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 09/30/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
8.9%
1 yr return
18.6%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$70.1 M
Holdings in Top 10
37.0%
Expense Ratio 4.10%
Front Load N/A
Deferred Load N/A
Turnover N/A
Redemption Fee N/A
Standard (Taxable)
$10,000
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 09/30/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The Adviser seeks to achieve the investment objective of the Fund by tactically investing long primarily in publicly traded closed-end funds, domestic or foreign common stocks, exchange-traded funds (“ETFs”), sponsored American Depositary Receipts (“ADRs”), and debt instruments. The tactical investment strategy and closed-end fund sub-strategy are discussed in more detail below. The Fund seeks income from interest payments and dividends; and seeks capital gains through short-term trading strategies. The Fund invests without restriction as to issuer capitalization, currency or country. The Fund focuses on issuers in the $100 million to $10 billion range and generally limits its emerging market exposure to 20% of portfolio assets. The Fund may also invest in high yield securities (“junk bonds”) when opportunities arise. The Fund seeks to use publicly traded fixed income vehicles such as ETFs rather than take direct exposure to individual bonds. The Fund is classified as “non-diversified” for purposes of the Investment Company Act of 1940, as amended (the “1940 Act”), which means a relatively high percentage of the Fund’s assets may be invested in the securities of a limited number of companies.
Tactical Investment Strategy
The Adviser’s tactical strategy focuses on changing asset allocation on a short-term basis to take advantage of perceived differences in relative values among asset classes. The Adviser begins the investment selection process by identifying macroeconomic events it believes are most likely to cause temporary disruptions to valuations in assets classes. The Adviser relies upon inputs from financial market publications, such as The Wall Street Journal, Financial Times, and Barron’s; company financial reports, such as 10-Ks and 10-Qs; consultation with company officers; analyst reports and market data terminals such as Bloomberg and Reuters. Based on its analysis, the Adviser selects investments it believes are undervalued. It sells securities when it believes they have become fully valued. Additionally, the Adviser may focus on identifying publicly traded closed-end funds trading below their net asset value (“NAV”), which may provide an opportunity for capital appreciation as well as above-average dividend yields.
The Adviser actively trades the Fund’s investment portfolio, including using what are commonly known as day-trading strategies. The Fund may make aggressive moves into or out of any particular security or sector on a short-term basis and, as a result, the Adviser expects that the Fund will have a portfolio turnover rate in excess of 100% on an annual basis. The Adviser also anticipates that the Fund’s portfolio turnover could significantly exceed 1,000% on an annual basis depending on market conditions. Critical to the success of the Adviser’s tactical investment strategy is execution of Fund trades through a broker-dealer that has the expertise and experience in executing frequent trades in a short-period of time in a manner that constitutes best execution under the circumstances.
Closed-End Fund Sub-Strategy The Adviser identifies and invests in publicly traded closed-end funds based on its evaluation of a number of factors about a given closed-end fund including liquidity, underlying, historical performance, its management including portfolio management, discount gap between its share price and its NAV, the source of the discount, fees and other expenses, tax considerations, the extent to which it is leveraged and how it compares to mutual funds and ETFs with similar investment objectives. Based on these and other factors, the Adviser when engaging in closed-end fund transactions attempts to exploit pricing inefficiencies through tactical trading, including those that result from market volatility, by establishing entry and exit points. The average time horizon for a given closed-end investment is expected to be less than one year.
Period | MCTDX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 8.9% | -2.7% | 42.6% | 94.40% |
1 Yr | 18.6% | -1.9% | 58.8% | 93.25% |
3 Yr | N/A* | -3.9% | 14.1% | N/A |
5 Yr | N/A* | -2.4% | 17.6% | N/A |
10 Yr | N/A* | 1.2% | 11.2% | N/A |
* Annualized
Period | MCTDX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 1.2% | -12.2% | 23.9% | 95.97% |
2022 | N/A | -34.7% | 2.8% | N/A |
2021 | N/A | -11.9% | 18.1% | N/A |
2020 | N/A | -20.9% | 39.7% | N/A |
2019 | N/A | 0.8% | 25.7% | N/A |
Period | MCTDX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 8.9% | -2.7% | 42.6% | 94.40% |
