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Secured Options Portfolio
mutual fund
GLSOX
Payout Change
Pending
Price as of:
$15.63
+0.0
+0.0%
primary theme
N/A
share class
GLSOX (Mutual Fund)
Secured Options Portfolio
Payout Change
Pending
Price as of:
$15.63
+0.0
+0.0%
primary theme
N/A
share class
GLSOX (Mutual Fund)
Secured Options Portfolio
Payout Change
Pending
Price as of:
$15.63
+0.0
+0.0%
primary theme
N/A
share class
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
14.3%
1 yr return
14.9%
3 Yr Avg Return
10.3%
5 Yr Avg Return
9.2%
Net Assets
$611 M
Holdings in Top 10
132.2%
52 WEEK LOW AND HIGH
$15.6
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.66%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 0.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$10,000,000
IRA
N/A
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
GLSOX - Profile
Distributions
- YTD Total Return 14.3%
- 3 Yr Annualized Total Return 10.3%
- 5 Yr Annualized Total Return 9.2%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.57%
- Dividend Yield 0.5%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameSecured Options Portfolio
-
Fund Family NameGLENMEDEFU
-
Inception DateNov 09, 2016
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerSean Heron
Fund Description
Under normal market circumstances, the Portfolio uses option writing strategies in an effort to obtain option premiums and reduce risk. The Portfolio will implement buy-write (covered call) and/or cash-secured put option strategies on stock index exchange-traded funds (“ETFs”), stock indices and/or individual stocks held by the Portfolio. Covered call and cash-secured put options are intended to reduce volatility, earn option premiums and provide more stable returns. Selling call options reduces the risk of owning stocks by the receipt of the option premiums and selling put options reduces the purchase price of the underlying stock, but both strategies limit the opportunity to profit from an increase in the market value of the underlying security in exchange for up-front cash at the time of selling the call or put option.
Under normal market circumstances, at least 80% of the value of the Portfolio’s total assets (including borrowings for investment purposes) will be subject to secured option strategies, which are written covered call and/or secured put options on stock index ETFs, stock indices and/or individual stocks held by the Portfolio. The Portfolio is called “Secured Options” because the call and put options it writes will be covered by owning the security, index or ETFs underlying the option, holding an offsetting option, segregating cash or other liquid assets at not less than the full value of the option or the exercise price, and/or using other permitted coverage methods. At any given time, the Portfolio’s assets may be subject to only calls or only puts, or a combination of both strategies. To the extent that the Portfolio’s assets are only subject to puts, the assets will consist of cash or cash equivalents in order to secure the puts. In that
event, there may be few if any stocks or other securities held by the Portfolio. To the extent that the Portfolio’s assets are only subject to covered calls on a stock index, the Portfolio may hold stock index ETFs instead of individual stocks that replicate the movement of the index, in addition to the other permitted coverage methods.
To the extent that the Portfolio’s assets are not only subject to cash-secured puts or calls on a stock index covered by stock index ETFs, the Portfolio intends to invest in a diversified portfolio of equity securities with generally similar risk and return characteristics as the S&P 500® Index. The Portfolio may invest in companies with small, medium or large market capitalizations in advancement of its investment objective. In addition, the Portfolio may invest in sponsored American Depositary Receipts (“ADRs”) listed on a U.S. stock exchange. The Portfolio may also buy call and put options on stock index ETFs, stock indices or individual equity securities.
Glenmede Investment Management LP’s (the “Advisor”) selection of securities to buy or sell is based on a combination of proprietary multifactor computer models and fundamental analysis. The computer models rank securities based on certain criteria, such as valuation ratios, and other models focus on risk analysis and overall portfolio characteristics.
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The Advisor buys securities that the models identify as undervalued and more likely to appreciate, and sells securities that the Advisor identifies as overvalued and more likely to depreciate. The Portfolio may actively trade portfolio securities to achieve its principal investment strategies.
