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 10/11/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
25.8%
1 yr return
42.5%
3 Yr Avg Return
9.0%
5 Yr Avg Return
12.1%
Net Assets
$291 M
Holdings in Top 10
66.2%
Expense Ratio 0.77%
Front Load N/A
Deferred Load N/A
Turnover 32.00%
Redemption Fee N/A
Standard (Taxable)
$0
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 10/11/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The Fund will normally invest at least 80% of its total assets in domestic equity securities of U.S. large capitalization securities. Domestic equity securities, as determined by DSM Capital Partners LLC ("DSM"), the Fund's sub-adviser, in its discretion, include, but are not limited to common stocks, preferred stocks, securities convertible into common stocks, rights and warrants. Shares of foreign domiciled issuers that primarily trade on a U.S. exchange are generally considered by DSM to be domestic equity securities. Also, as determined by DSM,
issuers that issue domestic equity securities may be domiciled and/or headquartered anywhere in the world. The Fund may generally invest up to 20% of its assets in equity securities of foreign issuers, including American Depositary Receipts and similar securities. DSM defines "large cap" as capitalizations of $10 billion or more. The Fund will generally contain 25 to 35 equity securities.
This strategy to invest at least 80% of its total assets in domestic equity securities of U.S. large capitalization securities is not fundamental (it may be changed without shareholder approval), but should the Fund decide to change this strategy, it will provide shareholders with at least 60 days' notice.
DSM uses a "bottom-up," idea-driven approach and focuses on a long-term (e.g., three-year minimum) investment horizon.
DSM seeks to invest in growing businesses with solid fundamentals, attractive profitability and successful management. Candidate companies will typically have projected revenue and earnings growth in excess of 10% and will often have higher returns on equity and assets than average S&P 500 companies. Generally, these businesses will be generating free cash flow and will have financial returns that are stable or rising, driven by improving business fundamentals, all as determined by DSM.
In its stock valuation work, DSM focuses primarily on P/E ratios. P/E is the ratio of a company's share price to its per-share earnings. DSM will generally only buy a stock that it believes has a forward four-quarter P/E ratio that will rise over the next three years. To accomplish this, a target P/E ratio that DSM believes is reasonable and rational and is reflective of a fair valued stock three years from now is selected. DSM will typically buy when the company's stock clears two hurdles: 1. it must have attractive fundamental business characteristics that translate into a reasonably predictable and growing stream of earnings and 2. it must have a P/E on forward four quarters earnings that is normally 8% to 10% below the target P/E three years from the calculation point. In order to determine a target P/E, DSM takes into consideration a number of qualitative and quantitative factors. Among the qualitative factors are barriers to entry, number of competitors, economic cyclicality, customer loyalty, price competition, global reach, government involvement and management quality. Among the quantitative factors are historic revenue and EPS growth, projected revenue and EPS growth, margins, return on assets, return on equity, capital expenditures relative to net income and the historic range of P/E over the last five years. Once a target P/E has been agreed upon, it may occasionally be adjusted.
Additionally, Environmental, Social, and Governance ("ESG") is an important part of DSM's investment process and is fully integrated into its stock selection, monitoring, and selling processes. DSM assigns a proprietary ESG score to every company that it researches. Scores range from CCC to AAA, and DSM utilizes MSCI's ESG Ratings and Controversies as a starting point to make adjustments to ESG scores across key categories: (1) UN Global Compact Compliance - DSM monitors whether companies are designated as Pass, Watchlist or Fail; (2) Environment - Companies are evaluated based on (i) whether they have a Net Zero target year and what target date is set, (ii) whether they report Scope 1, 2, and 3 greenhouse gas emissions, and (iii) a proprietary environmental controversy score; (3) Social - Companies are evaluated based on (i) privacy & data policies, (ii) human capital management, and (iii) a proprietary social controversy score; (4) Governance - Companies are evaluated based on (i) whether they report their board diversity and their percentage of diverse board members, (ii) board effectiveness, (iii) executive compensation, (iv) ownership and control, and (v) a proprietary governance controversy score. Each Analyst/Portfolio Manager at DSM completes in-depth fundamental research on ESG subjects impacting our holdings and then assigns scores using a consistent methodology. DSM stores all ESG scores, communications, and developments in centralized folders on Bloomberg so that companies' ESG histories and DSM's ESG activities are available to all Analyst/Portfolio Managers.
