Ziegler Senior Floating Rate A
Name
As of 07/31/2023Price
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
Vitals
YTD Return
-1.3%
1 yr return
-3.9%
3 Yr Avg Return
-2.1%
5 Yr Avg Return
-2.6%
Net Assets
$64.4 M
Holdings in Top 10
18.8%
52 WEEK LOW AND HIGH
$22.7
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.45%
SALES FEES
Front Load 4.25%
Deferred Load N/A
TRADING FEES
Turnover 40.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
$250
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 07/31/2023Price
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
ZFLAX - Profile
Distributions
- YTD Total Return -1.3%
- 3 Yr Annualized Total Return -2.1%
- 5 Yr Annualized Total Return -2.6%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 3.38%
- Dividend Yield 3.2%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameZiegler Senior Floating Rate Fund
-
Fund Family NameZiegler
-
Inception DateApr 01, 2016
-
Shares Outstanding195473
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerRoberta Goss
Fund Description
The Fund invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in senior secured floating rate loans, other senior secured floating rate debt instruments, and in other instruments that have economic characteristics similar to such instruments.
A senior secured loan is considered “senior” because, in the event of the borrower’s bankruptcy, the holder of the instrument is paid before other parties. A senior secured loan is “secured” because the loan is collateralized with assets that can be sold to repay the holder if necessary. Even though senior debt holders are in line to be repaid first in the event of bankruptcy, they will not necessarily receive the full amount they are owed. “Floating rate” instruments reset their interest rate periodically over a base rate, with rates tied to a representative interest rate index, typically 30-day, 90-day, or 180-day Secured Overnight Financing Rate (“SOFR”). The Secured Overnight Financing Rate has been designated the replacement benchmark rate for U.S. dollar denominated securities the Fund may own. The transition of outstanding London Inter-bank Offered Rate based instruments to the SOFR is currently expected to conclude between by June 2023.
The Fund’s strategy has a duration of approximately 90 days and, as a result, a one percent increase in interest rates would likely have a minimal direct effect on the prices of the Fund’s holdings. Duration measures a bond’s or portfolio’s sensitivity to interest rate changes and is expressed as a measure of time. The longer the duration is, the greater the risk. For example, if a portfolio has a duration of 5 years, a 1% increase in interest rates could be expected to result in a 5% decrease in the value of the portfolio. Shorter duration results in lower expected volatility.
Floating rate loans are generally purchased from banks or other financial institutions through assignments or participations. A direct interest in a floating rate loan may be acquired directly from the lending agent or another lender by assignment or an indirect interest may be acquired as a participation in another lender’s portion of a floating rate loan. An assignment is a transfer of debt, and all the rights and obligations associated with it, from a creditor to a third-party, in order to improve the creditor’s liquidity and/or to reduce its risk exposure. A participation permits investors to buy portions of an outstanding loan or package of loans, and holders to participate, on a pro rata basis, in collecting interest and principal payments.
The Fund may, but does not currently, use leverage, which is the use of borrowed capital for investment purposes with the expectation that the profits made will be greater than the interest payable, in an effort to maximize its return through borrowing, generally from banks. The Fund may borrow in an amount of up to 33.33% of the Fund’s total assets after such borrowing.
The Fund may invest up to 100% of its net assets in floating rate loans and floating rate debt securities that are determined to be below investment grade (sometimes referred to as “high yield” or “junk”). Investment grade securities are: (1) securities rated BBB- or higher by Standard & Poor’s Ratings Services (“S&P”) or Baa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”) or an equivalent rating by another nationally recognized statistical rating organization (“NRSRO”), (2) securities with comparable short-term NRSRO ratings, or (3) unrated securities determined by Pretium Credit Management, LLC (the “Sub-Adviser” or “Pretium”) to be of comparable quality at the time of purchase.
