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Trending ETFs

Guggenheim Alpha Opportunity Fund

mutual fund
SAOSX
Payout Change
Pending
Price as of:
$21.05 -0.19 -0.89%
primary theme
Long-Short Equity
SAOSX (Mutual Fund)

Guggenheim Alpha Opportunity Fund

Payout Change
Pending
Price as of:
$21.05 -0.19 -0.89%
primary theme
Long-Short Equity
SAOSX (Mutual Fund)

Guggenheim Alpha Opportunity Fund

Payout Change
Pending
Price as of:
$21.05 -0.19 -0.89%
primary theme
Long-Short Equity

Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$21.05

$38.2 M

0.58%

$0.12

1.87%

Vitals

YTD Return

8.3%

1 yr return

13.1%

3 Yr Avg Return

5.4%

5 Yr Avg Return

4.8%

Net Assets

$38.2 M

Holdings in Top 10

16.5%

52 WEEK LOW AND HIGH

$21.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.87%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 169.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$21.05

$38.2 M

0.58%

$0.12

1.87%

SAOSX - Profile

Distributions

  • YTD Total Return 8.3%
  • 3 Yr Annualized Total Return 5.4%
  • 5 Yr Annualized Total Return 4.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.54%
DIVIDENDS
  • Dividend Yield 0.6%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Guggenheim Alpha Opportunity Fund
  • Fund Family Name
    Guggenheim
  • Inception Date
    May 01, 2015
  • Shares Outstanding
    N/A
  • Share Class
    P
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Farhan Sharaff

Fund Description

The Fund pursues its objective by investing, under normal market conditions, in long and short positions of domestic equity and equity-related securities (including swaps and other derivative investments giving long or short exposure to domestic equity securities).The Investment Manager uses a proprietary evaluation process to generate an expected return for individual stocks that considers market risk factors generally and risks specific to the companies in which the Fund invests. Market risk factors include, among other factors, company size, enterprise value, and sector. The Investment Manager seeks to construct portfolios of equity-related investments that maintain long positions in instruments that provide exposure to risk factors that the Investment Manager considers to be undervalued by the equity markets and sells short instruments that provide exposure to risk factors that the Investment Manager considers to be overvalued by the equity markets. The process uses fundamentally-based, forward-looking forecasts of equity cash flows to generate return expectations for individual stocks. Then, the expected returns for the universe of stocks is further evaluated using quantitative techniques to estimate the market’s implied valuation of broad market risk factors as well as the company-specific risks. Finally, a portfolio is constructed within guidelines that buys long the stocks (or derivatives that give exposure to stocks) that give the portfolio both the broad risk characteristics and company-specific risks that are perceived to be undervalued and sells short stocks (or derivatives that give exposure to stocks) for which those characteristics are perceived to be overpriced. These guidelines contain risk controls that seek to: limit industry and sector concentration; promote portfolio issuer diversification; and avoid making portfolio investments contrary to the Investment Manager’s macroeconomic views. “Alpha” in the Fund’s name refers to the potential for the Fund’s portfolio to achieve returns that are favorable relative to the amount of risk taken. Of course, there is no guarantee that the Fund will achieve its objective of long-term growth of capital, and an investment in the Fund involves significant risk.The Fund will ordinarily hold simultaneous long and short positions in equity securities or securities markets that provide exposure up to a level equal to 150% of the Fund’s net assets for both the long and short positions. That level of exposure is obtained through derivatives, including swap agreements (which include, but are not limited to, total return swap agreements). The Investment Manager intends to maintain a low overall net exposure (the difference between the notional value of long positions and the notional value of short positions) for the portfolio, typically varying between 50% net long and 30% net short to seek to maintain low correlation to traditional equity markets, lower than market volatility and seek to provide consistent absolute return. The overall net exposure will change as market opportunities change, and may, based on the Investment Manager’s view of current market conditions, be outside this range.The Fund may invest in domestic equity securities, including small-, mid-, and large-capitalization securities. The Fund also may invest in derivative instruments, including swaps on selected baskets of equity securities, to enable the Fund to pursue its investment objective without investing directly in the securities of companies to which the Fund is seeking exposure. The Fund may also invest in derivatives, such as options and futures contracts, to hedge or gain leveraged exposure to a particular sector, industry, market risk factor, or company and/or to obtain or replicate market exposure depending on market conditions. The Fund will often invest in instruments traded in the over the-counter (“OTC”) market, which generally provides for less transparency than exchange-traded instruments. The Fund also may enter into long positions or short sales of broad-based stock indices for hedging purposes in an effort to reduce the Fund’s risk or volatility through, among other instruments, exchange-traded funds (“ETFs”) and closed-end funds. The use of derivatives may create a leveraging effect on the Fund which, under current regulatory requirements, will force the Fund to take offsetting positions or earmark or segregate assets to be used as collateral. The Fund actively trades its investments, which can result in significant fluctuations in the Fund's portfolio turnover rate.While the Fund anticipates investing in these securities and instruments to seek to achieve its investment objective, the extent of the Fund’s investment in these securities and instruments may vary from day-to-day depending on a number of different factors, including price, availability, and general market conditions. On a day-to-day basis, the Fund may hold U.S. government securities, short-term, high quality (rated AA or higher) fixed-income instruments, money market instruments, overnight and fixed-term repurchase agreements, cash and other cash equivalents with maturities of one year or less to collateralize its derivative positions. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks.Under adverse or unstable market conditions or abnormal circumstances, the Fund could invest some or all of its assets in cash, derivatives, fixed-income instruments, government bonds, money market instruments, repurchase agreements or securities of other investment companies. The Fund may be unable to pursue or achieve its investment objective during that time and temporary investments could reduce the benefit from any upswing in the market.
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SAOSX - Performance

