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Critical Facts You Need to Know About Preferred Stocks
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Preferred Securities and Income SMA Shares
mutual fund
PISHX
Payout Change
Pending
Price as of:
$10.1
-0.01
-0.1%
primary theme
Preferred Stock
share class
PISHX (Mutual Fund)
Preferred Securities and Income SMA Shares
Payout Change
Pending
Price as of:
$10.1
-0.01
-0.1%
primary theme
Preferred Stock
share class
PISHX (Mutual Fund)
Preferred Securities and Income SMA Shares
Payout Change
Pending
Price as of:
$10.1
-0.01
-0.1%
primary theme
Preferred Stock
share class
Name
As of 12/23/2024Price
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
Vitals
YTD Return
12.3%
1 yr return
12.5%
3 Yr Avg Return
2.5%
5 Yr Avg Return
4.2%
Net Assets
$358 M
Holdings in Top 10
11.9%
52 WEEK LOW AND HIGH
$10.1
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.12%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 71.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/23/2024Price
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
PISHX - Profile
Distributions
- YTD Total Return 12.3%
- 3 Yr Annualized Total Return 2.5%
- 5 Yr Annualized Total Return 4.2%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 4.47%
- Dividend Yield 8.1%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NamePreferred Securities and Income SMA Shares
-
Fund Family NameCOHENSTEER
-
Inception DateMar 01, 2019
-
Shares OutstandingN/A
-
Share ClassSMA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerElaine Zaharis-Nikas
Fund Description
The Fund pursues its objective primarily by investing in issues of preferred and other income securities believed to be undervalued relative to credit quality and other investment characteristics. In making this determination, the Advisor evaluates the fundamental characteristics of an issuer, including an issuer’s creditworthiness, and also takes into account prevailing market factors. In analyzing credit quality, the Advisor considers not only fundamental analysis, but also an issuer’s corporate and capital structure and the placement of the preferred or other income securities within that structure. In evaluating relative value, the Advisor also takes into account call, conversion and other structural security features, in addition to such factors as the likely directions of credit ratings and relative value versus other income security classes.Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of preferred and other income securities issued by U.S. and non-U.S. companies, including traditional preferred securities; hybrid preferred securities that have investment and economic characteristics of both preferred stock and debt securities; floating rate preferred securities; corporate debt securities; convertible securities; contingent capital securities (“CoCos”); and securities of other open-end, closed-end or exchange-traded funds (“ETFs”) that invest primarily in preferred and/or debt securities as described herein. To the extent the Fund invests in securities of other open-end funds, closed-end funds or ETFs, the Fund will consider the investments of these funds, to the extent known by the Fund, in determining compliance with this policy. The Fund may also invest in certain restricted securities including securities that are only eligible for resale pursuant to Rule 144A under the Securities Act of 1933 (the “Securities Act”) (referred to as Rule 144A Securities) and securities of U.S. and non-U.S. issuers that are issued through private offerings without registration with the Securities and Exchange Commission (the “SEC”) pursuant to Regulation S under the Securities Act.The Fund may invest a significant portion of its assets in over-the-counter (“OTC”) preferred and income securities. OTC issues are often referred to as “capital securities.”Under normal market conditions, the Fund also will invest at least 25% of its net assets in the financials sector, which is comprised of the bank, diversified financials, real estate (including real estate investment trusts (“REITs”)) and insurance industries. From time to time, the Fund may have 25% or more of its net assets invested in any one of these industries. In addition, the Fund also may focus its investments in other sectors or industries, such as (but not limited to) energy, industrials, utilities, pipelines, health care and telecommunications. The Advisor retains broad discretion to allocate the Fund’s investments across various sectors and industries.The Fund may invest without limit in securities of non-U.S. companies, which may be non-U.S. dollar denominated, including up to 15% of the Fund’s net assets in securities issued by companies domiciled in emerging market countries. Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products per capita than more developed countries.The Fund may invest in preferred and debt securities of any maturity or credit rating, including investment grade securities, below investment grade securities and unrated securities, and does not have any portfolio credit ratings requirement. Below investment grade securities are also known as “high yield” or “junk” securities and are regarded as having more speculative characteristics with respect to the payment of interest and repayment of principal. The maturities of debt securities in which the Fund will invest generally will be longer-term (ten years or more); however, as a result of changing market conditions and interest rates, the Fund may also invest in shorter-term debt securities.The Fund is authorized to purchase, sell or enter into any derivative contract or option on a derivative contract, transaction or instrument, without limitation, including various interest rate transactions such as swaps, caps, floors or collars, and foreign currency transactions such as foreign currency forward contracts, futures contracts, options, swaps and other similar strategic transactions in connection with its investments in securities of non-U.S. companies. The Fund’s primary use of derivative contracts will be to enter into interest rate and currency hedging transactions in order to reduce the interest rate and foreign currency risk inherent in the Fund’s investments.
