Continue to site >
Trending ETFs

ALPS | Smith Credit Opportunities Fund

mutual fund
SMCRX
Payout Change
Pending
Price as of:
$9.1 -0.01 -0.11%
primary theme
Bond Sector Diversified
SMCRX (Mutual Fund)

ALPS | Smith Credit Opportunities Fund

Payout Change
Pending
Price as of:
$9.1 -0.01 -0.11%
primary theme
Bond Sector Diversified
SMCRX (Mutual Fund)

ALPS | Smith Credit Opportunities Fund

Payout Change
Pending
Price as of:
$9.1 -0.01 -0.11%
primary theme
Bond Sector Diversified

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

$9.10

$236 M

5.93%

$0.54

0.96%

Vitals

YTD Return

2.1%

1 yr return

8.8%

3 Yr Avg Return

-0.1%

5 Yr Avg Return

N/A

Net Assets

$236 M

Holdings in Top 10

19.5%

52 WEEK LOW AND HIGH

$9.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.96%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$100,000

IRA

$500


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

$9.10

$236 M

5.93%

$0.54

0.96%

SMCRX - Profile

Distributions

  • YTD Total Return 2.1%
  • 3 Yr Annualized Total Return -0.1%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.66%
DIVIDENDS
  • Dividend Yield 5.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    ALPS | Smith Credit Opportunities Fund
  • Fund Family Name
    ALPS Advised Funds
  • Inception Date
    Sep 15, 2020
  • Shares Outstanding
    26084640
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Gibson Smith

Fund Description

Under normal circumstances, the Fund invests at least 80% of the aggregate of its net assets and borrowings for investment purposes in credit and credit related instruments. For purposes of this policy, the Fund considers credit and credit related instruments to include: (i) secured and unsecured floating rate and fixed rate loans; (ii) investments in corporate debt obligations, including bonds, notes, debentures, commercial paper and other obligations of corporations to pay interest and repay principal; (iii) debt issued by governments, their agencies, instrumentalities, and central banks; (iv) commercial paper and short-term notes; (v) preferred stock; (vi) equity and debt tranches of collateralized loan obligations, or “CLOs,” loan accumulation facilities and securities issued by other securitization vehicles, such as credit-linked notes and collateralized bond obligations or “CBOs”; (vii) convertible debt securities; (viii) certificates of deposit, bankers’ acceptances and time deposits; and (ix) credit-related instruments that share characteristics of the instruments listed above.

The Fund’s investments in derivatives, unaffiliated investment companies. including exchange-traded funds, and other instruments designed to obtain indirect exposure to credit and credit related instruments are counted towards the Fund’s 80% investment policy to the extent such instruments have similar economic characteristics to the investments included within that policy, and will be valued on a mark-to market basis.

The Fund invests, under normal circumstances, in a portfolio of U.S. debt securities of varying maturities and durations and across multiple sectors that the portfolio managers believe have capital appreciation potential. The portfolio managers may also consider the ability of investments to generate significant income.

Under normal circumstances, the Fund may invest up to 65% of its net assets in below investment grade securities. The Fund will not target any particular average credit quality and may purchase fixed-income securities of any credit quality. The sectors in which the Fund may invest, but are not limited to: (i) government notes and bonds; (ii) corporate bonds, including high-yield/high-risk bonds, also known as “junk” bonds; (iii) commercial loans; (iv) agency mortgage-backed securities; (v) asset-backed securities; (vi) taxable and tax-exempt municipal securities; (vii) bank loans, which may be securitized or non-securitized and may be syndicated or non-syndicated; and (viii) convertible securities and preferred stock. The portfolio managers believe that by investing in multiple sectors that potentially have low correlation to each other (prices that do not move together), the strategy will benefit from diversification and, the Fund’s overall volatility may be reduced. The Fund may not have exposure to all of these investment sectors, and the Fund’s exposure to any one investment sector will vary over time. The Fund may also invest in money market instruments and zero-coupon bonds. Due to the nature of the securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds.

The Fund may also invest in floating rate obligations and floating rate bank loans. Floating rate obligations feature rates that reset regularly, maintaining a fixed spread over interest rate benchmarks or other prime rates of large money-center banks. The Fund may also invest in equity securities consisting of common stock and preferred stock with a focus on large capitalization companies and dividend-paying equities.

