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Trending ETFs

Kensington Managed Income Fund

mutual fund
KAMCX
Payout Change
Pending
Price as of:
$9.82 -0.02 -0.2%
primary theme
Bond Sector Diversified
share class
KAMCX (Mutual Fund)

Kensington Managed Income Fund

Payout Change
Pending
Price as of:
$9.82 -0.02 -0.2%
primary theme
Bond Sector Diversified
share class
KAMCX (Mutual Fund)

Kensington Managed Income Fund

Payout Change
Pending
Price as of:
$9.82 -0.02 -0.2%
primary theme
Bond Sector Diversified
share class

Name

As of 12/12/2024

Price

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

$9.82

$812 M

4.69%

$0.46

2.54%

Vitals

YTD Return

3.9%

1 yr return

4.3%

3 Yr Avg Return

-0.8%

5 Yr Avg Return

1.2%

Net Assets

$812 M

Holdings in Top 10

128.6%

52 WEEK LOW AND HIGH

$9.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.54%

SALES FEES

Front Load N/A

Deferred Load 1.00%

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/12/2024

Price

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

$9.82

$812 M

4.69%

$0.46

2.54%

KAMCX - Profile

Distributions

  • YTD Total Return 3.9%
  • 3 Yr Annualized Total Return -0.8%
  • 5 Yr Annualized Total Return 1.2%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.59%
DIVIDENDS
  • Dividend Yield 4.7%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Kensington Managed Income Fund
  • Fund Family Name
    Quantified Funds
  • Inception Date
    Aug 27, 2019
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Bruce DeLaurentis

Fund Description

The Fund is designed to provide the potential to generate stable, above average returns, with a reduced risk of drawdown (i.e., the risk of a decline in investment value during a decline in the U.S. equity markets). Kensington Asset Management, LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing the Fund’s assets to gain exposure to (i) higher-yielding, fixed income securities, or to (ii) cash, cash equivalents, and U.S. Treasury securities, based on a proprietary “Managed Income Model” that looks at trends and patterns in the high-yield fixed income market. The Managed Income Model uses daily inputs related to the prices of certain U.S. high-yield and long-term Treasury bond funds, U.S. equity market indices, and the number of NYSE-listed companies whose prices have increased and decreased each day to evaluate whether market conditions favor a “Risk-On” portfolio exposed to high-yield securities or a “Risk-Off” portfolio exposed to cash, cash equivalents, or U.S. Treasury securities. Specifically, the model uses the following inputs:
The net asset values of certain U.S. high-yield bond funds
Prices of long-term U.S. Treasury bonds
The level of the NASDAQ Composite Index, a market capitalization weighted index of approximately 3,000 common equities listed on the NASDAQ stock exchange
The level of the Value Line Geometric Composite Index, an index of approximately 1,700 companies representing approximately 90% of the market capitalization of all U.S.-listed stocks with returns weighted to account for compounding of returns of time; and
The daily number of NYSE-listed companies with prices increasing or decreasing (the Advance/Decline Line).
The Managed Income Model looks for trends developing over multiple time periods (e.g., weeks, months, years) to signal a change from Risk-On to Risk-Off or vice versa, and the Adviser will generally turn over approximately 100% of the portfolio’s exposures when the Managed Income Model signals a change. Depending on market conditions, such turnover from Risk-On to Risk-Off or vice versa may take up to several weeks, and the Fund may have significant portfolio turnover from year to year. The Adviser generally expects such changes to occur infrequently (e.g., fewer than five times annually) based on historic trends in the high-yield fixed income market. Generally, when the Adviser believes high-yield market conditions are favorable, the Fund seeks exposure to longer maturity and lower quality high-yield securities. When the Adviser believes high-yield market conditions are somewhat less favorable (but still “Risk-On”), the Fund seeks exposure to shorter maturity and better quality high-yield securities.
In its Risk-On position, the Fund will gain exposure to fixed-income securities primarily by investing in one or more of the following investment types (1) other mutual funds and exchange-traded funds (“ETFs”) (collectively, “underlying funds”) that invest in higher-yielding, income-producing securities, (2) individual bonds, including high-yield bonds, (3) credit default swaps and credit default index swaps, and options on such instruments, and/or (4) index futures and bond futures. The types of investments used to gain the Fund’s exposures to fixed-income securities (i.e., other mutual funds and ETFs, individual bonds, derivatives, etc.), and the allocation to each, is determined by several factors related to each investment type when the investment is made, including but not limited to, capacity constraints, the expected duration of the trade, fees or commissions, and the quality of beta (i.e., sensitivity to the securities markets) offered by the investment type. The use of derivative instruments is just one option that the Fund may use and such use is determined in the same manner as the other investments.
The fixed-income securities to which the Fund may have exposure, either directly or indirectly, include bills, notes, bonds, debentures, bank loans, loan participations, syndicated loan assignments and other evidence of indebtedness and are not restricted as to issuer credit quality, country, capitalization, security maturity, currency, or leverage. The specific fixed-income securities in which the Fund invests or has exposure to is determined by the Adviser’s systematic investment approach, which takes into account several key elements, including but not limited to, the evaluation of relative value and trends across the spectrum of fixed-income opportunities, and the risks related to credit and duration for those opportunities in the current market environment. In its Risk-On position, a majority of the Fund’s portfolio is typically exposed to high-yield securities, which are debt instruments rated lower than Baa3 by Moody’s Investors Service, Inc. (“Moody’s”) or lower than BBB- by Standard and Poor’s Rating Group (“S&P”), or, if unrated, determined by the Adviser, or underlying fund’s adviser where applicable, to be of similar credit quality. High-yield securities are also known as “junk bonds.” The Fund may have exposure to junk bonds that are in default, subject to bankruptcy or reorganization. The Fund may also take short positions from time to time to hedge or offset existing long positions.
In its Risk-Off position, the Fund will primarily hold cash or cash equivalents or invest directly or indirectly in underlying funds that invest in U.S. Treasury securities of various maturities. The Fund may also take short positions in the Risk-Off position to offset existing long holdings from when the Fund was in the Risk-On position.
In selecting underlying funds, the Adviser considers the performance, relative fees, management experience, and underlying portfolio composition and strategy of such underlying funds. The Fund is non-diversified, which means it may invest a high percentage of its assets in a limited number of securities. The Fund will typically limit its investment in a single underlying fund to one percent of such underlying fund’s net assets, although the percentage of such underlying fund owned by the Fund may change over time as the value of such investment changes and the Fund’s overall portfolio changes.
The Fund may lend its portfolio securities to brokers, dealers, and other financial organizations. These loans, if and when made, may not exceed 33 1/3% of the total asset value of the Fund (including the loan collateral). By lending its securities, the Fund may increase its income by receiving payments from the borrower.
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KAMCX - Performance

