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Trending ETFs

FRANKLIN FLOATING RATE DAILY ACCESS FUND

mutual fund
FAFRX
Payout Change
Pending
Price as of:
$7.72 +0.0 +0.0%
primary theme
Bank Loan
FAFRX (Mutual Fund)

FRANKLIN FLOATING RATE DAILY ACCESS FUND

Payout Change
Pending
Price as of:
$7.72 +0.0 +0.0%
primary theme
Bank Loan
FAFRX (Mutual Fund)

FRANKLIN FLOATING RATE DAILY ACCESS FUND

Payout Change
Pending
Price as of:
$7.72 +0.0 +0.0%
primary theme
Bank Loan

Name

As of 12/06/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$7.72

$1.42 B

7.97%

$0.62

1.01%

Vitals

YTD Return

8.8%

1 yr return

9.5%

3 Yr Avg Return

7.0%

5 Yr Avg Return

5.0%

Net Assets

$1.42 B

Holdings in Top 10

13.2%

52 WEEK LOW AND HIGH

$7.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.01%

SALES FEES

Front Load 2.25%

Deferred Load N/A

TRADING FEES

Turnover 66.03%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

$250


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/06/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$7.72

$1.42 B

7.97%

$0.62

1.01%

FAFRX - Profile

Distributions

  • YTD Total Return 8.8%
  • 3 Yr Annualized Total Return 7.0%
  • 5 Yr Annualized Total Return 5.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.86%
DIVIDENDS
  • Dividend Yield 8.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    FRANKLIN FLOATING RATE DAILY ACCESS FUND
  • Fund Family Name
    Franklin Templeton Group of Funds
  • Inception Date
    Jul 27, 2001
  • Shares Outstanding
    116638684
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Justin Ma

Fund Description

The Fund normally invests at least 80% of its net assets in income-producing floating interest rate corporate loans and corporate debt securities made to or issued by U.S. companies, non-U.S. entities and U.S. subsidiaries of non-U.S. entities. Floating interest rates vary with and are periodically adjusted to a generally recognized base interest rate such as the Secured Overnight Financing Rate (SOFR) or the Prime Rate. The Fund may invest in companies whose financial condition is troubled or uncertain and that may be involved in bankruptcy proceedings, reorganizations or financial restructurings.

Floating interest rate corporate loans and debt securities, also called bank loans or senior floating rate interests (collectively, floating rate investments), generally have credit ratings below investment grade and may be subject to restrictions on resale. Under normal market conditions, the Fund invests at least 75% of its net assets in floating rate investments that are rated B- or higher at the time of purchase by a nationally recognized statistical rating organization (NRSRO) or, if unrated, are determined to be of comparable quality by the Fund’s investment manager. Under normal market conditions, the Fund may invest up to 25% of its net assets in floating rate investments that are rated below B- by an NRSRO or, if unrated, are determined to be of comparable quality by the investment manager.

The Fund's floating rate investments typically hold the most senior position in the capitalization structure of a company and are generally secured by specific collateral. Such senior position means that, in case the company becomes insolvent, the lenders or security holders in a senior position like the Fund's position will typically be paid before other unsecured or subordinated creditors of the company from the assets of the company.

The Fund typically invests in a corporate loan or corporate debt security if the investment manager judges that the borrower can meet the scheduled payments of interest and principal on the obligation. The investment manager performs its own independent credit analysis of each borrower/issuer and of the collateral structure securing the Fund’s investment. The investment manager also considers the nature

of the industry in which the borrower operates, the nature of the borrower's assets, and the general quality and creditworthiness of the borrower and of any shareholder or other entity providing credit support to the borrower.

Historically, corporate loans and corporate debt securities have required that the borrower or issuer comply with various restrictive covenants that accompanied the loan or security, which tended to conserve collateral held by the borrower that supports the loan or security. However, consistent with the characteristics of the prevailing loan market, the loans or securities in which the Fund generally invests have varied terms and conditions, but contain fewer or no restrictive covenants and are often referred to as “covenant lite” loans and debt securities. Covenant lite loans or securities may have tranches that contain fewer or no maintenance financial covenants, which require borrowers/issuers to meet financial requirements specified under the loan credit agreement that are tested regularly for compliance. The most common examples of maintenance financial covenants include maximum leverage and minimum interest coverage ratios. Because a covenant lite loan or debt security does not require the borrower to maintain these financial tests regularly, investors typically have less ability to declare a default, and therefore receive collateral in a timely manner, or to force restructurings and other capital changes on struggling borrowers compared to an otherwise similar loan that does contain maintenance financial covenants. The Fund may experience relatively greater difficulty or delays in enforcing its rights on its holdings of certain covenant lite loans and debt securities than its holdings of loans or securities with maintenance financial covenants. However, depending on the circumstances, there are often alternative sources of recourse portfolio managers can seek in order to protect their investments. Further, the Fund typically invests in a corporate loan or corporate debt security, including those that are covenant lite, if the investment manager judges that the borrower can meet the scheduled payments of interest and principal on the obligation and meets other creditworthiness criteria.

