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Camelot Event Driven Fund
mutual fund
EVDAX
Payout Change
Pending
Price as of:
$20.6
+0.08
+0.39%
primary theme
N/A
share class
EVDAX (Mutual Fund)
Camelot Event Driven Fund
Payout Change
Pending
Price as of:
$20.6
+0.08
+0.39%
primary theme
N/A
share class
EVDAX (Mutual Fund)
Camelot Event Driven Fund
Payout Change
Pending
Price as of:
$20.6
+0.08
+0.39%
primary theme
N/A
share class
Name
As of 12/03/2024Price
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
Vitals
YTD Return
7.6%
1 yr return
9.5%
3 Yr Avg Return
5.4%
5 Yr Avg Return
11.2%
Net Assets
$96.4 M
Holdings in Top 10
47.4%
52 WEEK LOW AND HIGH
$20.5
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 2.11%
SALES FEES
Front Load 5.50%
Deferred Load N/A
TRADING FEES
Turnover 287.00%
Redemption Fee 2.00%
Min Investment
Standard (Taxable)
$2,000
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/03/2024Price
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
EVDAX - Profile
Distributions
- YTD Total Return 7.6%
- 3 Yr Annualized Total Return 5.4%
- 5 Yr Annualized Total Return 11.2%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.86%
- Dividend Yield 1.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameCamelot Event Driven Fund
-
Fund Family NameFrank Funds
-
Inception DateJun 25, 2018
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerThomas Kirchner
Fund Description
To achieve the Fund’s investment objective, the Adviser invests in the securities of publicly traded companies involved in mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations, or similar events (“corporate reorganizations”). A variety of strategies can be employed to capitalize on the mispricing of corporate securities during corporate reorganizations, including transactions involving common and preferred stock, debt instruments and derivative securities. In addition, the Fund may invest in a variety of debt instruments, including U.S. Government securities and structured notes.
| · | Merger Arbitrage. The Fund invests in the securities of companies subject to publicly announced corporate reorganizations. |
| · | Capital Structure Arbitrage. A variety of strategies can be employed to capitalize on the mispricing of corporate securities during reorganizations, including transactions involving common and preferred stock, debt instruments and derivative securities. Many companies issue different types of securities in addition to equity securities, and sometimes issue different types of equity securities. Capital structure arbitrage involves investing in two different types of securities issued by the same company if they are believed to be mispriced relative to each other. The securities typically differ in their voting rights, dividend or interest rates and rights, liquidation preference, liquidity in the financial markets, seniority or other factors. Typically, one of these securities is purchased, while the other is sold short. The profit or loss realized by the Fund will depend on the relative price performance of the two securities as well as their relative dividends rates. |
| · | Distressed Securities Investments. The Fund invests in distressed securities, which are securities of companies that are in or believed to be near bankruptcy or whose securities are otherwise undergoing extreme financial situations that put the continuation of the issuer as a going concern at risk. Distressed securities include below investment-grade securities. |
| · | Special Situation Securities. The Fund may also invest in “special situation” securities when the Fund’s Adviser believes such investments will benefit the Fund. A special situation arises when, in the Adviser’s opinion, the securities of a company will experience an unusual gain or loss solely by reason of a development particularly or uniquely applicable to that company. Such situations include, but are not limited to: material litigation, technological breakthroughs and new management or management policies, spin-offs, break-ups, or divestitures. Special situation investments may include illiquid or restricted securities, such as private equity investments, and initial public offerings. |
| · | Activist Investments. The Fund invests in securities of issuers that in the opinion of the Adviser may become subject to a change of control fight. These are typically proxy fights by minority investors seeking to have their representatives elected to the board of trustees or directors, often with the intention of replacing existing management, new capital allocation policies, or selling the company. Profits are expected from the eventual success of the new board of trustees or directors in increasing the company’s value. The Fund may invest with the intention of participating actively in the change of control, or staying passive. Although some of the companies the Fund targets as an “activist investment” may be considered potential candidates for a merger takeover, proxy fights differ from merger arbitrage in that no concrete acquisition may have been proposed yet, and may not be proposed in the future. |
| · | Short Sales. The Fund may invest up to 50% of its net assets in short sales on equities at any given time. |
| · | Debt Instruments. The Fund may invest in all types of fixed-income securities including convertible debt, options, as well as privately negotiated options. The Fund may invest without restriction as to credit rating, maturity or duration. The Fund may purchase below investment grade securities, commonly referred to as “junk.” |
| · | Tactical Allocation. Because the Fund is a tactical allocation fund, the assets of the Fund will shift on a short-term basis to take advantage of perceived differences in relative values of the various asset classes in which the Fund invests. The Fund will tactically allocate capital among a diverse range of trading strategies and markets, wherever the Adviser perceives opportunity. |
| · | Foreign Securities Investments. The Fund may invest in securities of foreign issuers, securities traded principally in securities markets outside the United States, U.S. traded securities of foreign issuers and/or securities denominated in foreign currencies (together, “foreign securities”). The Fund may seek exposure to foreign securities by investing in Depositary Receipts. |
| · | Derivative Instruments (Including Options and Swaps). The event arbitrage strategy employed by the Fund may include the use of derivatives. Options and swaps may be used for hedging purposes, as a substitute for investments in the underlying securities, to increase or decrease exposure (leverage), or for the purpose of generating income. The Fund may buy call or put options to implement its principal investment strategies. The Fund may write (sell) call options on securities that it owns. This allows the Fund to generate income on securities that the Adviser believes have a low likelihood of appreciating significantly until the option expiration. Similarly, options may be written (sold) if the Adviser is willing to purchase the underlying securities at a lower price. Hedging through derivatives may be done on underlying securities such as individual securities, market indices, as well as foreign currency or commodity exposure. Options contracts may be used to decrease (hedge) or increase market exposure, exposure to specific securities or exposure to other factors that may influence an event. |
Some of these strategies involve the use of arbitrage, which involves taking advantage of small price differences between two otherwise equivalent assets. As compared with conventional investing, the Adviser considers the Fund’s investment strategies to be less dependent on the overall direction of stock prices.
