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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 10/11/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
6.0%
1 yr return
10.7%
3 Yr Avg Return
4.6%
5 Yr Avg Return
4.8%
Net Assets
$2.13 B
Holdings in Top 10
9.3%
Expense Ratio 0.81%
Front Load N/A
Deferred Load N/A
Turnover 47.00%
Redemption Fee N/A
Standard (Taxable)
$1,000,000
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 10/11/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in high-yield debt securities that are rated below investment grade by a nationally recognized statistical rating organization (“NRSRO”) or that are unrated but are considered to be of comparable quality by MacKay Shields LLC, the Fund's Subadvisor. Debt securities in which the Fund may invest include all types of debt obligations such as bonds, debentures, notes, bank debt, loan participations, commercial paper, floating rate loans, U.S. Government securities (including obligations, such as repurchase agreements, secured by such instruments), and convertible corporate bonds. The Fund will generally seek to maintain a weighted average duration of three years or less, although the Fund may invest in instruments of any duration or maturity. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.
Securities that are rated below investment grade by an NRSRO (such securities rated lower than BBB- and Baa3) are commonly referred to as “high-yield securities” or "junk bonds." If NRSROs assign different ratings to the same security for purposes of determining the security's credit quality, the Fund will use the middle rating when three NRSROs rate the security. For securities where only two NRSROs rate the security, the Fund will use the higher rating. If only one rating is available for a security, the Fund will use that rating.
The Fund may invest up to 20% of its net assets in equity securities, including preferred shares. The Fund also may invest in securities of non-U.S. issuers. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer's "country of risk" (or similar designation) as determined by a third-party such as Bloomberg. The Fund may hold cash or invest in investment grade short-term instruments during times when the Subadvisor is unable to identify attractive high-yield securities.
The Fund may invest in derivatives, such as futures, options and swap agreements to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings.
In times of unusual or adverse market, economic or political conditions, the Fund may invest without limit in investment grade securities and may invest in U.S. government securities or other high quality money market instruments. Periods of unusual or adverse market, economic or political conditions may exist in some cases, for up to a year or longer. The yield on cash, investment grade debt or other high quality instruments tends to be lower than the yield on other investments normally purchased by the Fund. Although investing heavily in these investments may help to preserve the Fund's assets, it may not be consistent with the Fund's primary investment objective and may limit the Fund's ability to achieve a high level of income.
Investment Process: The Subadvisor seeks to identify investment opportunities through analyzing individual companies and evaluates each company's competitive position, financial condition, and business prospects. The Fund seeks to minimize interest rate risk through its emphasis on duration management and investments in securities with short and intermediate maturities. The Fund invests in companies in which the Subadvisor has judged that there is sufficient asset coverage—that is, the Subadvisor's subjective appraisal of a company's value compared to the value of its debt, with the intent of maximizing risk-adjusted income and returns.
The Subadvisor may sell a security if it believes the security will no longer contribute to meeting the investment objectives of the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the price of the security and meaningful changes in the issuer's financial condition and competitiveness.
