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ALPS | Smith Balanced Opportunity Fund

mutual fund
ALABX
Payout Change
Pending
Price as of:
$13.89 +0.08 +0.58%
primary theme
U.S. Balanced Allocation
ALABX (Mutual Fund)

ALPS | Smith Balanced Opportunity Fund

Payout Change
Pending
Price as of:
$13.89 +0.08 +0.58%
primary theme
U.S. Balanced Allocation
ALABX (Mutual Fund)

ALPS | Smith Balanced Opportunity Fund

Payout Change
Pending
Price as of:
$13.89 +0.08 +0.58%
primary theme
U.S. Balanced Allocation

Name

As of 12/04/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$13.89

$13.3 M

1.11%

$0.15

2.02%

Vitals

YTD Return

20.0%

1 yr return

24.7%

3 Yr Avg Return

6.2%

5 Yr Avg Return

N/A

Net Assets

$13.3 M

Holdings in Top 10

23.7%

52 WEEK LOW AND HIGH

$13.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.02%

SALES FEES

Front Load 3.25%

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/04/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$13.89

$13.3 M

1.11%

$0.15

2.02%

ALABX - Profile

Distributions

  • YTD Total Return 20.0%
  • 3 Yr Annualized Total Return 6.2%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.39%
DIVIDENDS
  • Dividend Yield 1.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    ALPS | Smith Balanced Opportunity Fund
  • Fund Family Name
    Leavell
  • Inception Date
    Sep 15, 2020
  • Shares Outstanding
    103997
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Laton Spahr

Fund Description

The Fund pursues its investment objective by normally investing 60% of its assets in equity securities (the “Equity Sleeve”) and, on a look-through basis, 40% of its assets in fixed-income securities and cash equivalents (the “Fixed Income Sleeve”). The Fund’s investment adviser may make adjustments to the exact percentages from time to time.

Equity securities in which the Fund may principally invest consist of common stocks and preferred stocks. The primary decision factor in building the Equity Sleeve of the investment portfolio is the combination of dividend-paying stocks and stocks determined to have high or improving return on invested capital (“ROIC”). For this purpose, the Adviser reviews the profitability, as measured by ROIC, of potential equity investments and selects those investments: (i) with ROIC that is above the company’s cost of capital and above the industry average, or (ii) that are seeing ROIC improve relative to such company’s own history. Industry average is defined as a company’s Global Industry Classification Standard (GICS) industry mean. The Fund may invest in companies that have market capitalizations of any size. Up to 25% of the equity portion of the investment portfolio (calculated based on the total market value of the Fund’s Equity Sleeve) may be in stocks outside of the US.

With respect to foreign securities, the Adviser considers a company to be economically tied to a country if at least one of the following attributes exists: the company (1) is organized in such country, (2) is headquartered in such country, (3) has its primary stock exchange listing in a market located in such country, or (4) during the company’s most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in such country or has at least 50% of its assets in such country.

For the Fixed Income Sleeve, the Fund intends to invest in the securities of affiliated exchange traded funds, primarily consisting of ETFs advised by the Adviser (each, an "Underlying ETF"). The Adviser intends for the Fixed Income Sleeve to gain fixed income exposure through investments in Underlying ETFs, primarily the ALPS | Smith Core Plus Bond ETF ("SMTH"), although the Fixed Income Sleeve may gain fixed income exposure by investing in other unaffiliated and affiliated ETFs. Individual shares of affiliated and unaffiliated ETFs may only be purchased and sold in secondary market transactions through a broker or dealer at a market price. Shares of SMTH are listed for trading on the NYSE Arca.

An Underlying ETF’s fixed-income investments will principally consist of corporate debt securities, U.S. Government obligations, agency mortgage-backed securities, asset-backed securities, “to be announced” or “TBA” commitments, and bank loans. An Underlying ETF may invest in instruments of any maturity or duration and of any credit quality (including non-investment grade bonds, also known as “junk” bonds). An Underlying ETF’s investment in agency mortgage-backed securities and asset-backed securities represent “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. On a look-through basis, the Fund may invest up to 35% of the Fixed Income Sleeve of the Fund’s portfolio in high-yield/high-risk bonds, also known as “junk” bonds.

In addition to considering economic factors such as the effect of interest rates on the Fund’s investments, the portfolio managers typically apply a “bottom up” approach in choosing investments. Due to the nature of the securities in which the Fund invests, the Fund may have relatively high portfolio turnover compared to other funds.

