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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 12/03/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
17.7%
1 yr return
20.1%
3 Yr Avg Return
9.1%
5 Yr Avg Return
9.6%
Net Assets
$822 M
Holdings in Top 10
33.2%
Expense Ratio 0.47%
Front Load N/A
Deferred Load N/A
Turnover 12.00%
Redemption Fee N/A
Standard (Taxable)
$1,000,000
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 12/03/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The Fund pursues its objective by investing in a base portfolio that is generally comprised of an approximately equal mix of equity securities and money market instruments. The Fund writes (sells) call options on the S&P 500® Index, a broad-based U.S. stock market index, and/or a substitute for the S&P 500® Index (the “S&P 500® Index” or the “Index”) on substantially the full value of the Fund’s equity securities. The Fund also writes (sells) put options on the S&P 500® Index or a substitute for such Index on substantially the full value of the Fund’s money market instrument holdings.
The Fund employs a top-down, disciplined and systematic investment process that seeks to take advantage of the volatility risk premium, i.e., the tendency for volatility priced into an option to be higher, on average, than the volatility actually experienced on the securities underlying the option. Actual, or realized, options volatility may be higher or lower than anticipated. The Fund will generally write short tenor call and put options, typically with initial maturity of six weeks or less, and that are “out of the money” at the time of the initiation. That is, the exercise price of the call options sold generally will be above the current price level of the Index when written and the exercise price of put options sold generally will be below the current price level of the Index when written. Put and call options will normally: be held until expiration when they will expire worthless; be settled by a cash payment from the Fund; or be closed through an offsetting position. The Fund’s expected performance is defensive when compared to a long-only equity portfolio. The investment process is periodically reevaluated and may be adjusted to ensure that the process is consistent with the Fund’s investment objective and strategies.
The Fund generally seeks to implement its options strategy so that its options contracts qualify as “section 1256 contracts” as defined in the Internal Revenue Code of 1986, as amended (the “Code”). Under the Code, capital gains and losses on section 1256 contracts are generally recognized annually based on the marked-to-market value of open options positions at tax year end, with gains or losses treated as 60% long-term and 40% short-term, regardless of the holding period. The Fund intends to limit the overlap between its stock holdings and the S&P 500® Index to less than 70% on an ongoing basis in an effort to avoid being subject to the “straddle rules” under federal income tax law. As discussed below, straddles generally are subject to disadvantageous treatment under the Code.
The Fund’s equity investments consist of a diversified portfolio of common stocks that seeks to approximate the pretax total return performance of the S&P 500® Index. The Fund’s money market instrument investments consist primarily of U.S. Treasury securities with a maximum remaining maturity of one year or less and may also include high grade investments with effective maturities of one year or less, including commercial paper issued by banks and corporations. The Fund may also invest in an affiliated investment company that invests in money market instruments. High-grade instruments are rated A or higher by a rating agency or deemed to be of comparable quality by the investment adviser. The Fund’s asset allocation mix between equities and money market instruments is rebalanced periodically. The Fund may also lend its securities.
In selecting the Fund’s equity investments, the portfolio managers employ a disciplined and systematic investment process to invest in a diversified portfolio of common stocks with risk and return characteristics in aggregate similar to those of the S&P 500® Index. The Fund may engage in a systematic program of tax-loss harvesting (i.e., periodically selling positions that have depreciated in value to realize capital losses that can be used to offset capital gains realized by the Fund) in its equity portfolio.
Period | EIVPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 17.7% | -2.8% | 240.8% | 24.90% |
1 Yr | 20.1% | -4.3% | 140.6% | 44.78% |
3 Yr | 9.1%* | -8.3% | 18.3% | 48.08% |
5 Yr | 9.6%* | -5.0% | 17.3% | N/A |
10 Yr | N/A* | -4.6% | 13.2% | N/A |
* Annualized
Period | EIVPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 11.1% | -34.1% | 904.0% | 56.31% |
2022 | -15.4% | -28.6% | 438.4% | 25.43% |
2021 | 16.5% | -93.5% | 8.2% | 17.24% |
2020 | 3.9% | -38.9% | 19.8% | N/A |
2019 | 14.4% | -10.9% | 12.8% | N/A |
Period | EIVPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 17.7% | -2.7% | 244.0% | 25.69% |
1 Yr | 20.1% | -4.3% | 140.6% | 41.74% |
3 Yr | 9.1%* | -8.3% | 18.3% | 44.23% |
5 Yr | 9.6%* | -5.4% | 17.3% | N/A |
10 Yr | N/A* | -4.6% | 13.2% | N/A |
* Annualized
Period | EIVPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 16.8% | -34.1% | 904.0% | 56.31% |
2022 | -8.7% | -5.9% | 438.4% | 26.01% |
2021 | 18.0% | -81.2% | 8.2% | 22.07% |
2020 | 4.7% | -29.0% | 19.8% | N/A |
2019 | 15.8% | -10.9% | 12.8% | N/A |
EIVPX | Category Low | Category High | EIVPX % Rank | |