The Fund may invest in structured fixed income securities, including collateralized loan obligations (CLOs).

The Fund currently limits its investments in debt obligations of non-U.S. entities to no more than 25% of its total assets. The Fund currently invests predominantly in debt obligations that are U.S. dollar-denominated or otherwise provide for payment in U.S. dollars.

The Fund currently does not intend to invest more than 25% of its net assets in the obligations of borrowers in any single industry, except that, under normal market conditions, the Fund invests more than 25% of its net assets in debt obligations of companies operating in the industry group consisting of financial institutions and their holding companies, including commercial banks, thrift institutions, insurance

companies and finance companies. These firms, or "agent banks," may serve as administrators of corporate loans issued by other companies. For purposes of this restriction, the Fund currently considers such companies to include the borrower, the agent bank and any intermediate participant. The Fund may invest up to 100% of its net assets in loans where firms in such industry group are borrowers, agent banks or intermediate participants.

In addition to the Fund’s main investments, the Fund may invest up to 20% of its net assets in certain other types of debt obligations and equity or debt securities, including, but not limited to, other secured, second lien, subordinated or unsecured corporate loans and corporate debt securities, fixed rate obligations of U.S. companies, non-U.S. entities and U.S. subsidiaries of non-U.S. entities and equity securities (including convertible securities, warrants and rights) to the extent that they are acquired in connection with or incidental to the Fund's other investment activities.

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FAFRX - Performance

Return Ranking - Trailing

Period FAFRX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.8% -3.7% 11.0% 31.70%
1 Yr 9.5% -3.2% 13.1% 40.38%
3 Yr 7.0%* -6.8% 8.2% 5.06%
5 Yr 5.0%* -6.2% 38.3% 34.02%
10 Yr 3.8%* -2.0% 19.9% 54.40%

* Annualized

Return Ranking - Calendar

Period FAFRX Return Category Return Low Category Return High Rank in Category (%)
2023 5.7% -12.0% 11.1% 2.64%
2022 -7.0% -22.9% 5.1% 41.86%
2021 4.7% -12.2% 11.1% 1.19%
2020 -8.6% -14.1% 289.8% 94.63%
2019 -2.1% -8.1% 7.5% 93.62%

Total Return Ranking - Trailing

Period FAFRX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.8% -3.7% 11.0% 31.70%
1 Yr 9.5% -3.2% 13.1% 40.38%
3 Yr 7.0%* -6.8% 8.2% 5.06%
5 Yr 5.0%* -6.2% 38.3% 34.02%
10 Yr 3.8%* -2.0% 19.9% 54.40%

* Annualized

Total Return Ranking - Calendar

Period FAFRX Return Category Return Low Category Return High Rank in Category (%)
2023 15.7% -12.0% 22.1% 3.40%
2022 -1.4% -22.9% 5.1% 24.42%
2021 9.2% -10.2% 11.1% 4.37%
2020 -3.6% -14.1% 306.9% 88.43%
2019 3.7% -3.6% 10.5% 93.62%

NAV & Total Return History


FAFRX - Holdings

Concentration Analysis

FAFRX Category Low Category High FAFRX % Rank
Net Assets 1.42 B 29.9 M 13.5 B 33.59%
Number of Holdings 334 2 2051 57.98%
Net Assets in Top 10 192 M -191 M 2.37 B 29.96%
Weighting of Top 10 13.16% 5.2% 100.7% 53.91%

Top 10 Holdings

  1. Institutional Fiduciary Trust - Money Market Portfolio 5.00%
  2. Boxer Parent Co., Inc., First Lien, CME Term Loan, B 1.09%
  3. Boost Newco Borrower LLC, First Lien, Initial USD CME Term Loan 0.97%
  4. athenahealth Group, Inc., First Lien, Initial CME Term Loan 0.96%
  5. Invesco Senior Loan ETF 0.89%
  6. Sedgwick Claims Management Services, Inc., First Lien, 2023 CME Term Loan 0.88%
  7. Alloy Finco Ltd., First Lien, Term Loan, B 0.88%
  8. PMHC II, Inc., First Lien, Initial CME Term Loan 0.88%
  9. GNC Holdings, Inc., Second Lien, CME Term Loan 0.81%
  10. First Brands Group LLC, First Lien, 2022-2 Incremental CME Term Loan 0.80%

Asset Allocation

Weighting Return Low Return High FAFRX % Rank
Bonds
92.97% 0.00% 161.82% 70.43%
Cash
5.00% -61.90% 16.36% 30.35%
Stocks
1.55% 0.00% 100.74% 44.36%
Other
1.31% -52.39% 26.58% 17.12%
Convertible Bonds
0.22% 0.00% 5.51% 17.25%
Preferred Stocks
0.00% -3.99% 7.54% 29.18%

