Overview
The Strategy typically invests in senior loans.
- Inception Date
- October 26, 2012
- Investment Style
- Senior Floating Rate
- Fund Index
- J.P. Morgan Leveraged Loan Index
- CUSIP
- 68381K507
-
NAV
- A
- (as of 04/20/2018)
- $8.17
- Total Assets
- (as of 03/31/2018)
- $14.72 BN
- Gross Expense Ratio
- (as of 03/29/2018)
- 1.38%
- Net Expense Ratio
- (as of 03/29/2018)
- 1.37%
Performance
Average Annual Returns as of 03/31/2018
Average Annual Returns as of 03/31/2018
Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
- B
|
Cumulative
|
Annualized | |||||
|---|---|---|---|---|---|---|
| 3 mo |
ytd as of 2018-03-31
|
1 yr | 3 yr | 5 yr | since inception | |
| 1.14% | 1.14% | 3.60% | 4.26% | 3.68% | 3.99% | |
| 1.58% | 1.58% | 4.76% | 4.53% | 4.41% | - | |
|
Cumulative
|
Annualized | |||||
|---|---|---|---|---|---|---|
| 3 mo |
ytd as of 2018-03-31
|
1 yr | 3 yr | 5 yr | since inception | |
| 1.14% | 1.14% | 3.60% | 4.26% | 3.68% | 3.99% | |
| 1.58% | 1.58% | 4.76% | 4.53% | 4.41% | - | |
|
Cumulative
|
Annualized | |||||
|---|---|---|---|---|---|---|
| 3 mo |
ytd as of 2018-03-31
|
1 yr | 3 yr | 5 yr | since inception | |
| 1.14% | 1.14% | 3.60% | 4.26% | 3.68% | 3.99% | |
| 1.58% | 1.58% | 4.76% | 4.53% | 4.41% | - | |
|
Cumulative
|
Annualized | |||||
|---|---|---|---|---|---|---|
| 3 mo |
ytd as of 2018-03-31
|
1 yr | 3 yr | 5 yr | since inception | |
| 1.14% | 1.14% | 3.60% | 4.26% | 3.68% | 3.99% | |
| 1.58% | 1.58% | 4.76% | 4.53% | 4.41% | - | |
Gross Expense Ratio:
1.38%
| Net Expense Ratio:
1.37%
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price are subject to a 0.25% annual asset-backed sales charge. Prior to 7/1/14, Class R shares were named Class N shares and were subject to a 1% CDSC (18 months). Returns do not consider capital gains or income taxes on an individual's investment.
Calendar Year Returns as of 04/20/2018
| Year | Senior Floating Rate Fund | J.P. Morgan Leveraged Loan Index |
|---|---|---|
| 2013 | 6.11% | 6.15% |
| 2014 | 0.30% | 2.40% |
| 2015 | -2.43% | 0.54% |
| 2016 | 12.45% | 9.78% |
| 2017 | 3.64% | 4.25% |
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price are subject to a 0.25% annual asset-backed sales charge. Prior to 7/1/14, Class R shares were named Class N shares and were subject to a 1% CDSC (18 months). Returns do not consider capital gains or income taxes on an individual's investment.
