Northern Multi-Manager High Yield Opportunity Fund Q1 2026 Commentary (NMHYX)
Northern Trust Asset Management·2026-06-19·via All Articles on Seeking Alpha
Summary
The high yield market returned -0.55% in the first quarter, as measured by the ICE BofA U.S. High Yield Constrained Index.
During the quarter, the Multi-Manager High Yield Opportunity Fund posted a return of -0.41% compared to -0.55% for the ICE BofA High Yield Constrained Index.
Sub-adviser BlackRock's overweight to and selection within wirelines, and selection within midstream and media and entertainment were strong contributors.
Sub-adviser Polen's income advantage and higher coupon structure was additive for the quarter, as was holdings in technology and electronics.
Sub-adviser Nomura's yield advantage and security selection, particularly in B-rated and CCC-rated credits drove positive performance.
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Fund Commentary
The high yield market returned -0.55% in the first quarter, as measured by the ICE BofA (ICE) U.S. High Yield Constrained Index. BB-rated securities returned -0.40%, B-rated securities returned -0.38%, and CCC and lower-rated securities returned -2.67%. Industrials returned -0.37% with subsectors, software -2.92%, technology
