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Centre Global Infrastructure Fund

mutual fund
DHIVX
Payout Change
Pending
Price as of:
$12.15 -0.06 -0.49%
primary theme
Infrastructure Industry Equity
share class
DHIVX (Mutual Fund)

Centre Global Infrastructure Fund

Payout Change
Pending
Price as of:
$12.15 -0.06 -0.49%
primary theme
Infrastructure Industry Equity
share class
DHIVX (Mutual Fund)

Centre Global Infrastructure Fund

Payout Change
Pending
Price as of:
$12.15 -0.06 -0.49%
primary theme
Infrastructure Industry Equity
share class

Name

As of 12/10/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$12.15

$32.7 M

2.59%

$0.32

1.76%

Vitals

YTD Return

24.4%

1 yr return

27.4%

3 Yr Avg Return

9.3%

5 Yr Avg Return

5.5%

Net Assets

$32.7 M

Holdings in Top 10

46.4%

52 WEEK LOW AND HIGH

$12.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.76%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 25.00%

Redemption Fee 2.00%


Min Investment

Standard (Taxable)

$5,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/10/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$12.15

$32.7 M

2.59%

$0.32

1.76%

DHIVX - Profile

Distributions

  • YTD Total Return 24.4%
  • 3 Yr Annualized Total Return 9.3%
  • 5 Yr Annualized Total Return 5.5%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.79%
DIVIDENDS
  • Dividend Yield 2.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Centre Global Infrastructure Fund
  • Fund Family Name
    Centre Funds
  • Inception Date
    Jan 29, 2018
  • Shares Outstanding
    3155762
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    James Abate

Fund Description

The investment objective of the Fund is to seek long-term growth of capital and current income. This investment objective may be changed without shareholder approval. The Fund is a diversified fund that will normally invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities issued by U.S. and foreign (non-U.S.) infrastructure-related companies. For this purpose, an “infrastructure-related” company has (i) at least 50% of its assets (excluding cash) consisting of infrastructure assets, or (ii) 50% of its gross income or net profits attributable to, or derived (directly or indirectly) from the ownership, management, construction, development, operation, use, creation or financing of infrastructure assets. “Infrastructure assets” are the physical structures and networks that provide necessary services for society, including, but not limited to, transportation assets (e.g., railroads, toll roads, bridges, tunnels, airports, parking facilities and seaports); utility assets (e.g., electric transmission and distribution lines, power generation facilities, oil, gas and water distribution facilities and related midstream assets, communications networks and satellites, sewage treatment plants and critical internet networks) and social assets (e.g., hospitals, courts, schools, correctional facilities and subsidized housing). The Fund’s 80% investment policy (the “80% Policy”) is a non-fundamental investment policy that may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund must comply with the 80% Policy at the time the Fund invests its assets. Accordingly, when the Fund no longer meets the 80% requirement as a result of circumstances beyond its control, such as changes in the value of portfolio holdings, it would not have to sell its holdings, but any new investments it makes would need to be consistent with the 80% Policy.

The remaining 20% of the Fund’s net assets, plus borrowings for investment purposes, may include infrastructure-related debt securities of U.S. and non-U.S. issuers (including municipal, corporate debt obligations and asset-backed securities), energy-related infrastructure companies organized as master limited partnerships (“MLPs”), common stock and convertible securities. The Fund’s common stock investments may consist of exchange-listed equities from companies across various industries, sectors and market capitalizations. The Fund may invest in convertible securities when the attributes of a particular company’s convertible security is superior, in terms of total return (interest or dividends plus capital appreciation), to the common shares of the same company.

Under normal market conditions, the Fund will invest at least 40% of its net assets, plus the amount of any borrowings for investment purposes, in securities of companies organized or located in at least three non-U.S. countries. Although the Fund may invest in emerging market securities without limit, under normal market conditions, the non-U.S. companies in which the Fund currently intends to invest will be organized or located primarily in developed market countries, such as Japan, Spain, Canada, and the United Kingdom. The Fund may also engage in transactions in foreign currencies. The Fund’s investments in securities of foreign issuers may include sponsored or unsponsored depositary receipts for such securities, such as American Depositary Receipts (“ADRs”) (which are typically issued by a U.S. financial institution (a depositary) and evidence ownership interests in a security or a pool of securities issued by a foreign company and deposited with the depositary) and Global Depositary Receipts (“GDRs”) (which are receipts issued outside the U.S., typically by non-U.S. banks and trust companies, and evidence ownership of either foreign or domestic securities).

