LFIFX | LFVFX | Updated as of June 30th, 2019
Diversify your floating rate exposure
Floating rate bond fund that gives investors exposure across multiple fixed income sectors, a focus on high credit quality, and exposure to rising rates.
HIGH CREDIT QUALITY
The Fund invests in A or better rated securities as the Fund is the only investment grade fund in the Bank Loan category.
DIVERSIFIED ACROSS ASSET CLASSES
Access to a wider range of floating rate securities means that fund may take advantage of dislocations across the market to generate incremental yield.
FLOATING RATE EXPOSURE
Participate with rising rates. As we embark on the new interest rate cycle, we believe the opportunity lies within floating rate bonds as even traditional low duration bonds may face volatility.
1 Morningstar Category: Bank Loan
2 Benchmark: S&P/LSTA Leveraged Loan TR Index
Performance is annualized trailing returns as of 6/30/19 for the Leader Floating Rate Fund for all Share Classes (ticker symbols: LFIFX, LFVFX)
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Share prices and investment returns fluctuate and investor shares may be worth more or less than original cost upon redemption. To obtain performance as of the most recent month end, please call 1-800-269-8810.
|Size of Fund||$187.1 M|
|Fund Launch Date||Dec 30, 2016|
|Morningstar Category||Bank Loan|
|Benchmark Index||S&P/LSTA Leveraged Loan Total Return Index|
|Asset Class||Fixed Income|
|CUSIP - Institutional Share Class||52169B889|
|Number of Holdings||75|
|Open to New Investors||Yes|
as of 6/30/19
|Fund Standard Deviation||0.34|
as of 6/30/19
30 Day SEC Yields
30-Day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission. It is based on the most recent 30-day period.
Trailing 12-Month Yield
The 12-Month Yield is the yield an investor would have received if they had held the fund over the last 12 months assuming the most recent NAV.
* Ratios listed are as of the 7/15/19 prospectus
**Voluntary cap agreed to by the Fund’s advisor
|US TREASURY N/B 2.50% 01/31/2021||5.40%|
|GOVERNMENT NATIONAL MORTGAGE ASSOCIATION ADJ%||3.51%|
|APIDOS CLO ADJ% 01/15/2027||3.33%|
|MAGNETITE CLO LTD MAGNE 2016-18A AR ADJ% 11/15/28||2.86%|
|BLUEMOUNTAIN CLO LTD ADJ% 11/20/2028||2.67%|
|ALM LOAN FUNDING ADJ% 10/18/2027||2.67%|
|VOYA CLO LTD ADJ% 07/23/2027||2.67%|
|ALM LOAN FUNDING ADJ% 07/15/2027||2.67%|
|MADISON PARK FUNDING LTD ADJ% 04/19/2030||2.66%|
|CIFC FUNDING LTD ADJ% 01/20/2028||2.66%|
There is no assurance that the securities mentioned remain in the Fund’s portfolio or that the securities sold have not been repurchased. Totals may not add up to 100% due to rounding.
Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.
Allocations are subject to change.
John E. Lekas
President, CEO &
Senior Portfolio Manager
Important Risks: Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher quality bonds generally offer less risk than longer term bonds and a lower rate of return. Generally, a fund’s fixed income securities will decrease in value if interest rates rise and vice versa.
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Investments in debt securities typically decrease in value when interest rates rise. This risk is actually greater for longer-term debt securities. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Collateral Loan Obligations (“CLOs”) and collateralized debt obligations (“CDOs”) are securities backed by an underlying portfolio of loan and debt obligations and the risks depend largely on the types of those underlying holdings. Investments in foreign securities involve greater volatility and political, economic and currency risks. The fund is exposed to credit risk where lower –rated securities have a higher risk of defaulting on obligations. Investment by the fund in lower-rated and nonrated securities presents a greater risk of loss of principle and interest than higher-rated securities. The Fund is subject to liquidity risk as some securities may have few market-makers and low trading volume, which tends to increase transaction costs and may make it difficult for the Fund to dispose of a security at all or at a price which represents current or fair market value. As a result of its trading strategy, the Fund expects to engage in frequent portfolio transactions that will likely result in higher portfolio turnover and commissions than many investment companies.
Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because the sensitivity of mortgage-related securities to changes in interest rates, a fund’s performance may be more volatile than if it did not hold these securities.
Portfolio characteristics represent 100% of the portfolio and will vary over time. Credit qualities are shown as a percentageofnet assets. A bond rated BBB or higher is considered investment grade. This chart reflects the highest security rating provided by Standard & Poor’s. Ratingsand portfolio credit quality will vary over time.
Average Duration is the weighted average of the option adjusted duration of the portfolio. It is a measure of the sensitivityofthe portfolio to changes in interest rates. The higher the duration the more sensitive the portfolio is to changes in interest rates. Average Current Yield is the weighted average of the annual rate of return based on price. It is calculated by the coupon divided by the price. The 30-Day SEC Yield is computed under an SEC standardized formula based on net income earned over the past 30 days. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect.
Sharpe Ratio: Average return earned in excess of the risk-free rate per unit of volatility or total risk. Subtracting the risk-free rate from the mean return, the performance associated with risk-taking activities can be isolated.
Sortino Ratio: Measures the risk-adjusted return of an investment asset, portfolio, or strategy. It is a modification of the Sharpe ratio but penalizes only those returns falling below a user-specified target or required rate of return, while the Sharpe ratio penalizes both upside and downside volatility equally.
Standard Deviation: Known as historical volatility and is used by investors as a gauge for the amount of expected volatility.
Upside Capture Ratio: Statistical measure of an investment manager’s overall performance in up-markets. The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen.
Downside Capture Ratio: Statistical measure of an investment manager’s overall performance in down-markets. It is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped.
The S&P/LSTA Leveraged Loan Total Return Index tracks the performance of US dollar denominated bank loan debt publicly issuedinthe US domestic market. This is the Fund’s benchmark. You cannot invest directly in an index.
Holdings are as of date indicated and subject to change.
This material must be preceded or accompanied by a prospectus. An investor should consider the Fund’s objectives, risks, charges and expenses carefully before investing or sending money. This and other important information can be found in the Fund’s prospectus. For more information please call 800-269-8810. Please read the prospectus carefully before investing.