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Trending ETFs

Shenkman Capital Floating Rate High Income Fund

mutual fund
SFHIX
Payout Change
Pending
Price as of:
$9.19 -0.01 -0.11%
primary theme
Bank Loan
share class
SFHIX (Mutual Fund)

Shenkman Capital Floating Rate High Income Fund

Payout Change
Pending
Price as of:
$9.19 -0.01 -0.11%
primary theme
Bank Loan
share class
SFHIX (Mutual Fund)

Shenkman Capital Floating Rate High Income Fund

Payout Change
Pending
Price as of:
$9.19 -0.01 -0.11%
primary theme
Bank Loan
share class

Name

As of 06/14/2024

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

$9.19

$263 M

8.33%

$0.77

0.70%

Vitals

YTD Return

3.6%

1 yr return

9.1%

3 Yr Avg Return

4.8%

5 Yr Avg Return

4.4%

Net Assets

$263 M

Holdings in Top 10

10.5%

52 WEEK LOW AND HIGH

$9.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.70%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 59.00%

Redemption Fee 1.00%


Min Investment

Standard (Taxable)

$1,000,000

IRA

$1,000,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/14/2024

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

$9.19

$263 M

8.33%

$0.77

0.70%

SFHIX - Profile

Distributions

  • YTD Total Return 3.6%
  • 3 Yr Annualized Total Return 4.8%
  • 5 Yr Annualized Total Return 4.4%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.27%
DIVIDENDS
  • Dividend Yield 8.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Shenkman Capital Floating Rate High Income Fund
  • Fund Family Name
    Shenkman Funds
  • Inception Date
    Oct 15, 2014
  • Shares Outstanding
    33453340
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Mark Shenkman

Fund Description

Under normal market conditions, the Floating Rate Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of senior secured and unsecured floating rate bank loans and other floating rate instruments. The Fund seeks to provide a high level of current income through comprehensive fundamental analysis and compounding interest income. The Fund also seeks to preserve capital by avoiding defaults and minimizing both interest rate volatility and credit risk.
The loans and other instruments in which the Floating Rate Fund invests include bank loans (i.e., loan assignments and participations) to corporate borrowers, traditional corporate bonds, notes, debentures, zero-coupon bonds, collateralized loan obligations (“CLOs”) and other corporate debt instruments, and obligations of the U.S. Government and government-sponsored entities. A substantial portion of the Floating Rate Fund’s net assets may be comprised of covenant lite loans. The Fund may invest in corporate fixed-income instruments and loans of any maturity or credit quality. The Fund may invest without limit in loans, bonds or other debt obligations rated lower than Baa by Moody’s Investors Service, Inc. (“Moody’s”) or BBB by S&P Global Ratings (“S&P”) (i.e., “junk” bonds and loans), and may also invest without limit in Rule 144A and restricted fixed-income securities; provided, however, that the Floating Rate Fund may only invest up to 20% of its total assets in fixed-income instruments. The Fund generally invests in high yield instruments rated Caa or better by Moody’s or CCC or better by S&P, but retains the discretion to invest in even lower-rated instruments.
The Floating Rate Fund may invest up to 20% of its total assets in foreign fixed-income instruments, including those denominated in U.S. dollars, such as Yankee bonds, or other currencies, and may also invest up to 20% of its total assets in initial public offerings (“IPOs”) and other unseasoned companies. Additionally, the Fund may invest up to 15% of its total assets in convertible bonds, up to 15% of its total assets in other investment companies, including mutual funds and exchange-traded funds (“ETFs”), up to 10% of its total assets in preferred stocks, and up to 10% of its total assets in when-issued securities. The Fund may also utilize leverage of no more than 33% of the Fund’s total assets as part of the portfolio management process. Leverage is the practice of borrowing money to purchase investments, for instance, by borrowing money against a line of credit. The Fund may also create leverage by borrowing money against a margin account where the Fund’s portfolio holdings and cash serve as collateral for the loan. Additionally, the Fund may hold from time to time equity positions received as a result of a restructuring of a debt instrument held by the Fund.
The Floating Rate Fund may invest up to 100% of its net assets in high-quality, short-term debt securities and money market instruments for temporary defensive purposes.
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SFHIX - Performance

Return Ranking - Trailing

Period SFHIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.6% -96.4% 6.5% 68.61%
1 Yr 9.1% -96.3% 15.4% 77.74%
3 Yr 4.8%* -67.0% 8.3% 41.00%
5 Yr 4.4%* -47.8% 37.6% 34.01%
10 Yr N/A* -2.1% 19.3% 100.00%

