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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 08/25/2023Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
N/A
1 yr return
N/A
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$95.9 M
Holdings in Top 10
11.4%
Expense Ratio 1.31%
Front Load N/A
Deferred Load N/A
Turnover N/A
Redemption Fee N/A
Standard (Taxable)
N/A
IRA
N/A
Fund Type
Exchange Traded Fund
Name
As of 08/25/2023Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by selecting a focused portfolio of high-yield debt securities, which include senior and subordinated corporate debt obligations (such as loans, bonds, debentures, notes and commercial paper). High-yield debt securities are rated below investment grade (that is, securities rated below the top four rating categories of a ratings organization or, if unrated, determined to be of comparable credit quality by the Fund’s sub-advisers) and are commonly referred to as “high-yield” or “junk” bonds.
Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in high-yield debt securities. The Fund may invest in debt securities issued by foreign issuers, including issuers in emerging markets. The Fund does not have any portfolio maturity limitation and may invest its assets in instruments with short-term, medium-term or long-term maturities. In seeking to achieve its investment objective, the Fund may invest in closed-end funds. The Fund also may invest in equity securities that a sub-adviser believes will yield high dividends or are otherwise consistent with the Fund’s investment objective and in repurchase agreements. The Fund’s strategy may involve frequently buying and selling securities, which may lead to relatively high portfolio turnover. In implementing its investment strategies, the Fund may hold cash and cash equivalents, including money market funds.
The Fund employs a “multi-manager” approach whereby portions of the Fund’s assets are allocated among sub-advisers. The Adviser is responsible for the management of the Fund and supervision of the Fund’s sub-advisers, MacKay Shields LLC (“MacKay Shields”) and WhiteStar Asset Management LLC (“WhiteStar”). Each sub-adviser manages its allocated portion of the Fund’s assets to correspond with its distinct investment style and strategy, as described below, in a manner consistent with the Fund’s investment objective, strategies, and restrictions. The Adviser may allocate assets from or towards each sub-adviser from time to time and may reallocate assets between the sub-advisers. MacKay Shields and WhiteStar act independently of each other and each uses its own methodology for selecting investments.
MacKay Shields. In selecting securities for the Fund’s portfolio, MacKay Shields performs an independent investment analysis of each issuer to determine its creditworthiness. MacKay Shields views credit as either of the highest quality or “D” (i.e., it either pays or does not). MacKay Shields takes a deep value contrarian approach to the credit markets, focusing on absolute value. MacKay Shields believes that structural and technical inefficiencies exist in the secondary credit markets, which create attractive investment opportunities, and that, by holding a diversified but limited number of securities, MacKay Shields’ portion of the portfolio will be constructed of securities that provide exposure to industries believed to offer the most value to the Fund. Companies in the energy sector have significant representation in the high-yield debt securities market.
WhiteStar. WhiteStar employs both “top-down” and “bottom-up” analyses to select investments for the Fund. WhiteStar’s top-down analysis involves a macro analysis of relative asset valuations, long-term industry trends, business cycles, interest rate expectations, credit fundamentals, and technical factors to target specific industry sectors and asset classes in which to invest. WhiteStar’s bottom-up analysis includes a rigorous analysis of the credit fundamentals and capital structure of each potential investment and a determination of relative value compared to alternative investments. Potential investments will be analyzed through a thorough review of the fundamentals of the economy in general and then the particular industry and the strengths and weaknesses of each individual credit. Under this approach, the credit performance of each asset will typically be subjected to stress tests to maximize the selection of investments with favorable risk-adjusted returns.
