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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 11/07/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
11.1%
1 yr return
22.7%
3 Yr Avg Return
3.5%
5 Yr Avg Return
N/A
Net Assets
$862 M
Holdings in Top 10
37.8%
Expense Ratio 0.92%
Front Load N/A
Deferred Load N/A
Turnover 51.00%
Redemption Fee N/A
Standard (Taxable)
$0
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 11/07/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus borrowings for investment purposes) in securities issued by infrastructure companies. The Fund expects to invest primarily in equity securities of companies located in a number of different countries, including the United States.
Under normal market conditions, the Fund will invest more than 25% of the value of its total assets at the time of purchase in the securities of issuers conducting their business activities in the infrastructure group of industries. The Fund’s Subadvisor, CBRE Investment Management Listed Real Assets LLC, defines an infrastructure company as a company that derives at least 50% of its revenues or profits from, or devotes at least 50% of its assets to, the ownership, management, development, construction, renovation, enhancement, or operation of infrastructure assets or the provision of services to companies engaged in such activities. Examples of infrastructure assets include transportation assets (such as toll roads, bridges, railroads, airports, and seaports), utility assets (such as electric transmission and distribution lines, gas distribution pipelines, water pipelines and treatment facilities, and sewer facilities), energy assets (such as oil and gas pipelines, storage facilities, and other facilities used for gathering, processing, or transporting hydrocarbon products as well as contracted renewable power assets), and communications assets (such as communications towers, data centers, fiber networks, and satellites).
Under normal circumstances, the Fund invests primarily in common stock, but may also invest in other equity securities including preferred stocks, convertible securities, rights or warrants to buy common stocks, and depositary receipts with characteristics similar to common stock. The Fund may also invest up to 25% of its net assets in master limited partnerships.
The Fund may invest in other investment companies, including exchange-traded funds.
Under normal market conditions, the Fund will invest a significant amount of its net assets (at least 40%, unless the Subadvisor deems market conditions to be unfavorable, in which case the Fund will invest at least 30%) in foreign securities. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg. The Fund will normally invest in companies located in at least three countries outside of the United States.
The Fund may invest up to 30% of its assets in securities of issuers in emerging markets. The Subadvisor defines emerging market countries as those countries that are included in the MSCI Emerging Markets Index. The Fund’s investments may be denominated in U.S. dollars, non-U.S. currencies, or multinational currency units. The Fund may hedge its currency exposure to securities denominated in non-U.S. currencies. The Fund may invest in securities of companies of any market size.
Investment Process: The Subadvisor uses a multi-step investment process for constructing the Fund’s investment portfolio that combines top-down geographic region and infrastructure sector allocation with bottom-up individual stock selection. The Subadvisor first selects infrastructure sectors in certain geographic regions in which to invest, and determines the degree of representation in the portfolio of such sectors and regions, through a systematic evaluation of the regulatory environment and economic outlook, capital market trends, macroeconomic conditions, and the relative value of infrastructure sectors. The Subadvisor then uses an in-house valuation process to identify infrastructure companies whose risk-adjusted returns it believes are compelling relative to their peers. The Subadvisor’s in-house valuation process examines several factors, including the company’s management and strategy, the stability and growth potential of cash flows and dividends, the location of the company’s assets, the regulatory environment in which the company operates; environmental, social and governance (“ESG”) considerations; and the company’s capital structure.
The Subadvisor includes ESG considerations as one of the factors in its analysis to assess a company’s exposure to, and ability to manage, ESG-related risk. ESG factors are assessed based on internal research and information from an independent global provider of ESG and corporate governance research. The Subadvisor’s approach and implementation of all factors – including ESG – is applied consistently across all investments and industries and does not change based on the size of the company or potential position size. As ESG considerations are one of several factors in the Subadvisor's analysis, the Subadvisor generally will not forgo potential investments strictly based on evaluation of ESG factors.
The Subadvisor may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.
