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Trending ETFs

MassMutual Global Floating Rate Fund

mutual fund
BXFAX
Payout Change
Pending
Price as of:
$8.76 +0.0 +0.0%
primary theme
Bank Loan
BXFAX (Mutual Fund)

MassMutual Global Floating Rate Fund

Payout Change
Pending
Price as of:
$8.76 +0.0 +0.0%
primary theme
Bank Loan
BXFAX (Mutual Fund)

MassMutual Global Floating Rate Fund

Payout Change
Pending
Price as of:
$8.76 +0.0 +0.0%
primary theme
Bank Loan

Name

As of 12/19/2024

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

$8.76

$123 M

7.26%

$0.64

1.27%

Vitals

YTD Return

8.6%

1 yr return

8.6%

3 Yr Avg Return

N/A

5 Yr Avg Return

4.8%

Net Assets

$123 M

Holdings in Top 10

14.4%

52 WEEK LOW AND HIGH

$8.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.27%

SALES FEES

Front Load 3.00%

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

$250


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/19/2024

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

$8.76

$123 M

7.26%

$0.64

1.27%

BXFAX - Profile

Distributions

  • YTD Total Return 8.6%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return 4.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.13%
DIVIDENDS
  • Dividend Yield 7.3%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    MassMutual Global Floating Rate Fund
  • Fund Family Name
    MASSMUTUAL FUNDS
  • Inception Date
    Sep 16, 2013
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Martin Horne

Fund Description

Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in income-producing floating rate debt securities, consisting of floating rate loans, bonds, and notes, issued primarily by North American and Western European companies. For this purpose, debt instruments issued by issuers based in the Channel Islands, Cayman Islands, and Bermuda are considered North American and Western European companies. Such instruments are primarily, at the time of purchase, rated below investment grade (“junk” or “high yield”) by at least one credit rating agency (below Baa3 by Moody’s Investors Service, Inc. or below BBB- by either S&P Global Ratings, a subsidiary of S&P Global, or Fitch Ratings, Inc.) or, if unrated, determined to be of comparable quality by the Fund’s subadviser, Barings LLC (“Barings”), or sub-subadviser, Baring International Investment Limited (“BIIL”).
The Fund may invest in a wide range of incomeproducing floating rate loans, bonds, and notes of issuers based in U.S. and non-U.S. markets, but primarily invests in senior secured loans of North American and Western European corporate issuers that are of below investment grade quality. Under normal market conditions, the Fund allocates its assets among various regions and countries (but in no less than three different countries) and invests at least 40% of its net assets in securities of non-U.S. issuers (or, if less, at least the percentage of net assets that is 5 percentage points less than the percentage of the market-capitalization weighted average of the Credit Suisse Leveraged Loan Index and the Credit Suisse Western European Leveraged Loan Index, represented by non-U.S. issuers). A significant portion of the Fund’s investments in floating rate debt securities is denominated in a currency other than the U.S. dollar. Although the Fund’s investments in non-U.S. dollar denominated assets may be on a currency hedged or unhedged basis, under normal market conditions, the Fund seeks to hedge substantially all of its exposure to non-U.S. currencies. The Fund may at times have significant exposure to one or more industries or sectors.
The Fund seeks to take advantage of inefficiencies between geographies, primarily the North American and Western European loan and other debt markets. For example, the Fund seeks to take advantage of differences in pricing between senior secured loans of an issuer denominated in U.S. dollars and substantially similar senior secured loans of the same issuer denominated in Euros, potentially allowing the Fund to achieve a higher relative return for the same credit risk exposure.
The Fund invests primarily in senior secured loans (consisting of assignments and participations). By purchasing a participation, the Fund acquires some or all of the interest of a bank or other lending institution in a loan to a borrower. Participations typically will result in the Fund having a contractual relationship only with the lender and not the borrower. When the Fund purchases assignments from lenders, the Fund will acquire direct rights against the borrower on the loan. The Fund may invest in both floating rate debt instruments and debt instruments that pay a fixed rate of interest; listed and unlisted corporate debt obligations; convertible securities; structured products (consisting of collateralized bond and loan obligations); bank obligations; U.S. government securities; preferred securities and trust preferred securities; unsecured loans; delayed funding loans and revolving credit facilities; when-issued securities, delayed delivery purchases, and forward commitments; zero-coupon bonds, step-up bonds, and payment-in-kind securities; commercial paper; repurchase agreements; and other investment companies. The instruments in which the Fund invests are primarily below investment grade quality, and may include investments in the lowest rating category of the applicable rating agency. The Fund may invest in distressed loans and bonds that are in default at the time of purchase in an effort to protect the Fund’s existing investments in securities of the same issuers. The Fund also may invest in equity securities (consisting of common and preferred stocks, warrants and rights, and limited partnership interests), but invests in such equity investments only for the preservation of capital. The Fund may also use over-the-counter and exchange-traded derivatives for hedging purposes or speculative purposes—as substitutes for investments in securities in which the Fund can invest—provided that, at the time the Fund enters into a derivative transaction, the Fund segregates assets determined to be liquid by Barings or BIIL in accordance with procedures established by the Fund’s Board
of Trustees, in an amount at least equal to any payment or delivery obligation of the Fund in connection with such derivative transaction. The Fund’s use of derivatives may consist primarily of total return swaps, options, index swaps or swaps on components of an index, interest rate swaps, credit default swaps, and foreign currency forward contracts and futures. The Fund may hold a portion of its assets in cash or cash equivalents.
The Fund may invest in investments of any duration or maturity.
The Fund may borrow up to one-third of its assets (including the amount borrowed) to fund redemptions, post collateral for hedges, or to purchase loans, bonds, or structured products prior to settlement of pending sale transactions.
Securities may be sold when Barings or BIIL believes they no longer represent relatively attractive investment opportunities.
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BXFAX - Performance

