Fund Evaluator:
TSW High Yield Bond Institutional (TSWHX)
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Fund Details
TSW High Yield Bond Institutional Overview
TSW High Yield Bond Institutional (TSWHX) is an actively managed Taxable Bond High Yield Bond fund. TSW launched the fund in 2021.
The investment seeks high current income with a secondary focus on capital appreciation. The fund invests, under normal circumstances, at least 80% of its net assets in high yield fixed income securities, also known as “junk bonds.” The fund’s fixed income securities include primarily corporate debt. The fund adviser expects to invest primarily in securities denominated in U.S. dollars and may invest in companies of any size, including small- and mid‑capitalization companies.
About TSW High Yield Bond Institutional (TSWHX)
There are 1 members of the management team with an average tenure of 0.66 years: David McMackin (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 US HY Constnd TR USD index with a weighting of 100%. TSW High Yield Bond Institutional has 77 securities in its portfolio. The top 10 holdings constitute 26.5% 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.
TSW High Yield Bond Institutional is part of the Fixed Income global asset class and is within the Taxable Bond fund group. TSW High Yield Bond Institutional has 1.8% 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 96.3% (94.5% domestic bond, 1.8% foreign bond and 0.0% convertible bond). TSW High Yield Bond Institutional has 3.7% of the portfolio in cash.
Assets Under Management
The fund has $8 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.
TSWHX 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 TSW High Yield Bond Institutional expense ratio is above average compared to funds in the High Yield Bond category. TSW High Yield Bond Institutional 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. TSW High Yield Bond Institutional has a portfolio turnover rate of 21%, 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, TSW High Yield Bond Institutional returned -0.2%, which earned it a grade of C, 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.
TSW High Yield Bond Institutional has a trailing yield of 6.03%, 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.
TSW High Yield Bond Institutional 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. The fund has returned 5.5% over the past year (grade of B) and 7.7% over the past three years (grade of C).
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TSWHX 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 |
|
| TSWHX Return (NAV) | -0.2% | 1.1% | 5.5% | 7.7% | na | na |
| TSWHX Grade | C | A | B | C | na | na |
| +/- Category | 0.1% | 0.6% | 0.6% | 0.1% | na | na |
| High Yield Bond Avg | -0.3% | 0.4% | 4.9% | 7.5% | 3.7% | 4.8% |
| TSWHX Tax Cost Ratio | na | na | 2.4% | 2.4% | na | na |
TSWHX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TSWHX Return (NAV) | 2.0% | 7.5% | 8.4% | 12.7% | -10.1% | na | na | na | na | na | na |
| TSWHX Grade | B | D | B | B | C | na | na | na | na | na | na |
| +/- Category | 0.4% | -0.4% | 0.7% | 0.8% | -0.1% | 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: | 3.4% |
| Total Risk Index: | 0.28 - Low |
| Category Risk Index: | 0.84 - Low |
| Category Risk Grade: | A (15% Rank) |
| Beta: | 0.49 |
| R-Squared: | 68% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 6.0% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $8 Mil |
| Fund Total Assets: | $ 9 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 22% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 0.7 years | |||
| Average Tenure: 0.7 years | |||
| Managers (Year): McMackin David (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 77 |
| % in Top 10 Holdings: | 26.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.8% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 94.5% |
| Foreign Bond: | 1.8% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.7% |
Purchase Information
| Fund Family: | TSW |
| Phone Number: | 866-260-9549 |
| Website: |
| Status: | Open |
| Inception Date: | October 26, 2021 |
| Min. Initial Purchase: | $100,000 |
| 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 (%): | 0.65% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | TSW High Yield Bond Institutional |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