The Fund invests in loans and debt securities as determined by the Sub-Adviser. The Sub-Adviser performs its own independent credit analysis on each borrower and on the collateral securing each loan. The Sub-Adviser considers the nature of the industry in which the borrower operates, the nature of the borrower’s assets and the general quality and creditworthiness of the borrower.
The Fund may invest in floating rate loans and/or floating rate debt securities of non-U.S. borrowers or issuers; in those situations, the Fund will only invest in such loans or securities that are U.S. dollar denominated or otherwise provide for payment in U.S. dollars. The Fund may invest in defaulted or distressed loans and loans to bankrupt companies. Some of the floating rate loans and debt securities in which the Fund may invest will be considered to be illiquid, although the Fund may invest no more than 15% of its net assets in illiquid investments.
The Fund may also invest up to 15% of its net assets in collateralized loan obligations (“CLOs”), which are securitized debt instruments backed solely by a pool of floating rate loans and other debt securities. The Fund will maintain a cash balance and has established a line of credit to meet shareholder redemptions and short-term liquidity needs.
ZFLAX - Performance
Return Ranking - Trailing
| Period | ZFLAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -1.3% | -4.7% | 9.0% | 97.99% |
| 1 Yr | -3.9% | -12.7% | 9.9% | 92.64% |
| 3 Yr | -2.1%* | -6.6% | 58.8% | 91.07% |
| 5 Yr | -2.6%* | -8.6% | 29.6% | 74.90% |
| 10 Yr | N/A* | -5.4% | 13.8% | N/A |
* Annualized
Return Ranking - Calendar
| Period | ZFLAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -7.1% | -22.9% | 5.1% | 46.92% |
| 2022 | -0.1% | -6.3% | 5.4% | 93.36% |
| 2021 | -0.5% | -4.9% | 57.4% | 21.25% |
| 2020 | 0.2% | -2.1% | 2.4% | 88.30% |
| 2019 | -0.7% | -2.6% | 0.6% | 11.02% |
Total Return Ranking - Trailing
| Period | ZFLAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -1.3% | -4.7% | 8.5% | 95.62% |
| 1 Yr | -3.9% | -12.7% | 2.2% | 92.62% |
| 3 Yr | -2.1%* | -6.6% | 58.8% | 91.43% |
| 5 Yr | -2.6%* | -8.6% | 29.6% | 75.19% |
| 10 Yr | N/A* | -5.4% | 13.8% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | ZFLAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -7.1% | -22.9% | 5.1% | 44.86% |
| 2022 | -0.1% | -6.3% | 5.4% | 93.36% |
| 2021 | -0.5% | -4.9% | 57.4% | 21.25% |
| 2020 | 0.2% | -2.1% | 2.6% | 88.30% |
| 2019 | -0.7% | -2.6% | 0.6% | 20.08% |
NAV & Total Return History
ZFLAX - Holdings
Concentration Analysis
| ZFLAX | Category Low | Category High | ZFLAX % Rank | |
|---|---|---|---|---|
| Net Assets | 64.4 M | 26.3 M | 13.1 B | 96.68% |
| Number of Holdings | 180 | 12 | 1447 | 89.35% |
| Net Assets in Top 10 | 13.6 M | -191 M | 2.54 B | 95.88% |
| Weighting of Top 10 | 18.81% | 4.6% | 89.7% | 31.01% |
Top 10 Holdings
- Invesco Shrt-Trm Inv Gov&Agcy Instl 6.34%
