Dividend Investing Ideas Center
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 12/10/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
29.1%
1 yr return
35.3%
3 Yr Avg Return
4.4%
5 Yr Avg Return
2.0%
Net Assets
$16.7 M
Holdings in Top 10
53.6%
Expense Ratio 1.97%
Front Load N/A
Deferred Load N/A
Turnover 77.00%
Redemption Fee N/A
Standard (Taxable)
$2,500
IRA
$2,500
Fund Type
Open End Mutual Fund
Name
As of 12/10/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The Fund seeks to achieve its investment objective by combining a portfolio of common stock (the Common Stock Component) with an overlay component that provides exposure to quantitative investment strategies (the Overlay Component).
Common Stock Component
The Common Stock Component invests in common stocks of U.S. companies, including real estate investment trusts (REITs), and American Depositary Receipts (ADRs). The Fund purchases positions in stocks that are experiencing insider buying by corporate executives, directors, large shareholders or activist shareholders. The Fund may invest in companies of any market capitalization, including smaller-sized companies, but intends to emphasize larger capitalization stocks.
The Advisor uses public information that is filed with the Securities and Exchange Commission (SEC) on corporate insider and large shareholder buying and selling activity for its investment decisions. The Advisors research and quantitative back-testing of insider trading data over long periods of time has resulted in the development of a proprietary method of analyzing insider trading activity that it believes can provide long-term capital appreciation. The underlying thesis is that corporate insiders and large or activist shareholders know more about the prospects of the company than anybody else.
The Advisors investment process focuses on insider identities (position in the company), motivations, insider trading trends, trading volumes, firm size and other factors to select stocks for the portfolio. Stocks are sold when the relevant insider trading trends reverse or when portfolio positions achieve or no longer provide the targeted risk adjusted return. The Fund actively trades its portfolio investments, which may lead to higher transaction costs that may affect the Funds performance.
Overlay Component
The Overlay Component is designed to provide the Fund with exposure to various asset classes and strategies that have historically demonstrated the potential to produce attractive total return over the long term with low to moderate correlation to equities and bonds. The Overlay Component generally seeks to gain this exposure by investing in one or more structured notes and/or one or more non-exchange-traded total return swap contracts.
The Overlay Component pursues an absolute return, multi-risk premia strategy (i.e., a multi-risk factor strategy) that attempts to capture various sources of systematic risk premia in the capital markets. Risk premia refers to sources of return derived by accepting risks beyond those inherent in traditional broad market exposures, such as long-only broad-market equity and bond indexes. Risk premia are considered the building blocks of many variable (i.e., non-linear) and hedged investment strategies. Risk premia strategies use publicly traded instruments and tend to have lower correlation to equities and bonds as well as to one another.
The Overlay Components multi-risk premia strategy provides exposure to a blend of Carry, Momentum, Value and Volatility Risk Premia across equity, commodity, foreign exchange and fixed income markets and invests in futures and options on equity indices, commodities, government bonds and non-government bonds, interest rates and currency forwards.
● | Carry Risk Premia: Captures the tendency for higher yielding assets to outperform lower yielding assets over time. Typical Carry Risk Premia strategies include having long, high carry assets and short, low carry assets. An example is to synthetically buy high yielding currency forward contracts and sell low yielding currency forward contracts. |
● | Momentum Risk Premia: Captures the tendency for assets that have performed well in the recent past to continue to perform well, and assets that have performed poorly in the recent past to continue to perform poorly. Typical Momentum Risk Premia strategies include being long historically high performing assets and being short historically low performing assets. An example is to synthetically buy positive trending futures and sell negatively trending futures across multiple asset classes. |
● | Volatility Risk Premia: Captures the behavioral tendency of markets to over-exaggerate implied or expected volatility. Typical Volatility Risk Premia strategies include being short an assets expected end-of-day price standard deviation (implied volatility) and being long an assets realized end-of-day price standard deviation (realized volatility) over a specified period. An example would be writing ultra short put options on the S&P 500 Index with an intra-day delta hedge. |
● | Value Risk Premia: Captures the behavioral tendency of asset prices to mean revert to fair value anchors. Typical Value Risk Premia strategies include short term mean-reversion strategies that use price and fundamental indicators to open short positions in overbought assets and open long positions in oversold assets. An example would be to open short positions in overbought currency pairs and open long positions on oversold currency pairs. |
The Overlay Components allocations across these risk premia strategies are made at the discretion of the Advisor with the intent to best complement the Common Stock Component.
Investments in Subsidiary
The Advisor executes a portion of the Funds strategy by investing up to 25% of the Funds total assets in the Subsidiary, a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. The Subsidiary invests the majority of its assets in structured notes and total return swap contracts. The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis.
