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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 10/03/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
5.2%
1 yr return
6.3%
3 Yr Avg Return
3.5%
5 Yr Avg Return
2.5%
Net Assets
$930 M
Holdings in Top 10
20.5%
Expense Ratio 0.52%
Front Load N/A
Deferred Load N/A
Turnover 92.00%
Redemption Fee N/A
Standard (Taxable)
$250,000
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 10/03/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in a portfolio of floating-rate securities (e.g., corporate floating-rate securities) and securities with durations of less than or equal to one year (“80% Policy”). The Fund is not a money market fund and does not seek to maintain a stable net asset value.
Under normal circumstances, the Fund’s average portfolio duration will be less than one year. The Fund generally defines ultra-short duration securities as those with durations of less than or equal to one year.
The Fund typically invests at least 85% of its net assets in investment grade, U.S. dollar-denominated debt securities, as assessed at the time of purchase. A debt security is considered investment grade when assigned a credit quality rating of BBB- or higher by S&P Global Ratings (“S&P”) or an equivalent rating by another nationally recognized statistical rating organization (“NRSRO”), including Moody’s Investors Service or Fitch Ratings, or Kroll Bond Rating Agency, LLC for securitized debt instruments only (such as asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”))) or if unrated, considered to be of comparable credit quality by the Fund’s investment adviser. For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used.
The Fund invests principally in bonds issued by U.S. corporations, the U.S. Government or its agencies, and U.S. government-sponsored enterprises (“GSEs”) such as the Federal National Mortgage Association (“FNMA”) and the Federal Home Loan Mortgage Corporation (“FHLMC”). The Fund also may invest in trust preferred securities, money market instruments, taxable municipal obligations and loans.
The Fund may invest in ABS and MBS that represent interests in pools of mortgage loans (MBS) or other assets (ABS) assembled for sale to investors by various U.S. governmental agencies, government-related organizations and private issuers. MBS may include collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities (“CMBS”).
Under normal circumstances, the Fund will invest in below-investment grade, high-yield debt instruments (commonly known as “junk bonds”), including distressed instruments that are in default. The Fund’s investment in such instruments is limited to 15% of its net assets.
The Fund may also invest up to 25% of its net assets in foreign debt securities. Foreign debt securities include American Depositary Receipts (“ADRs”), which are either sponsored or unsponsored and Global Depositary Receipts (“GDRs”). The Fund may engage in forward foreign currency exchange contracts to seek to hedge against the decline in the value of currencies in which its portfolio holdings are denominated against the U.S. dollar. The Fund may also lend its securities.
Investment decisions for the Fund are made primarily on the basis of fundamental and quantitative research conducted by the investment adviser’s research staff and consideration of the responsible investment criteria described below. Management of the Fund involves consideration of numerous factors (such as quality of business franchises, financial strength, management quality and security structural and collateral considerations). The portfolio managers may also use sector rotation and relative value strategies in their management of the Fund. The portfolio managers may sell a security when the investment adviser’s valuation target is reached, the fundamentals of the investment change or to pursue more attractive investment options. A security will also be sold (in accordance with the investment adviser’s guidelines and at a time and in a manner that is determined to be in the best interests of shareholders) if the investment adviser determines that the issuer does not operate in a manner consistent with the Fund’s responsible investment criteria. The portfolio managers intend to focus on risk management and also seek to preserve capital to the extent consistent with the Fund’s investment objective. The Fund intends to seek to manage investment risk by maintaining broad issuer and industry diversification among its holdings, and by utilizing fundamental analysis of risk/return characteristics in securities selection. The Fund seeks to manage duration and any hedging of interest rate risk through the purchase and sale of U.S. Treasury securities and related futures contracts (which are a type of derivative instrument).
Responsible Investing. The portfolio manager(s) seek to invest in companies that manage environmental, social and governance (“ESG”) risk exposures adequately and that are not exposed to excessive ESG risk through their principal business activities. Companies are analyzed by the investment adviser’s ESG analysts utilizing The Calvert Principles for Responsible Investment (“Principles”), a framework for considering ESG factors (a copy of which is included as an appendix to the Fund’s Prospectus). Each company is evaluated relative to an appropriate peer group based on material ESG factors as determined by the investment adviser. Pursuant to the Principles, the investment adviser seeks to identify companies and other issuers that operate in a manner that is consistent with or promotes environmental sustainability and resource efficiency, equitable societies and respect for human rights, and accountable governance and transparency. The Fund generally invests in issuers that are believed by the investment adviser to operate in accordance with the Principles
and may also invest in issuers that the investment adviser believes are likely to operate in accordance with the Principles pending the investment adviser’s engagement activity with such issuer.
