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Trending ETFs

Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.02

$103 M

8.69%

$0.87

1.01%

Vitals

YTD Return

4.6%

1 yr return

12.7%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$103 M

Holdings in Top 10

21.5%

52 WEEK LOW AND HIGH

$10.0
N/A
N/A

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 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.02

$103 M

8.69%

$0.87

1.01%

BFRNX - Profile

Distributions

  • YTD Total Return 4.6%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 8.7%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    BARROW HANLEY FLOATING RATE FUND
  • Fund Family Name
    Perpetual Funds
  • Inception Date
    Jun 01, 2018
  • Shares Outstanding
    11507328
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Erik 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.

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BFRNX - Performance

Return Ranking - Trailing

Period BFRNX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.6% -96.4% 6.5% 17.45%
1 Yr 12.7% -96.3% 15.2% 3.64%
3 Yr N/A* -67.0% 8.2% 11.19%
5 Yr N/A* -47.8% 37.6% N/A
10 Yr N/A* -2.2% 19.3% 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 4.6% -96.4% 6.5% 17.45%
1 Yr 12.7% -96.3% 15.2% 3.64%
3 Yr N/A* -67.0% 8.2% 14.09%
5 Yr N/A* -47.8% 37.6% N/A
10 Yr N/A* -2.2% 19.3% 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 137 2 1848 91.39%
Net Assets in Top 10 21.3 M -191 M 2.48 B 87.27%
Weighting of Top 10 21.54% 5.2% 100.8% 23.68%

Top 10 Holdings

  1. BROWN BROTHERS HARRIMAN SWEEP INTEREST 4.65%
  2. MH SUB I, LLC (MICRO HOLDING CORP.) 5/3/2028 2.54%
  3. NEW SK HOLDCO SK 06/30/2027 AND CME SOFR +8.35 2.45%
  4. TMS/TUBE CITY 1/24 COV-LITE 3/2/2030 2.20%
  5. IMPERIAL BAG PAPER/IMPERIAL DADE 1/24 TL 12/11/2028 AND 0.50 SOFR 2.09%
  6. MAGNITE INC TL B 1L 0% 02/06/2031 1/31/2031 1.63%
  7. LIFEPOINT HEALTH, INC. 11/16/2028 1.51%
  8. THE CHEMOURS COMPANY 8/18/2028 1.51%
  9. GLOBAL IID PARENT LLC 12/16/2028 1.49%
  10. RUSSELL INVESTMENT 10/20 TL 6/2/2025 1.48%

Asset Allocation

Weighting Return Low Return High BFRNX % Rank
Bonds
99.41% 0.00% 161.82% 12.73%
Cash
4.65% -61.90% 20.29% 46.44%
Stocks
0.00% 0.00% 100.78% 91.76%
Preferred Stocks
0.00% -3.99% 6.22% 88.01%
Other
0.00% -52.39% 26.58% 89.51%
Convertible Bonds
0.00% 0.00% 5.51% 89.43%

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% 100.78% 89.89%
Non US
0.00% 0.00% 0.68% 87.27%

Bond Sector Breakdown

Weighting Return Low Return High BFRNX % Rank
Corporate
95.92% 0.00% 99.80% 17.74%
Cash & Equivalents
4.65% 0.00% 25.03% 44.19%
Derivative
0.00% -11.50% 1.00% 88.01%
Securitized
0.00% 0.00% 91.68% 92.08%
Municipal
0.00% 0.00% 0.47% 81.13%
Government
0.00% 0.00% 3.18% 86.42%

Bond Geographic Breakdown

Weighting Return Low Return High BFRNX % Rank
US
99.41% 0.00% 143.64% 10.86%
Non US
0.00% 0.00% 63.23% 92.51%

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% 59.85%
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 8.69% 0.00% 11.13% 6.91%

Dividend Distribution Analysis

BFRNX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly 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

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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