The portfolio manager typically applies a “bottom up” approach in choosing investments. The portfolio manager additionally considers the expected risk-adjusted return on a particular investment and the Fund’s overall risk allocations and volatility.

The portfolio manager uses a disciplined sell strategy for the Fund. The portfolio manager may sell securities because of a deterioration of the underlying company’s financials, such as earnings or cash flow, or because of an increase in

the price of a security that would make it expensive relative to the other securities held by the Fund. Other reasons may include a change in management or control of the company, a need to raise cash or changes in the regulatory or economic environment in which the company operates. The portfolio manager can also sell any security at their discretion based on changes in expected valuation, volatility or other statistical or fundamental parameters.

Read More

SMCRX - Performance

Return Ranking - Trailing

Period SMCRX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.1% -7.7% 410.0% 61.06%
1 Yr 8.8% -11.0% 435.7% 23.64%
3 Yr -0.1%* -18.2% 72.2% 55.63%
5 Yr N/A* -13.9% 43.6% 99.45%
10 Yr N/A* -13.8% 6.5% N/A

* Annualized

Return Ranking - Calendar

Period SMCRX Return Category Return Low Category Return High Rank in Category (%)
2023 2.8% -12.0% 15.7% 50.76%
2022 -14.8% -31.8% 18.4% 67.18%
2021 0.2% -26.6% 25.7% 21.44%
2020 N/A -49.2% 18.7% 3.66%
2019 N/A -35.1% 15.3% 3.23%

Total Return Ranking - Trailing

Period SMCRX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.1% -7.7% 410.0% 61.06%
1 Yr 8.8% -11.0% 435.7% 23.64%
3 Yr -0.1%* -18.2% 72.2% 55.63%
5 Yr N/A* -13.9% 43.6% 99.63%
10 Yr N/A* -13.8% 6.5% N/A

* Annualized

Total Return Ranking - Calendar

Period SMCRX Return Category Return Low Category Return High Rank in Category (%)
2023 8.5% -7.0% 22.2% 40.03%
2022 -11.3% -31.8% 21.1% 67.80%
2021 3.3% -13.5% 49.9% 25.92%
2020 N/A -28.6% 24.1% 11.72%
2019 N/A -4.8% 19.1% 11.60%

NAV & Total Return History


SMCRX - Holdings

Concentration Analysis

SMCRX Category Low Category High SMCRX % Rank
Net Assets 236 M 2.53 M 143 B 69.47%
Number of Holdings 322 2 9868 61.43%
Net Assets in Top 10 47.9 M -204 M 70.2 B 79.73%
Weighting of Top 10 19.46% 5.1% 271.9% 72.81%

Top 10 Holdings

  1. U.S. Treasury Note 4.76%
  2. Morgan Stanley Institutional Liquidity Funds - Government Portfolio 3.13%
  3. U.S. Treasury Bond 1.72%
  4. Midwest Connector Capital Co. LLC 1.49%
  5. U.S. Treasury Note 1.47%
  6. Penn Entertainment, Inc. 1.44%
  7. Wells Fargo Co. 1.42%
  8. UBS Group AG 1.40%
  9. Gray Television, Inc. 1.34%
  10. Danske Bank A/S 1.30%

Asset Allocation

Weighting Return Low Return High SMCRX % Rank
Bonds
99.46% 0.00% 215.76% 21.95%
Cash
3.13% -94.66% 100.00% 56.71%
Convertible Bonds
1.99% 0.00% 33.50% 40.38%
Preferred Stocks
0.31% 0.00% 28.28% 26.68%
Stocks
0.13% -4.18% 99.84% 58.69%
Other
0.00% -66.66% 153.75% 81.71%

Stock Sector Breakdown

Weighting Return Low Return High SMCRX % Rank
Energy
62.50% 0.00% 100.00% 23.66%
Financial Services
23.58% 0.00% 100.00% 23.38%
Real Estate
13.92% 0.00% 100.00% 15.21%
Utilities
0.00% 0.00% 100.00% 66.20%
Technology
0.00% 0.00% 28.30% 59.72%
Industrials
0.00% 0.00% 100.00% 69.58%
Healthcare
0.00% 0.00% 18.60% 60.85%
Communication Services
0.00% 0.00% 100.00% 66.76%
Consumer Defense
0.00% 0.00% 99.97% 60.56%
Consumer Cyclical
0.00% 0.00% 89.95% 68.17%
Basic Materials
0.00% 0.00% 100.00% 63.10%