The Fund intends to generally maintain a fully-invested posture. As such, cash will typically be held to a minimum. However, significant client inflows may temporarily increase cash positions. The Fund may engage in frequent or active trading depending on market conditions, resulting in a high portfolio turnover rate.

In selecting investments for the Fund, the Adviser utilizes a “bottom-up” fundamental stock selection process that the Adviser believes yields a more accurate picture of a company’s intrinsic value. The Adviser analyzes a variety of factors when selecting investments for the Fund, such as a company’s operations, risk profile, growth expectations and valuation of its securities. The Adviser utilizes a disciplined, Economic Value Added1 framework to select investments. The framework focuses on the fundamentals of wealth creation and wealth destruction similar to the way a traditional, long-term focused corporate investor looking at all aspects of the business would assess a company’s value. In the shorter-term, markets often undervalue or overvalue a company’s ability to create or destroy wealth. The framework seeks to identify and exploit these investment opportunities. The approach is designed to capture excess returns when the market price of a stock converges toward the Adviser’s target price.

In determining whether a particular company or security may be a suitable investment for the Fund, the Adviser may focus on any number of different attributes that may include, without limitation: the company’s ability to generate favorable returns in light of current growth prospects, market position and expertise, brand value, pricing power, measures of financial strength (e.g., strong balance sheet), profit margin changes, return on capital improvement, sustainability of revenue growth, ability to generate cash flow, strong management, commitment to shareholders interests, dividends or current income, market share gains, innovation and reinvestment, corporate governance and other indications that a company or a security may be an attractive investment. Lastly, the Adviser integrates security selection with appropriate stock position sizing (determining the appropriate percentage of the Fund’s assets to commit to a particular investment) in order to maximize return relative to risk. The Adviser may sell or reduce the Fund’s position in a security when the facts or analysis surrounding the reason to originally invest in the security have changed, such as a change in general market conditions, or in response to redemptions of Fund shares.

1 Economic Value Added (EVA) is an estimate of a company’s economic profit. Economic profit, which refers to the profit earned by a company, minus the cost of financing the company’s capital, is an amount that may be considered in the assessment of a company’s overall value.
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DHIVX - Performance

Return Ranking - Trailing

Period DHIVX Return Category Return Low Category Return High Rank in Category (%)
YTD 24.4% -9.5% 27.9% 3.26%
1 Yr 27.4% -4.0% 35.9% 4.35%
3 Yr 9.3%* -11.8% 16.3% 4.35%
5 Yr 5.5%* -1.1% 20.6% 33.33%
10 Yr N/A* 3.0% 8.8% N/A

* Annualized

Return Ranking - Calendar

Period DHIVX Return Category Return Low Category Return High Rank in Category (%)
2023 3.6% -17.5% 30.1% 31.52%
2022 -5.0% -28.1% -3.4% 4.35%
2021 5.7% -28.7% 35.7% 79.31%
2020 -9.6% -12.5% 28.8% 89.33%
2019 22.2% 9.9% 33.6% 59.46%

Total Return Ranking - Trailing

Period DHIVX Return Category Return Low Category Return High Rank in Category (%)
YTD 24.4% -9.5% 27.9% 3.26%
1 Yr 27.4% -4.0% 35.9% 4.35%
3 Yr 9.3%* -11.8% 16.3% 4.35%
5 Yr 5.5%* -1.1% 20.6% 33.33%
10 Yr N/A* 3.0% 8.8% N/A

* Annualized

Total Return Ranking - Calendar

Period DHIVX Return Category Return Low Category Return High Rank in Category (%)
2023 5.5% -15.6% 31.0% 36.96%
2022 -3.2% -27.1% -0.5% 9.78%
2021 8.1% -3.5% 36.4% 88.51%
2020 -7.2% -11.2% 29.9% 97.33%
2019 25.3% 16.7% 35.3% 78.38%

