Barings Global Floating Rate Fund
CUSIP:06759W109
Symbol:BXFAX
as of 08/19/2019
as of 07/31/2019
as of 07/31/2019
as of 07/31/2019
Objective
Barings Global Floating Rate Fund seeks to provide a high level of current income while preserving capital. The Fund will invest at least 80% of its net assets in income-producing floating debt securities consisting of floating rate loans, bonds and notes, issued primarily by North American and Western European companies.
Strategy
- The Fund will invest at least 80% of its assets in income-producing floating rate debt securities
- The Fund intends to invest at least 40% of assets in non-U.S. based securities, including non-U.S. dollar securities
- The Fund seeks to take advantage of inefficiencies between geographies, primarily North American and European markets
Who Should Invest
Investors seeking to benefit from a strategy that aims to provide capital preservation, produce income, and diversify investments across geographies.
Performance
Average Annual Returns %
| August | YTD | 1 Year | 3 Years | 5 Years | Since Inception | |
| With Sales Charge | -3.39% | 2.18% | -0.62% | 3.75% | 2.92% | 3.06% |
| Without Sales Charge | -0.40% | 5.34% | 2.46% | 4.81% | 3.55% | 3.59% |
Performance less than one year is cumulative; all other performance is annualized. Class A performance with the sales charges includes the maximum 3.00% sales charge.
Since inception date: 09/16/2013
| July | YTD | 1 Year | 3 Years | 5 Years | Since Inception | |
| With Sales Charge | -2.09% | 2.59% | -0.07% | 4.08% | 2.99% | 3.16% |
| Without Sales Charge | 0.94% | 5.76% | 3.02% | 5.14% | 3.62% | 3.69% |
| Credit Suisse Leveraged Loan Index | 0.78% | 6.24% | 4.10% | 5.21% | 4.02% | 4.20% |
| Credit Suisse Leveraged Loan US & Western Europe - Variable Weight | 0.76% | 6.07% | 4.46% | 5.36% | 4.22% | 4.45% |
Performance less than one year is cumulative; all other performance is annualized. Class A performance with the sales charges includes the maximum 3.00% sales charge.
The Credit Suisse Global Loan Benchmark is a market capitalization weighted average of the Credit Suisse Leveraged Loan Index and the Credit Suisse Western European Leveraged Loan Index. The Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the US dollar-denominated leveraged loan market. The Credit Suisse Western European Leveraged Loan Index is designed to mirror the investable universe of the Western European leveraged loan market, with loans denominated in US and Western European currencies. Indices are unmanaged. It is not possible to invest directly in an index.
Since inception date: 09/16/2013
| QTR | YTD | 1 Year | 3 Years | 5 Years | Since Inception | |
| With Sales Charge | -1.91% | 1.64% | -0.31% | 4.31% | 2.75% | 3.04% |
| Without Sales Charge | 1.13% | 4.78% | 2.77% | 5.38% | 3.38% | 3.58% |
| Credit Suisse Leveraged Loan Index | 1.58% | 5.42% | 4.15% | 5.43% | 3.85% | 4.12% |
| Credit Suisse Leveraged Loan US & Western Europe - Variable Weight | 1.64% | 5.27% | 4.51% | 5.57% | 4.06% | 4.38% |
Performance less than one year is cumulative; all other performance is annualized. Class A performance with the sales charges includes the maximum 3.00% sales charge.
The Credit Suisse Global Loan Benchmark is a market capitalization weighted average of the Credit Suisse Leveraged Loan Index and the Credit Suisse Western European Leveraged Loan Index. The Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the US dollar-denominated leveraged loan market. The Credit Suisse Western European Leveraged Loan Index is designed to mirror the investable universe of the Western European leveraged loan market, with loans denominated in US and Western European currencies. Indices are unmanaged. It is not possible to invest directly in an index.
Since inception date: 09/16/2013
Fund Yield
as of 07/31/2019| Sub. SEC 30-day Yield | 4.53% |
| Unsub. SEC 30-day Yield | 4.33% |
| Distribution Yield (at NAV) | 4.80% |
| Distribution Yield (at Offer) | 4.66% |
The Securities and Exchange Commission 30-day Yield is calculated under an SEC standardized formula and is based on the maximum offer price per share. Subsidized (Sub.) yields reflect fee waivers in effect. Without such waivers, yields would be reduced. Unsubsidized (Unsub.) yields do not reflect fee waivers in effect. Distribution Yield at Offer includes maximum sales charges applied. The distribution yield is based on the fund's most recent monthly distribution per share (annualized) divided by the fund's NAV at the end of the period. Please click on the following links for additional information as well as access to the Fund's Prospectus and SAI.
