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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 12/02/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
1.0%
1 yr return
2.4%
3 Yr Avg Return
-3.7%
5 Yr Avg Return
-0.5%
Net Assets
$254 M
Holdings in Top 10
28.8%
Expense Ratio 2.83%
Front Load N/A
Deferred Load N/A
Turnover 58.00%
Redemption Fee N/A
Standard (Taxable)
$2,500
IRA
$2,500
Fund Type
Open End Mutual Fund
Name
As of 12/02/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The Fund seeks to achieve its investment objective by primarily investing in agency and non-agency commercial and residential mortgage-backed securities (MBS) and other fixed income asset-backed securities, including securities backed by aircraft, automobiles, credit card receivables, and student loans.
The Fund does not limit its investments to a particular credit quality and may invest in distressed asset backed securities and other below investment grade securities (commonly referred to as junk) without limitation. Below investment grade securities are those rated below Baa3 by Moodys Investor Services or equivalently by another nationally recognized statistical rating organization as well as non-rated securities. The MBS in which the Fund invests are generally liquid; in other words, they can be sold at approximately the current market value within 7 calendar days. The Fund may hold up to 15% of its net assets in illiquid investments. In managing the Funds investments, the Funds sub-advisor, Wynkoop, LLC (the Sub-Advisor), seeks to construct an investment portfolio with a weighted average maturity that ranges between 1 and 10 years and a weighted average effective duration that ranges between -9 and 9 years. Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a securitys price to changes in interest rates. Effective duration is a measure of the Funds portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage pre-payment rates. The longer a securitys duration, the more sensitive it will be to changes in interest rates. The more sensitive a security is to changes in interest rates, the higher its volatility risk. For example, if a bond has a duration of 5 years, a 1% rise in rates would result in a 5% decline in share price. If a bond has a duration of 10 years, a 1% rise in interest rates would result in a 10% decline in share price. Unique to the residential MBS market are securities, such as interest-only securities, and related derivatives, that have negative duration. This means that the value of these instruments normally increases with higher interest rates, the opposite of most other debt instruments. This generally allows some portion of the portfolios market risk to be hedged with a purchase, rather than a short sale, and allows the portfolio to realize positive cash flows on the hedge as a result of interest received with respect to that security.
The Sub-Advisor determines the allocation of the Funds investments across the various fixed income asset classes based on market supply and which asset classes it views as offering the best risk-adjusted values in the marketplace at a given time. However, the Fund expects to focus its investments in agency and non-agency commercial and residential MBS and, under normal circumstances, invests over 25% of its assets in agency and non-agency commercial and residential MBS. In selecting individual securities for investment by the Fund, the Sub-Advisor selects securities that it believes offer the best risk/return opportunity based on its analyses of a variety of factors including collateral quality, duration, structure, excess interest, credit support, potential for greater upside and less downside, capture, liquidity, and market conditions and favors undervalued investments that produce consistent returns in most interest rate environments. The Sub-Advisor attempts to diversify geographically and among the servicing institutions that service or originate the MBS.
Distribution Policy. The Funds distribution policy is to make twelve monthly distributions to shareholders. The level of monthly distributions (including any return of capital) is not fixed and is not designed to generate, and is not expected to result in, distributions that equal a fixed percentage of the Funds current net asset value per share. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital. Shareholders should not assume that the source of a distribution from the Fund is net profit.