ESG scores are included in DSM's internal research summaries and have an impact on DSM's investment decisions and our overall assessment of a stock, which affect position sizing and selection. ESG considerations have both kept DSM from investing in certain companies and have led to selling portfolio holdings.
Period | MTCGX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 25.8% | -68.1% | 43.5% | 38.67% |
1 Yr | 42.5% | -64.8% | 61.7% | 28.15% |
3 Yr | 9.0%* | -28.9% | 26.2% | 38.64% |
5 Yr | 12.1%* | -13.2% | 30.0% | 89.55% |
10 Yr | 7.9%* | -4.1% | 20.4% | 98.48% |
* Annualized
Period | MTCGX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 25.3% | -74.1% | 72.4% | 74.05% |
2022 | -31.5% | -85.9% | 4.7% | 35.66% |
2021 | 1.2% | -52.4% | 60.5% | 71.89% |
2020 | 14.1% | -34.3% | 145.0% | 87.69% |
2019 | 28.4% | -6.9% | 49.4% | 28.18% |
Period | MTCGX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 25.8% | -68.1% | 43.5% | 38.67% |
1 Yr | 42.5% | -64.8% | 61.7% | 28.15% |
3 Yr | 9.0%* | -28.9% | 26.2% | 38.64% |
5 Yr | 12.1%* | -13.2% | 30.0% | 89.55% |
10 Yr | 7.9%* | -4.1% | 20.4% | 98.48% |
* Annualized
Period | MTCGX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 32.0% | -4.6% | 72.4% | 69.44% |
2022 | -25.4% | -61.7% | 5.6% | 23.62% |
2021 | 18.6% | -39.8% | 118.1% | 69.02% |
2020 | 14.1% | 2.8% | 149.2% | 98.46% |
2019 | 28.4% | -5.2% | 49.4% | 85.96% |
MTCGX | Category Low | Category High | MTCGX % Rank | |
---|---|---|---|---|
Net Assets | 291 M | 292 K | 287 B | 74.24% |
Number of Holdings | 25 | 2 | 3143 | 95.87% |
Net Assets in Top 10 | 193 M | 109 K | 151 B | 71.07% |
Weighting of Top 10 | 66.21% | 0.7% | 205.0% | 5.95% |
Weighting | Return Low | Return High | MTCGX % Rank | |
---|---|---|---|---|
Stocks | 99.20% | 0.00% | 115.30% | 34.50% |
Cash | 0.80% | 0.00% | 173.52% | 56.42% |
Preferred Stocks | 0.00% | 0.00% | 10.69% | 58.58% |
Other | 0.00% | -31.50% | 50.35% | 60.83% |
Convertible Bonds | 0.00% | 0.00% | 1.94% | 51.94% |
Bonds | 0.00% | 0.00% | 103.97% | 53.37% |
Weighting | Return Low | Return High | MTCGX % Rank | |
---|---|---|---|---|
Technology | 26.33% | 0.00% | 65.70% | 79.03% |
Financial Services | 20.33% | 0.00% | 43.06% | 4.68% |
Communication Services | 19.78% | 0.00% | 66.40% | 5.49% |
Healthcare | 11.45% | 0.00% | 39.76% | 61.21% |
Industrials | 8.40% | 0.00% | 30.65% | 20.88% |
Consumer Cyclical | 6.95% | 0.00% | 62.57% | 95.05% |
Consumer Defense | 3.80% | 0.00% | 25.50% | 48.87% |
Basic Materials | 2.96% | 0.00% | 18.91% | 17.73% |
Utilities | 0.00% | 0.00% | 16.07% | 66.16% |
Real Estate | 0.00% | 0.00% | 16.05% | 83.98% |
Energy | 0.00% | 0.00% | 41.09% | 78.49% |
Weighting | Return Low | Return High | MTCGX % Rank | |
---|---|---|---|---|
US | 99.20% | 0.00% | 115.30% | 25.70% |
Non US | 0.00% | 0.00% | 75.51% | 67.12% |
MTCGX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.77% | 0.01% | 28.71% | 65.92% |
Management Fee | 0.58% | 0.00% | 1.50% | 43.26% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 1.02% | N/A |
MTCGX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.25% | 8.50% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
MTCGX 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.