Period | MDHIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 6.0% | -5.8% | 15.9% | 82.52% |
1 Yr | 10.7% | -1.2% | 20.0% | 89.97% |
3 Yr | 4.6%* | -14.4% | 21.1% | 6.29% |
5 Yr | 4.8%* | -11.9% | 37.3% | 20.18% |
10 Yr | 4.7%* | -5.1% | 20.2% | 14.62% |
* Annualized
Period | MDHIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 3.8% | -4.7% | 14.3% | 81.82% |
2022 | -6.8% | -33.4% | 3.6% | 3.61% |
2021 | 0.5% | -8.4% | 8.2% | 35.03% |
2020 | -1.7% | -13.2% | 302.7% | 80.56% |
2019 | 4.3% | -4.4% | 13.3% | 87.93% |
Period | MDHIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 6.0% | -5.8% | 15.9% | 82.52% |
1 Yr | 10.7% | -1.2% | 20.0% | 89.97% |
3 Yr | 4.6%* | -14.4% | 21.1% | 6.29% |
5 Yr | 4.8%* | -11.9% | 37.3% | 20.18% |
10 Yr | 4.7%* | -5.1% | 20.2% | 14.62% |
* Annualized
Period | MDHIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 10.2% | -4.7% | 18.7% | 84.42% |
2022 | -2.5% | -33.4% | 47.8% | 2.95% |
2021 | 4.7% | -8.4% | 12.4% | 57.82% |
2020 | 3.6% | -9.6% | 325.6% | 76.88% |
2019 | 9.4% | -3.8% | 19.4% | 88.83% |
MDHIX | Category Low | Category High | MDHIX % Rank | |
---|---|---|---|---|
Net Assets | 2.13 B | 3.13 M | 23.6 B | 24.27% |
Number of Holdings | 450 | 2 | 3879 | 36.10% |
Net Assets in Top 10 | 233 M | -492 M | 5.25 B | 28.78% |
Weighting of Top 10 | 9.29% | 4.2% | 146.0% | 82.28% |
Weighting | Return Low | Return High | MDHIX % Rank | |
---|---|---|---|---|
Bonds | 94.09% | 0.00% | 145.36% | 62.94% |
Cash | 5.19% | -52.00% | 48.02% | 32.68% |
Convertible Bonds | 3.53% | 0.00% | 17.89% | 8.46% |
Stocks | 0.54% | 0.00% | 99.64% | 43.37% |
Preferred Stocks | 0.18% | 0.00% | 4.97% | 32.03% |
Other | 0.00% | -39.08% | 99.96% | 78.54% |
Weighting | Return Low | Return High | MDHIX % Rank | |
---|---|---|---|---|
Energy | 69.28% | 0.00% | 100.00% | 33.63% |
Industrials | 30.72% | 0.00% | 93.12% | 4.09% |
Utilities | 0.00% | 0.00% | 100.00% | 79.24% |
Technology | 0.00% | 0.00% | 33.17% | 82.46% |
Real Estate | 0.00% | 0.00% | 86.71% | 80.12% |
Healthcare | 0.00% | 0.00% | 22.17% | 77.49% |
Financial Services | 0.00% | 0.00% | 100.00% | 82.75% |
Communication Services | 0.00% | 0.00% | 99.99% | 89.18% |
Consumer Defense | 0.00% | 0.00% | 100.00% | 77.49% |
Consumer Cyclical | 0.00% | 0.00% | 100.00% | 83.63% |
Basic Materials | 0.00% | 0.00% | 100.00% | 79.53% |
Weighting | Return Low | Return High | MDHIX % Rank | |
---|---|---|---|---|
US | 0.54% | 0.00% | 99.64% | 41.63% |
Non US | 0.00% | -0.01% | 0.83% | 77.56% |
Weighting | Return Low | Return High | MDHIX % Rank | |
---|---|---|---|---|
Corporate | 93.21% | 0.00% | 100.00% | 66.29% |
Derivative | 0.00% | -14.19% | 42.26% | 74.31% |
Cash & Equivalents | 0.00% | 0.00% | 48.02% | 98.70% |
Securitized | 0.00% | 0.00% | 97.24% | 87.46% |
Municipal | 0.00% | 0.00% | 1.17% | 74.59% |
Government | 0.00% | 0.00% | 99.07% | 82.57% |
Weighting | Return Low | Return High | MDHIX % Rank | |
---|---|---|---|---|
US | 94.09% | 0.00% | 126.57% | 48.46% |
Non US | 0.00% | 0.00% | 96.91% | 85.04% |
MDHIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.81% | 0.02% | 38.33% | 64.29% |
Management Fee | 0.65% | 0.00% | 1.75% | 78.28% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.00% | 0.50% | N/A |
MDHIX 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 |
MDHIX 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.
MDHIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 47.00% | 1.00% | 255.00% | 23.80% |
MDHIX | Category Low | Category High | MDHIX % Rank | |
---|---|---|---|---|
Dividend Yield | 6.11% | 0.00% | 11.76% | 49.27% |
MDHIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
MDHIX | Category Low | Category High | MDHIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 4.05% | -2.39% | 9.30% | 67.38% |
MDHIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Sep 30, 2024 | $0.049 | OrdinaryDividend |
Aug 30, 2024 | $0.050 | OrdinaryDividend |
Jul 31, 2024 | $0.049 | OrdinaryDividend |
Apr 30, 2024 | $0.050 | OrdinaryDividend |
Mar 28, 2024 | $0.049 | OrdinaryDividend |
Feb 29, 2024 | $0.050 | OrdinaryDividend |
Jan 31, 2024 | $0.058 | OrdinaryDividend |
Dec 20, 2023 | $0.052 | OrdinaryDividend |
Nov 30, 2023 | $0.045 | OrdinaryDividend |
Oct 31, 2023 | $0.050 | OrdinaryDividend |
Sep 29, 2023 | $0.044 | OrdinaryDividend |
Aug 31, 2023 | $0.047 | OrdinaryDividend |
Jul 31, 2023 | $0.047 | OrdinaryDividend |
Jun 30, 2023 | $0.044 | OrdinaryDividend |
May 31, 2023 | $0.048 | OrdinaryDividend |
Apr 28, 2023 | $0.043 | OrdinaryDividend |
Mar 31, 2023 | $0.044 | OrdinaryDividend |
Feb 28, 2023 | $0.040 | OrdinaryDividend |
Jan 31, 2023 | $0.049 | OrdinaryDividend |
Dec 20, 2022 | $0.039 | OrdinaryDividend |
Nov 30, 2022 | $0.038 | OrdinaryDividend |
Oct 31, 2022 | $0.039 | OrdinaryDividend |
Sep 30, 2022 | $0.037 | OrdinaryDividend |
Aug 31, 2022 | $0.037 | OrdinaryDividend |
Jul 29, 2022 | $0.036 | OrdinaryDividend |
Jun 30, 2022 | $0.034 | OrdinaryDividend |
May 31, 2022 | $0.038 | OrdinaryDividend |
Apr 29, 2022 | $0.028 | OrdinaryDividend |
Mar 31, 2022 | $0.036 | OrdinaryDividend |
Feb 28, 2022 | $0.031 | OrdinaryDividend |
Jan 31, 2022 | $0.032 | OrdinaryDividend |
Dec 15, 2021 | $0.029 | OrdinaryDividend |
Nov 30, 2021 | $0.032 | OrdinaryDividend |
Oct 29, 2021 | $0.034 | OrdinaryDividend |
Sep 30, 2021 | $0.033 | OrdinaryDividend |
Aug 31, 2021 | $0.033 | OrdinaryDividend |
Jul 30, 2021 | $0.031 | OrdinaryDividend |
Jun 30, 2021 | $0.033 | OrdinaryDividend |
May 28, 2021 | $0.037 | OrdinaryDividend |
Apr 30, 2021 | $0.034 | OrdinaryDividend |
Mar 31, 2021 | $0.039 | OrdinaryDividend |
Feb 26, 2021 | $0.032 | OrdinaryDividend |
Jan 29, 2021 | $0.040 | OrdinaryDividend |
Dec 16, 2020 | $0.051 | OrdinaryDividend |
Nov 30, 2020 | $0.034 | OrdinaryDividend |
Oct 30, 2020 | $0.040 | OrdinaryDividend |
Sep 30, 2020 | $0.037 | OrdinaryDividend |
Aug 31, 2020 | $0.036 | OrdinaryDividend |
Jul 31, 2020 | $0.041 | OrdinaryDividend |
Jun 30, 2020 | $0.036 | OrdinaryDividend |