GLSOX - Performance
Return Ranking - Trailing
| Period | GLSOX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 14.3% | -2.8% | 240.8% | 25.69% |
| 1 Yr | 14.9% | -4.3% | 140.6% | 28.26% |
| 3 Yr | 10.3%* | -8.3% | 18.3% | 48.72% |
| 5 Yr | 9.2%* | -5.0% | 17.3% | 45.76% |
| 10 Yr | N/A* | -4.6% | 13.2% | 41.18% |
* Annualized
Return Ranking - Calendar
| Period | GLSOX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 14.8% | -34.1% | 904.0% | 53.15% |
| 2022 | -11.5% | -28.6% | 438.4% | 54.91% |
| 2021 | 4.4% | -93.5% | 8.2% | 34.48% |
| 2020 | 4.4% | -38.9% | 19.8% | 78.29% |
| 2019 | 10.5% | -10.9% | 12.8% | N/A |
Total Return Ranking - Trailing
| Period | GLSOX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 14.3% | -2.7% | 244.0% | 26.09% |
| 1 Yr | 14.9% | -4.3% | 140.6% | 27.83% |
| 3 Yr | 10.3%* | -8.3% | 18.3% | 44.87% |
| 5 Yr | 9.2%* | -5.4% | 17.3% | 41.53% |
| 10 Yr | N/A* | -4.6% | 13.2% | 41.18% |
* Annualized
Total Return Ranking - Calendar
| Period | GLSOX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 14.8% | -34.1% | 904.0% | 53.15% |
| 2022 | -11.5% | -5.9% | 438.4% | 55.49% |
| 2021 | 18.4% | -81.2% | 8.2% | 46.90% |
| 2020 | 4.4% | -29.0% | 19.8% | 71.32% |
| 2019 | 18.8% | -10.9% | 12.8% | N/A |
NAV & Total Return History
GLSOX - Holdings
Concentration Analysis
| GLSOX | Category Low | Category High | GLSOX % Rank | |
|---|---|---|---|---|
| Net Assets | 611 M | 25 | 17.4 B | 18.35% |
| Number of Holdings | 21 | 2 | 508 | 66.41% |
| Net Assets in Top 10 | 808 M | -6.66 M | 5.12 B | 9.54% |
| Weighting of Top 10 | 132.23% | 11.3% | 100.0% | 1.03% |
Top 10 Holdings
- S+P 500 INDEX 75.33%
- S+P 500 INDEX 15.41%
- S+P 500 INDEX 9.81%
- U.S. Treasury Bills 7.76%
- U.S. Treasury Bills 7.22%
- U.S. Treasury Bills 6.51%
- S+P 500 INDEX 4.49%
- Vanguard SP 500 ETF 2.57%
- SPDR SP 500 ETF Trust 2.06%
- S+P 500 INDEX 1.08%
Asset Allocation
| Weighting | Return Low | Return High | GLSOX % Rank | |
|---|---|---|---|---|
| Other | 72.57% | 0.00% | 45.92% | 65.27% |
| Cash | 22.81% | -0.76% | 100.29% | 16.03% |
| Stocks | 4.62% | -3.92% | 100.76% | 79.39% |
| Preferred Stocks | 0.00% | 0.00% | 3.08% | 55.73% |
| Convertible Bonds | 0.00% | 0.00% | 20.91% | 57.63% |
| Bonds | 0.00% | 0.00% | 97.96% | 9.16% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | GLSOX % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 13.35% | 33.61% |
| Technology | 0.00% | 0.00% | 44.43% | 15.97% |
| Real Estate | 0.00% | 0.00% | 9.74% | 70.59% |
| Industrials | 0.00% | 1.41% | 43.91% | 66.81% |
| Healthcare | 0.00% | 0.00% | 25.91% | 28.99% |
| Financial Services | 0.00% | 0.00% | 29.60% | 80.25% |
| Energy | 0.00% | 0.00% | 69.54% | 81.09% |
| Communication Services | 0.00% | 0.00% | 21.22% | 63.87% |
| Consumer Defense | 0.00% | 0.00% | 22.87% | 32.77% |
| Consumer Cyclical | 0.00% | 0.00% | 19.02% | 26.47% |
| Basic Materials | 0.00% | 0.00% | 60.58% | 68.49% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | GLSOX % Rank | |
|---|---|---|---|---|
| US | 4.62% | -3.89% | 100.00% | 66.41% |
| Non US | 0.00% | -2.17% | 99.33% | 30.92% |
GLSOX - Expenses
Operational Fees
| GLSOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.66% | 0.20% | 6.78% | 94.65% |
| Management Fee | 0.55% | 0.20% | 1.75% | 11.57% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | 0.25% | 0.02% | 0.28% | 89.80% |
Sales Fees
| GLSOX 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
| GLSOX 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.
| GLSOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 0.00% | 0.00% | 456.80% | 16.96% |
GLSOX - Distributions
Dividend Yield Analysis
| GLSOX | Category Low | Category High | GLSOX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.49% | 0.00% | 3.76% | 58.74% |
Dividend Distribution Analysis
| GLSOX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | Annually | Monthly | Annually |
Net Income Ratio Analysis
| GLSOX | Category Low | Category High | GLSOX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.57% | -2.54% | 14.24% | 65.98% |
Capital Gain Distribution Analysis
| GLSOX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Oct 02, 2024 | $0.019 | OrdinaryDividend |
| Apr 03, 2024 | $0.030 | OrdinaryDividend |
| Dec 15, 2023 | $0.001 | OrdinaryDividend |
| Dec 14, 2021 | $0.697 | CapitalGainShortTerm |
| Dec 14, 2021 | $1.085 | CapitalGainLongTerm |
| Dec 13, 2019 | $0.354 | CapitalGainShortTerm |
| Dec 13, 2019 | $0.577 | CapitalGainLongTerm |
| Dec 14, 2018 | $0.086 | CapitalGainShortTerm |
| Dec 14, 2018 | $0.207 | CapitalGainLongTerm |
| Dec 13, 2017 | $0.273 | CapitalGainShortTerm |
| Dec 13, 2017 | $0.517 | CapitalGainLongTerm |
| Dec 14, 2016 | $0.196 | CapitalGainShortTerm |
| Dec 14, 2016 | $0.410 | CapitalGainLongTerm |
GLSOX - Fund Manager Analysis
Managers
Sean Heron
Start Date
Tenure
Tenure Rank
Jun 30, 2010
11.93
11.9%
Sean E. Heron, CFA, is a Portfolio Manager, Options & Derivatives, for The Glenmede Trust Company, N.A. (GTC) and a Portfolio Manager for Glenmede Investment Management LP (GIM), an affiliate of GTC. Sean manages the secured options products and leads a team responsible for providing clients with options and some alternative strategies. Mr. Heron began his career with Goldman Sachs. In 2003, he left the firm to help former Goldman Sachs Managing Director Thomas McGowan launch McGowan Investors, LP. Mr. Heron graduated from LaSalle University with a B.A. in Finance and an M.B.A in Accounting. He received his Chartered Financial Analysts designation® in 2004. Mr. Heron is a board member of the CFA Society of Philadelphia and serves as an instructor for the CFA Exam and as an Adjunct Professor at Rutgers University.
Stacey Gilbert
Start Date
Tenure
Tenure Rank
Feb 28, 2020
2.25
2.3%
Stacey Gilbert is a Portfolio Manager on the Derivatives team for Glenmede Investment Management LP (GIM). She co-manages the firm’s Secured Options and Global Secured Options strategies. Ms. Gilbert contributes to the overall investment approach for the strategies and serves as a key point of contact for clients. In addition, she works with the team on the development of derivatives-based strategies that seek to harvest liquid alternative risk premia. Prior to joining Glenmede, Ms. Gilbert served as the Head of Derivative Strategy at Susquehanna Financial Group. In this role, she led a team responsible for providing market commentary, actionable ideas and trading strategies driven by catalyst events, breaking news, and sector analysis. During her more than two decades at Susquehanna, she held several leadership positions, including key senior positions on the trading desk and the American Stock Exchange, trading both options and ETFs. Gilbert also led the company’s Education department. Ms. Gilbert earned a Bachelor of Arts degree in mathematics and a minor in economics from Dartmouth College.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.04 | 19.77 | 3.61 | 5.67 |
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