Return Ranking - Trailing

Period KAMCX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.9% -11.1% 18.9% 87.31%
1 Yr 4.3% -9.2% 20.8% 89.32%
3 Yr -0.8%* -16.9% 16.8% 87.46%
5 Yr 1.2%* -14.7% 13.4% 77.50%
10 Yr N/A* -7.0% 7.1% N/A

* Annualized

Return Ranking - Calendar

Period KAMCX Return Category Return Low Category Return High Rank in Category (%)
2023 -0.3% -12.0% 8.9% 88.87%
2022 -7.3% -31.8% 18.4% 21.55%
2021 -2.0% -16.2% 25.7% 65.08%
2020 5.4% -31.1% 18.7% 13.01%
2019 N/A -6.1% 15.3% N/A

Total Return Ranking - Trailing

Period KAMCX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.9% -11.1% 18.9% 87.31%
1 Yr 4.3% -9.2% 20.8% 89.32%
3 Yr -0.8%* -16.9% 16.8% 87.46%
5 Yr 1.2%* -14.7% 13.4% 77.50%
10 Yr N/A* -7.0% 7.1% N/A

* Annualized

Total Return Ranking - Calendar

Period KAMCX Return Category Return Low Category Return High Rank in Category (%)
2023 2.9% -6.9% 22.2% 91.96%
2022 -7.0% -31.8% 21.1% 36.77%
2021 -0.8% -13.5% 49.9% 85.90%
2020 7.0% -28.6% 24.1% 34.22%
2019 N/A -4.8% 19.1% N/A

NAV & Total Return History


KAMCX - Holdings

Concentration Analysis

KAMCX Category Low Category High KAMCX % Rank
Net Assets 812 M 2.63 M 143 B 46.82%
Number of Holdings 20 4 9638 92.98%
Net Assets in Top 10 1.18 B -204 M 89.4 B 16.69%
Weighting of Top 10 128.56% 5.8% 265.8% 1.73%

Top 10 Holdings

  1. Mount Vernon Liquid Assets Portfolio, LLC 45.89%
  2. iShares Broad USD High Yield Corporate Bond ETF 19.83%
  3. SPDR Bloomberg High Yield Bond ETF 14.56%
  4. SPDR Portfolio High Yield Bond ETF 9.92%
  5. Janus Henderson AAA CLO ETF 9.27%
  6. VanEck Fallen Angel High Yield Bond ETF 7.61%
  7. US BANK MMDA - USBGFS 9 6.26%
  8. SPDR Blackstone Senior Loan ETF 5.54%
  9. Xtrackers USD High Yield Corporate Bond ETF 4.88%
  10. SPDR Bloomberg Short Term High Yield Bond ETF 4.81%

