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Trending ETFs

LoCorr Dynamic Opportunity Fund

mutual fund
LEQIX
Payout Change
Pending
Price as of:
$13.25 -0.08 -0.6%
primary theme
Long-Short Equity
LEQIX (Mutual Fund)

LoCorr Dynamic Opportunity Fund

Payout Change
Pending
Price as of:
$13.25 -0.08 -0.6%
primary theme
Long-Short Equity
LEQIX (Mutual Fund)

LoCorr Dynamic Opportunity Fund

Payout Change
Pending
Price as of:
$13.25 -0.08 -0.6%
primary theme
Long-Short Equity

Name

As of 12/10/2024

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

$13.25

$53.8 M

1.02%

$0.14

2.28%

Vitals

YTD Return

14.4%

1 yr return

18.1%

3 Yr Avg Return

3.1%

5 Yr Avg Return

4.9%

Net Assets

$53.8 M

Holdings in Top 10

37.7%

52 WEEK LOW AND HIGH

$13.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.28%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$100,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/10/2024

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

$13.25

$53.8 M

1.02%

$0.14

2.28%

LEQIX - Profile

Distributions

  • YTD Total Return 14.4%
  • 3 Yr Annualized Total Return 3.1%
  • 5 Yr Annualized Total Return 4.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -1.54%
DIVIDENDS
  • Dividend Yield 1.0%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    LoCorr Dynamic Opportunity Fund
  • Fund Family Name
    LoCorr Funds
  • Inception Date
    May 10, 2013
  • Shares Outstanding
    2568598
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jon Essen

Fund Description

Under normal market conditions, the Fund invests in long or short positions in equity securities of domestic and foreign companies. The Fund defines equity securities as (1) common stocks, (2) preferred stocks and (3) debt securities that are convertible into stock. The Fund invests in securities of issuers without restriction as to capitalization or country, including emerging markets. The Fund invests in convertible debt securities of any maturity or credit quality, including those known as "junk bonds." Junk bonds are rated below Baa3 by Moody's Investors Service, Inc. (“Moody’s”) or equivalently by another nationally recognized statistical rating organization (“NRSRO”). The Fund may invest a portion of its assets in private placement offerings which may be illiquid.
The Fund's Adviser seeks to achieve the Fund's primary investment objective of long-term capital appreciation by using a "long/short equity" strategy that is executed by allocating assets to a sub-adviser that has a long/short equity investment strategy. The Adviser may also engage an additional sub-adviser or additional sub-advisers if it believes they will enhance the Fund’s performance or reduce volatility. The Adviser may also use one or more exchange-traded funds ("ETFs") to execute a portion of the long/short equity strategy rather than allocate assets to a sub-adviser, when it believes that doing so will help the Fund achieve its investment objective. The Fund anticipates reduced return volatility when compared to traditional broad-based equity market indices because the short element of its strategies is expected to produce a hedging effect.
The Adviser, on behalf of itself and on behalf of the Fund and other Funds it advises or may advise in the future that are each a series of LoCorr Investment Trust, was granted an exemptive order from the U.S. Securities Exchange Commission (the "SEC") that permits the adviser, with Board of Trustees approval, to enter into or amend sub-advisory agreements with sub-advisers without obtaining shareholder approval. Shareholders will be notified within 90 days of the engagement of an additional sub-adviser or sub-advisers to manage a portion of the Fund's portfolio.
ADVISER’S INVESTMENT PROCESS
The Adviser will pursue the Fund’s investment objectives, in part, by utilizing its sub-adviser selection and its risk management process to select the appropriate sub-adviser(s) to help the Fund achieve its objectives.
Sub-Adviser Selection represents the result of quantitative and qualitative reviews that will identify a sub-adviser chosen for its long/short equity market niche, historical performance, management accessibility, commitment, investment strategy, as well as process and methodology. Using this selection process, the Adviser believes it can identify a sub-adviser that can produce positive, risk-adjusted returns. The Adviser replaces a sub-adviser when its returns are below expectations or it deviates from its traditional investment process.
SUB-ADVISERS’ INVESTMENT PROCESS
Kettle Hill Capital Management, LLC (“KHCM”) serves as a sub-adviser to the Fund. KHCM’s investment strategy is a value-oriented, fundamentals- and research-driven, bottom-up equity long/short approach. The strategy focuses on unique risk-reward strategies within the small-cap universe, seeking to generate superior absolute returns over the investment cycle and balancing return potential of the portfolio against risks inherent in individual stocks, industry selection, small-cap investing, and broader markets and economies. For both long and short investments, KHCM selects companies ranked by relative value.
Millrace Asset Group, Inc. (“Millrace”) serves as a sub-adviser to the Fund. Millrace manages a long/short US equity strategy based on their fundamental, bottom-up research of, predominantly, smaller companies. Their objective is to deliver returns over the course of a full market cycle that exceed the US equity market with less downside exposure during market downturns. The portfolio is diversified by the number of holdings as well as the sector exposure.
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LEQIX - Performance

