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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 12/06/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
4.9%
1 yr return
7.6%
3 Yr Avg Return
4.2%
5 Yr Avg Return
6.2%
Net Assets
$94.5 M
Holdings in Top 10
99.8%
Expense Ratio 2.54%
Front Load N/A
Deferred Load N/A
Turnover 148.00%
Redemption Fee N/A
Standard (Taxable)
$2,500
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 12/06/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The Fund seeks to achieve its investment objective by investing primarily in a combination of long and short positions in equity and fixed-income securities which includes common stocks, corporate bonds, floating rate loans, municipal securities, preferred stocks, shares of open-end and closed-end investment companies and exchange-traded funds (“ETFs”), futures contracts, options on futures contracts and U.S. Treasury instruments. The open-end and closed-end investment companies includes those that invest in equity securities and fixed income securities (including high yield bonds, also known as “junk” bonds). The ETFs and other investment companies are referred to as “Underlying Funds” in this Prospectus. The Fund may borrow amounts of up to 33 1/3% of its total assets, less liabilities other than such borrowings, to take advantage of leverage opportunities by buying additional securities when the adviser deems it advisable and to increase liquidity to meet redemption requests.
The Fund’s investment objective of total return consists of two components: capital appreciation and income. In general, the Fund’s investments, either directly or through the Underlying Funds, in futures contracts, options on futures contracts and bonds are intended to achieve the capital appreciation component, and the Fund’s investments in money market instruments, fixed income securities (including high yield bonds) and to a lesser extent U.S. Treasuries, are intended to achieve the income component of the Fund’s total return objective. The Fund typically invests in U.S. Treasuries with
maturities of any duration, or futures on such U.S. Treasuries. The Fund’s investment exposure to fixed income securities may include fixed income securities of any maturity, credit rating (including those rated below investment grade) and duration. The Fund may sell securities short and establish short positions in futures and/or options for both investment and hedging purposes. The Fund may invest in U.S. and foreign issuers, including those that are emerging markets issuers. The Fund considers emerging market issuers to be those countries represented in the MSCI Emerging Markets Index.
The adviser uses technical, quantitative and momentum analysis to assess trends and current investment opportunities across the securities markets generally and to allocate the Fund’s investment portfolio between the equity and fixed income markets, and among various market segments within the equity and fixed income markets. Technical analysis is the study of an index’s or a security’s past prices and trading volumes for the purpose of forecasting price trends. Quantitative methods compute price trends, such as moving average price, and statistical measures, such as standard deviation, to use as predictive tools. Momentum measures use many of these same tools to measure the speed of price changes as a leading indicator of trends. The Fund will invest in specific market segments when the adviser’s proprietary investment models indicate a high probability that the applicable investments in such chosen market segments are likely to outperform investments in other market segments. The Fund will sell interests or reduce its investment exposure among specific market segments when the adviser’s models indicate that investments in such markets are likely to underperform. The Fund sells short securities that the adviser believes are overvalued or to hedge all or a portion of the Fund’s portfolio. The Fund covers (buys back) these securities when the adviser believes they have reached their target price or the adviser’s proprietary investment models indicate that hedging is no longer needed. The adviser may engage in frequent buying and selling of portfolio securities to achieve the Fund’s investment objective.
Investing in futures contracts or options on such futures contracts requires an investment of only a small portion of the Fund’s assets in order to produce a return that approximates the return of the underlying U.S. government bond or stock index. This effect is referred to as “leverage.” The Fund is diversified.
Period | CPMPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 4.9% | -7.7% | 18.3% | 93.60% |
1 Yr | 7.6% | -4.8% | 18.6% | 92.94% |
3 Yr | 4.2%* | -14.1% | 21.6% | 17.11% |
5 Yr | 6.2%* | -11.4% | 37.3% | 6.76% |
10 Yr | 4.5%* | -4.9% | 20.3% | 35.07% |
