The management team has provided the fund with commendable continuity. An investment of more than$ 1 million would be ideal to align managers' interests with those of the fund's investors. The management team is invested in the fund, but the maximum investment by any manager is between$ 500,000 and$ 1 million. The three listed managers boast 15 years of average portfolio management experience. Shanahan has an experienced backdrop of support. The average Morningstar Rating of the strategies they currently manage is 3.0 stars, reflecting average risk-adjusted performance versus category peers. Shanahan, the longest-tenured manager on the strategy, boasts over 25 years of portfolio management experience. The portfolio's average surveyed credit quality is on par with peers, with both the fund and the average being rated B. Over the past 12 months, the average yield of the fund has been higher than the average yield of its Morningstar Category peers. Higher yields tend to indicate higher credit risk. It also has an 8.3% 30-day SEC yield (a measure similar to yield-to-maturity). This strategy has a 7.2% 12-month yield, higher than its average peer's 7.0%. And finally, the fund leans toward debt with three- to five-year maturities. Additionally, there's been a notable bias away from junk bonds. Relative to the category average, the managers have beenan overweight corporate debt. Opening the analysis to additional factors, the portfolio has displayed three biases over time, whether towards or away from certain fixed-income instruments. This can be seen in its five-year alpha calculated relative to the category index, which suggests that the process has struggled over that period.Ĭompared with other funds in the Bank Loan Morningstar Category, this fund, historically, hews closely to peers' credit and interest-rate sensitivity. Lastly, the process is limited by the fund's unimpressive long-term risk-adjusted performance. The parent firm's superior risk-adjusted performance, as shown by its average 10-year Morningstar Rating of 3.3 stars, also supports the rating. The measure indicates the percentage of a firm's funds that survived and beat their respective category's median Morningstar Risk-Adjusted Return for the period. The main driver of the rating is the parent firm's five-year risk-adjusted success ratio of 59%. JPMorgan Floating Rate Income Fund earns an Average Process Pillar rating.
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