Period | VCRQX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 11.1% | -7.2% | 30.5% | 62.77% |
1 Yr | 22.7% | 7.8% | 51.7% | 57.45% |
3 Yr | 3.5%* | -12.4% | 16.6% | 45.74% |
5 Yr | N/A* | -1.0% | 21.5% | 9.64% |
10 Yr | N/A* | 2.3% | 8.7% | N/A |
* Annualized
Period | VCRQX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 1.3% | -17.5% | 30.1% | 54.26% |
2022 | -8.7% | -28.1% | -3.4% | 23.40% |
2021 | 13.3% | -28.7% | 35.7% | 21.35% |
2020 | N/A | -12.5% | 28.8% | N/A |
2019 | N/A | 9.9% | 33.6% | N/A |
Period | VCRQX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 11.1% | -7.2% | 30.5% | 62.77% |
1 Yr | 22.7% | 7.8% | 51.7% | 57.45% |
3 Yr | 3.5%* | -12.4% | 16.6% | 45.74% |
5 Yr | N/A* | -1.0% | 21.5% | 8.43% |
10 Yr | N/A* | 2.3% | 8.7% | N/A |
* Annualized
Period | VCRQX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.0% | -15.6% | 31.0% | 50.00% |
2022 | -6.0% | -27.1% | -0.5% | 26.60% |
2021 | 15.4% | -3.5% | 36.4% | 33.71% |
2020 | N/A | -11.2% | 29.9% | N/A |
2019 | N/A | 16.7% | 35.3% | N/A |
VCRQX | Category Low | Category High | VCRQX % Rank | |
---|---|---|---|---|
Net Assets | 862 M | 1.83 M | 8.77 B | 19.15% |
Number of Holdings | 53 | 26 | 233 | 38.30% |
Net Assets in Top 10 | 326 M | 823 K | 5.05 B | 17.02% |
Weighting of Top 10 | 37.79% | 7.6% | 62.5% | 72.34% |
Weighting | Return Low | Return High | VCRQX % Rank | |
---|---|---|---|---|
Stocks | 97.34% | 86.92% | 101.95% | 68.09% |
Cash | 1.09% | 0.00% | 8.05% | 75.53% |
Preferred Stocks | 0.00% | 0.00% | 2.81% | 62.77% |
Other | 0.00% | -0.33% | 8.99% | 73.40% |
Convertible Bonds | 0.00% | 0.00% | 2.46% | 61.70% |
Bonds | 0.00% | 0.00% | 6.41% | 62.77% |
Weighting | Return Low | Return High | VCRQX % Rank | |
---|---|---|---|---|
Utilities | 47.74% | 3.71% | 96.19% | 32.98% |
Industrials | 27.93% | 0.00% | 68.24% | 47.87% |
Energy | 11.93% | 0.00% | 32.46% | 57.45% |
Real Estate | 6.02% | 0.00% | 23.51% | 61.70% |
Communication Services | 5.23% | 0.00% | 27.53% | 31.91% |
Technology | 1.15% | 0.00% | 25.65% | 25.53% |
Healthcare | 0.00% | 0.00% | 6.54% | 62.77% |
Financial Services | 0.00% | 0.00% | 17.28% | 65.96% |
Consumer Defense | 0.00% | 0.00% | 0.99% | 65.96% |
Consumer Cyclical | 0.00% | 0.00% | 10.02% | 63.83% |
Basic Materials | 0.00% | 0.00% | 25.54% | 72.34% |
Weighting | Return Low | Return High | VCRQX % Rank | |
---|---|---|---|---|
US | 57.70% | 2.02% | 99.99% | 24.47% |
Non US | 39.64% | 0.00% | 97.23% | 86.17% |
VCRQX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.92% | 0.30% | 10.15% | 85.11% |
Management Fee | 0.85% | 0.30% | 1.00% | 70.21% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.04% | 0.15% | N/A |
VCRQX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 4.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
VCRQX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 2.00% | 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.
VCRQX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 51.00% | 13.00% | 128.00% | 52.05% |
VCRQX | Category Low | Category High | VCRQX % Rank | |
---|---|---|---|---|
Dividend Yield | 1.71% | 0.00% | 5.50% | 32.98% |
VCRQX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | SemiAnnual | Quarterly | Quarterly |
VCRQX | Category Low | Category High | VCRQX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.47% | -0.39% | 4.38% | 52.22% |
VCRQX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Semi-Annually | Annually |
Date | Amount | Type |
---|---|---|
Sep 30, 2024 | $0.058 | OrdinaryDividend |
Mar 28, 2024 | $0.074 | OrdinaryDividend |
Dec 26, 2023 | $0.068 | OrdinaryDividend |
Sep 29, 2023 | $0.069 | OrdinaryDividend |
Jun 30, 2023 | $0.128 | OrdinaryDividend |
Mar 31, 2023 | $0.056 | OrdinaryDividend |
Dec 27, 2022 | $0.179 | OrdinaryDividend |
Sep 30, 2022 | $0.048 | OrdinaryDividend |
Jun 30, 2022 | $0.098 | OrdinaryDividend |
Mar 31, 2022 | $0.040 | OrdinaryDividend |
Dec 14, 2021 | $0.035 | OrdinaryDividend |
Sep 30, 2021 | $0.086 | OrdinaryDividend |
Jun 30, 2021 | $0.075 | OrdinaryDividend |
Mar 31, 2021 | $0.036 | OrdinaryDividend |
Dec 15, 2020 | $0.045 | OrdinaryDividend |
Sep 30, 2020 | $0.015 | OrdinaryDividend |
Jun 30, 2020 | $0.095 | OrdinaryDividend |
Mar 31, 2020 | $0.035 | OrdinaryDividend |
Start Date
Tenure
Tenure Rank
Jun 28, 2013
8.93
8.9%
Jeremy Anagnos is the CIO – Listed Infrastructure Strategies and a member of the CBRE Investment Management Senior Leadership Council, and the Listed Real Assets Management and Global Investment Policy Committees. Prior to the merger with ING's listed real assets business in 2011, Jeremy served as Co-Chief Investment Officer of the firm's securities team, responsible for portfolio management of global real estate securities separate accounts and funds. Jeremy was a founder of the securities group at CBRE and assisted in raising over $3 billion in assets as well as overseeing the global 28 member investment and operations team. During his career, Jeremy has worked in various management and research positions in the real estate industry with LaSalle Investment Management in Baltimore/Amsterdam and Deutsche Bank in London. Jeremy has over 23 years of real estate investment management experience. Credentials – Chartered Financial Analyst (CFA) – Founding Member of Global Listed Infrastructure Organization (GLIO) – Member of the Edison Electric Institute (EEI) – Member of Master Limited Partnership Association (MLPA) – Advisory Board Member IREI Infrastructure Education – B.S. Boston College, 1995 (cum laude, finance)
