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Trending ETFs

Name

As of 07/31/2023

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

$22.56

$64.4 M

2.75%

$0.62

2.19%

Vitals

YTD Return

-1.3%

1 yr return

-3.9%

3 Yr Avg Return

-2.1%

5 Yr Avg Return

-2.7%

Net Assets

$64.4 M

Holdings in Top 10

18.8%

52 WEEK LOW AND HIGH

$22.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.19%

SALES FEES

Front Load N/A

Deferred Load 1.00%

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 07/31/2023

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

$22.56

$64.4 M

2.75%

$0.62

2.19%

ZFLCX - Profile

Distributions

  • YTD Total Return -1.3%
  • 3 Yr Annualized Total Return -2.1%
  • 5 Yr Annualized Total Return -2.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.63%
DIVIDENDS
  • Dividend Yield 2.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Ziegler Senior Floating Rate Fund
  • Fund Family Name
    Ziegler
  • Inception Date
    Apr 01, 2016
  • Shares Outstanding
    107439
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Roberta 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.
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ZFLCX - Performance

Return Ranking - Trailing

Period ZFLCX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.3% -4.7% 9.0% 97.65%
1 Yr -3.9% -12.7% 9.9% 90.30%
3 Yr -2.1%* -6.6% 58.8% 90.00%
5 Yr -2.7%* -8.6% 29.6% 76.06%
10 Yr N/A* -5.4% 13.8% N/A

* Annualized

Return Ranking - Calendar

Period ZFLCX Return Category Return Low Category Return High Rank in Category (%)
2023 -7.2% -22.9% 5.1% 47.60%
2022 -0.1% -6.3% 5.4% 94.06%
2021 -0.6% -4.9% 57.4% 26.01%
2020 0.2% -2.1% 2.4% 89.43%
2019 -0.7% -2.6% 0.6% 12.20%

Total Return Ranking - Trailing

Period ZFLCX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.3% -4.7% 8.5% 95.29%
1 Yr -3.9% -12.7% 2.2% 90.27%
3 Yr -2.1%* -6.6% 58.8% 90.36%
5 Yr -2.7%* -8.6% 29.6% 76.36%
10 Yr N/A* -5.4% 13.8% N/A

* Annualized

Total Return Ranking - Calendar

Period ZFLCX Return Category Return Low Category Return High Rank in Category (%)
2023 -7.2% -22.9% 5.1% 45.89%
2022 -0.1% -6.3% 5.4% 94.06%
2021 -0.6% -4.9% 57.4% 26.01%
2020 0.2% -2.1% 2.6% 89.43%
2019 -0.7% -2.6% 0.6% 21.26%

NAV & Total Return History


ZFLCX - Holdings

Concentration Analysis

ZFLCX Category Low Category High ZFLCX % Rank
Net Assets 64.4 M 26.3 M 13.1 B 97.05%
Number of Holdings 180 12 1447 89.69%
Net Assets in Top 10 13.6 M -191 M 2.54 B 96.22%
Weighting of Top 10 18.81% 4.6% 89.7% 31.36%

Top 10 Holdings

  1. Invesco Shrt-Trm Inv Gov&Agcy Instl 6.34%
  2. Spin Holdco T/L 3/21 (Coinmach/Csc Serviceworks/Air-Serv) 1.44%
  3. Spin Holdco T/L 3/21 (Coinmach/Csc Serviceworks/Air-Serv) 1.44%
  4. Spin Holdco T/L 3/21 (Coinmach/Csc Serviceworks/Air-Serv) 1.44%
  5. Spin Holdco T/L 3/21 (Coinmach/Csc Serviceworks/Air-Serv) 1.44%
  6. Spin Holdco T/L 3/21 (Coinmach/Csc Serviceworks/Air-Serv) 1.44%
  7. Spin Holdco T/L 3/21 (Coinmach/Csc Serviceworks/Air-Serv) 1.44%
  8. Spin Holdco T/L 3/21 (Coinmach/Csc Serviceworks/Air-Serv) 1.44%
  9. Spin Holdco T/L 3/21 (Coinmach/Csc Serviceworks/Air-Serv) 1.44%
  10. Spin Holdco T/L 3/21 (Coinmach/Csc Serviceworks/Air-Serv) 1.44%

Asset Allocation

Weighting Return Low Return High ZFLCX % Rank
Bonds
93.36% 28.71% 161.82% 46.74%
Cash
6.60% -61.90% 53.95% 45.70%
Stocks
0.05% 0.00% 26.82% 64.95%
Preferred Stocks
0.00% -3.99% 1.54% 54.30%
Other
0.00% -54.21% 26.58% 69.42%
Convertible Bonds
0.00% 0.00% 5.51% 61.03%

Stock Sector Breakdown

Weighting Return Low Return High ZFLCX % Rank
Industrials
100.00% 0.00% 100.00% 3.28%
Utilities
0.00% 0.00% 100.00% 42.62%
Technology
0.00% 0.00% 100.00% 46.72%
Real Estate
0.00% 0.00% 48.61% 34.43%
Healthcare
0.00% 0.00% 100.00% 33.61%
Financial Services
0.00% 0.00% 89.61% 34.43%
Energy
0.00% 0.00% 100.00% 66.39%
Communication Services
0.00% 0.00% 100.00% 72.13%
Consumer Defense
0.00% 0.00% 100.00% 50.00%
Consumer Cyclical
0.00% 0.00% 97.66% 54.10%
Basic Materials
0.00% 0.00% 1.36% 33.61%

Stock Geographic Breakdown

Weighting Return Low Return High ZFLCX % Rank
US
0.05% -0.01% 26.78% 58.08%
Non US
0.00% 0.00% 2.40% 51.20%

Bond Sector Breakdown

Weighting Return Low Return High ZFLCX % Rank
Corporate
93.38% 0.00% 141.23% 31.03%
Cash & Equivalents
6.62% 0.00% 54.60% 58.76%
Derivative
0.00% 0.00% 7.03% 44.67%
Securitized
0.00% 0.00% 91.68% 64.83%
Municipal
0.00% 0.00% 0.47% 34.14%
Government
0.00% 0.00% 3.18% 47.59%

Bond Geographic Breakdown

Weighting Return Low Return High ZFLCX % Rank
US
60.81% 14.05% 128.23% 83.16%
Non US
32.55% 0.00% 84.20% 15.46%

ZFLCX - Expenses

Operational Fees

ZFLCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.19% 0.01% 15.84% 15.22%
Management Fee 0.65% 0.00% 1.89% 55.52%
12b-1 Fee 1.00% 0.00% 1.00% 81.38%
Administrative Fee N/A 0.02% 0.27% N/A

Sales Fees

ZFLCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load 1.00% 1.00% 3.00% 25.58%

Trading Fees

ZFLCX 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.

ZFLCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 40.00% 4.00% 215.00% 26.26%

ZFLCX - Distributions

Dividend Yield Analysis

ZFLCX Category Low Category High ZFLCX % Rank
Dividend Yield 2.75% 0.00% 8.43% 64.12%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

ZFLCX Category Low Category High ZFLCX % Rank
Net Income Ratio 2.63% 1.77% 10.22% 89.24%

Capital Gain Distribution Analysis

ZFLCX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

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ZFLCX - 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