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RSFCX Victory Floating Rate C

  • Fund
  • RSFCX
  • Price as of: Dec 09, 2016
  • $9.71
  • + $0.01
  • + 0.10%
  • Category
  • Bank Loan

RSFCX - Profile

Vitals

  • YTD Return 6.9%
  • 3 Yr Annualized Return 1.6%
  • 5 Yr Annualized Return 3.6%
  • Net Assets $927 M
  • Holdings in Top 10 12.7%

52 WEEK LOW AND HIGH

$9.71
$8.76
$9.71

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.85%

SALES FEES

  • Front Load N/A
  • Deferred Load 1.00%

BROKERAGE FEES

  • Turnover 29.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$2,500

IRA

N/A

Investment Themes

CATEGORY

Bank Loan
  • Fund Type Open End Mutual Fund
  • Investment Style Bank Loan

Distributions

  • YTD Total Return 6.9%
  • 3 Yr Annualized Total Return 1.6%
  • 5 Yr Annualized Total Return 3.6%
  • Capital Gain Distribution Frequency Semi-Annually
  • Net Income Ratio 3.92%
DIVIDENDS
  • Dividend Yield 0.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Victory Floating Rate Fund
  • Fund Family Name Victory
  • Inception Date Dec 31, 2009
  • Shares Outstanding N/A
  • Share Class C
  • Currency USD
  • Domiciled Country United States
  • Manager John Blaney

Fund Description

The fund normally invests at least 80% of its net assets in floating rate loans and other floating rate investments. The sub-adviser expects that most or all of the investments held by the fund will typically be below investment grade. It may invest up to 100% of its assets in obligations of foreign issuers, including sovereign and private issuers. The fund may enter into foreign currency exchange transactions in order to hedge against adverse changes in the values of currencies in which those obligations are denominated.

RSFCX - Performance

Return Ranking - Trailing

Period RSFCX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 6.9% -0.9% 7.4% 4.76% 1
1 Yr 8.8% -1.0% 11.0% 12.80% 1
3 Yr 1.6% * -0.5% 5.5% 88.94% 5
5 Yr 3.6% * 1.2% 7.3% 84.00% 5
10 Yr N/A * 0.0% 5.7% N/A N/A

* Annualized


Return Ranking - Calendar

Period RSFCX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -7.6% -12.2% 0.0% 61.72% 5
2014 -4.9% -6.9% 0.0% 61.95% 5
2013 0.7% -1.3% 12.5% 47.16% 4
2012 4.2% 0.0% 11.2% 25.30% 2
2011 -4.4% -8.7% 0.0% 72.03% 5

Total Return Ranking - Trailing

Period RSFCX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 6.9% -0.9% 10.4% 11.43% 1
1 Yr 7.8% -1.3% 11.0% 18.96% 1
3 Yr 1.6% * -0.7% 5.5% 78.85% 4
5 Yr 3.6% * 1.2% 7.3% 77.71% 4
10 Yr N/A * 0.0% 5.7% N/A N/A

* Annualized


Total Return Ranking - Calendar

Period RSFCX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -7.6% -12.2% 2.9% 64.59% 5
2014 -4.9% -6.9% 2.9% 64.39% 5
2013 0.7% -1.3% 12.5% 54.55% 4
2012 4.2% 0.0% 16.9% 34.34% 3
2011 -4.3% -8.7% 1.6% 72.88% 5

NAV & Total Return History

RSFCX - Holdings

Filings data as of: Sep 30, 2016

Concentration Analysis

RSFCX Category Low Category High RSFCX % Rank Quintile
Net Assets 927 M 23 M 12.7 B 13.27% 3
Number of Holdings 123 59 1092 23.70% 5
Net Assets in Top 10 121 M -360 M 1.55 B 12.32% 3
Weighting of Top 10 12.7% 5.5% 232.3% 10.43% 2

Top 10 Holdings

  1. Bjs Wholesale Club Inc Second Lien 1.57%
  2. Grande Communications Networks Term Loan 1.33%
  3. Bass Pro Group Llc Term Loan B 1.31%
  4. 1011778 Bc Ultd Liability Comp Term Loan B2 1.29%
  5. Bombardier Recreational Prods Term Loan 1.27%
  6. Wmg Acquisition Corp Tranche B Refinancing Term Loa 1.24%
  7. First Data Corporation 2015 Usd Term Loan 1.21%
  8. Usi Inc Term Loan 1.19%
  9. Air Canada Term Loan 1.17%
  10. Dell Intl Llc Term Loan B 1.16%

Asset Allocation

Weighting Category Low Category High RSFCX % Rank Quintile
Bonds
89.44% -11.44% 100.04% 12.32% 3
Other
5.64% -1.14% 9.74% 9.95% 3
Cash
4.08% -0.49% 98.42% 18.48% 4
Convertible Bonds
0.84% 0.00% 1.34% 1.90% 1
Preferred Stocks
0.00% 0.00% 0.72% 5.69% 2
Stocks
0.00% 0.00% 6.19% 15.64% 4

