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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
3.9%
1 yr return
11.1%
3 Yr Avg Return
-0.8%
5 Yr Avg Return
1.1%
Net Assets
$17.9 M
Holdings in Top 10
18.1%
Expense Ratio 2.34%
Front Load N/A
Deferred Load N/A
Turnover 72.00%
Redemption Fee 1.00%
Standard (Taxable)
$100,000
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 10/11/2024Price
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 fixed income securities and other financial instruments with economic characteristics similar to such securities. The Fund primarily invests in investment-grade fixed income securities with an adjusted portfolio duration that normally varies within two years (plus or minus) of the adjusted duration of the securities comprising the Bloomberg U.S. Aggregate Index. As of September 30, 2023, the average portfolio duration of securities comprising the Bloomberg U.S. Aggregate Index was approximately 6.08 years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in interest rates.
For purposes of the Fund’s 80% investment policy, fixed income securities include securities issued or guaranteed by the U.S. Government and its agencies or instrumentalities, municipal bonds, corporate bonds, residential and commercial mortgage-backed securities, asset-backed securities, convertible securities, trust preferred securities, loan participations and assignments, and U.S. dollar-denominated foreign debt securities. The Fund typically will also invest in exchange-traded funds that invest in such instruments, preferred stocks and hybrid preferred securities. Additionally, the Fund will invest up to 15% of its net assets in foreign exchange spot transactions (including with respect to emerging market currencies) and derivative instruments, such as options, futures contracts, forward contracts or swap agreements (including non-deliverable forwards and credit default swaps), for bona fide hedging purposes, to gain exposure to certain markets or segments of markets, and for speculative purposes. The Fund may also purchase or sell securities or other assets on a when-issued or delayed delivery basis.
While the Fund primarily invests in fixed income securities rated investment grade by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by S&P Global Ratings (“S&P”) or Fitch, Inc. (“Fitch”), it may invest to a lesser extent in high yield instruments (also known as “junk bonds”). The Fund may borrow money for, among other reasons, cash management purposes, to obtain leverage and to meet redemptions.
MFIM’s investment philosophy and process for selecting investments for the Fund generally includes a neutral duration policy, meaning that MFIM does not shorten or lengthen the Fund’s duration based on interest rate forecasts, but MFIM expects that the Fund’s duration
may vary within two years (plus or minus) of the duration of the benchmark. MFIM strives to diversify at the sector, industry and issuer level when constructing the Fund’s portfolio. At the sector level, MFIM starts with the benchmark index weightings, modifies the index weightings to achieve what it believes will produce the most favorable risk-adjusted returns based on current market conditions and outlook, and then tactically adjusts sector weightings as market opportunities present themselves. MFIM believes the majority of available excess returns can be captured through sector allocation and specific security selection. This approach is designed to capture the bulk of the excess returns available in the fixed income market while minimizing the variability of those returns relative to the Fund’s benchmark. MFIM believes the key to this investment process is the responsiveness, focus and analysis provided by its in-house sector specialists, credit analysts and trading professionals.
MFIM will target spot transactions and derivative instruments on behalf of the Fund that it believes will generate consistent alpha (i.e., outperformance) in all market conditions. MFIM will allocate capital between fundamental and technical currency strategies, and will aim to profit from short- and medium-term moves in various markets’ currency pairs. When investing in high yield bonds on behalf of the Fund, MFIM will target instruments that have individual yield premiums which MFIM believes are favorable and which are viewed by MFIM as having a comparable or lower probability of default and/or the risk of loss compared to their peer group.
The Fund may invest in cash or money market instruments for the purpose of meeting redemption requests or making other anticipated cash payments.
