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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 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
15.0%
1 yr return
20.5%
3 Yr Avg Return
10.4%
5 Yr Avg Return
9.1%
Net Assets
$580 M
Holdings in Top 10
12.8%
Expense Ratio 1.88%
Front Load N/A
Deferred Load N/A
Turnover 61.00%
Redemption Fee N/A
Standard (Taxable)
$100,000
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The Fund uses a hedged strategy. The Fund actively invests in long positions in stocks identified by the Adviser as undervalued and takes short positions in stocks that the Adviser has identified as overvalued. The cash proceeds from short sales (i.e., sales of securities the Fund does not own) are invested in short-term cash instruments to produce a return on such proceeds just below the federal funds rate. Short sales are considered speculative transactions and a form of leverage.
The Fund invests, both long and short, in equity securities issued by large-, mid- and small (or “micro”)-cap companies, as well as other instruments that are convertible into equity securities. Equity securities in which the Fund may invest include exchange-traded and over-the-counter common and preferred stocks, warrants, rights, convertible securities, depositary receipts and shares, trust certificates, limited partnership interests, shares of other investment companies and real estate investment trusts (“REITs”), and equity participations. An equity participation is a type of loan that gives the lender a portion of equity ownership in a property, in addition to principal and interest payments. A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. The Fund may invest in securities of companies operating for three years or less (“unseasoned issuers”). The Fund may also invest in depository receipts and equity securities of foreign companies (denominated in either U.S. dollars or foreign currencies), put and call options, futures, indexed securities and fixed-income securities (including bonds, notes, asset-backed securities, convertible securities, Eurodollar and Yankee dollar instruments, preferred stocks and money market instruments) and high yield securities (commonly referred to as “junk bonds”). Fixed income securities in which the Fund invests include those rated between AAA and D by a nationally recognized statistical rating organization (“NRSRO”), or deemed of comparable quality by the Adviser. The Adviser may also temporarily invest uninvested cash in money market funds and similar collective investment vehicles. The Fund may also seek to increase its income by lending portfolio securities.
The Adviser determines the size of each long or short position by analyzing the tradeoff between the attractiveness of each position and its impact on the risk of the overall portfolio. The Fund seeks to construct a portfolio that has less volatility than the U.S. equity market by investing less than 100% of its assets in net long positions. Selection of individual securities to be held long or sold short will be based on a mix of quantitative techniques and fundamental security analysis. The Adviser selects stocks on the basis of three criteria: value, fundamental business strength and momentum. The Adviser examines various factors in determining the value characteristics of such issuers including price-to-book value ratios and price-to-earnings ratios. These value characteristics are examined in the context of the issuer’s operating and financial fundamentals such as return on equity, earnings growth and cash flow. The Adviser selects securities for the Fund based on a continuous study of trends in industries and companies, earnings power and growth and other investment criteria.
Although the Fund seeks to follow a hedged strategy, there can be no assurance that the Fund’s portfolio or investments will be insulated from market moves or effectively hedged against risk.
The Adviser will sell a stock when it no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the Adviser constantly monitors and adjusts as appropriate.
In general, the Fund’s investments are broadly diversified over a number of industries and, as a matter of policy, the Fund is limited to investing less than 25% of its total assets in any one industry, except that the Fund may invest in exchange-traded funds to the extent permitted by the Investment Company Act of 1940, as amended (“1940 Act”), and applicable SEC orders.
The Fund may invest up to 15% of its net assets in illiquid investments, including investments that are illiquid by virtue of the absence of a readily available market or legal or contractual restrictions on resale.
The principal derivative instruments in which the Fund invests are futures and options on securities, securities indices or currencies, options on these futures, forward foreign currency contracts and interest rate or currency swaps. The Fund’s investments in derivative instruments may be leveraged and result in losses exceeding the amounts invested.
While the Adviser intends to fully invest the Fund’s assets at all times in accordance with the above-mentioned policies, the Fund reserves the right to hold up to 100% of its assets, as a temporary defensive measure, in cash and eligible U.S. dollar-denominated money market instruments and make investments inconsistent with its investment objective. The Adviser will determine when market conditions warrant temporary defensive measures.
