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 11/05/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
-1.7%
1 yr return
2.4%
3 Yr Avg Return
4.1%
5 Yr Avg Return
12.5%
Net Assets
$668 M
Holdings in Top 10
47.3%
Expense Ratio 1.73%
Front Load N/A
Deferred Load N/A
Turnover 121.00%
Redemption Fee N/A
Standard (Taxable)
$2,500
IRA
$2,500
Fund Type
Open End Mutual Fund
Name
As of 11/05/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Under normal circumstances, the Fund seeks to provide a total return that exceeds the BNP Paribas Catalyst Systematic Alpha Index III (the Benchmark). The Fund seeks excess return, after the impact of fees and expenses, above the Benchmark through investing in (i) securities that provide exposure to the Benchmark (Benchmark Component), (ii) securities that provide exposure to strategies of similar nature to the Benchmark component, and (iii) fixed income securities, primarily short-term U.S. corporate bonds issued by publicly traded companies, including real estate investment trusts (REITs) and convertible bonds (the Fixed Income Component). The Fund generally seeks exposure to the Benchmark by investing in structured notes, non-exchange-traded total return swap contracts, futures contracts and/or forward contracts. These instruments generate returns that approximate the Benchmarks returns either in whole or through a combination of the Benchmarks components, with some or all of the Benchmark exposure instruments being held through a wholly-owned and controlled subsidiary of the Fund organized under the laws of the Cayman Islands (the Subsidiary). The swap contracts may use the Benchmark or a modified version of the Benchmark, one or more components of the Benchmark, or an unrelated index as the reference asset. The Advisor selects non-Benchmark linked instruments with return that it believes are highly correlated to those of the Benchmark. BNP Paribas (BNP) is the index sponsor and index calculation agent.
Benchmark Component
The Advisor executes the Benchmark Component of the Funds strategy by investing in structured notes, swap contracts, future contracts and/or forward contracts, with some or all of these instruments being held through the Subsidiary. The Benchmark is an absolute return, multi-risk premia index (i.e., a multi-risk factor index) that attempts to capture various sources of systematic risks in the capital markets, a Quantitative Investment Strategy (QIS). Risk premia refers to sources of return derived by accepting risks beyond those inherent in traditional broad market exposures. Risk premia are considered the building blocks of many variable (i.e., non-linear) and hedged investment strategies. Risk premia strategies use publicly traded instruments, tend to have low correlation to equities and bonds as well as to one another, and have historically had persistent positive returns over a variety of market environments and time periods. The multi-risk premia strategy Benchmark seeks absolute returns through risk-balanced exposure to carry, momentum and reversal risk premia across the equity, commodity, forex and fixed income markets and synthetically invests in the components of the eleven pre-existing BNP Paribas Risk Premia Indexes (identified in the table below and collectively the Underlying Indexes), which consist of futures on equity indices, commodities, government bonds, and currency forwards. Certain Underlying Indexes may have significant exposure to particular countries or geographic regions and, as a result, the Fund may concentrate its investments in such geographic locations.
Underlying Indexes |
BNP Paribas Cross Asset Trend Allocator Index |
BNP Paribas Commodity Daily Dynamic Alpha Curve ex-Agriculture and Livestock ER Index |
BNP Paribas Equity US Rotation Index |
BNP Paribas Commodity Time-Series Backwardation ex-AL Index |
BNP Paribas Commodity F3 PR Alpha ex-A&L ER Index |
BNP Paribas Dynamic Equity Reversal US LS USD Index |
BNP Paribas GALAXY G10 Excess Return USD Index |
BNP Paribas GALAXY World Excess Return USD Index |
BNP Paribas FX Mean Reversion G10 Selection USD Index |
BNP Paribas STEER G10 Series II Excess Return USD Index |
BNP Paribas Enhanced Kinetis Money Market Excess Return USD Index |
● | Carry Risk Premium: Captures the tendency for higher yielding assets to outperform lower yielding assets over time. Typical Carry Risk Premium strategies include being long high carry assets and short low carry assets. |
● | Momentum Risk Premium: Captures the tendency for assets that have performed well in recent past to continue to perform well, and assets that have performed poorly in the recent past to continue to perform poorly. Typical Momentum Risk Premium strategies include being long historically high performing assets and being short historically low performing assets. |
● | Reversal Risk Premium: Captures the behavioral tendency of markets to over exaggerate near-term market corrections. Typical Reversal Premium strategies include being long historically high performing assets and being short historically low performing assets over a short period of time. |
The Benchmark uses a rules-based, risk-budget model to dynamically allocate across the various Underlying Indexes and is constructed using a hypothetical portfolio comprised of the Underlying Indexes (the Daily Portfolio) based on each Underlying Indexs 252day Historical Volatility, Volatility Budget, and current Daily Portfolio value. The Benchmarks exposure to each Underlying Index is determined daily and is greater than or equal to 0.