Stock Sector Breakdown

Weighting Return Low Return High FAFRX % Rank
Utilities
0.00% 0.00% 100.00% 37.78%
Technology
0.00% 0.00% 100.00% 35.11%
Real Estate
0.00% 0.00% 48.61% 17.78%
Industrials
0.00% 0.00% 100.00% 43.56%
Healthcare
0.00% 0.00% 100.00% 20.89%
Financial Services
0.00% 0.00% 89.61% 0.44%
Energy
0.00% 0.00% 100.00% 72.89%
Communication Services
0.00% 0.00% 100.00% 64.89%
Consumer Defense
0.00% 0.00% 100.00% 38.67%
Consumer Cyclical
0.00% 0.00% 97.66% 48.89%
Basic Materials
0.00% 0.00% 1.36% 25.78%

Stock Geographic Breakdown

Weighting Return Low Return High FAFRX % Rank
US
1.55% -0.01% 100.74% 44.36%
Non US
0.00% 0.00% 0.68% 39.69%

Bond Sector Breakdown

Weighting Return Low Return High FAFRX % Rank
Corporate
95.23% 0.00% 99.80% 21.96%
Cash & Equivalents
5.00% 0.00% 25.03% 27.63%
Securitized
0.56% 0.00% 91.68% 40.39%
Derivative
0.00% -11.46% 0.67% 50.19%
Municipal
0.00% 0.00% 0.47% 28.63%
Government
0.00% 0.00% 3.18% 39.61%

Bond Geographic Breakdown

Weighting Return Low Return High FAFRX % Rank
US
92.97% 0.00% 124.50% 45.14%
Non US
0.00% 0.00% 63.23% 55.25%

FAFRX - Expenses

Operational Fees

FAFRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.01% 0.03% 5.51% 59.85%
Management Fee 0.58% 0.00% 1.89% 29.92%
12b-1 Fee 0.25% 0.00% 1.00% 23.31%
Administrative Fee 0.15% 0.02% 0.27% 64.44%

Sales Fees

FAFRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 2.25% 1.00% 5.75% 85.19%
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

FAFRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

FAFRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 66.03% 4.00% 180.00% 55.37%

FAFRX - Distributions

Dividend Yield Analysis

FAFRX Category Low Category High FAFRX % Rank
Dividend Yield 7.97% 0.00% 11.13% 47.17%

Dividend Distribution Analysis

FAFRX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

FAFRX Category Low Category High FAFRX % Rank
Net Income Ratio 3.86% 1.77% 9.82% 33.60%

Capital Gain Distribution Analysis

FAFRX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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FAFRX - Fund Manager Analysis

Managers

Justin Ma


Start Date

Tenure

Tenure Rank

Jun 01, 2013

9.0

9.0%

Justin Ma is an assistant portfolio manager for Franklin Advisers' Floating Rate Debt Group. He is a portfolio manager on Franklin Floating Rate Daily Access Fund, Franklin Floating Rate PLC, and FTSIIF Franklin Floating Rate II Funds, as well as the floating rate investments of Franklin Templeton Limited Duration Income Trust Fund. Mr. Ma is also a member of the Investment Committee. Mr. Ma joined Franklin Templeton in 2006 as a member of the Futures Program and joined the Floating Rate Debt Group as a portfolio analyst in 2008. Mr. Ma holds a B.A. from Stanford University and is a Chartered Financial Analyst (CFA) Charterholder. He is also a member of the CFA Society of San Francisco (CFASF) and the CFA Institute.

Reema Agarwal


Start Date

Tenure

Tenure Rank

Jan 31, 2019

3.33

3.3%

Reema Agarwal, SVP, Director of the Floating Rate Debt Group, manages a team of research analysts and portfolio managers across the full spectrum of the bank loan market. Prior to this role Reema was the Floating Rate Debt Group Director of Research (2014–2018). Prior to joining the firm in 2004, Ms. Agarwal was with FleetBoston Financial and ABN AMRO Bank N.V. Ms. Agarwal holds an M.B.A. from the Indian Institute of Management, Bangalore. She is a Chartered Financial Analyst (CFA) charter holder and a member of the CFA Society of San Francisco (CFASF).

Margaret Chiu


Start Date

Tenure

Tenure Rank

Mar 01, 2019

3.25

3.3%

Margaret Chiu is a portfolio manager for the Franklin Advisers' Floating Rate Debt Group. Ms. Chiu provides portfolio analytics for the floating rate open-end funds and institutional separate accounts. Ms. Chiu joined Franklin Templeton in 2012 and the Floating Rate Debt Group in 2013. Ms. Chiu holds a B.S. in business administration from the University of California, Berkeley. She is a Chartered Financial Analyst (CFA) charterholder and a Certified Financial Risk Manager (FRM).

Judy Sher


Start Date

Tenure

Tenure Rank

Dec 31, 2019

2.42

2.4%

Ms. Sher has been a portfolio manager of the Fund since December 2019. She joined Franklin Templeton in 2013.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 21.18 6.08 3.25