IFRIX - ING Floating Rate Fund Class I

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ING Floating Rate Fund Class I (IFRIX)
Expense Ratio: 0.77%
Expected Lifetime Fees: $23,484.12

The ING Floating Rate Fund Class I fund (IFRIX) is a Bank Loan fund started on 08/17/2010 and has $252.00 million in assets under management. The current manager has been running ING Floating Rate Fund Class I since 09/8/2010. The fund is rated by Morningstar. This fund does not charge 12b-1 fees.

MarketRiders Prefers The Following ETF

iShares iBoxx $ Invest Grade Corp Bond (LQD)
Expense Ratio: 0.15%
Expected Lifetime Fees: $4,881.99

The iShares iBoxx $ Invest Grade Corp Bond (LQD) is an Exchange Traded Fund. It is a "basket" of securities that index the Bank Loan investment strategy and is an alternative to a Bank Loan mutual fund. Fees are very low compared to a comparable mutual fund like ING Floating Rate Fund Class I because computers automatically manage the stocks.

The Following Bank Loan Funds Have Lower Fees Than ING Floating Rate Fund Class I (IFRIX). Why are these metrics important?
Mutual Fund Name Ticker Symbol Turnover Assets (M) Annual Fees
BlackRock Floating Rate Income Fund Institutional shares BFRIX 46.0% 921 0.71%
Credit Suisse Floating Rate Hi Inc Instl CSHIX 144.0% 329 0.70%
Eaton Vance Floating Rate I EIBLX 56.0% 7,500 0.76%
Fidelity Advisor Floating Rate Hi Inc I FFRIX 54.0% 10,100 0.75%
Fidelity Floating Rate High Income FFRHX 54.0% 10,100 0.71%
Franklin Floating Rate Daily Access Adv FDAAX 127.0% 2,200 0.66%
Hartford Floating Rate I HFLIX 96.0% 5,500 0.72%
Hartford Floating Rate R5 HFLTX 96.0% 5,500 0.70%
Hartford Floating Rate Y HFLYX 96.0% 5,500 0.65%
Invesco Floating Rate I AFRIX 152.0% 851 0.68%
Invesco Floating Rate Y AFRYX 152.0% 851 0.74%
Lord Abbett Floating Rate I LFRIX 93.6% 2,900 0.62%
MainStay Floating Rate I MXFIX 38.0% 1,100 0.73%
Neuberger Berman Floating Rate Inc Inst NFIIX 147.0% 204 0.71%
Oppenheimer Senior Floating Rate Y OOSYX 52.0% 5,800 0.72%
Pioneer Floating Rate Y FLYRX 57.0% 288 0.70%
RidgeWorth Seix Floating RT High Inc I SAMBX 72.0% 3,600 0.52%
RS Floating Rate Y RSFYX 87.0% 1,400 0.60%
T. Rowe Price Instl Floating Rate RPIFX 67.6% 1,900 0.55%
T. Rowe Price Instl Floating Rate Fund Class F PFFRX 67.6% 1,900 0.70%

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Why Are These Metrics Important?

Turnover represents how much of a mutual fund's holdings are changed over the course of a year through buying and selling. Active mutual funds have an average turnover rate of about 85%, meaning that funds are turning over nearly all of their holdings every year. A high turnover means you could make lower returns because: 1) buying and selling stocks costs money through commissions and spreads and 2) the fund will distribute yearly capital gains which increases your taxes. Look for funds with turnover rates below 50%. For comparison, ETF turnover rates average around 10% or lower.

Generally, smaller funds do better than larger ones. The more assets in a mutual fund, the lower the chance that it will beat its index. Managers outperform an index by choosing stocks that are undervalued. In order to find these undervalued stocks, the manager has to know more than his competitors to develop an "edge." There are only a finite number of stocks a mutual fund manager can reasonably analyze and actively track to gain such a competitive edge. When the fund has more assets, the manager must analyze large companies because he needs to take larger positions. Large companies are more efficiently priced in the market and it becomes increasingly difficult to get an edge.