Period | HYLD Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | N/A | -6.1% | 10.2% | 98.32% |
1 Yr | N/A | -12.5% | 12.0% | 98.77% |
3 Yr | N/A* | -21.7% | 52.9% | 56.59% |
5 Yr | N/A* | -14.9% | 29.4% | 99.47% |
10 Yr | N/A* | -9.1% | 13.5% | 98.73% |
* Annualized
Period | HYLD Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -17.8% | -33.4% | 3.6% | 83.41% |
2022 | -1.0% | -47.5% | 8.2% | 83.18% |
2021 | -4.9% | -13.2% | 302.7% | 98.25% |
2020 | -0.4% | -4.4% | 13.0% | 97.87% |
2019 | -6.9% | -18.4% | -0.4% | 18.78% |
Period | HYLD Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | N/A | -5.0% | 10.2% | 98.32% |
1 Yr | N/A | -10.9% | 12.7% | 98.77% |
3 Yr | N/A* | -20.9% | 60.2% | 56.59% |
5 Yr | N/A* | -13.0% | 35.7% | 99.47% |
10 Yr | N/A* | -3.7% | 19.4% | 98.73% |
* Annualized
Period | HYLD Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -11.5% | -33.4% | 6.5% | 68.44% |
2022 | 5.4% | -47.5% | 12.8% | 41.67% |
2021 | 2.6% | -7.6% | 325.6% | 86.98% |
2020 | 7.2% | -3.8% | 19.4% | 95.57% |
2019 | 0.2% | -10.7% | 4.5% | 6.09% |
HYLD | Category Low | Category High | HYLD % Rank | |
---|---|---|---|---|
Net Assets | 95.9 M | 390 K | 71.1 B | 81.42% |
Number of Holdings | 286 | 2 | 2736 | 58.54% |
Net Assets in Top 10 | 11.4 M | -492 M | 2.55 B | 85.11% |
Weighting of Top 10 | 11.37% | 3.0% | 100.0% | 67.30% |
Weighting | Return Low | Return High | HYLD % Rank | |
---|---|---|---|---|
Bonds | 92.01% | 0.00% | 154.38% | 74.71% |
Cash | 3.76% | -52.00% | 100.00% | 50.95% |
Stocks | 3.68% | -0.60% | 52.82% | 14.97% |
Convertible Bonds | 3.49% | 0.00% | 17.89% | 8.76% |
Preferred Stocks | 0.56% | 0.00% | 7.09% | 15.91% |
Other | 0.00% | -63.70% | 32.06% | 51.82% |
Weighting | Return Low | Return High | HYLD % Rank | |
---|---|---|---|---|
Technology | 34.19% | 0.00% | 34.19% | 0.26% |
Energy | 28.77% | 0.00% | 100.00% | 52.51% |
Communication Services | 12.19% | 0.00% | 99.99% | 25.33% |
Consumer Cyclical | 11.02% | 0.00% | 100.00% | 17.41% |
Healthcare | 4.52% | 0.00% | 22.17% | 9.23% |
Consumer Defense | 4.43% | 0.00% | 100.00% | 14.25% |
Industrials | 3.05% | 0.00% | 100.00% | 21.11% |
Utilities | 1.19% | 0.00% | 100.00% | 26.65% |
Financial Services | 0.61% | 0.00% | 100.00% | 25.07% |
Basic Materials | 0.03% | 0.00% | 100.00% | 27.97% |
Real Estate | 0.00% | 0.00% | 86.71% | 34.30% |
Weighting | Return Low | Return High | HYLD % Rank | |
---|---|---|---|---|
US | 3.68% | -0.60% | 47.59% | 15.04% |
Non US | 0.00% | -0.01% | 5.26% | 31.82% |
Weighting | Return Low | Return High | HYLD % Rank | |
---|---|---|---|---|
Corporate | 97.25% | 0.00% | 129.69% | 26.32% |
Government | 0.48% | 0.00% | 99.07% | 19.44% |
Cash & Equivalents | 0.39% | 0.00% | 99.98% | 82.48% |
Securitized | 0.14% | 0.00% | 97.24% | 35.67% |
Municipal | 0.01% | 0.00% | 4.66% | 6.58% |
Derivative | 0.00% | 0.00% | 45.95% | 40.00% |
Weighting | Return Low | Return High | HYLD % Rank | |
---|---|---|---|---|
US | 92.01% | 0.00% | 150.64% | 59.27% |
Non US | 0.00% | 0.00% | 118.12% | 55.91% |
HYLD Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.31% | 0.03% | 18.97% | 28.80% |
Management Fee | 1.25% | 0.00% | 1.84% | 98.98% |
12b-1 Fee | 0.00% | 0.00% | 1.00% | 4.12% |
Administrative Fee | N/A | 0.00% | 0.50% | N/A |
HYLD Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.25% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
HYLD 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.
