Senior Floating Rate and Fixed Income
The Senior Floating Rate and Fixed Income strategy seeks to provide a high level of current income
Primary Benchmark:
Morningstar LSTA Leveraged Loan Index
Strategy Highlights
- Portfolio selection is based on value driven, opportunistic approach to investing in senior secured floating rate loans and other fixed income securities
- Allocations to out-of-benchmark securities for offensive and defensive purposes
- Macro-guided portfolio construction
- Long-term investment horizon
- Draws on Loomis Sayles’s deep fundamental credit research capabilities and experience
Investment Strategy
- Will invest at least 65% in floating rate loans
- May invest up to 35% of assets in other fixed income securities
- May invest up to 20% of assets in non-US issuers, including 10% in emerging market debt securities
- May use leverage to enhance the potential to add value during recovery and expansion
Effective 1/1/2021, the Senior Floating Rate and Fixed Income Commingled Composite name was changed to Senior Floating Rate and Fixed Income Composite. The Composite includes all discretionary accounts managed by Loomis Sayles with a primary focus on attractive risk/return trade-offs within the bank loan sector with allocations to out of benchmark securities for offensive and defensive purposes. The objective is to provide a high level of current income with an eye toward a long term investment horizon. Accounts will have at least 65% of their assets in floating rate loans and may invest up to 35% of their assets in other fixed income securities, primarily rated high yield. Accounts may employ the use of leverage through borrowing up to one third of their assets after such borrowing. The Composite inception date is November 1, 2011. The Composite was created in 2012.
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Strategy Facts as of 12/31/2022
| Strategy Inception | 9/30/2011 |
| Strategy Assets | $918.7 million |
| Composite Assets | $918.2 million |
| Number of Composite Accounts | 1 |
Primary Benchmark:
Morningstar LSTA Leveraged Loan Index
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Quarter-End Performance as of 12/31/2022 | Cumulative | Gross | Net | Index |
|---|
| 3 month | 1.48% | 1.35% | 2.74% | | Year-to-date | -3.87% | -4.35% | -0.60% |
Trailing Performance as of 12/31/2022 | Average Annualized Return | Gross | Net | Index |
|---|
| 1 year | -3.87% | -4.35% | -0.60% | | 3 years | 1.31% | 0.81% | 2.55% | | 5 years | 2.28% | 1.77% | 3.31% | | 10 years | 3.95% | 3.44% | 3.67% | | Since Inception 11/1/2011 | 4.76% | 4.24% | 4.14% |
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Period Performance | Year | Gross | Net | Index |
|---|
| 2022 | -3.87% | -4.35% | -0.60% | | 2021 | 5.75% | 5.23% | 5.20% | | 2020 | 2.29% | 1.78% | 3.12% | | 2019 | 6.31% | 5.78% | 8.64% | | 2018 | 1.25% | 0.75% | 0.44% | | 2017 | 5.95% | 5.43% | 4.12% | | 2016 | 12.46% | 11.90% | 10.16% | | 2015 | -0.30% | -0.79% | -0.69% | | 2014 | 3.28% | 2.77% | 1.60% | | 2013 | 7.29% | 6.79% | 5.29% |
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Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Current performance may be lower or higher than quoted. Returns are shown in US dollars and are annualized for one and multi-year periods. Gross returns are net of trading costs. Net returns are gross returns less effective management fees.
There is no guarantee that the investment objective will be realized or that the strategy will generate positive or excess return.
Monthly as of -1/-1/-1
| Currency Distribution | |
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| @ERROR% | | Duration Distribution | |
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| @ERROR% |
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| Sector Distribution (Fixed) * | |
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| 0.0% | | Country Distribution | |
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| @ERROR% | | Maturity Distribution | |
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| @ERROR% | |
Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.
Credit Quality reflects the highest credit rating assigned to individual holdings of the fund among Moody’s, S&P or Fitch; ratings are subject to change. The fund’s shares are not rated by any rating agency and no credit rating for fund shares is implied. Bond credit ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).
Cash & Equivalents reflects unsettled trades, fees and derivatives. Negative Cash & Equivalents reflect the market value of future trade commitments for the fund. ABS/RMBS: Asset-Backed Securities/Residential Mortgage-Backed Securities. Agency MBS: Agency Mortgage-Backed Securities. CMBS: Commercial Mortgage-Backed Securities.
Due to rounding, Sector, Currency, Country, Duration, Maturity and Quality distribution totals may not equal 100%.
Quarterly as of -1/-1/-1
| Currency Distribution | Fund | Index |
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| @ERROR% | 0.0% | | Duration Distribution | Fund | Index |
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| @ERROR% | @ERROR% |
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| Sector Distribution (Fixed) * | Fund | Index |
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| 0.0% | 0.0% | | 0.0% | 0.0% | | Country Distribution | Fund | Index |
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| @ERROR% | 0.0% | | Maturity Distribution | Fund | Index |
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| @ERROR% | @ERROR% | | Credit Quality | Fund | Index |
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| @ERROR% | 0.0% |
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Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.
Credit Quality reflects the highest credit rating assigned to individual holdings of the fund among Moody’s, S&P or Fitch; ratings are subject to change. The fund’s shares are not rated by any rating agency and no credit rating for fund shares is implied. Bond credit ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).
Cash & Equivalents reflects unsettled trades, fees and derivatives. Negative Cash & Equivalents reflect the market value of future trade commitments for the fund. ABS/RMBS: Asset-Backed Securities/Residential Mortgage-Backed Securities. Agency MBS: Agency Mortgage-Backed Securities. CMBS: Commercial Mortgage-Backed Securities.
Due to rounding, Sector, Currency, Country, Duration, Maturity and Quality distribution totals may not equal 100%.