FRFNX: First Investors Floating Rate Instl

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FRFNX First Investors Floating Rate Instl


Profile

FRFNX - Profile

Vitals

  • YTD Return -5.5%
  • 3 Yr Annualized Return -2.2%
  • 5 Yr Annualized Return -1.5%
  • Net Assets $65.5 M
  • Holdings in Top 10 21.1%

52 WEEK LOW AND HIGH

$9.04
$7.84
$9.64

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.90%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 49.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $0
  • IRA N/A

Fund Classification


Distributions

  • YTD Total Return -5.5%
  • 3 Yr Annualized Total Return -2.2%
  • 5 Yr Annualized Total Return -1.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.17%
DIVIDENDS
  • Dividend Yield 0.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Delaware Floating Rate II Fund
  • Fund Family Name
    First Investors
  • Inception Date
    Oct 18, 2013
  • Shares Outstanding
    N/A
  • Share Class
    Retirement
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Adam Brown

Fund Description

Under normal circumstances, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in floating rate loans and/or bonds (80% policy). Floating rate loans represent amounts borrowed by companies or other entities from banks and other lenders, which have interest rates that reset periodically (typically annually or more frequently). The interest rates on floating rate loans are generally based on a percentage above a U.S. bank's prime or base rate, the overnight federal funds rate, or another rate.


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Categories

Performance

FRFNX - Performance

Return Ranking - Trailing

Period FRFNX Return Category Return Low Category Return High Rank in Category (%)
YTD -5.5% -100.0% 0.0% 9.27%
1 Yr -5.6% -100.0% 0.1% 10.08%
3 Yr -2.2%* -8.4% -0.4% 7.62%
5 Yr -1.5%* -6.1% -0.3% 6.77%
10 Yr N/A* -2.2% 0.2% N/A

* Annualized

Return Ranking - Calendar

Period FRFNX Return Category Return Low Category Return High Rank in Category (%)
2019 2.6% -8.1% 5.7% 50.59%
2018 -3.4% -12.2% 0.1% 7.14%
2017 -0.2% -2.7% 2.5% 43.32%
2016 3.0% -0.4% 12.9% 84.31%
2015 -2.6% -12.5% -0.8% 9.52%

Total Return Ranking - Trailing

Period FRFNX Return Category Return Low Category Return High Rank in Category (%)
YTD -5.5% -100.0% 0.0% 9.27%
1 Yr -5.6% -100.0% 0.1% 10.08%
3 Yr -2.2%* -8.4% 1.2% 15.70%
5 Yr -1.5%* -6.1% 1.3% 19.27%
10 Yr N/A* -2.2% 2.1% N/A

* Annualized

Total Return Ranking - Calendar

Period FRFNX Return Category Return Low Category Return High Rank in Category (%)
2019 2.6% -8.1% 5.7% 50.99%
2018 -3.4% -12.2% 2.5% 16.81%
2017 -0.2% -2.5% 7.2% 54.84%
2016 3.0% -0.1% 12.9% 87.75%
2015 -2.6% -12.5% 1.6% 17.99%

NAV & Total Return History


Holdings

FRFNX - Holdings

Concentration Analysis

FRFNX Category Low Category High FRFNX % Rank
Net Assets 65.5 M 10.5 M 7.47 B 93.00%
Number of Holdings 101 5 1111 95.79%
Net Assets in Top 10 13.9 M -99.6 M 1.27 B 88.12%
Weighting of Top 10 21.09% 6.6% 95.6% 9.20%

Top 10 Holdings

  1. Vistra Energy Term Loan B3 2.73%
  2. Vistra Energy Term Loan B3 2.73%
  3. Ss&C Technologies Term Loan B5 2.16%
  4. Ss&C Technologies Term Loan B5 2.16%
  5. Ultimate Software Term Loan 2.14%
  6. Hd Supply Term Loan B5 2.14%
  7. Jbs Usa Term Loan B 2.14%
  8. Ultimate Software Term Loan 2.14%
  9. Hd Supply Term Loan B5 2.14%
  10. Jbs Usa Term Loan B 2.14%

