Catalyst/CIFC Floating Rate Income Fund
Name
As of 09/05/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
4.7%
1 yr return
7.5%
3 Yr Avg Return
3.3%
5 Yr Avg Return
3.3%
Net Assets
$391 M
Holdings in Top 10
23.8%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 2.33%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 180.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$2,500
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 09/05/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
CFRCX - Profile
Distributions
- YTD Total Return 4.7%
- 3 Yr Annualized Total Return 3.3%
- 5 Yr Annualized Total Return 3.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 2.19%
- Dividend Yield 0.2%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameCatalyst/CIFC Floating Rate Income Fund
-
Fund Family NameAlphaCentric Funds
-
Inception DateDec 31, 2012
-
Shares OutstandingN/A
-
Share ClassC
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerStan Sokolowski
Fund Description
In order to accomplish the Fund’s objective, the Fund invests in a portfolio composed mainly of senior secured corporate loans (sometimes referred to as “adjustable rate loans,” “floating rate loans” or “bank loans”). These loans hold a senior position in the capital structure and, at the time of purchase, are typically rated below investment grade. Such loans are considered to be speculative investments. The senior secured corporate loans in which the Fund invests generally are expected to bear interest at floating rate based on SOFR or such other alternative reference rate as has been adopted with respect to each loan in replacement of LIBOR. The Fund may invest in loans with financial maintenance covenants and loans that contain limited, if any, financial maintenance covenants that protect lenders (sometimes referred to as “covenant-lite” obligations). The Fund invests primarily in floating rate loans and other floating rate investments, but also may invest in other debt securities, including high yield securities (commonly referred to as “junk bonds”).
The Fund invests a majority of its assets in the securities of U.S. issuers, but may also invest in securities of non-U.S. issuers including, without limitation, securities issued by Canadian, U.K., and European corporations. The Fund has no restrictions on investment maturity. The Fund may invest in both the primary and secondary markets and may invest in secured corporate loans and other debt securities (which may be unsecured) made in connection with highly leveraged transactions, including but not limited to operating loans, leveraged buyout loans and bonds, and leveraged recapitalization loans and bonds. The Fund may also invest in debtor-in-possession loans (i.e., senior obligations issued in connection with restructuring proceedings).
Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in U.S. dollar-denominated floating rate secured loans and other floating rate debt instruments, including: floating rate bonds; floating rate notes; floating rate debentures; tranches of floating rate asset-backed securities, including structured notes, made to, or issued by, U.S. and non-U.S. corporations or other business entities; and other investment companies (including exchange traded funds) (“ETFs”) that invest primarily in floating rate assets. The Fund considers the investments of the underlying funds when determining its compliance with this 80% policy. Asset-backed securities include collateralized loan obligations (“CLOs”). The Fund may invest in senior or subordinate tranches of a CLO or other structured product. The Fund may invest up to 20% of its total assets, measured at the time of purchase, in a combination of one or more of the following types of U.S. dollar denominated investments: senior or subordinated fixed rate debt instruments, including notes and bonds, whether secured or unsecured; short-term debt obligations, repurchase agreements and cash and cash equivalents that do not otherwise qualify as floating rate debt; and other investment companies including money market funds and ETFs (other than ETFs that invest primarily in floating rate assets). Additionally, the Fund may receive equity securities from capital restructurings related to the floating rate instruments in which it invests. The Fund may sell or hold the equity securities received incidental to these investments for a period of time depending on market conditions. The Fund’s portfolio may be focused on a limited number of industries, asset classes, countries or issuers.
In constructing the Fund’s portfolio, the Fund’s sub-advisor, CIFC Investment Management LLC (the “Sub-Advisor”), uses a bottom-up approach that seeks to identify instruments that it believes are either mispriced relative to their risk or have a likelihood of near-term price appreciation. In addition, the Sub-Advisor seeks opportunities that generate income and have profit potential while managing default risk. In its assessment of individual instruments, the Sub-Advisor utilizes a disciplined approach that focuses on credit fundamentals, relative value, and active risk management. The Sub-Advisor monitors the Fund’s investments on an ongoing basis and sells an investment when the value of the investment relative to its risk profile no longer meets the Sub-Advisor’s criteria for inclusion in the portfolio or when a more attractive investment becomes available.