Calendar Year End Returns
| Year | Price Type | A-Class | C-Class | Y-Class | I-Class |
| 2017 | NAV | 4.19% | 3.41% | 4.45% | 4.44% |
| 2017 | Offer | 1.07% | 2.41% | N/A | N/A |
| 2016 | NAV | 11.31% | 10.51% | 11.61% | 11.61% |
| 2016 | Offer | 7.97% | 9.51% | N/A | N/A |
| 2015 | NAV | -0.94% | -1.60% | -0.64% | -0.54% |
| 2015 | Offer | -3.91% | -2.54% | N/A | N/A |
| 2014 | NAV | -2.63% | -1.32% | 0.69% | 0.69% |
| 2014 | Offer | 0.34% | -0.38% | N/A | N/A |
| 2013 | NAV | 1.60% | 1.30% | 1.60% | 1.60% |
| 2013 | Offer | -1.40% | 0.30% | N/A | N/A |
Expense Ratios
| A-Class | C-Class | I-Class | Y-Class | |
| Expense Ratio (Gross) | 1.26% | 2.09% | 1.03% | 1.01% |
| Expense Ratio (Net) | 1.00% | 1.75% | 0.75% | 0.75% |
The net expense ratio reflects a contractual commitment by the Fund's investment adviser to waive fees and reimburse expenses through November 1, 2019. Absent the waiver and reimbursement, expenses would be higher and total returns would be less. The gross expense ratio reflects the total annual fund operating expense as of the most recent prospectus.
Performance shown is historical and does not guarantee future results. Current performance may be lower or higher. Because share price, principal value, and return will vary, you may have a gain or loss when you sell Fund shares. Performance includes the reinvestment of dividends and capital gains. Calendar year returns at offer include maximum sales charges applied.
Distributions
Distribution History
| Ex Date | Record Date | Payable Date | Amount |
| Daily | Daily | 08/01/2019 | $0.0379 |
| Daily | Daily | 07/01/2019 | $0.0369 |
| Daily | Daily | 06/03/2019 | $0.0397 |
| Daily | Daily | 05/01/2019 | $0.0378 |
| Daily | Daily | 04/01/2019 | $0.0408 |
| Daily | Daily | 03/01/2019 | $0.0367 |
| Daily | Daily | 02/01/2019 | $0.0412 |
| Daily | Daily | 01/02/2019 | $0.0378 |
| 12/12/2018 | 12/11/2018 | 12/13/2018 | $0.0413 |
| Daily | Daily | 12/03/2018 | $0.0388 |
| Daily | Daily | 11/01/2018 | $0.0344 |
| Daily | Daily | 10/01/2018 | $0.0308 |
| Daily | Daily | 09/04/2018 | $0.0351 |
Pricing
52 Week High/Low
| Date | Price | |
| High | 10/10/2018 | $9.54 |
| Low | 01/03/2019 | $9.05 |
YTD High/Low
| Date | Price | |
| High | 05/01/2019 | $9.38 |
| Low | 01/03/2019 | $9.05 |
Portfolio as of 07/31/2019
Weighted Average Duration
0.29 yrs
Portfolio Assets Composition
Quality Distribution
| Ratings | % of Assets |
| BAA | 1.90% |
| BA | 25.23% |
| B | 59.15% |
| CCC AND BELOW | 5.31% |
| NOT RATED | 3.19% |
| CASH AND ACCRUED | 5.22% |
| Total | 100.00% |
Percentages of assets are expressed by market value including cash, short-term instruments and accrued income, and will vary over time. Ratings shown are the highest rating given by one of the following national rating agencies: S&P, Moody’s or Fitch. Additional information about ratings can be found, respectively, at www.standardandpoors.com, www.moodys.com and www.fitchratings.com. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings categories used by S&P and Fitch; BB, B, CCC/CC/C and D are below investment grade ratings categories used by S&P and Fitch. Aaa, Aa, A and Baa are investment grade ratings categories used by Moody’s; Ba, B, Caa/Ca and C are below investment grade ratings categories used by Moody’s. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated Not Publicly Rated are not rated by these national rating agencies
Top 5 Countries
| Country | % of Assets |
| UNITED STATES | 62.40% |
| UNITED KINGDOM | 10.71% |
| GERMANY | 7.74% |
| NETHERLANDS | 3.49% |
| FRANCE | 2.84% |
| Total | 87.18% |
Top 10 Holdings
| Holding | % of Assets |
| ENDEMOL | 1.77% |
| FLINT GROUP | 1.53% |
| VERISURE (FKA SECURITAS DIRECT) | 1.30% |