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PISHX - Performance
Return Ranking - Trailing
| Period | PISHX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 12.3% | 2.8% | 16.6% | 3.95% |
| 1 Yr | 12.5% | 2.8% | 18.0% | 3.95% |
| 3 Yr | 2.5%* | -7.6% | 5.7% | 17.14% |
| 5 Yr | 4.2%* | -5.7% | 10.4% | 4.48% |
| 10 Yr | N/A* | 0.7% | 5.2% | N/A |
* Annualized
Return Ranking - Calendar
| Period | PISHX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 1.5% | -3.6% | 14.2% | 34.21% |
| 2022 | -16.2% | -29.4% | -9.6% | 38.57% |
| 2021 | 0.0% | -3.4% | 17.2% | 47.14% |
| 2020 | 3.4% | -24.8% | 9.0% | 7.46% |
| 2019 | N/A | 6.4% | 19.1% | N/A |
Total Return Ranking - Trailing
| Period | PISHX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 12.3% | 2.8% | 16.6% | 3.95% |
| 1 Yr | 12.5% | 2.8% | 18.0% | 3.95% |
| 3 Yr | 2.5%* | -7.6% | 5.7% | 17.14% |
| 5 Yr | 4.2%* | -5.7% | 10.4% | 4.48% |
| 10 Yr | N/A* | 0.7% | 5.2% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | PISHX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 7.9% | -1.9% | 26.5% | 27.63% |
| 2022 | -11.4% | -26.0% | -5.8% | 31.43% |
| 2021 | 5.1% | -2.5% | 27.4% | 22.86% |
| 2020 | 8.6% | -19.2% | 12.3% | 4.48% |
| 2019 | N/A | 10.0% | 32.0% | N/A |
NAV & Total Return History
PISHX - Holdings
Concentration Analysis
| PISHX | Category Low | Category High | PISHX % Rank | |
|---|---|---|---|---|
| Net Assets | 358 M | 35.2 M | 15.4 B | 69.74% |
| Number of Holdings | 234 | 49 | 444 | 30.26% |
| Net Assets in Top 10 | 50.2 M | 13.2 M | 2.1 B | 82.89% |
| Weighting of Top 10 | 11.86% | 11.1% | 48.1% | 92.11% |
Top 10 Holdings
- Wells Fargo Co 1.54%
- Goldman Sachs Group Inc/The 1.52%
- State Street Institutional Treasury Plus Money Market Fund 1.50%
- Charles Schwab Corp/The 1.18%
- Toronto-Dominion Bank/The 1.10%
- Algonquin Power Utilities Corp 1.03%
- State Street Institutional US Government Money Market Fund 1.02%
- Charles Schwab Corp/The 0.99%
- NextEra Energy Capital Holdings Inc 0.99%
- Enbridge Inc 0.99%
Asset Allocation
| Weighting | Return Low | Return High | PISHX % Rank | |
|---|---|---|---|---|
| Bonds | 95.04% | 0.00% | 97.75% | 5.26% |
| Convertible Bonds | 24.17% | 0.00% | 31.65% | 46.58% |
| Cash | 3.46% | -0.02% | 11.04% | 23.68% |
| Preferred Stocks | 1.11% | 0.00% | 121.18% | 97.37% |
| Other | 0.38% | -4.40% | 10.15% | 7.89% |
| Stocks | 0.00% | 0.00% | 29.42% | 75.00% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | PISHX % Rank | |
|---|---|---|---|---|
| Corporate | 94.42% | 62.31% | 100.00% | 86.30% |
| Cash & Equivalents | 2.52% | 0.00% | 11.04% | 42.11% |
| Government | 0.77% | 0.00% | 21.71% | 15.07% |
| Derivative | 0.38% | -0.62% | 9.46% | 6.58% |
| Securitized | 0.00% | 0.00% | 0.00% | 52.05% |
| Municipal | 0.00% | 0.00% | 0.00% | 52.05% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | PISHX % Rank | |
|---|---|---|---|---|
| US | 84.89% | 0.00% | 97.61% | 27.63% |
| Non US | 10.15% | 0.00% | 22.53% | 11.84% |
PISHX - Expenses
Operational Fees
| PISHX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.12% | 0.05% | 4.46% | 98.67% |
| Management Fee | 0.00% | 0.00% | 1.00% | 1.32% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | 0.01% | 0.01% | 0.55% | 4.00% |
Sales Fees
| PISHX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
| PISHX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | N/A | N/A | 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.