* Annualized
Period | CPMPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 3.7% | -4.7% | 14.3% | 82.95% |
2022 | -5.0% | -33.4% | 3.6% | 0.99% |
2021 | -0.4% | -8.4% | 8.2% | 65.98% |
2020 | 6.1% | -13.2% | 302.7% | 3.36% |
2019 | 3.9% | -4.4% | 13.3% | 90.16% |
Period | CPMPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 4.9% | -7.7% | 18.3% | 93.60% |
1 Yr | 7.6% | -4.8% | 18.6% | 92.94% |
3 Yr | 4.2%* | -14.1% | 21.6% | 17.11% |
5 Yr | 6.2%* | -11.4% | 37.3% | 6.76% |
10 Yr | 4.5%* | -4.9% | 20.3% | 35.07% |
* Annualized
Period | CPMPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 8.1% | -4.7% | 18.7% | 93.11% |
2022 | -0.2% | -33.4% | 47.8% | 1.66% |
2021 | 3.9% | -8.4% | 12.4% | 76.46% |
2020 | 13.4% | -9.6% | 325.6% | 1.77% |
2019 | 6.8% | -3.8% | 19.4% | 95.99% |
CPMPX | Category Low | Category High | CPMPX % Rank | |
---|---|---|---|---|
Net Assets | 94.5 M | 3.13 M | 25.3 B | 85.13% |
Number of Holdings | 8 | 2 | 4432 | 99.84% |
Net Assets in Top 10 | 92.6 M | -492 M | 6.67 B | 50.08% |
Weighting of Top 10 | 99.80% | 4.2% | 146.0% | 0.66% |
Weighting | Return Low | Return High | CPMPX % Rank | |
---|---|---|---|---|
Stocks | 97.06% | 0.00% | 97.54% | 0.33% |
Cash | 2.94% | -52.00% | 48.02% | 65.68% |
Convertible Bonds | 0.01% | 0.00% | 17.89% | 94.25% |
Preferred Stocks | 0.00% | 0.00% | 4.97% | 69.46% |
Other | 0.00% | -39.08% | 99.23% | 67.16% |
Bonds | 0.00% | 0.00% | 145.36% | 99.18% |
Weighting | Return Low | Return High | CPMPX % Rank | |
---|---|---|---|---|
Real Estate | 86.71% | 0.00% | 86.71% | 0.30% |
Energy | 5.40% | 0.00% | 100.00% | 64.09% |
Basic Materials | 3.16% | 0.00% | 100.00% | 22.55% |
Communication Services | 2.30% | 0.00% | 99.99% | 50.45% |
Consumer Defense | 1.83% | 0.00% | 100.00% | 15.43% |
Consumer Cyclical | 0.42% | 0.00% | 100.00% | 38.58% |
Industrials | 0.17% | 0.00% | 93.12% | 32.64% |
Utilities | 0.00% | 0.00% | 100.00% | 59.35% |
Technology | 0.00% | 0.00% | 33.17% | 60.53% |
Healthcare | 0.00% | 0.00% | 22.17% | 53.41% |
Financial Services | 0.00% | 0.00% | 100.00% | 62.02% |
Weighting | Return Low | Return High | CPMPX % Rank | |
---|---|---|---|---|
US | 97.06% | 0.00% | 97.54% | 0.33% |
Non US | 0.00% | -0.01% | 0.83% | 55.67% |
CPMPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.54% | 0.02% | 38.33% | 3.11% |
Management Fee | 1.50% | 0.00% | 1.75% | 99.84% |
12b-1 Fee | 0.00% | 0.00% | 1.00% | 8.31% |
Administrative Fee | N/A | 0.00% | 0.50% | 43.97% |
CPMPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.25% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
CPMPX 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.
CPMPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 148.00% | 1.00% | 255.00% | 98.03% |
CPMPX | Category Low | Category High | CPMPX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.86% | 0.00% | 11.76% | 90.54% |
CPMPX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annual | Monthly | Monthly |
CPMPX | Category Low | Category High | CPMPX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.74% | -2.39% | 9.30% | 95.65% |
CPMPX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Dec 27, 2023 | $0.319 | OrdinaryDividend |
Dec 27, 2023 | $0.135 | CapitalGainShortTerm |
Dec 28, 2022 | $0.085 | OrdinaryDividend |
Dec 28, 2022 | $0.432 | CapitalGainLongTerm |
Dec 29, 2021 | $0.253 | OrdinaryDividend |
Dec 29, 2021 | $0.206 | CapitalGainShortTerm |
Dec 29, 2020 | $0.754 | OrdinaryDividend |
Dec 26, 2019 | $0.292 | OrdinaryDividend |
Dec 26, 2018 | $0.169 | OrdinaryDividend |
Dec 27, 2017 | $0.337 | OrdinaryDividend |
Dec 28, 2016 | $0.224 | OrdinaryDividend |
Dec 29, 2015 | $0.141 | OrdinaryDividend |
Dec 27, 2013 | $0.266 | OrdinaryDividend |
Dec 27, 2012 | $0.350 | OrdinaryDividend |
Dec 29, 2011 | $0.244 | OrdinaryDividend |
Dec 29, 2010 | $0.180 | OrdinaryDividend |
Dec 29, 2009 | $0.026 | OrdinaryDividend |
Dec 29, 2008 | $0.044 | CapitalGainShortTerm |
Dec 29, 2008 | $0.000 | CapitalGainLongTerm |
Dec 31, 2007 | $0.162 | CapitalGainShortTerm |
Dec 31, 2007 | $0.243 | CapitalGainLongTerm |
Dec 31, 2007 | $0.323 | OrdinaryDividend |
Dec 29, 2006 | $0.064 | OrdinaryDividend |
Dec 29, 2006 | $0.021 | CapitalGainShortTerm |
Dec 29, 2006 | $0.031 | CapitalGainLongTerm |
Start Date
Tenure
Tenure Rank
Oct 02, 2006
15.67
15.7%
Mr. Smith has served as President of Changing Parameters since it was founded in 2004, and was the COO of Value Monitoring, Inc., an investment advisory firm, from 1990 to April, 2016. He has been a registered representative of Ceros Financial Services, Inc., a broker-dealer, since 2009, and was formerly a registered representative of Rydex Distributors, Inc. from 2004 to 2009 and United Planners' Financial Services of America from 1999 to 2004.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.13 | 37.79 | 7.31 | 8.17 |
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