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 11/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
4.4%
1 yr return
9.3%
3 Yr Avg Return
-2.2%
5 Yr Avg Return
N/A
Net Assets
$2.26 B
Holdings in Top 10
37.2%
Expense Ratio 0.93%
Front Load N/A
Deferred Load N/A
Turnover 24.00%
Redemption Fee N/A
Standard (Taxable)
$1,000
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 11/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The Fund may invest in debt or debt linked instruments of any credit rating, and there are no limits on the Fund’s investments in high-yield (“junk”) bonds. The Fund defines credit instruments broadly to include any debt or debt linked instrument, including corporate and sovereign bonds, leveraged loans (or bank loans), municipal securities, preferred securities, convertible securities, and securitized instruments (including mortgage- and asset-backed securities). The Fund, under normal market circumstances invests at least 80% of its net assets (including
any borrowing for investment purposes) in credit instruments and derivative instruments that are linked to, or provide investment exposure to, credit instruments, including short exposure. Additionally, the Adviser, as part of the Fund’s overall portfolio construction, may invest in various securities with an aim of managing risk and overall volatility similar to the benchmark over a business cycle. There is no limit on the Fund’s investments in securities issued by foreign issuers, including issuers in emerging markets, although the Fund’s overall net exposure to non-U.S. currencies through direct holdings and derivatives is normally limited to 25% of its net assets. The Fund may invest up to 20% of its net assets in long and short positions in equity securities, including common stocks, warrants, and other equity securities in addition to derivatives that provide exposure to equity securities.
High yield instruments are rated below investment grade (BB and lower, or an equivalent rating), and tend to provide high income in an effort to compensate investors for their higher risk of default, which is the failure to make required interest or principal payments. High yield instruments in which the Fund may invest include bonds, leveraged loans, and securities in default. The Fund may invest in debt instruments of any maturity or duration, although the Fund expects to normally maintain an effective duration between 2 and 8 years. Duration is an estimate of a security’s (or portfolio of securities) sensitivity to changes in prevailing interest rates, with securities with a higher duration generally tending to be more sensitive to changes in prevailing interest rates.
The Adviser employs sub-advisers for some asset classes, or segments of specific asset classes, and allocates the Fund’s portfolio investments on an opportunistic basis intended to achieve attractive relative returns among asset classes and investments. The Adviser’s investment process consists of fundamental research as well as the use of proprietary quantitative models that evaluate a universe of securities based on factors such as credit quality, maturity, valuation, revenues, earnings, capital discipline, financial leverage and volatility.
The Fund’s investment approach provides the Fund the flexibility to invest across a wide variety of global credit instruments without constraints to particular benchmarks, asset classes, or sectors. Through this flexibility, and the use of active risk management and hedging positions, the Fund attempts to benefit from the upsides of the fixed income credit markets while avoiding some of the downsides over a full market cycle.
When deciding whether to adjust allocations among the various sectors and asset classes (such as high yield corporate bonds, mortgage- and asset-backed securities, international bonds, sovereign bonds, municipal securities, and leveraged loans) or duration (which measures the Fund’s price sensitivity to interest rate changes), the Adviser may consider factors such as expected interest rate movements and currency valuations, the outlook for inflation and the economy, and the yield advantage and potential for increased returns that lower rated bonds may offer over investment-grade bonds.
The Fund may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the “to-be-announced” (TBA) market. With TBA transactions, the particular securities to be delivered are not identified at the trade date but the delivered securities must meet specified terms and standards.
Bank loans, also known as leveraged loans, represent amounts borrowed by companies or other entities from banks and other lenders. These loans have floating interest rates that reset periodically (typically quarterly or monthly) and are often rated below investment grade (sometimes referred to as “junk bonds”). In many cases, the borrowing companies have significantly more debt than equity and the loans have been issued in connection with recapitalizations, acquisitions, leveraged buyouts, or refinancings. Leveraged loans may be acquired directly through an agent acting on behalf of the lenders participating in the loan, as an assignment from another lender who holds a direct interest in the loan, or as a participation interest in another lender’s portion of the loan.
While most assets are typically invested in bonds and other debt instruments, the Fund also may use credit default swaps (on both indexes and specific bonds or issuers), total return swaps (on both indexes and specific bonds or issuers), interest rate futures, interest rate swaps, forward currency exchange contracts, and options on such instruments. The Fund intends to buy or sell credit default and total return swaps in order to generate returns, adjust the Fund’s overall credit quality, or protect the value of certain portfolio holdings, as well as to seek to profit from expected deterioration in the credit quality of an issuer or the widening of credit spreads. Total return swaps may also be used in order to obtain a short position with respect to a particular instrument. Interest rate futures and interest rate swaps are primarily used to manage the Fund’s exposure to interest rate changes and to seek to limit
overall volatility by adjusting the portfolio’s duration and extending or shortening the overall maturity of the Fund. Forward currency exchange contracts may be used to limit overall volatility by protecting the Fund’s non-U.S. dollar-denominated holdings from adverse currency movements relative to the U.S. dollar or to generate returns by gaining long or short exposure to certain currencies expected to increase or decrease in value relative to other currencies. In addition, the Fund may take a short position in a currency, which means that the Fund could sell a currency in excess of its assets denominated in that currency (or the fund might sell a currency even if it doesn’t own any assets denominated in the currency).
