Penn Capital Floating Rate Income Inst
Name
As of 02/27/2023Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
1.2%
1 yr return
0.0%
3 Yr Avg Return
-0.9%
5 Yr Avg Return
-1.8%
Net Assets
$32.1 M
Holdings in Top 10
11.1%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.16%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 3.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$10,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 02/27/2023Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
PFRNX - Profile
Distributions
- YTD Total Return 1.2%
- 3 Yr Annualized Total Return -0.9%
- 5 Yr Annualized Total Return -1.8%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 3.13%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NamePenn Capital Floating Rate Income Fund
-
Fund Family NamePenn Capital Management
-
Inception DateNov 30, 2015
-
Shares Outstanding3485557
-
Share ClassInst
-
CurrencyUSD
-
Domiciled CountryUnited States
Fund Description
The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in floating rate senior secured loans, floating rate senior corporate debt and other floating rate senior instruments. The loans and instruments in which the Fund invests include bank loans (including covenant lite loans), bonds, and debt securities issued by various domestic and foreign entities. The Fund also invests in private placements in these types of securities. The Fund intends to invest in instruments that are U.S. dollar denominated. The Fund may invest up to 25% of its net assets in foreign debt instruments. The Fund intends to invest primarily in below-investment grade loans and instruments, including debt obligations issued by real estate investment trusts (“REITs”), bonds, notes and debentures, but may also invest in investment grade loans and instruments. Below-investment grade debt instruments (commonly called “high yield” or “junk” bonds) are those instruments rated BB+ or lower by S&P Global Ratings (“S&P”) or Fitch Ratings, Inc. (“Fitch”), or Ba1 or lower by Moody’s Investors Service, Inc. (“Moody’s”), or comparably rated by another nationally recognized statistical rating organization, or, if unrated, determined by the Advisor to be of comparable quality. The Advisor seeks to pursue a conservative (defensive) investment strategy within the high yield debt market by generally avoiding the lowest rated (i.e., riskiest) debt instruments in the high yield market. The Fund is permitted to invest in instruments of any maturity. The Fund may invest up to 10% of its net assets in subordinated loans. In addition, the Fund may have increased exposure to investments in the financials sector. The Fund also is permitted to invest in the securities of leveraged companies (i.e., companies that issue debt). The Fund also invests in other investment companies, including exchange traded funds (“ETFs”), that have investment objectives similar to the Fund’s or that otherwise are permitted investments with the Fund’s investment policies described herein.
In selecting investments for the Fund, the Advisor incorporates environmental, social, and governance-related (“ESG”) issues into its research and analysis, including, but not limited to, an assessment of the following factors: evaluation of a company's management team, board and leadership structure, share structure and overall business practices. Each investment decision incorporates ESG and sustainability to the extent that any of these ESG factors impact the financial health or reputational risk of the company within the capital markets.
The Fund’s investments in senior floating rate loans will be through syndicated loans. Syndicated loans are an extension of credit provided by a group of lenders and are structured, arranged, syndicated and administered by one or more banks. A syndicated bank loan is purchased either via “assignment” or “participation”. When a loan is purchased via assignment, the buyer is approved by the borrower and becomes the legal lender of record. When a loan is purchased via participation, the buyer receives the right to repayment but is not the legal lender of record. Most loans acquired by the Fund will be via assignment.
Loan coupons are typically “floating” rate. Floating rate securities generally pay interest at rates that adjust whenever a specified interest rate changes and/or is reset on predetermined dates (such as the last day of a month or calendar quarter). Floating rate coupons are typically set using the London Inter-Bank Offered Rate (“LIBOR”) plus the spread (i.e., the rate for such coupons will typically be a spread or margin over LIBOR). The coupon determines the periodic interest payment that the loan holder will receive. Some loans contain a “LIBOR Floor,” which sets a minimum level on which to base the calculation of the coupon. Other loans do not contain a LIBOR Floor, and those coupons typically will be the sum of the 3-month market rate of LIBOR plus the spread. Coupons usually reset quarterly based upon the prevailing LIBOR rate.