Return Ranking - Trailing

Period BXFAX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.6% -4.4% 10.5% 36.74%
1 Yr 8.6% -3.9% 11.1% 44.70%
3 Yr N/A* -6.7% 8.3% 62.65%
5 Yr 4.8%* -6.4% 38.1% 36.10%
10 Yr 4.2%* -2.0% 20.0% 33.70%

* Annualized

Return Ranking - Calendar

Period BXFAX Return Category Return Low Category Return High Rank in Category (%)
2023 3.5% -12.0% 11.1% 35.09%
2022 -9.5% -22.9% 5.1% 75.58%
2021 2.2% -12.2% 11.1% 15.08%
2020 -1.2% -14.1% 289.8% 14.88%
2019 2.4% -8.1% 7.5% 58.72%

Total Return Ranking - Trailing

Period BXFAX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.6% -4.4% 10.5% 36.74%
1 Yr 8.6% -3.9% 11.1% 44.70%
3 Yr N/A* -6.7% 8.3% 62.65%
5 Yr 4.8%* -6.4% 38.1% 36.10%
10 Yr 4.2%* -2.0% 20.0% 33.70%

* Annualized

Total Return Ranking - Calendar

Period BXFAX Return Category Return Low Category Return High Rank in Category (%)
2023 14.1% -12.0% 22.1% 18.49%
2022 -4.6% -22.9% 5.1% 79.84%
2021 5.8% -10.2% 11.1% 25.40%
2020 3.3% -14.1% 306.9% 12.40%
2019 8.4% -3.6% 10.5% 32.77%

NAV & Total Return History


BXFAX - Holdings

Concentration Analysis

BXFAX Category Low Category High BXFAX % Rank
Net Assets 123 M 29.9 M 13.5 B 90.73%
Number of Holdings 253 2 2051 76.26%
Net Assets in Top 10 18.3 M -191 M 2.37 B 92.22%
Weighting of Top 10 14.38% 5.2% 100.7% 48.05%

Top 10 Holdings

  1. FIXED INC CLEARING CORP.REPO 4.97%
  2. 2020 EUR TERM LOAN B1 1.24%
  3. 2021 EURO TERM LOAN 1.20%
  4. 2024 EXTENDED TERM LOAN B 1.20%
  5. 2020 EUR TL AQ 1.11%
  6. 2023 EUR TERM LOAN B 1.08%
  7. 2024 TERM LOAN B 0.94%
  8. 2024 TERM LOAN B 0.89%
  9. EUR TERM LOAN B 0.88%
  10. 2023 EUR TERM LOAN B 0.88%

Asset Allocation

Weighting Return Low Return High BXFAX % Rank
Bonds
92.40% 0.00% 161.82% 76.26%
Other
4.94% -52.39% 26.58% 8.17%
Cash
1.83% -61.90% 16.36% 62.26%
Stocks
0.84% 0.00% 100.74% 56.81%
Preferred Stocks
0.00% -3.99% 7.54% 98.44%
Convertible Bonds
0.00% 0.00% 5.51% 99.61%

Stock Sector Breakdown

Weighting Return Low Return High BXFAX % Rank
Utilities
0.00% 0.00% 100.00% 99.45%
Technology
0.00% 0.00% 100.00% 100.00%
Real Estate
0.00% 0.00% 48.61% 99.45%
Industrials
0.00% 0.00% 100.00% 100.00%
Healthcare
0.00% 0.00% 100.00% 99.45%
Financial Services
0.00% 0.00% 89.61% 99.45%
Energy
0.00% 0.00% 100.00% 100.00%
Communication Services
0.00% 0.00% 100.00% 8.79%
Consumer Defense
0.00% 0.00% 100.00% 99.45%
Consumer Cyclical
0.00% 0.00% 97.66% 100.00%
Basic Materials
0.00% 0.00% 1.36% 99.45%

Stock Geographic Breakdown

Weighting Return Low Return High BXFAX % Rank
US
0.79% -0.01% 100.74% 56.81%
Non US
0.05% 0.00% 0.68% 12.45%

