Fixed Income

BGT

Floating Rate Income Trust

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
0.22 3.17 4.46 5.77
Market Price Total Return (%) -0.96 -1.08 4.12 3.52
  YTD 1m 1y 3y 5y 10y
-2.28 - 0.22 9.83 24.39 75.20
Market Price Total Return (%) -7.81 - -0.96 -3.21 22.37 41.38
  2015 2016 2017 2018 2019
NAV Total Return (%) 2.35 11.02 4.42 -1.30 12.69
Market Price Total Return (%) 3.11 19.26 3.88 -11.97 18.89

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, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.


Returns are shown net of advisory fees paid by the fund and net of the fund’s operating fees and expenses. Investors who purchase shares of the fund through an investment adviser or other financial professional may separately pay a fee to that service provider. Past performance is not indicative of future results.

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 may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Key Facts

Key Facts

Net Assets as of Nov 20, 2020 $295,938,833
Size of Fund (Millions) as of Nov 20, 2020 $295.9 M
Share Class launch date Aug 30, 2004
Exchange New York Stock Exchange Inc.
Asset Class Fixed Income
Morningstar Category Bank Loan
Lipper Classification Loan Participation Funds
CUSIP 091941104
Management Fee 0.75%
Gross Expense Ratio 2.15%
Shares Outstanding as of Nov 20, 2020 22,395,660
Number of Holdings as of Oct 30, 2020 434
Managed Assets -
Premium Discount as of Nov 20, 2020 -11.43%

Portfolio Characteristics

Portfolio Characteristics

Distribution Rate as of Nov 20, 2020 7.84%
Yield to Worst as of Oct 30, 2020 7.76%
WAL to Worst as of Oct 30, 2020 7.42 yrs
Leverage as of Oct 30, 2020 $ 136,000,000.00
Effective Duration as of Oct 30, 2020 0.64 yrs
% Leveraged as of Oct 30, 2020 31.83%
% Insured as of Oct 30, 2020 0.00%

Ratings

Ratings

Morningstar Rating

4
Overall Morningstar Rating for Floating Rate Income Trust, -, as of Oct 31, 2020 rated against 29 Bank Loan Funds based on risk adjusted total return.

Holdings

Holdings

as of Oct 30, 2020
Name Weight (%)
ULTIMATE SOFTWARE GROUP INC 1.88
ZAYO GROUP HOLDINGS INC 1.76
REFINITIV US HOLDINGS INC 1.36
INFORMATICA LLC 1.32
SOPHIA LP 1.26
Name Weight (%)
CONNECT US FINCO LLC 1.23
ISHARES IBOXX DOLLAR HIGH YIELD CORPORATE BOND FUND 1.17
VERTIV GROUP CORP 1.12
CAMELOT FINANCE SA 1.09
VERITAS US INC 1.07

Exposure Breakdowns

Exposure Breakdowns

as of Oct 30, 2020

% of Market Value

Type Fund
as of Oct 30, 2020

% of Market Value

Type Fund
as of Oct 30, 2020

% of Market Value

Type Fund
as of Oct 30, 2020

% of Market Value

Type Fund
as of Oct 30, 2020

% of Market Value

Type Fund
as of Oct 30, 2020

% of Market Value

Type Fund
as of Oct 30, 2020

% of Market Value

Type Fund
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
Abigail Apistolas
Abigail Apistolas
Portfolio Manager

Literature

Literature