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Trending ETFs

Name

As of 03/27/2024

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

$7.72

$334 M

6.31%

$0.49

1.01%

Vitals

YTD Return

0.8%

1 yr return

6.4%

3 Yr Avg Return

0.6%

5 Yr Avg Return

N/A

Net Assets

$334 M

Holdings in Top 10

33.0%

52 WEEK LOW AND HIGH

$7.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.01%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 210.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$5,000

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

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

$7.72

$334 M

6.31%

$0.49

1.01%

MWFSX - Profile

Distributions

  • YTD Total Return 0.8%
  • 3 Yr Annualized Total Return 0.6%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 9.33%
DIVIDENDS
  • Dividend Yield 6.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Metropolitan West Flexible Income Fund
  • Fund Family Name
    MetWest Funds
  • Inception Date
    Nov 30, 2018
  • Shares Outstanding
    N/A
  • Share Class
    M
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Bryan Whalen

Fund Description

The Fund pursues its objective by utilizing a flexible investment approach that allocates investments across a range of global investment opportunities related to credit, currencies and interest rates.
The portfolio management team evaluates each investment idea based on, among other factors, the team’s view of its current income potential, risk level, capital appreciation potential, and how it fits within the Fund’s overall portfolio in determining whether to buy or sell investments. The Adviser allocates the Fund’s assets in response to, among other factors, changing market, financial, economic, and political factors and events that the Fund’s portfolio managers believe may affect the values of the Fund’s investments. The allocation of capital to sectors and securities within each sector in the Fund is driven primarily by the Adviser’s assessment of relative value offered by each sector and security, respectively.
The Adviser seeks to actively manage the Fund’s risks on an on-going basis to mitigate the risks of excessive losses by the Fund’s portfolio overall. In managing portfolio risk, the Adviser takes into consideration its view of the following factors, among others: the potential relative performance of various market sectors, security selection available within a given sector, the risk/reward equation for different asset classes, liquidity conditions in various market sectors, the shape of the yield curve and projections for changes in the yield curve, potential fluctuations in the overall level of interest rates, and current monetary and fiscal policy.
To satisfy its objective, the Fund has latitude to invest in a diversified mix of fixed income securities across a wide array of sectors, the credit quality spectrum and maturity profiles. The Fund invests, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities and instruments that generate income. These investments include securities issued in the U.S. and abroad by domestic and foreign corporations and governments, including emerging markets. The Fund may invest in both investment grade and high yield fixed income securities (commonly known as “junk bonds”), subject to investing no more than 65% of its total assets (measured at the time of investment) in securities rated below investment grade (commonly known as “junk bonds”) by Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings, Inc. (“Fitch”), or unrated securities determined by the Adviser to be of comparable quality.
The Fund may invest in securities of any maturity, and there is no limit on the weighted average maturity of the Fund’s portfolio. The Fund does not have a duration target. However, under normal circumstances, the average portfolio duration varies from zero to eight years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security to changes in interest rates.
Investments in the Fund include various types of bonds and debt securities, including corporate bonds, notes, mortgage-related and asset-backed securities (including collateralized debt obligations, which in turn include collateralized bond obligations and collateralized loan obligations), bank loans, municipal securities, U.S. and non-U.S. money market securities, defaulted debt securities, private placements and restricted securities. The Fund’s fixed income investments may have interest rates that are fixed, variable or floating. The Fund may invest up to 35% of its total assets (measured at
the time of investment) in asset-backed and mortgage-related securities rated below investment grade by Moody’s, S&P or Fitch, or, if unrated, determined by the Adviser to be of comparable quality.
The Fund may invest in foreign securities, and up to 50% of the Fund’s total assets may be invested in emerging markets and instruments that are economically tied to emerging market countries. The Fund considers emerging market countries to include all of the countries in the J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified, the J.P. Morgan Corporate Emerging Market Bond Index (CEMBI) Broad Diversified, the J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM), the MSCI Emerging Markets Index and the MSCI Frontier Markets Index. Instruments considered to be economically tied to emerging market countries are (i) those that are principally traded in an emerging market country, or (ii) those that are issued by: (a) an issuer organized under the laws of or maintaining a principal place of business in an emerging market country, (b) an issuer that derives or is expected to derive 50% or more of its total revenues, earnings or profits from business activity in an emerging market country, or that maintains or is expected to maintain 50% or more of its employees, assets, investments or operations in an emerging market country, or (c) a governmental or quasi-governmental entity of an emerging market country. The emerging market fixed-income securities in which the Fund may invest are not subject to any minimum credit quality standards, so long as the value of those investments does not cause the Fund to exceed its limits on investments in securities rated below investment grade.
The Fund normally limits its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 40% of its total assets. The Fund reserves the right to hedge its exposure to foreign currencies to reduce the risk of loss from fluctuations in currency exchange rates, but is under no obligation to do so under any circumstances.
The Fund may invest up to 20% of its total assets in a combination of convertible bonds, preferred stock, and common stock of domestic and foreign companies.
The Fund may sell securities and other instruments short provided that not more than 331/3% of its net assets is held as collateral for those transactions. Derivatives are used in an effort to hedge investments, for risk management or to increase income or gains for the Fund. The types of derivative instruments in which the Fund will principally invest are,
primarily currency and other futures, forward contracts, options, and swap agreements (typically interest rate swaps, index-linked swaps, total return swaps and credit default swaps). The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.
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MWFSX - Performance

