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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 10/07/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
3.9%
1 yr return
14.8%
3 Yr Avg Return
-1.4%
5 Yr Avg Return
-0.7%
Net Assets
$47.5 M
Holdings in Top 10
26.5%
Expense Ratio 1.19%
Front Load 4.50%
Deferred Load N/A
Turnover 12.00%
Redemption Fee N/A
Standard (Taxable)
$1,000
IRA
$250
Fund Type
Open End Mutual Fund
Name
As of 10/07/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Under normal circumstances, at least 80% of the Fund's net assets (plus any borrowings for investment purposes) will be invested in municipal securities that pay interest that is exempt from federal income tax, including the federal alternative minimum tax, and any applicable state income tax for individual residents of the state of Oregon (80% policy). However, the Fund typically attempts to invest all of its assets in securities that pay interest that is exempt from federal income tax and state income tax for individual residents of such state, but may invest up to 20% of its net assets in securities that pay interest that is subject to the federal alternative minimum tax. Such securities include obligations issued by municipalities and other authorities in Oregon and US possessions and territories. In certain cases, dividends paid by the Fund may also be exempt from local personal income taxes.
The Fund primarily invests in high quality municipal securities that are rated as, or, if unrated, are determined by the Manager to be, investment grade at the time of purchase. The Fund may invest in securities insured against default by independent insurance companies and revenue bonds. The Fund may also invest in variable and floating rate securities, as well as interest rate swaps, futures and options on futures to hedge against interest rate changes and inverse floaters to produce income.
To a lesser extent, the Fund may invest up to 20% of its net assets in high yield, below investment grade municipal bonds (commonly known as “high yield” or “junk bonds”). High yield bonds include those that are rated below Baa3 by Moody’s Investors Service, Inc. or below BBB- by Standard & Poor’s and unrated bonds that are determined by the Manager to be of equivalent quality. When making investment decisions, the Manager focuses on bonds that it believes can generate attractive and consistent income.
In selecting investments for the Fund, the Manager considers various factors, including: a security’s maturity, coupon, yield, credit quality, call protection and relative value and the outlook for interest rates and the economy. The Manager may sell a security for various reasons, including to replace it with a security that offers a higher yield or better value, respond to a deterioration in credit quality, or raise cash. The Manager generally considers any capital gains or losses that may be incurred upon the sale of an investment. In addition, the Manager considers the duration of the Fund’s portfolio when deciding whether to buy or sell a security.
The Fund will generally have a dollar-weighted average effective maturity of between 5 and 30 years.
Period | FTORX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.9% | -1.9% | 24.7% | 11.55% |
1 Yr | 14.8% | 2.4% | 34.3% | 7.56% |
3 Yr | -1.4%* | -9.9% | 3.4% | 92.03% |
5 Yr | -0.7%* | -6.7% | 1104.6% | 94.27% |
10 Yr | 0.9%* | -0.8% | 248.9% | 88.76% |
* Annualized
Period | FTORX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.8% | -1.4% | 41.0% | 47.97% |
2022 | -12.4% | -39.7% | 0.3% | 60.19% |
2021 | 0.4% | -5.6% | 6.9% | 19.29% |
2020 | 2.2% | -2.6% | 310.0% | 29.17% |
2019 | 3.2% | 0.0% | 26.0% | 75.09% |
Period | FTORX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.9% | -1.9% | 24.7% | 11.55% |
1 Yr | 14.8% | 2.4% | 34.3% | 7.56% |
3 Yr | -1.4%* | -9.9% | 3.4% | 92.03% |
5 Yr | -0.7%* | -6.7% | 1104.6% | 94.27% |
10 Yr | 0.9%* | -0.8% | 248.9% | 88.76% |
* Annualized
Period | FTORX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.8% | -1.3% | 41.0% | 70.06% |
2022 | -12.4% | -39.7% | 1.1% | 88.19% |
2021 | 0.4% | -4.8% | 23761504.0% | 78.87% |
2020 | 2.2% | -1.5% | 17057.9% | 88.26% |
2019 | 5.3% | 0.2% | 3514.6% | 76.45% |
FTORX | Category Low | Category High | FTORX % Rank | |
---|---|---|---|---|
Net Assets | 47.5 M | 3.22 M | 71.9 B | 94.22% |
Number of Holdings | 80 | 4 | 13418 | 92.30% |
Net Assets in Top 10 | 13 M | -317 M | 3.45 B | 92.77% |
Weighting of Top 10 | 26.51% | 1.9% | 100.1% | 18.73% |
Weighting | Return Low | Return High | FTORX % Rank | |
---|---|---|---|---|
Bonds | 100.30% | 0.00% | 150.86% | 19.10% |
Stocks | 0.00% | 0.00% | 99.89% | 59.35% |
Preferred Stocks | 0.00% | 0.00% | 0.08% | 52.75% |
Other | 0.00% | -3.72% | 51.88% | 53.68% |
Convertible Bonds | 0.00% | 0.00% | 0.93% | 52.50% |
Cash | 0.00% | -50.86% | 43.45% | 91.90% |
Weighting | Return Low | Return High | FTORX % Rank | |
---|---|---|---|---|
Municipal | 100.00% | 44.39% | 100.00% | 4.60% |
Derivative | 0.00% | -3.72% | 51.88% | 51.76% |
Cash & Equivalents | 0.00% | 0.00% | 43.45% | 79.16% |
Securitized | 0.00% | 0.00% | 5.93% | 53.16% |
Corporate | 0.00% | 0.00% | 9.41% | 60.56% |
Government | 0.00% | 0.00% | 52.02% | 56.16% |
Weighting | Return Low | Return High | FTORX % Rank | |
---|---|---|---|---|
US | 100.30% | 0.00% | 142.23% | 18.38% |
Non US | 0.00% | 0.00% | 23.89% | 54.74% |
FTORX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.19% | 0.01% | 8.02% | 24.77% |
Management Fee | 0.55% | 0.00% | 1.20% | 94.10% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 51.39% |
Administrative Fee | N/A | 0.01% | 0.44% | N/A |
FTORX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 4.50% | 0.50% | 4.75% | 7.16% |
Deferred Load | N/A | 0.25% | 5.00% | 84.04% |
FTORX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 1.00% | 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.