Return Ranking - Trailing

Period LEQIX Return Category Return Low Category Return High Rank in Category (%)
YTD 14.4% -9.6% 41.3% 45.58%
1 Yr 18.1% -9.5% 46.8% 39.46%
3 Yr 3.1%* -8.3% 25.3% 62.88%
5 Yr 4.9%* -2.7% 24.1% 61.67%
10 Yr 5.2%* -4.0% 10.0% 50.00%

* Annualized

Return Ranking - Calendar

Period LEQIX Return Category Return Low Category Return High Rank in Category (%)
2023 1.9% -17.3% 43.8% 70.07%
2022 -10.0% -54.0% 17.4% 52.27%
2021 8.0% -40.0% 54.1% 39.68%
2020 4.0% -47.6% 88.4% 48.33%
2019 13.3% -20.3% 62.6% 27.43%

Total Return Ranking - Trailing

Period LEQIX Return Category Return Low Category Return High Rank in Category (%)
YTD 14.4% -9.6% 41.3% 45.58%
1 Yr 18.1% -9.5% 46.8% 39.46%
3 Yr 3.1%* -8.3% 25.3% 62.88%
5 Yr 4.9%* -2.7% 24.1% 61.67%
10 Yr 5.2%* -4.0% 10.0% 50.00%

* Annualized

Total Return Ranking - Calendar

Period LEQIX Return Category Return Low Category Return High Rank in Category (%)
2023 4.8% -14.5% 43.8% 70.75%
2022 -3.2% -54.0% 50.3% 35.61%
2021 14.6% -40.0% 61.6% 45.24%
2020 4.4% -29.9% 91.0% 50.83%
2019 18.1% -17.9% 79.4% 21.24%

NAV & Total Return History


LEQIX - Holdings

Concentration Analysis

LEQIX Category Low Category High LEQIX % Rank
Net Assets 53.8 M 1.08 M 6.67 B 67.35%
Number of Holdings 174 3 2730 38.10%
Net Assets in Top 10 19.2 M -4.86 M 2.41 B 79.59%
Weighting of Top 10 37.66% -9.9% 110.8% 63.95%

Top 10 Holdings

  1. US BANK MMDA - USBGFS 9 20.77%
  2. United Parcel Service Inc 2.52%
  3. ATT Inc 2.03%
  4. Match Group Inc 2.02%
  5. Verizon Communications Inc 2.01%
  6. Penn Entertainment Inc 1.99%
  7. Las Vegas Sands Corp 1.79%
  8. TKO Group Holdings Inc 1.56%
  9. Cable One Inc 1.51%
  10. Dollar Tree Inc 1.46%

Asset Allocation

Weighting Return Low Return High LEQIX % Rank
Cash
58.48% 0.00% 109.95% 17.01%
Stocks
41.52% -0.13% 113.26% 73.47%
Preferred Stocks
0.00% -1.13% 6.36% 46.26%
Other
0.00% -57.63% 99.50% 55.78%
Convertible Bonds
0.00% -0.02% 4.48% 39.57%
Bonds
0.00% 0.00% 108.68% 55.10%

