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Metropolitan West Floating Rate Income Fund
mutual fund
MWFLX
Payout Change
Pending
Price as of:
$47.61
+0.02
+0.04%
primary theme
N/A
share class
MWFLX (Mutual Fund)
Metropolitan West Floating Rate Income Fund
MWFLX (Mutual Fund)
Metropolitan West Floating Rate Income Fund
Payout Change
Pending
Price as of:
$47.61
+0.02
+0.04%
primary theme
N/A
share class
Name
As of 11/15/2024Price
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
Vitals
YTD Return
9.0%
1 yr return
10.5%
3 Yr Avg Return
5.9%
5 Yr Avg Return
5.1%
Net Assets
$305 M
Holdings in Top 10
13.3%
52 WEEK LOW AND HIGH
$47.6
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.71%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 49.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$3,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/15/2024Price
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
MWFLX - Profile
Distributions
- YTD Total Return 9.0%
- 3 Yr Annualized Total Return 5.9%
- 5 Yr Annualized Total Return 5.1%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 3.32%
- Dividend Yield 1.7%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameMetropolitan West Floating Rate Income Fund
-
Fund Family NameTCW Family of Investment Companies
-
Inception DateJun 28, 2013
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJerry Cudzil
Fund Description
The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in floating rate investments and in investments that are the economic equivalent of floating rate investments. These economically equivalent investments may include, but are not limited to, any combination of the following items: (i) senior secured floating rate loans or debt; (ii) second lien or other subordinated or unsecured floating rate loans or debt; (iii) fixed-rate loans or debt, such as corporate bonds, preferred securities, convertible securities, mezzanine investments, collateralized loan obligations, senior loans, second lien loans, structured products and U.S. government debt securities, with respect to which the Fund has entered into derivative instruments that have the effect of converting the fixed-rate interest payments into floating-rate interest payments; and (iv) written credit derivatives, which would give the Fund exposure to the credit of a single issuer or an index. The market value of written
credit derivatives would count toward the 80% test specified above. The Fund may also purchase, without limitation, participations or assignments in senior floating rate loans or second lien floating rate loans. Debt instruments include convertible or preferred securities that produce income.
The portfolio managers may consider many factors in purchasing and selling investments for the Fund, such as a fundamental analysis of the issuer, the credit quality of the issuer and collateral for the investment, capital structure, leverage, operating results for the issuer and the business outlook for the issuer, industry or broader economy.
The Fund’s investments may have any credit quality without limitation, including investments rated below investment grade (commonly known as “junk bonds”). Under normal circumstances, a substantial portion of the Fund’s portfolio consists of leveraged loans rated below investment grade or unrated.
The Fund may invest up to 20% of its net assets, plus any borrowings for investment purposes, in fixed income securities with respect to which the Fund has not entered into derivative instruments to effectively convert the fixed-rate interest payments into floating-rate interest payments. Those fixed income securities may include, but are not limited to, corporate bonds, preferred securities, convertible securities, mezzanine investments, collateralized loan obligations, senior loans, second lien loans, structured products and U.S. government debt securities.
The Fund’s portfolio securities may have any duration or maturity.
The Fund may invest in securities of foreign issuers, including issuers located in emerging markets. Under normal circumstances, the Fund invests at least 80% of its net assets in loans and other securities of U.S. issuers or issuers with their primary operations, assets or management activities in the U.S. (including limited purpose controlled affiliates outside of the U.S. that borrow or issue securities primarily for the benefit of their U.S. parent companies or affiliates). The Fund may invest up to 20% of its assets in securities of foreign issuers. Investments in securities of foreign issuers that are not denominated in U.S. dollars are limited to a maximum of 20% of the Fund’s assets. The Fund may invest up to 20% of its assets in emerging market securities.
Up to 15% of the Fund’s net assets may be invested in illiquid securities.
The Fund may also invest in companies whose financial condition is uncertain, where the borrower has defaulted in the payment of interest or principal or in the performance of its covenants or agreements, or that may be involved in bankruptcy proceedings, reorganizations or financial restructurings.
The Fund may invest up to 10% of its net assets in common stocks or other equity securities. In addition, the Fund may acquire and hold those securities (or rights to acquire such securities) in unit offerings with fixed income securities, in connection with an amendment, waiver, conversion or exchange of fixed income securities, in connection with the bankruptcy or workout of a distressed fixed income security, or upon the exercise of a right or warrant obtained on account of a fixed income security.
The Fund may use derivatives for hedging purposes, but is not required to do so, as well as to increase the total return on its portfolio investments. The types of derivative instruments in which the Fund will principally invest are options or futures on a security or an index of securities, options on futures, credit default swaps, and interest rate or foreign currency derivatives, including swaps and forward contracts.