May 29, 2020 | $0.031 | OrdinaryDividend |
Apr 30, 2020 | $0.037 | OrdinaryDividend |
Mar 31, 2020 | $0.045 | OrdinaryDividend |
Mar 29, 2020 | $0.031 | OrdinaryDividend |
Feb 28, 2020 | $0.039 | OrdinaryDividend |
Jan 31, 2020 | $0.038 | OrdinaryDividend |
Dec 19, 2019 | $0.040 | OrdinaryDividend |
Nov 29, 2019 | $0.048 | OrdinaryDividend |
Oct 31, 2019 | $0.040 | OrdinaryDividend |
Sep 30, 2019 | $0.039 | OrdinaryDividend |
Aug 30, 2019 | $0.039 | OrdinaryDividend |
Jul 31, 2019 | $0.038 | OrdinaryDividend |
Jun 28, 2019 | $0.038 | OrdinaryDividend |
May 31, 2019 | $0.039 | OrdinaryDividend |
Apr 30, 2019 | $0.039 | OrdinaryDividend |
Mar 29, 2019 | $0.035 | OrdinaryDividend |
Feb 28, 2019 | $0.037 | OrdinaryDividend |
Jan 31, 2019 | $0.038 | OrdinaryDividend |
Dec 20, 2018 | $0.039 | OrdinaryDividend |
Nov 30, 2018 | $0.042 | OrdinaryDividend |
Oct 31, 2018 | $0.043 | OrdinaryDividend |
Sep 28, 2018 | $0.034 | OrdinaryDividend |
Aug 31, 2018 | $0.035 | OrdinaryDividend |
Jul 31, 2018 | $0.035 | OrdinaryDividend |
Jun 29, 2018 | $0.036 | OrdinaryDividend |
May 31, 2018 | $0.035 | OrdinaryDividend |
Apr 30, 2018 | $0.034 | OrdinaryDividend |
Mar 29, 2018 | $0.035 | OrdinaryDividend |
Feb 28, 2018 | $0.036 | OrdinaryDividend |
Jan 31, 2018 | $0.035 | OrdinaryDividend |
Dec 21, 2017 | $0.036 | OrdinaryDividend |
Nov 30, 2017 | $0.036 | OrdinaryDividend |
Oct 31, 2017 | $0.035 | OrdinaryDividend |
Sep 29, 2017 | $0.035 | OrdinaryDividend |
Aug 31, 2017 | $0.035 | OrdinaryDividend |
Jul 31, 2017 | $0.035 | OrdinaryDividend |
Jun 30, 2017 | $0.034 | OrdinaryDividend |
May 31, 2017 | $0.034 | OrdinaryDividend |
Apr 28, 2017 | $0.037 | OrdinaryDividend |
Mar 31, 2017 | $0.037 | OrdinaryDividend |
Feb 28, 2017 | $0.038 | OrdinaryDividend |
Jan 31, 2017 | $0.040 | OrdinaryDividend |
Dec 15, 2016 | $0.041 | OrdinaryDividend |
Nov 30, 2016 | $0.040 | OrdinaryDividend |
Oct 31, 2016 | $0.041 | OrdinaryDividend |
Sep 30, 2016 | $0.044 | OrdinaryDividend |
Aug 31, 2016 | $0.043 | OrdinaryDividend |
Jul 29, 2016 | $0.044 | OrdinaryDividend |
Jun 30, 2016 | $0.044 | OrdinaryDividend |
May 31, 2016 | $0.043 | OrdinaryDividend |
Apr 29, 2016 | $0.044 | OrdinaryDividend |
Mar 31, 2016 | $0.046 | OrdinaryDividend |
Feb 29, 2016 | $0.047 | OrdinaryDividend |
Jan 29, 2016 | $0.048 | OrdinaryDividend |
Dec 16, 2015 | $0.043 | OrdinaryDividend |
Nov 30, 2015 | $0.043 | OrdinaryDividend |
Oct 30, 2015 | $0.041 | OrdinaryDividend |
Sep 30, 2015 | $0.043 | OrdinaryDividend |
Aug 31, 2015 | $0.040 | OrdinaryDividend |
Jul 31, 2015 | $0.041 | OrdinaryDividend |
Jun 30, 2015 | $0.041 | OrdinaryDividend |
