Name
As of 07/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
5.7%
1 yr return
11.7%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$103 M
Holdings in Top 10
19.2%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.01%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee 1.00%
Min Investment
Standard (Taxable)
$100,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 07/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
BFRNX - Profile
Distributions
- YTD Total Return 5.7%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency Annually
- Net Income Ratio N/A
- Dividend Yield 9.4%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameBARROW HANLEY FLOATING RATE FUND
-
Fund Family NamePerpetual Funds
-
Inception DateJun 01, 2018
-
Shares Outstanding11507328
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerErik Olson
Fund Description
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in floating rate instruments. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. Floating rate instruments are debt instruments issued by companies or other entities with interest rates that
reset periodically (typically, daily, monthly, quarterly, or semi-annually) in response to changes in the market rate of interest on which the interest rate is based. For purposes of this policy, any security or investment will be considered a floating rate instrument if it has a maturity of six months or less even if it pays a rate of interest rate that does not reset or adjust prior to maturity. Floating rate instruments include bank loans, high yield bonds, collateralized loan obligations (“CLOs”), structured notes and shares of investment companies that invest principally in floating rate instruments. The Fund may invest in floating rate instruments of any credit quality. The Fund expects that many or all of the Fund’s investments will be rated below investment grade or unrated but of comparable credit quality.
The Fund invests primarily in floating rate bank loans. Certain bank loans may be secured by collateral of the borrower and thus may be senior to most other securities issued by the borrower (e.g., common stock and other debt instruments) in the event of bankruptcy. Other bank loans may be unsecured obligations of the borrower. A bank loan may be acquired through the financial institution acting as agent for the lenders or from the borrower, as an assignment from another lender who holds a direct interest in the bank loan, or as a participation interest in another lender’s portion of the bank loan.
The Fund’s portfolio typically will consist principally of floating rate instruments that Barrow, Hanley, Mewhinney & Strauss, LLC (the “Sub-Adviser” or “Barrow Hanley”), the Fund’s sub-adviser, believes are trading below their intrinsic value, selected through a fundamental research process designed to achieve a balanced goal for yield, principal preservation and capital appreciation. To construct the Fund’s portfolio, Barrow Hanley evaluates the macro environment and industry and sector trends to determine views from one to three years. This process is designed to enable Barrow Hanley to find specific sectors that offer opportunities for both industry and issuer mispricings given Barrow Hanley’s expectations of changing fundamentals. From there, Barrow Hanley uses two primary methods of identifying potential investments. The first involves independent sorting and research of documents filed with the Securities and Exchange Commission, as well as general and financial news, through the use of third-party research databases, news services and screening software. The second method relies on the professional relationships that Barrow Hanley has established with money managers, leveraged buyout and private equity investors, investment bankers, research analysts, consultants, securities traders, brokers, corporate managers, corporate attorneys and accountants including in depth discussions with Barrow Hanley’s equity research professionals. This analysis is designed to lead Barrow Hanley to industries and debt issuers that offer opportunities for what Barrow Hanley believes are mispriced investments.
In this regard, a mispriced investment refers primarily to traditional value metrics utilized by the Sub-Adviser, such as low price/earnings, price/book and high dividend yield relative to the markets in which the Fund may invest. A security also may be mispriced due to a negative theme occurring within an overall industry and/or sector and where the Sub-Adviser believes an investment in the security creates opportunities for outperformance.