Cumulative Returns & Income Dividends
| Date | Senior Floating Rate Fund | J.P. Morgan Leveraged Loan Index (Linked Index) | BBG Barclays Agg |
|---|---|---|---|
| 3/31/2013 | 0.00 | 0.00 | 0.00 |
| 4/30/2013 | 0.76 | 0.75 | 1.01 |
| 5/31/2013 | 0.94 | 0.98 | -0.79 |
| 6/30/2013 | 0.65 | 0.43 | -2.32 |
| 7/31/2013 | 1.51 | 1.50 | -2.19 |
| 8/31/2013 | 1.68 | 1.54 | -2.69 |
| 9/30/2013 | 1.89 | 1.83 | -1.77 |
| 10/31/2013 | 2.63 | 2.65 | -0.98 |
| 11/30/2013 | 3.23 | 3.14 | -1.35 |
| 12/31/2013 | 3.84 | 3.69 | -1.90 |
| 1/31/2014 | 4.15 | 4.42 | -0.45 |
| 2/28/2014 | 4.47 | 4.66 | 0.07 |
| 3/31/2014 | 4.67 | 5.04 | -0.10 |
| 4/30/2014 | 4.64 | 5.28 | 0.75 |
| 5/31/2014 | 5.26 | 5.93 | 1.89 |
| 6/30/2014 | 5.70 | 6.57 | 1.95 |
| 7/31/2014 | 5.80 | 6.52 | 1.69 |
| 8/31/2014 | 5.65 | 6.77 | 2.81 |
| 9/30/2014 | 4.99 | 6.22 | 2.12 |
| 10/31/2014 | 5.12 | 6.70 | 3.12 |
| 11/30/2014 | 5.59 | 7.19 | 3.85 |
| 12/31/2014 | 4.15 | 6.18 | 3.95 |
| 1/31/2015 | 4.00 | 6.62 | 6.13 |
| 2/28/2015 | 5.49 | 8.12 | 5.13 |
| 3/31/2015 | 5.70 | 8.64 | 5.62 |
| 4/30/2015 | 6.44 | 9.57 | 5.24 |
| 5/31/2015 | 6.51 | 9.68 | 4.99 |
| 6/30/2015 | 5.95 | 9.37 | 3.84 |
| 7/31/2015 | 6.19 | 9.70 | 4.56 |
| 8/31/2015 | 5.36 | 9.09 | 4.41 |
| 9/30/2015 | 4.66 | 8.54 | 5.12 |
| 10/31/2015 | 4.39 | 8.57 | 5.14 |
| 11/30/2015 | 3.04 | 7.56 | 4.86 |
| 12/31/2015 | 1.62 | 6.75 | 4.52 |
| 1/31/2016 | 0.17 | 6.08 | 5.96 |
| 2/29/2016 | -0.50 | 5.63 | 6.71 |
| 3/31/2016 | 2.64 | 8.56 | 7.69 |
| 4/30/2016 | 4.94 | 10.43 | 8.10 |
| 5/31/2016 | 6.34 | 11.43 | 8.13 |
| 6/30/2016 | 6.63 | 11.36 | 10.07 |
| 7/31/2016 | 8.18 | 12.91 | 10.77 |
| 8/31/2016 | 9.14 | 13.76 | 10.64 |
| 9/30/2016 | 10.67 | 14.71 | 10.58 |
| 10/31/2016 | 12.18 | 15.43 | 9.73 |
| 11/30/2016 | 12.70 | 15.87 | 7.14 |
| 12/31/2016 | 14.27 | 17.19 | 7.29 |
| 1/31/2017 | 14.93 | 17.69 | 7.50 |
| 2/28/2017 | 15.81 | 18.38 | 8.22 |
| 3/31/2017 | 15.63 | 18.46 | 8.16 |
| 4/30/2017 | 15.96 | 18.87 | 9.00 |
| 5/31/2017 | 16.14 | 19.30 | 9.84 |
| 6/30/2017 | 15.77 | 19.36 | 9.73 |
| 7/31/2017 | 16.72 | 20.26 | 10.20 |
| 8/31/2017 | 16.61 | 20.17 | 11.19 |
| 9/30/2017 | 16.82 | 20.68 | 10.66 |
| 10/31/2017 | 17.36 | 21.48 | 10.72 |
| 11/30/2017 | 17.46 | 21.68 | 10.58 |
| 12/31/2017 | 18.43 | 22.17 | 11.09 |
| 1/31/2018 | 19.54 | 23.48 | 9.81 |
| 2/28/2018 | 19.86 | 23.67 | 8.77 |
| 3/29/2018 | 19.78 |
| Date | Dividends |
|---|---|
| 4/30/2013 | 0.0339 |
| 5/31/2013 | 0.0349 |
| 6/28/2013 | 0.0261 |
| 7/31/2013 | 0.0313 |
| 8/30/2013 | 0.0335 |
| 9/30/2013 | 0.0276 |
| 10/31/2013 | 0.0311 |
| 11/29/2013 | 0.0291 |
| 12/30/2013 | 0.0295 |
| 1/31/2014 | 0.0347 |
| 2/28/2014 | 0.0262 |
| 3/31/2014 | 0.0264 |
| 4/30/2014 | 0.0274 |
| 5/30/2014 | 0.0293 |
| 6/30/2014 | 0.0255 |
| 7/31/2014 | 0.0274 |
| 8/29/2014 | 0.0288 |
| 9/30/2014 | 0.0275 |
| 10/31/2014 | 0.0303 |
| 11/28/2014 | 0.0265 |
| 12/31/2014 | 0.0378 |
| 1/30/2015 | 0.0282 |
| 2/27/2015 | 0.0255 |
| 3/31/2015 | 0.0264 |
| 4/30/2015 | 0.0269 |
| 5/29/2015 | 0.0259 |
| 6/30/2015 | 0.0265 |
| 7/31/2015 | 0.0286 |
| 8/31/2015 | 0.0265 |
| 9/30/2015 | 0.0274 |
| 10/30/2015 | 0.0299 |
| 11/30/2015 | 0.0277 |
| 12/31/2015 | 0.0337 |
| 1/29/2016 | 0.0316 |
| 2/29/2016 | 0.03 |
| 3/31/2016 | 0.0326 |
| 4/29/2016 | 0.0303 |
| 5/31/2016 | 0.0326 |
| 6/30/2016 | 0.0313 |
| 7/29/2016 | 0.0326 |
| 8/31/2016 | 0.0301 |
| 9/30/2016 | 0.0304 |
| 10/31/2016 | 0.0286 |
| 11/30/2016 | 0.0272 |
| 12/30/2016 | 0.0328 |
| 1/31/2017 | 0.0268 |
