Fixed Income Fund

jhakopian-thumbJOHN HAKOPIAN
President,
First Foundation Advisors

Bio »

MICHAEL_J_CAUFIELD
JOHN HAKOPIAN
President, First Foundation Advisors

Mr. Hakopian oversees the vision, strategy, operations and development of the investment management service for the firm. His entrepreneurial spirit combined with his focus on results, exceptional interpersonal skills, and ability to emphasize people’s core needs continue to drive First Foundation’s management success as the regions’ leading independent wealth advisory firm. Having been with First Foundation since its inception in 1990, Mr. Hakopian has been closely involved in developing and delivering the firm’s investment services. He became President in 2009. Mr. Hakopian earned a Bachelor of Arts degree cum laude in economics in three years from the University of California, Irvine and an MBA in Finance from the University of Southern California.

susan.k.riechel-thumbSUSAN K. RIECHEL
Managing Director,
First Foundation Advisors

Bio »

SUSAN K. RIECHEL
SUSAN K. RIECHEL
Managing Director, First Foundation Advisors

Ms. Riechel is responsible for directing the firm’s actively managed fixed income strategy for high-net-worth individuals, foundations, endowments and retirement funds. In her role as managing director, she oversees the firm’s taxable and non-taxable fixed income investments. Ms. Riechel has over thirty years of experience in investment management and banking. Prior to joining First Foundation, she was Managing Director – Fixed Income at Covington Capital Management in Los Angeles. Formerly Ms. Riechel was also Managing Director at Columbia Management, a successor firm to U.S. Trust Company where she was Managing Director, Head of Fixed Income serving offices on the west coast. Ms. Riechel started her investment management career at First Interstate Bank where she was Director of Institutional Asset Management – Fixed Income. She began her banking career at Lloyds Bank PLC, New York and was formerly the head of global funding at Security Pacific Bank. Ms. Riechel graduated with a Bachelor of Arts degree in History from University of New Hampshire, Durham. She holds an MBA with a concentration in Finance and Banking from the Lubin School of Business at Pace University

Fund Overview

Investment Objective

The Fixed Income Fund seeks to provide maximum income consistent with prudent investment management and the preservation of capital.

Access to Institutionally Managed Fixed Income
  •  A total return strategy combining top-down positioning with fundamental, bottom-up issue selection managed within a disciplined risk framework
  • The Fund invests primarily in a variety of investment-grade debt securities, such as mortgage-backed securities, corporate bonds, U.S. Government Securities and money market instruments. The Fund normally has a weighted average maturity of approximately 5 to 10 years.
  • Top-down yield curve positioning and sector allocation
  • Bottom-up bond selection
  • Long-term investment horizon
Fund NAV (As of Apr 20, 2017)
SYMBOLNAV
HFBAX (Class A)$12.93
HFBCX (Class C)$12.94
HFBYX (Class Y)$12.92
Fund AUM (As of Apr 20, 2017)
AUM
Total Net Assets$137.31 M
VIEW FULL PERFORMANCE
Class AClass CClass Y
SymbolHFBAXHFBCXHFBYX
Inception02/22/9309/30/9911/29/93
Gross Expense Ratio0.94%1.69%0.69%
Net Expense Ratio10.94%1.69%0.69%

Historical Returns & NAV

As of 04/20/2017Class AClass CClass Y
Net Asset Value (NAV)$12.93$12.94$12.92
Daily NAV Change ($)$0.00$-0.01$0.00
Daily NAV Change (%)0.00%-0.08%0.00%
As of 03/31/2017 MonthlyQuarterlyClass AClass A (w/sales charge)Class CClass Y
Year To Date1.10%-3.21%0.99%1.16%
One Year4.23%-0.18%3.45%4.49%
Three Year2.80%1.31%2.06%3.06%
Five Year2.42%1.54%1.66%2.68%
Since Inception4.79%4.60%3.73%5.00%



View all Literature & Forms

The performance data quoted here represents past performance and is no guarantee of future results. Investment returns and principal value will fluctuate so that an investor’s shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

Please consider the investment objectives, risks, charges and expenses of Highland Funds carefully before investing. A prospectus with this and other information about Highland's mutual funds can be found on the Literature tab above. You may also obtain a prospectus for our mutual funds by calling 877-665-1287. Please read the prospectus carefully before investing.

1. The Advisor has contractually agreed to limit the total annual operating expenses of the Fund to 0.65% of average daily net assets attributable to any class of the Fund. The Expense Cap will continue through at least January 31, 2017.

*The maximum sales charge for Class A shares is 4.25%.

Securities Market Risk. The value of the securities may go up or down, sometimes rapidly or unpredictably, due to factors affecting particular companies or the securities market generally. A general downturn in the securities market may cause multiple asset classes to decline in value simultaneously, although equity securities generally have greater price volatility than fixed income securities.

Interest Rate Risk. The risk that fixed income securities will decline in value because of changes in interest rates. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.

Credit Risk. The risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty of a derivatives contract or repurchase agreement, is unable or unwilling (or is perceived to be unable or unwilling) to make a timely payment of principal and/or interest, or to otherwise honor its obligations.

Prepayment Risk. The risk that during periods of falling interest rates, issuers of debt securities may repay higher rate securities before their maturity dates. This may cause the Fund to lose potential price appreciation and be forced to reinvest the unanticipated proceeds at lower interest rates.

Mortgage-Back Securities Risk. The risk of investing in mortgage-backed securities, and includes interest rate risk, prepayment risk and the risk that the fund could lose money if there are defaults on the mortgage loans underlying these securities.

Foreign Investment Risk. The risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, nationalization, expropriation or confiscatory taxation, currency blockages and political changes of diplomatic developments. The cost of investing in many foreign markets are higher than the U.S. and investments may be less liquid.

Currency Risk. The risk that the values of foreign investments may be affected by changes in the currency rates or exchange control regulations. If a foreign currency weakens against the U.S. dollar, the value of a foreign investment denominated in that currency would also decline in dollar terms.

High Yield Securities Risk. The risk that high yield securities or unrated securities of similar credit quality are more likely to default than higher rated securities. The market value of these securities is more sensitive to corporate developments and economic conditions and can be volatile. Market conditions can diminish liquidity and make accurate valuations difficult to obtain.

Asset Backed Securities Risk. The risk of investing in asset-backed securities, and includes interest rate risk, prepayment risk and risk that the Fund could lose money if there are defaults on the loans underlying these securities.

Derivatives Risk. The risk that an investment in derivatives may not correlate completely to the performance of underlying securities and may be volatile, and may result in a loss greater than the principal amount invested. Equity derivatives may also be subject to liquidity risk as well as the risk the derivative may be different than what would be produced through the use of another methodology or if it had been priced using market quotations.

Glossary: Click for important terms and definitions

Source: State Street Bank and Trust Company

Highland Funds’ mutual funds are distributed by Highland Capital Funds Distributor