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 05/03/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
3.4%
1 yr return
10.9%
3 Yr Avg Return
-1.2%
5 Yr Avg Return
N/A
Net Assets
$34.2 M
Holdings in Top 10
58.2%
Expense Ratio 3.71%
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 05/03/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The Fund is a “fund of funds” that seeks to achieve its investment objective principally through investments in unaffiliated closed-end funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income closed-end funds trading at a discount or premium to their underlying net asset value and that pay regular periodic cash distributions.
Closed-end funds are investment companies registered with the U.S. Securities and Exchange Commission (“SEC”) that issue a fixed number of shares through an initial public offering, after which shares will typically be traded on an exchange such as the New York Stock Exchange (“NYSE”) or the Nasdaq National Market System. Unlike open-end investment companies, shares of closed-end funds are not redeemable by the fund on a daily basis. A share in a closed-end fund represents an investment in the underlying assets held by the closed-end fund. A closed-end fund’s value increases or decreases due to various factors, including but not limited to general market conditions, the market’s confidence in the closed-end fund advisor’s ability to generate desired investment returns, and investor confidence in the closed-end fund’s underlying assets. The Adviser seeks to select closed-end funds for the Fund’s portfolio whose shares are trading at a discount or premium relative to their underlying net asset values (“NAV”). A closed-end fund’s shares that are traded on an exchange may be bought or sold at a market price that is lower or higher than the per-share value of the closed-end fund’s underlying assets; when this occurs, the shares are considered to be traded at a discount or premium, respectively. The Fund may generate income in the form of capital gains when the Fund sells shares of a closed-end fund whose shares the Fund initially purchased at discount and whose NAV has subsequently moved closer to the per-share value of its underlying assets. The Fund may also receive income generated from distributions from its holdings in closed-end funds, and may employ a dividend capture strategy in which the Fund purchases shares of a closed-end fund just prior to the ex-dividend date to capture the dividend distribution, then selling it after the dividend is paid.
The Adviser will use a top-down macro-focused analysis to select closed-end funds that best fit within custom asset classes created by the Adviser that seek to mimic broader fixed income investment classes. Examples of these asset classes include: (i) investment-grade corporate bonds; (ii) high-yield corporate bonds; (iii) municipal bonds; (iv) convertible bonds; (v) leveraged loans; (vi) mortgage-backed securities; (vii) emerging market fixed income securities; and (viii) aggregate fixed income securities. While the Fund may at times be invested in all of these asset classes, the Fund’s allocation to these asset classes may vary at the Adviser’s discretion, and the Fund is not required to invest in all of the asset classes. The Adviser uses a quantitative approach to measure the relative discounted value or premium of each closed-end fund within an asset class to seek the closed-end fund investments which the Adviser believes have the potential to generate the highest levels of after-tax income. The Adviser’s weighting of each asset class will be determined by the top-down macro model’s measure of relative risk levels and expected return.
Through its investments in closed-end funds that hold non-U.S. fixed income securities, the Fund may invest indirectly in foreign securities, including securities of issuers located in emerging markets. The Fund defines emerging markets as countries in the MSCI Emerging Market Index or that we consider to be emerging markets based on our evaluation of their level of economic development or the size and experience of their securities markets.
While the Fund will invest primarily in closed-end funds, the Fund may invest up to 30% of its assets in exchange traded funds (“ETFs”) that are representative of one of the Adviser’s custom asset classes if, in the Adviser’s discretion, the ETFs will provide a better investment opportunity or liquidity for the asset class. The Fund, and the closed-end funds in which the Fund invests, may invest in derivatives, including listed or over-the-counter index futures, options and swaps, for hedging purposes to mitigate interest rate, equity, credit, commodity, currency and volatility risks. The Fund may invest in cash and cash equivalents to offset leverage, credit, and interest rate exposure within the Fund’s holdings in closed-end funds.
The Adviser may sell or reduce the Fund’s position in a holding for a variety of reasons when appropriate and consistent with the Fund’s investment objectives and policies, or when the holding no longer meets the Adviser’s investment selection criteria. Generally, the Fund will sell or reduce its position in a closed-end fund when its discount-to-NAV has reverted to or has moved significantly above its fair value, as determined by the Adviser. The Fund may also sell or reduce its positions when attempting to rebalance the distribution of Fund assets among asset classes in the interest of affecting the Fund’s relative risk levels and expected returns.
In managing the Fund’s portfolio, the Adviser will engage in frequent portfolio transactions, resulting in a higher portfolio turnover rate.
