Metropolitan West Floating Rate Income Fund
Data updated: 2024-11-22
C000225334 — Metropolitan West Floating Rate Income Fund. Short Corporate Bond · $293.75M AUM. Holdings, fees, performance and SEC filings.
C000225334 Fund Overview
Metropolitan West Floating Rate Income Fund is a US mutual fund managed by TCW Metropolitan West Funds, categorised as Short Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: TCW Metropolitan West Funds
- Category: Short Corporate Bond
- Assets under management: $293.75M
- 1-year return: 12.6%
- SEC CIK: 0001028621
- SEC series ID: S000041255
- Share class ID: C000225334
C000225334 Investment Objective and Strategy
Metropolitan West Floating Rate Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by TCW Metropolitan West Funds.
Investment objective
The Floating Rate Income Fund seeks primarily to maximize current income,
Principal investment strategy
The Fund normally invests at least 80% of its net assets, which includes borrowings for investment purposes, in floating rate investments and in investments that are the economic equivalent of floating rate investments. We expect the Funds portfolio of these investments to produce a floating rate of income over time. These investments may include, but are not limited to, any combination of the following items: (i) senior secured floating rate loans or debt; (ii) second lien or other subordinated or unsecured floating rate loans or debt; (iii) fixed-rate loans or debt, such as corporate bonds, preferred securities, convertible securities, mezzanine investments, collateralized loan obligations, senior loans, second lien loans, structured products and U.S. government debt securities, with respect to which the Fund has entered into derivative instruments that have the effect of converting the fixed-rate interest payments into floating-rate interest payments; and (iv) writing credit derivatives, which would give the Fund exposure to the credit of a single issuer or an index.
The market value of written credit derivatives would count toward the 80% test specified above. The Fund may also purchase, without limitation, participations or assignments in senior floating rate loans or second lien floating rate loans. Debt instruments include convertible or preferred securities that produce income. The portfolio managers may consider many factors in purchasing and selling investments for the Fund, such as a fundamental analysis of the issuer, the credit quality of the issuer and collateral for the investment, capital structure, leverage, operating results for the issuer and the business outlook for the issuer, industry or broader economy. The Funds investments may have any credit quality without limitation, including investments rated below investment grade. Under current market conditions, a substantial portion of the Funds portfolio will consist of leveraged loans rated below investment grade or unrated.
These investments will have credit risks similar to high yield securities, which are commonly referred to as junk bonds. The Fund may invest up to 20% of its assets in fixed income securities with respect to which the Fund has not entered into derivative instruments to effectively convert the fixed-rate interest payments into floating-rate interest payments. Those fixed income securities may include, but are not limited to, corporate bonds, preferred securities, convertible securities, mezzanine investments, collateralized loan obligations, senior loans, second lien loans, structured products and U.S. government debt securities. The Funds portfolio securities may have any duration or maturity. The Fund may invest in securities of foreign issuers, including issuers located in emerging markets.
Under normal conditions, the Fund will invest at least 80% of its net assets in loans and other securities of U.S. issuers or issuers with their primary operations, assets or management activities in the U.S. (including limited purpose controlled affiliates outside of the U.S. that borrow or issue securities primarily for the benefit of their U.S. parent companies or affiliates). The Fund may invest up to 20% of its assets in securities of foreign issuers. Investments in securities of foreign issuers that are not denominated in U.S. dollars are limited to a maximum of 20% of the Funds assets. The Fund may invest up to 20% of its assets in emerging market foreign securities. Up to 15% of the Funds net assets may be invested in illiquid securities. The Fund may also invest in companies whose financial condition is uncertain, where the borrower has defaulted in the payment of interest or principal or in the performance of its covenants or agreements, or that may be involved in bankruptcy proceedings, reorganizations or financial restructurings.
The Fund may invest up to 10% of its net assets in common stocks or other equity securities. In addition, the Fund may acquire and hold those securities (or rights to acquire such securities) in unit offerings with fixed income securities, in connection with an amendment, waiver, conversion or exchange of fixed income securities, in connection with the bankruptcy or workout of a distressed fixed income security, or upon the exercise of a right or warrant obtained on account of a fixed income security. The Fund may buy or sell options or futures on a security or an index of securities, buy or sell options on futures or enter into credit default swaps and interest rate or foreign currency transactions, including swaps and forward contracts (which are commonly known as derivatives). The Fund may use derivatives for hedging purposes, but is not required to do so, as well as to increase the total return on its portfolio investments.
The Fund may sell securities and other instruments short provided that not more than 15% of its net assets are held as collateral for those transactions.
C000225334 Holdings
Top 10 holdings of Metropolitan West Floating Rate Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| EagleView Technology Corportion | 0.86% |
| Magnite Inc | 0.83% |
| Ai Aqua Merger Sub, Inc. | 0.77% |
| Xerox Corporation | 0.65% |
| Victory Buyer LLC | 0.64% |
| Alpha Generation LLC | 0.64% |
| Parexel International Inc (f/k/a Phoenix Newco Inc) | 0.64% |
| Element Materials Technology Group US Holding Inc | 0.62% |
| Corporation Service Company | 0.60% |
| KAMC Holdings Inc | 0.60% |
C000225334 Portfolio Allocation
Asset-class allocation of Metropolitan West Floating Rate Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Loans | 91.2% |
| Fixed Income | 3.9% |
| Securitized | 1.0% |
| Equity | 0.2% |
| Cash & Equivalents | 0.2% |
C000225334 Performance
Total returns for C000225334 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 12.6% |
| 3 years (annualised) | 4.9% |
C000225334 Risk Information
Risk metrics for C000225334, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 1.5%
C000225334 Costs and Fees
C000225334 costs about $61 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.61%
- Gross expense ratio: 0.62%
- Portfolio turnover: 77%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000225334 Cashflows
Over the 12 months to 2024-09, Metropolitan West Floating Rate Income Fund had net inflows of $28.30M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-09 | −$278.15K |
| 2024-08 | $108.42K |
| 2024-07 | $6.16M |
| 2024-06 | −$8.33M |
| 2024-05 | −$8.78M |
| 2024-04 | $5.45M |
C000225334 Debt Constituents
Largest debt holdings of Metropolitan West Floating Rate Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| US Treasury N/b | 0.50% |
| Constellation Software | 0.36% |
| Grifols SA | 0.35% |
| Alpha Generation LLC | 0.35% |
| Vz Secured Financing Bv | 0.31% |
| Uber Technologies, Inc. | 0.26% |
| Bayer US Finance LLC | 0.18% |
| Open Text Corp. | 0.18% |
| Bristol-Myers Squibb Co. | 0.18% |
| Boeing Co/the | 0.18% |
C000225334 Prospectus and SEC Filings
Official Metropolitan West Floating Rate Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-07-26
- Prospectus (485BPOS) — filed 2023-07-25
- Prospectus supplement (497) — filed 2022-08-18
- Portfolio holdings (N-PORT) — filed 2024-11-22
- Portfolio holdings (N-PORT) — filed 2024-08-21
- Portfolio holdings (N-PORT) — filed 2024-05-23
- Annual census (N-CEN) — filed 2024-06-11
- Annual census (N-CEN) — filed 2023-06-02
Related Funds
Other Short Corporate Bond 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.