Period | EIXCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.0% | -11.3% | 18.2% | 95.45% |
1 Yr | 2.4% | -9.3% | 20.8% | 97.65% |
3 Yr | -3.7%* | -16.4% | 16.6% | 96.30% |
5 Yr | -0.5%* | -14.6% | 13.8% | 90.83% |
10 Yr | N/A* | -7.2% | 6.9% | N/A |
* Annualized
Period | EIXCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -9.8% | -12.0% | 8.9% | 99.54% |
2022 | -12.5% | -31.8% | 18.4% | 45.64% |
2021 | -2.6% | -16.2% | 25.7% | 70.98% |
2020 | 0.2% | -31.1% | 18.7% | 64.88% |
2019 | 12.1% | -6.1% | 15.3% | 0.96% |
Period | EIXCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.0% | -11.3% | 18.2% | 95.45% |
1 Yr | 2.4% | -9.3% | 20.8% | 97.65% |
3 Yr | -3.7%* | -16.4% | 16.6% | 96.30% |
5 Yr | -0.5%* | -14.6% | 13.8% | 90.83% |
10 Yr | N/A* | -7.2% | 6.9% | N/A |
* Annualized
Period | EIXCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -3.1% | -6.9% | 22.2% | 97.99% |
2022 | -7.8% | -31.8% | 21.1% | 42.31% |
2021 | 2.6% | -13.5% | 49.9% | 43.28% |
2020 | 5.1% | -28.6% | 24.1% | 53.30% |
2019 | 15.8% | -4.8% | 19.1% | 1.16% |
EIXCX | Category Low | Category High | EIXCX % Rank | |
---|---|---|---|---|
Net Assets | 254 M | 2.63 M | 143 B | 68.63% |
Number of Holdings | 301 | 4 | 9638 | 65.37% |
Net Assets in Top 10 | 61 M | -204 M | 89.4 B | 74.88% |
Weighting of Top 10 | 28.82% | 5.8% | 265.8% | 46.38% |
Weighting | Return Low | Return High | EIXCX % Rank | |
---|---|---|---|---|
Other | 94.88% | -75.22% | 147.15% | 1.87% |
Cash | 5.12% | -94.66% | 99.97% | 36.35% |
Stocks | 0.00% | -6.18% | 99.68% | 88.77% |
Preferred Stocks | 0.00% | 0.00% | 21.58% | 77.38% |
Convertible Bonds | 0.00% | 0.00% | 33.50% | 94.23% |
Bonds | 0.00% | 0.00% | 199.60% | 96.72% |
EIXCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.83% | 0.03% | 34.13% | 7.93% |
Management Fee | 1.50% | 0.00% | 2.29% | 94.89% |
12b-1 Fee | 1.00% | 0.00% | 1.00% | 92.75% |
Administrative Fee | N/A | 0.00% | 0.70% | N/A |
EIXCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 1.50% | N/A |
EIXCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.50% | 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.
EIXCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 58.00% | 0.00% | 632.00% | 34.15% |
EIXCX | Category Low | Category High | EIXCX % Rank | |
---|---|---|---|---|
Dividend Yield | 8.95% | 0.00% | 23.30% | 3.71% |
EIXCX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Annual | Monthly | Monthly |
EIXCX | Category Low | Category High | EIXCX % Rank | |
---|---|---|---|---|
Net Income Ratio | 5.76% | -1.55% | 11.51% | 7.61% |
EIXCX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Nov 27, 2024 | $0.060 | OrdinaryDividend |
Oct 30, 2024 | $0.046 | OrdinaryDividend |
Sep 27, 2024 | $0.065 | OrdinaryDividend |
Aug 29, 2024 | $0.053 | OrdinaryDividend |
Jul 30, 2024 | $0.058 | OrdinaryDividend |
Apr 29, 2024 | $0.066 | OrdinaryDividend |
Mar 27, 2024 | $0.058 | OrdinaryDividend |
Feb 28, 2024 | $0.047 | OrdinaryDividend |
Jan 30, 2024 | $0.064 | OrdinaryDividend |
Dec 28, 2023 | $0.050 | OrdinaryDividend |
Nov 29, 2023 | $0.062 | OrdinaryDividend |
Oct 30, 2023 | $0.051 | OrdinaryDividend |
Sep 28, 2023 | $0.063 | OrdinaryDividend |
Aug 30, 2023 | $0.071 | OrdinaryDividend |
Jul 28, 2023 | $0.057 | OrdinaryDividend |
Jun 29, 2023 | $0.058 | OrdinaryDividend |
May 30, 2023 | $0.052 | OrdinaryDividend |
Apr 27, 2023 | $0.048 | OrdinaryDividend |
Mar 30, 2023 | $0.042 | OrdinaryDividend |
Feb 27, 2023 | $0.052 | OrdinaryDividend |
Jan 30, 2023 | $0.047 | OrdinaryDividend |