The portfolio managers use a disciplined sell strategy for the Fund. The portfolio managers may sell securities because of a deterioration of the underlying company’s financials, such as earnings or cash flow, or because of an increase in the price of a security that would make it expensive relative to the other securities held by the Fund. Other reasons may include a change in management or control of the company, a need to raise cash or changes in the regulatory or economic environment in which the company operates. Portfolio managers can also sell any security at their discretion based on changes in expected valuation, volatility or other statistical or fundamental parameters.

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ALABX - Performance

Return Ranking - Trailing

Period ALABX Return Category Return Low Category Return High Rank in Category (%)
YTD 20.0% -2.8% 90.1% 8.94%
1 Yr 24.7% -0.5% 92.8% 8.65%
3 Yr 6.2%* -3.2% 24.3% 17.39%
5 Yr N/A* -2.1% 24.4% 16.92%
10 Yr N/A* 1.2% 14.2% 46.04%

* Annualized

Return Ranking - Calendar

Period ALABX Return Category Return Low Category Return High Rank in Category (%)
2023 14.3% -12.2% 23.9% 9.65%
2022 -17.1% -34.7% 2.8% 35.07%
2021 14.9% -11.9% 18.1% 1.99%
2020 N/A -20.9% 39.7% 100.00%
2019 N/A 0.8% 25.7% 0.31%

Total Return Ranking - Trailing

Period ALABX Return Category Return Low Category Return High Rank in Category (%)
YTD 20.0% -2.8% 90.1% 8.94%
1 Yr 24.7% -0.5% 92.8% 8.65%
3 Yr 6.2%* -3.2% 24.3% 17.39%
5 Yr N/A* -2.1% 24.4% 22.71%
10 Yr N/A* 1.2% 14.2% 82.46%

* Annualized

Total Return Ranking - Calendar

Period ALABX Return Category Return Low Category Return High Rank in Category (%)
2023 16.3% -12.2% 26.8% 20.61%
2022 -16.1% -29.0% 10.9% 72.21%
2021 15.6% -3.0% 27.3% 22.21%
2020 N/A -19.5% 40.6% 100.00%
2019 N/A 2.2% 32.7% 1.56%

NAV & Total Return History


ALABX - Holdings

Concentration Analysis

ALABX Category Low Category High ALABX % Rank
Net Assets 13.3 M 861 K 235 B 98.11%
Number of Holdings 247 2 16143 34.06%
Net Assets in Top 10 3.22 M 859 K 66.9 B 98.39%
Weighting of Top 10 23.66% 10.8% 122.7% 85.67%

Top 10 Holdings

  1. Apple, Inc. 4.46%
  2. NVIDIA Corp. 3.18%
  3. Microsoft Corp. 2.84%
  4. Amazon.com, Inc. 2.43%
  5. JPMorgan Chase Co. 2.28%
  6. Alphabet, Inc. 2.08%
  7. U.S. Treasury Bond 1.73%
  8. UnitedHealth Group, Inc. 1.69%
  9. Taiwan Semiconductor Manufacturing Co., Ltd. 1.59%
  10. Walmart, Inc. 1.39%

Asset Allocation

Weighting Return Low Return High ALABX % Rank
Stocks
65.96% 0.00% 100.10% 55.99%
Bonds
32.58% 0.00% 75.29% 25.88%
Cash
1.16% -7.92% 100.00% 57.16%
Preferred Stocks
0.31% 0.00% 24.59% 10.53%
Other
0.00% -42.55% 113.97% 68.71%
Convertible Bonds
0.00% 0.00% 23.84% 94.26%

Stock Sector Breakdown

Weighting Return Low Return High ALABX % Rank
Technology
20.35% 0.00% 44.21% 42.84%
Financial Services
15.07% 0.00% 38.77% 43.43%
Healthcare
12.72% 0.00% 29.35% 71.64%
Consumer Cyclical
11.71% 0.00% 19.36% 18.76%
Industrials
11.70% 0.00% 24.37% 26.44%
Consumer Defense
8.24% 0.00% 15.14% 20.24%
Energy
6.91% 0.00% 85.65% 23.04%
Basic Materials
5.77% 0.00% 25.57% 11.23%
Communication Services
5.70% 0.00% 38.10% 82.42%
Real Estate
1.84% 0.00% 65.01% 79.03%
Utilities
0.00% 0.00% 99.55% 95.86%

Stock Geographic Breakdown

Weighting Return Low Return High ALABX % Rank
US
65.96% 0.00% 100.10% 50.58%
Non US
0.00% 0.00% 42.80% 62.72%