The Fund may invest in “covenant lite” loans. Certain financial institutions may define “covenant lite” loans differently. Covenant lite loans may have tranches that contain fewer or no restrictive covenants. The tranche of the covenant lite loan that has fewer restrictions typically does not include the legal clauses which allow an investor to proactively enforce financial tests or prevent or restrict undesired actions taken by the company or sponsor. Covenant lite loans also generally give the borrower/issuer more flexibility if they have met certain loan terms and provide fewer investor protections if certain criteria are breached.
The Advisor could choose to sell a particular security if, for example, it no longer satisfies specific criteria based on the quantitative and qualitative factors outlined above, or to take advantage of what the Advisor has determined to be a better investment opportunity.
PFRNX - Performance
Return Ranking - Trailing
Period | PFRNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.2% | -4.7% | 9.2% | 83.73% |
1 Yr | 0.0% | -12.8% | 10.1% | 26.69% |
3 Yr | -0.9%* | -6.7% | 58.8% | 71.48% |
5 Yr | -1.8%* | -8.7% | 29.6% | 43.36% |
10 Yr | N/A* | -5.4% | 13.8% | N/A |
* Annualized
Return Ranking - Calendar
Period | PFRNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -5.7% | -22.9% | 5.1% | 18.34% |
2022 | 0.0% | -6.3% | 5.4% | 91.52% |
2021 | -1.1% | -4.9% | 57.4% | 69.63% |
2020 | 0.8% | -2.1% | 2.4% | 39.31% |
2019 | -0.9% | -2.6% | 0.6% | 22.31% |
Total Return Ranking - Trailing
Period | PFRNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.2% | -4.7% | 8.5% | 81.29% |
1 Yr | 0.0% | -12.8% | 2.0% | 24.41% |
3 Yr | -0.9%* | -6.7% | 58.8% | 71.12% |
5 Yr | -1.8%* | -8.7% | 29.6% | 48.63% |
10 Yr | N/A* | -5.4% | 13.8% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | PFRNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -5.7% | -22.9% | 5.1% | 17.30% |
2022 | 0.0% | -6.3% | 5.4% | 91.52% |
2021 | -1.1% | -4.9% | 57.4% | 69.63% |
2020 | 0.8% | -2.1% | 2.6% | 40.84% |
2019 | -0.9% | -2.6% | 0.6% | 33.47% |
NAV & Total Return History
PFRNX - Holdings
Concentration Analysis
PFRNX | Category Low | Category High | PFRNX % Rank | |
---|---|---|---|---|
Net Assets | 32.1 M | 26.3 M | 13.1 B | 99.63% |
Number of Holdings | 144 | 12 | 1447 | 92.01% |
Net Assets in Top 10 | 3.64 M | -191 M | 2.54 B | 97.57% |
Weighting of Top 10 | 11.12% | 4.6% | 89.7% | 66.90% |
Top 10 Holdings
- RUSSELL INVESTMENT MANAGEMENT T/L B 1.49%
- RUSSELL INVESTMENT MANAGEMENT T/L B 1.49%
- RUSSELL INVESTMENT MANAGEMENT T/L B 1.49%
- RUSSELL INVESTMENT MANAGEMENT T/L B 1.49%
- RUSSELL INVESTMENT MANAGEMENT T/L B 1.49%
- RUSSELL INVESTMENT MANAGEMENT T/L B 1.49%
- RUSSELL INVESTMENT MANAGEMENT T/L B 1.49%
- RUSSELL INVESTMENT MANAGEMENT T/L B 1.49%