Return Ranking - Trailing

Period MWFSX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.8% -6.5% 5.7% 72.95%
1 Yr 6.4% -9.3% 24.0% 66.31%
3 Yr 0.6%* -16.7% 18.1% 44.72%
5 Yr N/A* -13.0% 15.2% N/A
10 Yr N/A* -13.4% 6.7% N/A

* Annualized

Return Ranking - Calendar

Period MWFSX Return Category Return Low Category Return High Rank in Category (%)
2023 0.4% -12.0% 15.7% 81.48%
2022 -16.9% -31.8% 18.4% 84.65%
2021 -6.7% -26.6% 25.7% 94.61%
2020 -2.2% -49.2% 18.7% 78.27%
2019 N/A -35.1% 15.3% N/A

Total Return Ranking - Trailing

Period MWFSX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.8% -6.5% 5.7% 72.95%
1 Yr 6.4% -9.3% 24.0% 66.31%
3 Yr 0.6%* -16.7% 18.1% 44.72%
5 Yr N/A* -13.0% 15.2% N/A
10 Yr N/A* -13.4% 6.7% N/A

* Annualized

Total Return Ranking - Calendar

Period MWFSX Return Category Return Low Category Return High Rank in Category (%)
2023 9.6% -7.0% 22.2% 26.70%
2022 -8.2% -31.8% 21.1% 45.25%
2021 2.6% -13.5% 49.9% 41.50%
2020 13.8% -28.6% 24.1% 2.12%
2019 N/A -4.8% 19.1% N/A

NAV & Total Return History


MWFSX - Holdings

Concentration Analysis

MWFSX Category Low Category High MWFSX % Rank
Net Assets 334 M 2.32 M 127 B 60.62%
Number of Holdings 861 2 10577 27.77%
Net Assets in Top 10 110 M -1.57 B 65.8 B 56.75%
Weighting of Top 10 33.03% 0.7% 170.6% 41.98%

Top 10 Holdings

  1. United States Treasury Note/Bond 4.44%
  2. Fannie Mae or Freddie Mac 3.78%
  3. United States Treasury Bill 3.43%
  4. United States Treasury Bill 3.41%
  5. Fannie Mae or Freddie Mac 3.18%
  6. Fannie Mae or Freddie Mac 3.11%
  7. MSILF Government Portfolio 3.04%
  8. United States Treasury Bill 2.96%
  9. United States Treasury Bill 2.94%
  10. Fannie Mae or Freddie Mac 2.72%

Asset Allocation

Weighting Return Low Return High MWFSX % Rank
Bonds
103.34% -150.81% 203.29% 14.57%
Other
15.28% -72.32% 100.00% 18.06%
Cash
3.16% -94.66% 258.91% 54.78%
Convertible Bonds
2.00% 0.00% 33.50% 39.72%
Stocks
0.17% -1.60% 99.88% 56.15%
Preferred Stocks
0.00% 0.00% 30.46% 47.04%

Stock Sector Breakdown

Weighting Return Low Return High MWFSX % Rank
Utilities
0.00% 0.00% 100.00% 65.17%
Technology
0.00% 0.00% 28.30% 62.25%
Real Estate
0.00% 0.00% 100.00% 1.80%
Industrials
0.00% 0.00% 100.00% 72.13%
Healthcare
0.00% 0.00% 18.60% 61.80%
Financial Services
0.00% 0.00% 100.00% 76.40%
Energy
0.00% 0.00% 100.00% 82.25%
Communication Services
0.00% 0.00% 100.00% 66.29%
Consumer Defense
0.00% 0.00% 99.97% 62.02%
Consumer Cyclical
0.00% 0.00% 89.95% 69.66%
Basic Materials
0.00% 0.00% 100.00% 64.27%