Period | OWCIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 4.4% | -11.6% | 18.0% | 83.44% |
1 Yr | 9.3% | -9.3% | 20.9% | 49.07% |
3 Yr | -2.2%* | -16.5% | 16.8% | 93.81% |
5 Yr | N/A* | -14.6% | 13.8% | N/A |
10 Yr | N/A* | -7.2% | 6.9% | N/A |
* Annualized
Period | OWCIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 0.7% | -12.0% | 8.9% | 78.05% |
2022 | -20.2% | -31.8% | 18.4% | 94.29% |
2021 | -1.2% | -16.2% | 25.7% | 41.31% |
2020 | N/A | -31.1% | 18.7% | N/A |
2019 | N/A | -6.1% | 15.3% | N/A |
Period | OWCIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 4.4% | -11.6% | 18.0% | 83.44% |
1 Yr | 9.3% | -9.3% | 20.9% | 49.07% |
3 Yr | -2.2%* | -16.5% | 16.8% | 93.81% |
5 Yr | N/A* | -14.6% | 13.8% | N/A |
10 Yr | N/A* | -7.2% | 6.9% | N/A |
* Annualized
Period | OWCIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.4% | -6.9% | 22.2% | 76.04% |
2022 | -16.2% | -31.8% | 21.1% | 95.72% |
2021 | 2.8% | -13.5% | 49.9% | 39.34% |
2020 | N/A | -28.6% | 24.1% | N/A |
2019 | N/A | -4.8% | 19.1% | N/A |
OWCIX | Category Low | Category High | OWCIX % Rank | |
---|---|---|---|---|
Net Assets | 2.26 B | 2.63 M | 143 B | 28.18% |
Number of Holdings | 789 | 4 | 9638 | 33.54% |
Net Assets in Top 10 | 936 M | -204 M | 89.4 B | 22.00% |
Weighting of Top 10 | 37.16% | 5.8% | 265.8% | 32.55% |
Weighting | Return Low | Return High | OWCIX % Rank | |
---|---|---|---|---|
Bonds | 65.81% | 0.00% | 199.60% | 80.66% |
Stocks | 17.11% | -6.18% | 99.68% | 13.10% |
Other | 13.46% | -75.22% | 147.15% | 22.93% |
Cash | 3.42% | -94.66% | 99.97% | 50.55% |
Convertible Bonds | 3.31% | 0.00% | 33.50% | 29.65% |
Preferred Stocks | 0.20% | 0.00% | 26.42% | 28.86% |
Weighting | Return Low | Return High | OWCIX % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 100.00% | 5.85% |
Technology | 0.00% | 0.00% | 28.30% | 96.96% |
Real Estate | 0.00% | 0.00% | 100.00% | 44.03% |
Industrials | 0.00% | 0.00% | 100.00% | 29.74% |
Healthcare | 0.00% | 0.00% | 18.60% | 26.00% |
Financial Services | 0.00% | 0.00% | 100.00% | 97.89% |
Energy | 0.00% | 0.00% | 100.00% | 98.36% |
Communication Services | 0.00% | 0.00% | 100.00% | 55.74% |
Consumer Defense | 0.00% | 0.00% | 99.97% | 96.96% |
Consumer Cyclical | 0.00% | 0.00% | 89.95% | 96.96% |
Basic Materials | 0.00% | 0.00% | 100.00% | 24.12% |
Weighting | Return Low | Return High | OWCIX % Rank | |
---|---|---|---|---|
US | 17.11% | -6.18% | 99.68% | 12.48% |
Non US | 0.00% | -0.30% | 17.73% | 74.57% |
Weighting | Return Low | Return High | OWCIX % Rank | |
---|---|---|---|---|
Securitized | 37.40% | 0.00% | 99.65% | 26.09% |
Government | 24.87% | 0.00% | 99.43% | 20.93% |
Corporate | 23.16% | 0.00% | 96.66% | 65.86% |
Cash & Equivalents | 2.99% | 0.00% | 94.89% | 51.17% |
Derivative | 0.09% | -75.22% | 147.15% | 37.25% |
Municipal | 0.00% | 0.00% | 54.26% | 79.23% |
Weighting | Return Low | Return High | OWCIX % Rank | |
---|---|---|---|---|
US | 65.81% | 0.00% | 199.60% | 69.11% |
Non US | 0.00% | 0.00% | 74.14% | 89.08% |
OWCIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.93% | 0.03% | 34.13% | 66.10% |
Management Fee | 0.58% | 0.00% | 2.29% | 45.98% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | 0.04% | 0.00% | 0.70% | 4.23% |
OWCIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 1.50% | N/A |
OWCIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.50% | 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.
OWCIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 24.00% | 0.00% | 632.00% | 6.04% |
OWCIX | Category Low | Category High | OWCIX % Rank | |
---|---|---|---|---|
Dividend Yield | 5.37% | 0.00% | 23.30% | 33.08% |
OWCIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | SemiAnnual | Monthly | Monthly |
OWCIX | Category Low | Category High | OWCIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 4.23% | -1.55% | 11.51% | 14.90% |
OWCIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Sep 12, 2024 | $0.109 | OrdinaryDividend |
Jun 13, 2024 | $0.117 | OrdinaryDividend |
Mar 14, 2024 | $0.110 | OrdinaryDividend |
Dec 14, 2023 | $0.120 | OrdinaryDividend |
Sep 14, 2023 | $0.120 | OrdinaryDividend |
Jun 15, 2023 | $0.098 | OrdinaryDividend |
Mar 16, 2023 | $0.104 | OrdinaryDividend |
Dec 15, 2022 | $0.097 | OrdinaryDividend |
Sep 15, 2022 | $0.115 | OrdinaryDividend |
Jun 16, 2022 | $0.114 | OrdinaryDividend |
Mar 17, 2022 | $0.101 | OrdinaryDividend |
Dec 21, 2021 | $0.084 | OrdinaryDividend |
Sep 13, 2021 | $0.080 | OrdinaryDividend |
Jun 14, 2021 | $0.122 | OrdinaryDividend |
Mar 15, 2021 | $0.109 | OrdinaryDividend |
Dec 22, 2020 | $0.108 | OrdinaryDividend |
Start Date
Tenure
Tenure Rank
Sep 30, 2020
1.67
1.7%
Warren joined Muzinich in 2013. He is a Portfolio Manager focusing on emerging markets credit and is the lead PM for the Emerging markets Short Duration Fund. Prior to joining Muzinich, Warren was with Schroders, where he was a Global Portfolio Manager and later, the Senior Portfolio Manager for Global Emerging Markets. In the latter role, he managed about $2 billion and helped to develop the firm’s emerging markets corporate capabilities. Previously, Warren was the Head of European Money Markets at UniCredito Italiano. Warren earned a B.Sc. in Mathematics for Business from the Middlesex University London and an M.Sc. in Shipping Trade and Finance from the CASS Business School. He holds the Chartered Financial Analyst designation.
Start Date
Tenure
Tenure Rank
Sep 30, 2020
1.67
1.7%
Anthony joined Muzinich in 2015. He is a Portfolio Manager focusing on US investment grade bonds and a PM for the Enhancedyield Short-Term and Low Duration Funds. Prior to joining Muzinich, Anthony was an Investment Grade Credit Trader at Société Générale for four years focusing on the consumer, retail and industrial sectors. Previously, he spent 11 years in debt capital markets at Barclays Capital and Deutsche Bank where he advised corporations on financing and solution strategies. Anthony earned a B.A. in Economics from Cornell University.
Start Date
Tenure
Tenure Rank
Sep 30, 2020
1.67
1.7%
Joseph joined Muzinich in 2010. He is a Portfolio Manager focusing on U.S. high yield. Prior to joining Muzinich, Joseph worked at Babson Capital Management where he was Managing Director and Senior Investment Analyst. Previously, he held Senior Analyst positions in high yield research at CIBC World Markets and Citicorp Securities. Joseph earned a B.A., Epsilon Sigma Pi, cum laude, from Manhattan College, and an M.B.A. in Corporate Finance from Fordham University where he finished his degree with honor designations Phi Kappa Phi and Beta Gamma Sigma. He was formally credit trained at the Citicorp Global Institute of Finance and is a Certified Public Accountant.
Start Date
Tenure
Tenure Rank
Sep 30, 2020
1.67
1.7%
Mr. Saffet Ozbalci, Managing Director, is the Head of the US CLO Investment Team within BlackRock’s Global Fixed Income group. Prior to joining Blackrock in 2012, Mr. Ozbalci was the Head of CLO Trading at BNP Paribas. Prior to this role, Mr. Ozbalci was a portfolio manager at Barclays Global Investors (BGI), primarily responsible for investments in securitized assets. In his previous role, he was the lead portfolio manager at Securities Finance Trust Co, specializing in securitized assets. Mr. Ozbalci earned a BS degree in Civil Engineering from Middle East Technical University in 2001, and an MBA/MS degree in finance from Boston College in 2004.
