrowings for investment purposes) in a well-diversified portfolio of corporate bonds and syndicated loans, including floating rate loans and restricted securities such as bonds issued pursuant to Rule 144A. It may have a majority of its assets in foreign fixed income securities, with permitted-currency emerging market exposure not to exceed 20% of the fund's net assets.

About Muzinich Low Duration Supra Instl (MZLSX)

There are 7 members of the management team with an average tenure of 4.48 years: Richard Smith (2023), Tatjana Greil-Castro (2016), Joseph Galzerano (2021), Ian Horn (2020), Eric Schure (2023), Corentin Tarlier (2024), Mel Siew (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 ICE BofA 1-3Y US Corp&Govt TR USD index with a weighting of 100%. Muzinich Low Duration Supra Instl has 537 securities in its portfolio. The top 10 holdings constitute 7.7% 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.

Muzinich Low Duration Supra Instl is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Muzinich Low Duration Supra Instl has 63.8% 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 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.2% (32.4% domestic bond, 63.8% foreign bond and 0.0% convertible bond). Muzinich Low Duration Supra Instl has 3.8% of the portfolio in cash.

Assets Under Management

The fund has $1 billion in total assets, which is above the $917 million average for the Short-Term 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.

MZLSX 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 Muzinich Low Duration Supra Instl expense ratio is average compared to funds in the Short-Term Bond category. Muzinich Low Duration Supra Instl has an expense ratio of 0.51%, which is 23% 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. Muzinich Low Duration Supra Instl 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 135% for the Short-Term Bond category.

Recently, in the month of August 2026, Muzinich Low Duration Supra Instl returned 0.5%, which earned it a grade of A, as the Short-Term 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.

Muzinich Low Duration Supra Instl has a trailing yield of 7.21%, which is above the 4.15% 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.

Muzinich Low Duration Supra Instl Grades

Year to date, the fund has returned 2.1%, 0.9 percentage points better than the category, which translates into a grade of A. The fund has returned 4.0% over the past year (grade of A), 6.2% over the past three years (grade of A) and 3.7% per year over the past five years (grade of A) and 3.7% per year over the past 10 years (grade of A).

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