Stock Geographic Breakdown

Weighting Return Low Return High MWFSX % Rank
US
0.17% -1.47% 99.88% 53.72%
Non US
0.00% -0.13% 17.73% 24.58%

Bond Sector Breakdown

Weighting Return Low Return High MWFSX % Rank
Securitized
54.39% 0.00% 99.65% 14.71%
Corporate
35.55% 0.00% 96.66% 50.23%
Cash & Equivalents
3.16% 0.00% 88.14% 44.29%
Government
2.31% 0.00% 99.43% 75.12%
Municipal
0.56% 0.00% 54.26% 19.09%
Derivative
0.10% -72.32% 37.37% 33.79%

Bond Geographic Breakdown

Weighting Return Low Return High MWFSX % Rank
US
100.78% -151.11% 203.29% 13.96%
Non US
2.56% 0.00% 67.77% 48.41%

MWFSX - Expenses

Operational Fees

MWFSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.01% 0.01% 20.67% 59.46%
Management Fee 0.45% 0.00% 2.29% 14.01%
12b-1 Fee 0.25% 0.00% 1.00% 21.91%
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

MWFSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

MWFSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 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.

MWFSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 210.00% 0.00% 632.00% 90.29%

MWFSX - Distributions

Dividend Yield Analysis

MWFSX Category Low Category High MWFSX % Rank
Dividend Yield 6.31% 0.00% 18.15% 6.17%

Dividend Distribution Analysis

MWFSX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Quarterly

Net Income Ratio Analysis

MWFSX Category Low Category High MWFSX % Rank
Net Income Ratio 9.33% -1.55% 11.51% 2.00%

Capital Gain Distribution Analysis

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

Distributions History

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MWFSX - Fund Manager Analysis

Managers

Bryan Whalen


Start Date

Tenure

Tenure Rank

Nov 30, 2018

3.5

3.5%

Bryan T. Whalen, CFA Group Managing Director U.S. Fixed Income Mr. Whalen is a Generalist Portfolio Manager in the U.S. Fixed Income Group. Mr. Whalen joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest) as co-head of the Securitized Products division. Prior to joining TCW, Mr. Whalen was a partner and co-head of MetWest's Securitized Products division. Prior to joining MetWest in 2004, he was a director in the fixed income department at Credit Suisse First Boston in New York. Previously, he was a vice president at Donaldson, Lufkin & Jenrette. Mr. Whalen earned a BA in Economics from Yale University. He is a CFA charterholder.

Laird Landmann


Start Date

Tenure

Tenure Rank

Nov 30, 2018

3.5

3.5%

Laird R. Landmann Group Managing Director Co-Director Fixed Income U.S. Fixed Income Mr. Landmann is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). Mr. Landmann currently serves on the boards of the Trust Company of the West and the Metropolitan West Mutual Funds. He is a leader of the MetWest investment team that was recognized as Morningstar's Fixed Income Manager of the Year for 2005 and has been nominated for the award eight times. Prior to founding MetWest in 1996, Mr. Landmann was a principal and the co-director of fixed income at Hotchkis and Wiley. He also served as a portfolio manager and vice president at PIMCO. Mr. Landmann holds an AB in Economics from Dartmouth College and an MBA from the University of Chicago Booth School of Business.

Stephen Kane


Start Date

Tenure

Tenure Rank

Nov 30, 2018

3.5

3.5%

Stephen M. Kane, CFA Group Managing Director U.S. Fixed Income Mr. Kane is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). At MetWest, Mr. Kane was responsible for leading MetWest's AlphaTrak, Ultra Short and Liability Driven Investment (LDI) products, and he co-manages many of the firm's mutual funds. Under his co-leadership, the MetWest investment team was recognized as Morningstar's Fixed Income Manager of the Year for 2005. Prior to establishing MetWest, he was a fixed income portfolio manager at Hotchkis and Wiley. He also served as a Vice President at PIMCO. Mr. Kane earned a BS in Business from the University of California, Berkeley and an MBA from the University of Chicago Booth School of Business.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.72 3.19