Period | RDFI Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.4% | -21.8% | 17.7% | 96.21% |
1 Yr | 10.9% | -26.4% | 18.0% | 87.62% |
3 Yr | -1.2%* | -29.6% | 52.0% | N/A |
5 Yr | N/A* | -33.0% | 28.7% | N/A |
10 Yr | N/A* | -27.0% | 12.7% | N/A |
* Annualized
Period | RDFI Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 0.7% | -31.8% | 18.4% | 0.56% |
2022 | -20.6% | -14.3% | 103.5% | N/A |
2021 | 5.3% | -20.2% | 60.6% | N/A |
2020 | N/A | -13.4% | 10.9% | N/A |
2019 | N/A | -12.3% | 4.1% | N/A |
Period | RDFI Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.4% | -21.8% | 28.6% | 99.05% |
1 Yr | 10.9% | -26.4% | 38.5% | 87.67% |
3 Yr | -1.2%* | -29.6% | 52.0% | N/A |
5 Yr | N/A* | -33.0% | 29.9% | N/A |
10 Yr | N/A* | -27.0% | 16.1% | N/A |
* Annualized
Period | RDFI Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 8.6% | -31.8% | 18.4% | 0.56% |
2022 | -17.1% | -14.3% | 103.5% | N/A |
2021 | 12.5% | -20.2% | 60.6% | N/A |
2020 | N/A | -13.4% | 10.9% | N/A |
2019 | N/A | -12.3% | 4.7% | N/A |
RDFI | Category Low | Category High | RDFI % Rank | |
---|---|---|---|---|
Net Assets | 34.2 M | 100 | 124 B | 90.58% |
Number of Holdings | 27 | 2 | 8175 | 88.24% |
Net Assets in Top 10 | 22 M | -1.57 B | 20.5 B | 77.04% |
Weighting of Top 10 | 58.16% | 4.3% | 100.0% | 19.91% |
Weighting | Return Low | Return High | RDFI % Rank | |
---|---|---|---|---|
Cash | 5.23% | -261.12% | 258.91% | 90.04% |
Stocks | 4.26% | -38.22% | 261.12% | 37.62% |
Preferred Stocks | 0.00% | 0.00% | 31.88% | 21.72% |
Other | 0.00% | -25.82% | 276.99% | 2.21% |
Convertible Bonds | 0.00% | 0.00% | 33.50% | 57.68% |
Bonds | 0.00% | -150.81% | 188.92% | 54.08% |
Weighting | Return Low | Return High | RDFI % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 100.00% | 43.71% |
Technology | 0.00% | 0.00% | 33.40% | 68.65% |
Real Estate | 0.00% | 0.00% | 100.00% | 5.96% |
Industrials | 0.00% | 0.00% | 100.00% | 76.38% |
Healthcare | 0.00% | 0.00% | 100.00% | 69.98% |
Financial Services | 0.00% | 0.00% | 100.00% | 61.37% |
Energy | 0.00% | 0.00% | 100.00% | 39.29% |
Communication Services | 0.00% | 0.00% | 100.00% | 51.88% |
Consumer Defense | 0.00% | 0.00% | 99.97% | 35.76% |
Consumer Cyclical | 0.00% | 0.00% | 89.95% | 46.36% |
Basic Materials | 0.00% | 0.00% | 100.00% | 68.43% |
Weighting | Return Low | Return High | RDFI % Rank | |
---|---|---|---|---|
US | 4.26% | -40.06% | 261.12% | 5.39% |
Non US | 0.00% | -6.04% | 17.73% | 100.00% |
RDFI Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 3.71% | 0.01% | 6.46% | 3.09% |
Management Fee | 0.97% | 0.00% | 2.29% | 80.35% |
12b-1 Fee | N/A | 0.00% | 1.00% | 0.25% |
Administrative Fee | N/A | 0.00% | 0.70% | N/A |
RDFI 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 |
RDFI 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.
