On the lookout for a High Yield – Bonds fund? Starting with PIA High Yield Institutional (PHYSX) is one possibility. PHYSX possesses a Zacks Mutual Fund Rank of 1 (Strong Buy), which is based on various forecasting factors like size, cost, and past performance.

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We note that PHYSX is a High Yield – Bonds option, which is an area loaded with different investment choices. High Yield – Bonds funds are often known as ” junk ” bonds since they are below investment grade. This means they are at an elevated risk of default, at least when compared to their investment grade peers. On the plus side, junk bonds generally pay out higher yields, all while posing similar interest rate risks as we see with their investment grade counterparts.

Pacific Income is based in El Segundo, CA, and is the manager of PHYSX. The PIA High Yield Institutional made its debut in December of 2010 and PHYSX has managed to accumulate roughly $93.68 million in assets, as of the most recently available information. The fund is currently managed by Lloyd McAdams who has been in charge of the fund since November of 2013.

Investors naturally seek funds with strong performance. This fund has delivered a 5-year annualized total return of 6.34%, and it sits in the top third among its category peers. But if you are looking for a shorter time frame, it is also worth looking at its 3-year annualized total return of 5.16%, which places it in the top third during this time-frame.

It is important to note that the product’s returns may not reflect all its expenses. Any fees not reflected would lower the returns. Total returns do not reflect the fund’s [%] sale charge. If sales charges were included, total returns would have been lower.

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When looking at a fund’s performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. Over the past three years, PHYSX’s standard deviation comes in at 6.93%, compared to the category average of 7.45%. Over the past 5 years, the standard deviation of the fund is 9.55% compared to the category average of 8.88%. This makes the fund more volatile than its peers over the past half-decade.

PHYSX carries a beta of -0.01, meaning that the fund is less volatile than a broad market index of fixed income securities. With this in mind, it has a positive alpha of 5.78, which measures performance on a risk-adjusted basis.

Costs are increasingly important for mutual fund investing, and particularly as competition heats up in this market. And all things being equal, a lower cost product will outperform its otherwise identical counterpart, so taking a closer look at these metrics is key for investors. In terms of fees, PHYSX is a no load fund. It has an expense ratio of 0.86% compared to the category average of 0.90%. Looking at the fund from a cost perspective, PHYSX is actually cheaper than its peers.

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