HYLD Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 1.00% | 255.00% | 85.88% |
HYLD | Category Low | Category High | HYLD % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 37.17% | 3.63% |
HYLD | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Annually | Monthly | Monthly |
HYLD | Category Low | Category High | HYLD % Rank | |
---|---|---|---|---|
Net Income Ratio | 5.23% | -2.39% | 14.30% | 13.52% |
HYLD | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Date | Amount | Type |
---|---|---|
Jul 31, 2023 | $0.170 | OrdinaryDividend |
Jun 30, 2023 | $0.170 | OrdinaryDividend |
May 30, 2023 | $0.170 | OrdinaryDividend |
Apr 28, 2023 | $0.170 | OrdinaryDividend |
Mar 30, 2023 | $0.170 | OrdinaryDividend |
Feb 27, 2023 | $0.170 | OrdinaryDividend |
Jan 30, 2023 | $0.170 | OrdinaryDividend |
Dec 30, 2022 | $0.170 | OrdinaryDividend |
Nov 30, 2022 | $0.170 | OrdinaryDividend |
Oct 31, 2022 | $0.170 | OrdinaryDividend |
Sep 30, 2022 | $0.170 | OrdinaryDividend |
Aug 31, 2022 | $0.170 | OrdinaryDividend |
Jul 29, 2022 | $0.170 | OrdinaryDividend |
Jun 30, 2022 | $0.170 | OrdinaryDividend |
May 31, 2022 | $0.170 | OrdinaryDividend |
Apr 29, 2022 | $0.170 | OrdinaryDividend |
Mar 31, 2022 | $0.170 | OrdinaryDividend |
Feb 25, 2022 | $0.170 | OrdinaryDividend |
Jan 28, 2022 | $0.170 | OrdinaryDividend |
Dec 31, 2021 | $0.170 | OrdinaryDividend |
Nov 30, 2021 | $0.170 | OrdinaryDividend |
Oct 29, 2021 | $0.170 | OrdinaryDividend |
Sep 30, 2021 | $0.170 | OrdinaryDividend |
Aug 31, 2021 | $0.170 | OrdinaryDividend |
Jul 30, 2021 | $0.170 | OrdinaryDividend |
Jun 30, 2021 | $0.080 | OrdinaryDividend |
May 28, 2021 | $0.080 | OrdinaryDividend |
Apr 30, 2021 | $0.085 | OrdinaryDividend |
Mar 31, 2021 | $0.089 | OrdinaryDividend |
Feb 26, 2021 | $0.089 | OrdinaryDividend |
Jan 29, 2021 | $0.094 | OrdinaryDividend |
Dec 31, 2020 | $0.200 | OrdinaryDividend |
Nov 30, 2020 | $0.200 | OrdinaryDividend |
Oct 30, 2020 | $0.200 | OrdinaryDividend |
Sep 30, 2020 | $0.200 | OrdinaryDividend |
Aug 31, 2020 | $0.200 | OrdinaryDividend |
Jul 31, 2020 | $0.200 | OrdinaryDividend |
Jun 30, 2020 | $0.200 | OrdinaryDividend |
May 29, 2020 | $0.200 | OrdinaryDividend |
Apr 30, 2020 | $0.200 | OrdinaryDividend |
Mar 31, 2020 | $0.200 | OrdinaryDividend |
Feb 28, 2020 | $0.200 | OrdinaryDividend |
Jan 31, 2020 | $0.200 | OrdinaryDividend |
Dec 31, 2019 | $0.200 | OrdinaryDividend |
Nov 27, 2019 | $0.200 | OrdinaryDividend |
Oct 31, 2019 | $0.200 | OrdinaryDividend |
Oct 01, 2019 | $0.200 | OrdinaryDividend |
Aug 30, 2019 | $0.200 | OrdinaryDividend |
Jul 31, 2019 | $0.210 | OrdinaryDividend |
Jun 28, 2019 | $0.210 | OrdinaryDividend |
May 31, 2019 | $0.210 | OrdinaryDividend |
Apr 30, 2019 | $0.220 | OrdinaryDividend |
Mar 29, 2019 | $0.220 | OrdinaryDividend |
Feb 28, 2019 | $0.220 | OrdinaryDividend |
Jan 31, 2019 | $0.210 | OrdinaryDividend |
Dec 31, 2018 | $0.210 | OrdinaryDividend |
Nov 30, 2018 | $0.233 | OrdinaryDividend |
Oct 31, 2018 | $0.220 | OrdinaryDividend |
Sep 28, 2018 | $0.224 | OrdinaryDividend |
Aug 31, 2018 | $0.244 | OrdinaryDividend |
Jul 31, 2018 | $0.219 | OrdinaryDividend |
Jun 29, 2018 | $0.243 | OrdinaryDividend |
May 31, 2018 | $0.219 | OrdinaryDividend |
Apr 30, 2018 | $0.217 | OrdinaryDividend |
Mar 29, 2018 | $0.225 | OrdinaryDividend |
Feb 28, 2018 | $0.236 | OrdinaryDividend |
