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Trending ETFs

Name

As of 03/26/2024

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

$8.12

$197 M

10.25%

$0.83

0.99%

Vitals

YTD Return

1.2%

1 yr return

10.1%

3 Yr Avg Return

3.0%

5 Yr Avg Return

2.7%

Net Assets

$197 M

Holdings in Top 10

29.0%

52 WEEK LOW AND HIGH

$8.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.99%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 75.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$250,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

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

$8.12

$197 M

10.25%

$0.83

0.99%

SPFLX - Profile

Distributions

  • YTD Total Return 1.2%
  • 3 Yr Annualized Total Return 3.0%
  • 5 Yr Annualized Total Return 2.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.06%
DIVIDENDS
  • Dividend Yield 10.2%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    American Beacon FEAC Floating Rate Income Fund
  • Fund Family Name
    American Beacon
  • Inception Date
    Dec 03, 2012
  • Shares Outstanding
    N/A
  • Share Class
    R5
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Stephen Ketchum

Fund Description

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in income-producing floating-rate loans and other floating-rate debt securities, which may include bonds, notes and debentures issued by corporations, and debt securities issued or guaranteed by the U.S. government or one of its agencies or instrumentalities.
The Fund invests primarily in U.S. dollar-denominated senior secured floating rate corporate loans made by banks and other large financial institutions to various domestic companies. To a lesser extent, the Fund may invest in loans made to foreign companies as well. Floating rate loans are generally senior in the borrowing companies’ capital structures and are typically wholly or partially secured by assets of the borrowing company. Such obligations are primarily below investment grade quality (commonly referred to as “high yield” or “junk” quality obligations) and have below investment grade credit ratings or may be unrated but deemed by the sub-advisor to be of equivalent quality. Credit investments rated below investment grade are generally regarded as having speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. The Fund may also invest in fixed-rate debt securities, which may be unsecured, collateralized loan obligations and exchange-traded funds in an attempt to create a portfolio with an optimal blend of eligible instruments. The Fund may enter into, or acquire participations in, delayed funding loans and revolving credit facilities.
A significant portion of the Fund’s investments may be unregistered, restricted as to their resale, and may trade in decentralized markets. Additionally, most floating rate loans in the Fund may be considered “covenant-lite” based on the types of lender protections and borrower obligations in the loan agreements.
The sub-advisor utilizes a combination of top-down and bottom-up research-intensive approaches to achieve the Fund’s objective by identifying fundamentally attractive investments which offer relative value and which pay interest at variable rates based on leading indices, such as the Secured Overnight Financing Rate (“SOFR”), among others, with or without a floor plus a fixed spread. The sub-advisor’s top-down approach includes seeking to establish industry weights by understanding the variables affecting each industry and, therefore, the economy as a whole. The bottom-up approach utilizes the sub-advisor’s proprietary credit technology to analyze quantitative information about all potential investments, combined with fundamental qualitative analysis. The sub-advisor seeks to invest a significant portion of the Fund’s assets in loans that offer attractive relative value, with smaller portions invested in loans deemed likely to outperform the broader market in the near term and in loans that the sub-advisor believes will be driven by specific catalysts and are opportunities for the sub-advisor to take a high-conviction position.
The sub-advisor’s investment process also incorporates the sub-advisor’s environmental, social, and/or governance (“ESG”) analysis as a consideration in the assessment of existing and potential investments, which may assist in more discretely identifying certain investment risks and opportunities that may not be apparent absent such consideration. Such analysis can include the review of the composition of company boards, trends in diversity statistics, employee turnover, emissions statistics, energy utilization, waste output statistics, and business interruption policies and procedures. The sub-advisor’s research team also reviews  ESG data specific to certain industries, such as the existence of anti-money-laundering and other regulatory violations for casino and gaming companies, or environmental non-compliance violations for manufacturing and industrial companies. Importantly, ESG information is just one investment consideration, and ESG considerations are considered along with traditional credit assessment considerations and are not solely determinative in any investment decision made by the sub-advisor. In addition, the sub-advisor does not use  ESG considerations to limit, restrict or otherwise exclude companies or sectors from the Fund’s investment universe. The sub-advisor may use ESG research and/or ratings information provided by one or more third parties in performing this analysis and considering ESG risks.
In managing the Fund, the sub-advisor seeks to invest in a portfolio of floating rate loans that it believes will be less volatile over time than the general loan market. The Fund invests in securities without regard to maturity or duration and may invest in obligations of companies of all sizes. The Fund has a target investment life cycle of 18 to 24 months and does not employ a “buy-and-hold” strategy. The sub-advisor generally sells a security when it believes its projected future return becomes unattractive relative to the rest of the portfolio or the investable universe.
The coupons on floating rate loans and other floating-rate debt securities are not fixed and may fluctuate based upon changes in market rates. As short-term interest rates increase, interest payable to the Fund may lag behind the increases in market rates or may have limits on the maximum increases in interest rates. As short-term interest rates decline, interest payable to the Fund typically decreases. Floating rate loans typically have mandatory and optional prepayment provisions (also referred to as “calls”). Because of prepayments or calls, the actual remaining maturity of a loan may be considerably less than its stated maturity, and if a floating rate loan is prepaid, the Fund will have to reinvest the proceeds in other loans or instruments which may have lower spreads over their applicable reference rates. In such a case, the amount of interest paid to the Fund would likely decrease.
The Fund may invest a portion of its assets in cash, cash equivalents or other high-quality fixed-income securities in such amounts as the sub-advisor deems appropriate, including when the sub-advisor believes the Fund needs to retain cash. The Fund may invest cash balances in a government money market fund advised by the Manager, with respect to which the Manager receives a management fee. Any such instruments held by the Fund for cash management or defensive investing purposes can fluctuate in value.
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SPFLX - Performance