MTCGX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 32.00% | 0.00% | 316.74% | 50.81% |
MTCGX | Category Low | Category High | MTCGX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 27.58% | 72.75% |
MTCGX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | SemiAnnual | Annually | Quarterly | Annual |
MTCGX | Category Low | Category High | MTCGX % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.37% | -6.13% | 3.48% | 55.37% |
MTCGX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Semi-Annually | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Dec 28, 2023 | $1.331 | CapitalGainShortTerm |
Jun 15, 2023 | $0.205 | CapitalGainShortTerm |
Dec 29, 2022 | $1.212 | CapitalGainLongTerm |
Jun 16, 2022 | $0.100 | CapitalGainShortTerm |
Jun 16, 2022 | $0.740 | CapitalGainLongTerm |
Dec 29, 2021 | $0.728 | CapitalGainShortTerm |
Dec 29, 2021 | $5.150 | CapitalGainLongTerm |
Start Date
Tenure
Tenure Rank
Oct 12, 2009
12.64
12.6%
STEVEN TISH began his career at Lazard Freres Asset Management in 1991 as an analyst/portfolio manager. He covered industries including technology, healthcare, business services, and conglomerates. Steve then moved to PAW Partners in Greenwich as a partner and analyst/portfolio manager where he was responsible for the P&L of the healthcare segment of a multi-sector hedge fund. He then joined Millennium Partners in New York as a partner and analyst/portfolio manager where he worked with a team which was dedicated to their global healthcare hedge fund. The members of the team later left Millennium to start Panacea Asset Management, an independent healthcare sector hedge fund in New York. He joined DSM Capital Partners in October 2007. Steve earned a B.S. in Finance from the University of Maryland and an MBA from Cornell University. He was awarded his Chartered Financial Analyst certification in 1994.
Start Date
Tenure
Tenure Rank
Oct 12, 2009
12.64
12.6%
Justin Burk joined DSM in 2002 as a portfolio manager/research analyst. Previously, he joined Moody’s Investor Services in 1998, moving to Carlyle High Yield Partners as an analyst in 1999. In 2001 he joined Aslan Capital Management, a high yield event-driven hedge fund, where he specialized in corporate structure analysis and asset valuation. Justin received an A.B. in Biochemical Sciences with Honors from Harvard University, and holds a Chartered Financial Analyst designation.
Start Date
Tenure
Tenure Rank
Oct 12, 2009
12.64
12.6%
DAVID MCVEY started in 1992 at Mutual Funds Service Company in Boston. In 1995 he became equity research associate for biotechnology and healthcare at Hambrecht & Quist. He then moved to Furman Selz, becoming a vice president and serving as media and entertainment analyst. Most recently, he has been media and entertainment associate analyst at J.P. Morgan H&Q. David received a Bachelor of Science degree in Economics and Finance from New Hampshire College, and holds a Chartered Financial Analyst designation. David joined DSM in 2001.
