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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 10/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
0.8%
1 yr return
6.2%
3 Yr Avg Return
-2.1%
5 Yr Avg Return
0.4%
Net Assets
$335 M
Holdings in Top 10
16.6%
Expense Ratio 2.05%
Front Load N/A
Deferred Load N/A
Turnover 17.00%
Redemption Fee N/A
Standard (Taxable)
$100,000
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 10/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The Fund seeks to achieve its investment objective by investing primarily in asset-backed debt securities (“ABS”) which are predominantly backed by mortgages on real estate. Such mortgage-backed securities (“MBS”) include residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade, or not rated. The Fund may also invest in other types of asset-backed or debt securities. These investments may include securities rated as “Senior Alt-A” or “subprime”, which may present higher risk of default than securities rated as “prime”, but which the sub-adviser believes are undervalued. Debt securities rated below investment grade are also known as “junk bonds”. By using proprietary fundamental analysis and modeling key variables, the portfolio managers seek investments that they expect will provide steady and substantial cash flows. The sub-adviser believes that the duration, high cash flow nature of the bonds makes them less susceptible to volatility and expects them to generate returns that are uncorrelated with equities or high yield bonds over time.
The Fund will typically invest in both fixed and floating rate securities, although the ratio between the two will vary from time-to-time depending upon market conditions and available investment opportunities. Investments will include duration RMBS that the Fund’s sub-adviser believes can be purchased at a discount and have strong cash flows. The Fund invests without restriction as to issuer capitalization, country, credit quality and the maturity of fixed income securities. The Fund may employ risk-reducing hedging techniques using short selling, futures contracts, options, repurchase agreements, or credit-default swaps and total return swaps. The Fund may also enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells portfolio securities to a counterparty and agrees to repurchase the securities at an agreed-upon price and date. Cash received by the Fund from the counterparty will be used for investment purposes and may also be used for liquidity purposes.
The Adviser has delegated management of the Fund’s portfolio to a sub-adviser, Deer Park Road Management Company, L.P. (the “Sub-Adviser”). However, the Adviser sets the Fund’s investment objective, has overall supervisory responsibilities for the general management and investment of the Fund’s securities portfolio, and retains final authority with respect to the Fund’s portfolio if it believes an investment is not consistent with the Fund’s investment guidelines and restrictions. The Adviser is also responsible for ongoing performance evaluation, monitoring, and due diligence with respect to the Sub-Adviser.
Sub-Adviser’s Investment Process
The Sub-Adviser utilizes a credit analysis-based strategy which combines fundamental research with a proprietary valuation process. Deer Park seeks to identify and capitalize upon attractive investment opportunities in the MBS and ABS markets.
Although the portfolio is actively traded on an opportunistic basis, the Sub-Adviser’s philosophy is to buy securities that it is comfortable holding to term. The Fund seeks to derive portfolio returns through fundamental analysis and security selection.
Period | DPFNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.8% | -5.4% | 15.4% | 96.45% |
1 Yr | 6.2% | -1.5% | 20.2% | 97.74% |
3 Yr | -2.1%* | -14.9% | 20.9% | 95.21% |
5 Yr | 0.4%* | -11.8% | 37.4% | 94.92% |
10 Yr | N/A* | -5.1% | 20.2% | N/A |
* Annualized
Period | DPFNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -2.4% | -4.7% | 14.3% | 99.51% |
