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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 11/07/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
13.4%
1 yr return
31.1%
3 Yr Avg Return
0.2%
5 Yr Avg Return
6.6%
Net Assets
$19.3 M
Holdings in Top 10
61.5%
Expense Ratio 2.57%
Front Load N/A
Deferred Load N/A
Turnover 55.36%
Redemption Fee N/A
Standard (Taxable)
$2,500
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 11/07/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The Fund’s investment objective is pursued through a “Value, Yield-Advantage” strategy (as described in more detail below) through investment in public real estate securities, which may include equity real estate investment trusts (a “REIT” or “REITs”), mortgage REITs, REIT preferreds, and other publicly traded companies whose primary business is in the real estate industry. This strategy often leads to investment in smaller capitalization companies (under $1B). The composition of the portfolio does not seek to mimic equity REIT indices.
Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies principally engaged in the real estate industry and other real estate related investments. Equity securities can consist of shares of REITs, and securities issued by other companies principally engaged in the real estate industry. Equity securities can also include securities convertible into common stocks where the conversion feature represents, in the Adviser’s view, a significant element of a security’s value, and preferred stocks.
The Fund considers a company to be principally engaged in the real estate industry if it either (i) derives at least 50% of its revenues from the ownership, construction, financing, management or sale of commercial or residential real estate or (ii) has at least 50% of its assets in real estate or such real estate businesses. These include securities issued by REITs and real estate operating companies. The Fund does not invest in real estate directly.
The Value, Yield-Advantage strategy seeks to invest in companies that in the Adviser’s view have (i) underlying real estate assets that are trading at a discount to the private market value of such assets and (ii) have an above-average dividend yield or strong free cash flow. The Adviser screens its universe of real estate securities for a number of proprietary valuation, income, and balance sheet metrics to identify candidates for investment. This process is combined with in-depth industry and company -specific research to narrow the investment options for the Fund. The Fund may invest in companies without regard to their market capitalization. The Fund’s strategy is an all-cap strategy which means that investments are made without regard to a company’s market capitalization. The Fund’s investment process is indifferent to index weightings, which generally results in a portfolio that is differentiated by company names and percentage exposures. The portfolio of securities in which the Fund invests will normally be U.S. issuers that are considered by the Adviser to be undervalued relative to the value of the underlying real estate.
In executing its investment strategy, the Fund may use leverage, i.e., borrow money for investing, for the purpose of enhancing returns and meeting operating expenses and redemption requests while maintaining investment capacity. When the Fund borrows, it will maintain varying levels of leverage depending on factors such as the price of a particular security relative to the underlying real estate associated with that security and the returns of the security relative to the interest expense of the Fund. The amount of leverage may not exceed 33-1/3% of the Fund’s total assets less its liabilities other than borrowings. The Adviser is most likely to employ the use of leverage during periods when it believes it will obtain a greater return than the cost of borrowing, and when the Adviser believes that the securities are trading at a discount to their underlying real estate value. Notwithstanding this expectation, the Fund will not use leverage, or will use leverage to a lesser extent, if the Adviser anticipates that leveraged assets in the Fund would result in lower returns to shareholders. The Adviser may also purchase securities for which there is a limited liquid market or companies with limited operating histories.
The Fund may take short positions totaling up to 30% of the Fund’s total assets. The Adviser is most likely to use shorting to protect accumulated unrealized gains, or to take advantage of special situations where, in the Adviser’s view, the investment’s fundamental outlook is believed poor relative to its current valuation. Short sales may occur if the Adviser determines an event is likely to have downward impact on the market price of a company’s securities. The Adviser may short either individual securities and/or index funds when appropriate.
While both leverage and shorting are permitted, neither is required to execute the Fund’s Value, Yield-Advantage investment process. The Fund is long biased, which means that on a net basis that it will have more exposure to long positions in its portfolio than short positions.
The remainder of the Fund's assets will be invested in cash or short-term investments or securities of real estate operating companies that may pay little or no dividends.