- Spin Holdco T/L 3/21 (Coinmach/Csc Serviceworks/Air-Serv) 1.44%
- Spin Holdco T/L 3/21 (Coinmach/Csc Serviceworks/Air-Serv) 1.44%
- Spin Holdco T/L 3/21 (Coinmach/Csc Serviceworks/Air-Serv) 1.44%
- Spin Holdco T/L 3/21 (Coinmach/Csc Serviceworks/Air-Serv) 1.44%
- Spin Holdco T/L 3/21 (Coinmach/Csc Serviceworks/Air-Serv) 1.44%
- Spin Holdco T/L 3/21 (Coinmach/Csc Serviceworks/Air-Serv) 1.44%
- Spin Holdco T/L 3/21 (Coinmach/Csc Serviceworks/Air-Serv) 1.44%
- Spin Holdco T/L 3/21 (Coinmach/Csc Serviceworks/Air-Serv) 1.44%
- Spin Holdco T/L 3/21 (Coinmach/Csc Serviceworks/Air-Serv) 1.44%
Asset Allocation
| Weighting | Return Low | Return High | ZFLAX % Rank | |
|---|---|---|---|---|
| Bonds | 93.36% | 28.71% | 161.82% | 46.39% |
| Cash | 6.60% | -61.90% | 53.95% | 45.36% |
| Stocks | 0.05% | 0.00% | 26.82% | 64.60% |
| Preferred Stocks | 0.00% | -3.99% | 1.54% | 53.95% |
| Other | 0.00% | -54.21% | 26.58% | 69.07% |
| Convertible Bonds | 0.00% | 0.00% | 5.51% | 60.69% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | ZFLAX % Rank | |
|---|---|---|---|---|
| Industrials | 100.00% | 0.00% | 100.00% | 2.46% |
| Utilities | 0.00% | 0.00% | 100.00% | 41.80% |
| Technology | 0.00% | 0.00% | 100.00% | 45.90% |
| Real Estate | 0.00% | 0.00% | 48.61% | 33.61% |
| Healthcare | 0.00% | 0.00% | 100.00% | 32.79% |
| Financial Services | 0.00% | 0.00% | 89.61% | 33.61% |
| Energy | 0.00% | 0.00% | 100.00% | 65.57% |
| Communication Services | 0.00% | 0.00% | 100.00% | 71.31% |
| Consumer Defense | 0.00% | 0.00% | 100.00% | 49.18% |
| Consumer Cyclical | 0.00% | 0.00% | 97.66% | 53.28% |
| Basic Materials | 0.00% | 0.00% | 1.36% | 32.79% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | ZFLAX % Rank | |
|---|---|---|---|---|
| US | 0.05% | -0.01% | 26.78% | 57.73% |
| Non US | 0.00% | 0.00% | 2.40% | 50.86% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | ZFLAX % Rank | |
|---|---|---|---|---|
| Corporate | 93.38% | 0.00% | 141.23% | 30.69% |
| Cash & Equivalents | 6.62% | 0.00% | 54.60% | 58.42% |
| Derivative | 0.00% | 0.00% | 7.03% | 44.33% |
| Securitized | 0.00% | 0.00% | 91.68% | 64.48% |
| Municipal | 0.00% | 0.00% | 0.47% | 33.79% |
| Government | 0.00% | 0.00% | 3.18% | 47.24% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | ZFLAX % Rank | |
|---|---|---|---|---|
| US | 60.81% | 14.05% | 128.23% | 82.82% |
| Non US | 32.55% | 0.00% | 84.20% | 15.12% |
ZFLAX - Expenses
Operational Fees
| ZFLAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.45% | 0.01% | 15.84% | 35.99% |
| Management Fee | 0.65% | 0.00% | 1.89% | 55.18% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 30.34% |
| Administrative Fee | N/A | 0.02% | 0.27% | N/A |
Sales Fees
| ZFLAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 4.25% | 1.00% | 5.75% | 17.24% |
| Deferred Load | N/A | 1.00% | 3.00% | N/A |
Trading Fees
| ZFLAX 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.
| ZFLAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 40.00% | 4.00% | 215.00% | 25.90% |
ZFLAX - Distributions
Dividend Yield Analysis
| ZFLAX | Category Low | Category High | ZFLAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.18% | 0.00% | 8.43% | 25.91% |
Dividend Distribution Analysis
| ZFLAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| ZFLAX | Category Low | Category High | ZFLAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 3.38% | 1.77% | 10.22% | 62.50% |
Capital Gain Distribution Analysis
| ZFLAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 30, 2022 | $0.142 | OrdinaryDividend |
| Oct 31, 2022 | $0.126 | OrdinaryDividend |
| Sep 30, 2022 | $0.124 | OrdinaryDividend |
| Aug 31, 2022 | $0.113 | OrdinaryDividend |
| Jul 29, 2022 | $0.108 | OrdinaryDividend |
| Jun 30, 2022 | $0.082 | OrdinaryDividend |
| May 31, 2022 | $0.079 | OrdinaryDividend |
| Apr 29, 2022 | $0.067 | OrdinaryDividend |
| Mar 31, 2022 | $0.067 | OrdinaryDividend |
| Feb 28, 2022 | $0.058 | OrdinaryDividend |
| Jan 31, 2022 | $0.067 | OrdinaryDividend |
| Dec 31, 2021 | $0.067 | OrdinaryDividend |
| Nov 30, 2021 | $0.065 | OrdinaryDividend |
| Oct 29, 2021 | $0.067 | OrdinaryDividend |
| Sep 30, 2021 | $0.066 | OrdinaryDividend |
| Aug 31, 2021 | $0.078 | OrdinaryDividend |
| Jul 30, 2021 | $0.069 | OrdinaryDividend |
| Jun 30, 2021 | $0.075 | OrdinaryDividend |
| May 28, 2021 | $0.070 | OrdinaryDividend |
| Apr 30, 2021 | $0.066 | OrdinaryDividend |
| Mar 31, 2021 | $0.064 | OrdinaryDividend |
| Feb 26, 2021 | $0.063 | OrdinaryDividend |
| Jan 29, 2021 | $0.073 | OrdinaryDividend |
| Dec 31, 2020 | $0.073 | OrdinaryDividend |
| Nov 30, 2020 | $0.070 | OrdinaryDividend |
| Oct 30, 2020 | $0.071 | OrdinaryDividend |
| Sep 30, 2020 | $0.070 | OrdinaryDividend |
| Aug 31, 2020 | $0.066 | OrdinaryDividend |
| Jul 31, 2020 | $0.077 | OrdinaryDividend |
| Jun 30, 2020 | $0.076 | OrdinaryDividend |
| May 29, 2020 | $0.071 | OrdinaryDividend |
| Apr 30, 2020 | $0.079 | OrdinaryDividend |
| Mar 31, 2020 | $0.097 | OrdinaryDividend |
| Feb 28, 2020 | $0.092 | OrdinaryDividend |
| Jan 31, 2020 | $0.099 | OrdinaryDividend |
| Dec 31, 2019 | $0.107 | OrdinaryDividend |
| Nov 29, 2019 | $0.105 | OrdinaryDividend |
| Oct 31, 2019 | $0.107 | OrdinaryDividend |
| Sep 30, 2019 | $0.106 | OrdinaryDividend |
| Aug 30, 2019 | $0.112 | OrdinaryDividend |
| Jul 31, 2019 | $0.116 | OrdinaryDividend |
| Feb 28, 2019 | $0.107 | OrdinaryDividend |
| Jan 31, 2019 | $0.116 | OrdinaryDividend |
| Dec 28, 2018 | $0.117 | OrdinaryDividend |
| Nov 30, 2018 | $0.108 | OrdinaryDividend |
| Oct 31, 2018 | $0.107 | OrdinaryDividend |
| Sep 28, 2018 | $0.094 | OrdinaryDividend |
| Aug 31, 2018 | $0.096 | OrdinaryDividend |
| Jul 31, 2018 | $0.102 | OrdinaryDividend |
| Jun 29, 2018 | $0.097 | OrdinaryDividend |
| May 31, 2018 | $0.103 | OrdinaryDividend |
| Apr 30, 2018 | $0.101 | OrdinaryDividend |
| Mar 29, 2018 | $0.088 | OrdinaryDividend |
| Feb 28, 2018 | $0.095 | OrdinaryDividend |
| Jan 31, 2018 | $0.090 | OrdinaryDividend |
| Dec 29, 2017 | $0.091 | OrdinaryDividend |
