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Trending ETFs

Destra Flaherty & Crumrine Preferred and Income Fund

mutual fund
DPIAX
Payout Change
Pending
Price as of:
$17.0 +0.01 +0.06%
primary theme
Preferred Stock
DPIAX (Mutual Fund)

Destra Flaherty & Crumrine Preferred and Income Fund

Payout Change
Pending
Price as of:
$17.0 +0.01 +0.06%
primary theme
Preferred Stock
DPIAX (Mutual Fund)

Destra Flaherty & Crumrine Preferred and Income Fund

Payout Change
Pending
Price as of:
$17.0 +0.01 +0.06%
primary theme
Preferred Stock

Name

As of 12/09/2024

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

$17.00

$213 M

4.12%

$0.70

1.49%

Vitals

YTD Return

12.3%

1 yr return

14.8%

3 Yr Avg Return

1.4%

5 Yr Avg Return

2.9%

Net Assets

$213 M

Holdings in Top 10

22.6%

52 WEEK LOW AND HIGH

$17.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.49%

SALES FEES

Front Load 4.50%

Deferred Load N/A

TRADING FEES

Turnover 15.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/09/2024

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

$17.00

$213 M

4.12%

$0.70

1.49%

DPIAX - Profile

Distributions

  • YTD Total Return 12.3%
  • 3 Yr Annualized Total Return 1.4%
  • 5 Yr Annualized Total Return 2.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.96%
DIVIDENDS
  • Dividend Yield 4.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Destra Flaherty & Crumrine Preferred and Income Fund
  • Fund Family Name
    DESTRA
  • Inception Date
    Dec 29, 2011
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Bradford Stone

Fund Description

Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of preferred and other income-producing securities, including traditional preferred stock, trust preferred securities, hybrid securities that have characteristics of both equity and debt securities, convertible securities, contingent capital securities (“CoCos”), subordinated debt, senior debt and securities of other open-end, closed-end, or exchange-traded funds (“ETFs”) that invest primarily in the same types of securities.

The Fund may also invest up to 15% of its net assets in the common stock of small, mid and large capitalization issuers. The portions of the Fund’s assets invested in various types of preferred stock, debt or equity may vary from time to time depending on market conditions. In addition, under normal market conditions, the Fund will concentrate its investments (more than 25% of its total assets) in companies principally engaged in financial services sector. The Fund may also invest in the securities of non-U.S. companies, including the securities of issuers operating in emerging markets. The Fund may invest in income-producing or preferred U.S. dollar-denominated American Depositary Receipts (“ADRs”), U.S. dollar-denominated non-U.S. stocks traded on U.S. exchanges and U.S. dollar-denominated and non-U.S. dollar-denominated securities issued by companies organized or headquartered in foreign countries and/or doing significant business outside the United States. ADRs are receipts issued by a bank or trust company to evidence ownership of the underlying securities issued by non-U.S. companies.

The Fund will principally invest in (i) investment-grade quality securities or (ii) below investment-grade quality preferred or subordinated securities of companies with investment-grade senior debt outstanding, in either case determined at the time of purchase. Below-investment-grade debt instruments (commonly called “high-yield” or “junk” bonds) are those instruments rated BB+ or lower by S&P Global Ratings (“S&P”) or Fitch Ratings, Inc. (“Fitch”), or Ba1 or lower by Moody’s Investors Service, Inc. (“Moody’s”), or comparably rated by another nationally recognized statistical rating organization, or, if unrated, determined by the Sub-Adviser (as defined below) to be of comparable quality. However, some of the Fund’s total assets may be invested in securities rated (or issued by companies rated) below-investment-grade at the time of purchase. Preferred and debt securities of below investment-grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay dividends and interest and repayment of principal. Due to the risks involved in investing in preferred and debt securities of below investment-grade quality, an investment in the Fund should be considered speculative. The maturities of preferred and debt securities in which the Fund will invest generally will be longer-term (perpetual, in the case of some preferred securities, and ten years or more for other preferred and debt securities); however, as a result of changing market conditions and interest rates, the Fund may also invest in shorter-term securities. As of December 31, 2023, the Fund had significant investments in financial services companies.

The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

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DPIAX - Performance

Return Ranking - Trailing

Period DPIAX Return Category Return Low Category Return High Rank in Category (%)
YTD 12.3% 5.2% 19.3% 18.42%
1 Yr 14.8% 7.5% 25.2% 27.63%
3 Yr 1.4%* -7.0% 6.8% 45.71%
5 Yr 2.9%* -4.7% 11.2% 29.85%
10 Yr 4.7%* 0.9% 5.2% 15.22%

* Annualized

Return Ranking - Calendar

Period DPIAX Return Category Return Low Category Return High Rank in Category (%)
2023 0.6% -3.6% 14.2% 53.95%
2022 -17.6% -29.4% -9.6% 52.86%
2021 1.0% -3.4% 17.2% 22.86%
2020 0.9% -24.8% 9.0% 43.28%
2019 12.9% 6.4% 19.1% 39.68%

Total Return Ranking - Trailing

Period DPIAX Return Category Return Low Category Return High Rank in Category (%)
YTD 12.3% 5.2% 19.3% 18.42%
1 Yr 14.8% 7.5% 25.2% 27.63%
3 Yr 1.4%* -7.0% 6.8% 45.71%
5 Yr 2.9%* -4.7% 11.2% 29.85%
10 Yr 4.7%* 0.9% 5.2% 15.22%