The Benchmark assigns a higher weight to Underlying Indexes exhibiting near-term low volatility and a lower weight to Underlying Indexes exhibiting near-term high volatility in an attempt to maintain a balanced exposure to the risk in each Carry, Momentum, and Reversal Risk Premia. The Benchmark may rebalance its exposure to the Underlying Indexes as frequently as daily to quickly adapt to various market conditions and risk levels.
The Fund may invest in other QIS beyond or in addition to the Benchmark if, in the opinion of the Advisor, the QIS investments position the Fund to outperform the Benchmark over the long term.
Fixed Income Component
The Fund seeks excess return above the Benchmark through active management of a fixed income portfolio. The Funds fixed income portfolio invests primarily in short-term U.S. corporate bonds issued by publicly traded companies, including REITs. The Fund may invest in corporate bonds, including convertible bonds of any credit quality (with ratings ranging from AAA to C by S&P Global Ratings or the equivalent by another national recognized statistical ratings organization), effective maturity or modified duration, but intends to hold a majority of the portfolio in investment grade corporate bonds (rated BBB- or higher by S&P Global Ratings or the equivalent by another nationally recognized statistical ratings organization) with an average effective maturity of less than four years and an average duration of less than three and a half. Modified duration measures the change in the value of a bond in response to a 1% change in interest rates. The Fund will not purchase bonds that are in default.
The Advisor uses quantitative and qualitative screening processes to select bonds for investment by the Fund. The Advisors quantitative screen focuses on credit metrics including total leverage ratio (total debt/earnings before interest, taxes, depreciation and amortization (EBITDA)), EBITDA interest coverage ratio (EBITDA/interest expense), and cash ratio (cash and equivalents/current liabilities). The Advisors qualitative review involves an analysis of company fundamentals including business model, competitive advantages, cyclicality of the underlying industry, and addressable market opportunity. The Advisor generally sells bonds if the Advisor believes the bonds no longer offer favorable risk-adjusted return potential. The Fund actively trades its portfolio investments, which may lead to higher transaction costs that may affect the Funds performance.
Investments in Subsidiary
The Advisor executes a portion of the Funds strategy by investing up to 25% of its total assets in the Subsidiary. The Subsidiary invests the majority of its assets in structured notes, swap contracts, future contracts and/or forward contracts that seek to track the Benchmark. The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis.
