Top Performing Bank Loan Mutual Funds 2013
A bank loan mutual fund is one of the taxable bond mutual fund categories. This bank loan fund utilizes its assets to purchase a floating-rate bank loans instead of bonds. This bond fund provides high interest income for investors. It does have a higher investment risk than typical short term bond fund.
The list is sorted based on the funds’ YTD performance in 2012. You can find fund review and information in this article. Other information such as expense ratio, management, top holdings, top sector, sales load, and shares price can be found as well.
Top performing bank loan mutual funds January 2013 are:
- Pyxis Floating Rate Opportunities A (HFRAX)
- ING Senior Income A (XSIAX)
- Invesco Senior Loan A (VSLAX)
- Loomis Sayles Senior Floating Rate and Fixed Income A (LSFAX)
- Guggenheim Floating Rate Strategies A (GIFAX)
- Fidelity Series Floating Rate High Inc (FFHCX)
- Nuveen Symphony Floating Rate Income A (NFRAX)
- PL Floating Rate Income A (PLFLX)
- Eaton Vance Floating-Rate Advantage A (EAFAX)
- Columbia Floating Rate A (RFRAX)
Pyxis Floating Rate Opportunities Fund (HFRAX)
This top performer bank loan mutual fund has the highest expense ratio in this list. It charges 2.11% expense ratio while the average in the category is 1.16%. It also has total net assets of $528.8 million. This Pyxis Floating Rate Opportunities Fund invests in floating rate loans and other similar securities. The fund is managed by Mark Okada. It has 5.16% dividend yield to its investor. It has 2-stars rating from Morningstar.
More: Top 8 Bank Loan Mutual Funds 2012
Among the 8 years of positive return, this HFRAX fund has its best 1-year total return in 2009 with 22.72%. For 2012, it has year-to-date return of 17.26%. Based on the load adjusted returns, it has returned 12.83% over the past 1-year, 7.91% over the past 3-year and 2.99% over the past 10-year. The other classes of this fund are Class B (HFRBX), Class C (HFRCX) and Class Z (HFRZX).
The top holdings as of November 2012 are CCS Medical Inc (7.73%), Young Broadcasting Inc (3.45%), MGM Holdings Inc (3.13%), CCS Medical (3.04%) and Travelport LLC (2.83%). The top industries are Healthcare (21%), Media/ Telecommunications (16%), Service (13%) and Structured Note (12%). The share price is $7.30.
ING Senior Income A (XSIAX)
ING Senior Income fund objective is to provide high level of monthly income. It invests majority of assets in U.S. dollar-denominated floating rate secured senior loans. Jeff Bakalar and Dan Norman are the current fund manager. The fund has total net assets of $550.6 million. It has one of the highest dividend yields, which is 6.43%. The dividends are paid monthly. It also has 1.63% of annual expense ratio.
Based on the load adjusted returns, the top performing bank loan mutual fund has returned 11.56% over the past 1-year and 4.39% over the past decade. The fund has its best 1-year total return in 2009 with 64.43%. The YTD return is 14.15%. It also has 5-year average return of 3.94%. This taxable bond fund has an average maturity of 5.08 years.
The top 5 bond holdings as of November 2012 are Univision Communications Inc (1.82%), Asurion LLC (1.75%), Texas Competitive Electric Holdings Company LLC (1.69%), BJs Wholesale Club (1.64%) and Delta Airlines Inc (1.61%). The top sectors are Business Equipment & Services (9.94%), Retailers – except food and drug (8.54%) and Health Care (8.36%).
Invesco Senior Loan A (VSLAX)
Invesco Senior Loan fund uses its assets to buy adjustable rate senior loan issued by corporations or partnerships. Morningstar ranks this top performer fund with 2-stars rating. The fund has $1.2 billion of total net assets. The annual expense ratio is 1.47%. It is currently managed by Tom Ewald and Philip Yarrow. The fund’s dividend yield is 5.97% and this yield is distributed on monthly basis.
