Continue to site >
Trending ETFs
You have successfully subscribed to Advisor Access. Thank you!
Help us personalize your experience.
Which type of investor describes you best?
Help us personalize your experience.
What is your AUM?
Knowing your investable assets will help us build and prioritize features that will suit your investment needs.

Congratulations on personalizing your experience.

Email is verified. Thank you!

Name

As of 01/24/2022

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

Muzinich High Income Floating Rate Fund

MZFIX | Fund

$9.99

$29.5 M

2.52%

$0.25

0.65%

Vitals

YTD Return

0.3%

1 yr return

4.5%

3 Yr Avg Return

5.5%

5 Yr Avg Return

N/A

Net Assets

$29.5 M

Holdings in Top 10

17.2%

52 WEEK LOW AND HIGH

$10.0
$9.96
$10.11

Expenses

OPERATING FEES

Expense Ratio 0.65%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 73.00%

Redemption Fee 1.00%

Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 01/24/2022

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

Muzinich High Income Floating Rate Fund

MZFIX | Fund

$9.99

$29.5 M

2.52%

$0.25

0.65%

MZFIX - Profile

Distributions

  • YTD Total Return 0.3%
  • 3 Yr Annualized Total Return 5.5%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.27%
DIVIDENDS
  • Dividend Yield 2.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Muzinich High Income Floating Rate Fund
  • Fund Family Name
    Muzinich
  • Inception Date
    Jun 29, 2018
  • Shares Outstanding
    2958841
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States

Fund Description

The Floating Rate Fund normally invests at least 80% of its net assets in floating rate bonds or loans. The Fund’s portfolio is typically well-diversified with short duration below investment grade floating rate syndicated loans and notes (i.e., loans or notes for which the portfolio’s risk from a rising interest rate environment is low because the interest rates of the holdings “float” or reset periodically) that the Advisor believes have attractive risk/reward characteristics and which are issued by U.S. and foreign corporations. The Fund typically purchases securities rated from BB+ to B- by Standard & Poor’s or Fitch, Ba1 through B3 by Moody’s, or which are deemed equivalent by the Advisor. Instruments that fall in this rating category are also known as high yield bonds (or loans) or “junk bonds.” The Fund will not be required to sell holdings that fall to a rating below this ratings parameter. Floating rate instruments in which the Fund invests may be unsecured or backed by receivables or other assets. The Fund may invest in foreign securities, of which 10% may include securities in emerging market countries. As this is a credit-focused fund, investments may also include asset-backed securities (“ABS”) including mortgage-backed securities (“MBS”) and securities backed by other forms of loans or securities. The Fund may invest in mutual funds and/or exchange-traded funds (“ETFs”) which invest in any of the previously mentioned types of fixed income securities and such investments in fixed income mutual funds and ETFs will be included in the Fund’s 80% test. The mutual funds and ETFs in which the Fund invests have an investment objective similar to that of the Fund or are otherwise permitted investments in accordance with the Fund’s investment policies described herein.
Although the Advisor will consider ratings assigned by ratings agencies in selecting high yield floating rate instruments, it relies principally on its own research and investment analysis. The Advisor selects floating rate bonds and loans based on a rigorous bottom-up evaluation of each company and each security in the Fund’s portfolio. As applicable, the Advisor considers both company-specific quantitative and qualitative factors such as: a company’s managerial strength and commitment to debt repayment, anticipated cash flow, debt maturity schedules, borrowing requirements, use of borrowing proceeds, asset coverage and earnings prospects; impacting legislation, regulation, litigation, transparency, market perspective or other environmental, social and governance (“ESG”) risks; and the strength and depth of the protections afforded the lender through the documentation governing the bond or syndicated loan issuance. The types of ESG factors that the Advisor believes can impact financial risks derive from, among other issues: changes to regulations, changes to consumer preferences, technology advancements, climate impacts, litigation risks, efficiency, brand value,
innovation, market disruption/obsolescence, respect for human rights, anti-corruption, anti-bribery matters, and social license to operate. A security may be excluded or rejected on the basis of poor ESG performance which Muzinich believes implies heightened risk and/or may result in the security being less liquid. In line with this, securities ineligible for investment by the Norges Bank Investment Management Company are also ineligible for inclusion in the Fund.
The Advisor seeks to reduce the risk to the Fund from rising interest rates, which will typically result in falling bond prices, by investing principally in securities with interest rates that reset periodically. The Advisor believes that this floating rate approach reduces the risk to the portfolio from rising interest rates.
The Fund may use derivatives in various ways. The Fund may use derivatives as a substitute for taking a long or short position in the reference asset or to gain exposure to certain asset classes; under such circumstances, the derivatives may have economic characteristics similar to those of the reference asset, and the Fund’s investment in the derivatives may be applied toward meeting a requirement to invest a certain percentage of its net assets in instruments with such characteristics. The Fund may use derivatives to hedge (or reduce) its exposure to a portfolio asset or risk. The Fund may also use derivatives to manage cash. By investing in derivatives, the Fund attempts to achieve the economic equivalence it would achieve if it were to invest directly in the underlying security.
The portfolio is actively managed and the Fund may sell a holding when it has already met or no longer meets the portfolio managers’ expectations, no longer offers compelling relative value, shows deteriorating fundamentals, or if it falls short of the portfolio managers’ expectations. Tax consequences are not a primary consideration in the Fund’s investment decisions. Although the Fund will typically not purchase bonds or loans that are already in default, the portfolio managers may decide to continue to hold a bond or loan (or related securities) after a default. There is no limit on the amount of defaulted securities the Fund may hold.
Read More

