Past performance is not a reliable indicator of future performance.
The Floating Rate Bank Loan Composite seeks high current income and capital appreciation primarily through investment in floating rate bank loans and floating rate debt securities rated below investment grade (BB or below) by S&P, Moody's, or another nationally recognized securities rating organization (NRSRO).
- Managing Bank Loan securities since 2002
- Invest primarily in BB- and B-rated loans, with the ability to invest in lower-quality loans and high yield bonds when compelling valuation opportunities arise.
- Proprietary and independent fundamental research is key — disciplined and consistently applied investment process with emphasis on industries that enjoy stable cash flow and rational competitive environments.
- Holistic fundamental research – close collaboration between fixed income and equity research analysts provides a complete capital structure perspective and an information advantage
- Disciplined risk management practices employed in conjunction with broad portfolio diversification to manage risk profile.
- Diversified portfolio structure: typically 200-300 issuers
- At least 80% floating rate bank loans and corporate senior floating rate notes
- Up to 20% in fixed-rate securities including high yield bonds and reserves for liquidity
- 15% industry exposure maximum
- Industry exposure typically will range +/- 5% around benchmark weight