The Sub-Advisor also may implement a hedging strategy, when deemed appropriate to reduce risk of loss, that utilizes short sales and derivative instruments, including futures contracts, options, swap contracts, and options on futures and swap contracts. In particular, the Fund may take short positions, or obtain short exposure through derivatives, in U.S. Treasury bonds.
CFRCX - Performance
Return Ranking - Trailing
Period | CFRCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 4.7% | -3.2% | 7.9% | 84.70% |
1 Yr | 7.5% | -4.9% | 12.4% | 80.60% |
3 Yr | 3.3%* | -6.2% | 8.2% | 85.10% |
5 Yr | 3.3%* | -6.7% | 37.8% | 80.25% |
10 Yr | 2.5%* | -2.1% | 19.4% | 89.13% |
* Annualized
Return Ranking - Calendar
Period | CFRCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 3.8% | -12.0% | 11.1% | 21.19% |
2022 | -7.4% | -22.9% | 5.1% | 50.00% |
2021 | 0.6% | -12.2% | 11.1% | 73.44% |
2020 | -0.8% | -14.1% | 289.8% | 10.16% |
2019 | 4.1% | -8.1% | 7.5% | 7.95% |
Total Return Ranking - Trailing
Period | CFRCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 4.7% | -3.2% | 7.9% | 84.70% |
1 Yr | 7.5% | -4.9% | 12.4% | 80.60% |
3 Yr | 3.3%* | -6.2% | 8.2% | 85.10% |
5 Yr | 3.3%* | -6.7% | 37.8% | 80.25% |
10 Yr | 2.5%* | -2.1% | 19.4% | 89.13% |
* Annualized
Total Return Ranking - Calendar
Period | CFRCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 8.7% | -12.0% | 22.1% | 93.31% |
2022 | -3.1% | -22.9% | 5.1% | 68.70% |
2021 | 3.1% | -10.2% | 11.1% | 87.89% |
2020 | 2.8% | -14.1% | 306.9% | 25.61% |
2019 | 6.6% | -3.6% | 10.5% | 73.64% |
NAV & Total Return History
CFRCX - Holdings
Concentration Analysis
CFRCX | Category Low | Category High | CFRCX % Rank | |
---|---|---|---|---|
Net Assets | 391 M | 29.9 M | 13.5 B | 62.36% |
Number of Holdings | 363 | 2 | 1977 | 43.68% |
Net Assets in Top 10 | 110 M | -191 M | 2.43 B | 48.66% |
Weighting of Top 10 | 23.77% | 5.2% | 100.7% | 16.15% |
Top 10 Holdings
- FIRST AM-TR OB-X 11.69%
- INVESCO SENIOR L 1.93%
- RCAP TL 1L USD 1.44%
- BROPAR TL B4 1L USD 1.39%
- ADVGRO TL 1L USD 1.32%
- PUGLLC TL B 1L USD 1.24%
- GCTI TL B 1L USD 1.22%
- TIBX TL B 1L USD 1.19%
- VNTV TL B 1L USD 1.19%
- VCVHHO TL B 1L USD 1.16%
Asset Allocation
Weighting | Return Low | Return High | CFRCX % Rank | |
---|---|---|---|---|
Bonds | 96.84% | 0.00% | 161.82% | 31.42% |
Cash | 11.69% | -61.90% | 19.80% | 11.49% |
Stocks | 2.93% | 0.00% | 100.75% | 27.59% |
Preferred Stocks | 0.00% | -3.99% | 7.30% | 75.10% |
Other | 0.00% | -52.39% | 34.87% | 79.31% |
Convertible Bonds | 0.00% | 0.00% | 5.51% | 76.45% |
Stock Sector Breakdown
Weighting | Return Low | Return High | CFRCX % Rank | |
---|---|---|---|---|
Technology | 100.00% | 0.00% | 100.00% | 2.61% |
Utilities | 0.00% | 0.00% | 100.00% | 66.09% |
Real Estate | 0.00% | 0.00% | 48.61% | 57.39% |
Industrials | 0.00% | 0.00% | 100.00% | 79.13% |
Healthcare | 0.00% | 0.00% | 100.00% | 57.39% |
Financial Services | 0.00% | 0.00% | 89.61% | 58.26% |
Energy | 0.00% | 0.00% | 100.00% | 82.61% |