Stock Geographic Breakdown

Weighting Return Low Return High SMCRX % Rank
US
0.13% -4.11% 99.84% 55.79%
Non US
0.00% -0.07% 17.73% 48.93%

Bond Sector Breakdown

Weighting Return Low Return High SMCRX % Rank
Corporate
80.61% 0.00% 96.66% 4.25%
Government
13.77% 0.00% 99.43% 42.45%
Cash & Equivalents
3.13% 0.00% 99.66% 54.89%
Securitized
3.02% 0.00% 99.65% 81.60%
Derivative
0.00% -66.66% 153.75% 54.74%
Municipal
0.00% 0.00% 54.26% 57.23%

Bond Geographic Breakdown

Weighting Return Low Return High SMCRX % Rank
US
99.46% 0.00% 215.76% 13.57%
Non US
0.00% 0.00% 69.85% 75.91%

SMCRX - Expenses

Operational Fees

SMCRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.96% 0.03% 20.67% 63.53%
Management Fee 0.75% 0.00% 2.29% 70.05%
12b-1 Fee 0.00% 0.00% 1.00% 5.37%
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

SMCRX 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% 5.00% N/A

Trading Fees

SMCRX 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.

SMCRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 632.00% 36.96%

SMCRX - Distributions

Dividend Yield Analysis

SMCRX Category Low Category High SMCRX % Rank
Dividend Yield 5.93% 0.00% 23.30% 35.50%

Dividend Distribution Analysis

SMCRX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly SemiAnnual Monthly Quarterly

Net Income Ratio Analysis

SMCRX Category Low Category High SMCRX % Rank
Net Income Ratio 2.66% -1.55% 11.51% 59.60%

Capital Gain Distribution Analysis

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

Distributions History

View More +

SMCRX - Fund Manager Analysis

Managers

Gibson Smith


Start Date

Tenure

Tenure Rank

Sep 15, 2020

1.71

1.7%

Mr. Smith is the Chief Investment Officer of Smith Capital Investors, LLC. Prior to his association with Smith Capital Investors, Mr. Smith was with Janus Capital from 2001 until March 2016. He served as the Chief Investment Officer of Fixed Income for Janus Capital from 2006 to 2016. Mr. Smith holds a Bachelor’s degree in Economics from the University of Colorado.

Jonathan Aal


Start Date

Tenure

Tenure Rank

Sep 30, 2021

0.67

0.7%

Mr. Aal joined Smith Capital Investors as an Investor in 2018 and has served as co-portfolio manager of the ALPS | Smith Credit Opportunities Fund since September 2021. Prior to his association with Smith Capital Investors, LLC, Mr. Aal was a Global Fixed Income Research Analyst at Janus Henderson Group from 2014 to 2018.

Garrett Olson


Start Date

Tenure

Tenure Rank

Sep 30, 2021

0.67

0.7%

Mr. Olson joined Smith Capital Investors as an Investor in 2020 and has served as co-portfolio manager of the ALPS | Smith Credit Opportunities Fund since September 2021. Prior to his association with Smith Capital Investors, LLC, Mr. Olson was a vice President, Opportunistic Credit Analyst at Shenkman Capital Management from 2015 to 2020.

Eric Bernum


Start Date

Tenure

Tenure Rank

Sep 30, 2021

0.67

0.7%

Mr. Bernum is an Investor with Smith Capital Investors, LLC, and has served as portfolio manager of the Funds since 2019. Prior to his association with Smith Capital Investors, Mr. Bernum was an Executive Director, Senior Portfolio Manager at J.P. Morgan Asset Management from 2017 to 2018. Before that, Mr. Bernum was at Janus Capital Group from 2004 to 2017 holding various positions including Assistant Portfolio Manager and the Co-Head of Global Fixed Income Trading. Mr. Bernum holds a Bachelor’s degree in Finance from Colorado State University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.72 3.19