Bond Sector Breakdown

Weighting Category Low Category High RSFCX % Rank Quintile
Corporate
89.18% 0.00% 97.87% 6.64% 2
Cash & Equivalents
4.08% -0.49% 164.55% 18.01% 4
Government
1.10% -123.27% 13.69% 3.79% 1
Securitized
0.00% 0.00% 29.03% 14.22% 3
Municipal
0.00% 0.00% 1.96% 1.90% 1
Derivative
0.00% -33.31% 41.16% 2.37% 1

Bond Geographic Breakdown

Weighting Category Low Category High RSFCX % Rank Quintile
US
75.32% -58.41% 96.17% 10.90% 2
Non US
14.12% 0.00% 84.99% 17.54% 4

RSFCX - Expenses

Operational Fees

RSFCX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 1.85% 0.56% 2.81% 6.64% 5
Management Fee 0.65% 0.15% 1.02% 4.74% 4
12b-1 Fee 1.00% 0.00% 1.00% 0.66% 4
Administrative Fee N/A 0.01% 0.40% N/A N/A

Sales Fees

RSFCX Fees (% of AUM) Category Low Category High RSFCX Rank Quintile
Front Load N/A 0.75% 5.75% N/A N/A
Deferred Load 1.00% 1.00% 5.00% 9.09% 1

Trading Fees

RSFCX Fees (% of AUM) Category Low Category High RSFCX Rank Quintile
Max Redemption Fee N/A 1.00% 2.00% N/A N/A

Turnover 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.

RSFCX Fees (% of AUM) Category Low Category High RSFCX Rank Quintile
Turnover 29.00% 5.00% 168.00% 16.59% 2

RSFCX - Distributions

Dividend Yield Analysis

RSFCX Category Low Category High RSFCX % Rank Quintile
Dividend Yield 0.4% 0.14% 1.25% 38.76% 3

Dividend Distribution Analysis

RSFCX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

RSFCX Category Low Category High RSFCX % Rank Quintile
Net Income Ratio 3.92% 1.34% 5.77% 36.49% 3

Capital Gain Distribution Analysis

RSFCX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Semi-Annually Annually Semi-Annually Annually

RSFCX - Managers

John Blaney

Manager

Start Date

May 01, 2013

Tenure

3.59

Tenure Rank

10.3%

John Blaney is a Senior Director and has been with Guardian Life since 2000. He has focused on corporate credit since 2003, and he has a particular expertise in bank loan and high yield bond analysis. Prior to 2003, he was a structured products analyst and trader. He also helps manage the fixed-income assets of Guardian Life. Prior to joining Guardian Life, John spent three years as an investment analyst at MetLife. John holds a B.S. in finance from Trenton State College and an M.B.A. from Seton Hall University. He has a Chartered Financial Analyst (CFA) designation, and he is a member of the CFA Institute and the New York Society of Security Analysts.


Kevin Booth

Manager

Start Date

Dec 31, 2009

Tenure

6.92

Tenure Rank

4.5%

Kevin has been a managing director of Guardian Life since November 2009. Within the high yield and corporate loan portfolio management team, he is responsible for issuer and security selection for the Fund, as well as industry allocations. Prior to joining Guardian Life, Kevin was a managing director at BlackRock/Merrill Lynch Investment Managers, and was co-head of BlackRock’s leveraged finance business through January 2009, specializing in portfolios consisting of leveraged bank loans, high yield bonds, and distressed obligations. He joined Merrill Lynch Investment Managers in 1991. Kevin holds a B.A. in Economics from Harpur College, SUNY Binghamton, and an M.B.A. in Finance, from New York University. Kevin is a CFA Charterholder.


Paul Gillin

Manager

Start Date

May 01, 2014

Tenure

2.59

Tenure Rank

12.7%

Paul Gillin is a senior director and co-head of the high yield and loan portfolio management group at Guardian Life. Prior to joining Guardian in 2012, Paul spent 13 years as a partner and high yield portfolio manager at Rogge Global Partners and its predecessor companies. Before that, he was vice president and portfolio manager with Saudi International Bank, where he participated in the initial development and management of collateralized bond obligation, collateralized loan obligation and leveraged high yield hedge fund products. Paul also spent seven years as a managing director and portfolio manager at AIG Investment Advisers. Prior to joining AIG, he helped launch and was the initial portfolio manager for the MainStay High Yield Fund, managed by MacKay Shields Financial. Paul holds a B.S. in business administration from Villanova University, an M.B.A. from New York University, and a Chartered Financial Analyst (CFA) designation.


Tenure Analysis

Category Low

0.1

Category High

20.3

Category Average

5.93

Category Mode

1.9