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 10/03/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
6.9%
1 yr return
8.1%
3 Yr Avg Return
5.9%
5 Yr Avg Return
1.3%
Net Assets
$10.6 M
Holdings in Top 10
50.4%
Expense Ratio 3.07%
Front Load N/A
Deferred Load N/A
Turnover 145.00%
Redemption Fee N/A
Standard (Taxable)
$2,500
IRA
$2,500
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 in a portfolio comprised of exposures to:
● | Futures and options on futures (the “Futures Component”); and |
● | Common stocks (the “Equity Component”) |
Futures Component. The Futures Component allocates among metals, energy, emission rights, agricultural, and other natural or industrial resource commodities using proprietary signals from Millburn Ridgefield Corporation (the “Sub-Advisor”). The Futures Component generally holds long and/or short positions or swaps on futures contracts or indices (directly or indirectly), but may also hold long positions in options on futures contracts or indices, and maintains cash and cash equivalents to be utilized as margin or collateral. The strategy is intended to provide long-term, strategic exposure to global commodity markets, while allowing for adjustments based on shorter-term market conditions. Investments may be made long or short in domestic and foreign markets, including emerging markets. Investment in these instruments may be made directly or indirectly by investing through the Fund’s Subsidiary (as described below). The Fund invests up to 60% of its assets in the Futures Component, of which approximately 80% is expected to be in cash, cash equivalents, short and medium-term U.S. treasury bills, notes and bonds (including inflation-linked instruments) and exchange-traded funds that primarily invest in treasury instruments (including inflation-linked instruments); and approximately 20% is expected to be in collateral (including cash, cash equivalents, short-term U.S. treasury bills, notes and bonds)for futures positions. The
Sub-Advisor utilizes active, proprietary trading systems to determine allocations subject to pre-determined ranges (the net assets in the Futures Component are allocated among positions with a face value ranging from a net minimum 50% (short) to a net maximum 150% (long) of standard capital allocations to each traded market). The Sub-Advisor’s trading systems generate buy or sell decisions based on the analysis of technical market information (such as price, liquidity, and transaction costs) and/or non-price economic variables (such as economic statistics and supply/demand measures). The trading systems analyze these factors over a time spectrum that ranges from several minutes to multiple years. The Sub-Advisor analyzes additional factors to allocate the portfolio including, but not limited to: profitability of an asset class or market, liquidity of a particular market, desired diversification among markets and asset classes, transaction costs, and exchange regulations. The allocations are generally reviewed monthly, although changes may occur more or less frequently.
Equity Component. The Equity Component allocates among common stocks, exchange-traded funds (“ETFs”) that primarily invest in common stocks, and swaps on these instruments. These are selected by the Sub-Advisor based on diversification value, liquidity, and other criteria. The Equity Component is intended to provide long-term, strategic exposure to a number of U.S. and international equity markets and securities in sectors related to: commodities, commodities brokerage, agriculture, farmland, timber, utilities, infrastructure, natural resources, and renewable resources. Securities may be of any market capitalization, sector and geographic location (including emerging markets). The Fund invests up to 60% of its assets in the Equity Component. Equity Component investments are made on a long-only basis.
The Fund actively trades its portfolio investments, which may lead to higher transaction costs that may affect the Fund’s performance.
Investments in Subsidiary. The Sub-Advisor executes a portion of the Fund’s strategy by investing up to 25% of its total assets in a wholly-owned and controlled subsidiary (the “Subsidiary”). The Subsidiary invests the majority of its assets in commodity-related futures and options on futures. The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis.