| PISHX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 71.00% | 12.00% | 199.00% | 87.88% |
PISHX - Distributions
Dividend Yield Analysis
| PISHX | Category Low | Category High | PISHX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 8.07% | 0.00% | 9.59% | 27.63% |
Dividend Distribution Analysis
| PISHX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| PISHX | Category Low | Category High | PISHX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 4.47% | 0.88% | 7.54% | 37.50% |
Capital Gain Distribution Analysis
| PISHX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 11, 2024 | $0.068 | OrdinaryDividend |
| Nov 29, 2024 | $0.053 | OrdinaryDividend |
| Oct 31, 2024 | $0.050 | OrdinaryDividend |
| Sep 30, 2024 | $0.047 | OrdinaryDividend |
| Aug 30, 2024 | $0.048 | OrdinaryDividend |
| Jul 31, 2024 | $0.047 | OrdinaryDividend |
| Apr 30, 2024 | $0.047 | OrdinaryDividend |
| Mar 28, 2024 | $0.046 | OrdinaryDividend |
| Feb 29, 2024 | $0.048 | OrdinaryDividend |
| Jan 31, 2024 | $0.046 | OrdinaryDividend |
| Dec 14, 2023 | $0.059 | OrdinaryDividend |
| Nov 30, 2023 | $0.047 | OrdinaryDividend |
| Oct 31, 2023 | $0.048 | OrdinaryDividend |
| Sep 29, 2023 | $0.047 | OrdinaryDividend |
| Aug 31, 2023 | $0.046 | OrdinaryDividend |
| Jul 31, 2023 | $0.046 | OrdinaryDividend |
| Jun 30, 2023 | $0.046 | OrdinaryDividend |
| May 31, 2023 | $0.046 | OrdinaryDividend |
| Apr 28, 2023 | $0.044 | OrdinaryDividend |
| Mar 31, 2023 | $0.046 | OrdinaryDividend |
| Feb 28, 2023 | $0.046 | OrdinaryDividend |
| Jan 31, 2023 | $0.044 | OrdinaryDividend |
| Dec 15, 2022 | $0.101 | OrdinaryDividend |
| Nov 30, 2022 | $0.044 | OrdinaryDividend |
| Oct 31, 2022 | $0.044 | OrdinaryDividend |
| Sep 30, 2022 | $0.043 | OrdinaryDividend |
| Aug 31, 2022 | $0.043 | OrdinaryDividend |
| Jul 29, 2022 | $0.039 | OrdinaryDividend |
| Jun 30, 2022 | $0.040 | OrdinaryDividend |
| May 31, 2022 | $0.043 | OrdinaryDividend |
| Apr 29, 2022 | $0.039 | OrdinaryDividend |
| Mar 31, 2022 | $0.041 | OrdinaryDividend |
| Feb 28, 2022 | $0.037 | OrdinaryDividend |
| Jan 31, 2022 | $0.038 | OrdinaryDividend |
| Dec 16, 2021 | $0.137 | OrdinaryDividend |
| Nov 30, 2021 | $0.040 | OrdinaryDividend |
| Oct 29, 2021 | $0.035 | OrdinaryDividend |
| Sep 30, 2021 | $0.039 | OrdinaryDividend |
| Aug 31, 2021 | $0.038 | OrdinaryDividend |
| Jul 30, 2021 | $0.037 | OrdinaryDividend |
| Jun 30, 2021 | $0.039 | OrdinaryDividend |
| May 28, 2021 | $0.038 | OrdinaryDividend |
| Apr 30, 2021 | $0.036 | OrdinaryDividend |
| Mar 31, 2021 | $0.038 | OrdinaryDividend |
| Feb 26, 2021 | $0.043 | OrdinaryDividend |
| Jan 29, 2021 | $0.040 | OrdinaryDividend |
| Dec 17, 2020 | $0.084 | OrdinaryDividend |
| Nov 30, 2020 | $0.041 | OrdinaryDividend |
| Oct 30, 2020 | $0.044 | OrdinaryDividend |