Bond Sector Breakdown

Weighting Return Low Return High BXFAX % Rank
Corporate
98.69% 0.00% 99.80% 9.80%
Securitized
0.20% 0.00% 91.68% 48.24%
Cash & Equivalents
0.00% 0.00% 25.03% 99.22%
Municipal
0.00% 0.00% 0.47% 96.86%
Government
0.00% 0.00% 3.18% 96.86%
Derivative
-0.03% -11.46% 0.67% 92.22%

Bond Geographic Breakdown

Weighting Return Low Return High BXFAX % Rank
US
67.53% 0.00% 124.50% 91.83%
Non US
24.87% 0.00% 63.23% 5.84%

BXFAX - Expenses

Operational Fees

BXFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.27% 0.03% 5.51% 43.18%
Management Fee 0.65% 0.00% 1.89% 70.45%
12b-1 Fee 0.25% 0.00% 1.00% 55.64%
Administrative Fee 0.04% 0.02% 0.27% 18.89%

Sales Fees

BXFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.00% 1.00% 5.75% 55.56%
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

BXFAX 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.

BXFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 4.00% 180.00% 20.73%

BXFAX - Distributions

Dividend Yield Analysis

BXFAX Category Low Category High BXFAX % Rank
Dividend Yield 7.26% 0.00% 11.13% 20.75%

Dividend Distribution Analysis

BXFAX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

BXFAX Category Low Category High BXFAX % Rank
Net Income Ratio 3.13% 1.77% 9.82% 76.28%

Capital Gain Distribution Analysis

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

Distributions History

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BXFAX - Fund Manager Analysis

Managers

Martin Horne


Start Date

Tenure

Tenure Rank

Sep 16, 2013

8.71

8.7%

Martin Horne is a Managing Director and Head of Barings’ Global Public Fixed Income with primary responsibility for the European High Yield, Structured Credit and Emerging Market Corporate Debt Investment Groups. He is also Chairman of the European High Yield Investment Committee and Vice Chairman of the Global High Yield Allocation Committee. His responsibilities include portfolio management for several of the firm’s loan and multi-strategy portfolios. Mr. Horne has worked in the industry since 1996 and his experience has encompassed the mid cap, structured credit, investment grade and leverage finance markets. Prior to joining the firm in 2002, he was a member of the European Leverage team at Dresdner Kleinwort Wasserstein where he focused on lead arranging and underwriting senior, mezzanine and high yield facilities for financial sponsor driven leverage buyouts throughout Europe. He has also held positions at KPMG Corporate Finance where he advised on complex debt transactions and National Westminster Bank in the corporate banking unit. Mr. Horne also previously served on the board of directors of the Loan Market Association. He holds a B.A. in Economics from Reading University.

Sean Feeley


Start Date

Tenure

Tenure Rank

Sep 16, 2013

8.71

8.7%

Sean Feeley is a portfolio manager for Barings’ U.S. High Yield Investments Group. He is also a member of the firm’s U.S. High Yield Investment Committee and the Global High Yield Allocation Committee. Sean is responsible for the portfolio management of various high yield bond total return strategies. Sean has worked in the industry since 1996 and his experience has encompassed the credit market across a variety of industries. Prior to joining the firm in 2003, he worked at Cigna Investment Management in project finance and at Credit Suisse, where he worked in the leveraged finance group. Sean holds a B.S. in Accounting from Canisius College (magna cum laude) and an M.B.A. from Cornell University. He is a Certified Public Accountant (inactive) and member of the CFA Institute.

Thomas McDonnell


Start Date

Tenure

Tenure Rank

Sep 16, 2013

8.71

8.7%

Thomas McDonnell is a Managing Director and member of Barings LLC’s U.S. High Yield Investments Group and the U.S. High Yield Investment Committee. His responsibilities include portfolio management for a number of high yield total return portfolios, including global loan and global multi-strategy portfolios. Mr. McDonnell has worked in the industry since 1996 and his experience has encompassed leveraged loans, distressed credit and management of total return focused strategies. Prior to joining the firm in 2005, he was a Managing Director at Patriarch Partners, LLC, where he had active involvement with portfolio company management teams, crisis managers and attorneys to effectuate turn around and recovery plans. Before Patriarch, he worked at Bank of America in the Corporate Finance Group and at Bank One in various risk management and corporate finance positions, specializing in credit risk management and structuring of off balance sheet special purpose entities. Tom holds a B.S. in Business Management, an M.B.A. in Accounting from the State University of New York at Buffalo, and is a Certificate Public Accountant (inactive).

Chris Sawyer


Start Date

Tenure

Tenure Rank

Mar 02, 2020

2.25

2.3%

Mr. Sawyer is a Managing Director and member of Barings’ European High Yield Investments Group and the firm’s European High Yield Investment Committee. He is responsible for the portfolio management of several high yield strategies and also manages the firm’s European high yield trading operations. Mr. Sawyer has worked in the industry since 2005. Prior to joining the trading team in 2008, he was a member of the portfolio monitoring team where he was responsible for the performance analysis of individual portfolio assets. Mr. Sawyer holds a B.Sc. in Economics and Business Finance from Brunel University.

Casey McKinney


Start Date

Tenure

Tenure Rank

Jan 01, 2022

0.41

0.4%

Tenure Analysis

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