May 29, 2015 | $0.040 | OrdinaryDividend |
Apr 30, 2015 | $0.042 | OrdinaryDividend |
Mar 31, 2015 | $0.041 | OrdinaryDividend |
Feb 27, 2015 | $0.041 | OrdinaryDividend |
Jan 30, 2015 | $0.041 | OrdinaryDividend |
Dec 16, 2014 | $0.007 | CapitalGainShortTerm |
Dec 16, 2014 | $0.042 | OrdinaryDividend |
Nov 28, 2014 | $0.037 | OrdinaryDividend |
Oct 31, 2014 | $0.042 | OrdinaryDividend |
Sep 29, 2014 | $0.039 | OrdinaryDividend |
Aug 29, 2014 | $0.040 | OrdinaryDividend |
Jul 31, 2014 | $0.041 | OrdinaryDividend |
Jun 27, 2014 | $0.040 | OrdinaryDividend |
May 30, 2014 | $0.041 | OrdinaryDividend |
Apr 30, 2014 | $0.039 | OrdinaryDividend |
Mar 28, 2014 | $0.040 | OrdinaryDividend |
Feb 28, 2014 | $0.041 | OrdinaryDividend |
Jan 31, 2014 | $0.037 | OrdinaryDividend |
Dec 16, 2013 | $0.022 | CapitalGainShortTerm |
Dec 16, 2013 | $0.041 | OrdinaryDividend |
Nov 29, 2013 | $0.038 | OrdinaryDividend |
Oct 31, 2013 | $0.036 | OrdinaryDividend |
Sep 27, 2013 | $0.037 | OrdinaryDividend |
Aug 30, 2013 | $0.037 | OrdinaryDividend |
Jul 31, 2013 | $0.039 | OrdinaryDividend |
Jun 26, 2013 | $0.037 | OrdinaryDividend |
May 31, 2013 | $0.036 | OrdinaryDividend |
Apr 30, 2013 | $0.037 | OrdinaryDividend |
Mar 28, 2013 | $0.035 | OrdinaryDividend |
Feb 28, 2013 | $0.034 | OrdinaryDividend |
Jan 31, 2013 | $0.022 | OrdinaryDividend |
Dec 31, 2012 | $0.016 | OrdinaryDividend |
Start Date
Tenure
Tenure Rank
Dec 17, 2012
9.46
9.5%
Mr. Susser is an Executive Managing Director of MacKay Shields. Prior to joining MacKay Shields in 2006, Mr. Susser was a Portfolio Manager with Golden Tree Asset Management. Previously, he was a Managing Director and Head of High Yield Bond Research at Banc of America Securities. From 1999 to 2004, Andrew was named to the Institutional Investor All-America Fixed Income Research Team; from 2002 to 2004, he was ranked by Institutional Investor as the No. 1 analyst in the high yield sector. Andrew also worked as a Fixed Income Analyst for Salomon Brothers, as a Senior Analyst at Moody's Investors Service and as a Market Analyst and Institutional Trading Liaison for Merrill Lynch Capital Markets. He began his career as a Corporate Finance and M&A Attorney at Shearman & Sterling in their New York office. Andrew received a BA from Vassar College, an MBA from the Wharton Graduate School of Business and a JD from the University of Pennsylvania Law School. He has been working in the investment industry since 1986.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.13 | 37.79 | 7.3 | 8.17 |
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