---|---|---|---|---|
Net Assets | 822 M | 25 | 17.4 B | 8.61% |
Number of Holdings | 221 | 2 | 508 | 16.79% |
Net Assets in Top 10 | 338 M | -6.66 M | 5.12 B | 8.40% |
Weighting of Top 10 | 33.21% | 11.3% | 100.0% | 39.33% |
Weighting | Return Low | Return High | EIVPX % Rank | |
---|---|---|---|---|
Stocks | 49.90% | -3.92% | 100.76% | 83.21% |
Cash | 31.17% | -0.76% | 100.29% | 19.08% |
Bonds | 20.24% | 0.00% | 97.96% | 7.25% |
Preferred Stocks | 0.00% | 0.00% | 3.08% | 51.91% |
Convertible Bonds | 0.00% | 0.00% | 20.91% | 53.82% |
Other | -0.25% | 0.00% | 45.92% | 62.21% |
Weighting | Return Low | Return High | EIVPX % Rank | |
---|---|---|---|---|
Technology | 23.97% | 0.00% | 44.43% | 31.51% |
Financial Services | 14.42% | 0.00% | 29.60% | 24.79% |
Healthcare | 14.39% | 0.00% | 25.91% | 33.19% |
Consumer Cyclical | 11.68% | 0.00% | 19.02% | 20.17% |
Communication Services | 8.45% | 0.00% | 21.22% | 22.69% |
Industrials | 7.97% | 1.41% | 43.91% | 80.67% |
Consumer Defense | 7.02% | 0.00% | 22.87% | 81.51% |
Energy | 4.07% | 0.00% | 69.54% | 66.81% |
Utilities | 2.90% | 0.00% | 13.35% | 78.99% |
Real Estate | 2.82% | 0.00% | 9.74% | 60.92% |
Basic Materials | 2.31% | 0.00% | 60.58% | 86.97% |
Weighting | Return Low | Return High | EIVPX % Rank | |
---|---|---|---|---|
US | 49.90% | -3.89% | 100.00% | 74.05% |
Non US | 0.00% | -2.17% | 99.33% | 80.53% |
Weighting | Return Low | Return High | EIVPX % Rank | |
---|---|---|---|---|
Government | 65.57% | 0.00% | 99.91% | 4.96% |
Cash & Equivalents | 31.17% | 0.09% | 100.00% | 90.08% |
Securitized | 0.00% | 0.00% | 22.63% | 51.91% |
Corporate | 0.00% | 0.00% | 91.57% | 56.87% |
Municipal | 0.00% | 0.00% | 97.57% | 51.53% |
Derivative | -0.25% | 0.00% | 0.13% | 52.67% |
Weighting | Return Low | Return High | EIVPX % Rank | |
---|---|---|---|---|
US | 20.24% | 0.00% | 97.96% | 7.25% |
Non US | 0.00% | 0.00% | 16.94% | 51.91% |
EIVPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.47% | 0.20% | 6.78% | 98.35% |
Management Fee | 0.40% | 0.20% | 1.75% | 7.09% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.02% | 0.28% | N/A |
EIVPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 4.75% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
EIVPX 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.
EIVPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 12.00% | 0.00% | 456.80% | 69.20% |
EIVPX | Category Low | Category High | EIVPX % Rank | |
---|---|---|---|---|
Dividend Yield | 1.93% | 0.00% | 3.76% | 54.65% |
EIVPX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annually | Monthly | Annually |
EIVPX | Category Low | Category High | EIVPX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.29% | -2.54% | 14.24% | 35.66% |
EIVPX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Dec 21, 2023 | $0.308 | OrdinaryDividend |
Dec 21, 2023 | $0.081 | CapitalGainShortTerm |
Dec 21, 2023 | $0.304 | CapitalGainLongTerm |
Dec 20, 2022 | $0.972 | OrdinaryDividend |
Dec 14, 2021 | $0.177 | OrdinaryDividend |
Dec 15, 2020 | $0.083 | OrdinaryDividend |
Aug 18, 2020 | $0.010 | OrdinaryDividend |
Dec 12, 2019 | $0.147 | OrdinaryDividend |
Dec 13, 2018 | $0.129 | OrdinaryDividend |
Dec 14, 2017 | $0.058 | OrdinaryDividend |
Start Date
Tenure
Tenure Rank
Feb 09, 2017
5.31
5.3%
Thomas is responsible for all portfolio management and trading related to our equity strategies. Prior to joining Parametric in 1998, Thomas served as the head of US Equity Index investments at Barclays Global Investors. He earned an MBA in finance from the University of Chicago Booth School of Business and a BS in electrical engineering from the University of Washington.
Start Date
Tenure
Tenure Rank
Feb 09, 2017
5.31
5.3%
Tom is a member of Parametric’s Executive Committee and leads Parametric’s Research, Strategy, Portfolio Management, and Trading Teams, coordinating resources, aligning priorities, and establishing processes for achieving clients’ investment objectives. Tom has coauthored articles on topics ranging from liability-driven investing to the volatility risk premium. He is a voting member of all the firm’s investment committees. Prior to joining Parametric in 1994 (originally as an employee of the Clifton Group, which was acquired by Parametric in 2012), Tom spent two years working for the Board of Governors of the Federal Reserve in Washington, DC. He earned a BS in economics and an MBA in finance from the University of Minnesota. A CFA charterholder, Tom is a member of the CFA Society of Minnesota.
Start Date
Tenure
Tenure Rank
Apr 01, 2021
1.16
1.2%
Alex is responsible for the continued investment success of Parametric’s liquid alternative strategies. He has over 14 years of experience working in portfolio construction, trading, and portfolio management across both futures and options. In his various positions, he has worked closely with institutional and HNW clients and their consultants to address their investment and risk management needs. Prior to returning to Minneapolis in 2020, he was responsible for supporting the development and distribution of Parametric’s strategies in Europe, and before that served as a Senior Portfolio Manager on Parametric’s volatility risk premium solutions, including Defensive Equity and Global Defensive Equity. Alex began his career in the investment management industry in 2006 with the Clifton Group (acquired by Parametric in 2012). Alex earned a BA in economics from Macalester College and is a CFA and CAIA charterholder.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.04 | 19.77 | 3.61 | 5.67 |
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