Start Date
Tenure
Tenure Rank
Sep 30, 2020
1.67
1.7%
Torben joined Muzinich in 2016. He is a Portfolio Manager focusing on syndicated loans. Prior to joining Muzinich, Torben was with ECM Asset Management Limited, a Wells Fargo company, where he was Head of Sub-Investment Grade responsible for overseeing all loan and high yield investments in asset class specific portfolios, as well as across ECM’s multi asset class portfolios. Previously, he was at Danske Bank Group in Copenhagen and London. Torben has more than 20 years of experience in corporate banking and the leveraged finance market in particular. He holds an Executive M.B.A. from London Business School.
Start Date
Tenure
Tenure Rank
Sep 30, 2020
1.67
1.7%
Thomas joined Muzinich in 2004. He is a Portfolio Manager, a member of the firm’s Investment Committee and the lead PM for the Europeyield Fund. Prior to joining Muzinich, Thomas worked as an Investment Analyst at Trafalgar Asset Managers, a distressed-debt hedge fund. Previously, he worked as a financial Analyst at GE Capital. Thomas has a Masters in Finance from London Business School and earned an M.Sc. in Corporate Finance from the Institut d’Études Politiques de Paris, France. He holds the Chartered Financial Analyst designation.
Start Date
Tenure
Tenure Rank
Sep 30, 2020
1.67
1.7%
Mr. Ibrahim Incoglu is Managing Director of BlackRock, Inc. since 2015 and Director of BlackRock, Inc. from 2009 to 2014. Mr. Incoglu, a Managing Director of BlackRock, is part of the Securitized Assets Investment team and a member of Americas Fixed Income within the Alpha Strategies Group. Mr. Incoglu is a Senior Portfolio Manager and Trader on the Non-Agency desk. His responsibilities include managing Prime, Alt-a, Option Arm and Subprime positions across numerous BlackRock portfolios. Prior to joining BlackRock in 2009, Mr. Incoglu spent more than six years on the sell side at Wachovia Securities, most recently as a Director. He was responsible for managing the synthetic ABS desk, market making and hedging activities. Prior to launching synthetic desk in 2006, Mr. Incoglu was a Senior Trader at Wachovia and traded / made markets on Alt-a, Sub-prime and 2nd liens/ HELOC's (Home Equity Line of Credit). From 2002 to 2003, Mr. Incoglu was an Associate at Bank of America Securities, where he structured up Non-Agency deals, and ran arbitrage to buy and securitize mortgage whole loans. Mr. Incoglu began his career at Ocwen Federal Bank in 2000. He focused on trading of IO's, servicing strips, as well as hedging activities of the derivatives. Mr. Incoglu earned a BS degree in civil engineering from Bogazici University in 1998, and an MBA degree in business administration from the University of Tulsa in 1999.
Start Date
Tenure
Tenure Rank
Sep 30, 2020
1.67
1.7%
Qiang Jiang, PhD, is a Managing Director and Director of Investment Quantitative R&D at Bessemer Investment Management LLC. Dr. Jiang joined the Adviser in 2007. Prior to joining Bessemer, Dr. Jiang worked for Bessemer, an affiliate of Bessemer, since 2002. Prior to joining Bessemer, Dr. Jiang was a consultant for Schroders from 1997 to 2000, and the Bank of New York Mellon (which acquired Schroders) from 2000 to 2001. Dr. Jiang worked at Rutgers University as a research fellow, responsible for research in the areas of interfacial phenomena and ultra-low temperature physics, and completed both a M.S in Electrical Engineering & Computer as well as his Doctoral program in Physics in 1991. Dr. Jiang earned a B.S. from Fudan University in 1985.
Start Date
Tenure
Tenure Rank
Sep 30, 2020
1.67
1.7%
Mr. Anthony Wile, Senior Vice President and Associate Portfolio Manager of Bessemer Investment Management LLC. Mr. Wile joined Bessemer Investment Management in 2017 and Bessemer in 2016. Prior to joining Bessemer, Mr. Wile was a global markets research analyst at J.P. Morgan, responsible for global macro research and high frequency forecasting. Mr. Wile earned a B.B.A. in finance and economics from Loyola University Chicago.
Start Date
Tenure
Tenure Rank
Sep 30, 2020
1.67
1.7%
Mr. Jared B. Olivenstein is the Principal and Co-Portfolio Manager of Bessemer Investment Management LLC. Prior to joining Bessemer Investment Management, Mr. Olivenstein was an Executive Director and Portfolio Manager at JPMorgan Asset Management, responsible for the Strategic Income Opportunities family of funds. Prior to joining JPMorgan Asset Management, Mr. Olivenstein was a foreign exchange and commodities sales and trading associate with JPMorgan Chase Securities Inc. Mr. Olivenstein earned a B.S. in Business Administration from Carnegie Mellon University.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 28.19 | 5.71 | 3.19 |
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