Jan 31, 2018 | $0.192 | OrdinaryDividend |
Dec 29, 2017 | $0.257 | OrdinaryDividend |
Nov 30, 2017 | $0.229 | OrdinaryDividend |
Oct 31, 2017 | $0.219 | OrdinaryDividend |
Sep 29, 2017 | $0.233 | OrdinaryDividend |
Aug 31, 2017 | $0.210 | OrdinaryDividend |
Jul 31, 2017 | $0.214 | OrdinaryDividend |
Jun 30, 2017 | $0.205 | OrdinaryDividend |
May 31, 2017 | $0.207 | OrdinaryDividend |
Apr 28, 2017 | $0.214 | OrdinaryDividend |
Mar 31, 2017 | $0.217 | OrdinaryDividend |
Feb 28, 2017 | $0.207 | OrdinaryDividend |
Jan 31, 2017 | $0.184 | OrdinaryDividend |
Dec 30, 2016 | $0.253 | OrdinaryDividend |
Nov 30, 2016 | $0.218 | OrdinaryDividend |
Oct 31, 2016 | $0.210 | OrdinaryDividend |
Sep 30, 2016 | $0.218 | OrdinaryDividend |
Aug 31, 2016 | $0.213 | OrdinaryDividend |
Jul 29, 2016 | $0.217 | OrdinaryDividend |
Jun 30, 2016 | $0.145 | OrdinaryDividend |
May 31, 2016 | $0.139 | OrdinaryDividend |
Apr 29, 2016 | $0.137 | OrdinaryDividend |
Mar 31, 2016 | $0.189 | OrdinaryDividend |
Feb 29, 2016 | $0.208 | OrdinaryDividend |
Jan 29, 2016 | $0.204 | OrdinaryDividend |
Dec 31, 2015 | $0.381 | OrdinaryDividend |
Nov 30, 2015 | $0.310 | OrdinaryDividend |
Oct 30, 2015 | $0.293 | OrdinaryDividend |
Sep 30, 2015 | $0.322 | OrdinaryDividend |
Aug 31, 2015 | $0.323 | OrdinaryDividend |
Jul 30, 2015 | $0.300 | OrdinaryDividend |
Jun 30, 2015 | $0.329 | OrdinaryDividend |
May 29, 2015 | $0.214 | OrdinaryDividend |
Apr 30, 2015 | $0.289 | OrdinaryDividend |
Mar 31, 2015 | $0.297 | OrdinaryDividend |
Feb 27, 2015 | $0.282 | OrdinaryDividend |
Jan 30, 2015 | $0.207 | OrdinaryDividend |
Dec 31, 2014 | $0.650 | OrdinaryDividend |
Nov 28, 2014 | $0.344 | OrdinaryDividend |
Oct 31, 2014 | $0.343 | OrdinaryDividend |
Sep 30, 2014 | $0.210 | OrdinaryDividend |
Aug 29, 2014 | $0.348 | OrdinaryDividend |
Jul 31, 2014 | $0.366 | OrdinaryDividend |
Jun 30, 2014 | $0.339 | OrdinaryDividend |
May 30, 2014 | $0.311 | OrdinaryDividend |
Apr 30, 2014 | $0.312 | OrdinaryDividend |
Mar 31, 2014 | $0.310 | OrdinaryDividend |
Feb 28, 2014 | $0.296 | OrdinaryDividend |
Jan 31, 2014 | $0.236 | OrdinaryDividend |
Dec 31, 2013 | $0.519 | OrdinaryDividend |
Nov 29, 2013 | $0.311 | OrdinaryDividend |
Oct 31, 2013 | $0.320 | OrdinaryDividend |
Sep 30, 2013 | $0.273 | OrdinaryDividend |
Aug 30, 2013 | $0.351 | OrdinaryDividend |
Jul 31, 2013 | $0.369 | OrdinaryDividend |
Jun 28, 2013 | $0.311 | OrdinaryDividend |
May 31, 2013 | $0.342 | OrdinaryDividend |
Apr 30, 2013 | $0.351 | OrdinaryDividend |
Mar 28, 2013 | $0.324 | OrdinaryDividend |
Feb 28, 2013 | $0.321 | OrdinaryDividend |
Jan 31, 2013 | $0.281 | OrdinaryDividend |
Dec 31, 2012 | $0.435 | OrdinaryDividend |
Nov 30, 2012 | $0.324 | OrdinaryDividend |
Oct 31, 2012 | $0.337 | OrdinaryDividend |
Sep 28, 2012 | $0.349 | OrdinaryDividend |
Aug 31, 2012 | $0.372 | OrdinaryDividend |
Jul 31, 2012 | $0.352 | OrdinaryDividend |
Jun 29, 2012 | $0.372 | OrdinaryDividend |
May 31, 2012 | $0.365 | OrdinaryDividend |
Apr 30, 2012 | $0.037 | OrdinaryDividend |
Mar 30, 2012 | $0.351 | OrdinaryDividend |
Feb 29, 2012 | $0.313 | OrdinaryDividend |
Jan 31, 2012 | $0.240 | OrdinaryDividend |
Dec 30, 2011 | $0.453 | OrdinaryDividend |
Nov 30, 2011 | $0.329 | OrdinaryDividend |
Oct 31, 2011 | $0.294 | OrdinaryDividend |
Sep 30, 2011 | $0.298 | OrdinaryDividend |
Aug 31, 2011 | $0.282 | OrdinaryDividend |
