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 10/08/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
10.8%
1 yr return
12.5%
3 Yr Avg Return
9.8%
5 Yr Avg Return
N/A
Net Assets
$134 M
Holdings in Top 10
48.0%
Expense Ratio 2.05%
Front Load N/A
Deferred Load N/A
Turnover N/A
Redemption Fee 2.00%
Standard (Taxable)
$25,000
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 10/08/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in long and short positions in equity securities. This investment policy can be changed by the Fund upon 60 days’ prior written notice to shareholders.
The equity securities in which the Fund invests are primarily common stocks of large-capitalization U.S. companies and derivatives with economic characteristics similar to such securities. The Fund considers a large-capitalization company to be a company with a market capitalization above the 70th percentile of the market capitalization
of companies listed on the New York Stock Exchange (“NYSE”) (approximately $8.75 billion as of January 31, 2024).
The Fund takes long and short positions in equity securities. A long position arises where the Fund holds a security in its portfolio or maintains a position through a derivative instrument that provides economic exposure similar to direct ownership of the security. Short positions generally involve selling a security not held within the portfolio in anticipation that the security’s price will decline or entering into a derivative instrument that provides economic exposure similar to a short sale of the security. To complete a short sale transaction, the Fund typically must borrow the stock to make delivery to the buyer. The Fund then would be obligated to replace the stock borrowed by purchasing the stock at the market price at the time of replacement. The price at such time may be higher or lower than the price at which the stock was sold short by the Fund. The Fund will be managed with a net long exposure bias, but has the ability to have net short exposure. The Fund may hold a substantial portion of its total assets in cash when it holds significant short positions.
In addition to investing in derivatives to take long and short positions, the Fund may also invest in derivatives for hedging or risk management purposes. The derivatives in which the Fund principally invests are options and swaps.
The Fund seeks to make investment decisions consistent with the United States Conference of Catholic Bishops’ Socially Responsible Investing Guidelines (the “USCCB Guidelines”), and therefore, the Fund is designed to avoid investments in companies that are believed to be involved with abortion, contraception, pornography, stem cell research/human cloning, weapons of mass destruction, or other enterprises that conflict with the USCCB Guidelines. As part of the screening process for the Fund, the Adviser uses information from a third-party environmental, social, and governance research firm and consults with experts to assess the policies and practices of companies based on the criteria set forth in the USCCB Guidelines. Based on such assessments, the Adviser compiles and maintains a list of companies that it determines to be inconsistent with the USCCB Guidelines (the “Restricted Securities List”). The Fund seeks to avoid investments in companies identified through this process. The policies and practices of the companies selected for the Fund are monitored for various issues contemplated by the USCCB Guidelines. If L2 Asset Management, LLC (“L2 Asset Management” or the “Sub-Adviser”), the Fund’s sub-adviser, becomes aware that the Fund is invested in a company whose policies and practices are inconsistent with the USCCB Guidelines, the
Sub-Adviser may sell the company’s securities or otherwise exclude future investments in such company. Although the Fund is designed to avoid taking long positions in the equity securities of such companies, the Fund may, consistent with the USCCB Guidelines, take short positions in the equity securities of such companies. The criteria used to screen out companies for the Fund may be modified from time to time to seek to maintain alignment with any changes to the USCCB Guidelines.
In selecting investments to buy and sell for the Fund, the Sub-Adviser utilizes a hybrid quantitative and fundamental investment process to seek to identify atypically high-quality companies for their level of market valuation. Stocks are evaluated by the Sub-Adviser on many variables that can be classified broadly into various categories, including “valuation” and “earnings quality.” “Valuation” contains traditional measures such as the dividend-to-price ratio and the earnings-to-price ratio, and “earnings quality” is used to assess the quality of earnings using measures such as accounting accruals and inventory turnover. Other variables focus on measures of analysts’ forecasts, balance sheet quality, market movements and return patterns including short and long-term price momentum. The Fund may focus its investments in one or more sectors.
Due to its investment strategy, the Fund may buy and sell securities frequently.
Period | KCEIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 10.8% | -12.6% | 30.7% | 47.06% |
1 Yr | 12.5% | -10.3% | 39.9% | 67.32% |
3 Yr | 9.8%* | -11.9% | 25.0% | 18.25% |
5 Yr | N/A* | -2.9% | 24.5% | N/A |
10 Yr | N/A* | -3.9% | 9.9% | N/A |
* Annualized
Period | KCEIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 0.6% | -17.3% | 43.8% | 72.55% |
2022 | 2.6% | -54.0% | 17.4% | 13.77% |
2021 | 16.7% | -40.0% | 54.1% | 19.70% |
2020 | -11.2% | -47.6% | 88.4% | 86.51% |
2019 | N/A | -20.3% | 62.6% | N/A |