1 Yr | 18.6% | -1.9% | 58.8% | 93.25% |
3 Yr | N/A* | -3.9% | 14.1% | N/A |
5 Yr | N/A* | -2.4% | 17.6% | N/A |
10 Yr | N/A* | 1.2% | 11.2% | N/A |
* Annualized
Period | MCTDX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 17.6% | -12.2% | 26.8% | 12.68% |
2022 | N/A | -29.0% | 10.9% | N/A |
2021 | N/A | -3.0% | 27.3% | N/A |
2020 | N/A | -19.5% | 40.6% | N/A |
2019 | N/A | 2.2% | 32.7% | N/A |
MCTDX | Category Low | Category High | MCTDX % Rank | |
---|---|---|---|---|
Net Assets | 70.1 M | 789 K | 230 B | 88.98% |
Number of Holdings | 71 | 2 | 16015 | 47.55% |
Net Assets in Top 10 | 22.6 M | 577 K | 69.8 B | 90.35% |
Weighting of Top 10 | 37.03% | 11.0% | 122.7% | 59.65% |
Weighting | Return Low | Return High | MCTDX % Rank | |
---|---|---|---|---|
Stocks | 94.05% | 0.00% | 100.16% | 43.08% |
Cash | 6.45% | -7.92% | 100.00% | 15.56% |
Convertible Bonds | 0.56% | 0.00% | 23.84% | 42.96% |
Preferred Stocks | 0.00% | 0.00% | 23.91% | 83.14% |
Other | 0.00% | -42.55% | 113.97% | 81.41% |
Bonds | 0.00% | 0.00% | 74.58% | 88.62% |
Weighting | Return Low | Return High | MCTDX % Rank | |
---|---|---|---|---|
Energy | 43.52% | 0.00% | 85.65% | 0.58% |
Technology | 10.83% | 0.00% | 44.21% | 91.41% |
Financial Services | 10.38% | 0.00% | 38.77% | 90.68% |
Healthcare | 7.46% | 0.00% | 29.35% | 91.27% |
Consumer Cyclical | 7.13% | 0.00% | 19.36% | 79.77% |
Basic Materials | 4.98% | 0.00% | 33.35% | 21.40% |
Communication Services | 4.25% | 0.00% | 38.10% | 92.58% |
Industrials | 3.88% | 0.00% | 24.37% | 96.94% |
Consumer Defense | 2.83% | 0.00% | 15.14% | 89.67% |
Utilities | 2.46% | 0.00% | 99.55% | 67.69% |
Real Estate | 2.28% | 0.00% | 65.01% | 73.51% |
Weighting | Return Low | Return High | MCTDX % Rank | |
---|---|---|---|---|
US | 94.05% | 0.00% | 100.16% | 43.08% |
Non US | 0.00% | 0.00% | 39.06% | 81.12% |
MCTDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 4.10% | 0.03% | 17.63% | 2.15% |
Management Fee | 0.60% | 0.00% | 1.83% | 73.68% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 46.97% |
Administrative Fee | N/A | 0.01% | 0.83% | N/A |
MCTDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.25% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
MCTDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.00% | 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.
MCTDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 343.00% | N/A |
MCTDX | Category Low | Category High | MCTDX % Rank | |
---|---|---|---|---|
Dividend Yield | 4.27% | 0.00% | 17.90% | 0.86% |
MCTDX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | Annual | Quarterly | Annual |
MCTDX | Category Low | Category High | MCTDX % Rank | |
---|---|---|---|---|
Net Income Ratio | -1.17% | -2.34% | 19.41% | 99.27% |
MCTDX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Semi-Monthly | Annually |
Date | Amount | Type |
---|---|---|
Mar 28, 2024 | $0.089 | OrdinaryDividend |
Dec 29, 2023 | $0.325 | OrdinaryDividend |
Dec 18, 2023 | $0.428 | CapitalGainShortTerm |
Dec 18, 2023 | $0.115 | CapitalGainLongTerm |
Sep 28, 2023 | $0.268 | OrdinaryDividend |
Jun 29, 2023 | $0.282 | OrdinaryDividend |
Mar 30, 2023 | $0.202 | OrdinaryDividend |
Dec 29, 2022 | $0.196 | OrdinaryDividend |
Dec 16, 2022 | $0.190 | CapitalGainShortTerm |
Dec 16, 2022 | $0.039 | CapitalGainLongTerm |
Sep 29, 2022 | $0.210 | OrdinaryDividend |
Jun 29, 2022 | $0.226 | OrdinaryDividend |
Mar 30, 2022 | $0.210 | OrdinaryDividend |
Start Date
Tenure
Tenure Rank
Mar 15, 2021
1.21
1.2%
Michael Lowenberg is an investment adviser representative of Modern Capital. He is also Chief Financial Officer of White Mountain Capital, LLC, a broker/dealer. He has held this position since 2004. Since 2004 he has also served as an executive officer of Bonaventure Managers LLC and, later, Bonaventure Management Group LLC, which serve, respectively, as investment manager and general partner of a private investment fund. Mr. Lowenberg has managed investments for over 15 years through his investment fund and broker/dealer relationships. Mr. Lowenberg has not previously managed the portfolio of a registered investment company.
Start Date
Tenure
Tenure Rank
Mar 15, 2021
1.21
1.2%
Peter Montalbano is an investment adviser representative of Modern Capital Management. He is also Chief Executive Officer of White Mountain Capital, LLC, a broker/dealer. He has held this position since 1999. Since 2001 he has also served as Managing Member of Bonaventure Managers LLC and Bonaventure Management Group LLC, which serve, respectively, as investment manager and general partner of a private investment fund. Mr. Montalbano has managed investments for over 20 years through his investment fund and broker/dealer relationships. Mr. Montalbano has not previously managed the portfolio of a registered investment company.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 34.51 | 6.36 | 2.41 |
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