BFRNX - Performance
Return Ranking - Trailing
Period | BFRNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.7% | -96.3% | 7.3% | 4.80% |
1 Yr | 11.7% | -96.2% | 13.8% | 3.69% |
3 Yr | N/A* | -66.6% | 8.4% | 11.19% |
5 Yr | N/A* | -47.4% | 37.6% | N/A |
10 Yr | N/A* | -2.2% | 19.4% | N/A |
* Annualized
Return Ranking - Calendar
Period | BFRNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 3.9% | -12.0% | 11.1% | 18.91% |
2022 | N/A | -22.9% | 5.1% | N/A |
2021 | N/A | -12.2% | 11.1% | N/A |
2020 | N/A | -14.1% | 289.8% | N/A |
2019 | N/A | -8.1% | 7.5% | N/A |
Total Return Ranking - Trailing
Period | BFRNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.7% | -96.3% | 7.3% | 4.80% |
1 Yr | 11.7% | -96.2% | 13.8% | 3.69% |
3 Yr | N/A* | -66.6% | 8.4% | 14.09% |
5 Yr | N/A* | -47.4% | 37.6% | N/A |
10 Yr | N/A* | -2.2% | 19.4% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | BFRNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 14.4% | -12.0% | 22.1% | 13.82% |
2022 | N/A | -22.9% | 5.1% | N/A |
2021 | N/A | -10.2% | 11.1% | N/A |
2020 | N/A | -14.1% | 306.9% | N/A |
2019 | N/A | -3.6% | 10.5% | N/A |
NAV & Total Return History
BFRNX - Holdings
Concentration Analysis
BFRNX | Category Low | Category High | BFRNX % Rank | |
---|---|---|---|---|
Net Assets | 103 M | 29.9 M | 13.5 B | 94.34% |
Number of Holdings | 130 | 2 | 1848 | 92.51% |
Net Assets in Top 10 | 18.1 M | -191 M | 2.43 B | 89.89% |
Weighting of Top 10 | 19.24% | 5.2% | 100.7% | 27.07% |
Top 10 Holdings
- INTERNET BRANDS 5/3/2028 2.70%
- BROWN BROTHERS HARRIMAN SWEEP INTEREST 2.40%
- TMS/TUBE CITY 1/24 COV-LITE 3/2/2030 2.31%
- IMPERIAL BAG PAPER/IMPERIAL DADE 1/24 TL 12/11/2028 AND 0.50 SOFR 2.20%
- MAGNITE INC TL B 1L 0% 02/06/2031 2/6/2031 1.73%
- AQGEN ISLAND HOLDINGS, INC. 8/2/2028 1.66%
- GLOBAL IID PARENT LLC 12/16/2028 1.60%
- RegionalCare/Lifepoint Health 11/16/2028 1.59%
- THE CHEMOURS COMPANY 8/18/2028 1.58%
- Russell Investment 3/24 PIK TL 5/30/2027 1.48%
Asset Allocation
Weighting | Return Low | Return High | BFRNX % Rank | |
---|---|---|---|---|
Bonds | 98.28% | 0.00% | 161.82% | 18.35% |
Cash | 2.40% | -61.90% | 20.29% | 58.05% |
Stocks | 0.00% | 0.00% | 100.75% | 92.13% |
Preferred Stocks | 0.00% | -3.99% | 6.22% | 95.88% |
Other | 0.00% | -52.39% | 26.58% | 92.13% |
Convertible Bonds | 0.00% | 0.00% | 5.51% | 97.36% |
Stock Sector Breakdown
Weighting | Return Low | Return High | BFRNX % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 100.00% | N/A |
Technology | 0.00% | 0.00% | 100.00% | N/A |
Real Estate | 0.00% | 0.00% | 48.61% | N/A |
Industrials | 0.00% | 0.00% | 100.00% | N/A |
Healthcare | 0.00% | 0.00% | 100.00% | N/A |
Financial Services | 0.00% | 0.00% | 89.61% | N/A |
Energy | 0.00% | 0.00% | 100.00% | N/A |
Communication Services | 0.00% | 0.00% | 100.00% | N/A |
Consumer Defense | 0.00% | 0.00% | 100.00% | N/A |
Consumer Cyclical | 0.00% | 0.00% | 97.66% | N/A |
Basic Materials | 0.00% | 0.00% | 1.36% | N/A |
Stock Geographic Breakdown
Weighting | Return Low | Return High | BFRNX % Rank | |
---|---|---|---|---|
US | 0.00% | -0.01% | 100.75% | 90.26% |
Non US | 0.00% | 0.00% | 0.68% | 97.00% |
Bond Sector Breakdown
Weighting | Return Low | Return High | BFRNX % Rank | |
---|---|---|---|---|
Corporate | 95.92% | 0.00% | 99.80% | 17.74% |
Cash & Equivalents | 2.40% | 0.00% | 25.03% | 54.68% |
Derivative | 0.00% | -11.50% | 0.88% | 91.39% |
Securitized | 0.00% | 0.00% | 91.68% | 99.25% |
Municipal | 0.00% | 0.00% | 0.47% | 99.62% |
Government | 0.00% | 0.00% | 3.18% | 99.62% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | BFRNX % Rank | |
---|---|---|---|---|
US | 98.28% | 0.00% | 143.64% | 14.23% |
Non US | 0.00% | 0.00% | 63.23% | 98.50% |
BFRNX - Expenses
Operational Fees
BFRNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.01% | 0.03% | 12.26% | 61.31% |
Management Fee | 0.45% | 0.00% | 1.89% | 6.20% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.02% | 0.27% | N/A |
Sales Fees
BFRNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 1.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
BFRNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 1.00% | 1.00% | 2.00% | 100.00% |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
BFRNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 4.00% | 180.00% | N/A |
BFRNX - Distributions
Dividend Yield Analysis
BFRNX | Category Low | Category High | BFRNX % Rank | |
---|---|---|---|---|
Dividend Yield | 9.42% | 0.00% | 11.13% | 6.91% |
Dividend Distribution Analysis
BFRNX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | Quarterly | Monthly | Monthly |
Net Income Ratio Analysis
BFRNX | Category Low | Category High | BFRNX % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | 1.77% | 9.82% | N/A |
Capital Gain Distribution Analysis
BFRNX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 26, 2024 | $0.218 | OrdinaryDividend |
Dec 27, 2023 | $0.262 | OrdinaryDividend |
Sep 27, 2023 | $0.233 | OrdinaryDividend |
Jun 28, 2023 | $0.233 | OrdinaryDividend |
Mar 29, 2023 | $0.213 | OrdinaryDividend |
Dec 28, 2022 | $0.211 | OrdinaryDividend |
Sep 28, 2022 | $0.157 | OrdinaryDividend |
Jun 29, 2022 | $0.109 | OrdinaryDividend |
BFRNX - Fund Manager Analysis
Managers
Erik Olson
Start Date
Tenure
Tenure Rank
Apr 12, 2022
0.13
0.1%
Mr. Olson joined Barrow Hanley in 2001. He serves as a portfolio manager for our investment grade and high yield strategies. He also serves as an analyst for investment grade and high yield corporate bonds, both U.S. and non-U.S. His 21-year career includes work as a research analyst for Sanders Morris Harris. He has also worked at Merrill Lynch and as the legislative assistant for the Interstate Natural Gas Association in Washington, D.C. Mr. Olson received an MBA from Texas Christian University, where he served as a portfolio manager for the William C. Conner Foundation Educational Investment Fund. He earned a BA from Emory University.
Nicholas Losey
Start Date
Tenure
Tenure Rank
Apr 12, 2022
0.13
0.1%
Nick Losey joined Barrow Hanley in 2018. He serves as a portfolio manager, focusing on bank loans and high yield bonds. Mr. Losey was previously a portfolio manager at Whitebox Advisors, LLC and White Oak Global Advisors, LLC, where he focused on bank loans, high yield bonds, structured product CLO tranches, and equities. His 19-year investment career also includes serving as a portfolio manager at Highland Capital Management, LP. Mr. Losey earned a BBA from the University of Oklahoma and an MBA from Southern Methodist University, graduating magna cum laude.
Chet Paipanandiker
Start Date
Tenure
Tenure Rank
Apr 12, 2022
0.13
0.1%
Mr. Paipanandiker (Pai) joined Barrow Hanley in 2017. He serves as a portfolio manager, focusing on bank loans and high yield bonds. Mr. Pai was previously a portfolio manager at Whitebox Advisors, LLC and White Oak Global Advisors, LLC, where he focused on bank loans, structured product CLO tranches, high yield bonds, and equities. His 20-year investment career also includes serving as a portfolio manager and co-head of research at Highland Capital Management, LP. Mr. Pai earned a BBA from the University of Texas in the Business Honors and Engineering-Route-to-Business programs, graduating magna cum laude.
Michael Trahan
Start Date
Tenure
Tenure Rank
Apr 12, 2022
0.13
0.1%
Mr. Trahan joined BHMS in 2018. He serves as an analyst, focusing on bank loans and high yield bonds. Mr. Trahan was previously a senior analyst at Carlson Capital, LP, where he focused on bank loans, high yield bonds, credit default swaps, and special situation / post reorganization equities. His investment career also includes serving as a senior portfolio analyst at Highland Capital Management, LP, and as an associate at PricewaterhouseCoopers. Mr. Trahan earned a BBA and an MPA (Master in Professional Accounting) from the University of Texas.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.09 | 21.18 | 6.03 | 3.25 |