NAV & Total Return History


DHIVX - Holdings

Concentration Analysis

DHIVX Category Low Category High DHIVX % Rank
Net Assets 32.7 M 1.83 M 8.77 B 90.22%
Number of Holdings 49 26 233 43.48%
Net Assets in Top 10 14.2 M 823 K 5.61 B 88.04%
Weighting of Top 10 46.40% 8.2% 62.5% 35.87%

Top 10 Holdings

  1. Verizon Communications, Inc. 6.86%
  2. ATT, Inc. 5.72%
  3. Enbridge, Inc. 5.57%
  4. HCA Healthcare, Inc. 5.18%
  5. T-Mobile US, Inc. 4.27%
  6. Kinder Morgan, Inc. 4.11%
  7. The Williams Cos., Inc. 3.82%
  8. Deutsche Telekom AG 3.70%
  9. ONEOK, Inc. 3.68%
  10. NextEra Energy, Inc. 3.49%

Asset Allocation

Weighting Return Low Return High DHIVX % Rank
Stocks
99.74% 86.92% 101.95% 11.96%
Cash
0.28% 0.00% 8.62% 88.04%
Preferred Stocks
0.00% 0.00% 2.81% 14.13%
Other
0.00% -0.22% 3.96% 26.09%
Convertible Bonds
0.00% 0.00% 2.46% 7.61%
Bonds
0.00% 0.00% 6.41% 8.70%

Stock Sector Breakdown

Weighting Return Low Return High DHIVX % Rank
Energy
32.40% 0.00% 32.46% 2.17%
Utilities
28.15% 3.71% 96.19% 89.13%
Communication Services
27.53% 0.00% 27.53% 1.09%
Healthcare
6.54% 0.00% 6.54% 1.09%
Industrials
5.39% 0.00% 68.24% 88.04%
Technology
0.00% 0.00% 25.65% 63.04%
Real Estate
0.00% 0.00% 23.51% 86.96%
Financial Services
0.00% 0.00% 17.28% 18.48%
Consumer Defense
0.00% 0.00% 0.99% 16.30%
Consumer Cyclical
0.00% 0.00% 10.02% 15.22%
Basic Materials
0.00% 0.00% 25.54% 32.61%

Stock Geographic Breakdown

Weighting Return Low Return High DHIVX % Rank
US
59.83% 1.96% 99.99% 13.04%
Non US
39.91% 0.00% 97.95% 72.83%

DHIVX - Expenses

Operational Fees

DHIVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.76% 0.30% 10.15% 22.83%
Management Fee 0.85% 0.30% 1.00% 56.52%
12b-1 Fee 0.25% 0.00% 1.00% 27.27%
Administrative Fee N/A 0.04% 0.15% N/A

Sales Fees

DHIVX 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% 1.00% N/A

Trading Fees

DHIVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 2.00% 2.00% 20.00%

Related Fees

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.

DHIVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 25.00% 13.00% 128.00% 8.45%

DHIVX - Distributions

Dividend Yield Analysis

DHIVX Category Low Category High DHIVX % Rank
Dividend Yield 2.59% 0.00% 5.50% 63.04%

Dividend Distribution Analysis

DHIVX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Monthly Quarterly

Net Income Ratio Analysis

DHIVX Category Low Category High DHIVX % Rank
Net Income Ratio 1.79% -0.39% 4.38% 35.23%

Capital Gain Distribution Analysis

DHIVX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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DHIVX - Fund Manager Analysis

Managers

James Abate


Start Date

Tenure

Tenure Rank

Jan 29, 2018

4.34

4.3%

James A. Abate, MBA, CPA, CFA, is the Managing Director and Chief Investment Officer of Centre Asset Management and is responsible for the firm's American Select Equity and Global Listed Infrastructure strategies. Prior to founding Centre, he was US Investment Director for GAM. Previously, he served as Managing Director/Fund Manager at Credit Suisse Asset Management responsible for the US Select Equity strategy and the firm's global sector funds. Previously, he was a Manager in Price Waterhouse's Valuation/Corporate Finance Group and also served as a commissioned officer in the US Army.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.17 18.18 5.81 8.08