Period | MFBIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.9% | -48.4% | 11.2% | 35.82% |
1 Yr | 11.1% | -44.6% | 21.8% | 45.10% |
3 Yr | -0.8%* | -22.0% | 28.3% | 11.16% |
5 Yr | 1.1%* | -12.9% | 59.0% | 17.54% |
10 Yr | N/A* | -5.3% | 74.0% | N/A |
* Annualized
Period | MFBIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 3.2% | -16.2% | 8.1% | 8.31% |
2022 | -15.5% | -34.7% | 131.9% | 35.36% |
2021 | -3.6% | -11.6% | 4.4% | 57.57% |
2020 | 6.0% | -10.1% | 946.1% | 15.76% |
2019 | N/A | -1.7% | 16.9% | N/A |
Period | MFBIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.9% | -48.4% | 11.2% | 35.82% |
1 Yr | 11.1% | -44.6% | 21.8% | 45.10% |
3 Yr | -0.8%* | -22.0% | 28.3% | 11.16% |
5 Yr | 1.1%* | -12.9% | 59.0% | 17.54% |
10 Yr | N/A* | -5.3% | 74.0% | N/A |
* Annualized
Period | MFBIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 7.5% | -11.3% | 11.9% | 9.33% |
2022 | -12.7% | -32.2% | 131.9% | 22.98% |
2021 | -0.8% | -9.4% | 9.2% | 43.42% |
2020 | 8.4% | -1.9% | 1009.0% | 46.49% |
2019 | N/A | 1.1% | 21668.0% | N/A |
MFBIX | Category Low | Category High | MFBIX % Rank | |
---|---|---|---|---|
Net Assets | 17.9 M | 2.9 M | 314 B | 98.47% |
Number of Holdings | 445 | 1 | 17787 | 66.97% |
Net Assets in Top 10 | 3.29 M | 1.62 M | 36.1 B | 99.08% |
Weighting of Top 10 | 18.12% | 4.4% | 432.9% | 69.10% |
Weighting | Return Low | Return High | MFBIX % Rank | |
---|---|---|---|---|
Bonds | 98.25% | 0.00% | 993.61% | 33.37% |
Cash | 1.76% | -54.51% | 237.69% | 61.35% |
Convertible Bonds | 0.62% | 0.00% | 7.93% | 78.58% |
Stocks | 0.00% | 0.00% | 99.99% | 81.12% |
Preferred Stocks | 0.00% | 0.00% | 71.02% | 78.94% |
Other | -0.01% | -16.55% | 52.94% | 96.83% |
Weighting | Return Low | Return High | MFBIX % Rank | |
---|---|---|---|---|
Corporate | 83.21% | 0.00% | 100.00% | 0.51% |
Government | 9.17% | 0.00% | 86.23% | 87.85% |
Securitized | 4.14% | 0.00% | 98.40% | 96.09% |
Cash & Equivalents | 1.03% | -0.46% | 237.69% | 67.08% |
Municipal | 0.49% | 0.00% | 100.00% | 47.27% |
Derivative | -0.01% | -1.41% | 44.82% | 88.65% |
Weighting | Return Low | Return High | MFBIX % Rank | |
---|---|---|---|---|
US | 98.25% | 0.00% | 993.61% | 30.57% |
Non US | 0.00% | 0.00% | 35.41% | 81.29% |
MFBIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.34% | 0.01% | 39.64% | 2.26% |
Management Fee | 0.37% | 0.00% | 1.76% | 52.17% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.50% | N/A |
MFBIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 4.00% | 56.03% |
MFBIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 1.00% | 1.00% | 2.00% | 89.47% |
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.
MFBIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 72.00% | 2.00% | 493.39% | 31.03% |
MFBIX | Category Low | Category High | MFBIX % Rank | |
---|---|---|---|---|
Dividend Yield | 5.25% | 0.00% | 10.11% | 30.61% |
MFBIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Monthly | Monthly | Monthly |
MFBIX | Category Low | Category High | MFBIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.28% | -1.28% | 4.79% | 17.67% |
MFBIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Sep 27, 2024 | $0.117 | OrdinaryDividend |
Jun 27, 2024 | $0.099 | OrdinaryDividend |
Mar 27, 2024 | $0.093 | OrdinaryDividend |
Dec 28, 2023 | $0.095 | OrdinaryDividend |
Sep 28, 2023 | $0.093 | OrdinaryDividend |
Jun 29, 2023 | $0.088 | OrdinaryDividend |
Mar 30, 2023 | $0.080 | OrdinaryDividend |
Dec 29, 2022 | $0.090 | OrdinaryDividend |
Sep 29, 2022 | $0.070 | OrdinaryDividend |
Jun 29, 2022 | $0.064 | OrdinaryDividend |
Mar 30, 2022 | $0.059 | OrdinaryDividend |
Dec 30, 2021 | $0.054 | OrdinaryDividend |
Dec 14, 2021 | $0.010 | CapitalGainShortTerm |
Dec 14, 2021 | $0.054 | CapitalGainLongTerm |
Sep 29, 2021 | $0.058 | OrdinaryDividend |
Jun 29, 2021 | $0.062 | OrdinaryDividend |
Mar 30, 2021 | $0.049 | OrdinaryDividend |
Mar 30, 2021 | $0.004 | CapitalGainLongTerm |
Dec 30, 2020 | $0.043 | OrdinaryDividend |
Sep 29, 2020 | $0.061 | OrdinaryDividend |
Jun 29, 2020 | $0.055 | OrdinaryDividend |
Jun 29, 2020 | $0.007 | CapitalGainLongTerm |
Mar 30, 2020 | $0.005 | OrdinaryDividend |
Mar 30, 2020 | $0.059 | CapitalGainLongTerm |
Dec 30, 2019 | $0.040 | OrdinaryDividend |
Dec 20, 2019 | $0.002 | CapitalGainShortTerm |
Start Date
Tenure
Tenure Rank
Oct 01, 2019
2.67
2.7%
Joseph P. Hoffman, CFA, serves as Senior Managing Director and portfolio manager at Mesirow Financial Investment Management. Prior to joining Mesirow Financial Investment Management in 2017, Mr. Hoffman worked at Russell Investments, where he spent the last 20 years focused on currency and derivatives. He co-founded Russell Investments’ currency implementation business in 2003 and, most recently, was the global head of currency. Mr. Hoffman earned a BS from Central Washington University and an MS in finance from Seattle University. He is a CFA charterholder and also holds FINRA series 7, 24, 63 and 65 licenses.
Start Date
Tenure
Tenure Rank
Oct 01, 2019
2.67
2.7%
Peter W. Hegel serves as Senior Managing Director and portfolio manager for Mesirow Financial Investment Management, Inc.. Prior to joining Mesirow in 2005, Mr. Hegel was a senior vice president and portfolio manager at Columbia Management. Before that, he was a founding member of Van Kampen Funds, where he served as chief fixed income investment officer. During that time, he also served as chief investment officer for Xerox Life. He is a board member of the Barnabas Foundation and the Timothy Christian School Foundation. Mr. Hegel earned a B.S. from Purdue University, graduating cum laude, and an M.B.A. from the University of Chicago.
Start Date
Tenure
Tenure Rank
Jan 28, 2022
0.34
0.3%
James Lisko, Managing Director and Portfolio Manager, serves as a portfolio manager for Mesirow Financial Investment Management, Inc. Mr. Lisko joined Mesirow Financial in 2017. Prior to joining Mesirow Financial in 2017, Mr. Lisko was a senior vice president at Pacific Income Advisers from 2010 to 2017. Previously, he was a portfolio manager at Grandview Capital, portfolio manager at JPBT Advisors, senior analyst at Western Asset Management and SunAmerica Investments, and a director of research at Papillon Partners. Mr. Lisko earned an undergraduate degree in Finance from Ohio State University and an M.B.A. from the University of Miami. Mr. Lisko has 25 years of industry experience.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 33.43 | 6.78 | 1.16 |
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