* Annualized

Return Ranking - Calendar

Period SFHIX Return Category Return Low Category Return High Rank in Category (%)
2023 2.8% -12.0% 11.1% 58.91%
2022 -5.7% -22.9% 5.1% 16.79%
2021 0.6% -12.2% 11.1% 71.65%
2020 -2.3% -14.1% 289.8% 38.40%
2019 3.2% -8.1% 7.5% 38.43%

Total Return Ranking - Trailing

Period SFHIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.6% -96.4% 6.5% 68.61%
1 Yr 9.1% -96.3% 15.4% 77.74%
3 Yr 4.8%* -67.0% 8.3% 41.00%
5 Yr 4.4%* -47.8% 37.6% 34.01%
10 Yr N/A* -2.1% 19.3% 100.00%

* Annualized

Total Return Ranking - Calendar

Period SFHIX Return Category Return Low Category Return High Rank in Category (%)
2023 12.2% -12.0% 22.1% 55.64%
2022 -0.7% -22.9% 5.1% 13.06%
2021 4.2% -10.2% 11.1% 68.97%
2020 2.2% -14.1% 306.9% 38.00%
2019 9.4% -3.6% 10.5% 6.61%

NAV & Total Return History


SFHIX - Holdings

Concentration Analysis

SFHIX Category Low Category High SFHIX % Rank
Net Assets 263 M 29.9 M 13.5 B 72.83%
Number of Holdings 485 2 1848 24.34%
Net Assets in Top 10 27.9 M -191 M 2.48 B 78.65%
Weighting of Top 10 10.45% 5.2% 100.8% 81.95%

Top 10 Holdings

  1. First American Government Obligations Fund 4.07%
  2. Verscend Holding Corp 0.84%
  3. Gen Digital Inc 0.83%
  4. Flutter Financing BV 0.80%
  5. Asurion LLC 0.74%
  6. Alterra Mountain Co 0.67%
  7. Garda World Security Corp 0.65%
  8. Cotiviti Inc 0.62%
  9. NRG Energy T/L B (03/24) 0.62%
  10. Proofpoint Inc 0.61%

Asset Allocation

Weighting Return Low Return High SFHIX % Rank
Bonds
98.39% 0.00% 161.82% 17.98%
Cash
4.07% -61.90% 20.29% 49.81%
Stocks
0.00% 0.00% 100.78% 92.88%
Preferred Stocks
0.00% -3.99% 6.22% 60.30%
Other
0.00% -52.39% 26.58% 69.29%
Convertible Bonds
0.00% 0.00% 5.51% 65.28%

Bond Sector Breakdown

Weighting Return Low Return High SFHIX % Rank
Corporate
92.92% 0.00% 99.80% 31.70%
Cash & Equivalents
4.07% 0.00% 25.03% 49.06%
Derivative
0.00% -11.50% 1.00% 62.17%
Securitized
0.00% 0.00% 91.68% 66.79%
Municipal
0.00% 0.00% 0.47% 44.15%
Government
0.00% 0.00% 3.18% 51.70%

Bond Geographic Breakdown

Weighting Return Low Return High SFHIX % Rank
US
98.39% 0.00% 143.64% 13.86%
Non US
0.00% 0.00% 63.23% 68.91%

SFHIX - Expenses

Operational Fees

SFHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.70% 0.03% 12.26% 91.24%
Management Fee 0.50% 0.00% 1.89% 14.96%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.27% 41.43%

Sales Fees

SFHIX 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

SFHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 2.00% 76.92%

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.

SFHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 59.00% 4.00% 180.00% 47.22%

SFHIX - Distributions

Dividend Yield Analysis

SFHIX Category Low Category High SFHIX % Rank
Dividend Yield 8.33% 0.00% 11.13% 78.55%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

SFHIX Category Low Category High SFHIX % Rank
Net Income Ratio 3.27% 1.77% 9.82% 69.85%

Capital Gain Distribution Analysis

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

Distributions History

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SFHIX - Fund Manager Analysis