MZFIX - Performance

Return Ranking - Trailing

Period MZFIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.3% -13.4% 14.0% 11.46%
1 Yr 4.5% -5.7% 34.0% 17.61%
3 Yr 5.5%* -2.0% 8.8% 1.76%
5 Yr N/A* 0.2% 6.8% N/A
10 Yr N/A* 1.5% 7.6% N/A

* Annualized

Return Ranking - Calendar

Period MZFIX Return Category Return Low Category Return High Rank in Category (%)
2023 0.5% -16.5% 11.1% 74.07%
2022 0.3% -14.1% 289.8% 5.82%
2021 2.5% -8.1% 7.5% 59.40%
2020 N/A -12.2% 5.5% N/A
2019 N/A -4.2% 12.9% N/A

Total Return Ranking - Trailing

Period MZFIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.3% -13.4% 14.0% 11.46%
1 Yr 4.5% -8.1% 30.3% 19.94%
3 Yr 5.5%* -2.0% 10.0% 6.81%
5 Yr N/A* 0.2% 7.6% N/A
10 Yr N/A* 1.5% 7.6% N/A

* Annualized

Total Return Ranking - Calendar

Period MZFIX Return Category Return Low Category Return High Rank in Category (%)
2023 0.5% -16.5% 11.1% 74.41%
2022 0.3% -14.1% 289.8% 5.82%
2021 3.3% -8.1% 7.5% 37.22%
2020 N/A -12.2% 5.5% N/A
2019 N/A -4.2% 12.9% N/A

NAV & Total Return History

MZFIX - Holdings

Concentration Analysis

MZFIX Category Low Category High MZFIX % Rank
Net Assets 29.5 M 29.5 M 13.6 B 100.00%
Number of Holdings 137 2 1446 80.42%
Net Assets in Top 10 5.26 M -191 M 3.02 B 88.72%
Weighting of Top 10 17.16% 4.6% 91.9% 45.35%

Top 10 Holdings

  1. Rodenstock T/L B Eur 5.22%
  2. Rodenstock T/L B Eur 5.22%
  3. Rodenstock T/L B Eur 5.22%
  4. Rodenstock T/L B Eur 5.22%
  5. Rodenstock T/L B Eur 5.22%
  6. Rodenstock T/L B Eur 5.22%
  7. Rodenstock T/L B Eur 5.22%
  8. Rodenstock T/L B Eur 5.22%
  9. Rodenstock T/L B Eur 5.22%
  10. Rodenstock T/L B Eur 5.22%

Asset Allocation

Weighting Return Low Return High MZFIX % Rank
Bonds 		92.54% 0.00% 165.57% 53.41%
Cash 		7.46% -65.67% 100.00% 40.36%
Stocks 		0.00% 0.00% 51.23% 91.39%
Preferred Stocks 		0.00% 0.00% 27.05% 71.81%
Other 		0.00% -61.25% 9.50% 70.33%
Convertible Bonds 		0.00% 0.00% 3.77% 76.56%

Bond Sector Breakdown

Weighting Return Low Return High MZFIX % Rank
Corporate 		84.27% 0.00% 99.80% 75.30%
Derivative 		8.94% 0.00% 8.94% 0.30%
Cash & Equivalents 		6.80% 0.00% 100.00% 56.85%
Securitized 		0.00% 0.00% 95.20% 78.27%
Municipal 		0.00% 0.00% 0.53% 60.42%
Government 		0.00% 0.00% 9.73% 60.71%

Bond Geographic Breakdown

Weighting Return Low Return High MZFIX % Rank
US 		92.54% 0.00% 128.54% 7.72%
Non US 		0.00% 0.00% 78.89% 98.22%

MZFIX - Expenses

Operational Fees

MZFIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.65% 0.03% 7.31% 92.20%
Management Fee 0.50% 0.00% 1.89% 13.62%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.27% N/A

Sales Fees

MZFIX 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% 3.00% 78.72%

Trading Fees

MZFIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 2.00% 78.57%

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.

MZFIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 73.00% 3.00% 215.00% 58.33%

MZFIX - Distributions

Dividend Yield Analysis

MZFIX Category Low Category High MZFIX % Rank
Dividend Yield 2.52% 0.00% 9.81% 94.24%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

MZFIX Category Low Category High MZFIX % Rank
Net Income Ratio 4.27% 1.56% 10.22% 20.00%

Capital Gain Distribution Analysis

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

Distributions History

View More +

MZFIX - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
0.05 23.35 5.92 3.17

Advertisement

×

Wait! Do you know all the important aspects of mutual funds?

×

Free Advisor Access newsletter emailed to you.

Receive free and exclusive email updates for financial advisors about best performers, news, CE accredited webcasts and more.

Sign up for Advisor Access

Receive email updates about best performers, news, CE accredited webcasts and more.

Disclaimer: By registering, you agree to share your data with MutualFunds.com and opt-in to receiving occasional communications about projects and events. The contents of this form are subject to the MutualFunds.com Privacy Policy. You can unsubscribe at any time.