Return Ranking - Trailing

Period SAOSX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.3% -12.1% 23.2% 34.57%
1 Yr 13.1% -12.5% 39.1% 39.51%
3 Yr 5.4%* -20.0% 28.5% 33.80%
5 Yr 4.8%* -4.5% 24.8% 65.38%
10 Yr N/A* -4.3% 10.0% 43.08%

* Annualized

Return Ranking - Calendar

Period SAOSX Return Category Return Low Category Return High Rank in Category (%)
2023 8.1% -17.3% 43.8% 33.95%
2022 -9.3% -54.0% 17.4% 46.26%
2021 13.4% -40.0% 54.1% 31.91%
2020 -1.1% -47.6% 88.4% 76.30%
2019 -3.0% -20.3% 62.6% 92.13%

Total Return Ranking - Trailing

Period SAOSX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.3% -12.1% 23.2% 34.57%
1 Yr 13.1% -12.5% 39.1% 39.51%
3 Yr 5.4%* -20.0% 28.5% 33.80%
5 Yr 4.8%* -4.5% 24.8% 65.38%
10 Yr N/A* -4.3% 10.0% 43.08%

* Annualized

Total Return Ranking - Calendar

Period SAOSX Return Category Return Low Category Return High Rank in Category (%)
2023 8.8% -14.5% 43.8% 45.68%
2022 -8.6% -54.0% 50.3% 60.54%
2021 14.4% -40.0% 61.6% 48.23%
2020 0.2% -29.9% 91.0% 71.85%
2019 -2.2% -17.9% 79.4% 94.49%

NAV & Total Return History


SAOSX - Holdings

Concentration Analysis

SAOSX Category Low Category High SAOSX % Rank
Net Assets 38.2 M 1.08 M 6.67 B 77.16%
Number of Holdings 168 2 1906 40.12%
Net Assets in Top 10 6.49 M 639 K 2.09 B 87.65%
Weighting of Top 10 16.49% 2.8% 182.8% 96.30%

Top 10 Holdings

  1. Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares 3.20%
  2. MS Equity Custom Basket 3.05%
  3. GS Equity Custom Basket 3.04%
  4. Marathon Petroleum Corp. 1.07%
  5. MGIC Investment Corp. 1.06%
  6. Owens Corning 1.02%
  7. Caterpillar, Inc. 1.02%
  8. NMI Holdings, Inc. 1.02%
  9. Essent Group Ltd. 1.01%
  10. Hartford Financial Services Group, Inc. 1.01%

Asset Allocation

Weighting Return Low Return High SAOSX % Rank
Stocks
95.32% -0.40% 109.75% 10.49%
Cash
3.28% 0.00% 100.51% 88.27%
Other
1.40% -52.70% 99.51% 24.07%
Preferred Stocks
0.00% 0.00% 8.29% 38.27%
Convertible Bonds
0.00% -0.02% 4.48% 32.03%
Bonds
0.00% 0.00% 178.67% 54.32%