| Nov 30, 2017 | $0.091 | OrdinaryDividend |
| Oct 31, 2017 | $0.093 | OrdinaryDividend |
| Sep 29, 2017 | $0.089 | OrdinaryDividend |
| Aug 31, 2017 | $0.104 | OrdinaryDividend |
| Jul 31, 2017 | $0.097 | OrdinaryDividend |
| Jun 30, 2017 | $0.080 | OrdinaryDividend |
| May 31, 2017 | $0.096 | OrdinaryDividend |
| Apr 28, 2017 | $0.083 | OrdinaryDividend |
| Mar 31, 2017 | $0.092 | OrdinaryDividend |
| Feb 28, 2017 | $0.102 | OrdinaryDividend |
| Jan 31, 2017 | $0.080 | OrdinaryDividend |
| Dec 30, 2016 | $0.082 | OrdinaryDividend |
| Nov 30, 2016 | $0.075 | OrdinaryDividend |
| Oct 31, 2016 | $0.075 | OrdinaryDividend |
| Sep 30, 2016 | $0.070 | OrdinaryDividend |
| Aug 31, 2016 | $0.075 | OrdinaryDividend |
| Jul 29, 2016 | $0.051 | OrdinaryDividend |
| Jun 30, 2016 | $0.032 | OrdinaryDividend |
| May 31, 2016 | $0.028 | OrdinaryDividend |
ZFLAX - Fund Manager Analysis
Managers
Roberta Goss
Start Date
Tenure
Tenure Rank
Sep 01, 2019
2.75
2.8%
Ms. Goss is a Portfolio Manager , and Co-Head of the Bank Loan and CLO Platform at Pretium, where she is responsible for building and leading the Firm’s Crown Point CLO business, as well as managing investments across the Firm’s other corporate credit portfolios. Ms. Goss joined Pretium in 2019 and has over thirty years-experience managing high yield, leveraged loan and CLO investments. She joined Pretium from DFG Investment Advisers where she ran their $4 billion CLO platform. Ms. Goss spent 14 years at Goldman Sachs, most recently as the co-head of the high yield and bank loan business for Goldman Sachs Asset Management. Earlier in her career she worked on a proprietary desk in London managing high yield and leveraged loan investments for Saudi International Bank (an affiliate of JP Morgan). Ms. Goss is a member of Pretium’s Executive Committee. She received a BComm from Mount Allison University.
Todd Murray
Start Date
Tenure
Tenure Rank
Nov 30, 2020
1.5
1.5%
Mr. Murray is a Portfolio Manager and is a member of Pretium Credit Management’s Investment Committee. Mr. Murray has more than 20 years of experience in the credit markets. Mr. Murray has worked at Pretium since 2017, when his prior employer, Valcour Capital Management, was acquired by Pretium. Mr. Murray was promoted from Senior Analyst into his current role in 2019. Mr. Murray joined Valcour in 2012 as Senior Analyst, covering Health Care, Building Materials, Industrials and Metals & Mining sectors. Previously, Mr. Murray was a Senior Analyst at Golub Capital Management, where he was responsible for coverage of leveraged loans within the healthcare and education sectors. Prior to that, he was an Analyst for the High Yield Loan Group at Aladdin Capital. Prior to Aladdin, Mr. Murray spent six years working at GE Asset Management, analyzing investment grade, high yield bonds and bank loan credits across various industrial sectors. Mr. Murray received his BS in Marketing from Providence College, is a CFA charterholder and a member of the Stamford CFA Society.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.09 | 21.18 | 6.03 | 3.25 |