Communication Services | 0.00% | 0.00% | 100.00% | 84.35% |
Consumer Defense | 0.00% | 0.00% | 100.00% | 66.96% |
Consumer Cyclical | 0.00% | 0.00% | 97.66% | 71.30% |
Basic Materials | 0.00% | 0.00% | 1.36% | 57.39% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | CFRCX % Rank | |
---|---|---|---|---|
US | 2.93% | -0.01% | 100.75% | 25.67% |
Non US | 0.00% | 0.00% | 0.68% | 68.20% |
Bond Sector Breakdown
Weighting | Return Low | Return High | CFRCX % Rank | |
---|---|---|---|---|
Corporate | 84.89% | 0.00% | 99.80% | 76.83% |
Cash & Equivalents | 11.69% | 0.00% | 25.03% | 8.05% |
Securitized | 6.06% | 0.00% | 91.68% | 8.49% |
Derivative | 0.00% | -10.96% | 0.85% | 72.03% |
Municipal | 0.00% | 0.00% | 0.47% | 62.55% |
Government | 0.00% | 0.00% | 3.18% | 69.88% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | CFRCX % Rank | |
---|---|---|---|---|
US | 96.84% | 0.00% | 123.41% | 21.84% |
Non US | 0.00% | 0.00% | 63.23% | 78.93% |
CFRCX - Expenses
Operational Fees
CFRCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.33% | 0.03% | 5.51% | 13.43% |
Management Fee | 1.00% | 0.00% | 1.89% | 90.30% |
12b-1 Fee | 1.00% | 0.00% | 1.00% | 87.50% |
Administrative Fee | N/A | 0.02% | 0.27% | 67.14% |
Sales Fees
CFRCX 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% | 60.00% |
Trading Fees
CFRCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
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.
CFRCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 180.00% | 4.00% | 180.00% | 100.00% |
CFRCX - Distributions
Dividend Yield Analysis
CFRCX | Category Low | Category High | CFRCX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.23% | 0.00% | 11.13% | 88.10% |
Dividend Distribution Analysis
CFRCX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
CFRCX | Category Low | Category High | CFRCX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.19% | 1.77% | 9.82% | 97.66% |
Capital Gain Distribution Analysis
CFRCX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Aug 30, 2024 | $0.002 | OrdinaryDividend |
Jul 31, 2024 | $0.064 | OrdinaryDividend |
Mar 28, 2024 | $0.053 | OrdinaryDividend |
Feb 29, 2024 | $0.057 | OrdinaryDividend |
Jan 31, 2024 | $0.062 | OrdinaryDividend |
Dec 29, 2023 | $0.002 | OrdinaryDividend |
Nov 30, 2023 | $0.057 | OrdinaryDividend |
Oct 31, 2023 | $0.061 | OrdinaryDividend |
Sep 29, 2023 | $0.056 | OrdinaryDividend |
Aug 31, 2023 | $0.002 | OrdinaryDividend |
Jul 31, 2023 | $0.056 | OrdinaryDividend |
Jun 30, 2023 | $0.002 | OrdinaryDividend |
May 31, 2023 | $0.002 | OrdinaryDividend |
Apr 28, 2023 | $0.055 | OrdinaryDividend |
Mar 31, 2023 | $0.058 | OrdinaryDividend |
Feb 28, 2023 | $0.002 | OrdinaryDividend |
Jan 31, 2023 | $0.002 | OrdinaryDividend |
Dec 30, 2022 | $0.060 | OrdinaryDividend |
Nov 30, 2022 | $0.045 | OrdinaryDividend |
Oct 31, 2022 | $0.043 | OrdinaryDividend |
Sep 30, 2022 | $0.038 | OrdinaryDividend |
Aug 31, 2022 | $0.038 | OrdinaryDividend |
Jul 29, 2022 | $0.031 | OrdinaryDividend |