| Sep 30, 2020 | $0.038 | OrdinaryDividend |
| Aug 31, 2020 | $0.043 | OrdinaryDividend |
| Jul 31, 2020 | $0.043 | OrdinaryDividend |
| Jun 30, 2020 | $0.039 | OrdinaryDividend |
| May 29, 2020 | $0.042 | OrdinaryDividend |
| Apr 30, 2020 | $0.041 | OrdinaryDividend |
| Mar 31, 2020 | $0.038 | OrdinaryDividend |
| Feb 28, 2020 | $0.039 | OrdinaryDividend |
| Jan 31, 2020 | $0.023 | OrdinaryDividend |
| Dec 18, 2019 | $0.047 | OrdinaryDividend |
| Dec 18, 2019 | $0.009 | CapitalGainShortTerm |
| Nov 29, 2019 | $0.041 | OrdinaryDividend |
| Oct 31, 2019 | $0.035 | OrdinaryDividend |
| Sep 30, 2019 | $0.028 | OrdinaryDividend |
| Aug 30, 2019 | $0.042 | OrdinaryDividend |
| Jul 31, 2019 | $0.048 | OrdinaryDividend |
PISHX - Fund Manager Analysis
Managers
Elaine Zaharis-Nikas
Start Date
Tenure
Tenure Rank
Mar 01, 2019
3.25
3.3%
Elaine Zaharis-Nikas, CFA, Senior Vice President, is a senior portfolio manager for fixed income and preferred securities portfolios and has analyst coverage responsibilities for European and Latin American banks. She has 21 years of investment experience. Prior to joining Cohen & Steers in 2003, Ms. Zaharis-Nikas worked at J.P. Morgan Chase for five years as a credit analyst and J.P. Morgan for three years as an internal auditor. Ms. Zaharis-Nikas holds a BS from New York University. She is based in New York.
William Scapell
Start Date
Tenure
Tenure Rank
Mar 01, 2019
3.25
3.3%
William Scapell, CFA, Executive Vice President, is Head of Fixed Income and Preferred Securities and a senior portfolio manager for the firm’s preferred securities portfolios. He has 28 years of investment experience. Prior to joining Cohen & Steers in 2003, Mr. Scapell worked in the fixed income research department at Merrill Lynch, where he was their chief strategist for preferred securities for three years, and a vice president in corporate finance and treasury department for two years. Previously, he held bank supervision and monetary policy roles at the Federal Reserve Bank of New York for five years. Mr. Scapell holds a BA from Vassar College and an MA from Columbia University's School of International and Public Affairs. He is based in New York.
Jerry Dorost
Start Date
Tenure
Tenure Rank
Jan 29, 2021
1.33
1.3%
Jerry Dorost, CFA, Senior Vice President, is a portfolio manager for fixed income and preferred securities portfolios and has analyst coverage responsibilities for banks, utilities and midstream energy. He has 16 years of investment experience. Prior to joining the firm in 2010, Mr. Dorost was with Citigroup, where his coverage included banks, mortgage lenders and other financial companies. Mr. Dorost has a BS from Columbia University and is based in New York.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.09 | 30.32 | 7.57 | 11.42 |
