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Gateway Equity Call Premium Fund
GCPCX (Mutual Fund)
Gateway Equity Call Premium Fund
Name
As of 12/13/2024Price
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
19.2%
1 yr return
19.9%
3 Yr Avg Return
7.3%
5 Yr Avg Return
9.2%
Net Assets
$240 M
Holdings in Top 10
36.3%
52 WEEK LOW AND HIGH
$20.0
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.84%
SALES FEES
Front Load N/A
Deferred Load 1.00%
TRADING FEES
Turnover 5.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/13/2024Price
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
GCPCX - Profile
Distributions
- YTD Total Return 19.2%
- 3 Yr Annualized Total Return 7.3%
- 5 Yr Annualized Total Return 9.2%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.33%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameGateway Equity Call Premium Fund
-
Fund Family NameNatixis Loomis Sayles Funds
-
Inception DateSep 30, 2014
-
Shares OutstandingN/A
-
Share ClassC
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerDaniel Ashcraft
Fund Description
Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in equity securities. Equity securities purchased by the Fund may include the following U.S. exchange-listed securities: common stocks; American Depositary Receipts (“ADRs”), which are securities issued by a U.S. bank that represent interests in foreign equity securities; and interests in real estate investment trusts (“REITs”). The Fund ordinarily invests in a broadly diversified equity portfolio, while also writing (selling) index call options with an aggregate notional value approximately equal to the market value of the equity portfolio. Writing index call options is intended to reduce the Fund’s volatility and provide steady cash flow. Cash flow from call option writing is intended to be an important source of the Fund’s return, although the Fund’s option writing activity reduces the Fund’s ability to profit from increases in the value of its equity portfolio. The combination of a diversified stock portfolio and the steady cash flow from the sale of index call options is intended to moderate the volatility of returns relative to an all-equity portfolio. The Fund may invest in companies with small, medium or large market capitalizations.
The Fund’s combination of a broadly diversified portfolio of common stocks and written index call options is similar to the components of the Cboe S&P 500 BuyWrite Index (the “BXMSM”). The BXMSM is a passive total return index based on (1) buying an S&P 500® stock index portfolio, and (2) writing (selling) the near-term S&P 500® Index “covered” call option. The Fund’s more flexible, active option management approach creates the potential for it to achieve higher long-term returns than the BXMSM while exhibiting a similar level of volatility, as defined by standard deviation of returns. The similarities between the BXMSM and the Fund’s equity investment strategy are expected to result in the Fund exhibiting a positive correlation to the broad U.S. equity markets similar to that exhibited by the BXMSM.
With its core investment in equities, the Fund is intended to be significantly less vulnerable to fluctuations in value caused by interest rate volatility, a risk factor present in both fixed-income investments and “hybrid investments” (blends of equity and fixed-income securities). Through the use of index options, the Fund intends that its risk management strategy will reduce the volatility inherent in equity investments while also allowing for more participation in equity returns than hybrid investments. Thus, the Fund seeks to provide an efficient trade-off between risk and reward, where risk is characterized by volatility or fluctuations in value over time.
Purchasing Stocks
The Fund invests in a diversified stock portfolio, generally consisting of approximately 200 to 400 stocks (including ADRs and REITs), designed to support the Fund’s index option-based risk management strategy as efficiently as possible while seeking to enhance the Fund’s after-tax total return. The Adviser uses a multifactor quantitative model to construct the stock portfolio. The model evaluates U.S.-exchange-traded equities that meet the criteria and constraints established by the Adviser. Generally, the Adviser tries to minimize the difference between the performance of the Fund’s stock portfolio and the performance of the index or indices underlying the Fund’s option strategies while also considering other factors, such as predicted dividend yield. The Adviser monitors this difference and other factors, and rebalances and adjusts the stock portfolio from time to time, by purchasing and selling stocks. To the extent consistent with the Fund’s investment goal, the Adviser may also sell stocks to realize capital losses in an effort to minimize any required capital gain distributions. The Adviser expects the portfolio to generally represent the broad U.S. equity market.
Writing Index Call Options
The Fund continuously writes index call options, typically on broad-based securities market indices, with an aggregate notional value approximately equal to the market value of its broadly diversified stock portfolio. As the seller of the index call option, the Fund receives cash (the “premium”) from the purchaser. The purchaser of an index call option has the right to any appreciation in the value of the index over a fixed price (the “exercise price”) on a certain date in the
future (the “expiration date”). If the purchaser does not exercise the option, the Fund retains the premium. If the purchaser exercises the option, the Fund pays the purchaser the difference between the value of the index and the exercise price of the option. The premium, the exercise price and the value of the index determine the gain or loss realized by the Fund as the seller of the index call option. The Fund can also repurchase the call option prior to the expiration date, ending its obligation. In such a case, the difference between the cost of repurchasing the option and the premium received will determine the gain or loss realized by the Fund.