Period | ATRFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.7% | -73.0% | 19.4% | 3.94% |
1 Yr | 2.4% | -9.1% | 86.9% | 6.18% |
3 Yr | 4.1%* | -9.5% | 16.2% | 1.61% |
5 Yr | 12.5%* | -4.9% | 14.4% | 19.73% |
10 Yr | 5.8%* | -0.9% | 7.5% | N/A |
* Annualized
Period | ATRFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 22.2% | -22.7% | 305.1% | 84.44% |
2022 | -8.8% | -9.8% | 27.3% | 0.81% |
2021 | 19.2% | -20.8% | 10.9% | 99.56% |
2020 | -5.1% | -12.4% | 29.4% | 70.79% |
2019 | 27.2% | -10.5% | 15.8% | 84.82% |
Period | ATRFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.7% | -73.0% | 19.4% | 3.94% |
1 Yr | 2.4% | -13.4% | 86.9% | 4.73% |
3 Yr | 4.1%* | -9.5% | 16.2% | 1.61% |
5 Yr | 12.5%* | -5.3% | 14.4% | 18.83% |
10 Yr | 5.8%* | -0.9% | 7.5% | N/A |
* Annualized
Period | ATRFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 24.6% | -22.7% | 305.1% | 84.44% |
2022 | -4.4% | -9.8% | 27.3% | 0.81% |
2021 | 25.7% | -20.8% | 10.9% | 99.56% |
2020 | 15.3% | -8.4% | 29.4% | 79.70% |
2019 | 29.3% | -10.2% | 18.0% | 81.68% |
ATRFX | Category Low | Category High | ATRFX % Rank | |
---|---|---|---|---|
Net Assets | 668 M | 1.5 M | 5.01 B | 99.63% |
Number of Holdings | 40 | 4 | 4478 | 94.35% |
Net Assets in Top 10 | 326 M | -398 M | 2.55 B | 91.17% |
Weighting of Top 10 | 47.34% | 13.1% | 100.0% | 24.77% |
Weighting | Return Low | Return High | ATRFX % Rank | |
---|---|---|---|---|
Bonds | 87.84% | -326.45% | 6347.80% | 41.34% |
Cash | 6.18% | -6278.21% | 410.43% | 79.15% |
Stocks | 4.37% | -3.75% | 97.95% | 97.53% |
Preferred Stocks | 0.00% | -0.12% | 46.97% | 93.64% |
Other | 0.00% | -21.53% | 148.54% | 15.55% |
Convertible Bonds | 0.00% | 0.00% | 87.92% | 1.41% |
Weighting | Return Low | Return High | ATRFX % Rank | |
---|---|---|---|---|
Healthcare | 18.92% | 0.00% | 45.63% | 99.61% |
Industrials | 18.70% | 0.00% | 21.45% | 99.61% |
Basic Materials | 17.23% | 0.00% | 27.46% | 99.61% |
Financial Services | 15.33% | 0.00% | 59.28% | 99.61% |
Real Estate | 7.17% | 0.00% | 51.26% | 99.61% |
Technology | 7.01% | 0.00% | 39.58% | 0.77% |
Energy | 6.60% | 0.00% | 100.00% | 99.61% |
Consumer Defense | 3.48% | 0.00% | 13.62% | 99.61% |
Consumer Cyclical | 2.46% | 0.00% | 29.09% | 99.61% |
Utilities | 2.11% | 0.00% | 9.23% | 99.61% |
Communication Services | 0.99% | 0.00% | 21.78% | 99.61% |
Weighting | Return Low | Return High | ATRFX % Rank | |
---|---|---|---|---|
US | 4.37% | -8.85% | 91.88% | 92.58% |
Non US | 0.00% | -19.62% | 42.11% | 89.05% |
Weighting | Return Low | Return High | ATRFX % Rank | |
---|---|---|---|---|
Cash & Equivalents | 5.74% | 0.27% | 100.00% | 94.70% |
Government | 0.06% | 0.00% | 84.29% | 100.00% |
Corporate | 0.05% | 0.00% | 87.73% | 4.24% |
Derivative | 0.00% | 0.00% | 88.81% | 100.00% |
Securitized | 0.00% | 0.00% | 56.83% | 9.54% |
Municipal | 0.00% | 0.00% | 27.33% | 97.88% |
Weighting | Return Low | Return High | ATRFX % Rank | |
---|---|---|---|---|
US | 87.84% | -126.19% | 6311.18% | 31.80% |
Non US | 0.00% | -382.37% | 121.02% | 70.67% |
ATRFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.73% | 0.29% | 31.15% | 4.32% |
Management Fee | 1.50% | 0.00% | 2.50% | 85.51% |
12b-1 Fee | 0.00% | 0.00% | 1.00% | 17.57% |
Administrative Fee | N/A | 0.01% | 0.30% | 61.36% |
ATRFX 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% | 5.00% | N/A |
ATRFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 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.
ATRFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 121.00% | 0.00% | 491.00% | 37.90% |
ATRFX | Category Low | Category High | ATRFX % Rank | |
---|---|---|---|---|
Dividend Yield | 1.97% | 0.00% | 4.56% | 97.53% |
ATRFX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Annually | Quarterly | Annually |
ATRFX | Category Low | Category High | ATRFX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.63% | -2.51% | 6.83% | 10.79% |
ATRFX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Oct 30, 2024 | $0.019 | OrdinaryDividend |
Sep 27, 2024 | $0.016 | OrdinaryDividend |
Aug 29, 2024 | $0.196 | OrdinaryDividend |
Jul 30, 2024 | $0.019 | OrdinaryDividend |
Apr 29, 2024 | $0.023 | OrdinaryDividend |
Mar 27, 2024 | $0.021 | OrdinaryDividend |
Feb 28, 2024 | $0.021 | OrdinaryDividend |
Jan 30, 2024 | $0.016 | OrdinaryDividend |
Dec 28, 2023 | $0.033 | OrdinaryDividend |
Nov 29, 2023 | $0.029 | OrdinaryDividend |
Oct 30, 2023 | $0.029 | OrdinaryDividend |
Sep 28, 2023 | $0.030 | OrdinaryDividend |
Aug 30, 2023 | $0.032 | OrdinaryDividend |
Jul 28, 2023 | $0.019 | OrdinaryDividend |
Jun 29, 2023 | $0.017 | OrdinaryDividend |
May 30, 2023 | $0.012 | OrdinaryDividend |
Apr 27, 2023 | $0.013 | OrdinaryDividend |
Mar 30, 2023 | $0.016 | OrdinaryDividend |
Dec 13, 2022 | $0.502 | OrdinaryDividend |
Dec 14, 2021 | $0.600 | OrdinaryDividend |
Dec 21, 2020 | $1.939 | OrdinaryDividend |
Dec 19, 2019 | $0.156 | OrdinaryDividend |
Dec 14, 2018 | $0.106 | OrdinaryDividend |
Dec 29, 2016 | $0.086 | OrdinaryDividend |
Dec 21, 2015 | $0.025 | CapitalGainShortTerm |
Dec 21, 2015 | $0.001 | CapitalGainLongTerm |
Dec 21, 2015 | $0.073 | OrdinaryDividend |
Dec 18, 2014 | $0.058 | OrdinaryDividend |
Dec 18, 2014 | $0.005 | CapitalGainShortTerm |
Start Date
Tenure
Tenure Rank
May 05, 2015
7.08
7.1%
David Miller, Owner and Chief Investment Officer of Rational Advisors, Inc. since 2016. He is a co-founder and has served as Chief Investment Officer of Catalyst Capital Advisors LLC since 2006, and is responsible for the day-to-day management of several funds managed by Catalyst. Mr. Miller is also a member of Catalyst International Advisors LLC since 2019, Insights Media LLC since 2019, and Catalyst Insurance Corporation II since 2018. Prior to founding Catalyst, Mr. Miller was the CEO of Investment Catalyst, an investment newsletter he founded in 2005. The Investment Catalyst newsletter worked to identify undervalued stocks with a near term catalyst for appreciation. Mr. Miller was a trader with UBS, working on the equity derivatives desk from July 2002 until December 2002. Mr. Miller was the CEO of MovieDaze Media Group, a search engine marketing company that he co-founded in 2003 and sold in 2006. He received a BS in Economics from the University of Pennsylvania, Wharton School and a MBA in Finance from the University of Michigan, Ross School of Business.
Start Date
Tenure
Tenure Rank
Jul 01, 2021
0.92
0.9%
Mr. Holly is the Chief Investment Officer for Persimmon Capital Management and manages the investment team including the investment research process and asset management strategies for the firm. He has 30+ years of progressive experience managing hedge fund assets, structuring alternative strategy vehicles, conducting extensive due diligence and developing asset allocation policy. Prior to joining Persimmon in 2014, Art was the Head of Investment Solutions, North America, for the Man Group, plc, a $60 billion asset management firm specializing in alternative investment strategies. His other responsibilities at Man included Head of Portfolio Management, North America, and he was a member of the Global Asset Allocation and the Global Product and Portfolio Boards. Prior to Man he was the Director of Hedge Fund Development for Merrill Lynch where his team managed $25 billion in hedge fund and related assets. Art previously managed his own long/short equity strategy at Athena Securities for a decade and also headed the Event Driven Desk for Banc of America Securities and was a proprietary trader for T.C. Management Partners and Union Bank of Switzerland in both long/short equities and credit instruments. Art is a graduate of Villanova University with a Finance degree and a minor in Computer Science.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.02 | 17.37 | 4.48 | 1.67 |
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