Period | CULIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.2% | 0.7% | 7.3% | 15.28% |
1 Yr | 6.3% | 4.2% | 9.7% | 50.93% |
3 Yr | 3.5%* | -1.0% | 6.6% | 35.10% |
5 Yr | 2.5%* | -0.7% | 4.9% | 36.46% |
10 Yr | 2.1%* | -4.3% | 27.8% | 26.83% |
* Annualized
Period | CULIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 1.3% | -2.3% | 4.3% | 46.30% |
2022 | -2.0% | -6.5% | 0.5% | 51.67% |
2021 | -0.2% | -2.1% | 0.3% | 25.62% |
2020 | -0.6% | -3.1% | 1.8% | 89.69% |
2019 | 0.8% | -1.2% | 6.1% | 29.89% |
Period | CULIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.2% | 0.7% | 7.3% | 15.28% |
1 Yr | 6.3% | 4.2% | 9.7% | 50.93% |
3 Yr | 3.5%* | -1.0% | 6.6% | 35.10% |
5 Yr | 2.5%* | -0.7% | 4.9% | 36.46% |
10 Yr | 2.1%* | -4.3% | 27.8% | 26.83% |
* Annualized
Period | CULIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.2% | 0.8% | 12.1% | 29.63% |
2022 | 0.0% | -5.1% | 2.5% | 44.02% |
2021 | 0.8% | -2.1% | 14.5% | 12.81% |
2020 | 1.1% | -1.0% | 3.6% | 78.35% |
2019 | 3.3% | 0.3% | 9.6% | 31.52% |
CULIX | Category Low | Category High | CULIX % Rank | |
---|---|---|---|---|
Net Assets | 930 M | 26.3 K | 22.6 B | 50.46% |
Number of Holdings | 199 | 2 | 1258 | 70.37% |
Net Assets in Top 10 | 152 M | 23.7 K | 20 B | 53.24% |
Weighting of Top 10 | 20.52% | 6.3% | 159.6% | 47.22% |
Weighting | Return Low | Return High | CULIX % Rank | |
---|---|---|---|---|
Bonds | 73.70% | 0.00% | 129.63% | 60.19% |
Other | 23.04% | -8.85% | 99.91% | 19.44% |
Convertible Bonds | 5.60% | 0.00% | 15.25% | 26.51% |
Cash | 4.16% | 0.00% | 110.60% | 50.46% |
Stocks | 0.00% | 0.00% | 97.16% | 71.30% |
Preferred Stocks | 0.00% | 0.00% | 0.00% | 64.35% |
Weighting | Return Low | Return High | CULIX % Rank | |
---|---|---|---|---|
Corporate | 51.55% | 0.00% | 99.91% | 27.44% |
Securitized | 34.44% | 0.00% | 100.00% | 36.28% |
Government | 11.26% | 0.00% | 100.00% | 30.70% |
Cash & Equivalents | 4.16% | 0.00% | 110.60% | 46.76% |
Derivative | 0.00% | -8.85% | 16.56% | 20.83% |
Municipal | 0.00% | 0.00% | 70.39% | 77.67% |
Weighting | Return Low | Return High | CULIX % Rank | |
---|---|---|---|---|
US | 73.70% | 0.00% | 129.63% | 59.26% |
Non US | 0.00% | 0.00% | 20.18% | 69.44% |
CULIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.52% | 0.02% | 29.63% | 46.73% |
Management Fee | 0.38% | 0.00% | 1.19% | 83.33% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | 0.12% | 0.01% | 0.40% | 55.79% |
CULIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 1.50% | 5.75% | N/A |
Deferred Load | N/A | 0.25% | 1.00% | N/A |
CULIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.00% | 1.00% | 43.28% |
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.
CULIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 92.00% | 0.00% | 369.54% | 69.78% |
CULIX | Category Low | Category High | CULIX % Rank | |
---|---|---|---|---|
Dividend Yield | 5.06% | 0.00% | 8.76% | 33.80% |
CULIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
CULIX | Category Low | Category High | CULIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.82% | -1.30% | 14.86% | 21.63% |
CULIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Date | Amount | Type |
---|---|---|
Sep 30, 2024 | $0.042 | OrdinaryDividend |
Aug 30, 2024 | $0.044 | OrdinaryDividend |
Jul 31, 2024 | $0.044 | OrdinaryDividend |
Jun 28, 2024 | $0.043 | OrdinaryDividend |
May 31, 2024 | $0.044 | OrdinaryDividend |
Apr 30, 2024 | $0.043 | OrdinaryDividend |
Mar 28, 2024 | $0.043 | OrdinaryDividend |
Feb 29, 2024 | $0.042 | OrdinaryDividend |
Jan 31, 2024 | $0.043 | OrdinaryDividend |
Dec 29, 2023 | $0.043 | OrdinaryDividend |
Oct 31, 2023 | $0.042 | OrdinaryDividend |
Sep 29, 2023 | $0.042 | OrdinaryDividend |
Aug 31, 2023 | $0.041 | OrdinaryDividend |
Jul 31, 2023 | $0.040 | OrdinaryDividend |
Jun 30, 2023 | $0.038 | OrdinaryDividend |
May 31, 2023 | $0.038 | OrdinaryDividend |
Apr 28, 2023 | $0.037 | OrdinaryDividend |
Mar 31, 2023 | $0.037 | OrdinaryDividend |
Feb 28, 2023 | $0.034 | OrdinaryDividend |
Jan 31, 2023 | $0.035 | OrdinaryDividend |
Dec 30, 2022 | $0.033 | OrdinaryDividend |
Nov 30, 2022 | $0.029 | OrdinaryDividend |
Oct 31, 2022 | $0.024 | OrdinaryDividend |
Sep 30, 2022 | $0.022 | OrdinaryDividend |
Aug 31, 2022 | $0.020 | OrdinaryDividend |
Jul 29, 2022 | $0.017 | OrdinaryDividend |
Jun 30, 2022 | $0.012 | OrdinaryDividend |
May 31, 2022 | $0.011 | OrdinaryDividend |
Apr 29, 2022 | $0.009 | OrdinaryDividend |
Mar 31, 2022 | $0.007 | OrdinaryDividend |
Feb 28, 2022 | $0.006 | OrdinaryDividend |
Jan 31, 2022 | $0.007 | OrdinaryDividend |
Dec 31, 2021 | $0.007 | OrdinaryDividend |
Nov 30, 2021 | $0.006 | OrdinaryDividend |
Oct 29, 2021 | $0.006 | OrdinaryDividend |
Sep 30, 2021 | $0.005 | OrdinaryDividend |
Aug 31, 2021 | $0.006 | OrdinaryDividend |
Jul 30, 2021 | $0.007 | OrdinaryDividend |
Jun 30, 2021 | $0.007 | OrdinaryDividend |
May 28, 2021 | $0.008 | OrdinaryDividend |
Apr 30, 2021 | $0.008 | OrdinaryDividend |
Mar 31, 2021 | $0.009 | OrdinaryDividend |
Feb 26, 2021 | $0.009 | OrdinaryDividend |
Jan 29, 2021 | $0.010 | OrdinaryDividend |
Dec 31, 2020 | $0.010 | OrdinaryDividend |
Nov 30, 2020 | $0.010 | OrdinaryDividend |
Oct 30, 2020 | $0.009 | OrdinaryDividend |
Sep 30, 2020 | $0.009 | OrdinaryDividend |
Aug 31, 2020 | $0.009 | OrdinaryDividend |
Jul 31, 2020 | $0.010 | OrdinaryDividend |
Jun 30, 2020 | $0.011 | OrdinaryDividend |
May 29, 2020 | $0.012 | OrdinaryDividend |
Apr 30, 2020 | $0.014 | OrdinaryDividend |
Mar 31, 2020 | $0.017 | OrdinaryDividend |
Feb 28, 2020 | $0.018 | OrdinaryDividend |
Jan 31, 2020 | $0.019 | OrdinaryDividend |
Dec 31, 2019 | $0.019 | OrdinaryDividend |
Nov 29, 2019 | $0.019 | OrdinaryDividend |
Oct 31, 2019 | $0.021 | OrdinaryDividend |
Sep 30, 2019 | $0.017 | OrdinaryDividend |
Aug 30, 2019 | $0.022 | OrdinaryDividend |
Jul 31, 2019 | $0.023 | OrdinaryDividend |
Feb 26, 2019 | $0.024 | DailyAccrualFund |
Jan 29, 2019 | $0.029 | OrdinaryDividend |
Dec 21, 2018 | $0.024 | OrdinaryDividend |
Nov 28, 2018 | $0.023 | OrdinaryDividend |
Oct 29, 2018 | $0.023 | OrdinaryDividend |
Sep 25, 2018 | $0.019 | OrdinaryDividend |
Aug 29, 2018 | $0.023 | OrdinaryDividend |
Jul 27, 2018 | $0.021 | OrdinaryDividend |
Jun 26, 2018 | $0.018 | OrdinaryDividend |
May 29, 2018 | $0.020 | OrdinaryDividend |
Apr 26, 2018 | $0.018 | OrdinaryDividend |
Mar 26, 2018 | $0.017 | OrdinaryDividend |
Feb 26, 2018 | $0.014 | OrdinaryDividend |
Jan 29, 2018 | $0.014 | OrdinaryDividend |
