Dividend Investing Ideas Center
Critical Facts You Need to Know About Preferred Stocks
Have you ever wished for the safety of bonds, but the return potential...
Name
As of 12/10/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
27.6%
1 yr return
30.0%
3 Yr Avg Return
13.2%
5 Yr Avg Return
12.5%
Net Assets
$182 M
Holdings in Top 10
54.3%
Expense Ratio 5.81%
Front Load N/A
Deferred Load N/A
Turnover 85.00%
Redemption Fee N/A
Standard (Taxable)
N/A
IRA
N/A
Fund Type
Exchange Traded Fund
Name
As of 12/10/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by normally investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities issued by closed-end funds (the “Underlying Funds”). The Fund expects to invest in Underlying Funds operated by a diversified group of closed-end fund managers (“Underlying Fund Managers”) that invest in equity and fixed income securities. The Fund may invest in Underlying Funds that are domiciled outside of the U.S. or whose securities are traded on a non-U.S. exchange. The Fund’s sub-adviser, Saba Capital Management, L.P. (the “Sub-Adviser”), uses an investment process that combines fundamental analysis, quantitative analysis and proprietary screening tools. In seeking to maximize value, the Fund may invest in Underlying Funds that are, or the Sub-Adviser believes may become, the subject of an activist campaign by a shareholder, such as a proxy contest, whose aim is to eliminate or reduce the discount to the Underlying Fund’s net asset value (“NAV”). Such activism may be initiated by the Sub-Adviser (on behalf of its other clients) or by third parties.
The Fund normally invests in Underlying Funds that primarily pursue high income opportunities, including Underlying Funds that invest in dividend and other income-producing securities (equity securities) and Underlying Funds that invest in high yield or non-investment grade securities (commonly referred to as “junk bonds”). The Underlying Funds will have the flexibility to invest in a broad range of securities. The Underlying Funds may invest in securities with a range of maturities from short- to long-term. Substantially all of the Underlying Funds’ assets may be invested in lower-rated securities, which may include securities having the lowest rating for non-subordinated debt instruments (i.e., rated C by Moody’s Investors Service or CCC+ or lower by Standard & Poor’s Ratings Services and Fitch Ratings) and unrated securities of equivalent investment quality. The Underlying Funds may invest in equity securities, municipal securities, investment grade securities, and unrated securities. The Underlying Funds also may invest in foreign and emerging markets securities (including through depositary receipts or other securities convertible into securities of foreign issuers), mortgage-related and other asset-backed securities, real estate investment trusts (“REITs”), loan participations, inflation-protected securities, structured securities, variable, floating, and inverse floating rate instruments and preferred stock, and may use other investment techniques, including investments in derivative instruments. The Underlying Funds may also make short sales of securities or maintain a short position. Substantially all of the Underlying Funds in which the Fund invests will be exchange-traded.
The Fund may borrow for investment purposes. The Fund may also take short positions for speculative or hedging purposes, including futures contracts (including futures on U.S. Treasury obligations), swaps (including total return swaps), put and call options (including options on indices or futures contracts), ETFs that track the performance of bond or equity indices, and Underlying Funds. Short positions will generally be used to mitigate the Fund's overall level of risk and/or levels of risk to interest rates, particular types of securities, or market segments.