- RUSSELL INVESTMENT MANAGEMENT T/L B 1.49%
- RUSSELL INVESTMENT MANAGEMENT T/L B 1.49%
Asset Allocation
Weighting | Return Low | Return High | PFRNX % Rank | |
---|---|---|---|---|
Bonds | 94.27% | 28.71% | 161.82% | 38.89% |
Cash | 4.95% | -61.90% | 53.95% | 55.21% |
Convertible Bonds | 0.79% | 0.00% | 5.51% | 2.09% |
Stocks | 0.00% | 0.00% | 51.23% | 84.03% |
Preferred Stocks | 0.00% | -3.99% | 1.54% | 42.71% |
Other | 0.00% | -54.21% | 26.58% | 61.11% |
Bond Sector Breakdown
Weighting | Return Low | Return High | PFRNX % Rank | |
---|---|---|---|---|
Corporate | 93.37% | 0.00% | 141.23% | 30.66% |
Cash & Equivalents | 6.63% | 0.00% | 54.60% | 58.33% |
Derivative | 0.00% | 0.00% | 7.03% | 32.64% |
Securitized | 0.00% | 0.00% | 91.68% | 56.10% |
Municipal | 0.00% | 0.00% | 0.47% | 16.72% |
Government | 0.00% | 0.00% | 3.18% | 35.89% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | PFRNX % Rank | |
---|---|---|---|---|
US | 85.06% | 14.05% | 128.23% | 26.39% |
Non US | 9.21% | 0.00% | 84.20% | 67.01% |
PFRNX - Expenses
Operational Fees
PFRNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.16% | 0.01% | 15.84% | 47.20% |
Management Fee | 0.55% | 0.00% | 1.89% | 16.89% |
12b-1 Fee | 0.00% | 0.00% | 1.00% | 2.80% |
Administrative Fee | N/A | 0.02% | 0.27% | N/A |
Sales Fees
PFRNX 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% | 3.00% | N/A |
Trading Fees
PFRNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | 7.14% |
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.
PFRNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 3.00% | 3.00% | 215.00% | 0.36% |
PFRNX - Distributions
Dividend Yield Analysis
PFRNX | Category Low | Category High | PFRNX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 8.43% | 44.97% |
Dividend Distribution Analysis
PFRNX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Quarterly | Monthly | Monthly |
Net Income Ratio Analysis
PFRNX | Category Low | Category High | PFRNX % Rank | |
---|---|---|---|---|
Net Income Ratio | 3.13% | 1.56% | 10.22% | 75.79% |
Capital Gain Distribution Analysis
PFRNX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Nov 30, 2022 | $0.059 | OrdinaryDividend |
Oct 28, 2022 | $0.045 | OrdinaryDividend |
Sep 30, 2022 | $0.036 | OrdinaryDividend |
Aug 31, 2022 | $0.051 | OrdinaryDividend |
Jul 29, 2022 | $0.031 | OrdinaryDividend |
Jun 30, 2022 | $0.035 | OrdinaryDividend |
May 27, 2022 | $0.029 | OrdinaryDividend |
Apr 29, 2022 | $0.025 | OrdinaryDividend |
Mar 31, 2022 | $0.032 | OrdinaryDividend |
Feb 25, 2022 | $0.028 | OrdinaryDividend |
Jan 28, 2022 | $0.026 | OrdinaryDividend |
Dec 07, 2021 | $0.024 | OrdinaryDividend |
Nov 30, 2021 | $0.022 | OrdinaryDividend |
Oct 29, 2021 | $0.024 | OrdinaryDividend |
Sep 30, 2021 | $0.023 | OrdinaryDividend |
Aug 31, 2021 | $0.025 | OrdinaryDividend |