The Fund may sell securities and other instruments short provided that not more than 15% of its net assets are held as collateral for those transactions.
MWFLX - Performance
Return Ranking - Trailing
| Period | MWFLX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 9.0% | -2.9% | 445.1% | 5.62% |
| 1 Yr | 10.5% | -2.5% | 452.6% | 13.86% |
| 3 Yr | 5.9%* | -6.5% | 81.0% | 29.73% |
| 5 Yr | 5.1%* | -6.1% | 45.0% | 29.83% |
| 10 Yr | 4.2%* | -2.1% | 22.4% | 17.39% |
* Annualized
Return Ranking - Calendar
| Period | MWFLX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 2.8% | -12.0% | 11.1% | 55.81% |
| 2022 | -7.5% | -22.9% | 5.1% | 53.85% |
| 2021 | 0.3% | -12.2% | 11.1% | 87.40% |
| 2020 | -0.3% | -14.1% | 289.8% | 4.92% |
| 2019 | 2.6% | -8.1% | 7.5% | 54.01% |
Total Return Ranking - Trailing
| Period | MWFLX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 9.0% | -2.9% | 445.1% | 5.62% |
| 1 Yr | 10.5% | -2.5% | 452.6% | 13.86% |
| 3 Yr | 5.9%* | -6.5% | 81.0% | 29.73% |
| 5 Yr | 5.1%* | -6.1% | 45.0% | 29.83% |
| 10 Yr | 4.2%* | -2.1% | 22.4% | 17.39% |
* Annualized
Total Return Ranking - Calendar
| Period | MWFLX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 12.8% | -12.0% | 22.1% | 37.83% |
| 2022 | -2.3% | -22.9% | 5.1% | 50.77% |
| 2021 | 3.8% | -10.2% | 11.1% | 75.59% |
| 2020 | 3.7% | -14.1% | 306.9% | 9.43% |
| 2019 | 7.9% | -3.6% | 10.5% | 43.46% |
NAV & Total Return History
MWFLX - Holdings
Concentration Analysis
| MWFLX | Category Low | Category High | MWFLX % Rank | |
|---|---|---|---|---|
| Net Assets | 305 M | 29.9 M | 13.5 B | 68.58% |
| Number of Holdings | 357 | 2 | 1977 | 47.49% |
| Net Assets in Top 10 | 38.3 M | -191 M | 2.37 B | 67.18% |
| Weighting of Top 10 | 13.29% | 5.2% | 100.7% | 51.55% |
Top 10 Holdings
- MSILF Government Portfolio 4.89%
- Dreyfus Government Cash Management 2.53%
- EagleView Technology Corp 0.89%
- MAGNIT 01/30/31 0.85%
- DELTA 2 LUX SARL 0.77%
- Fidelity Government Portfolio 0.71%
- Phoenix Newco Inc 0.68%
- Patriot Container Corp 0.67%
- CRCI Longhorn Holdings Inc 0.66%
- Victory Buyer LLC 0.65%
Asset Allocation
| Weighting | Return Low | Return High | MWFLX % Rank | |
|---|---|---|---|---|
| Bonds | 95.49% | 0.00% | 161.82% | 50.97% |
| Cash | 8.13% | -61.90% | 16.36% | 16.60% |
| Preferred Stocks | 0.20% | -3.99% | 7.30% | 14.29% |
| Stocks | 0.13% | 0.00% | 100.74% | 83.40% |
| Other | 0.00% | -52.39% | 34.87% | 57.14% |
| Convertible Bonds | 0.00% | 0.00% | 5.51% | 83.27% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | MWFLX % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 100.00% | 59.38% |
| Technology | 0.00% | 0.00% | 100.00% | 59.82% |
| Real Estate | 0.00% | 0.00% | 48.61% | 54.91% |
| Industrials | 0.00% | 0.00% | 100.00% | 69.20% |
| Healthcare | 0.00% | 0.00% | 100.00% | 57.59% |
| Financial Services | 0.00% | 0.00% | 89.61% | 57.14% |
| Energy | 0.00% | 0.00% | 100.00% | 77.23% |
| Communication Services | 0.00% | 0.00% | 100.00% | 74.11% |
| Consumer Defense | 0.00% | 0.00% | 100.00% | 56.70% |
| Consumer Cyclical | 0.00% | 0.00% | 97.66% | 37.95% |
| Basic Materials | 0.00% | 0.00% | 1.36% | 66.52% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | MWFLX % Rank | |
|---|---|---|---|---|
| US | 0.13% | -0.01% | 100.74% | 81.47% |
| Non US | 0.00% | 0.00% | 0.68% | 78.38% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | MWFLX % Rank | |
|---|---|---|---|---|
| Corporate | 95.20% | 0.00% | 99.80% | 24.51% |
| Cash & Equivalents | 8.13% | 0.00% | 25.03% | 15.06% |
| Derivative | 0.00% | -10.96% | 0.59% | 44.79% |
| Securitized | 0.00% | 0.00% | 91.68% | 88.72% |
| Municipal | 0.00% | 0.00% | 0.47% | 75.88% |
| Government | 0.00% | 0.00% | 3.18% | 78.21% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | MWFLX % Rank | |
|---|---|---|---|---|
| US | 95.49% | 0.00% | 123.41% | 36.29% |
| Non US | 0.00% | 0.00% | 63.23% | 85.71% |
MWFLX - Expenses
Operational Fees
| MWFLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.71% | 0.03% | 5.51% | 90.98% |
| Management Fee | 0.55% | 0.00% | 1.89% | 20.68% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.02% | 0.27% | N/A |
Sales Fees
| MWFLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 1.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
| MWFLX 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.
| MWFLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 49.00% | 4.00% | 180.00% | 38.93% |
MWFLX - Distributions
Dividend Yield Analysis
| MWFLX | Category Low | Category High | MWFLX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 1.73% | 0.00% | 11.13% | 32.58% |
Dividend Distribution Analysis
| MWFLX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| MWFLX | Category Low | Category High | MWFLX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 3.32% | 1.77% | 9.82% | 66.27% |
Capital Gain Distribution Analysis
| MWFLX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Oct 31, 2024 | $0.343 | OrdinaryDividend |
| Sep 30, 2024 | $0.299 | OrdinaryDividend |
| Aug 30, 2024 | $0.321 | OrdinaryDividend |
| Jul 31, 2024 | $0.327 | OrdinaryDividend |
| Jun 28, 2024 | $0.334 | OrdinaryDividend |
| May 31, 2024 | $0.360 | OrdinaryDividend |
| Apr 30, 2024 | $0.352 | OrdinaryDividend |
| Mar 28, 2024 | $0.354 | OrdinaryDividend |
| Feb 29, 2024 | $0.359 | OrdinaryDividend |
| Jan 31, 2024 | $0.344 | OrdinaryDividend |
| Dec 29, 2023 | $0.356 | OrdinaryDividend |
| Nov 30, 2023 | $0.340 | OrdinaryDividend |
| Oct 31, 2023 | $0.348 | OrdinaryDividend |
| Sep 29, 2023 | $0.340 | OrdinaryDividend |
| Aug 31, 2023 | $0.361 | OrdinaryDividend |
| Jul 31, 2023 | $0.354 | OrdinaryDividend |
| Jun 30, 2023 | $0.330 | OrdinaryDividend |
| May 31, 2023 | $0.343 | OrdinaryDividend |
| Apr 28, 2023 | $0.329 | OrdinaryDividend |
| Mar 31, 2023 | $0.316 | OrdinaryDividend |
| Feb 28, 2023 | $0.308 | OrdinaryDividend |
| Jan 31, 2023 | $0.329 | OrdinaryDividend |
| Dec 30, 2022 | $0.300 | OrdinaryDividend |
| Nov 30, 2022 | $0.279 | OrdinaryDividend |
| Oct 31, 2022 | $0.274 | OrdinaryDividend |
| Sep 30, 2022 | $0.221 | OrdinaryDividend |
| Aug 31, 2022 | $0.245 | OrdinaryDividend |
| Jul 29, 2022 | $0.211 | OrdinaryDividend |
| Jun 30, 2022 | $0.180 | OrdinaryDividend |
| May 31, 2022 | $0.172 | OrdinaryDividend |
| Apr 29, 2022 | $0.153 | OrdinaryDividend |
| Mar 31, 2022 | $0.158 | OrdinaryDividend |
| Feb 28, 2022 | $0.144 | OrdinaryDividend |
| Jan 31, 2022 | $0.149 | OrdinaryDividend |
| Dec 31, 2021 | $0.146 | OrdinaryDividend |
| Nov 30, 2021 | $0.133 | OrdinaryDividend |
| Oct 29, 2021 | $0.136 | OrdinaryDividend |
| Sep 30, 2021 | $0.130 | OrdinaryDividend |
| Aug 31, 2021 | $0.130 | OrdinaryDividend |
| Jul 30, 2021 | $0.135 | OrdinaryDividend |
| Jun 30, 2021 | $0.130 | OrdinaryDividend |
| May 28, 2021 | $0.129 | OrdinaryDividend |
| Apr 30, 2021 | $0.128 | OrdinaryDividend |
| Mar 31, 2021 | $0.125 | OrdinaryDividend |
| Feb 26, 2021 | $0.111 | OrdinaryDividend |
| Jan 29, 2021 | $0.137 | OrdinaryDividend |
| Dec 31, 2020 | $0.152 | OrdinaryDividend |
| Nov 30, 2020 | $0.125 | OrdinaryDividend |
| Oct 30, 2020 | $0.132 | OrdinaryDividend |
| Sep 30, 2020 | $0.135 | OrdinaryDividend |
| Aug 31, 2020 | $0.146 | OrdinaryDividend |
| Jul 31, 2020 | $0.138 | OrdinaryDividend |
| Jun 30, 2020 | $0.132 | OrdinaryDividend |
| May 29, 2020 | $0.139 | OrdinaryDividend |
| Apr 30, 2020 | $0.135 | OrdinaryDividend |
| Mar 31, 2020 | $0.152 | OrdinaryDividend |
| Feb 28, 2020 | $0.152 | OrdinaryDividend |
| Jan 31, 2020 | $0.171 | OrdinaryDividend |
| Dec 31, 2019 | $0.173 | OrdinaryDividend |
| Nov 29, 2019 | $0.170 | OrdinaryDividend |