In managing the Fund, the Adviser may engage in frequent buying and selling, resulting in a high portfolio turnover rate.
EVDAX - Performance
Return Ranking - Trailing
| Period | EVDAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 7.6% | -73.0% | 19.4% | 1.79% |
| 1 Yr | 9.5% | -9.1% | 86.9% | 0.73% |
| 3 Yr | 5.4%* | -9.5% | 16.2% | 0.80% |
| 5 Yr | 11.2%* | -4.9% | 14.4% | 0.90% |
| 10 Yr | N/A* | -0.9% | 7.5% | 2.13% |
* Annualized
Return Ranking - Calendar
| Period | EVDAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -3.9% | -22.7% | 305.1% | 4.44% |
| 2022 | -5.4% | -9.8% | 27.3% | 4.44% |
| 2021 | 22.9% | -20.8% | 10.9% | N/A |
| 2020 | 17.6% | -12.4% | 29.4% | N/A |
| 2019 | 13.8% | -10.5% | 15.8% | N/A |
Total Return Ranking - Trailing
| Period | EVDAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 7.6% | -73.0% | 19.4% | 1.79% |
| 1 Yr | 9.5% | -13.4% | 86.9% | 0.73% |
| 3 Yr | 5.4%* | -9.5% | 16.2% | 1.20% |
| 5 Yr | 11.2%* | -5.3% | 14.4% | 0.90% |
| 10 Yr | N/A* | -0.9% | 7.5% | 2.13% |
* Annualized
Total Return Ranking - Calendar
| Period | EVDAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 2.2% | -22.7% | 305.1% | 4.44% |
| 2022 | 3.5% | -9.8% | 27.3% | 4.44% |
| 2021 | 22.9% | -20.8% | 10.9% | N/A |
| 2020 | 18.8% | -8.4% | 29.4% | N/A |
| 2019 | 14.9% | -10.2% | 18.0% | N/A |
NAV & Total Return History
EVDAX - Holdings
Concentration Analysis
| EVDAX | Category Low | Category High | EVDAX % Rank | |
|---|---|---|---|---|
| Net Assets | 96.4 M | 1.5 M | 5.01 B | 83.39% |
| Number of Holdings | 266 | 4 | 4478 | 62.19% |
| Net Assets in Top 10 | 45.6 M | -398 M | 2.55 B | 84.10% |
| Weighting of Top 10 | 47.35% | 13.1% | 100.0% | 77.52% |
Top 10 Holdings
- Colgate-Palmolive Co. 8.51%
- PPL Corp. 5.66%
- Humana, Inc. 5.26%
- Newmont Corp. 4.94%
- U.S. Treasury Note, 4.50% 11/15/2033 4.38%
- International Flavors Fragrances, Inc. 4.03%
- Seabridge Gold, Inc. 3.92%
- BioMarin Pharmaceutical, Inc. 3.68%
- Mercury Systems, Inc. 3.52%
- Johnson Johnson 3.45%
Asset Allocation
| Weighting | Return Low | Return High | EVDAX % Rank | |
|---|---|---|---|---|
| Stocks | 80.15% | -3.75% | 97.95% | 8.48% |
| Bonds | 18.35% | -326.45% | 6347.80% | 75.62% |
| Cash | 8.55% | -6278.21% | 410.43% | 62.54% |
| Preferred Stocks | 1.13% | -0.12% | 46.97% | 1.06% |
| Convertible Bonds | 0.80% | 0.00% | 87.92% | 16.25% |
| Other | -8.18% | -21.53% | 148.54% | 73.50% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | EVDAX % Rank | |
|---|---|---|---|---|
| Communication Services | 13.32% | 0.00% | 21.78% | 1.57% |
| Utilities | 12.34% | 0.00% | 9.23% | 3.15% |
| Consumer Cyclical | 12.31% | 0.00% | 29.09% | 1.18% |
| Consumer Defense | 10.93% | 0.00% | 13.62% | 87.40% |
| Financial Services | 10.29% | 0.00% | 59.28% | 98.82% |
| Real Estate | 8.86% | 0.00% | 51.26% | 18.50% |
| Healthcare | 7.84% | 0.00% | 45.63% | 78.74% |
| Industrials | 6.43% | 0.00% | 21.45% | 98.03% |
| Technology | 6.02% | 0.00% | 39.58% | 85.04% |
| Basic Materials | 5.96% | 0.00% | 27.46% | 66.54% |
| Energy | 5.70% | 0.00% | 100.00% | 3.15% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | EVDAX % Rank | |
|---|---|---|---|---|
| US | 80.15% | -8.85% | 91.88% | 12.01% |
| Non US | 0.00% | -19.62% | 42.11% | 23.32% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | EVDAX % Rank | |
|---|---|---|---|---|
| Corporate | 11.26% | 0.00% | 87.73% | 22.26% |
| Cash & Equivalents | 2.55% | 0.27% | 100.00% | 25.44% |
| Municipal | 2.33% | 0.00% | 27.33% | 0.71% |