Period | CEFS Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 27.6% | -2.4% | 33.7% | 4.65% |
1 Yr | 30.0% | 0.2% | 47.1% | 5.58% |
3 Yr | 13.2%* | -19.0% | 13.5% | 0.47% |
5 Yr | 12.5%* | -11.7% | 23.4% | 2.48% |
10 Yr | N/A* | -5.2% | 9.4% | 48.34% |
* Annualized
Period | CEFS Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 9.9% | -18.9% | 60.2% | 35.51% |
2022 | -16.6% | -48.5% | 0.1% | 48.83% |
2021 | 5.9% | -19.0% | 48.3% | 33.96% |
2020 | -5.8% | -16.5% | 52.8% | 95.54% |
2019 | 18.1% | -8.5% | 26.6% | 7.61% |
Period | CEFS Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 27.6% | -2.4% | 33.7% | 4.65% |
1 Yr | 30.0% | 0.2% | 47.1% | 5.58% |
3 Yr | 13.2%* | -19.0% | 13.5% | 0.47% |
5 Yr | 12.5%* | -11.7% | 23.4% | 2.48% |
10 Yr | N/A* | -5.2% | 9.4% | N/A |
* Annualized
Period | CEFS Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 21.0% | -11.7% | 61.8% | 3.74% |
2022 | -7.1% | -48.5% | 4.6% | 14.55% |
2021 | 17.9% | -14.2% | 48.3% | 12.74% |
2020 | 3.3% | -11.7% | 77.4% | 78.22% |
2019 | 28.4% | -3.9% | 28.4% | 0.51% |
CEFS | Category Low | Category High | CEFS % Rank | |
---|---|---|---|---|
Net Assets | 182 M | 2.19 M | 12 B | 49.30% |
Number of Holdings | 127 | 2 | 2477 | 26.51% |
Net Assets in Top 10 | 120 M | 1.55 M | 9.57 B | 47.44% |
Weighting of Top 10 | 54.29% | 20.3% | 105.1% | 72.56% |
Weighting | Return Low | Return High | CEFS % Rank | |
---|---|---|---|---|
Stocks | 101.10% | 0.00% | 133.08% | 2.79% |
Convertible Bonds | 5.05% | 0.00% | 8.92% | 1.40% |
Other | 0.11% | -29.71% | 154.73% | 32.09% |
Preferred Stocks | 0.03% | -0.16% | 5.36% | 4.65% |
Cash | 0.00% | -33.22% | 90.14% | 98.14% |
Bonds | 0.00% | 0.00% | 106.59% | 97.21% |
Weighting | Return Low | Return High | CEFS % Rank | |
---|---|---|---|---|
Energy | 44.28% | 0.00% | 60.89% | 4.97% |
Technology | 18.61% | 0.00% | 85.77% | 39.78% |
Utilities | 8.67% | 0.00% | 91.12% | 11.60% |
Real Estate | 5.29% | 0.00% | 99.45% | 30.39% |
Industrials | 4.91% | 0.00% | 23.85% | 77.35% |
Consumer Cyclical | 4.36% | 0.00% | 25.83% | 69.06% |
Financial Services | 3.73% | 0.00% | 98.22% | 85.08% |
Healthcare | 3.21% | 0.00% | 38.63% | 85.64% |
Communication Services | 2.89% | 0.00% | 21.61% | 67.96% |
Basic Materials | 2.47% | 0.00% | 56.73% | 69.61% |
Consumer Defense | 1.58% | 0.00% | 37.51% | 84.53% |
Weighting | Return Low | Return High | CEFS % Rank | |
---|---|---|---|---|
US | 101.10% | 0.00% | 133.08% | 2.79% |
Non US | 0.00% | -1.94% | 37.95% | 96.74% |
CEFS Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 5.81% | 0.45% | 10.24% | 1.86% |
Management Fee | 1.10% | 0.00% | 1.50% | 87.91% |
12b-1 Fee | 0.00% | 0.00% | 1.00% | 30.28% |
Administrative Fee | N/A | 0.05% | 0.70% | N/A |
CEFS Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
CEFS Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.50% | 2.00% | N/A |
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
CEFS Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 85.00% | 1.75% | 441.00% | 41.86% |
CEFS | Category Low | Category High | CEFS % Rank | |
---|---|---|---|---|