RDFI Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 496.00% | N/A |
RDFI | Category Low | Category High | RDFI % Rank | |
---|---|---|---|---|
Dividend Yield | 8.46% | 0.00% | 17.29% | 2.14% |
RDFI | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Monthly | Monthly | Monthly |
RDFI | Category Low | Category High | RDFI % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | -1.55% | 11.51% | 9.05% |
RDFI | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
May 06, 2024 | $0.160 | OrdinaryDividend |
Apr 04, 2024 | $0.158 | OrdinaryDividend |
Mar 06, 2024 | $0.158 | OrdinaryDividend |
Feb 06, 2024 | $0.156 | OrdinaryDividend |
Jan 05, 2024 | $0.158 | OrdinaryDividend |
Dec 06, 2023 | $0.153 | OrdinaryDividend |
Nov 06, 2023 | $0.152 | OrdinaryDividend |
Oct 05, 2023 | $0.154 | OrdinaryDividend |
Sep 07, 2023 | $0.153 | OrdinaryDividend |
Aug 04, 2023 | $0.155 | OrdinaryDividend |
Jul 07, 2023 | $0.152 | OrdinaryDividend |
Jun 06, 2023 | $0.150 | OrdinaryDividend |
May 04, 2023 | $0.147 | OrdinaryDividend |
Apr 06, 2023 | $0.150 | OrdinaryDividend |
Mar 06, 2023 | $0.098 | OrdinaryDividend |
Feb 06, 2023 | $0.089 | OrdinaryDividend |
Jan 20, 2023 | $0.115 | OrdinaryDividend |
Dec 06, 2022 | $0.090 | OrdinaryDividend |
Nov 04, 2022 | $0.076 | OrdinaryDividend |
Oct 06, 2022 | $0.103 | OrdinaryDividend |
Sep 07, 2022 | $0.088 | OrdinaryDividend |
Aug 04, 2022 | $0.106 | OrdinaryDividend |
Jul 07, 2022 | $0.068 | OrdinaryDividend |
Jun 06, 2022 | $0.081 | OrdinaryDividend |
May 05, 2022 | $0.103 | OrdinaryDividend |
Apr 18, 2022 | $0.085 | OrdinaryDividend |
Mar 04, 2022 | $0.102 | OrdinaryDividend |
Feb 04, 2022 | $0.156 | OrdinaryDividend |
Dec 31, 2021 | $0.753 | OrdinaryDividend |
Dec 06, 2021 | $0.116 | OrdinaryDividend |
Nov 04, 2021 | $0.145 | OrdinaryDividend |
Oct 06, 2021 | $0.113 | OrdinaryDividend |
Sep 07, 2021 | $0.075 | OrdinaryDividend |
Aug 05, 2021 | $0.143 | OrdinaryDividend |
Jul 07, 2021 | $0.094 | OrdinaryDividend |
Jun 04, 2021 | $0.113 | OrdinaryDividend |
May 06, 2021 | $0.111 | OrdinaryDividend |
Apr 07, 2021 | $0.097 | OrdinaryDividend |
Mar 04, 2021 | $0.100 | OrdinaryDividend |
Feb 04, 2021 | $0.063 | OrdinaryDividend |
Dec 31, 2020 | $0.179 | OrdinaryDividend |
Dec 04, 2020 | $0.092 | OrdinaryDividend |
Start Date
Tenure
Tenure Rank
Oct 20, 2020
1.61
1.6%
Neil Azous, Chief Investment Officer and Portfolio Manager, has been the Managing Director and Portfolio Manager of Rareview Capital since 2016, when Mr. Azous founded thecompany. From 2013 to the present day, Neil has worked at Rareview Macro LLC as its Founder and Managing Member. Prior to founding Rareview, Neil was a Managing Director at Navigate Advisors from 2009 to 2013. First at Donaldson Lufkin and Jenrette from 2001 to 2004, and then at UBS Investment Bank from 2004 to 2009, Neil’s responsibilities included trading derivatives, hedging solutions, asset allocation, and fundamental securities analysis. Neil began his career at Goldman Sachs in 1998, working in fixed income. Neil completed graduate level coursework for an MS in Real Estate at New York University and received his BA in Business Administration from the University of Washington, where he is a member of the University of Washington Bothell Board of Advisors and was the recipient of the Bothell Business School 2013 Distinguished Undergraduate Alumnus Award. He is active in various charity and community organizations.
Start Date
Tenure
Tenure Rank
Feb 01, 2022
0.33
0.3%
Mr. Sedacca is a Portfolio Manager of Rareview Capital LLC, which was formed in 2016. Michael is a member of the investment team. His responsibilities include portfolio management, research, and trading. Michael is also a Senior Investment Analyst of Rareview Macro LLC, an independent research and consulting firm formed. In his prior role, he was responsible for managing the research platform at T3 Live, a premier financial publishing company that specializes in propriety trading and education. Michael completed coursework at the University of North Carolina-Chapel Hill where he played collegiate golf.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 28.19 | 5.64 | 3.19 |
Dividend Investing Ideas Center
Have you ever wished for the safety of bonds, but the return potential...
Dividend Investing Ideas Center
If you are reaching retirement age, there is a good chance that you...
Dividend Investing Ideas Center
If you are reaching retirement age, there is a good chance that you...