More: Best Mutual Funds for 2013
The 5-year annualized return of this fund is 2.19% and the YTD return is 13.58%. Based on the load adjusted returns, the fund’s performance is as below:
- 1-year: 9.71%
- 3-year: 8.70%
- 5-year: 1.31%
- 10-year: 4.13%
Loomis Sayles Senior Floating Rate and Fixed Income A (LSFAX)
Loomis Sayles Senior Floating Rate and Fixed Income fund aim is to provide high current income level. It invests mainly in adjustable floating rate loans and other floating rate debt instruments issued by U.S. and non-U.S. corporations or other business entities. The CUSIP of this fund is 63872T570. It has total net assets of $191.1 million. John R. Bell and Kevin J. Perry have been managing this fund since September 2011. The fund shares 6.36% dividend yield to its investors and is distributed monthly.
More: Best Performer High Yield Bond Closed End Funds 2012
This best performing bank loan mutual fund has 11.82% year-to-date return. It has annual holdings turnover of 17 as of December 11, 2012. The annual expense ratio rate is 1.1%. The minimum initial investment for brokerage account is $2,500. The fund’s NAV is 10.52 (1/6/2013).
The top 5 holdings as of November 2012 are FairPoint Communications Inc (1.22%), Univar Inc (1.02%), Eastman Kodak Company (0.99%), iStar Financial Inc (0.99%), Hercules Offshore Inc (0.85%), Delta Air Airlines (0.84%), Tomkins LLC (0.81%), FMG American Finance Inc (0.81%), Valitas Health Services Inc (0.80%) and Evergreen Acqco 1 LP (0.79%).
Guggenheim Floating Rate Strategies A (GIFAX)
This Guggenheim fund has total net assets of $192.8 million. The fund is introduced in November 2011, it doesn’t have Morningstar rating yet. It has 1.01% annual expense ratio. The management fee is 0.25% and there is front-end sales load fee of 4.75%. It also has 12-month dividend yield of 4.5%. The most recent distribution was in November 2012 with the amount of $0.13.
The YTD return of this GIFAX fund is 11.29%. The other classes are Class C (GIFCX) and Institutional Class (GIFIX). The management team consists of B. Scott Minerd, Anne B. Walsh, Michael P. Damaso and Kevin H. Gundersen. Credit Suisse Leveraged Loan Index is the fund’s benchmark.
The top holdings as of September 2012 are Triaxx Prime CDO (1.7%), Aerco Ltd (1.6%), Nomura Resecuritization Trust 2012-1R (1.4%), West Coast Funding Ltd (1.4%) and Accredited Mortgage Loan Trust (1.3%).
Disclosure: No Position
Fund Performance
| No | Fund Description | Ticker | Rating | Expense Ratio | Yield | 1 Year Return % | 5 Year Return % |
|---|---|---|---|---|---|---|---|
| 1 | Pyxis Floating Rate Opportunities A | HFRAX | 2 | 2.11 | 5.16 | 17.26 | -2.27 |
| 2 | ING Senior Income A | XSIAX | 2 | 1.63 | 6.43 | 14.15 | 3.94 |
| 3 | Invesco Senior Loan A | VSLAX | 2 | 1.47 | 5.97 | 13.58 | 2.19 |
| 4 | Loomis Sayles Sr Floating Rate and F/I A | LSFAX | N/A | 1.1 | 6.36 | 11.82 | N/A |
| 5 | Guggenheim Floating Rate Strategies A | GIFAX | N/A | 1.01 | 4.5 | 11.29 | N/A |
| 6 | Fidelity Series Floating Rate High Inc | FFHCX | N/A | 0.75 | 4.36 | 11.19 | N/A |
| 7 | Nuveen Symphony Floating Rate Income A | NFRAX | N/A | 1.07 | 4.93 | 10.97 | N/A |
| 8 | PL Floating Rate Income A | PLFLX | N/A | 1.05 | 4.29 | 10.53 | N/A |
| 9 | Eaton Vance Floating-Rate Advantage A | EAFAX | 4 | 1.08 | 5.15 | 10.53 | 5.98 |
| 10 | Columbia Floating Rate A | RFRAX | 3 | 1.11 | 4.52 | 10.41 | 4.19 |
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