| 2/28/2017 | 0.0226 |
| 3/31/2017 | 0.0269 |
| 4/28/2017 | 0.0233 |
| 5/31/2017 | 0.0231 |
| 6/30/2017 | 0.024 |
| 7/31/2017 | 0.0263 |
| 8/31/2017 | 0.0324 |
| 9/29/2017 | 0.0243 |
| 10/31/2017 | 0.0278 |
| 11/30/2017 | 0.0266 |
| 12/29/2017 | 0.0272 |
| 1/31/2018 | 0.026 |
| 2/28/2018 | 0.0218 |
| 3/29/2018 | 0.0246 |
There is no guarantee of the payment of any dividend or other distributions at any level.
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price are subject to a 0.25% annual asset-backed sales charge. Prior to 7/1/14, Class R shares were named Class N shares and were subject to a 1% CDSC (18 months). Returns do not consider capital gains or income taxes on an individual's investment.
Capital Gains and Distributions ($ per share) as of 04/20/2018
| Date | 2013 | 2014 | 2015 | 2016 | 2017 |
|---|---|---|---|---|---|
| Short Term | — | — | — | — | — |
| Long Term | — | — | — | — | — |
| Total Amount of Distribution | — | — | — | — | — |
| Record Date | — | — | — | — | — |
| Ex Div Date | — | — | — | — | — |
| Pay Date | — | — | — | — | — |
There is no guarantee of the payment of any dividend or other distributions at any level.
Portfolio
Top Industries
(91.6% of assets as of 03/31/2018)
Domestic Debt
Senior Floating Rate Fund
CLASS R: OOSNX
Portfolio Holdings Breakdown
as of
03/31/2018
| Country | Senior Floating Rate Fund | J.P. Morgan Leveraged Loan Index | Overweight / Underweight |
|---|---|---|---|
| United States | 81.8% | 89.4% | -7.6% |
| United Kingdom | 2.0% | 2.3% | -0.3% |
| Canada | 1.7% | 2.3% | -0.6% |
| Luxembourg | 1.6% | 1.2% | 0.4% |
| Netherlands | 1.5% | 0.9% | 0.7% |
| Ireland | 1.0% | 0.6% | 0.4% |
| France | 0.6% | 0.6% | 0.0% |
| Spain | 0.5% | 0.3% | 0.2% |
| Puerto Rico | 0.5% | 0.1% | 0.3% |
| Marshall Islands | 0.4% | 0.1% | 0.3% |
| Australia | 0.4% | 0.3% | 0.0% |
| New Zealand | 0.3% | 0.3% | -0.1% |
| Jamaica | 0.2% | 0.1% | 0.1% |
| Germany | 0.2% | 0.5% | -0.3% |
| Norway | 0.1% | 0.1% | -0.1% |
| Isle of Man | 0.1% | 0.1% | 0.0% |
| Asset Allocation | Senior Floating Rate Fund | J.P. Morgan Leveraged Loan Index | Overweight / Underweight |
|---|---|---|---|
| Senior Loans | 87.6% | 100.0% | -12.4% |
| Equity | 4.2% | - | - |
| Corporate Bonds | 1.0% | - | - |
| Credit Rating Allocation | Senior Floating Rate Fund | J.P. Morgan Leveraged Loan Index | Overweight / Underweight |
|---|---|---|---|
| BBB | 3.5% | 8.2% | -4.7% |
| BB | 38.2% | 33.6% | 4.6% |
| B | 37.2% | 43.3% | -6.1% |
| CCC | 4.2% | 1.8% | 2.4% |
| D | 0.4% | - | - |
| Unrated | 5.1% | 13.1% | -8.0% |
| Other | 4.2% | - | - |
Analytics
Morningstar
03/31/2018
(based on risk adjusted performance)
Overall Rating
Number of Funds
206
Category
Bank Loan
Performance Statistics
3Y
5Y
Alpha
-1.38
-1.56
Beta
1.29
1.22
Information Ratio
-0.24
-0.73
R-Squared
92.86
90.19
Sharpe Ratio
1.09
1.16
Standard Deviation
3.37
2.85
Sortino Ratio
0.65
0.66
Tracking Error
1.16
1.01
Dividends
- D
Est. Frequency
Monthly
Last Pay Date
3/29/2018
Per Share ($)
$0.0246
12-Month Distribution ($)
$0.3074
Yield to Worst
6.34%
0.05%
Average Effective Maturity
4.29 yrs
5.37 yrs
Current Duration
0.20 yrs
-
Average Coupon
4.84%
-
Effective Coupon
4.84%
-
Effective Discount Margin
409.62 bps
411.13 bps
Loan Average Price
$98.12
$98.99
Turnover Ratio
77.00%
-
Dividend Yield (with sales charge)
0.00%
Dividend Yield (w/o sales charge)
3.56%
Standardized Yield
3.99%
Distribution Sources
- D
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
