Fund Name |
Daily NAV1 |
Daily1 |
MTD1 |
YTD1 |
3-mo2 |
1-yr |
3-yr |
5-yr |
10-yr3 |
Since Inc3 |
Net |
Gross |
MetWest Floating Rate Income Fund I
[Inception Date: 06/28/2013]
|
$9.93 |
0.13% |
0.67% |
7.19% |
0.70% |
4.41% |
3.77% |
3.47% |
- |
3.79% |
0.70% |
0.71% |
MetWest Floating Rate Income Fund M
[Inception Date: 06/28/2013]
|
$9.93 |
0.03% |
0.67% |
6.88% |
0.55% |
4.10% |
3.56% |
3.27% |
- |
3.59% |
0.90% |
1.03% |
S&P/LSTA Leveraged Loan Index |
- |
- |
- |
- |
0.60% |
4.21% |
4.20% |
3.85% |
- |
3.91% |
- |
- |
S&P/LSTA Leveraged Loan Index |
- |
- |
- |
- |
0.60% |
4.21% |
4.20% |
3.85% |
- |
3.91% |
- |
- |
1 as of 12/13/19 (updated daily)
2 Performance as of 11/30/2019 (updated monthly)
3 Returns include the performance of the predecessor limited partnership for periods
before the Fund’s registration became effective. The predecessor limited partnership
was not registered under the Investment Company Act of 1940 (“1940 Act”) and
therefore was not subject to certain investment restrictions imposed by the 1940 Act.
If the limited partnership had been registered under the 1940 Act, its performance
may have been adversely affected.
Click here for detailed Quarterly/Monthly Performance
Investment Objective
The Floating Rate Income Fund (the “Fund”) seeks primarily to maximize current income, with a secondary objective of longterm capital appreciation.
Investment Approach
The Fund normally invests at least 80% of its net assets, which includes borrowings for investment purposes, in floating rate investments and in investments that are the economic equivalent of floating rate investments. We expect the Fund’s portfolio of these investments to produce a floating rate of income over time. These investments may include, but are not limited to, any combination of the following items: (i) senior secured floating rate loans or debt; (ii) second lien or other subordinated or unsecured floating rate loans or debt; (iii) fixed-rate loans or debt, such as corporate bonds, preferred securities, convertible securities, mezzanine investments, collateralized loan obligations, senior loans, second lien loans, structured products and U.S. government debt securities, with respect to which the Fund has entered into derivative instruments that have the effect of converting the fixed-rate interest payments into floating-rate interest payments; and (iv) writing credit derivatives, which would give the Fund exposure to the credit of a single issuer or an index. The market value of written credit derivatives would count toward the 80% test specified above. The Fund may also purchase, without limitation, participations or assignments in senior floating rate loans or second lien floating rate loans. Debt instruments include convertible or preferred securities that produce income.
The portfolio managers may consider many factors in purchasing and selling investments for the Fund, such as a fundamental analysis of the issuer, the credit quality of the issuer and collateral for the investment, capital structure, leverage, operating results for the issuer and the business outlook for the issuer, industry or broader economy.
The Fund’s investments may have any credit quality without limitation, including investments rated below investment grade. Under current market conditions, a substantial portion of the Fund’s portfolio will consist of leveraged loans rated below investment grade or unrated. These investments will have credit risks similar to high yield securities, which are commonly referred to as “junk bonds.”
The Fund may invest up to 20% of its assets in fixed income securities with respect to which the Fund has not entered into derivative instruments to effectively convert the fixed-rate interest payments into floating-rate interest payments. Those fixed income securities may include, but are not limited to, corporate bonds, preferred securities, convertible securities, mezzanine investments, collateralized loan obligations, senior loans, second lien loans, structured products and U.S. government debt securities.
The Fund’s portfolio securities may have any duration or maturity.
The Fund may invest in securities of foreign issuers, including issuers located in emerging markets. Under normal conditions, the Fund will invest at least 80% of its net assets in loans and other securities of U.S. issuers or issuers with their primary operations, assets or management activities in the U.S. (including limited purpose controlled affiliates outside of the U.S. that borrow or issue securities primarily for the benefit of their U.S. parent companies or affiliates).
Up to 15% of the Fund’s net assets may be invested in illiquid securities.
The Fund may also invest in companies whose financial condition is uncertain, where the borrower has defaulted in the payment of interest or principal or in the performance of its covenants or agreements, or that may be involved in bankruptcy proceedings, reorganizations or financial restructurings.
The Fund may invest up to 10% of its net assets in common stocks or other equity securities. In addition, the Fund may acquire and hold those securities (or rights to acquire such securities) in unit offerings with fixed income securities, in connection with an amendment, waiver, conversion or exchange of fixed income securities, in connection with the bankruptcy or workout of a distressed fixed income security, or upon the exercise of a right or warrant obtained on account of a fixed income security. The Fund may buy or sell options or futures on a security or an index of securities, buy or sell options on futures or enter into credit default swaps and interest rate or foreign currency transactions, including swaps and forward contracts (which are commonly known as derivatives). The Fund may use derivatives for hedging purposes, but is not required to do so, as well as to increase the total return on its portfolio investments.
Performance Returns
as of 11/30/2019 (updated monthly)
Sector Value (%)
|
Portfolio |
Credit |
93.17 |
Cash and Equivalents |
6.80 |
Other |
0.03 |
Asset Backed |
0.00 |
Government |
0.00 |
Mortgage Backed |
0.00 |
as of 11/30/2019 (updated monthly)
Legal Disclosures