Period | HLPPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 13.4% | -6.6% | 21.5% | 23.98% |
1 Yr | 31.1% | -9.2% | 42.4% | 37.80% |
3 Yr | 0.2%* | -12.7% | 5.3% | 30.74% |
5 Yr | 6.6%* | -11.9% | 15.3% | 10.43% |
10 Yr | 5.1%* | -2.1% | 14.3% | 70.99% |
* Annualized
Period | HLPPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.8% | -16.2% | 24.6% | 69.80% |
2022 | -30.7% | -51.3% | 2.5% | 50.00% |
2021 | 19.7% | -7.7% | 52.3% | 80.25% |
2020 | -12.2% | -42.2% | 35.0% | 74.78% |
2019 | 28.5% | 0.0% | 43.1% | 3.59% |
Period | HLPPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 13.4% | -6.6% | 21.5% | 23.98% |
1 Yr | 31.1% | -9.2% | 42.4% | 37.80% |
3 Yr | 0.2%* | -12.7% | 5.3% | 30.74% |
5 Yr | 6.6%* | -11.9% | 15.3% | 10.43% |
10 Yr | 5.1%* | -2.1% | 14.3% | 70.99% |
* Annualized
Period | HLPPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 10.6% | -13.7% | 25.0% | 71.02% |
2022 | -21.4% | -40.7% | 7.8% | 16.80% |
2021 | 40.2% | 7.8% | 54.6% | 57.20% |
2020 | -4.1% | -36.6% | 44.3% | 44.78% |
2019 | 31.5% | 4.1% | 46.4% | 12.56% |
HLPPX | Category Low | Category High | HLPPX % Rank | |
---|---|---|---|---|
Net Assets | 19.3 M | 1.39 M | 61.4 B | 95.82% |
Number of Holdings | 25 | 22 | 519 | 98.78% |
Net Assets in Top 10 | 10.4 M | 1.29 M | 32.8 B | 95.53% |
Weighting of Top 10 | 61.49% | 13.2% | 90.0% | 19.92% |
Weighting | Return Low | Return High | HLPPX % Rank | |
---|---|---|---|---|
Stocks | 84.10% | 0.00% | 105.52% | 77.24% |
Preferred Stocks | 10.71% | 0.00% | 31.13% | 8.54% |
Cash | 5.19% | -42.50% | 24.34% | 11.79% |
Other | 0.00% | -89.90% | 104.09% | 43.50% |
Convertible Bonds | 0.00% | 0.00% | 10.95% | 28.57% |
Bonds | 0.00% | 0.00% | 155.83% | 35.37% |
Weighting | Return Low | Return High | HLPPX % Rank | |
---|---|---|---|---|
Real Estate | 96.84% | 34.46% | 100.00% | 82.05% |
Consumer Cyclical | 3.16% | 0.00% | 45.29% | 10.68% |
Utilities | 0.00% | 0.00% | 3.55% | 22.65% |
Technology | 0.00% | 0.00% | 12.02% | 40.17% |
Industrials | 0.00% | 0.00% | 7.39% | 29.06% |
Healthcare | 0.00% | 0.00% | 0.53% | 25.21% |
Financial Services | 0.00% | 0.00% | 37.05% | 34.19% |
Energy | 0.00% | 0.00% | 33.11% | 24.79% |
Communication Services | 0.00% | 0.00% | 11.61% | 29.91% |
Consumer Defense | 0.00% | 0.00% | 0.93% | 22.22% |
Basic Materials | 0.00% | 0.00% | 13.69% | 26.92% |
Weighting | Return Low | Return High | HLPPX % Rank | |
---|---|---|---|---|
US | 84.10% | 0.00% | 105.52% | 74.80% |
Non US | 0.00% | 0.00% | 37.90% | 30.49% |
HLPPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.57% | 0.07% | 8.91% | 11.11% |
Management Fee | 0.90% | 0.00% | 1.50% | 80.08% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 42.62% |
Administrative Fee | N/A | 0.01% | 0.45% | N/A |
HLPPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
HLPPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | 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.
HLPPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 55.36% | 0.11% | 380.00% | 61.67% |
HLPPX | Category Low | Category High | HLPPX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.72% | 0.00% | 13.03% | 35.77% |
HLPPX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Annual | Monthly | Quarterly |
HLPPX | Category Low | Category High | HLPPX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.48% | -1.14% | 6.05% | 81.07% |
HLPPX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Sep 25, 2024 | $0.026 | OrdinaryDividend |
Aug 28, 2024 | $0.007 | OrdinaryDividend |
Jul 29, 2024 | $0.007 | OrdinaryDividend |
Apr 26, 2024 | $0.009 | OrdinaryDividend |
Mar 26, 2024 | $0.033 | OrdinaryDividend |
Feb 27, 2024 | $0.039 | OrdinaryDividend |
Jan 29, 2024 | $0.014 | OrdinaryDividend |
Dec 27, 2023 | $0.232 | CapitalGainLongTerm |
Nov 28, 2023 | $0.030 | OrdinaryDividend |
Oct 27, 2023 | $0.021 | OrdinaryDividend |
Sep 27, 2023 | $0.038 | OrdinaryDividend |
Aug 29, 2023 | $0.029 | OrdinaryDividend |
Jul 27, 2023 | $0.021 | OrdinaryDividend |
Jun 28, 2023 | $0.037 | OrdinaryDividend |
May 26, 2023 | $0.028 | OrdinaryDividend |
Apr 26, 2023 | $0.025 | OrdinaryDividend |
Mar 29, 2023 | $0.041 | OrdinaryDividend |
Feb 24, 2023 | $0.021 | OrdinaryDividend |
Jan 27, 2023 | $0.015 | OrdinaryDividend |
Dec 28, 2022 | $0.255 | CapitalGainShortTerm |
Dec 28, 2022 | $0.833 | CapitalGainLongTerm |
Nov 28, 2022 | $0.018 | OrdinaryDividend |
Oct 27, 2022 | $0.016 | OrdinaryDividend |
Sep 28, 2022 | $0.023 | OrdinaryDividend |
Aug 29, 2022 | $0.014 | OrdinaryDividend |
Jul 27, 2022 | $0.083 | OrdinaryDividend |
Jun 28, 2022 | $0.008 | OrdinaryDividend |
May 27, 2022 | $0.017 | OrdinaryDividend |
Apr 27, 2022 | $0.015 | OrdinaryDividend |
Mar 29, 2022 | $0.009 | OrdinaryDividend |
Feb 24, 2022 | $0.018 | OrdinaryDividend |
Jan 27, 2022 | $0.017 | OrdinaryDividend |
Dec 29, 2021 | $1.391 | CapitalGainShortTerm |
Dec 29, 2021 | $0.831 | CapitalGainLongTerm |
Nov 26, 2021 | $0.009 | OrdinaryDividend |
Oct 27, 2021 | $0.011 | OrdinaryDividend |
Sep 28, 2021 | $0.016 | OrdinaryDividend |
Aug 27, 2021 | $0.009 | OrdinaryDividend |
Jul 28, 2021 | $0.006 | OrdinaryDividend |
Jun 28, 2021 | $0.033 | OrdinaryDividend |
May 26, 2021 | $0.007 | OrdinaryDividend |
Apr 28, 2021 | $0.007 | OrdinaryDividend |
Mar 29, 2021 | $0.046 | OrdinaryDividend |
Feb 24, 2021 | $0.005 | OrdinaryDividend |
Jan 27, 2021 | $0.035 | OrdinaryDividend |
Dec 29, 2020 | $0.834 | CapitalGainLongTerm |
Nov 25, 2020 | $0.001 | OrdinaryDividend |
Oct 28, 2020 | $0.028 | OrdinaryDividend |
Sep 28, 2020 | $0.022 | OrdinaryDividend |
Aug 27, 2020 | $0.013 | OrdinaryDividend |
Jul 29, 2020 | $0.023 | OrdinaryDividend |
Jun 26, 2020 | $0.034 | OrdinaryDividend |
May 27, 2020 | $0.002 | OrdinaryDividend |
Apr 28, 2020 | $0.027 | OrdinaryDividend |
Mar 27, 2020 | $0.035 | CapitalGainLongTerm |
Feb 26, 2020 | $0.010 | OrdinaryDividend |
Jan 29, 2020 | $0.031 | CapitalGainLongTerm |
Nov 26, 2019 | $0.008 | OrdinaryDividend |
Oct 29, 2019 | $0.026 | OrdinaryDividend |
Sep 26, 2019 | $0.041 | OrdinaryDividend |
Aug 28, 2019 | $0.012 | OrdinaryDividend |
Jul 29, 2019 | $0.024 | OrdinaryDividend |
Jun 26, 2019 | $0.050 | OrdinaryDividend |
May 29, 2019 | $0.019 | OrdinaryDividend |
Apr 26, 2019 | $0.023 | OrdinaryDividend |
Mar 27, 2019 | $0.051 | OrdinaryDividend |
Feb 26, 2019 | $0.002 | OrdinaryDividend |
Jan 29, 2019 | $0.032 | OrdinaryDividend |
Nov 28, 2018 | $0.011 | OrdinaryDividend |
Oct 29, 2018 | $0.027 | OrdinaryDividend |
Sep 26, 2018 | $0.029 | OrdinaryDividend |
Aug 29, 2018 | $0.009 | OrdinaryDividend |
Jul 27, 2018 | $0.028 | OrdinaryDividend |
Jun 27, 2018 | $0.040 | OrdinaryDividend |
May 29, 2018 | $0.004 | OrdinaryDividend |
Apr 26, 2018 | $0.037 | OrdinaryDividend |
Mar 27, 2018 | $0.036 | OrdinaryDividend |