Dec 27, 2017 | $0.002 | CapitalGainLongTerm |
Dec 27, 2017 | $0.015 | OrdinaryDividend |
Nov 29, 2017 | $0.015 | OrdinaryDividend |
Oct 26, 2017 | $0.011 | OrdinaryDividend |
Sep 27, 2017 | $0.013 | OrdinaryDividend |
Aug 30, 2017 | $0.013 | OrdinaryDividend |
Jul 27, 2017 | $0.012 | OrdinaryDividend |
Jun 28, 2017 | $0.013 | OrdinaryDividend |
May 25, 2017 | $0.011 | OrdinaryDividend |
Apr 27, 2017 | $0.013 | OrdinaryDividend |
Mar 29, 2017 | $0.014 | OrdinaryDividend |
Feb 23, 2017 | $0.010 | OrdinaryDividend |
Jan 26, 2017 | $0.012 | OrdinaryDividend |
Dec 27, 2016 | $0.012 | OrdinaryDividend |
Nov 29, 2016 | $0.013 | OrdinaryDividend |
Oct 27, 2016 | $0.012 | OrdinaryDividend |
Sep 28, 2016 | $0.012 | OrdinaryDividend |
Aug 30, 2016 | $0.012 | OrdinaryDividend |
Jul 28, 2016 | $0.014 | OrdinaryDividend |
Jun 28, 2016 | $0.012 | OrdinaryDividend |
May 26, 2016 | $0.012 | OrdinaryDividend |
Apr 28, 2016 | $0.013 | OrdinaryDividend |
Mar 29, 2016 | $0.012 | OrdinaryDividend |
Feb 25, 2016 | $0.012 | OrdinaryDividend |
Jan 28, 2016 | $0.012 | OrdinaryDividend |
Dec 29, 2015 | $0.010 | OrdinaryDividend |
Nov 24, 2015 | $0.010 | OrdinaryDividend |
Oct 29, 2015 | $0.010 | OrdinaryDividend |
Sep 24, 2015 | $0.009 | OrdinaryDividend |
Aug 27, 2015 | $0.010 | OrdinaryDividend |
Jul 30, 2015 | $0.009 | OrdinaryDividend |
Jun 25, 2015 | $0.007 | OrdinaryDividend |
May 28, 2015 | $0.010 | OrdinaryDividend |
Apr 23, 2015 | $0.009 | OrdinaryDividend |
Mar 26, 2015 | $0.008 | OrdinaryDividend |
Feb 26, 2015 | $0.009 | OrdinaryDividend |
Jan 29, 2015 | $0.007 | OrdinaryDividend |
Dec 29, 2014 | $0.007 | OrdinaryDividend |
Nov 25, 2014 | $0.008 | OrdinaryDividend |
Oct 30, 2014 | $0.001 | OrdinaryDividend |
Sep 25, 2014 | $0.060 | OrdinaryDividend |
Start Date
Tenure
Tenure Rank
Jul 31, 2012
9.84
9.8%
Vishal Khanduja is a vice president and portfolio manager for Calvert Research and Management, a wholly owned subsidiary of Eaton Vance Management specializing in responsible and sustainable investing across global capital markets. He joined Calvert Research and Management in 2016. Vishal began his career in the investment management industry in 2005. He has been affiliated with the Eaton Vance organization since 2016. Before joining the Eaton Vance organization, he was a senior vice president, portfolio manager and head of taxable fixed income for Calvert Investments. Previously, he was a vice president and portfolio manager at Columbia Threadneedle and associate director of fixed-income analytics at Galliard Capital. Vishal earned a bachelor of engineering from VJTI, Mumbai, India and an MBA from the Tippie School of Management at the University of Iowa. He is a member of the CFA Institute and the CFA Society of Boston. He is a CFA charterholder.
Start Date
Tenure
Tenure Rank
Mar 04, 2015
7.25
7.3%
Brian Ellis is a vice president and portfolio manager for Calvert Research and Management, a wholly owned subsidiary of Eaton Vance Management specializing in responsible and sustainable investing across global capital markets. He joined Calvert Research and Management in 2016. Brian began his career in the investment management industry in 2006. He has been affiliated with the Eaton Vance organization since 2016. Before joining the Eaton Vance organization, he was a portfolio manager of fixed-income strategies for Calvert Investments. Previously, he was a software engineer and analyst at Legg Mason Capital Management (now ClearBridge Investments). Brian earned a B.S. in finance from Salisbury University. He is a CFA charterholder and an FSA credential holder. He is a member of the CFA Institute and the CFA Society of Boston.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 32.44 | 6.56 | 7.92 |
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