Dividend Yield | 7.48% | 0.00% | 24.95% | 2.33% |
CEFS | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Annual | Annual | Annual |
CEFS | Category Low | Category High | CEFS % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.54% | -2.01% | 13.72% | 11.63% |
CEFS | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Nov 25, 2024 | $0.140 | OrdinaryDividend |
Oct 24, 2024 | $0.140 | OrdinaryDividend |
Sep 24, 2024 | $0.140 | OrdinaryDividend |
Aug 26, 2024 | $0.140 | OrdinaryDividend |
Jul 24, 2024 | $0.140 | OrdinaryDividend |
Jun 24, 2024 | $0.140 | OrdinaryDividend |
Apr 24, 2024 | $0.140 | OrdinaryDividend |
Mar 25, 2024 | $0.140 | OrdinaryDividend |
Feb 26, 2024 | $0.140 | OrdinaryDividend |
Jan 24, 2024 | $0.140 | OrdinaryDividend |
Dec 20, 2023 | $0.206 | OrdinaryDividend |
Nov 20, 2023 | $0.140 | OrdinaryDividend |
Oct 20, 2023 | $0.140 | OrdinaryDividend |
Sep 20, 2023 | $0.140 | OrdinaryDividend |
Aug 21, 2023 | $0.140 | OrdinaryDividend |
Jul 20, 2023 | $0.140 | OrdinaryDividend |
Jun 20, 2023 | $0.140 | OrdinaryDividend |
May 22, 2023 | $0.140 | OrdinaryDividend |
Apr 20, 2023 | $0.140 | OrdinaryDividend |
Mar 20, 2023 | $0.140 | OrdinaryDividend |
Feb 21, 2023 | $0.140 | OrdinaryDividend |
Jan 20, 2023 | $0.140 | OrdinaryDividend |
Dec 20, 2022 | $0.413 | OrdinaryDividend |
Nov 21, 2022 | $0.140 | OrdinaryDividend |
Oct 20, 2022 | $0.140 | OrdinaryDividend |
Sep 20, 2022 | $0.140 | OrdinaryDividend |
Aug 22, 2022 | $0.140 | OrdinaryDividend |
Jul 20, 2022 | $0.140 | OrdinaryDividend |
Jun 21, 2022 | $0.140 | OrdinaryDividend |
May 20, 2022 | $0.140 | OrdinaryDividend |
Apr 20, 2022 | $0.140 | OrdinaryDividend |
Mar 21, 2022 | $0.140 | OrdinaryDividend |
Feb 22, 2022 | $0.140 | OrdinaryDividend |
Jan 20, 2022 | $0.140 | OrdinaryDividend |
Dec 20, 2021 | $0.678 | OrdinaryDividend |
Nov 22, 2021 | $0.140 | OrdinaryDividend |
Oct 20, 2021 | $0.140 | OrdinaryDividend |
Sep 20, 2021 | $0.140 | OrdinaryDividend |
Aug 20, 2021 | $0.140 | OrdinaryDividend |
Jul 20, 2021 | $0.140 | OrdinaryDividend |
Jun 21, 2021 | $0.140 | OrdinaryDividend |
May 20, 2021 | $0.140 | OrdinaryDividend |
Apr 20, 2021 | $0.140 | OrdinaryDividend |
Mar 22, 2021 | $0.140 | OrdinaryDividend |
Feb 22, 2021 | $0.140 | OrdinaryDividend |
Jan 20, 2021 | $0.140 | OrdinaryDividend |
Dec 21, 2020 | $0.140 | OrdinaryDividend |
Nov 20, 2020 | $0.140 | OrdinaryDividend |
Oct 20, 2020 | $0.140 | OrdinaryDividend |
Sep 21, 2020 | $0.140 | OrdinaryDividend |
Aug 20, 2020 | $0.140 | OrdinaryDividend |
Jul 20, 2020 | $0.140 | OrdinaryDividend |
Jun 22, 2020 | $0.140 | OrdinaryDividend |
May 20, 2020 | $0.140 | OrdinaryDividend |
Apr 20, 2020 | $0.140 | OrdinaryDividend |
Mar 20, 2020 | $0.140 | OrdinaryDividend |
Feb 20, 2020 | $0.140 | OrdinaryDividend |
Jan 21, 2020 | $0.140 | OrdinaryDividend |
Dec 20, 2019 | $0.140 | OrdinaryDividend |
Nov 20, 2019 | $0.140 | OrdinaryDividend |
Oct 21, 2019 | $0.140 | OrdinaryDividend |
Sep 20, 2019 | $0.140 | OrdinaryDividend |
Aug 20, 2019 | $0.140 | OrdinaryDividend |
Jul 22, 2019 | $0.140 | OrdinaryDividend |
