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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 10/10/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
11.5%
1 yr return
20.3%
3 Yr Avg Return
1.2%
5 Yr Avg Return
3.2%
Net Assets
$213 M
Holdings in Top 10
22.3%
Expense Ratio 1.24%
Front Load N/A
Deferred Load N/A
Turnover 15.00%
Redemption Fee N/A
Standard (Taxable)
$100,000
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 10/10/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
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”).
Period | DPIIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 11.5% | 6.2% | 18.1% | 24.36% |
1 Yr | 20.3% | 11.5% | 32.9% | 33.33% |
3 Yr | 1.2%* | -7.1% | 8.6% | 38.89% |
5 Yr | 3.2%* | -4.7% | 12.1% | 30.88% |
10 Yr | 5.0%* | 1.1% | 5.2% | 8.33% |
* Annualized
Period | DPIIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 0.5% | -3.6% | 14.2% | 57.69% |
2022 | -17.6% | -29.4% | -9.6% | 55.56% |
2021 | 0.9% | -3.4% | 17.2% | 26.39% |
2020 | 0.9% | -24.8% | 9.0% | 40.58% |
2019 | 12.9% | 6.4% | 19.1% | 40.00% |
Period | DPIIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 11.5% | 6.2% | 18.1% | 24.36% |
1 Yr | 20.3% | 11.5% | 32.9% | 33.33% |
3 Yr | 1.2%* | -7.1% | 8.6% | 38.89% |
5 Yr | 3.2%* | -4.7% | 12.1% | 30.88% |
10 Yr | 5.0%* | 1.1% | 5.2% | 8.33% |
* Annualized
Period | DPIIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.7% | -1.9% | 26.5% | 38.46% |
2022 | -13.4% | -26.0% | -5.8% | 59.72% |
2021 | 4.9% | -2.5% | 27.4% | 27.78% |
2020 | 5.8% | -19.2% | 12.3% | 43.48% |
2019 | 18.6% | 10.0% | 32.0% | 35.38% |
DPIIX | Category Low | Category High | DPIIX % Rank | |
---|---|---|---|---|
Net Assets | 213 M | 24.1 M | 14.5 B | 83.33% |
Number of Holdings | 189 | 49 | 439 | 65.38% |
Net Assets in Top 10 | 49.2 M | 8.45 M | 1.89 B | 79.49% |
Weighting of Top 10 | 22.31% | 11.3% | 48.1% | 33.33% |
Weighting | Return Low | Return High | DPIIX % Rank | |
---|---|---|---|---|
Bonds | 49.65% | 0.00% | 97.80% | 61.54% |
Preferred Stocks | 46.74% | 0.25% | 125.69% | 28.21% |
Convertible Bonds | 18.79% | 0.00% | 31.65% | 54.67% |
Cash | 3.62% | -0.02% | 10.76% | 16.67% |
Stocks | 0.00% | 0.00% | 29.42% | 76.92% |
Other | 0.00% | -4.41% | 10.18% | 58.97% |
Weighting | Return Low | Return High | DPIIX % Rank | |
---|---|---|---|---|
Corporate | 97.69% | 62.31% | 100.00% | 44.00% |
Cash & Equivalents | 3.17% | 0.00% | 10.76% | 16.67% |
Derivative | 0.00% | -0.56% | 10.05% | 58.97% |
Securitized | 0.00% | 0.00% | 0.00% | 52.00% |
Municipal | 0.00% | 0.00% | 0.00% | 52.00% |
Government | 0.00% | 0.00% | 21.71% | 86.67% |
Weighting | Return Low | Return High | DPIIX % Rank | |
---|---|---|---|---|
US | 49.65% | 0.00% | 97.80% | 52.56% |
Non US | 0.00% | 0.00% | 22.53% | 74.36% |
DPIIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.24% | 0.05% | 4.46% | 45.45% |
Management Fee | 0.75% | 0.00% | 1.00% | 71.79% |
12b-1 Fee | 0.00% | 0.00% | 1.00% | 12.12% |
Administrative Fee | N/A | 0.01% | 0.55% | N/A |
DPIIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
DPIIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | N/A | N/A | 5.26% |
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.
DPIIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 15.00% | 12.00% | 199.00% | 14.71% |
DPIIX | Category Low | Category High | DPIIX % Rank | |
---|---|---|---|---|
Dividend Yield | 7.06% | 0.00% | 9.59% | 42.31% |
DPIIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Quarterly | Monthly | Monthly |
DPIIX | Category Low | Category High | DPIIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 4.20% | 0.88% | 7.54% | 44.59% |
DPIIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Sep 27, 2024 | $0.099 | OrdinaryDividend |
Aug 29, 2024 | $0.066 | OrdinaryDividend |
Jul 30, 2024 | $0.054 | OrdinaryDividend |
Apr 29, 2024 | $0.052 | OrdinaryDividend |
Mar 27, 2024 | $0.081 | OrdinaryDividend |
Feb 28, 2024 | $0.027 | OrdinaryDividend |
Jan 30, 2024 | $0.016 | OrdinaryDividend |
Dec 27, 2023 | $0.158 | OrdinaryDividend |
Nov 29, 2023 | $0.081 | OrdinaryDividend |
Oct 30, 2023 | $0.055 | OrdinaryDividend |
Sep 28, 2023 | $0.092 | OrdinaryDividend |
Aug 30, 2023 | $0.079 | OrdinaryDividend |
Jul 28, 2023 | $0.051 | OrdinaryDividend |
Jun 29, 2023 | $0.081 | OrdinaryDividend |
May 30, 2023 | $0.075 | OrdinaryDividend |
Apr 27, 2023 | $0.049 | OrdinaryDividend |
Mar 30, 2023 | $0.074 | OrdinaryDividend |
Feb 27, 2023 | $0.076 | OrdinaryDividend |
Jan 30, 2023 | $0.041 | OrdinaryDividend |
Dec 28, 2022 | $0.098 | OrdinaryDividend |
Nov 29, 2022 | $0.074 | OrdinaryDividend |
Oct 28, 2022 | $0.058 | OrdinaryDividend |
Sep 29, 2022 | $0.081 | OrdinaryDividend |
Aug 30, 2022 | $0.067 | OrdinaryDividend |
Jul 28, 2022 | $0.054 | OrdinaryDividend |
Jun 29, 2022 | $0.087 | OrdinaryDividend |
May 27, 2022 | $0.072 | OrdinaryDividend |
Apr 28, 2022 | $0.049 | OrdinaryDividend |
Mar 30, 2022 | $0.077 | OrdinaryDividend |
Feb 25, 2022 | $0.062 | OrdinaryDividend |
Jan 28, 2022 | $0.039 | OrdinaryDividend |
Dec 29, 2021 | $0.090 | OrdinaryDividend |
Nov 29, 2021 | $0.069 | OrdinaryDividend |
Oct 28, 2021 | $0.045 | OrdinaryDividend |
Sep 29, 2021 | $0.063 | OrdinaryDividend |
Aug 30, 2021 | $0.063 | OrdinaryDividend |
Jul 29, 2021 | $0.047 | OrdinaryDividend |
Jun 29, 2021 | $0.085 | OrdinaryDividend |
May 27, 2021 | $0.064 | OrdinaryDividend |
Apr 29, 2021 | $0.051 | OrdinaryDividend |
Mar 30, 2021 | $0.080 | OrdinaryDividend |
Feb 25, 2021 | $0.051 | OrdinaryDividend |
Jan 28, 2021 | $0.022 | OrdinaryDividend |
Dec 29, 2020 | $0.129 | OrdinaryDividend |
Nov 27, 2020 | $0.070 | OrdinaryDividend |
Oct 29, 2020 | $0.040 | OrdinaryDividend |
Sep 29, 2020 | $0.080 | OrdinaryDividend |
Aug 28, 2020 | $0.066 | OrdinaryDividend |
Jul 30, 2020 | $0.058 | OrdinaryDividend |
Jun 29, 2020 | $0.081 | OrdinaryDividend |
May 28, 2020 | $0.071 | OrdinaryDividend |
Apr 29, 2020 | $0.057 | OrdinaryDividend |
Mar 30, 2020 | $0.082 | OrdinaryDividend |
Feb 27, 2020 | $0.064 | OrdinaryDividend |
Jan 30, 2020 | $0.052 | OrdinaryDividend |
Dec 27, 2019 | $0.077 | OrdinaryDividend |
Dec 27, 2019 | $0.003 | CapitalGainShortTerm |
Dec 27, 2019 | $0.103 | CapitalGainLongTerm |
Nov 27, 2019 | $0.078 | OrdinaryDividend |
Oct 30, 2019 | $0.049 | OrdinaryDividend |
Sep 27, 2019 | $0.066 | OrdinaryDividend |
Aug 29, 2019 | $0.066 | OrdinaryDividend |
Jul 30, 2019 | $0.070 | OrdinaryDividend |
Jun 27, 2019 | $0.075 | OrdinaryDividend |
May 30, 2019 | $0.075 | OrdinaryDividend |
Apr 29, 2019 | $0.090 | OrdinaryDividend |
Mar 27, 2019 | $0.059 | OrdinaryDividend |
Feb 27, 2019 | $0.039 | OrdinaryDividend |
Jan 30, 2019 | $0.042 | OrdinaryDividend |
