Fixed Income

BFRIX

Floating Rate Income Fund

Overview

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Performance

Performance

Growth of Hypothetical $10,000

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Distributions

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  1y 3y 5y 10y
0.89 2.71 3.52 4.07
Benchmark (%) 1.06 3.10 4.01 4.25
Morningstar Category Avg. (%) -0.28 1.66 2.90 3.16
Morningstar Ranking 36/233 36/215 50/193 -
Morningstar Quartile 1 1 1 1
Lipper Category Avg. (%) -1.23 1.71 2.90 3.30
Lipper Ranking 33/250 35/224 49/200 -
Lipper Quartile 1 1 1 -
  YTD 1m 3m 1y 3y 5y 10y
-0.82 0.61 3.72 0.89 8.35 18.91 49.05
Benchmark (%) -0.66 0.63 4.14 1.06 9.61 21.72 51.67
Morningstar Category Avg. (%) -2.24 0.01 1.56 -0.28 5.05 15.35 36.45
Lipper Category Avg. (%) -2.62 0.36 3.50 -1.23 5.25 15.42 38.62
  2015 2016 2017 2018 2019
Total Return (%) 1.12 7.96 3.64 -0.49 8.84
Benchmark (%) -0.69 10.16 4.12 0.44 8.64
Morningstar Category Avg. (%) -1.25 9.25 3.48 -0.26 7.45
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Effective as of May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Investor A Shares. The performance of this share class would be substantially similar to Investor A Shares because this share class and Investor A Shares invest in the same portfolio of securities and performance would only differ to the extent that this share class and Investor A Shares have different expenses. For performance periods prior to May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Investor A Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

The Fund’s returns prior to September 17, 2018 are the returns of a predecessor fund that reorganized into the Fund on September 17, 2018. The predecessor fund had the same investment objectives, strategies and policies, portfolio management team and contractual arrangements, including the same contractual fees and expenses, as the Fund as of the date of the reorganization. The predecessor fund's returns prior to March 21, 2011 are the returns of a fund that reorganized into the predecessor fund on March 21, 2011.

Key Facts

Key Facts

Size of Class (Millions) as of Nov 27, 2020 $1,349.1 M
Size of Fund (Millions) as of Nov 27, 2020 $2,161.2 M
Share Class launch date Mar 18, 2011
Asset Class Fixed Income
Morningstar Category Bank Loan
Lipper Classification Loan Participation Funds
Benchmark Index S&P/LSTA Leveraged Loan Index
CUSIP 09260B747
Distribution Frequency None
Number of Holdings as of Oct 30, 2020 376
Max Offer Price as of Nov 27, 2020 $9.79
Open to New Investors Yes
Turnover Percent in the Annual Report 80%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Oct 31, 2020 -0.01
R-Squared (3y) as of Oct 31, 2020 99.00
Beta (3y) as of Oct 31, 2020 0.87
30 Day SEC Yield as of Oct 31, 2020 3.34%
Unsubsidized 30-Day SEC Yield as of Oct 31, 2020 3.32%
Yield to Maturity as of Oct 30, 2020 5.28%
Yield to Worst as of Oct 30, 2020 5.27%
Weighted Average Life as of Oct 30, 2020 4.66 yrs
Effective Duration as of Oct 30, 2020 0.03 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2020 8.22%
Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -11.64%
Fund Standard Deviation (3y) as of Oct 31, 2020 7.61

For the latest month-end Distribution Yield, click here.


This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.71%
Net Expense Ratio 0.71%

Net Expense Ratio excluding Investment Related Expenses is 0.67%

  • Acquired Fund Fees and Expenses 0.04%
  • Interest expense 0.00%

Ratings

Ratings

Morningstar Rating

4
Overall Morningstar Rating for Floating Rate Income Fund, Class Inst, as of Oct 31, 2020 rated against 228 Bank Loan Funds based on risk adjusted total return.

Lipper Leader

 
 
 
 
Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of Oct 31, 2020 out of 226, 6,065, 226, 116 and 226 Funds, respectively in Lipper's Loan Participation Funds classification.

Holdings

Holdings

as of Oct 30, 2020
Name Weight (%)
ZAYO GROUP HOLDINGS INC 1.63
GREENEDEN US HOLDINGS II LLC 1.53
INFORMATICA LLC 1.50
ULTIMATE SOFTWARE GROUP INC 1.36
EPICOR SOFTWARE CORP 1.24
Name Weight (%)
CAMELOT FINANCE SA 1.16
LINEAGE LOGISTICS LLC 1.04
SUNSHINE LUXEMBOURG VII SARL 1.04
TITAN ACQUISITION LTD 1.03
CONNECT US FINCO LLC 1.02

Exposure Breakdowns

Exposure Breakdowns

as of Oct 30, 2020

% Notional Exposures

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Exposures

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Exposures

Type Fund Benchmark Net
as of Oct 30, 2020

% Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Oct 30, 2020

% Market Value

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Exposures

Type Fund Benchmark Net
as of Oct 30, 2020

% Market Value

Type Fund Benchmark Net
The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

James Keenan, CFA
Chief Investment Officer and Global Co-Head of Credit

     

David Delbos
Managing Director

    

Mitchell S. Garfin, CFA
Co-Head of U.S. High Yield in Global Credit team

  

Carly Wilson
Carly Wilson
Matthew Maxwell
Matthew Maxwell
Abigail Apistolas
Abigail Apistolas
Portfolio Manager

Literature

Literature

 

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