Other Investments
The Fund may invest in foreign securities traded in U.S. markets (through ADRs or stocks traded in U.S. dollars). The Fund may enter into repurchase agreements and/or hold cash and cash equivalents.
GCPCX - Performance
Return Ranking - Trailing
| Period | GCPCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 19.2% | -2.8% | 240.8% | 24.11% |
| 1 Yr | 19.9% | -4.3% | 140.6% | 36.96% |
| 3 Yr | 7.3%* | -8.3% | 18.3% | 44.87% |
| 5 Yr | 9.2%* | -5.0% | 17.3% | 44.92% |
| 10 Yr | 7.5%* | -4.6% | 13.2% | 42.11% |
* Annualized
Return Ranking - Calendar
| Period | GCPCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 16.4% | -34.1% | 904.0% | 35.14% |
| 2022 | -12.4% | -28.6% | 438.4% | 20.23% |
| 2021 | 18.3% | -93.5% | 8.2% | 29.66% |
| 2020 | 7.1% | -38.9% | 19.8% | 26.36% |
| 2019 | 15.4% | -10.9% | 12.8% | 15.53% |
Total Return Ranking - Trailing
| Period | GCPCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 19.2% | -2.7% | 244.0% | 24.51% |
| 1 Yr | 19.9% | -4.3% | 140.6% | 35.22% |
| 3 Yr | 7.3%* | -8.3% | 18.3% | 41.67% |
| 5 Yr | 9.2%* | -5.4% | 17.3% | 39.83% |
| 10 Yr | 7.5%* | -4.6% | 13.2% | 49.12% |
* Annualized
Total Return Ranking - Calendar
| Period | GCPCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 16.4% | -34.1% | 904.0% | 35.14% |
| 2022 | -12.4% | -5.9% | 438.4% | 20.81% |
| 2021 | 18.3% | -81.2% | 8.2% | 41.38% |
| 2020 | 7.2% | -29.0% | 19.8% | 34.11% |
| 2019 | 15.5% | -10.9% | 12.8% | 22.33% |
NAV & Total Return History
GCPCX - Holdings
Concentration Analysis
| GCPCX | Category Low | Category High | GCPCX % Rank | |
|---|---|---|---|---|
| Net Assets | 240 M | 25 | 17.4 B | 58.80% |
| Number of Holdings | 259 | 2 | 508 | 5.73% |
| Net Assets in Top 10 | 123 M | -6.66 M | 5.12 B | 79.39% |
| Weighting of Top 10 | 36.27% | 11.3% | 100.0% | 80.00% |
Top 10 Holdings
- Apple Inc 7.12%
- Microsoft Corp 6.84%
- NVIDIA Corp 6.31%
- Amazon.com Inc 3.66%
- Meta Platforms Inc 2.71%
- Alphabet Inc 2.46%
- Berkshire Hathaway Inc 2.33%
- Broadcom Inc 1.69%
- Eli Lilly Co 1.57%
- Tesla Inc 1.57%
Asset Allocation
| Weighting | Return Low | Return High | GCPCX % Rank | |
|---|---|---|---|---|
| Stocks | 101.03% | -3.92% | 100.76% | 48.85% |
| Cash | 0.01% | -0.76% | 100.29% | 43.13% |
| Preferred Stocks | 0.00% | 0.00% | 3.08% | 29.77% |
| Convertible Bonds | 0.00% | 0.00% | 20.91% | 32.06% |
| Bonds | 0.00% | 0.00% | 97.96% | 35.88% |
| Other | -1.03% | 0.00% | 45.92% | 42.75% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | GCPCX % Rank | |
|---|---|---|---|---|
| Technology | 25.24% | 0.00% | 44.43% | 18.07% |
| Healthcare | 13.94% | 0.00% | 25.91% | 34.03% |
| Financial Services | 12.69% | 0.00% | 29.60% | 73.53% |
| Consumer Cyclical | 11.13% | 0.00% | 19.02% | 29.83% |
| Communication Services | 8.60% | 0.00% | 21.22% | 21.01% |
| Industrials | 8.27% | 1.41% | 43.91% | 55.88% |
| Consumer Defense | 7.69% | 0.00% | 22.87% | 77.73% |
| Energy | 4.36% | 0.00% | 69.54% | 24.79% |
| Real Estate | 3.04% | 0.00% | 9.74% | 20.59% |
| Utilities | 2.99% | 0.00% | 13.35% | 79.41% |
| Basic Materials | 2.05% | 0.00% | 60.58% | 84.45% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | GCPCX % Rank | |
|---|---|---|---|---|
| US | 101.03% | -3.89% | 100.00% | 50.38% |
| Non US | 0.00% | -2.17% | 99.33% | 26.34% |
GCPCX - Expenses
Operational Fees
| GCPCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.84% | 0.20% | 6.78% | 15.64% |
| Management Fee | 0.58% | 0.20% | 1.75% | 17.91% |
| 12b-1 Fee | 1.00% | 0.00% | 1.00% | 91.95% |
| Administrative Fee | N/A | 0.02% | 0.28% | N/A |
Sales Fees
| GCPCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 4.75% | 5.75% | N/A |
| Deferred Load | 1.00% | 1.00% | 1.00% | 8.33% |
Trading Fees
| GCPCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
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.
| GCPCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 5.00% | 0.00% | 456.80% | 39.73% |
GCPCX - Distributions
Dividend Yield Analysis
| GCPCX | Category Low | Category High | GCPCX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 3.76% | 33.83% |
Dividend Distribution Analysis
| GCPCX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | Annually | Monthly | Annually |
Net Income Ratio Analysis
| GCPCX | Category Low | Category High | GCPCX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.33% | -2.54% | 14.24% | 61.07% |
Capital Gain Distribution Analysis
| GCPCX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Mar 25, 2024 | $0.002 | OrdinaryDividend |
| Mar 24, 2023 | $0.006 | OrdinaryDividend |
| Dec 21, 2022 | $0.009 | OrdinaryDividend |
| Mar 24, 2021 | $0.002 | OrdinaryDividend |
| Jun 24, 2020 | $0.006 | OrdinaryDividend |
| Mar 25, 2020 | $0.003 | OrdinaryDividend |
| Sep 25, 2019 | $0.001 | OrdinaryDividend |
| Mar 26, 2019 | $0.013 | OrdinaryDividend |
| Sep 25, 2018 | $0.003 | OrdinaryDividend |
| Jun 26, 2018 | $0.003 | OrdinaryDividend |
| Mar 26, 2018 | $0.003 | OrdinaryDividend |
| Dec 20, 2017 | $0.000 | OrdinaryDividend |
| Sep 28, 2017 | $0.003 | OrdinaryDividend |
| Jun 28, 2017 | $0.003 | OrdinaryDividend |
| Mar 29, 2017 | $0.004 | OrdinaryDividend |
| Dec 20, 2016 | $0.016 | OrdinaryDividend |
| Sep 30, 2016 | $0.018 | OrdinaryDividend |
| Jun 30, 2016 | $0.005 | OrdinaryDividend |
| Mar 30, 2016 | $0.010 | OrdinaryDividend |
| Dec 21, 2015 | $0.004 | OrdinaryDividend |
| Sep 29, 2015 | $0.002 | OrdinaryDividend |
| Jun 25, 2015 | $0.044 | OrdinaryDividend |
| Mar 30, 2015 | $0.006 | OrdinaryDividend |
GCPCX - Fund Manager Analysis
Managers
Daniel Ashcraft
Start Date
Tenure
Tenure Rank
Sep 30, 2014
7.67
7.7%
Daniel Ashcraft joined Gateway Investment Advisers, LLC in 2009 and is a co-portfolio manager for several mutual funds advised or sub-advised by the firm, in addition to the firm’s separate account strategies. In this role, Mr. Ashcraft is involved in trading and analysis as well as implementation of the firm’s equity multi-factor model. Mr. Ashcraft earned his BS from Miami University, Ohio, and is a CFA® charterholder.
Kenneth Toft
Start Date
Tenure
Tenure Rank
Sep 30, 2014
7.67
7.7%
Kenneth Toft joined Gateway Investment Advisers, LLC in 1992 and is currently a Senior Vice President and serves as a co-portfolio manager for several mutual funds advised or sub-advised by the firm, in addition to the firm’s separate account strategies. Mr. Toft is responsible for managing portfolios using hedging strategies for growth-oriented, high-volatility indexes as well as trading and servicing individual client relationships. Prior to joining Gateway, Mr. Toft served as a registered representative for Fidelity Investments.
Michael Buckius
Start Date
Tenure
Tenure Rank
Sep 30, 2014
7.67
7.7%
Michael Buckius joined Gateway Investment Advisers, LLC in 1999 and is currently the firm’s Chief Investment Officer, Senior Vice President and a member of the Board of Managers. Mr. Buckius also serves as a co-portfolio manager for several mutual funds advised or sub-advised by the firm, in addition to the firm’s separate account strategies. As Chief Investment Officer, Mr. Buckius oversees the firm’s investment management and trading functions, as well as product development and servicing individual client relationships.
Mitchell Trotta
Start Date
Tenure
Tenure Rank
May 01, 2021
1.08
1.1%
Mitchell Trotta joined Gateway Investment Advisers, LLC in 2016 and is currently a Portfolio Manager. Mr. Trotta is actively involved in the management of several mutual funds advised or sub-advised by the firm, in addition to the firm’s separate account strategies. In his role, Mr. Trotta is responsible for trading, providing analytical work supporting investment management decisions, and implementing the firm’s equity multi-factor model. Prior to joining Gateway, Mr. Trotta served as an associate for PNC Bank in the Asset Management Group. Mr. Trotta earned his BBA in Finance from the University of Cincinnati and is a CFA® charterholder.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.04 | 19.77 | 3.61 | 5.67 |
