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Cullen Enhanced Equity Income Fund

mutual fund
ENHRX
Payout Change
Pending
Price as of:
$10.09 -0.04 -0.39%
primary theme
N/A
share class
ENHRX (Mutual Fund)

Cullen Enhanced Equity Income Fund

Payout Change
Pending
Price as of:
$10.09 -0.04 -0.39%
primary theme
N/A
share class
ENHRX (Mutual Fund)

Cullen Enhanced Equity Income Fund

Payout Change
Pending
Price as of:
$10.09 -0.04 -0.39%
primary theme
N/A
share class

Name

As of 06/14/2024

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

$10.09

$166 M

5.88%

$0.59

1.53%

Vitals

YTD Return

1.3%

1 yr return

2.4%

3 Yr Avg Return

2.3%

5 Yr Avg Return

6.3%

Net Assets

$166 M

Holdings in Top 10

37.8%

52 WEEK LOW AND HIGH

$10.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.53%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 139.00%

Redemption Fee 2.00%


Min Investment

Standard (Taxable)

$1,000

IRA

$250


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/14/2024

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

$10.09

$166 M

5.88%

$0.59

1.53%

ENHRX - Profile

Distributions

  • YTD Total Return 1.3%
  • 3 Yr Annualized Total Return 2.3%
  • 5 Yr Annualized Total Return 6.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.53%
DIVIDENDS
  • Dividend Yield 5.9%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Cullen Enhanced Equity Income Fund
  • Fund Family Name
    Cullen Funds Trust
  • Inception Date
    Dec 15, 2015
  • Shares Outstanding
    296548
  • Share Class
    Individual
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jennifer Chang

Fund Description

The Enhanced Equity Income Fund invests, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in dividend paying common stocks of medium-capitalization companies (which are companies with a typical capitalization range of between $5 billion and $12 billion at the time of investment) and large-capitalization companies (which are companies with a typical capitalization range greater than $12 billion at the time of investment). As a point of comparison, a high dividend common stock that the Enhanced Equity Income Fund would invest in would generally have a dividend yield greater than the average dividend yield of the equity securities in the S&P 500® Index.

The Enhanced Equity Income Fund invests roughly similar amounts of its assets in each stock in the portfolio at the time of original purchase, although the portfolio is not systematically rebalanced. This approach avoids the overweighting of any individual security being purchased. In addition to seeking high dividend yield, the Adviser employs a “value” style investing approach, which means that it selects stocks for the portfolio by screening for securities with low price-to-earnings ratios but that possess above-average earnings and dividend growth potential. For securities that meet such screening criteria, the Adviser will conduct fundamental research on the underlying company. The Adviser may sell portfolio stocks when they are no longer attractive based on their growth potential, dividend yield or price.

As part of its strategy, the Enhanced Equity Income Fund, in order to generate additional portfolio income, will selectively write covered call options, on a target range of between 25-40% of the underlying equity securities owned by the Enhanced Equity Income Fund. A call option is a short-term contract entitling the purchaser, in return for a premium paid, the right to buy the underlying equity security at a specified price upon exercise of the option at any time prior to its expiration. Writing a covered call option allows the Enhanced Equity Income Fund to receive a premium. A call option gives the holder the right, but not the obligation, to buy the underlying equity stock from the writer of the option at a given price during a specific period.

The Enhanced Equity Income Fund may invest up to 30% of its assets in foreign securities. These investments are generally made in American Depositary Receipts (“ADRs”), which trade on U.S. exchanges. ADRs may be purchased through “sponsored” or “unsponsored” facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts.

The Enhanced Equity Income Fund generally invests substantially all of its assets in common stocks and ADRs but may invest in other equity securities, which can include convertible debt, exchange-traded funds (“ETFs”) that invest primarily in equity securities, warrants, rights, equity interests in real estate investment trusts (“REITs”), equity interests in master limited partnerships (“MLPs”), and preferred stocks.

The Fund will not engage in derivatives except to the extent that the writing of covered call options is deemed to involve derivatives.

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ENHRX - Performance

Return Ranking - Trailing

Period ENHRX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.3% -2.8% 240.8% 5.93%
1 Yr 2.4% -4.3% 140.6% 8.70%
3 Yr 2.3%* -8.3% 18.3% 23.72%
5 Yr 6.3%* -5.0% 17.3% 33.05%
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Return Ranking - Calendar

Period ENHRX Return Category Return Low Category Return High Rank in Category (%)
2023 -5.1% -34.1% 904.0% 82.43%
2022 -5.6% -28.6% 438.4% 49.71%
2021 12.5% -93.5% 8.2% 55.17%
2020 -5.0% -38.9% 19.8% 66.67%
2019 11.4% -10.9% 12.8% 43.69%

Total Return Ranking - Trailing

Period ENHRX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.3% -2.7% 244.0% 5.93%
1 Yr 2.4% -4.3% 140.6% 7.83%
3 Yr 2.3%* -8.3% 18.3% 21.79%
5 Yr 6.3%* -5.4% 17.3% 31.36%
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Total Return Ranking - Calendar

Period ENHRX Return Category Return Low Category Return High Rank in Category (%)
2023 0.8% -34.1% 904.0% 82.43%
2022 0.5% -5.9% 438.4% 50.29%
2021 21.4% -81.2% 8.2% 31.72%
2020 1.2% -29.0% 19.8% 37.98%
2019 17.8% -10.9% 12.8% 5.83%