Feb 26, 2018 | $0.004 | OrdinaryDividend |
Jan 29, 2018 | $0.027 | OrdinaryDividend |
Dec 18, 2017 | $0.206 | CapitalGainShortTerm |
Dec 18, 2017 | $1.711 | CapitalGainLongTerm |
Nov 28, 2017 | $0.001 | OrdinaryDividend |
Oct 27, 2017 | $0.025 | OrdinaryDividend |
Sep 27, 2017 | $0.048 | OrdinaryDividend |
Aug 29, 2017 | $0.015 | OrdinaryDividend |
Jul 27, 2017 | $0.007 | OrdinaryDividend |
Jun 28, 2017 | $0.067 | OrdinaryDividend |
May 26, 2017 | $0.009 | OrdinaryDividend |
Apr 26, 2017 | $0.014 | OrdinaryDividend |
Mar 29, 2017 | $0.071 | OrdinaryDividend |
Feb 24, 2017 | $0.002 | OrdinaryDividend |
Jan 27, 2017 | $0.032 | OrdinaryDividend |
Dec 09, 2016 | $0.078 | CapitalGainShortTerm |
Dec 09, 2016 | $2.010 | CapitalGainLongTerm |
Nov 28, 2016 | $0.011 | OrdinaryDividend |
Oct 27, 2016 | $0.010 | OrdinaryDividend |
Sep 28, 2016 | $0.085 | OrdinaryDividend |
Aug 29, 2016 | $0.001 | OrdinaryDividend |
Jul 27, 2016 | $0.009 | OrdinaryDividend |
Jun 28, 2016 | $0.073 | OrdinaryDividend |
May 26, 2016 | $0.001 | OrdinaryDividend |
Apr 27, 2016 | $0.005 | OrdinaryDividend |
Mar 29, 2016 | $0.082 | OrdinaryDividend |
Feb 24, 2016 | $0.002 | OrdinaryDividend |
Jan 27, 2016 | $0.008 | OrdinaryDividend |
Dec 29, 2015 | $0.017 | CapitalGainShortTerm |
Dec 29, 2015 | $1.345 | CapitalGainLongTerm |
Nov 25, 2015 | $0.005 | OrdinaryDividend |
Oct 28, 2015 | $0.011 | OrdinaryDividend |
Sep 28, 2015 | $0.071 | OrdinaryDividend |
Aug 27, 2015 | $0.007 | OrdinaryDividend |
Jul 29, 2015 | $0.013 | OrdinaryDividend |
Jun 26, 2015 | $0.056 | OrdinaryDividend |
May 27, 2015 | $0.002 | OrdinaryDividend |
Apr 28, 2015 | $0.012 | OrdinaryDividend |
Mar 27, 2015 | $0.034 | OrdinaryDividend |
Feb 25, 2015 | $0.001 | OrdinaryDividend |
Jan 28, 2015 | $0.005 | OrdinaryDividend |
Dec 29, 2014 | $0.257 | CapitalGainLongTerm |
Dec 29, 2014 | $0.075 | OrdinaryDividend |
Nov 25, 2014 | $0.002 | OrdinaryDividend |
Oct 29, 2014 | $0.009 | OrdinaryDividend |
Sep 26, 2014 | $0.049 | OrdinaryDividend |
Aug 27, 2014 | $0.002 | OrdinaryDividend |
Start Date
Tenure
Tenure Rank
Dec 16, 2002
19.47
19.5%
Edward W. Turville CFA is the firm's Founder, Chairman and Managing Director. Mr. Turville, CFA has been with the firm and its predecessors since inception in 1997, and has an extensive real estate and investment background with over 40 years of cumulative experience in these industries. He has held a number of senior positions with a group of investment firms including: Managing Director – Real Estate Division, Beach Investment Counsel Inc.; Principal – Dalton, Greiner, Hartman, Maher & Co.; and Director of Research, Senior Vice President – Johnson, Lane, Space, Smith & Co. Mr. Turville is a Chartered Financial Analyst charterholder and a graduate of Rice University with a Bachelor of Commerce and a Bachelor of Science in Accounting.
Start Date
Tenure
Tenure Rank
Jan 31, 2015
7.33
7.3%
As the firm's President and Director of Research, Mr. Webster directs the firm's Atlanta Office and its research and marketing functions. He has a broad and in-depth background in real estate and real estate investing and has over 30 years experience in the industry. Mr. Webster has served as a real estate loan officer and asset manager for the Bank of Nova Scotia where he was responsible for an institutional portfolio of office, retail, hotel and condominium assets. He also has experience in real estate development and leasing in the industrial and office sectors. Mr. Webster has been with the firm since its inception, and has been a significant contributor to the development of our investment process. He holds a Bachelor of Arts in Public Policy from Duke University and a Masters of Business Administration from Emory University.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.01 | 28.42 | 8.3 | 2.68 |
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