Asset Allocation

Weighting Return Low Return High KAMCX % Rank
Stocks
97.11% -6.18% 99.68% 4.84%
Cash
52.15% -94.66% 99.97% 2.03%
Preferred Stocks
0.00% 0.00% 21.58% 76.13%
Other
0.00% -75.22% 147.15% 81.12%
Convertible Bonds
0.00% 0.00% 33.50% 92.15%
Bonds
0.00% 0.00% 199.60% 95.16%

Stock Sector Breakdown

Weighting Return Low Return High KAMCX % Rank
Utilities
0.00% 0.00% 100.00% 35.11%
Technology
0.00% 0.00% 28.30% 15.33%
Real Estate
0.00% 0.00% 100.00% 36.89%
Industrials
0.00% 0.00% 100.00% 38.22%
Healthcare
0.00% 0.00% 18.60% 14.67%
Financial Services
0.00% 0.00% 100.00% 51.33%
Energy
0.00% 0.00% 100.00% 30.00%
Communication Services
0.00% 0.00% 100.00% 20.22%
Consumer Defense
0.00% 0.00% 99.97% 12.22%
Consumer Cyclical
0.00% 0.00% 89.95% 7.33%
Basic Materials
0.00% 0.00% 100.00% 23.33%

Stock Geographic Breakdown

Weighting Return Low Return High KAMCX % Rank
US
97.11% -6.18% 99.68% 4.84%
Non US
0.00% -0.30% 17.73% 63.65%

KAMCX - Expenses

Operational Fees

KAMCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.54% 0.03% 34.13% 11.35%
Management Fee 1.25% 0.00% 2.29% 92.11%
12b-1 Fee 1.00% 0.00% 1.00% 91.30%
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

KAMCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load 1.00% 1.00% 1.50% 62.20%

Trading Fees

KAMCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 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.

KAMCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 632.00% 89.77%

KAMCX - Distributions

Dividend Yield Analysis

KAMCX Category Low Category High KAMCX % Rank
Dividend Yield 4.69% 0.00% 23.30% 83.77%

Dividend Distribution Analysis

KAMCX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly SemiAnnual Monthly Quarterly

Net Income Ratio Analysis

KAMCX Category Low Category High KAMCX % Rank
Net Income Ratio 1.59% -1.55% 11.51% 85.26%

Capital Gain Distribution Analysis

KAMCX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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KAMCX - Fund Manager Analysis

Managers

Bruce DeLaurentis


Start Date

Tenure

Tenure Rank

May 31, 2019

3.0

3.0%

Mr. DeLaurentis’ investment experience began in 1969 as an active trader and student of the stock market. In 1977 he became a registered representative with Underwood, Neuhaus & Co. in Dallas, TX. He adopted the Kensington name in 1984. The firm specializes in developing quantitative decision models that apply to the equity and fixed income markets and has licensed these models to a variety of financial firms over the years. Kensington received the highest national ranking for equity market performance by MoniResearch Newsletter, an independent rating service, for the period 1984 to 1987. Starting in 1992, he shifted focus to high-yield corporate bonds using separately managed accounts. He is a founding member of The National Association of Active Investment Managers (NAAIM). Since 1992, Mr. DeLaurentis has guided the Kensington Managed Income program through two major bear markets, 2000 to 2002, and 2007 to 2009 with positive outcomes in both instances. Over that time, Managed Income has compiled one of the best track records in the U.S. for a tactical high-yield bond strategy. All of the quantitative/mathematical algorithms that drive Managed Income were created by Mr. DeLaurentis who is now broadening the product suite at Kensington. The new product suite includes several equity products along with the firm’s fixed-income offerings. Mr. DeLaurentis is spearheading a new growth cycle at Kensington which entails moving the company onto an array of institutional platforms so that a broader cross-section of the investment community will be able to access Kensington’s elite risk-mitigated outcomes. He attended the Massachusetts Institute of Technology and graduated in 1975 from Hofstra University in New York with a bachelor’s degree in economics. He was a chief warrant officer in the U.S. Army and served as a helicopter pilot. Following a tour in Vietnam from 1967 to 1968, he served as an instructor pilot. Mr. DeLaurentis is currently an Investment Advisor Representative with Advisors Preferred, LLC.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.71 3.19