Jun 30, 2022 | $0.025 | OrdinaryDividend |
May 31, 2022 | $0.026 | OrdinaryDividend |
Apr 30, 2022 | $0.022 | OrdinaryDividend |
Mar 31, 2022 | $0.022 | OrdinaryDividend |
Feb 28, 2022 | $0.020 | OrdinaryDividend |
Jan 31, 2022 | $0.022 | OrdinaryDividend |
Dec 31, 2021 | $0.019 | OrdinaryDividend |
Nov 30, 2021 | $0.019 | OrdinaryDividend |
Oct 29, 2021 | $0.016 | OrdinaryDividend |
Sep 30, 2021 | $0.019 | OrdinaryDividend |
Aug 31, 2021 | $0.018 | OrdinaryDividend |
Jul 30, 2021 | $0.019 | OrdinaryDividend |
Jun 30, 2021 | $0.019 | OrdinaryDividend |
May 26, 2021 | $0.001 | OrdinaryDividend |
Apr 30, 2021 | $0.021 | OrdinaryDividend |
Mar 31, 2021 | $0.024 | OrdinaryDividend |
Feb 26, 2021 | $0.017 | OrdinaryDividend |
Jan 29, 2021 | $0.022 | OrdinaryDividend |
Dec 31, 2020 | $0.023 | OrdinaryDividend |
Nov 30, 2020 | $0.022 | OrdinaryDividend |
Oct 30, 2020 | $0.016 | OrdinaryDividend |
Sep 30, 2020 | $0.012 | OrdinaryDividend |
Aug 31, 2020 | $0.020 | OrdinaryDividend |
Jul 31, 2020 | $0.025 | OrdinaryDividend |
Jun 30, 2020 | $0.027 | OrdinaryDividend |
May 29, 2020 | $0.024 | OrdinaryDividend |
Apr 30, 2020 | $0.029 | OrdinaryDividend |
Mar 31, 2020 | $0.029 | OrdinaryDividend |
Feb 28, 2020 | $0.023 | OrdinaryDividend |
Jan 31, 2020 | $0.030 | OrdinaryDividend |
Dec 31, 2019 | $0.051 | OrdinaryDividend |
Nov 29, 2019 | $0.025 | OrdinaryDividend |
Oct 31, 2019 | $0.039 | OrdinaryDividend |
Sep 30, 2019 | $0.034 | OrdinaryDividend |
Aug 30, 2019 | $0.035 | OrdinaryDividend |
Jul 31, 2019 | $0.040 | OrdinaryDividend |
Dec 28, 2018 | $0.027 | OrdinaryDividend |
Nov 29, 2018 | $0.025 | OrdinaryDividend |
Oct 30, 2018 | $0.040 | OrdinaryDividend |
Sep 27, 2018 | $0.021 | OrdinaryDividend |
Aug 30, 2018 | $0.014 | OrdinaryDividend |
Jul 30, 2018 | $0.028 | OrdinaryDividend |
Jun 28, 2018 | $0.026 | OrdinaryDividend |
May 30, 2018 | $0.020 | OrdinaryDividend |
Apr 27, 2018 | $0.026 | OrdinaryDividend |
Mar 28, 2018 | $0.023 | OrdinaryDividend |
Feb 27, 2018 | $0.026 | OrdinaryDividend |
Jan 30, 2018 | $0.024 | OrdinaryDividend |
Dec 28, 2017 | $0.024 | OrdinaryDividend |
Nov 29, 2017 | $0.045 | OrdinaryDividend |
Oct 30, 2017 | $0.020 | OrdinaryDividend |
Sep 28, 2017 | $0.023 | OrdinaryDividend |
Aug 30, 2017 | $0.031 | OrdinaryDividend |
Jul 28, 2017 | $0.032 | OrdinaryDividend |
Jun 29, 2017 | $0.032 | OrdinaryDividend |
May 30, 2017 | $0.029 | OrdinaryDividend |
Apr 27, 2017 | $0.021 | OrdinaryDividend |
Mar 30, 2017 | $0.033 | OrdinaryDividend |
Feb 27, 2017 | $0.017 | OrdinaryDividend |
Jan 30, 2017 | $0.030 | OrdinaryDividend |
Dec 29, 2016 | $0.022 | OrdinaryDividend |
Nov 29, 2016 | $0.017 | OrdinaryDividend |
Oct 28, 2016 | $0.015 | OrdinaryDividend |
Sep 29, 2016 | $0.025 | OrdinaryDividend |
Aug 30, 2016 | $0.039 | OrdinaryDividend |
Jul 28, 2016 | $0.029 | OrdinaryDividend |
Jun 29, 2016 | $0.035 | OrdinaryDividend |
May 27, 2016 | $0.040 | OrdinaryDividend |
Apr 28, 2016 | $0.064 | OrdinaryDividend |
Mar 30, 2016 | $0.049 | OrdinaryDividend |
Feb 26, 2016 | $0.055 | OrdinaryDividend |