Period | KCEIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 10.8% | -12.6% | 30.7% | 47.06% |
1 Yr | 12.5% | -10.3% | 39.9% | 67.32% |
3 Yr | 9.8%* | -11.9% | 25.0% | 18.25% |
5 Yr | N/A* | -2.9% | 24.5% | N/A |
10 Yr | N/A* | -3.9% | 9.9% | N/A |
* Annualized
Period | KCEIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.8% | -14.5% | 43.8% | 88.89% |
2022 | 10.4% | -54.0% | 50.3% | 11.59% |
2021 | 16.7% | -40.0% | 61.6% | 34.85% |
2020 | -11.1% | -29.9% | 91.0% | 90.48% |
2019 | N/A | -17.9% | 79.4% | N/A |
KCEIX | Category Low | Category High | KCEIX % Rank | |
---|---|---|---|---|
Net Assets | 134 M | 1.08 M | 6.67 B | 41.83% |
Number of Holdings | 97 | 3 | 2209 | 57.52% |
Net Assets in Top 10 | 60.5 M | 625 K | 2.41 B | 45.75% |
Weighting of Top 10 | 47.99% | 2.1% | 101.8% | 49.67% |
Weighting | Return Low | Return High | KCEIX % Rank | |
---|---|---|---|---|
Cash | 77.37% | 0.00% | 99.60% | 10.46% |
Stocks | 22.63% | 0.00% | 100.92% | 81.70% |
Preferred Stocks | 0.00% | -1.01% | 6.36% | 66.67% |
Other | 0.00% | -48.19% | 99.35% | 68.63% |
Convertible Bonds | 0.00% | -0.02% | 4.48% | 63.45% |
Bonds | 0.00% | 0.00% | 90.68% | 73.86% |
Weighting | Return Low | Return High | KCEIX % Rank | |
---|---|---|---|---|
Technology | 19.87% | 0.00% | 43.24% | 41.13% |
Financial Services | 17.87% | 0.00% | 83.83% | 37.90% |
Consumer Defense | 13.01% | 0.00% | 19.75% | 9.68% |
Healthcare | 12.44% | 0.00% | 100.00% | 69.35% |
Communication Services | 10.29% | 0.00% | 32.32% | 14.52% |
Industrials | 7.34% | 0.00% | 31.93% | 75.00% |
Energy | 6.94% | 0.00% | 32.57% | 29.03% |
Consumer Cyclical | 6.78% | 0.00% | 88.83% | 86.29% |
Basic Materials | 4.94% | 0.00% | 28.58% | 37.10% |
Utilities | 0.53% | 0.00% | 21.71% | 69.35% |
Real Estate | 0.00% | 0.00% | 10.93% | 95.16% |
Weighting | Return Low | Return High | KCEIX % Rank | |
---|---|---|---|---|
US | 22.63% | 0.00% | 100.92% | 79.08% |
Non US | 0.00% | -3.42% | 69.12% | 69.93% |
KCEIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.05% | 0.42% | 8.51% | 52.29% |
Management Fee | 1.25% | 0.00% | 2.50% | 57.52% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.03% | 1.54% | N/A |
KCEIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
KCEIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 2.00% | 0.50% | 2.00% | 14.29% |
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.
KCEIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 446.00% | 47.02% |
KCEIX | Category Low | Category High | KCEIX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.50% | 0.00% | 27.22% | 36.84% |
KCEIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | Annual | SemiAnnual | Annual |
KCEIX | Category Low | Category High | KCEIX % Rank | |
---|---|---|---|---|
Net Income Ratio | -1.06% | -3.33% | 2.16% | 61.59% |
KCEIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Semi-Annually | Annually |
Date | Amount | Type |
---|---|---|
Sep 27, 2024 | $0.073 | OrdinaryDividend |
Jun 27, 2024 | $0.074 | OrdinaryDividend |
Mar 27, 2024 | $0.069 | OrdinaryDividend |
Dec 28, 2023 | $0.066 | OrdinaryDividend |
Sep 28, 2023 | $0.056 | OrdinaryDividend |
Jun 29, 2023 | $0.060 | OrdinaryDividend |
Mar 30, 2023 | $0.054 | OrdinaryDividend |
Dec 29, 2022 | $0.062 | OrdinaryDividend |
Dec 22, 2022 | $0.724 | OrdinaryDividend |
Sep 29, 2022 | $0.013 | OrdinaryDividend |
Jun 29, 2022 | $0.002 | OrdinaryDividend |
Mar 30, 2022 | $0.009 | OrdinaryDividend |
Mar 30, 2020 | $0.013 | ReturnOfCapital |
Start Date
Tenure
Tenure Rank
Sep 30, 2019
2.67
2.7%
Matthew Malgari, Co-Founder, Managing Member and Portfolio Manager at L2 Asset Management since 2014. Since 2013, he also has served as Managing Member of Kailash Capital, LLC. Matthew began his career in the industry at Fidelity Management & Research where he spent 14 years. At Fidelity Matthew worked as a trader, diversified analyst, sector analyst and Assistant Portfolio Manager of the Fidelity Diversified International Fund. In 2010 Matt became the Managing Director of Equity Research for Knight Capital Group. Mr. Malgari received a B.A. from Middlebury College and an M.B.A from Johnson Graduate School of Management, Cornell University.
Start Date
Tenure
Tenure Rank
Sep 30, 2019
2.67
2.7%
Sanjeev Bhojraj, Ph.D., is a Portfolio Manager at L2 Asset Management, which he co-founded in 2014. Dr. Bhojraj is widely published in the top journals in finance and accounting. He has written on numerous topics in behavioral finance including Managerial Myopia, Herding, Corporate Governance and the Regulatory Effect on Mutual Fund Performance. Bhojraj is also a Chaired Professor in Asset Management and the Co-Director of the Parker Center for Investment Research at Johnson Graduate School of Management, Cornell University. Since 2010, he also has served as Managing Member of Kailash Capital, LLC. Dr. Bhojraj has a Ph.D. from the University of Florida, a B.Com. from the University of Madras, an ACA designation from the Institute of Chartered Accountants of India and an ACMA designation from the Institute of Cost Accountants of India.
Start Date
Tenure
Tenure Rank
Dec 31, 2021
0.41
0.4%
Mr. Nathan Przybylo is a Portfolio Manager and the Head of Quantitative Programming at L2 Asset Management. Prior to joining L2 Asset Management in 2014, he worked as an associate at Beghou Consulting, a healthcare consulting company, and as an intern at O’Shaughnessy Asset Management. He received a B.S. in Applied Mathematics from Northwestern University and an M.B.A. from Johnson Graduate School of Management, Cornell University.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.07 | 23.55 | 6.04 | 7.93 |
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