Stock Sector Breakdown

Weighting Return Low Return High LEQIX % Rank
Technology
19.00% 0.00% 43.24% 46.61%
Industrials
18.23% 0.00% 31.93% 6.78%
Communication Services
14.38% 0.00% 32.32% 11.02%
Financial Services
10.70% 0.00% 83.83% 65.25%
Consumer Cyclical
10.10% 0.00% 88.83% 50.00%
Consumer Defense
6.79% 0.00% 19.75% 44.07%
Real Estate
6.59% 0.00% 10.93% 6.78%
Healthcare
5.82% 0.00% 100.00% 88.98%
Energy
4.40% 0.00% 32.57% 50.00%
Utilities
2.11% 0.00% 21.71% 44.92%
Basic Materials
1.87% 0.00% 28.58% 71.19%

Stock Geographic Breakdown

Weighting Return Low Return High LEQIX % Rank
US
41.52% 0.00% 113.26% 72.11%
Non US
0.00% -2.95% 54.79% 52.38%

LEQIX - Expenses

Operational Fees

LEQIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.28% 0.42% 9.95% 42.86%
Management Fee 1.50% 0.00% 2.50% 80.27%
12b-1 Fee 0.00% 0.00% 1.00% 10.26%
Administrative Fee N/A 0.03% 1.54% 34.09%

Sales Fees

LEQIX 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

Trading Fees

LEQIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% 65.63%

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.

LEQIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 446.00% 90.96%

LEQIX - Distributions

Dividend Yield Analysis

LEQIX Category Low Category High LEQIX % Rank
Dividend Yield 1.02% 0.00% 27.22% 53.42%

Dividend Distribution Analysis

LEQIX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Annual Annual

Net Income Ratio Analysis

LEQIX Category Low Category High LEQIX % Rank
Net Income Ratio -1.54% -3.33% 2.16% 77.93%

Capital Gain Distribution Analysis

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

Distributions History

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LEQIX - Fund Manager Analysis

Managers

Jon Essen


Start Date

Tenure

Tenure Rank

May 10, 2013

9.06

9.1%

Mr. Essen has served as Chief Financial Officer of the Adviser since it was founded in November 2010. Mr. Essen also serves as Senior Vice President and Chief Financial Officer of Octavus Group, LLC, and as a Registered Representative of LoCorr Distributors, LLC, positions both held since April 2008. Mr. Essen also began serving as Principal and Chief Compliance Officer of LoCorr Distributors, LLC in September 2008. Mr. Essen also served as Chief Operating Officer of the Adviser and affiliates from 2008 to 2016. Previously, Mr. Essen served as Chief Operating Officer of a commercial finance enterprise from May 2002 to April 2008. Additionally, Mr. Essen was Chief Financial Officer of Jundt Associates, Inc. from 1998 to 2002.

Andrew Kurita


Start Date

Tenure

Tenure Rank

Aug 31, 2015

6.75

6.8%

Andrew Kurita is the Founder of Kettle Hill and has served as a Portfolio Manager since Kettle Hill's inception in 2003. Prior to this role, Mr. Kurita was a Vice President at Andor Capital Management, LLC, where he covered the industrial sector for the Diversified Growth Fund . From 1996 to 2001, Mr. Kurita worked at Cramer Rosenthal McGlynn, LLC, where he was a Vice President and Analyst on hedge fund and small cap value products. Mr. Kurita is a CFA charterholder with more than 23 years of small cap and hedge fund investing experience. Mr. Kurita graduated cum laude with honors with a B.A. in Economics from Williams College in 1995.