Jun 20, 2019 | $0.140 | OrdinaryDividend |
May 20, 2019 | $0.140 | OrdinaryDividend |
Apr 22, 2019 | $0.140 | OrdinaryDividend |
Mar 20, 2019 | $0.140 | OrdinaryDividend |
Feb 20, 2019 | $0.140 | OrdinaryDividend |
Jan 22, 2019 | $0.140 | OrdinaryDividend |
Dec 24, 2018 | $0.047 | ExtraDividend |
Dec 20, 2018 | $0.140 | OrdinaryDividend |
Nov 20, 2018 | $0.140 | OrdinaryDividend |
Oct 22, 2018 | $0.140 | OrdinaryDividend |
Sep 20, 2018 | $0.140 | OrdinaryDividend |
Aug 20, 2018 | $0.140 | OrdinaryDividend |
Jul 20, 2018 | $0.140 | OrdinaryDividend |
Jun 20, 2018 | $0.140 | OrdinaryDividend |
May 21, 2018 | $0.140 | OrdinaryDividend |
Apr 20, 2018 | $0.140 | OrdinaryDividend |
Mar 20, 2018 | $0.140 | OrdinaryDividend |
Feb 20, 2018 | $0.140 | OrdinaryDividend |
Jan 22, 2018 | $0.140 | OrdinaryDividend |
Dec 26, 2017 | $0.094 | ExtraDividend |
Dec 20, 2017 | $0.140 | OrdinaryDividend |
Nov 20, 2017 | $0.140 | OrdinaryDividend |
Oct 20, 2017 | $0.140 | OrdinaryDividend |
Sep 20, 2017 | $0.140 | OrdinaryDividend |
Aug 21, 2017 | $0.140 | OrdinaryDividend |
Jul 20, 2017 | $0.140 | OrdinaryDividend |
Jun 20, 2017 | $0.140 | OrdinaryDividend |
May 22, 2017 | $0.137 | OrdinaryDividend |
Apr 20, 2017 | $0.134 | OrdinaryDividend |
Start Date
Tenure
Tenure Rank
Mar 20, 2017
5.2
5.2%
Paul Kazarian joined Saba in March 2013 and is responsible for exchange traded products, including ETF arbitrage and closed-end funds. Prior to Saba, Mr. Kazarian was a Director at RBC Capital Markets in the Global Arbitrage and Trading Group from 2007-2013. While there, Mr. Kazarian was responsible for the development and management of the Fixed Income ETF Group and also responsible for overseeing other ETF and index strategies. Prior to RBC, Mr. Kazarian worked as a technology analyst at Merrill Lynch from 2006-2007. Mr. Kazarian holds a BA in Political Science from Bates College.
Start Date
Tenure
Tenure Rank
Mar 20, 2017
5.2
5.2%
Mr. Boaz Weinstein is the founder and Chief Investment Officer of Saba. Mr. Weinstein founded Saba in 2009 as a lift-out of Saba Principal Strategies. At Saba, Mr. Weinstein leads a team of 30 professionals, with the senior investment team having worked together for seventeen years.
Start Date
Tenure
Tenure Rank
Mar 20, 2017
5.2
5.2%
Mr. Pierre Weinstein (no relation to Boaz) joined Saba at launch in April 2009. Prior to Saba, Mr. Weinstein was a Portfolio Manager at Saba Principal Strategies, the proprietary credit trading group at Deutsche Bank since January 2005, where he managed the equity derivatives and international convertible bond strategies. Mr. Weinstein started his investment career at Société Générale in Paris in 1998 as an equity derivatives market maker and had various roles until 2004 including a position as a convertible bond proprietary trader in New York. Mr. Weinstein holds a Ms in Engineering from École Centrale Lyon and a Ms in Finance from École HEC in Paris.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.07 | 33.83 | 6.69 | 13.0 |
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