Fund Evaluator:
Barrow Hanley Floating Rate I (BFRNX)
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Fund Details
Barrow Hanley Floating Rate I Overview
Barrow Hanley Floating Rate I (BFRNX) is an actively managed Taxable Bond Bank Loan fund. Perpetual Funds launched the fund in 2022.
The investment seeks to maximize total return, consistent with preservation of capital. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in floating rate instruments. Floating rate instruments are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semi-annually) in response to changes in the market rate of interest on which the interest rate is based.
About Barrow Hanley Floating Rate I (BFRNX)
There are 3 members of the management team with an average tenure of 4.39 years: Chet Paipanandiker (2022), Nicholas Losey (2022), Michael Trahan (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and S&P UBS Leveraged Loan USD index with a weighting of 100%. Barrow Hanley Floating Rate I has 196 securities in its portfolio. The top 10 holdings constitute 17.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Barrow Hanley Floating Rate I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Barrow Hanley Floating Rate I has 4.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.0% (93.2% domestic bond, 4.7% foreign bond and 0.0% convertible bond). Barrow Hanley Floating Rate I has 2.0% of the portfolio in cash.
Assets Under Management
The fund has $100 million in total assets, which is below the $348 million average for the Bank Loan category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BFRNX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Barrow Hanley Floating Rate I expense ratio is above average compared to funds in the Bank Loan category. Barrow Hanley Floating Rate I has an expense ratio of 0.60%, which is 43% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Barrow Hanley Floating Rate I has a portfolio turnover rate of 78%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Bank Loan category.
Recently, in the month of August 2026, Barrow Hanley Floating Rate I returned 0.7%, which earned it a grade of D, as the Bank Loan category had an average return of 0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Barrow Hanley Floating Rate I has a trailing yield of 8.05%, which is above the 6.64% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Barrow Hanley Floating Rate I Grades
Year to date, the fund has returned 3.1%, 0.4 percentage points better than the category, which translates into a grade of B. The fund has returned 5.6% over the past year (grade of A) and 7.9% over the past three years (grade of A).
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BFRNX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BFRNX Return (NAV) | 0.7% | 1.4% | 5.6% | 7.9% | na | na |
| BFRNX Grade | D | C | A | A | na | na |
| +/- Category | -0.1% | -0.0% | 1.4% | 1.4% | na | na |
| Bank Loan Avg | 0.8% | 1.5% | 4.2% | 6.5% | 5.2% | 4.4% |
| BFRNX Tax Cost Ratio | na | na | 3.1% | 3.6% | na | na |
BFRNX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BFRNX Return (NAV) | 3.1% | 6.7% | 9.6% | 14.4% | na | na | na | na | na | na | na |
| BFRNX Grade | B | A | A | A | na | na | na | na | na | na | na |
| +/- Category | 0.4% | 1.6% | 1.4% | 2.4% | na | na | na | na | na | na | na |
| Bank Loan Avg | 2.8% | 5.1% | 8.2% | 12.1% | -2.4% | 4.7% | 1.3% | 7.6% | -0.4% | 3.7% | 9.2% |
| Risk Measures | |
| Standard Deviation: | 2.1% |
| Total Risk Index: | 0.17 - Low |
| Category Risk Index: | 1.04 - Above Average |
| Category Risk Grade: | D (77% Rank) |
| Beta: | 0.10 |
| R-Squared: | 8% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 8.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $100 Mil |
| Fund Total Assets: | $ 101 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 78% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 4.4 years | |||
| Average Tenure: 4.4 years | |||
| Managers (Year): Paipanandiker Chet (2022), Losey Nicholas (2022), Trahan Michael (2022) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 196 |
| % in Top 10 Holdings: | 17.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 93.2% |
| Foreign Bond: | 4.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.0% |
Purchase Information
| Fund Family: | Perpetual Funds |
| Phone Number: | 866-778-6397 |
| Website: |
| Status: | Open |
| Inception Date: | April 12, 2022 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.60% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | Barrow Hanley Floating Rate I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
