Fund Evaluator:
PIA High Yield Institutional (PHYSX)
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Fund Details
PIA High Yield Institutional Overview
PIA High Yield Institutional (PHYSX) is an actively managed Taxable Bond High Yield Bond fund. PIA Mutual Funds launched the fund in 2010.
The investment seeks a high level of current income; capital growth is a secondary objective when it is consistent with its primary objective. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of domestic and foreign high yield instruments, defined as bonds, convertible securities, forward commitments, loan participations and assignments, preferred stocks and Rule 144A securities. It may invest up to 10% of its net assets in securities and instruments that are economically tied to emerging market countries.
About PIA High Yield Institutional (PHYSX)
There are 2 members of the management team with an average tenure of 4.56 years: Michael Yean (2017), Joseph McAdams (2026). 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%. PIA High Yield Institutional has 111 securities in its portfolio. The top 10 holdings constitute 18.1% 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.
PIA High Yield Institutional is part of the Fixed Income global asset class and is within the Taxable Bond fund group. PIA High Yield Institutional has 16.5% 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 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 93.2% (76.7% domestic bond, 16.5% foreign bond and 0.4% convertible bond). PIA High Yield Institutional has 6.4% of the portfolio in cash.
Assets Under Management
The fund has $103 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.
PHYSX 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 PIA High Yield Institutional expense ratio is above average compared to funds in the High Yield Bond category. PIA High Yield Institutional has an expense ratio of 0.66%, which is 28% 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. PIA High Yield Institutional has a portfolio turnover rate of 34%, 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, PIA High Yield Institutional returned 0.2%, 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.
PIA High Yield Institutional has a trailing yield of 8.03%, 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.
PIA High Yield Institutional Grades
Year to date, the fund has returned 2.5%, 0.8 percentage points better than the category, which translates into a grade of A. The fund has returned 2.9% over the past year (grade of F), 6.6% over the past three years (grade of F) and 3.8% per year over the past five years (grade of C) and 5.3% per year over the past 10 years (grade of B).
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PHYSX 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 |
|
| PHYSX Return (NAV) | 0.2% | 1.7% | 2.9% | 6.6% | 3.8% | 5.3% |
| PHYSX Grade | A | A | F | F | C | B |
| +/- Category | 0.5% | 1.3% | -2.0% | -0.9% | 0.1% | 0.5% |
| High Yield Bond Avg | -0.3% | 0.4% | 4.9% | 7.5% | 3.7% | 4.8% |
| PHYSX Tax Cost Ratio | na | na | 3.2% | 3.1% | 3.1% | 2.8% |
PHYSX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PHYSX Return (NAV) | 2.5% | 1.8% | 10.3% | 16.5% | -11.2% | 7.4% | 8.0% | 11.1% | -2.8% | 8.0% | 14.5% |
| PHYSX Grade | A | F | A | A | D | A | A | F | C | A | B |
| +/- Category | 0.8% | -6.0% | 2.7% | 4.6% | -1.1% | 2.3% | 2.8% | -2.0% | -0.1% | 1.3% | 1.1% |
| 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: | 4.3% |
| Total Risk Index: | 0.35 - Low |
| Category Risk Index: | 1.05 - Above Average |
| Category Risk Grade: | D (61% Rank) |
| Beta: | 0.41 |
| R-Squared: | 30% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 8.0% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $103 Mil |
| Fund Total Assets: | $ 103 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 34% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 8.8 years | |||
| Average Tenure: 4.6 years | |||
| Managers (Year): Yean Michael (2017), McAdams Joseph (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 111 |
| % in Top 10 Holdings: | 18.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 16.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 76.7% |
| Foreign Bond: | 16.5% |
| Convertible Bond: | 0.4% |
| Other: | 0.0% |
| Cash: | 6.4% |
Purchase Information
| Fund Family: | PIA Mutual Funds |
| Phone Number: | 800-251-1970 |
| Website: | www.pacificincome.com |
| Status: | Open |
| Inception Date: | December 31, 2010 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 100 |
| 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 (%): | 0.66% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | PIA High Yield Institutional |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