Dec 29, 2022 | $0.042 | OrdinaryDividend |
Nov 29, 2022 | $0.047 | OrdinaryDividend |
Oct 28, 2022 | $0.052 | OrdinaryDividend |
Sep 29, 2022 | $0.044 | OrdinaryDividend |
Aug 30, 2022 | $0.043 | OrdinaryDividend |
Jul 28, 2022 | $0.049 | OrdinaryDividend |
Jun 29, 2022 | $0.051 | OrdinaryDividend |
May 27, 2022 | $0.046 | OrdinaryDividend |
Apr 28, 2022 | $0.044 | OrdinaryDividend |
Mar 30, 2022 | $0.040 | OrdinaryDividend |
Feb 25, 2022 | $0.041 | OrdinaryDividend |
Jan 28, 2022 | $0.042 | OrdinaryDividend |
Dec 14, 2021 | $0.006 | CapitalGainShortTerm |
Nov 29, 2021 | $0.041 | OrdinaryDividend |
Oct 28, 2021 | $0.035 | OrdinaryDividend |
Sep 29, 2021 | $0.043 | OrdinaryDividend |
Aug 30, 2021 | $0.046 | OrdinaryDividend |
Jul 29, 2021 | $0.056 | OrdinaryDividend |
Jun 29, 2021 | $0.062 | OrdinaryDividend |
May 27, 2021 | $0.065 | OrdinaryDividend |
Apr 29, 2021 | $0.059 | OrdinaryDividend |
Mar 30, 2021 | $0.058 | OrdinaryDividend |
Feb 25, 2021 | $0.051 | OrdinaryDividend |
Jan 28, 2021 | $0.053 | OrdinaryDividend |
Dec 30, 2020 | $0.054 | OrdinaryDividend |
Nov 27, 2020 | $0.048 | OrdinaryDividend |
Oct 29, 2020 | $0.043 | OrdinaryDividend |
Sep 29, 2020 | $0.060 | OrdinaryDividend |
Aug 28, 2020 | $0.042 | OrdinaryDividend |
Jul 30, 2020 | $0.034 | OrdinaryDividend |
Jun 29, 2020 | $0.053 | OrdinaryDividend |
May 28, 2020 | $0.043 | OrdinaryDividend |
Apr 29, 2020 | $0.040 | OrdinaryDividend |
Mar 30, 2020 | $0.031 | OrdinaryDividend |
Feb 27, 2020 | $0.029 | OrdinaryDividend |
Jan 30, 2020 | $0.059 | OrdinaryDividend |
Dec 30, 2019 | $0.038 | OrdinaryDividend |
Nov 27, 2019 | $0.055 | OrdinaryDividend |
Oct 30, 2019 | $0.032 | OrdinaryDividend |
Sep 27, 2019 | $0.031 | OrdinaryDividend |
Aug 29, 2019 | $0.030 | OrdinaryDividend |
Jul 30, 2019 | $0.033 | OrdinaryDividend |
Jun 27, 2019 | $0.036 | OrdinaryDividend |
May 30, 2019 | $0.071 | OrdinaryDividend |
Apr 29, 2019 | $0.014 | OrdinaryDividend |
Mar 28, 2019 | $0.012 | OrdinaryDividend |
Feb 27, 2019 | $0.009 | OrdinaryDividend |
Jan 30, 2019 | $0.002 | OrdinaryDividend |
Start Date
Tenure
Tenure Rank
Dec 31, 2018
3.42
3.4%
Mr. Abrams is portfolio manager and principal of Wynkoop since September 2016 and has been responsible for the day-to-day management of the Fund since 2018. Prior to joining Wynkoopr, Mr. Abrams was the RMBS Sector Manager of Candlewood Investment Group from 2010 – 2016, a non-agency mortgage and esoteric asset backed securities trader and credit analyst at United Capital Markets, Inc. from 2008 to 2010; and Credit Analyst and Trader at Dresdner Bank, AG (Dresdner Kleinwort Wasserstein) from 2005 to 2008. Mr. Abrams holds a B.A. in Economics from Bucknell University.
Start Date
Tenure
Tenure Rank
Nov 01, 2019
2.58
2.6%
Mr. Tan is a portfolio manager and analyst of Wynkoop since 2018. Prior to joining the Wynkoop, Mr. Tan was an analyst and trader at Anato Investment Group from 2015 to 2018; analyst and trader at Stifel, Nicolaus & Co from 2014 to 2015; trading analyst at Odeon Capital Group from 2012-2014; senior analyst at Interactive Data Corp from 2008 to 2012; structurer at Credit Suisse Securities from 2006 to 2008; and senior modeler at Deloitte and Touche from 2005 to 2006. Mr. Tan received a B.A. from Grinnell College, a B.S. and M.S. from Washington University in St. Louis and a M.S. from University of Pennsylvania.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 28.19 | 5.71 | 3.19 |
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...