EN United States

Barings Global Floating Rate Fund

CUSIP:06759W109

Symbol:BXFAX

NAV
as of 06/17/2019
USD 9.270
Diversity
as of 05/31/2019
227 issuers
Weighted Average Duration
as of 05/31/2019
0.34 yrs
Global Holdings
as of 05/31/2019
36.42% non-U.S.

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 %

June YTD 1 Year 3 Years 5 Years Since Inception
With Sales Charge -2.95% 1.62% -0.57% 4.24% 2.78% 3.05%
Without Sales Charge 0.06% 4.76% 2.50% 5.30% 3.41% 3.60%

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

May YTD 1 Year 3 Years 5 Years Since Inception
With Sales Charge -3.49% 1.57% -0.39% 4.15% 2.83% 3.07%
Without Sales Charge -0.50% 4.71% 2.70% 5.21% 3.46% 3.62%
Credit Suisse Leveraged Loan Index -0.23% 5.19% 4.02% 5.36% 3.93% 4.14%
Credit Suisse Leveraged Loan US & Western Europe - Variable Weight -0.13% 5.00% 4.27% 5.46% 4.13% 4.40%

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 0.48% 0.48% -0.75% 4.89% 2.70% 2.97%
Without Sales Charge 3.59% 3.59% 2.32% 5.96% 3.32% 3.53%
Credit Suisse Leveraged Loan Index N/A 3.78% 3.33% 5.87% 3.83% 4.02%
Credit Suisse Leveraged Loan US & Western Europe - Variable Weight N/A 3.57% 3.60% 5.93% 4.02% 4.28%

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 05/31/2019
Sub. SEC 30-day Yield 4.80%
Unsub. SEC 30-day Yield 4.58%
Distribution Yield (at NAV) 4.90%
Distribution Yield (at Offer) 4.90%

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 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
Daily Daily 08/01/2018 $0.0323
Daily Daily 07/02/2018 $0.0358

Download Distribution History

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 05/31/2019

Weighted Average Duration

0.34 yrs

Number of Issuers

227 issuers

Download Portfolio Holdings (xls)

Portfolio Assets Composition

Quality Distribution

Ratings % of Assets
BAA 2.37%
BA 21.69%
B 60.74%
CCC AND BELOW 5.03%
NOT RATED 4.51%
CASH AND ACCRUED 5.66%
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 59.82%
UNITED KINGDOM 12.23%
GERMANY 8.54%
NETHERLANDS 3.42%
FRANCE 2.98%
Total 86.99%

Top 10 Holdings

Holding % of Assets
ENDEMOL 1.75%
FLINT GROUP 1.63%
VERISURE (FKA SECURITAS DIRECT) 1.29%
EURO GARAGES 1.25%
FINASTRA (FKA MISYS) 1.25%
ION TRADING TECHNOLOGIES 1.15%
INTERNET BRANDS, INC 1.10%
OMNITRACS, LLC 1.08%
VERTAFORE 1.05%
SPRINT NEXTEL CORPORATION 1.05%
Total 12.60%

Holdings are subject to change

Top 10 Moody's Industries

Industry % of Assets
HEALTHCARE, EDUCATION AND CHILDCARE 11.01%
DIVERSIFIED / CONGLOMERATE SERVICE 10.69%
CHEMICALS, PLASTICS AND RUBBER 7.32%
BROADCASTING AND ENTERTAINMENT 6.16%
ELECTRONICS 5.85%
LEISURE, AMUSEMENT, ENTERTAINMENT 5.80%
RETAIL STORES 4.72%
FINANCE 4.55%
TELECOMMUNICATIONS 4.46%
CONTAINERS, PACKAGING AND GLASS 3.91%
Total 64.47%

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

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.

Click here to report Complaints or Concerns Regarding Accounting or Auditing Matters via the service provider’s website. Additional reporting options can be found under Fund Documents.

Portfolio Managers

Robert Faulkner

Robert Faulkner

Sean Feeley

Sean Feeley

Martin Horne

Martin Horne

Thomas McDonnell

Thomas McDonnell

David Mihalick

David Mihalick

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