| Securitized | 0.96% | 0.00% | 56.83% | 40.64% |
| Government | 0.00% | 0.00% | 84.29% | 87.99% |
| Derivative | -8.18% | 0.00% | 88.81% | 76.68% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | EVDAX % Rank | |
|---|---|---|---|---|
| US | 18.35% | -126.19% | 6311.18% | 78.45% |
| Non US | 0.00% | -382.37% | 121.02% | 53.71% |
EVDAX - Expenses
Operational Fees
| EVDAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 2.11% | 0.29% | 31.15% | 25.54% |
| Management Fee | 1.30% | 0.00% | 2.50% | 74.20% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 26.35% |
| Administrative Fee | 0.21% | 0.01% | 0.30% | 83.56% |
Sales Fees
| EVDAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 5.50% | 2.50% | 5.75% | 48.08% |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| EVDAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | 2.00% | 1.00% | 2.00% | 9.09% |
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.
| EVDAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 287.00% | 0.00% | 491.00% | 89.11% |
EVDAX - Distributions
Dividend Yield Analysis
| EVDAX | Category Low | Category High | EVDAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 1.04% | 0.00% | 4.56% | 11.66% |
Dividend Distribution Analysis
| EVDAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annually | Quarterly | Annually |
Net Income Ratio Analysis
| EVDAX | Category Low | Category High | EVDAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.86% | -2.51% | 6.83% | 55.40% |
Capital Gain Distribution Analysis
| EVDAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 21, 2023 | $0.213 | OrdinaryDividend |
| Dec 21, 2023 | $1.013 | CapitalGainShortTerm |
| Dec 21, 2022 | $1.877 | OrdinaryDividend |
| Dec 21, 2020 | $0.171 | OrdinaryDividend |
| Dec 20, 2019 | $0.136 | OrdinaryDividend |
EVDAX - Fund Manager Analysis
Managers
Thomas Kirchner
Start Date
Tenure
Tenure Rank
Nov 21, 2003
18.54
18.5%
Thomas F. Kirchner is portfolio manager for Camelot Event-Driven Advisors, LLC. Prior to joining Camelot, he worked for Quaker Funds, inc, and previously was the founder and portfolio manager of Pennsylvania Avenue Advisers LLC. Mr. Kirchner worked as a Bond Trader for Banque Nationale de Paris S.A. In 1999, he was retained by Fannie Mae as a Financial Engineer. Mr. Kirchner is a graduate of Kings College, University of London; Institut d’Etudes Politiques de Paris and University of Chicago Booth School of Business. He is the author of Merger Arbitrage: How to Profit From Global Event-Driven Arbitrage (Wiley Finance, 2nd ed.).
Paul Hoffmeister
Start Date
Tenure
Tenure Rank
Jan 12, 2018
4.38
4.4%
Mr. Hoffmeister joined Camelot Portfolios in 2017 and co-manages the Camelot Event Driven Fund. He is also economic counsel at Bretton Woods Research. Prior to that, he served as Director of Market Strategy and Chief Economist at Polyconomics. Mr. Hoffmeister’s experience includes trading derivatives on the S&P 500 at the Chicago Mercantile Exchange, as well as the Kospi 200 Index on the Korean Stock Exchange. His insights have been quoted in the financial press including Bloomberg and Reuters. He has appeared on CNBC’s “Kudlow & Company” and has written for National Review Online, Forbes, and RealClearMarkets. Mr. Hoffmeister is a graduate of Georgetown University with a BS in Accounting and Finance, and MBA from Northwestern’s Kellogg School of Management.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.02 | 17.37 | 4.48 | 1.67 |