Insights
Team
Tools
Documents
- 1. Special Risks: Senior loans are typically lower-rated and may be illiquid investments (which may not have a ready market). The Fund may invest without limit in below-investment-grade securities. The Fund may invest a variable amount in debt rated below "B." May invest 25% or more of its assets in securities issued by companies in the financial services sector which may be susceptible to economic and regulatory events, and increased volatility. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Fixed income investing entails credit and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Leverage (borrowing) involves transaction and interest costs on amounts borrowed, which may reduce performance.
- 2. Prior to 7/1/14, Class R shares were named Class N shares. Beginning 7/1/14, new purchases of Class R shares will no longer be subject to a CDSC upon redemption (any CDSC will remain in effect for purchases prior to 7/1/14),
- 3. The net expense ratio (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
- 4. Access index definitions.
- 5. Holdings are subject to change, and are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the fund's net asset value and fluctuations of dividends and distributions paid by the fund.
- 6. Certain senior loans have a feature that prevents their interest rates from adjusting below a specified minimum level, possibly resulting in the prices of these senior loans becoming more sensitive to changes in interest rates should short term interest rates rise but remain below that minimum level. This feature is not accounted for in the duration figure quoted above.
- 7. The dividend (or distribution) yield is based on the pay date immediately preceding the nearest month-end or quarter-end. The dividend yield for each share class is calculated by annualizing the dividend distributed by the class on that date and dividing that figure by the class's net asset value on that date. For the Class A dividend yield with sales charge, the annualized Class A dividend distribution is divided by the Class A maximum offering price on that date. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields.
- 8. Standardized yield for each share class is based on an SEC standardized formula designed to approximate a Fund's annualized hypothetical current income from securities less expenses for the 30-day period ending and including the most recent month-end or quarter-end and either that date's maximum offering price (Class A shares) or net asset value (for other share classes). The month-end figure is typically calculated on the fifth business day of the next month. The result is compounded semiannually and annualized. Falling share prices artificially increase yields.
- A. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7:00pm ET daily. ↩
- B. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price are subject to a 0.25% annual asset-backed sales charge. Prior to 7/1/14, Class R shares were named Class N shares and were subject to a 1% CDSC (18 months). Returns do not consider capital gains or income taxes on an individual's investment. ↩
- C. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund). These returns would be lower if sales charges were taken into consideration. Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions. ↩
- D. There is no guarantee of the payment of any dividend or other distributions at any level. ↩