Sean Katof


Start Date

Tenure

Tenure Rank

Mar 28, 2016

6.18

6.2%

Sean Katof, CFA, has served as Senior Vice President and Portfolio Manager for the Funds since 2016. Prior to joining LoCorr, Mr. Katof served as Director of Capital Markets at SLOCUM, an institutional consulting firm, from 2005 to 2015. Prior to joining SLOCUM, Mr. Katof served as Portfolio Manager at Devenir Investment Advisors where he managed the Industry Leaders Core Equity portfolio from 2004 to 2005. Prior to that, Mr. Katof was a Vice President and Portfolio Manager at INVESCO Funds Group where he worked from 1994 to 2003. Mr. Katof received his B.S. in Business Administration with an emphasis in Finance from the University of Colorado at Boulder and an M.S. in Finance from the University of Colorado at Denver. Mr. Katof holds the Chartered Financial Analyst (“CFA”) and Chartered Alternative Investment Analyst (“CAIA”) designations.

Whitney Maroney


Start Date

Tenure

Tenure Rank

May 02, 2022

0.08

0.1%

Founder, Research Analyst/Portfolio Manager since 2001 Whit graduated from Washington College in 1991 with a BA in Business Administration and a minor in Political Science. He joined Frohberg Union Finance Commerce in Budapest, Hungary where he was an analyst in this real estate management business. After two years there, he joined Alex Brown’s Brown Asset Management Group as an equity research analyst with a focus on industrial companies. He returned to school and earned an MBA from the William and Mary School of Business in 1996 and then joined Greenville Capital Management, a small cap growth boutique firm, where he worked in a research analyst/portfolio management role as a generalist. In late 2001, Whit and Bill Kitchel, who was also at Greenville Capital Management, established Millrace Asset Group where they lead the investment team while researching and managing long and short positions for the firm’s Millrace Fund, LP. Team members at Millrace are generalists, and Whit focuses primarily on companies in the Health Care, Consumer, Technology, and Financial Services sectors. Additionally, Bill and/or Whit are involved in all new purchase decisions, monitor the overall portfolio relative to price targets, stop losses, and trading, and guide decisions related to the long/short ratio, tax loss harvesting, and other matters. As equal co-owners of Millrace, they focus on reinforcing the entrepreneurial culture of the firm and, when needed, the hiring of new talent. Day-to-day business operations, though, are primarily the responsibility of the firm’s CFO/CCO.

William Kitchel


Start Date

Tenure

Tenure Rank

May 02, 2022

0.08

0.1%

Founder, Research Analyst/Portfolio Manager since 2001 Bill graduated from the University of Virginia in 1981 with a BA in History. He began his investment career in 1983 at Blythe Eastman Paine Webber as an analyst on their M&A team. He worked there for two years before enrolling in Dartmouth’s Amos Tuck School of Business where he obtained his MBA in 1987. From 1987 to 1991 he worked as a research analyst at Massachusetts Financial Services focusing on Business Service, Aerospace, Defense Electronics, and Leisure companies. He joined Alex Brown in 1991, initially managing high net worth client portfolios and in 1993 he joined the Emerging Growth Fund team as a research analyst. In 1997, Bill joined Greenville Capital Management, a small cap growth firm in Wilmington, DE where he worked in a research analyst/portfolio manager role while focusing on Technology, Business Service, Electronics, and Consumer companies. In late 2001, Bill and Whit Maroney, who was also at Greenville Capital Management, established Millrace Asset Group where they lead the investment team while researching and managing long and short positions for the firm’s Millrace Fund, LP. Team members at Millrace are generalists, and Bill focuses primarily on Business Service, Technology, Industrial, and Health Care companies. Additionally, Bill and/or Whit are involved in all new purchase decisions, monitor the overall portfolio relative to price targets, stop losses, and trading, and guide decisions related to the long/short ratio, tax loss harvesting, and other matters. As equal co-owners of Millrace, they focus on reinforcing the entrepreneurial culture of the firm and, when needed, the hiring of new talent. Day-to-day business operations, though, are primarily the responsibility of the firm’s CFO/CCO.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 23.55 5.96 7.93