Stock Sector Breakdown

Weighting Return Low Return High SAOSX % Rank
Financial Services
21.71% 0.00% 83.83% 19.70%
Healthcare
15.84% 0.00% 100.00% 40.15%
Technology
15.48% 0.00% 43.24% 71.21%
Consumer Cyclical
11.66% 0.00% 88.83% 31.82%
Utilities
9.35% 0.00% 21.71% 7.58%
Industrials
7.06% 0.00% 31.93% 79.55%
Communication Services
6.50% 0.00% 32.32% 57.58%
Basic Materials
5.01% 0.00% 28.58% 33.33%
Consumer Defense
2.91% 0.00% 33.38% 78.79%
Energy
2.37% 0.00% 32.57% 72.73%
Real Estate
2.12% 0.00% 10.93% 42.42%

Stock Geographic Breakdown

Weighting Return Low Return High SAOSX % Rank
US
95.32% -0.40% 109.75% 8.64%
Non US
0.00% -3.36% 70.87% 43.21%

SAOSX - Expenses

Operational Fees

SAOSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.87% 0.42% 8.51% 64.81%
Management Fee 0.90% 0.00% 2.50% 22.22%
12b-1 Fee 0.25% 0.00% 1.00% 40.45%
Administrative Fee N/A 0.03% 1.54% 19.38%

Sales Fees

SAOSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

SAOSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

Related Fees

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.

SAOSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 169.00% 0.00% 479.00% 62.50%

SAOSX - Distributions

Dividend Yield Analysis

SAOSX Category Low Category High SAOSX % Rank
Dividend Yield 0.58% 0.00% 27.22% 72.05%

Dividend Distribution Analysis

SAOSX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Annual Annual

Net Income Ratio Analysis

SAOSX Category Low Category High SAOSX % Rank
Net Income Ratio 0.54% -3.33% 2.16% 13.75%

Capital Gain Distribution Analysis

SAOSX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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SAOSX - Fund Manager Analysis

Managers

Farhan Sharaff


Start Date

Tenure

Tenure Rank

Jan 28, 2015

7.34

7.3%

Farhan Sharaff has served as a Portfolio Manager for each Fund since 2017. He is Assistant Chief Investment Officer, Equities, Senior Managing Director and Portfolio Manager of Guggenheim Partners. Mr. Sharaff joined Guggenheim Partners in May 2009. Mr. Sharaff has more than 30 years of experience in investment research and investment management. Prior to joining Guggenheim Partners, he was a Partner and Chief Investment Officer at MJX Capital Advisors, a wealth management firm focused on providing advice and investment management for its clients, especially in the traditional and alternative asset classes and Guggenheim Investments plc. Prior to that, Mr. Sharaff served as the global Chief Investment Officer at CIGNA Corporation, Zurich Scudder Investments and Citigroup. In all of the above engagements, Mr. Sharaff was responsible for research, investment management, product development and investment risk management. He was also a member of the business management teams at Citigroup and Zurich Scudder. Mr. Sharaff has a B.S. in Electrical Engineering from the University of Aston (U.K.) and an MBA in Finance from the Manchester Business School (U.K.). In addition, Mr. Sharaff sits on boards of CITIC Capital Asset Management, Clarfeld Financial Advisors, and Guggenheim Global Investment plc.

Burak Hurmeydan


Start Date

Tenure

Tenure Rank

Jan 28, 2015

7.34

7.3%

Burak Hurmeydan, Ph.D., is a Director and Portfolio Manager of Guggenheim Partners. Dr. Hurmeydan joined Guggenheim in 2011 as an Analyst of Quantitative Strategies. Before joining Guggenheim, he was a Quantitative Risk/Research Analyst with Citadel Asset Management from 2008 to 2009. He earned his B.S. in Economics from Eastern Mediterranean University and an M.S. degree in Economics from Louisiana State University. Dr. Hurmeydan earned a Ph.D. in Economics with a specialization in Financial Econometrics from Louisiana State University.

Samir Sanghani


Start Date

Tenure

Tenure Rank

Jan 28, 2015

7.34

7.3%

Samir Sanghani’s responsibilities include equity portfolio management, research, and development of strategies as head of the Quantitative Strategies Group in Santa Monica. He also leads a team of fundamental sector analysts covering US equities. Prior to joining Guggenheim in 2008, he was portfolio manager of a value/opportunistic equity hedge fund. Mr. Sanghani also served as VP of Operations and Chief Compliance Officer at a multi-manager hedge fund firm offering fundamental and quantitative equity long/short strategies. Prior to this, he was a Management Consultant for six years at PricewaterhouseCoopers. Mr. Sanghani holds a B.S. degree in Electrical and Computer Engineering from Rice University and an MBA from M.I.T. Sloan School of Management. He has earned the right to use the Chartered Financial Analyst® designation and is a member of the CFA Institute.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 23.55 6.01 7.93