Return Ranking - Trailing

Period SPFLX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.2% -0.8% 5.5% 90.15%
1 Yr 10.1% -5.7% 33.5% 81.44%
3 Yr 3.0%* -5.5% 9.2% 82.00%
5 Yr 2.7%* -6.6% 37.5% 85.53%
10 Yr N/A* -1.9% 19.3% N/A

* Annualized

Return Ranking - Calendar

Period SPFLX Return Category Return Low Category Return High Rank in Category (%)
2023 -0.1% -12.0% 17.3% 96.97%
2022 -11.1% -22.9% 5.1% 88.72%
2021 1.2% -12.2% 12.0% 35.86%
2020 -5.2% -14.1% 289.8% 83.75%
2019 -2.3% -8.1% 14.6% 95.69%

Total Return Ranking - Trailing

Period SPFLX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.2% -0.8% 5.5% 90.15%
1 Yr 10.1% -5.7% 33.5% 81.44%
3 Yr 3.0%* -5.5% 9.2% 82.00%
5 Yr 2.7%* -6.6% 37.5% 85.53%
10 Yr N/A* -1.9% 19.3% N/A

* Annualized

Total Return Ranking - Calendar

Period SPFLX Return Category Return Low Category Return High Rank in Category (%)
2023 10.6% -12.0% 30.3% 82.20%
2022 -5.2% -22.9% 5.1% 84.05%
2021 6.5% -10.2% 19.4% 13.94%
2020 1.0% -14.1% 306.9% 67.08%
2019 4.9% -3.6% 23.8% 86.21%

NAV & Total Return History


SPFLX - Holdings

Concentration Analysis

SPFLX Category Low Category High SPFLX % Rank
Net Assets 197 M 35.9 M 11.9 B 80.30%
Number of Holdings 232 2 1605 78.39%
Net Assets in Top 10 59.7 M -191 M 2.38 B 57.88%
Weighting of Top 10 28.98% 5.2% 100.8% 13.97%

Top 10 Holdings

  1. American Beacon U.S. Government Money Market Select Fund 8.77%
  2. Stats Intermediate Holdings LLC 2.77%
  3. Getty Images, Inc. 2.43%
  4. AppLovin Corp. 2.31%
  5. Connect Finco SARL 2.30%
  6. Charter Communications Operating LLC 2.29%
  7. Alvogen Pharma U.S., Inc. 2.27%
  8. Gen Digital, Inc. 2.27%
  9. Caesars Entertainment, Inc. 1.80%
  10. United Natural Foods, Inc. 1.78%

Asset Allocation

Weighting Return Low Return High SPFLX % Rank
Bonds
96.30% 0.00% 161.82% 33.33%
Cash
8.77% -61.90% 18.85% 13.19%
Stocks
0.26% 0.00% 100.76% 75.09%
Preferred Stocks
0.00% -3.99% 6.42% 64.47%
Other
0.00% -52.39% 26.58% 68.50%
Convertible Bonds
0.00% 0.00% 5.51% 67.53%

Stock Sector Breakdown

Weighting Return Low Return High SPFLX % Rank
Utilities
0.00% 0.00% 100.00% 24.55%
Technology
0.00% 0.00% 100.00% 28.13%
Real Estate
0.00% 0.00% 48.61% 17.41%
Industrials
0.00% 0.00% 100.00% 36.61%
Healthcare
0.00% 0.00% 100.00% 23.21%
Financial Services
0.00% 0.00% 89.61% 19.64%
Energy
0.00% 0.00% 100.00% 53.13%
Communication Services
0.00% 0.00% 100.00% 46.43%
Consumer Defense
0.00% 0.00% 100.00% 20.98%
Consumer Cyclical
0.00% 0.00% 97.66% 59.38%
Basic Materials
0.00% 0.00% 1.36% 34.38%