Jul 29, 2011 | $0.325 | OrdinaryDividend |
Jun 30, 2011 | $0.279 | OrdinaryDividend |
May 31, 2011 | $0.331 | OrdinaryDividend |
Apr 29, 2011 | $0.292 | OrdinaryDividend |
Mar 31, 2011 | $0.342 | OrdinaryDividend |
Feb 28, 2011 | $0.287 | OrdinaryDividend |
Jan 31, 2011 | $0.199 | OrdinaryDividend |
Dec 31, 2010 | $0.234 | OrdinaryDividend |
Start Date
Tenure
Tenure Rank
Sep 06, 2018
3.73
3.7%
Michael DePalma joined MacKay Shields in 2019. Prior to joining MacKay Shields, Mr. DePalma was CEO and co-CIO of PhaseCapital LP, a boutique asset manager that managed both credit and global macro strategies, including the Fund. Before that, Mr. DePalma was CIO of Quantitative Investment Strategies and Head of Fixed Income Absolute Return Strategies at AllianceBernstein, where he worked for 25 years
Start Date
Tenure
Tenure Rank
Sep 06, 2018
3.73
3.7%
Michael Ning joined MacKay Shields in 2019. Prior to joining MacKay Shields, Dr. Ning was co-CIO and Director of Risk Management at PhaseCapital LP, the Fund's prior sub-adviser. Before joining PhaseCapital, Dr. Ning was a portfolio manager at First Eagle Investments where he managed multi-asset and tail hedging strategies. Before joining First Eagle, he spent 12 years at AllianceBernstein in various roles, more recently as portfolio manager for Unconstrained Bond and Fixed Income Macro strategies, as well as Director of Research for Credit and Absolute Return Strategies.
Start Date
Tenure
Tenure Rank
Aug 31, 2019
2.75
2.8%
Nathan Hall is a portfolio manager of WhiteStar. Before joining WhiteStar in 2013, Mr. Hall served as a Vice President with H.I.G. WhiteHorse, managing a portfolio of syndicated bank loans. Additionally, Mr. Hall worked with Managing Directors at Bayside Capital, the distressed debt affiliate of H.I.G., to source, evaluate, and manage distressed debt investments across multiple sectors from inception to ultimate resolution. Prior to joining WhiteHorse in 2007, Mr. Hall worked at an integrated asset management firm, gaining exposure to bank debt, bonds, and equities across a wide variety of structures and strategies. He has also received credit management and underwriting training from Wells Fargo. Mr. Hall received a Bachelor of Business Administration in Finance from Texas A&M University.
Start Date
Tenure
Tenure Rank
Aug 31, 2019
2.75
2.8%
Gibran Mahmud is Chief Executive Officer and Chief Investment Officer of WhiteStar. Prior to joining WhiteStar in 2013, Mr. Mahmud was a Senior Vice President and Head of Mergers, Acquisitions and Business Strategy for a private family office. Previously, Mr. Mahmud served as Senior Portfolio Manager and Head of Structured Products at Highland Capital Management, L.P. Prior to joining Highland in 2001, he served as a Senior Analyst at Fleet Capital where he was involved in originating, structuring, modeling and credit analysis for clients primarily in the manufacturing, retail and services industries. Prior to joining Fleet in 2000, he was a Senior Auditor at Arthur Andersen. Mr. Mahmud received a Master of Business Administration in Finance and a Bachelor of Business Administration in Accounting from Baylor University. He is a Certified Public Accountant (CPA).
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.13 | 37.79 | 7.15 | 8.17 |
Dividend Investing Ideas Center
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