Jan 28, 2016 | $0.055 | OrdinaryDividend |
Dec 30, 2015 | $0.031 | OrdinaryDividend |
Nov 27, 2015 | $0.046 | OrdinaryDividend |
Oct 29, 2015 | $0.041 | OrdinaryDividend |
Sep 29, 2015 | $0.036 | OrdinaryDividend |
Aug 28, 2015 | $0.036 | OrdinaryDividend |
Jul 30, 2015 | $0.038 | OrdinaryDividend |
Jun 29, 2015 | $0.038 | OrdinaryDividend |
May 28, 2015 | $0.040 | OrdinaryDividend |
Apr 29, 2015 | $0.040 | OrdinaryDividend |
Mar 30, 2015 | $0.035 | OrdinaryDividend |
Feb 26, 2015 | $0.045 | OrdinaryDividend |
Jan 29, 2015 | $0.039 | OrdinaryDividend |
Dec 30, 2014 | $0.038 | OrdinaryDividend |
Dec 18, 2014 | $0.012 | CapitalGainShortTerm |
Dec 18, 2014 | $0.000 | CapitalGainLongTerm |
Nov 26, 2014 | $0.029 | OrdinaryDividend |
Oct 30, 2014 | $0.046 | OrdinaryDividend |
Sep 29, 2014 | $0.036 | OrdinaryDividend |
Aug 28, 2014 | $0.031 | OrdinaryDividend |
Jul 30, 2014 | $0.031 | OrdinaryDividend |
Jun 27, 2014 | $0.031 | OrdinaryDividend |
May 29, 2014 | $0.031 | OrdinaryDividend |
Apr 29, 2014 | $0.033 | OrdinaryDividend |
Mar 28, 2014 | $0.033 | OrdinaryDividend |
Feb 27, 2014 | $0.021 | OrdinaryDividend |
Jan 30, 2014 | $0.021 | OrdinaryDividend |
Dec 30, 2013 | $0.024 | OrdinaryDividend |
Dec 18, 2013 | $0.003 | CapitalGainShortTerm |
Nov 27, 2013 | $0.026 | OrdinaryDividend |
Oct 30, 2013 | $0.039 | OrdinaryDividend |
Sep 27, 2013 | $0.019 | OrdinaryDividend |
Aug 29, 2013 | $0.036 | OrdinaryDividend |
Jul 30, 2013 | $0.033 | OrdinaryDividend |
Jun 27, 2013 | $0.032 | OrdinaryDividend |
May 30, 2013 | $0.019 | OrdinaryDividend |
Apr 29, 2013 | $0.025 | OrdinaryDividend |
Mar 27, 2013 | $0.016 | OrdinaryDividend |
Feb 27, 2013 | $0.022 | OrdinaryDividend |
Jan 30, 2013 | $0.021 | OrdinaryDividend |
CFRCX - Fund Manager Analysis
Managers
Stan Sokolowski
Start Date
Tenure
Tenure Rank
Aug 01, 2018
3.83
3.8%
Mr. Sokolowski joined CIFC in 2012. Prior to joining CIFC, Mr. Sokolowski was a credit portfolio manager and trader with Lucidus Capital Partners, a credit trading firm that was spun out of Caxton Associates in 2011. Preceding Lucidus, Mr. Sokolowski was a portfolio manager at Caxton. Before joining Caxton in 2006, Mr. Sokolowski was a Managing Director with JPMorgan (“JPM”) where he founded and managed the European par and distressed loan trading business in London. Mr. Sokolowski joined Manufacturers Hanover in 1991 and completed Chemical Bank’s MBA Capital Markets and Credit Training Program in 1994. He held various positions in New York and London throughout the Capital Markets, Sales and Trading, Investment Banking and Emerging Markets businesses of JPM’s predecessor organizations. Mr. Sokolowski has invested across the spectrum of credit including high yield to investment grade as well as distressed / stressed credit, fixed / floating rate instruments, bonds & loans and CDS / index products. Mr. Sokolowski holds a B.A. in Finance from Michigan State University.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.09 | 21.18 | 6.08 | 3.25 |