Stock Geographic Breakdown

Weighting Return Low Return High SPFLX % Rank
US
0.26% -0.01% 100.76% 71.06%
Non US
0.00% 0.00% 0.68% 56.78%

Bond Sector Breakdown

Weighting Return Low Return High SPFLX % Rank
Corporate
88.47% 0.00% 141.23% 63.84%
Cash & Equivalents
8.77% 0.00% 25.03% 14.65%
Derivative
0.00% -8.79% 1.12% 60.81%
Securitized
0.00% 0.00% 91.68% 69.37%
Municipal
0.00% 0.00% 0.47% 49.08%
Government
0.00% 0.00% 3.18% 56.46%

Bond Geographic Breakdown

Weighting Return Low Return High SPFLX % Rank
US
96.30% 0.00% 144.71% 23.08%
Non US
0.00% 0.00% 63.23% 72.89%

SPFLX - Expenses

Operational Fees

SPFLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.99% 0.03% 12.26% 62.18%
Management Fee 0.65% 0.00% 1.89% 60.71%
12b-1 Fee 0.00% 0.00% 1.00% 7.25%
Administrative Fee N/A 0.02% 0.27% N/A

Sales Fees

SPFLX 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% 1.00% N/A

Trading Fees

SPFLX 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.

SPFLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 75.00% 4.00% 180.00% 59.30%

SPFLX - Distributions

Dividend Yield Analysis

SPFLX Category Low Category High SPFLX % Rank
Dividend Yield 10.25% 0.00% 11.56% 1.42%

Dividend Distribution Analysis

SPFLX Category Low Category High Category Mod
Dividend Distribution Frequency None Quarterly Monthly Monthly

Net Income Ratio Analysis

SPFLX Category Low Category High SPFLX % Rank
Net Income Ratio 4.06% 1.77% 9.82% 25.00%

Capital Gain Distribution Analysis

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

Distributions History

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SPFLX - Fund Manager Analysis

Managers

Stephen Ketchum


Start Date

Tenure

Tenure Rank

Dec 03, 2012

9.5

9.5%

Mr. Joel Beam serves as Managing Director & Senior Portfolio Manager, Real Estate at Salient Partners. He is a seasoned investment professional with over 20 years of experience in real estate securities research and investment management. He is nationally recognized for his experience in managing preferred and senior securities. Previously, Joel was a partner and portfolio manager at Kensington Investment Group, Inc. and a member of the firm's executive committee. He joined Kensington in 1995 as a senior analyst and began managing portfolios in 1997. In 2009, Kensington was acquired by forwarding Management, and subsequently in 2015, Salient acquired Forward. Joel previously worked at Liquidity Financial Advisors, where he valued and priced real estate limited partnership and institutional securities and their underlying properties. Joel holds a bachelor of arts (with honors) from the University of California, Berkeley.

Joe Xu


Start Date

Tenure

Tenure Rank

Jan 25, 2019

3.35

3.4%

Joe Xu is Portfolio Manager and Senior Credit Analyst. Mr. Xu joined Sound Point in 2014 as a credit analyst. He currently serves as Portfolio Manager on the firm’s U.S. Floating Rate Fund Investment Committee and Senior Credit Analyst covering the Technology sector. Prior to joining Sound Point, Mr. Xu spent over 3 years as a credit analyst with Ares Management, where he evaluated leveraged loan opportunities in the Business Services, Consumer, Industrial, Media and Technology sectors. Prior to Ares, Mr. Xu evaluated, structured and executed private equity and mezzanine debt investments for Veronis Suhler Stevenson, a middle market private equity and specialty finance firm. Mr. Xu began his career as an investment banking analyst with William Blair & Company and graduated cum laude from the University of Illinois at Urbana-Champaign with a B.S. in Accounting.

Brian McHugh


Start Date

Tenure

Tenure Rank

May 11, 2020

2.05

2.1%

Brian McHugh is a Portfolio Manager at Sound Point. Mr. McHugh joined Sound Point in 2018. He currently serves as Portfolio Manager on the firm’s U.S. Floating Rate Fund Investment Committee, Risk Committee and CLO Risk Committee. Prior to joining Sound Point, Mr. McHugh spent 12 years at Halcyon Capital Management, where he focused primarily on investments in the Healthcare sector. Prior to Halcyon, Mr. McHugh spent approximately 7 years at Prudential Financial, where he was a Credit Analyst. Mr. McHugh earned a B.S. in Finance from the University of Delaware.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 21.18 6.0 3.25