PPM Floating Rate Income Fund
Data updated: 2020-11-24
C000198335 — PPM Floating Rate Income Fund. Money Market · $52.74M AUM · 0.76% expense ratio. Holdings, fees, performance and SEC filings.
C000198335 Fund Overview
PPM Floating Rate Income Fund is a US mutual fund managed by PPM Funds, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: PPM Funds
- Category: Money Market
- Assets under management: $52.74M
- SEC CIK: 0001722478
- SEC series ID: S000061237
- Share class ID: C000198335
C000198335 Investment Objective and Strategy
PPM Floating Rate Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by PPM Funds.
Investment objective
The Fund seeks to provide a high level of current income.
Principal investment strategy
"The Fund seeks to achieve its objective by investing under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in floating rate loans, floating rate notes, other floating rate debt securities, structured products (including, commercial mortgage- backed securities, asset-backed securities, and collateralized loan obligations which are debt securities typically issued by special purpose vehicles and secured by loans), money market securities of all types, repurchase agreements, shares of money market funds, short-term bond funds and floating rate funds. The Fund invests primarily in US dollar denominated senior floating rate loans of domestic and foreign borrowers (""Senior Loans""). Senior Loans typically are of below investment grade quality and have below investment grade credit ratings, which ratings are associated with securities having high risk and speculative characteristics, and are commonly known as ""junk bonds."" The Fund may also invest in secured and unsecured subordinated loans, second lien loans and subordinated bridge loans (""Junior Loans""), debtor-in-possession loans, mezzanine loans, fixed-income debt obligations, corporate bonds, and money market instruments.
Junior Loans typically are of below investment grade quality and have below investment grade credit ratings, which rating are associated with securities having high risk and speculative characteristics. Money market holdings with a remaining maturity of less than 60 days will be deemed floating rate assets. The Fund may invest up to 20% of its net assets in cash and non-floating rate debt securities, including lower-rated debt securities (""high yield""), commonly known as ""junk bonds,"" and equity securities. Below investment grade securities typically offer a higher yield, but generally carry more risks than higher rated securities with similar maturities. As a result, an investment in below investment grade securities is considered speculative. The Fund is a ""non-diversified"" fund, as defined in the Investment Company Act of 1940, as amended (the ""1940 Act""), and may invest more of its assets in fewer issuers than ""diversified"" mutual funds."
C000198335 Costs and Fees
C000198335 costs about $76 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.76%
- Gross expense ratio: 0.91%
- Portfolio turnover: 56%
- Brokerage commissions: 0.26 bps of average net assets (SEC N-CEN)
C000198335 Cashflows
Over the 12 months to 2020-09, PPM Floating Rate Income Fund had net inflows of $1.71M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-09 | $111.00K |
| 2020-08 | $108.09K |
| 2020-07 | $120.58K |
| 2020-06 | $115.92K |
| 2020-05 | $119.74K |
| 2020-04 | $670.15K |
C000198335 Debt Constituents
No individual debt constituents are reported in PPM Floating Rate Income Fund's latest SEC N-PORT filing.
C000198335 Prospectus and SEC Filings
Official PPM Floating Rate Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-05-14
- Prospectus (485BPOS) — filed 2019-05-14
- Prospectus (485BPOS) — filed 2018-05-08
- Portfolio holdings (N-PORT) — filed 2020-11-24
- Portfolio holdings (N-PORT) — filed 2020-08-28
- Portfolio holdings (N-PORT) — filed 2020-05-28
- Annual census (N-CEN) — filed 2020-03-13
- Annual census (N-CEN) — filed 2019-03-15
Related Funds
Other Money Market funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.