Bond Sector Breakdown

Weighting Return Low Return High ALABX % Rank
Corporate
49.10% 0.00% 98.21% 19.44%
Government
25.55% 0.00% 97.26% 60.97%
Securitized
22.66% 0.00% 92.13% 34.02%
Cash & Equivalents
1.12% 0.00% 99.92% 51.02%
Derivative
0.00% -4.58% 41.29% 55.56%
Municipal
0.00% 0.00% 24.80% 81.89%

Bond Geographic Breakdown

Weighting Return Low Return High ALABX % Rank
US
32.58% 0.00% 75.29% 25.29%
Non US
0.00% 0.00% 15.37% 57.31%

ALABX - Expenses

Operational Fees

ALABX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.02% 0.03% 27.98% 8.58%
Management Fee 0.70% 0.00% 1.83% 85.34%
12b-1 Fee 0.25% 0.00% 1.00% 34.99%
Administrative Fee N/A 0.01% 0.83% N/A

Sales Fees

ALABX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.25% 2.25% 5.75% 93.75%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

ALABX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 2.00% N/A

Related Fees

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.

ALABX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.83% 343.00% 29.99%

ALABX - Distributions

Dividend Yield Analysis

ALABX Category Low Category High ALABX % Rank
Dividend Yield 1.11% 0.00% 17.90% 72.13%

Dividend Distribution Analysis

ALABX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Monthly Annual

Net Income Ratio Analysis

ALABX Category Low Category High ALABX % Rank
Net Income Ratio 0.39% -2.34% 13.92% 84.52%

Capital Gain Distribution Analysis

ALABX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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ALABX - Fund Manager Analysis

Managers

Laton Spahr


Start Date

Tenure

Tenure Rank

Sep 15, 2020

1.71

1.7%

Laton Spahr serves as portfolio manager of the Large Cap Value, Dividend Value and Mid Cap Value strategies. Prior to joining the firm in March 2013, Laton was a senior portfolio manager at Columbia Management Investment Advisors since 2003, managing value and income strategies across institutional and retail investment channels. During his twelve-year tenure at Columbia Management, he also conducted equity risk management, analyzed and traded derivatives and structured products, and was a technology analyst. Laton was an equity analyst at Holland Capital Management from 1999 to 2001, a research intern at Friess Associates from 1998 to 1999, and a commercial loan officer at Jackson State Bank from 1997 to 1998. He holds a B.S. in finance and minor in accounting from the University of Wyoming and an M.S. in finance, investments, and banking as part of the Applied Security Analysis program at the University of Wisconsin. Laton is also a CFA charterholder.

Eric Hewitt


Start Date

Tenure

Tenure Rank

Sep 15, 2020

1.71

1.7%

Eric Hewitt serves as lead portfolio manager of the Small Cap Value strategy, co-portfolio manager of the Mid Cap Value strategy and senior research analyst for the Large Cap Value and Dividend Value strategies. Prior to joining the firm in March 2013, Eric was a product manager and customer portfolio manager responsible for multiple value strategies at Columbia Management Investment Advisors. From 2009 to 2012, he was a senior equity analyst at Diamondback/Harbor Watch Capital Management for a multi-strategy hedge fund and focused on mid- and small-cap value stocks in the consumer non-cyclical and cyclical sectors and related industrial and financial areas. From 1999 to 2009, Eric worked at AllianceBernstein, serving as senior equity analyst and portfolio manager. Prior to AllianceBernstein, he was a bond trader and funding specialist at Lehman Brothers for five years. Eric holds a B.A. in political science and international relations from the University of Wisconsin and an M.B.A. with a concentration in finance from the University of Minnesota – Carlson School of Management.

Eric Bernum


Start Date

Tenure

Tenure Rank

Sep 15, 2020

1.71

1.7%

Mr. Bernum is an Investor with Smith Capital Investors, LLC, and has served as portfolio manager of the Funds since 2019. Prior to his association with Smith Capital Investors, Mr. Bernum was an Executive Director, Senior Portfolio Manager at J.P. Morgan Asset Management from 2017 to 2018. Before that, Mr. Bernum was at Janus Capital Group from 2004 to 2017 holding various positions including Assistant Portfolio Manager and the Co-Head of Global Fixed Income Trading. Mr. Bernum holds a Bachelor’s degree in Finance from Colorado State University.

Gibson Smith


Start Date

Tenure

Tenure Rank

Sep 15, 2020

1.71

1.7%

Mr. Smith is the Chief Investment Officer of Smith Capital Investors, LLC. Prior to his association with Smith Capital Investors, Mr. Smith was with Janus Capital from 2001 until March 2016. He served as the Chief Investment Officer of Fixed Income for Janus Capital from 2006 to 2016. Mr. Smith holds a Bachelor’s degree in Economics from the University of Colorado.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 34.51 6.36 2.41