NAV & Total Return History


ENHRX - Holdings

Concentration Analysis

ENHRX Category Low Category High ENHRX % Rank
Net Assets 166 M 25 17.4 B 61.80%
Number of Holdings 41 2 508 39.69%
Net Assets in Top 10 62.9 M -6.66 M 5.12 B 75.19%
Weighting of Top 10 37.84% 11.3% 100.0% 50.00%

Top 10 Holdings

  1. EOG Resources Inc 4.15%
  2. PPL Corp 4.01%
  3. VERIZON COMMUNICATIONS INC 3.98%
  4. Cisco Systems Inc/Delaware 3.97%
  5. Medtronic PLC 3.83%
  6. Bristol-Myers Squibb Co 3.74%
  7. Duke Energy Corp 3.64%
  8. Chevron Corp 3.52%
  9. VICI Properties Inc 3.51%
  10. Conagra Brands Inc 3.50%

Asset Allocation

Weighting Return Low Return High ENHRX % Rank
Stocks
97.47% -3.92% 100.76% 62.98%
Cash
2.90% -0.76% 100.29% 30.53%
Preferred Stocks
0.00% 0.00% 3.08% 86.26%
Convertible Bonds
0.00% 0.00% 20.91% 87.79%
Bonds
0.00% 0.00% 97.96% 87.79%
Other
-0.37% 0.00% 45.92% 88.93%

Stock Sector Breakdown

Weighting Return Low Return High ENHRX % Rank
Financial Services
16.13% 0.00% 29.60% 8.82%
Healthcare
15.86% 0.00% 25.91% 5.46%
Industrials
9.93% 1.41% 43.91% 55.46%
Consumer Defense
9.53% 0.00% 22.87% 16.39%
Technology
8.31% 0.00% 44.43% 95.38%
Utilities
7.53% 0.00% 13.35% 6.72%
Energy
6.91% 0.00% 69.54% 4.20%
Basic Materials
6.91% 0.00% 60.58% 17.65%
Communication Services
6.57% 0.00% 21.22% 91.60%
Consumer Cyclical
6.19% 0.00% 19.02% 94.96%
Real Estate
6.13% 0.00% 9.74% 5.46%

Stock Geographic Breakdown

Weighting Return Low Return High ENHRX % Rank
US
97.47% -3.89% 100.00% 57.63%
Non US
0.00% -2.17% 99.33% 16.79%

ENHRX - Expenses

Operational Fees

ENHRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.53% 0.20% 6.78% 22.22%
Management Fee 1.00% 0.20% 1.75% 85.07%
12b-1 Fee 0.25% 0.00% 1.00% 81.03%
Administrative Fee N/A 0.02% 0.28% N/A

Sales Fees

ENHRX 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

Trading Fees

ENHRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 52.94%

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.

ENHRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 139.00% 0.00% 456.80% 91.96%

ENHRX - Distributions

Dividend Yield Analysis

ENHRX Category Low Category High ENHRX % Rank
Dividend Yield 5.88% 0.00% 3.76% 88.85%

Dividend Distribution Analysis

ENHRX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Monthly Annually

Net Income Ratio Analysis

ENHRX Category Low Category High ENHRX % Rank
Net Income Ratio 2.53% -2.54% 14.24% 4.92%

Capital Gain Distribution Analysis

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

Distributions History

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ENHRX - Fund Manager Analysis

Managers

Jennifer Chang


Start Date

Tenure

Tenure Rank

Dec 15, 2015

6.46

6.5%

Ms. Chang joined Schafer Cullen in 2006. Prior to joining Schafer Cullen Capital Management, Mrs. Chang was an Investment Analyst at PNC Advisors and an associate consultant at Bain & Company. Mrs. Chang received her M.B.A. from the Wharton School of Business in 2004 and her B.S. from Rice University in 1999. She has held the Chartered Financial Analyst designation since 2007.

Timothy Cordle


Start Date

Tenure

Tenure Rank

Dec 15, 2015

6.46

6.5%

Tim Cordle currently serves as Portfolio Manager and Managing Director at Cullen Capital Management LLC and has worked there since 2012. Prior to joining Schafer Cullen, Mr. Cordle was a vice president and financial advisor at Scott & Stringfellow since 1993.

James Cullen


Start Date

Tenure

Tenure Rank

Dec 15, 2015

6.46

6.5%

Jim Cullen founded Schafer Cullen Capital Management in 1983 and has served as the CEO and Portfolio Manager since its formation in 1983. His experience in the investment business spans over 50 years. Prior to founding the Firm, Mr. Cullen was a Vice President at Donaldson, Lufkin & Jenrette. Previously to Donaldson, Mr. Cullen co-managed the New York Research, which specialized in low P/E research. He began his career at Merrill Lynch in 1965 and later worked for the research firm Spencer Trask & Company. Mr. Cullen spent four years as a Navy Officer on the aircraft carrier USS Essex after receiving a B.S. in finance from Seton Hall University.

Michael Kelly


Start Date

Tenure

Tenure Rank

Oct 28, 2016

5.59

5.6%

Michael Kelly is the Director of Research and a member of the Investment Team. He works closely with the Portfolio Managers supporting all of our strategies, while organizing the Firm’s research effort. Michael joined Schafer Cullen in 2007. Prior to joining Schafer Cullen Capital Management, Mr. Kelly was an Investment Analyst at Neuberger Berman from 2004-2007. Mr. Kelly received his B.A. in Political Science and Economics from Emory University in 2004. He has held the Chartered Financial Analyst designation since 2008.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 19.77 3.61 5.67