Period | INSIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 29.1% | -37.8% | 56.1% | 63.73% |
1 Yr | 35.3% | -36.3% | 134.4% | 62.18% |
3 Yr | 4.4%* | -21.2% | 35.4% | 84.12% |
5 Yr | 2.0%* | -12.8% | 32.8% | 99.51% |
10 Yr | 4.4%* | -3.9% | 21.1% | 99.62% |
* Annualized
Period | INSIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 31.8% | -74.1% | 72.4% | 52.55% |
2022 | -32.5% | -85.9% | 4.7% | 41.15% |
2021 | -17.5% | -52.4% | 60.5% | 95.23% |
2020 | 14.7% | -34.3% | 145.0% | 86.81% |
2019 | 24.2% | -6.9% | 49.4% | 54.84% |
Period | INSIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 29.1% | -37.8% | 56.1% | 63.73% |
1 Yr | 35.3% | -36.3% | 134.4% | 62.18% |
3 Yr | 4.4%* | -21.2% | 35.4% | 84.12% |
5 Yr | 2.0%* | -12.8% | 32.8% | 99.51% |
10 Yr | 4.4%* | -3.9% | 21.1% | 99.62% |
* Annualized
Period | INSIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 31.8% | -4.6% | 72.4% | 70.07% |
2022 | -32.5% | -61.7% | 5.6% | 65.52% |
2021 | -17.5% | -39.8% | 118.1% | 99.63% |
2020 | 14.7% | 2.8% | 149.2% | 98.06% |
2019 | 24.2% | -5.2% | 49.4% | 96.33% |
INSIX | Category Low | Category High | INSIX % Rank | |
---|---|---|---|---|
Net Assets | 16.7 M | 296 K | 287 B | 97.82% |
Number of Holdings | 41 | 2 | 3061 | 75.50% |
Net Assets in Top 10 | 9.37 M | 126 K | 150 B | 97.91% |
Weighting of Top 10 | 53.56% | 0.7% | 205.0% | 49.95% |
Weighting | Return Low | Return High | INSIX % Rank | |
---|---|---|---|---|
Stocks | 99.49% | 0.00% | 123.52% | 28.86% |
Cash | 0.51% | 0.00% | 173.52% | 65.61% |
Preferred Stocks | 0.00% | 0.00% | 8.45% | 23.96% |
Other | 0.00% | -36.56% | 50.35% | 34.94% |
Convertible Bonds | 0.00% | 0.00% | 1.94% | 13.00% |
Bonds | 0.00% | 0.00% | 102.71% | 14.79% |
Weighting | Return Low | Return High | INSIX % Rank | |
---|---|---|---|---|
Technology | 40.76% | 0.00% | 65.70% | 26.82% |
Communication Services | 22.85% | 0.00% | 66.40% | 1.27% |
Consumer Cyclical | 18.94% | 0.00% | 62.57% | 22.55% |
Healthcare | 8.03% | 0.00% | 39.76% | 88.82% |
Financial Services | 7.32% | 0.00% | 43.06% | 68.55% |
Consumer Defense | 2.10% | 0.00% | 25.50% | 70.55% |
Utilities | 0.00% | 0.00% | 16.07% | 36.09% |
Real Estate | 0.00% | 0.00% | 16.05% | 70.36% |
Industrials | 0.00% | 0.00% | 30.65% | 93.00% |
Energy | 0.00% | 0.00% | 41.09% | 58.27% |
Basic Materials | 0.00% | 0.00% | 18.91% | 75.64% |
Weighting | Return Low | Return High | INSIX % Rank | |
---|---|---|---|---|
US | 99.49% | 0.00% | 123.52% | 20.96% |
Non US | 0.00% | 0.00% | 75.46% | 37.84% |
INSIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.97% | 0.01% | 28.71% | 7.10% |
Management Fee | 1.00% | 0.00% | 1.50% | 95.52% |
12b-1 Fee | 0.00% | 0.00% | 1.00% | 1.23% |
Administrative Fee | N/A | 0.01% | 1.02% | 59.52% |
INSIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.25% | 8.50% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
INSIX 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.
INSIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 77.00% | 0.00% | 316.74% | 83.04% |
INSIX | Category Low | Category High | INSIX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 27.58% | 48.77% |
INSIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Other | Annual | SemiAnnual | Annual |
INSIX | Category Low | Category High | INSIX % Rank | |
---|---|---|---|---|
Net Income Ratio | -1.05% | -6.13% | 3.48% | 88.78% |
INSIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Dec 18, 2014 | $0.074 | OrdinaryDividend |
Dec 18, 2014 | $0.546 | CapitalGainShortTerm |
Dec 18, 2014 | $0.004 | CapitalGainLongTerm |
Start Date
Tenure
Tenure Rank
Jul 29, 2011
10.85
10.9%
David Miller, Owner and Chief Investment Officer of Rational Advisors, Inc. since 2016. He is a co-founder and has served as Chief Investment Officer of Catalyst Capital Advisors LLC since 2006, and is responsible for the day-to-day management of several funds managed by Catalyst. Mr. Miller is also a member of Catalyst International Advisors LLC since 2019, Insights Media LLC since 2019, and Catalyst Insurance Corporation II since 2018. Prior to founding Catalyst, Mr. Miller was the CEO of Investment Catalyst, an investment newsletter he founded in 2005. The Investment Catalyst newsletter worked to identify undervalued stocks with a near term catalyst for appreciation. Mr. Miller was a trader with UBS, working on the equity derivatives desk from July 2002 until December 2002. Mr. Miller was the CEO of MovieDaze Media Group, a search engine marketing company that he co-founded in 2003 and sold in 2006. He received a BS in Economics from the University of Pennsylvania, Wharton School and a MBA in Finance from the University of Michigan, Ross School of Business.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.04 | 54.45 | 8.25 | 3.08 |
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