Dec 28, 2018 | $0.012 | CapitalGainShortTerm |
Dec 28, 2018 | $0.151 | CapitalGainLongTerm |
Dec 28, 2018 | $0.146 | OrdinaryDividend |
Nov 29, 2018 | $0.081 | OrdinaryDividend |
Oct 30, 2018 | $0.050 | OrdinaryDividend |
Aug 30, 2018 | $0.035 | OrdinaryDividend |
Jul 30, 2018 | $0.099 | OrdinaryDividend |
Jun 28, 2018 | $0.087 | OrdinaryDividend |
May 30, 2018 | $0.079 | OrdinaryDividend |
Apr 27, 2018 | $0.087 | OrdinaryDividend |
Mar 28, 2018 | $0.071 | OrdinaryDividend |
Feb 27, 2018 | $0.026 | OrdinaryDividend |
Jan 30, 2018 | $0.038 | OrdinaryDividend |
Dec 29, 2017 | $0.003 | CapitalGainShortTerm |
Dec 29, 2017 | $0.098 | CapitalGainLongTerm |
Dec 29, 2017 | $0.118 | OrdinaryDividend |
Nov 29, 2017 | $0.079 | OrdinaryDividend |
Oct 30, 2017 | $0.061 | OrdinaryDividend |
Sep 29, 2017 | $0.076 | OrdinaryDividend |
Aug 30, 2017 | $0.032 | OrdinaryDividend |
Jul 28, 2017 | $0.066 | OrdinaryDividend |
Jun 29, 2017 | $0.067 | OrdinaryDividend |
May 30, 2017 | $0.082 | OrdinaryDividend |
Apr 28, 2017 | $0.055 | OrdinaryDividend |
Mar 30, 2017 | $0.066 | OrdinaryDividend |
Feb 28, 2017 | $0.051 | OrdinaryDividend |
Jan 30, 2017 | $0.053 | OrdinaryDividend |
Dec 29, 2016 | $0.129 | OrdinaryDividend |
Nov 29, 2016 | $0.078 | OrdinaryDividend |
Oct 28, 2016 | $0.057 | OrdinaryDividend |
Sep 29, 2016 | $0.083 | OrdinaryDividend |
Aug 30, 2016 | $0.057 | OrdinaryDividend |
Jul 28, 2016 | $0.039 | OrdinaryDividend |
Jun 29, 2016 | $0.072 | OrdinaryDividend |
May 27, 2016 | $0.085 | OrdinaryDividend |
Apr 28, 2016 | $0.040 | OrdinaryDividend |
Mar 30, 2016 | $0.103 | OrdinaryDividend |
Feb 26, 2016 | $0.037 | OrdinaryDividend |
Jan 28, 2016 | $0.032 | OrdinaryDividend |
Dec 30, 2015 | $0.073 | OrdinaryDividend |
Nov 27, 2015 | $0.080 | OrdinaryDividend |
Oct 29, 2015 | $0.030 | OrdinaryDividend |
Sep 29, 2015 | $0.132 | OrdinaryDividend |
Aug 28, 2015 | $0.025 | OrdinaryDividend |
Jul 30, 2015 | $0.036 | OrdinaryDividend |
Jun 29, 2015 | $0.099 | OrdinaryDividend |
May 28, 2015 | $0.107 | OrdinaryDividend |
Apr 29, 2015 | $0.015 | OrdinaryDividend |
Mar 30, 2015 | $0.109 | OrdinaryDividend |
Feb 26, 2015 | $0.044 | OrdinaryDividend |
Jan 29, 2015 | $0.029 | OrdinaryDividend |
Dec 30, 2014 | $0.120 | OrdinaryDividend |
Nov 26, 2014 | $0.059 | OrdinaryDividend |
Oct 30, 2014 | $0.047 | OrdinaryDividend |
Sep 29, 2014 | $0.069 | OrdinaryDividend |
Aug 28, 2014 | $0.094 | OrdinaryDividend |
Jul 30, 2014 | $0.043 | OrdinaryDividend |
Jun 27, 2014 | $0.083 | OrdinaryDividend |
May 29, 2014 | $0.088 | OrdinaryDividend |
Apr 29, 2014 | $0.042 | OrdinaryDividend |
Mar 28, 2014 | $0.104 | OrdinaryDividend |
Feb 27, 2014 | $0.037 | OrdinaryDividend |
Jan 30, 2014 | $0.043 | OrdinaryDividend |
Dec 27, 2013 | $0.109 | OrdinaryDividend |
Nov 27, 2013 | $0.090 | OrdinaryDividend |
Oct 30, 2013 | $0.082 | OrdinaryDividend |
Sep 27, 2013 | $0.216 | OrdinaryDividend |
Jun 27, 2013 | $0.313 | OrdinaryDividend |
Apr 02, 2013 | $0.094 | OrdinaryDividend |
Dec 27, 2012 | $0.248 | OrdinaryDividend |
Dec 27, 2012 | $0.002 | CapitalGainShortTerm |
Oct 02, 2012 | $0.160 | OrdinaryDividend |
Jul 02, 2012 | $0.176 | OrdinaryDividend |
Mar 28, 2012 | $0.189 | OrdinaryDividend |
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.
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.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.09 | 30.32 | 7.8 | 11.42 |
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