2022 | -16.0% | -33.4% | 3.6% | 58.01% |
2021 | 2.7% | -8.4% | 8.2% | 9.66% |
2020 | -4.4% | -13.2% | 302.7% | 97.56% |
2019 | -0.5% | -4.4% | 13.3% | 97.85% |
Period | DPFNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.8% | -5.4% | 15.4% | 96.45% |
1 Yr | 6.2% | -1.5% | 20.2% | 97.74% |
3 Yr | -2.1%* | -14.9% | 20.9% | 95.21% |
5 Yr | 0.4%* | -11.8% | 37.4% | 94.92% |
10 Yr | N/A* | -5.1% | 20.2% | N/A |
* Annualized
Period | DPFNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.5% | -4.7% | 18.7% | 97.57% |
2022 | -11.1% | -33.4% | 47.8% | 60.62% |
2021 | 7.6% | -8.4% | 12.4% | 10.17% |
2020 | 0.9% | -9.6% | 325.6% | 93.19% |
2019 | 5.2% | -3.8% | 19.4% | 97.49% |
DPFNX | Category Low | Category High | DPFNX % Rank | |
---|---|---|---|---|
Net Assets | 335 M | 3.13 M | 23.6 B | 64.52% |
Number of Holdings | 512 | 2 | 3879 | 31.60% |
Net Assets in Top 10 | 45.1 M | -492 M | 5.25 B | 67.10% |
Weighting of Top 10 | 16.58% | 4.2% | 146.0% | 34.68% |
Weighting | Return Low | Return High | DPFNX % Rank | |
---|---|---|---|---|
Other | 99.96% | -39.08% | 99.96% | 0.32% |
Cash | 0.13% | -52.00% | 48.02% | 94.17% |
Bonds | 0.11% | 0.00% | 145.36% | 98.71% |
Stocks | 0.00% | 0.00% | 99.64% | 79.35% |
Preferred Stocks | 0.00% | 0.00% | 4.97% | 53.97% |
Convertible Bonds | 0.00% | 0.00% | 17.89% | 96.92% |
Weighting | Return Low | Return High | DPFNX % Rank | |
---|---|---|---|---|
Securitized | 97.24% | 0.00% | 97.24% | 0.16% |
Cash & Equivalents | 0.13% | 0.00% | 48.02% | 86.55% |
Derivative | 0.00% | -14.19% | 42.26% | 64.51% |
Corporate | 0.00% | 0.00% | 100.00% | 99.51% |
Municipal | 0.00% | 0.00% | 1.17% | 55.52% |
Government | 0.00% | 0.00% | 99.07% | 67.86% |
Weighting | Return Low | Return High | DPFNX % Rank | |
---|---|---|---|---|
US | 0.11% | 0.00% | 126.57% | 98.54% |
Non US | 0.00% | 0.00% | 96.91% | 55.43% |
DPFNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.05% | 0.02% | 38.33% | 6.63% |
Management Fee | 1.49% | 0.00% | 1.75% | 99.52% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.00% | 0.50% | N/A |
DPFNX 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 |
DPFNX 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.
DPFNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 17.00% | 1.00% | 255.00% | 1.77% |
DPFNX | Category Low | Category High | DPFNX % Rank | |
---|---|---|---|---|
Dividend Yield | 7.14% | 0.00% | 11.76% | 83.25% |
DPFNX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | SemiAnnual | Monthly | Monthly |
DPFNX | Category Low | Category High | DPFNX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.97% | -2.39% | 9.30% | 93.73% |
DPFNX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Sep 27, 2024 | $0.050 | OrdinaryDividend |
Aug 29, 2024 | $0.050 | OrdinaryDividend |
Jul 30, 2024 | $0.050 | OrdinaryDividend |
Jun 27, 2024 | $0.050 | OrdinaryDividend |
Apr 29, 2024 | $0.050 | OrdinaryDividend |
Mar 27, 2024 | $0.050 | OrdinaryDividend |
Feb 28, 2024 | $0.050 | OrdinaryDividend |
Jan 30, 2024 | $0.050 | OrdinaryDividend |
Dec 28, 2023 | $0.050 | OrdinaryDividend |
Nov 29, 2023 | $0.050 | OrdinaryDividend |
Oct 30, 2023 | $0.050 | OrdinaryDividend |
Sep 28, 2023 | $0.050 | OrdinaryDividend |
Aug 30, 2023 | $0.050 | OrdinaryDividend |
Jul 28, 2023 | $0.050 | OrdinaryDividend |
Jun 29, 2023 | $0.050 | OrdinaryDividend |
May 30, 2023 | $0.050 | OrdinaryDividend |
Apr 27, 2023 | $0.050 | OrdinaryDividend |
Mar 30, 2023 | $0.050 | OrdinaryDividend |
Feb 27, 2023 | $0.050 | OrdinaryDividend |
Jan 30, 2023 | $0.050 | OrdinaryDividend |
Dec 29, 2022 | $0.050 | OrdinaryDividend |
Nov 29, 2022 | $0.045 | OrdinaryDividend |
Oct 28, 2022 | $0.045 | OrdinaryDividend |
Sep 29, 2022 | $0.019 | ReturnOfCapital |
Sep 29, 2022 | $0.026 | OrdinaryDividend |
Aug 30, 2022 | $0.019 | ReturnOfCapital |
Aug 30, 2022 | $0.026 | OrdinaryDividend |
Jul 28, 2022 | $0.019 | ReturnOfCapital |
Jul 28, 2022 | $0.026 | OrdinaryDividend |
Jun 29, 2022 | $0.019 | ReturnOfCapital |
Jun 29, 2022 | $0.026 | OrdinaryDividend |