| Oct 31, 2019 | $0.183 | OrdinaryDividend |
| Sep 30, 2019 | $0.192 | OrdinaryDividend |
| Aug 30, 2019 | $0.191 | OrdinaryDividend |
| Jul 31, 2019 | $0.202 | OrdinaryDividend |
| Dec 14, 2015 | $0.063 | CapitalGainShortTerm |
| Dec 14, 2015 | $0.002 | CapitalGainLongTerm |
| Dec 12, 2014 | $0.421 | CapitalGainShortTerm |
| Dec 12, 2014 | $0.006 | CapitalGainLongTerm |
| Dec 13, 2013 | $0.062 | CapitalGainShortTerm |
MWFLX - Fund Manager Analysis
Managers
Jerry Cudzil
Start Date
Tenure
Tenure Rank
Jun 28, 2013
8.93
8.9%
Jerry Cudzil is a Managing Director of the Metropolitan West Asset Management, LLC, has been with the Metropolitan West Asset Management, LLC since May, 2012. From June, 2004, until May 2010, Mr. Cudzil was a portfolio manager for Dimaio Ahman Capital. From May, 2010 until May, 2011, Mr. Cudzil was a high yield bond trader with Morgan Stanley & Co., and from September, 2011 until May, 2012, he was a high yield bond trader with Deutsche Bank.
Laird Landmann
Start Date
Tenure
Tenure Rank
Jun 28, 2013
8.93
8.9%
Laird R. Landmann Group Managing Director Co-Director Fixed Income U.S. Fixed Income Mr. Landmann is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). Mr. Landmann currently serves on the boards of the Trust Company of the West and the Metropolitan West Mutual Funds. He is a leader of the MetWest investment team that was recognized as Morningstar's Fixed Income Manager of the Year for 2005 and has been nominated for the award eight times. Prior to founding MetWest in 1996, Mr. Landmann was a principal and the co-director of fixed income at Hotchkis and Wiley. He also served as a portfolio manager and vice president at PIMCO. Mr. Landmann holds an AB in Economics from Dartmouth College and an MBA from the University of Chicago Booth School of Business.
Drew Sweeney
Start Date
Tenure
Tenure Rank
Jul 29, 2020
1.84
1.8%
Drew Sweeney was the managing Director of the TCW Group, Inc, has been with the TCW Group, Inc since 2015. Prior to joining TCW, Mr. Sweeney was was a Managing Director of Bradford & Marzec, LLC and Macquarie Group. Mr. Sweeney manages the Floating Rate Income Fund. Drew Sweeney was a member of Bradford & Marzec’s Portfolio Management Team. Drew manages bank loan portfolios and co-manages the full-quality high yield strategy. He works with a team of credit specialists to develop strategies for the bank loan portfolios and contributes to the overall investment grade and high yield strategies. Prior to his current position as Portfolio Manager, Drew was Portfolio Manager for Four Corners Capital Management (part of the Macquarie Group) in Los Angeles, where he managed both high yield bond and bank loan investments. Prior to Four Corners, Drew was responsible for bank loan and high yield investments for Columbia Management (Ameriprise Financial, Inc.). Drew has an MBA from the University of North Carolina Kenan-Flagler Business School and a Bachelor’s degree from Rutgers University.
Steven Purdy
Start Date
Tenure
Tenure Rank
Jul 29, 2021
0.84
0.8%
Managing Director of Metropolitan West Asset Management since March 2016. Prior to joining Metropolitan, Mr. Purdy was a Managing Director at TPG Capital and Goldman Sachs. Mr. Purdy manages the High Yield Bond Fund.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.09 | 21.18 | 6.07 | 3.25 |