Asset Allocation

Weighting Return Low Return High FRFNX % Rank
Bonds
98.37% 81.88% 151.17% 11.88%
Cash
1.09% -51.25% 15.44% 85.82%
Other
0.28% -51.57% 8.58% 30.27%
Convertible Bonds
0.26% 0.00% 5.05% 9.96%
Stocks
0.00% 0.00% 4.61% 72.41%
Preferred Stocks
0.00% 0.00% 11.31% 18.01%

Bond Sector Breakdown

Weighting Return Low Return High FRFNX % Rank
Corporate
97.64% 0.00% 99.87% 16.09%
Securitized
1.27% 0.00% 99.61% 30.27%
Cash & Equivalents
1.09% 0.00% 69.22% 87.74%
Derivative
0.00% 0.00% 21.73% 19.16%
Municipal
0.00% 0.00% 99.98% 16.86%
Government
0.00% 0.00% 94.61% 18.39%

Bond Geographic Breakdown

Weighting Return Low Return High FRFNX % Rank
US
98.24% 42.97% 139.57% 3.83%
Non US
0.13% 0.00% 105.43% 95.02%

Expenses

FRFNX - Expenses

Operational Fees

FRFNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.90% 0.01% 27.10% 64.23%
Management Fee 0.50% 0.00% 1.00% 14.29%
12b-1 Fee N/A 0.00% 1.00% 7.84%
Administrative Fee N/A 0.03% 0.40% N/A

Sales Fees

FRFNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.75% 5.00% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

FRFNX 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.

FRFNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 49.00% 5.00% 209.00% 52.49%

Distributions

FRFNX - Distributions

Dividend Yield Analysis

FRFNX Category Low Category High FRFNX % Rank
Dividend Yield 0.55% 0.00% 4.03% 12.31%

Dividend Distribution Analysis

FRFNX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

FRFNX Category Low Category High FRFNX % Rank
Net Income Ratio 3.17% 1.49% 10.03% 94.62%

Capital Gain Distribution Analysis

FRFNX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Dividend Payout History

View More +

Fund Manager Analysis

FRFNX - Fund Manager Analysis

Managers

Adam Brown


Start Date

Tenure

Tenure Rank

Oct 04, 2019

0.57

0.6%

Adam H. Brown, CFA , is a senior portfolio manager on the Macquarie Investment Management Business Trust. He manages the bank loan portfolios and is a co-portfolio manager for the high yield, fixed rate multisector, and core plus strategies. Brown joined Macquarie Investment Management (MIM), which includes the former Delaware Investments, in April 2011 as part of the firm’s integration of Macquarie Four Corners Capital Management, where he had worked since 2002. At Four Corners, he was a co-portfolio manager on four collateralized loan obligations (CLOs) and a senior research analyst supporting noninvestment grade portfolios. Before that, Brown was with the predecessor of Wells Fargo Securities, where he worked in the leveraged finance group arranging senior secured bank loans and high yield bond financings for financial sponsors and corporate issuers. He earned a bachelor’s degree in accounting from the University of Florida and an MBA from the A.B. Freeman School of Business at Tulane University.

John McCarthy


Start Date

Tenure

Tenure Rank

Oct 04, 2019

0.57

0.6%

John P. McCarthy is a senior portfolio manager for Delaware Management Company's high yield strategies, a role he assumed in July 2016. He is also co-head of credit research on the firm’s taxable fixed income team. McCarthy rejoined Delaware Investments in March 2007 as a senior research analyst after he worked in the firm’s fixed income area from 1990 to 2000 as a senior high yield analyst and high yield trader, and from 2001 to 2002 as a municipal bond trader. Prior to rejoining Delaware Investments, he was a senior high yield analyst/trader at Chartwell Investment Partners. McCarthy earned a bachelor’s degree in business administration from Babson College, and he is a member of the CFA Society of Philadelphia.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 16.44 5.27 2.59