Touchstone HighYield Fund Q4 2025 Commentary

Touchstone Investments14 FollowersFollow5ShareSavePlay(7min)CommentsSummaryMarket volatility moderated toward year-end as easing concerns around elevated AI valuations and growing expectations for Fed policy easing supported a rebound in risk assets late in the quarter.The Touchstone High Yield Fund outperformed its benchmark, the ICE BofA High Yield Cash Pay Index, for the quarter ended December 31, 2025.Relative performance for the quarter was driven primarily by positive security selection, which more than offset modest headwinds from sector allocation.Overall risk positioning remained stable and opportunistic throughout the quarter, with Fund adjustments driven by relative value rather than top-down shifts.We favor higher-quality and less cyclical areas of the high yield market, particularly BB and B-rated issuers that offer a compelling balance of income and downside protection. Thanga tamil/iStock via Getty Images Fund Highlights Seeks to achieve a high level of income by investing primarily in non-investment-grade debt securities Evaluates overall investment opportunities and risks in different industries focusing on those that exhibit the potential for This article was written byTouchstone Investments14 FollowersFollowAt Touchstone Investments, we recognize that not all mutual fund companies are created equal. Our commitment to being Distinctively Active means the employment of a fully integrated and rigorous process for identifying and partnering with asset managers who sub-advise our mutual funds and advocating a robust approach to portfolio construction that either uses standalone active strategies or serves as a complement to passive strategies. That is the power of Distinctively Active. Touchstone Funds are offered nationally through intermediaries including broker-dealers, financial planners, registered investment advisors and institutions by Touchstone Securities, Inc. For more information please call 800.638.8194 or visit www.touchstoneinvestments.com Specialties Touchstone Investments helps investors achieve their financial goals by providing access to a distinctive selection of institutional asset managers who are known and respected for proficiency in their specific area of expertise.

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