* Annualized

Total Return Ranking - Calendar

Period DPIAX Return Category Return Low Category Return High Rank in Category (%)
2023 6.4% -1.9% 26.5% 46.05%
2022 -13.6% -26.0% -5.8% 60.00%
2021 4.7% -2.5% 27.4% 30.00%
2020 5.5% -19.2% 12.3% 50.75%
2019 18.3% 10.0% 32.0% 41.27%

NAV & Total Return History


DPIAX - Holdings

Concentration Analysis

DPIAX Category Low Category High DPIAX % Rank
Net Assets 213 M 24.1 M 14.5 B 84.21%
Number of Holdings 208 49 444 51.32%
Net Assets in Top 10 57 M 13.2 M 2.1 B 77.63%
Weighting of Top 10 22.63% 11.1% 48.1% 25.00%

Top 10 Holdings

  1. Fidelity Treasury Portfolio, Class I 4.29%
  2. Banco Santander SA 3.94%
  3. Liberty Mutual Group, Inc. 3.11%
  4. Comerica, Inc. 2.06%
  5. Provident Financing Trust I 1.92%
  6. Australia New Zealand Banking Group, Ltd./United Kingdom 1.71%
  7. KeyCorp 1.45%
  8. New York Community Bancorp, Inc. 1.42%
  9. Wells Fargo Co. 1.39%
  10. Synovus Financial Corp. 1.34%

Asset Allocation

Weighting Return Low Return High DPIAX % Rank
Bonds
51.08% 0.00% 97.75% 60.53%
Preferred Stocks
45.48% 0.00% 125.69% 31.58%
Convertible Bonds
18.79% 0.00% 31.65% 54.79%
Cash
4.29% -0.02% 11.04% 13.16%
Stocks
0.00% 0.00% 29.42% 93.42%
Other
0.00% -4.40% 10.15% 71.05%

Bond Sector Breakdown

Weighting Return Low Return High DPIAX % Rank
Corporate
97.69% 62.31% 100.00% 49.32%
Cash & Equivalents
4.29% 0.00% 11.04% 13.16%
Derivative
0.00% -0.62% 9.46% 72.37%
Securitized
0.00% 0.00% 0.00% 98.63%
Municipal
0.00% 0.00% 0.00% 98.63%
Government
0.00% 0.00% 21.71% 98.63%

Bond Geographic Breakdown

Weighting Return Low Return High DPIAX % Rank
US
51.08% 0.00% 97.61% 52.63%
Non US
0.00% 0.00% 22.53% 98.68%

DPIAX - Expenses

Operational Fees

DPIAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.49% 0.05% 4.46% 36.00%
Management Fee 0.75% 0.00% 1.00% 75.00%
12b-1 Fee 0.25% 0.00% 1.00% 54.84%
Administrative Fee N/A 0.01% 0.55% N/A

Sales Fees

DPIAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 4.50% 2.00% 5.75% 50.00%
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

DPIAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

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.

DPIAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 15.00% 12.00% 199.00% 16.67%

DPIAX - Distributions

Dividend Yield Analysis

DPIAX Category Low Category High DPIAX % Rank
Dividend Yield 4.12% 0.00% 9.59% 56.58%

Dividend Distribution Analysis

DPIAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

DPIAX Category Low Category High DPIAX % Rank
Net Income Ratio 3.96% 0.88% 7.54% 51.39%

Capital Gain Distribution Analysis

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

Distributions History

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DPIAX - Fund Manager Analysis

Managers

Bradford Stone


Start Date

Tenure

Tenure Rank

Apr 12, 2011

11.14

11.1%

Mr. Stone joined Flaherty & Crumrine in 2003 after a 20-year career on Wall Street. Based in Summit, New Jersey, he is a member of the firm’s portfolio management team and is responsible for macroeconomic and quantitative research and analysis and directs our credit research group. Together with Mr. Chadwick and Mr. Conwell, he serves on the firm’s board of directors and is a member of the executive management committee. He also serves as Chief Financial Officer, Vice President and Treasurer of the U.S. Flaherty & Crumrine funds. From 2001 until joining Flaherty & Crumrine, he was Director of U.S. Market Strategy at Barclays Capital in New York, where he advised clients on market strategies across U.S. treasuries, agencies, and interest rate derivative products. Prior to Barclays, he spent 14 years at Goldman Sachs, where he most recently held the position of Director – Interest Rate Product Strategy, Americas. He was a regular member of Institutional Investor’s All-America Fixed Income Research Team, earning the top ranking in Derivatives Strategy in 2001. He began his career at Salomon Brothers as an options trader and derivative salesperson. Mr. Stone earned his M.B.A. from Wharton Graduate School of Business and his A.B. in Economics from Dartmouth College.

R. Eric Chadwick


Start Date

Tenure

Tenure Rank

Apr 12, 2011

11.14

11.1%

Mr. Chadwick has managed preferred securities at Flaherty & Crumrine since 1999 and is a member of the firm’s portfolio management team. As one of the firm's traders, he shares responsibility for implementing investment strategies. Mr. Chadwick is also involved in the development of tools for managing the portfolios and developing firm-wide systems. Together with Mr. Conwell and Mr. Stone, he serves on the firm's board of directors and is a member of the executive management committee. He also serves as President of the U.S. Flaherty & Crumrine closed-end funds. Prior to joining Flaherty & Crumrine in 1999, he worked at Koch Industries Inc. where he was responsible for managing sizable portfolios of both preferred securities and corporate bonds. He was also responsible for developing analytical tools used in the management of the portfolios, and providing fundamental research on a broad range of credits. Mr. Chadwick earned his M.B.A. from the UCLA Anderson School of Management and his B.S. in Economics from the University of Kansas.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 30.32 7.57 11.42