Start Date
Tenure
Tenure Rank
Dec 31, 2019
2.42
2.4%
Hinds Howard is a Portfolio Manager and, as a member of the firm's Listed Real Assets Infrastructure research team, is responsible for evaluating listed energy infrastructure companies in North America, evaluating listed transportation companies in North America, and coordinating research of listed transportation companies globally. Hinds joined CBRE Investment Management in 2013. Prior to that, he was a portfolio manager and partner at Guzman Investment Strategies. While at Guzman Investment Strategies. In that role, he managed individual and institutional client portfolios investing in listed energy infrastructure securities, including MLPs. Hinds previously worked at Lehman Brothers analyzing and modeling public and private energy infrastructure companies, first in the investment banking division and subsequently for an investment fund within the private equity division, based in New York and Houston. Hinds has over 17 years of listed North American energy investment experience. Hinds is a native of Houston, TX. He has presented at energy infrastructure conferences as a speaker and panelist on the topic of MLPs and energy infrastructure companies, including at the Platts MLP Conference, the OPIS Supply Conference, and the PWC MLP User Conference. From 2009 through 2021, he published a widely read free weekly update on the MLP market at mlpguy.com. Credentials – Member of Master Limited Partnership Association (MLPA) Education – M.B.A., Babson College, 2010 – B.S., Boston University, 2004 (summa cum laude, finance)
Start Date
Tenure
Tenure Rank
Dec 31, 2019
2.42
2.4%
Daniel Foley is a Portfolio Manager and, as a member of the firm's Listed Real Assets Securities Global Infrastructure Research Team, is responsible for evaluating listed infrastructure companies in the communications sector globally, as well as the transportation and utilities sectors in the Americas region. Dan joined the business’s predecessor firm in 2006 and has over 15 years of financial industry experience. In his tenure with CBRE Investment Management and its predecessor firm, Mr. Foley has gained extensive, multi-disciplined experience evaluating real asset securities spanning developed and emerging markets across the globe. He has been an active member of the firm’s Global Infrastructure research team since its inception. During Dan’s long tenure with the firm he has covered wide-ranging business models. In his time as a Senior Analyst within the real estate team he worked along-side both the Americas and Asia-Pacific based groups covering core real estate sectors such as retail and multi-family to homebuilders and niche real estate sectors. The experience of rigorous cash flow modeling, fundamental analysis, management interaction, site visits and board level interaction, along with a global perspective and cross-discipline background translated well into the needs of the Infrastructure team. Dan’s role on the infrastructure team has also evolved as he has taken on a growing set of responsibilities through time. He has taken an active role helping facilitate interaction with the private infrastructure team in Toronto, been instrumental in the development of tools used by team, offers leadership and guidance to members of the team, provides backup support to run weekly investment team meetings. As a Portfolio Manager, he works closely with Jeremy Anagnos and Hinds Howard in implementing portfolio construction and interfacing with the market. Credentials – Chartered Financial Analyst (CFA) – Member of the Edison Electric Institute (EEI) Education – M.B.A., Villanova University, 2012 – B.S., Drexel University, 2004 (magna cum laude)
Start Date
Tenure
Tenure Rank
Aug 28, 2021
0.76
0.8%
Mr. Smith has managed the MainStay CBRE Global Infrastructure Megatrends Fund since 2021 and the MainStay CBRE Global Infrastructure Fund since 2021. He joined CBRE's predecessor firm in 1997. Prior to that, Mr. Smith worked in various management and analyst positions in the real estate industry including positions at Alex Brown & Sons, PaineWebber and Radnor Advisors. Mr. Smith has over 29 years of real estate investment management experience. He has his B.S. from Villanova University and his M.B.A. from the Wharton School, University of Pennsylvania. He is also a CFA charterholder.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.17 | 18.18 | 5.83 | 8.08 |
Dividend Investing Ideas Center
Have you ever wished for the safety of bonds, but the return potential...
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