May 27, 2022 | $0.019 | ReturnOfCapital |
May 27, 2022 | $0.026 | OrdinaryDividend |
Apr 28, 2022 | $0.019 | ReturnOfCapital |
Apr 28, 2022 | $0.026 | OrdinaryDividend |
Mar 30, 2022 | $0.019 | ReturnOfCapital |
Mar 30, 2022 | $0.026 | OrdinaryDividend |
Feb 25, 2022 | $0.019 | ReturnOfCapital |
Feb 25, 2022 | $0.026 | OrdinaryDividend |
Jan 28, 2022 | $0.019 | ReturnOfCapital |
Jan 28, 2022 | $0.026 | OrdinaryDividend |
Nov 29, 2021 | $0.045 | OrdinaryDividend |
Oct 28, 2021 | $0.045 | OrdinaryDividend |
Sep 29, 2021 | $0.045 | OrdinaryDividend |
Aug 30, 2021 | $0.045 | OrdinaryDividend |
Jul 29, 2021 | $0.045 | OrdinaryDividend |
Jun 29, 2021 | $0.045 | OrdinaryDividend |
May 27, 2021 | $0.045 | OrdinaryDividend |
Apr 29, 2021 | $0.045 | OrdinaryDividend |
Mar 30, 2021 | $0.045 | OrdinaryDividend |
Feb 25, 2021 | $0.045 | OrdinaryDividend |
Jan 28, 2021 | $0.045 | OrdinaryDividend |
Dec 30, 2020 | $0.045 | OrdinaryDividend |
Nov 27, 2020 | $0.045 | OrdinaryDividend |
Oct 30, 2020 | $0.045 | OrdinaryDividend |
Sep 29, 2020 | $0.001 | ReturnOfCapital |
Sep 29, 2020 | $0.044 | OrdinaryDividend |
Aug 28, 2020 | $0.001 | ReturnOfCapital |
Aug 28, 2020 | $0.044 | OrdinaryDividend |
Jul 30, 2020 | $0.001 | ReturnOfCapital |
Jul 30, 2020 | $0.044 | OrdinaryDividend |
Jun 29, 2020 | $0.002 | ReturnOfCapital |
Jun 29, 2020 | $0.097 | OrdinaryDividend |
Mar 30, 2020 | $0.003 | ReturnOfCapital |
Mar 30, 2020 | $0.167 | OrdinaryDividend |
Dec 16, 2019 | $0.148 | OrdinaryDividend |
Sep 27, 2019 | $0.156 | OrdinaryDividend |
Jun 27, 2019 | $0.154 | OrdinaryDividend |
Mar 28, 2019 | $0.156 | OrdinaryDividend |
Dec 17, 2018 | $0.170 | OrdinaryDividend |
Sep 27, 2018 | $0.159 | OrdinaryDividend |
Jun 28, 2018 | $0.191 | OrdinaryDividend |
Mar 28, 2018 | $0.150 | OrdinaryDividend |
Dec 18, 2017 | $0.133 | OrdinaryDividend |
Sep 28, 2017 | $0.127 | OrdinaryDividend |
Jun 29, 2017 | $0.125 | OrdinaryDividend |
Mar 30, 2017 | $0.120 | OrdinaryDividend |
Dec 21, 2016 | $0.110 | OrdinaryDividend |
Sep 29, 2016 | $0.206 | OrdinaryDividend |
Jun 29, 2016 | $0.159 | OrdinaryDividend |
Mar 30, 2016 | $0.084 | OrdinaryDividend |
Dec 23, 2015 | $0.016 | OrdinaryDividend |
Start Date
Tenure
Tenure Rank
Oct 16, 2015
6.63
6.6%
Michael Craig-Scheckman has been in the investment business for over 30 years and has over 20 years’ experience in the distressed mortgage-backed/asset-backed (MBS/ABS) field. Michael has operated Deer Park Road (DPR) as an investment advisor, focused exclusively on MBS/ABS, from 2003 until the present. He started his focus on MBS/ABS while working at Millennium Partners in 1993. He maintained a portfolio management relationship, focused on MBS/ABS, with Millennium from 1993 until 2010. Prior to his employment at Millennium Partners in 1993, he held various trading positions at several securities firms and banks where his focus included metals, US government securities, and MBS. Michael earned a BA in Physics at Queens College, New York, in 1975 and a MA in Physics at Columbia University, New York, in 1977.
Start Date
Tenure
Tenure Rank
Oct 16, 2015
6.63
6.6%
Scott Burg, CIO/Portfolio Manager, has over 8 years’ experience valuing and analyzing mortgage and asset-backed securities. Prior to joining Deer Park Road Management Company, LP in 2010, he was a Principal at General Capital Partners, focused on advising middle market companies in distressed situations. Previously, he was at Pursuit Partners, where his focus was on analyzing ABS opportunities. Mr. Burg received his MBA from Daniels School of Business at the University of Denver in 2007, and a B.S. in Finance from the University of Colorado in 2001.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.13 | 37.79 | 7.29 | 8.17 |
Dividend Investing Ideas Center
Have you ever wished for the safety of bonds, but the return potential...
Dividend Investing Ideas Center
If you are reaching retirement age, there is a good chance that you...
Dividend Investing Ideas Center
If you are reaching retirement age, there is a good chance that you...