FTORX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 12.00% | 0.00% | 283.00% | 30.30% |
FTORX | Category Low | Category High | FTORX % Rank | |
---|---|---|---|---|
Dividend Yield | 3.22% | 0.00% | 14.51% | 21.29% |
FTORX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
FTORX | Category Low | Category High | FTORX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.40% | -0.53% | 5.33% | 24.11% |
FTORX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Sep 30, 2024 | $0.034 | OrdinaryDividend |
Aug 30, 2024 | $0.035 | OrdinaryDividend |
Jul 31, 2024 | $0.035 | OrdinaryDividend |
Apr 30, 2024 | $0.033 | OrdinaryDividend |
Mar 28, 2024 | $0.035 | OrdinaryDividend |
Feb 29, 2024 | $0.032 | OrdinaryDividend |
Jan 31, 2024 | $0.034 | OrdinaryDividend |
Dec 29, 2023 | $0.035 | OrdinaryDividend |
Nov 30, 2023 | $0.034 | OrdinaryDividend |
Oct 31, 2023 | $0.035 | OrdinaryDividend |
Apr 28, 2023 | $0.032 | OrdinaryDividend |
Mar 31, 2023 | $0.032 | OrdinaryDividend |
Feb 28, 2023 | $0.030 | OrdinaryDividend |
Jan 31, 2023 | $0.032 | OrdinaryDividend |
Sep 30, 2019 | $0.026 | OrdinaryDividend |
Aug 30, 2019 | $0.026 | OrdinaryDividend |
Jul 31, 2019 | $0.027 | OrdinaryDividend |
Jun 28, 2019 | $0.025 | DailyAccrualFund |
Dec 31, 2010 | $0.021 | CapitalGainLongTerm |
Dec 30, 2005 | $0.073 | CapitalGainLongTerm |
Start Date
Tenure
Tenure Rank
Oct 04, 2019
2.66
2.7%
Stephen J. Czepiel Senior Vice President, Head of Municipal Bonds Portfolio Management, Senior Portfolio Manager Stephen J. Czepiel leads the portfolio management of the firm’s municipal bonds strategies, a role he assumed in February 2019. He is a co-portfolio manager of the firm’s municipal bond funds and client accounts, a role he has held since August 2007. He joined Macquarie Investment Management (MIM) in July 2004 as a senior bond trader. Previously, he was vice president at both Mesirow Financial and Loop Capital Markets. He began his career in the securities industry in 1982 as a municipal bond trader at Kidder Peabody and now has more than 20 years of experience in the municipal securities industry. Czepiel earned his bachelor’s degree in finance and economics from Duquesne University.
Start Date
Tenure
Tenure Rank
Oct 04, 2019
2.66
2.7%
Delaware Management Company Senior Vice President, Head of Municipal Trading, Portfolio Manager Jake van Roden is head of Macquarie’s municipal trading team. He is also a portfolio manager for the firm’s nine open-end state-specific municipal bond funds, as well as for several municipal bond client accounts, a role he assumed in December 2017. In February 2019, his portfolio management role expanded to include the closed-end municipal bond funds and the three national municipal open-end funds.He joined the municipal department in July 2004 as a generalist and became head of municipal trading in December 2012. Before that, van Roden interned at Macquarie Investment Management (MIM), which includes the former Delaware Investments, in the client services department. He received a bachelor’s degree in American studies with a minor in government from Franklin & Marshall College.
Start Date
Tenure
Tenure Rank
Oct 04, 2019
2.66
2.7%
Gregory A. Gizzi Senior Vice President, Head of Municipal Bonds, Senior Portfolio Manager Gregory A. Gizzi is head of municipal bonds in the Americas, a role he assumed in February 2019. In this role, he is responsible for the overall operation of the strategy and is team lead on several of the tax-exempt strategies. Additionally, Gizzi continues to be responsible for the taxable municipal business and the marketing efforts for the municipal product. Previously, Gizzi was co-portfolio manager of the firm’s municipal bond funds and several client accounts, a role he held since November 2011. Before joining Macquarie Investment Management (MIM) in January 2008 as head of municipal bond trading, he spent six years as a vice president at Lehman Brothers for the firm’s tax-exempt institutional sales effort. Prior to that, he spent two years trading corporate bonds for UBS before joining Lehman Brothers in a sales capacity. Gizzi has more than 20 years of trading experience in the municipal securities industry, beginning at Kidder Peabody in 1984, where he started as a municipal bond trader and worked his way up to institutional block trading desk manager. He later worked in the same capacity at Dillon Read. Gizzi earned his bachelor’s degree in economics from Harvard University.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 35.05 | 7.33 | 1.58 |
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