Jul 30, 2021 | $0.025 | OrdinaryDividend |
Jun 30, 2021 | $0.030 | OrdinaryDividend |
May 28, 2021 | $0.025 | OrdinaryDividend |
Apr 30, 2021 | $0.017 | OrdinaryDividend |
Mar 31, 2021 | $0.023 | OrdinaryDividend |
Feb 26, 2021 | $0.031 | OrdinaryDividend |
Jan 29, 2021 | $0.026 | OrdinaryDividend |
Dec 22, 2020 | $0.018 | OrdinaryDividend |
Nov 30, 2020 | $0.034 | OrdinaryDividend |
Oct 30, 2020 | $0.041 | OrdinaryDividend |
Sep 30, 2020 | $0.029 | OrdinaryDividend |
Aug 31, 2020 | $0.028 | OrdinaryDividend |
Jul 31, 2020 | $0.029 | OrdinaryDividend |
Jun 30, 2020 | $0.027 | OrdinaryDividend |
May 29, 2020 | $0.027 | OrdinaryDividend |
Apr 30, 2020 | $0.033 | OrdinaryDividend |
Mar 31, 2020 | $0.039 | OrdinaryDividend |
Feb 28, 2020 | $0.033 | OrdinaryDividend |
Jan 31, 2020 | $0.036 | OrdinaryDividend |
Dec 23, 2019 | $0.036 | OrdinaryDividend |
Nov 29, 2019 | $0.032 | OrdinaryDividend |
Oct 31, 2019 | $0.040 | OrdinaryDividend |
Sep 30, 2019 | $0.033 | OrdinaryDividend |
Aug 30, 2019 | $0.041 | OrdinaryDividend |
Jul 31, 2019 | $0.043 | OrdinaryDividend |
Jun 28, 2019 | $0.040 | OrdinaryDividend |
May 31, 2019 | $0.042 | OrdinaryDividend |
Apr 30, 2019 | $0.044 | OrdinaryDividend |
Mar 29, 2019 | $0.040 | OrdinaryDividend |
Feb 28, 2019 | $0.039 | OrdinaryDividend |
Jan 31, 2019 | $0.046 | OrdinaryDividend |
Dec 20, 2018 | $0.039 | OrdinaryDividend |
Nov 30, 2018 | $0.039 | OrdinaryDividend |
Oct 31, 2018 | $0.040 | OrdinaryDividend |
Oct 01, 2018 | $0.038 | OrdinaryDividend |
Sep 04, 2018 | $0.070 | OrdinaryDividend |
Aug 01, 2018 | $0.002 | OrdinaryDividend |
Jul 02, 2018 | $0.037 | OrdinaryDividend |
Jun 01, 2018 | $0.040 | OrdinaryDividend |
May 01, 2018 | $0.039 | OrdinaryDividend |
Apr 02, 2018 | $0.033 | OrdinaryDividend |
Mar 01, 2018 | $0.036 | OrdinaryDividend |
Feb 01, 2018 | $0.042 | OrdinaryDividend |
Dec 21, 2017 | $0.032 | OrdinaryDividend |
Dec 01, 2017 | $0.034 | OrdinaryDividend |
Nov 01, 2017 | $0.036 | OrdinaryDividend |
Oct 02, 2017 | $0.038 | OrdinaryDividend |
Sep 01, 2017 | $0.034 | OrdinaryDividend |
Aug 01, 2017 | $0.034 | OrdinaryDividend |
Jul 03, 2017 | $0.033 | OrdinaryDividend |
Jun 01, 2017 | $0.028 | OrdinaryDividend |
May 01, 2017 | $0.032 | OrdinaryDividend |
Apr 03, 2017 | $0.032 | OrdinaryDividend |
Mar 01, 2017 | $0.034 | OrdinaryDividend |
Feb 01, 2017 | $0.028 | OrdinaryDividend |
Dec 29, 2016 | $0.035 | OrdinaryDividend |
Dec 01, 2016 | $0.035 | OrdinaryDividend |
Nov 01, 2016 | $0.033 | OrdinaryDividend |
Oct 03, 2016 | $0.036 | OrdinaryDividend |
Sep 01, 2016 | $0.038 | OrdinaryDividend |
Aug 01, 2016 | $0.045 | OrdinaryDividend |
Jul 01, 2016 | $0.021 | OrdinaryDividend |
Jun 01, 2016 | $0.029 | OrdinaryDividend |
May 02, 2016 | $0.022 | OrdinaryDividend |
Apr 01, 2016 | $0.025 | OrdinaryDividend |
Mar 01, 2016 | $0.032 | OrdinaryDividend |