Start Date
Tenure
Tenure Rank
Oct 12, 2009
12.64
12.6%
ERIC WOODWORTH joined Price Waterhouse Coopers in 1994 as a technology consultant. He became a team leader and managed projects for PWC in Toronto and Chicago. He also served as an internal instructor for PWC in Tampa, Florida. Eric left PWC in 1999 to attend business school, spending his summer in equity research at Merrill Lynch. Eric holds a Bachelor of Arts in Economics from Williams College, an MBA in Finance from New York University, and holds a Chartered Financial Analyst designation. Eric joined DSM in 2001.
Start Date
Tenure
Tenure Rank
Oct 12, 2009
12.64
12.6%
PINAKI KAR started his career in life-sciences strategy consulting at ZA Associates in 1994 where he advised pharmaceutical and biotechnology clients. He subsequently worked at Pfizer and Bristol-Myers Squibb in various roles within brand planning and management. His most recent role was at Novartis AG where he was responsible for screening and assessing strategic investment opportunities. Pinaki holds a Bachelors in Mechanical Engineering from the Indian Institute of Technology and a Masters in Logistics from the Massachusetts Institute of Technology, where he was on the Deans List. He also holds a Masters in Engineering from Notre Dame and an MBA in Finance from New York University, where he earned the Stern Scholar designation. Pinaki joined DSM in 2008.
Start Date
Tenure
Tenure Rank
Oct 12, 2009
12.64
12.6%
DANIEL STRICKBERGER began his career in 1979 as a credit analyst, first at Morgan Guaranty, and later at Bank of Tokyo. He joined Oppenheimer & Co. as a securities analyst in 1982. He joined Lazard Freres & Co. later that year, after Oppenheimer & Co. was sold. Dan was appointed Director of Research of Lazard Freres Asset Management in 1987 and was made a general partner of Lazard Freres & Co. in 1988. He was one of two senior portfolio managers supervising Lazard’s domestic equity investments. Dan also developed and was the senior portfolio manager of Lazard’s international equities portfolio.
Start Date
Tenure
Tenure Rank
Apr 30, 2015
7.09
7.1%
HANNAH CHIANG began her career at American Century Investment Management in 1997. From 2001-2005 she was a research analyst for international equities. She was then named an associate analyst responsible for large cap ideas in Asia (ex-Japan). For the last six years, Hannah was a senior investment analyst focusing on large cap global consumer companies. She holds a Bachelor of Science in International Business and a Master of Science in Finance, both from the University of Colorado. Hannah joined DSM in 2015.
Start Date
Tenure
Tenure Rank
May 31, 2018
4.0
4.0%
TAKAMUNE FUJIKAWA began his career in 1994 at Nomura Securities International in New York as a quantitative analyst. In 2008, he joined The Boston Company Asset Management as a senior international equity analyst. Taka continued his career in Hong Kong at Hutchinhill Capital as a senior equity analyst. His most recent role was a senior analyst at the equity research department in SMBC Nikko Securities in Tokyo. He received a Bachelor of Science degree in Finance and International Business from New York University, Stern School of Business. He holds a Chartered Financial Analyst designation. Taka joined DSM in May 2018.
Start Date
Tenure
Tenure Rank
Aug 31, 2021
0.75
0.8%
SHIRLEY HU ANDERSON began her career as an analyst in the Technology Investment Banking Group at Credit Suisse. In 2008, she joined Qatalyst Partners, a technology-focused M&A investment bank, as a founding member of the team. In 2014, she moved to Bernstein Research as a senior research associate, where her team was ranked #1 by Institutional Investor for their coverage of semiconductors. Shirley was most recently a senior analyst in technology, media and telecom with Alliance Bernstein’s Arya Partners. She graduated from Princeton University with a BA in public and international affairs and received her MBA from The Wharton School, University of Pennsylvania. Shirley holds a Chartered Financial Analyst designation. She joined DSM in 2021.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.04 | 54.45 | 8.24 | 2.92 |
Dividend Investing Ideas Center
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