Period | DCXIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 6.9% | -21.4% | 34.5% | 64.89% |
1 Yr | 8.1% | -46.2% | 51.8% | 25.95% |
3 Yr | 5.9%* | -43.2% | 280.6% | 35.66% |
5 Yr | 1.3%* | -27.6% | 135.8% | 93.65% |
10 Yr | N/A* | -26.5% | 47.7% | N/A |
* Annualized
Period | DCXIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -7.2% | -64.0% | 30.1% | 38.93% |
2022 | -2.7% | -40.8% | 2475.6% | 60.00% |
2021 | 0.4% | -23.3% | 106.7% | 63.57% |
2020 | -10.5% | -71.9% | 295.5% | 80.95% |
2019 | 3.8% | -31.8% | 53.9% | 74.40% |
Period | DCXIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 6.9% | -21.4% | 34.5% | 64.89% |
1 Yr | 8.1% | -46.2% | 51.8% | 25.95% |
3 Yr | 5.9%* | -43.2% | 280.6% | 35.66% |
5 Yr | 1.3%* | -27.6% | 135.8% | 93.65% |
10 Yr | N/A* | -26.5% | 47.7% | N/A |
* Annualized
Period | DCXIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -7.2% | -64.0% | 41.1% | 64.89% |
2022 | 18.6% | -15.1% | 5648.8% | 26.92% |
2021 | 0.4% | -23.3% | 188.1% | 84.50% |
2020 | -10.5% | -67.8% | 296.1% | 81.75% |
2019 | 3.8% | -31.8% | 53.9% | 83.20% |
DCXIX | Category Low | Category High | DCXIX % Rank | |
---|---|---|---|---|
Net Assets | 10.6 M | 2.34 M | 62.8 B | 93.08% |
Number of Holdings | 233 | 1 | 1009 | 26.72% |
Net Assets in Top 10 | 5.26 M | 2.66 M | 63.2 B | 95.42% |
Weighting of Top 10 | 50.37% | 17.2% | 169.5% | 78.74% |
Weighting | Return Low | Return High | DCXIX % Rank | |
---|---|---|---|---|
Stocks | 47.31% | 0.00% | 49.31% | 3.82% |
Cash | 31.59% | 0.00% | 101.92% | 44.96% |
Bonds | 19.83% | 0.00% | 127.91% | 54.20% |
Other | 1.27% | -7.17% | 100.19% | 53.49% |
Preferred Stocks | 0.00% | 0.00% | 0.08% | 26.36% |
Convertible Bonds | 0.00% | 0.00% | 3.89% | 51.56% |
Weighting | Return Low | Return High | DCXIX % Rank | |
---|---|---|---|---|
Utilities | 27.00% | 0.00% | 27.00% | 7.69% |
Industrials | 23.28% | 0.00% | 23.28% | 7.69% |
Real Estate | 13.82% | 0.00% | 13.82% | 7.69% |
Financial Services | 13.67% | 0.00% | 13.67% | 7.69% |
Basic Materials | 10.41% | 0.00% | 47.41% | 38.46% |
Consumer Cyclical | 3.41% | 0.00% | 3.41% | 7.69% |
Technology | 2.77% | 0.00% | 2.77% | 7.69% |
Energy | 2.01% | 0.00% | 33.64% | 76.92% |
Consumer Defense | 1.90% | 0.00% | 12.04% | 38.46% |
Healthcare | 1.73% | 0.00% | 1.73% | 7.69% |
Communication Services | 0.00% | 0.00% | 100.00% | 53.85% |
Weighting | Return Low | Return High | DCXIX % Rank | |
---|---|---|---|---|
US | 29.26% | 0.00% | 32.22% | 3.88% |
Non US | 18.05% | 0.00% | 28.00% | 3.88% |
Weighting | Return Low | Return High | DCXIX % Rank | |
---|---|---|---|---|
Government | 32.47% | 0.00% | 100.00% | 33.04% |
Cash & Equivalents | 21.74% | 0.00% | 100.00% | 51.72% |
Derivative | 1.27% | -7.17% | 100.19% | 13.79% |
Securitized | 0.00% | 0.00% | 36.61% | 53.04% |
Corporate | 0.00% | 0.00% | 42.72% | 59.13% |
Municipal | 0.00% | 0.00% | 1.45% | 34.78% |
Weighting | Return Low | Return High | DCXIX % Rank | |
---|---|---|---|---|
US | 19.83% | 0.00% | 116.12% | 55.04% |
Non US | 0.00% | 0.00% | 12.98% | 30.23% |
DCXIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 3.07% | 0.21% | 5.23% | 3.96% |
Management Fee | 1.75% | 0.00% | 1.75% | 98.74% |
12b-1 Fee | 0.00% | 0.00% | 1.00% | 6.90% |
Administrative Fee | N/A | 0.02% | 0.45% | N/A |
DCXIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 4.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
DCXIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | N/A | N/A | 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.
DCXIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 145.00% | 0.00% | 162.00% | 95.56% |
DCXIX | Category Low | Category High | DCXIX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 19.94% | 76.10% |
DCXIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annually | Monthly | Annual |
DCXIX | Category Low | Category High | DCXIX % Rank | |
---|---|---|---|---|
Net Income Ratio | -1.72% | -55.71% | 52.26% | 93.75% |
DCXIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Dec 13, 2022 | $2.244 | OrdinaryDividend |
Dec 14, 2018 | $0.106 | OrdinaryDividend |
Dec 15, 2017 | $0.188 | OrdinaryDividend |
Dec 16, 2016 | $0.118 | OrdinaryDividend |
Dec 16, 2016 | $0.008 | CapitalGainShortTerm |
Dec 16, 2016 | $0.004 | CapitalGainLongTerm |
Start Date
Tenure
Tenure Rank
Jun 01, 2021
1.0
1.0%
Mr. Goodman is Co-Chief Executive Officer and Executive Director of Trading of Millburn, and is a member of Millburn’s Investment Committee. Mr. Goodman joined Millburn in 1982 as Assistant Director of Trading. He played an important role in the development of several key investment directions at the firm, including projects taken from inception through to execution and ongoing support. Today, Mr. Goodman’s role is focused on strategic initiatives and the enhancement of capabilities across all critical operating areas of the firm. From 1979 through late 1982, prior to joining Millburn, Mr. Goodman was with E. F. Hutton & Co., Inc. At Hutton, the majority of his time was spent in trading, where he designed and maintained various technical indicators and coordinated research projects pertaining to the futures markets. Mr. Goodman graduated magna cum laude from Harpur College of the State University of New York in 1979 with a B.A. in economics. He has been a featured speaker at industry events in the United States, Europe and Asia.
Start Date
Tenure
Tenure Rank
Jun 01, 2021
1.0
1.0%
Mr. Beker is Chairman of Millburn and Chairman of Millburn’s Investment Committee. Mr. Beker has been employed by Millburn since June 1978. During his tenure at Millburn, he has been instrumental in the development of the research, trading and operations areas. Mr. Beker became a principal of the firm in 1982. From June 1975 to July 1977, Mr. Beker was employed by Loeb Rhoades, Inc. where he developed and traded silver arbitrage strategies. From July 1977 to June 1978, he was a futures trader at Clayton Brokerage Co. of St. Louis. Mr. Beker received a B.A. in economics from New York University in 1974 and an M.B.A. in finance from NYU in 1975.
Start Date
Tenure
Tenure Rank
Jun 01, 2021
1.0
1.0%
Mr. Smith is Co-Chief Executive Officer and Chief Investment Officer of Millburn, and is a member of Millburn’s Investment Committee. Mr. Smith joined Millburn in 1975. His responsibilities include the design, testing and implementation of quantitative trading strategies, as well as for planning and overseeing the computerized decision-support systems of the firm. Mr. Smith received a B.S. from the Massachusetts Institute of Technology in 1974 and an M.S. from M.I.T. in 1975. While at M.I.T. he held several teaching and research positions in the computer science field and participated in various projects relating to database management.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.33 | 17.03 | 6.1 | 11.51 |
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