Managers

Mark Shenkman


Start Date

Tenure

Tenure Rank

Oct 15, 2014

7.63

7.6%

Mark R. Shenkman founded Shenkman Capital Management, Inc. in 1985. With 46 years of investment experience, and 38 years of high yield investment experience, he is considered one of the pioneers of the high yield bond and loan markets. Prior to founding Shenkman in 1985, Mr. Shenkman was President and Chief Investment Officer of First Investors Asset Management in New York. He also was Co-Manager and Vice President of the High Yield Bond Department at Lehman Brothers Kuhn Loeb in New York, where he established one of Wall Street’s earliest departments dedicated to the research, selling and trading of high yield securities. Mr. Shenkman was a research analyst and an equity portfolio manager at Fidelity Management and Research Company in Boston. From 1977 to 1979, he managed the first high yield bond mutual funds at Fidelity. Additionally, Mr. Shenkman is Chairman of the Board of Directors of the UCONN Foundation. He is a member of the Board of Trustees at The George Washington University; Vice Chairman of the Board at Wilbraham & Monson Academy since 1969; and he currently serves on the College of William and Mary, Mason School of Business Board of Advisors. He is also on the Board of Directors of the Hillel Foundation in Washington D.C. Mr. Shenkman received a BA in Political Science from the University of Connecticut (1965) and an MBA from The George Washington University (1967). Mr. Shenkman also received a Doctor of Humane Letters, honoris causa, from the University of Connecticut (2007).

David Lerner


Start Date

Tenure

Tenure Rank

Oct 15, 2014

7.63

7.6%

David Lerner joined Shenkman Capital in 2013. He has 30 years of experience in the bank loan industry. Mr. Lerner leads Shenkman Capital’s Loan, CLO and Structured Credit Platform and is a shareholder of the firm. Additionally, Mr. Lerner is a member of the Management Committee of Romark Credit Advisors and oversees the day-to-day operations of Romark CLO Advisors, an affiliate of Shenkman Capital. Prior to joining Shenkman Capital, Mr. Lerner was a Managing Director and Portfolio Manager in Credit Suisse’s Credit Investments Group where he was responsible for directing investment decisions and managing portfolio risk and was primarily responsible for managing the US loan and CLO platform. Mr. Lerner joined Credit Suisse in 2000 through the merger with Donaldson, Lufkin, & Jenrette (DLJ). Before working at DLJ, Mr. Lerner worked at First Dominion Capital, LLC as a Senior Vice President. First Dominion was acquired by DLJ in September 2000. Previous to First Dominion, he worked at Mitsubishi Trust and Banking Corporation as a Vice President in the Leveraged Finance Group. Prior to that, he served as a Vice President at Banque Francaise du Commerce Exterieur in their Corporate Finance Group. Mr. Lerner began his career as an Associate at The Chase Manhattan Bank in 1990. Mr. Lerner is currently serving his second term on the board and is a Vice Chair of the Loan Syndications and Trading Association (LSTA). Mr. Lerner received a BBA in Finance from The George Washington University (1990).

Jeffrey Gallo


Start Date

Tenure

Tenure Rank

Sep 30, 2015

6.67

6.7%

Jeffrey Gallo joined Shenkman Capital in 2005. He has 20 years of high yield research experience, having previously worked at Invesco and J&W Seligman & Co. as a Senior Credit Analyst from 2001 to 2005. Mr. Gallo began his career in high yield as an analyst at Credit Suisse First Boston / Donaldson Lufkin & Jenrette where he worked from 2000 to 2001. Mr. Gallo graduated cum laude with a BS degree in Finance and Management from New York University’s Leonard N. Stern School of Business (2000). In addition, he is a member of the CFA Institute and CFA Society New York.

Justin Slatky


Start Date

Tenure

Tenure Rank

Jul 31, 2016

5.84

5.8%

Justin W. Slatky joined Shenkman Capital in 2011. He has 21 years of investing experience in high yield and distressed securities. Prior to joining Shenkman Capital, Mr. Slatky was Co-Head and Managing Director of the Distressed Bond business in New York and London for Goldman Sachs. He was also a member of the Credit Investment Committee charged with reviewing proprietary investments within the Credit Department. Before joining the distressed bond business in 2002, Mr. Slatky was a telecom high yield analyst and a recipient of Institutional Investor’s Runner-Up award. He joined Goldman Sachs from Credit Suisse First Boston in 1999, where he worked as a high yield analyst as part of an II ranked telecom team. Mr. Slatky graduated magna cum laude with a BS in Economics (1998) and an MBA (1999) from The Wharton School at the University of Pennsylvania.

Brian Goldberg


Start Date

Tenure

Tenure Rank

Sep 30, 2018

3.67

3.7%

Brian Goldberg joined Shenkman Capital in 2016 after covering the firm from the sell side for 5 years. He has over 18 years of leveraged finance banking and market experience and has specialized in the loan market for more than 12 years. Prior to joining the firm, Mr. Goldberg was a Director on Deutsche Bank’s Leveraged Loan Sales and Trading team covering large, institutional investors for primary transactions, secondary trading and CLO issuance. He has worked across multiple disciplines including origination, structuring, syndication and relationship management capitalizing on his strong fundamental and technical background. He received a BS from the University at Albany (1995) and an MBA from Columbia Business School (2002).

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 21.18 6.03 3.25