Period | BPIRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 15.0% | -13.0% | 30.3% | 29.41% |
1 Yr | 20.5% | -11.7% | 42.8% | 37.25% |
3 Yr | 10.4%* | -11.9% | 25.5% | 17.04% |
5 Yr | 9.1%* | -2.9% | 24.1% | 31.20% |
10 Yr | 5.2%* | -4.1% | 9.9% | 41.67% |
* Annualized
Period | BPIRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -6.0% | -17.3% | 43.8% | 94.12% |
2022 | -12.0% | -54.0% | 17.4% | 60.87% |
2021 | 9.7% | -40.0% | 54.1% | 40.15% |
2020 | -8.2% | -47.6% | 88.4% | 84.92% |
2019 | 10.0% | -20.3% | 62.6% | 46.22% |
Period | BPIRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 15.0% | -13.0% | 30.3% | 29.41% |
1 Yr | 20.5% | -11.7% | 42.8% | 37.25% |
3 Yr | 10.4%* | -11.9% | 25.5% | 17.04% |
5 Yr | 9.1%* | -2.9% | 24.1% | 31.20% |
10 Yr | 5.2%* | -4.1% | 9.9% | 41.67% |
* Annualized
Period | BPIRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.7% | -14.5% | 43.8% | 72.55% |
2022 | 6.5% | -54.0% | 50.3% | 15.94% |
2021 | 23.8% | -40.0% | 61.6% | 20.45% |
2020 | -8.2% | -29.9% | 91.0% | 88.89% |
2019 | 12.6% | -17.9% | 79.4% | 46.22% |
BPIRX | Category Low | Category High | BPIRX % Rank | |
---|---|---|---|---|
Net Assets | 580 M | 1.08 M | 6.67 B | 16.99% |
Number of Holdings | 398 | 3 | 2209 | 15.69% |
Net Assets in Top 10 | 72.1 M | 625 K | 2.41 B | 37.25% |
Weighting of Top 10 | 12.85% | 2.1% | 101.8% | 97.39% |
Weighting | Return Low | Return High | BPIRX % Rank | |
---|---|---|---|---|
Stocks | 72.71% | 0.00% | 100.92% | 46.41% |
Cash | 26.71% | 0.00% | 99.60% | 43.79% |
Other | 0.93% | -48.19% | 99.35% | 19.61% |
Convertible Bonds | 0.00% | -0.02% | 4.48% | 48.97% |
Bonds | 0.00% | 0.00% | 90.68% | 63.40% |
Preferred Stocks | -0.35% | -1.01% | 6.36% | 97.39% |
Weighting | Return Low | Return High | BPIRX % Rank | |
---|---|---|---|---|
Technology | 16.37% | 0.00% | 43.24% | 65.32% |
Financial Services | 16.06% | 0.00% | 83.83% | 42.74% |
Energy | 14.00% | 0.00% | 32.57% | 4.03% |
Healthcare | 12.71% | 0.00% | 100.00% | 67.74% |
Industrials | 10.85% | 0.00% | 31.93% | 47.58% |
Consumer Cyclical | 9.22% | 0.00% | 88.83% | 60.48% |
Communication Services | 8.96% | 0.00% | 32.32% | 25.81% |
Consumer Defense | 5.71% | 0.00% | 19.75% | 58.87% |
Basic Materials | 4.83% | 0.00% | 28.58% | 37.90% |
Real Estate | 1.28% | 0.00% | 10.93% | 49.19% |
Utilities | 0.00% | 0.00% | 21.71% | 85.48% |
Weighting | Return Low | Return High | BPIRX % Rank | |
---|---|---|---|---|
US | 68.76% | 0.00% | 100.92% | 48.37% |
Non US | 3.94% | -3.42% | 69.12% | 18.95% |
BPIRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.88% | 0.42% | 8.51% | 63.40% |
Management Fee | 1.25% | 0.00% | 2.50% | 53.59% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.03% | 1.54% | 15.91% |
BPIRX 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% | 4.00% | N/A |
BPIRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.50% | 2.00% | 78.13% |
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.
BPIRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 61.00% | 0.00% | 446.00% | 40.34% |
BPIRX | Category Low | Category High | BPIRX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.22% | 0.00% | 27.22% | 9.87% |
BPIRX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annual | SemiAnnual | Annual |
BPIRX | Category Low | Category High | BPIRX % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.66% | -3.33% | 2.16% | 45.03% |
BPIRX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Date | Amount | Type |
---|---|---|
Dec 14, 2023 | $0.337 | OrdinaryDividend |
Dec 14, 2023 | $0.228 | CapitalGainShortTerm |
Dec 14, 2023 | $0.929 | CapitalGainLongTerm |
Dec 08, 2022 | $2.940 | OrdinaryDividend |
Dec 09, 2021 | $2.000 | CapitalGainLongTerm |
Dec 12, 2019 | $0.211 | OrdinaryDividend |
Dec 12, 2019 | $0.151 | CapitalGainLongTerm |
Dec 17, 2015 | $0.579 | CapitalGainLongTerm |
Dec 18, 2014 | $0.202 | CapitalGainLongTerm |
Dec 19, 2013 | $0.055 | CapitalGainLongTerm |
Dec 18, 2012 | $0.126 | CapitalGainShortTerm |
Dec 15, 2011 | $0.091 | CapitalGainShortTerm |
Dec 15, 2011 | $0.000 | CapitalGainLongTerm |
Start Date
Tenure
Tenure Rank
Sep 30, 2010
11.67
11.7%
Mr. Connerly is the director of quantitative research for Boston Partners. Prior to assuming this role, he was a research analyst covering the financial, electronics, defense, transportation, and energy sectors and managed a merger arbitrage portfolio. He joined the firm from John Hancock Mutual Funds where he was an analyst and assisted in the management of a small cap portfolio. Prior to that, he was a senior equity analyst at SEI Investments overseeing their small cap equity portfolios. Mr. Connerly holds a BSFS degree Cum Laude in development economics from Georgetown University and an MBA degree in security analysis and investment management, Beta Gamma Sigma, from Columbia Business School. He holds the Chartered Financial Analyst® designation. He has twenty-seven years of experience.
Start Date
Tenure
Tenure Rank
Sep 30, 2010
11.67
11.7%
Mr. Feeney is Chief Executive Officer and Chief Investment Officer for Boston Partners. He is responsible for the firm’s strategic, financial and operating decisions, and all aspects of investment management including the firm’s fundamental and quantitative research groups. He was one of the original partners of Boston Partners Asset Management in 1995. Prior to assuming these roles, he was Director of Research. Mr. Feeney joined Boston Partners upon its inception in 1995 from Putnam Investments where he managed mortgage-backed securities portfolios. He began his career at the Bank of Boston where he was a loan officer specializing on highly leveraged loan portfolios. Mr. Feeney holds a B.S. degree in finance from the University of New Hampshire and an M.B.A. with High Honors from the University of Chicago. He holds the Chartered Financial Analyst® designation and is past President of the Fixed Income Management Society of Boston. He has thirty-five years of investment experience.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.07 | 23.55 | 6.04 | 7.93 |
Dividend Investing Ideas Center
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