| FINASTRA (FKA MISYS) | 1.27% |
| ION TRADING TECHNOLOGIES | 1.16% |
| EURO GARAGES | 1.14% |
| OMNITRACS, LLC | 1.09% |
| VERTAFORE | 1.09% |
| SPRINT CORPORATION | 1.09% |
| VERITAS | 1.03% |
| Total | 12.47% |
Holdings are subject to change
Top 10 Moody's Industries
| Industry | % of Assets |
| HEALTHCARE, EDUCATION AND CHILDCARE | 11.15% |
| DIVERSIFIED / CONGLOMERATE SERVICE | 10.73% |
| CHEMICALS, PLASTICS AND RUBBER | 7.43% |
| BROADCASTING AND ENTERTAINMENT | 6.66% |
| LEISURE, AMUSEMENT, ENTERTAINMENT | 5.78% |
| ELECTRONICS | 5.75% |
| TELECOMMUNICATIONS | 4.82% |
| RETAIL STORES | 4.68% |
| CONTAINERS, PACKAGING AND GLASS | 4.03% |
| FINANCE | 3.91% |
| Total | 64.94% |
Percentage of assets are expressed by market value including cash and accrued income, and will vary over time.
RISKS
Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or even all of your investment. Fixed Income investing is subject to interest rate risks. Bond prices and other fixed income product prices generally fall when interest rates rise. The Fund invests in high yield loans and bonds, commonly referred to as “junk bonds,” including distressed securities, which are subject to greater credit risk (the risk that an issuer won’t make timely payments of principal and interest) and market risk (the risk that the value of the Fund’s investments may fall, sometimes rapidly or unpredictably, as a result of increasing interest rates or otherwise); loans and derivative securities, which may carry market, credit and liquidity risk (the risk that the Fund’s investments may be difficult to sell at an advantageous time or price); foreign securities, which are subject to additional risks including political and economic risks. The Fund may also invest in structured products which bear the risks of the underlying investments and are subject to counterparty risk, credit risk, liquidity risk and market risk.
Although these securities tend to provide higher yields than higher rated securities, there is a greater risk that the Fund’s share price will decline.
We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. Past performance is no guarantee of future results.
Diversification does not ensure a profit, nor does it eliminate the risk of experiencing investment losses.
Documents
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Factsheet
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Portfolio Holdings
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Fund Documents
- 2017 IRS Form 8937 Report of Organizational Actions Affecting Basis of Securities - Global Floating Rate Fund
- 2018 IRS Form 8937 Report of Organizational Actions Affecting Basis of Securities - Barings Global Floating Rate Fund
- BFT 2018 Semi-Annual Report (Six Months Ended Dec. 31, 2018)
- XBRL Supplement
- BFT Complaints or Concerns Regarding Accounting or Auditing Matters
- BFT 2017 Semi-Annual Report (Six Months Ended Dec. 31, 2017)
- BFT Prospectus
- BFT Sales Charge and Breakpoint Information
- BFT Statement of Additional Information
- BFT – Form N-PX
- Barings Entity Account Application
- Fund Code of Ethics
- XBRL
- Barings Funds Trust - Annual Report
Before investing you should consider carefully the Fund’s investment objectives, risks, charges and expenses. A prospectus, which contains this and other information, can be obtained by calling 1.855.439.5459. Read the prospectus carefully before investing: BFT Prospectus
ALPS Distributors, Inc. is the distributor for the Barings mutual funds. ALPS and Barings are separate and unaffiliated.
© 2018 Barings LLC. All rights reserved.
Portfolio Managers
Robert Faulkner
Sean Feeley, CFA
Martin Horne
Thomas McDonnell
David Mihalick
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