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 09/19/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
9.2%
1 yr return
15.3%
3 Yr Avg Return
4.9%
5 Yr Avg Return
N/A
Net Assets
$47.6 M
Holdings in Top 10
29.6%
Expense Ratio 1.03%
Front Load N/A
Deferred Load N/A
Turnover 97.00%
Redemption Fee N/A
Standard (Taxable)
$3,000
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 09/19/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
In seeking to achieve its investment objective, the Fund principally invests in a portfolio of corporate bonds, dividend-paying common stocks, preferred stocks, U.S. Treasury bills, bonds and notes, debt securities issued by U.S. Government agencies, asset-backed securities and municipal bonds. Certain of the Fund’s investments in corporate bonds and preferred stocks may be convertible into common stocks. The Fund may invest any percentage of its net assets in the foregoing securities as the Adviser deems appropriate, except that the Fund will normally invest no more than 40% of its net assets in common stocks.
When selecting corporate bonds, the Adviser will consider the rating the bond has received from S&P Global Ratings (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”). The Adviser may invest in bonds with any rating, including those that are rated below investment grade (“high-yield” or “junk” bonds). The Adviser may also invest in unrated bonds and may purchase bonds in private transactions that qualify under Rule 144A of the Securities Act of 1933. The Fund invests only in the corporate bonds of those issuers that, in the opinion of the Adviser, have sufficient net worth and operating cash flow to repay principal and make timely interest payments. The Adviser will select corporate
bonds primarily on the basis of current yield and secondarily on the basis of anticipated long term return. The Fund may invest in bonds with any maturity or duration. The Adviser has the discretion to vary the duration of the portfolio in order to take advantage of prevailing trends in interest rates.
The Fund may invest in common stocks, subject to the 40% limit described above, and in preferred stocks when the Adviser deems it appropriate. The portfolio allocations to common and preferred stocks are determined by the Adviser based upon current and relative yield and the potential total return of these securities relative to their investable universe. The outlook for the economy is also a consideration. During periods of economic strength, greater emphasis may be placed on common stocks. During periods when preferred stocks appear to be undervalued and/or out of favor relative to other income securities, greater emphasis may be placed on preferred stocks. Preferred stocks may also be favored if or when yield discrepancies or variances are observed among publicly traded securities within an individual company’s capital structure.
Common stocks are generally selected based on one of three criteria: (1) stocks selling substantially below their book values; (2) stocks selling at low valuations to their present earnings levels; and (3) stocks judged by the Adviser to have above average growth prospects and to be selling at small premiums to their book values or at modest valuations to their present earnings levels. In addition, the Fund will only purchase common stocks that pay cash dividends; provided, however, that if a common stock stops paying dividends after its purchase by the Fund, the Fund would not be required to sell the stock. Preferred stocks are generally selected based on one of two criteria: (1) preferred stocks that the Adviser believes are offering an attractive and sustainable yield; and (2) preferred stocks offering the potential for capital appreciation due to the business prospects of the issuers. The Fund may also purchase preferred stocks in private transactions that qualify under Rule 144A of the Securities Act of 1933. Preferred stocks that have a cumulative feature do not have to be paying current dividends in order to be purchased.
The method of stock selection used by the Fund may result in the Fund selecting stocks that are currently out of favor with most other investors. The Fund may invest in the securities of lesser-known companies. The Adviser believes, however, that the risks involved with specific stocks selected for the Fund will be lessened by diversification of the Fund’s portfolio. In addition, the Fund invests only in stocks listed on national securities exchanges or quoted on the over-the-counter market.
Period | PMEFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 9.2% | -2.9% | 15.0% | 40.29% |
1 Yr | 15.3% | -2.3% | 23.0% | 55.16% |
3 Yr | 4.9%* | -15.9% | 5.1% | 5.85% |
5 Yr | N/A* | -5.5% | 8.2% | N/A |
10 Yr | N/A* | -0.7% | 7.4% | N/A |
* Annualized
Period | PMEFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 5.0% | -1.0% | 27.4% | 66.75% |
2022 | -7.4% | -35.0% | -7.4% | 0.24% |
2021 | -3.4% | -11.5% | 14.6% | 98.01% |
2020 | N/A | -10.3% | 40.7% | N/A |
2019 | N/A | -9.5% | 22.1% | N/A |
Period | PMEFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 9.2% | -2.9% | 15.0% | 40.29% |
1 Yr | 15.3% | -2.3% | 23.0% | 55.16% |
3 Yr | 4.9%* | -15.9% | 5.1% | 5.85% |
5 Yr | N/A* | -5.5% | 8.2% | N/A |
10 Yr | N/A* | -0.7% | 7.4% | N/A |
* Annualized
Period | PMEFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 9.8% | 2.6% | 28.2% | 60.05% |
2022 | -4.3% | -35.0% | -3.1% | 1.94% |
2021 | 9.8% | -11.5% | 32.0% | 19.35% |
2020 | N/A | -5.4% | 40.7% | N/A |
2019 | N/A | 4.5% | 27.7% | N/A |
PMEFX | Category Low | Category High | PMEFX % Rank | |
---|---|---|---|---|
Net Assets | 47.6 M | 291 K | 50.8 B | 94.03% |
Number of Holdings | 91 | 2 | 3991 | 35.56% |
Net Assets in Top 10 | 13.3 M | 284 K | 9.91 B | 94.03% |
Weighting of Top 10 | 29.63% | 6.8% | 101.4% | 76.85% |
Weighting | Return Low | Return High | PMEFX % Rank | |
---|---|---|---|---|
Bonds | 53.17% | 0.00% | 79.74% | 18.38% |
Stocks | 39.71% | 0.00% | 100.38% | 78.04% |
Convertible Bonds | 17.10% | 0.00% | 71.77% | 0.48% |
Preferred Stocks | 4.75% | 0.00% | 21.95% | 3.10% |
Cash | 2.37% | -35.68% | 25.19% | 37.23% |
Other | 0.00% | -0.69% | 61.72% | 49.40% |
Weighting | Return Low | Return High | PMEFX % Rank | |
---|---|---|---|---|
Technology | 16.48% | 0.22% | 27.92% | 49.27% |
Industrials | 14.90% | 0.14% | 17.90% | 2.43% |
Energy | 14.26% | 0.00% | 62.93% | 3.64% |
Healthcare | 12.43% | 0.00% | 24.25% | 68.45% |
Basic Materials | 12.21% | 0.00% | 32.82% | 4.37% |
Consumer Defense | 11.39% | 0.00% | 18.62% | 12.38% |
Financial Services | 7.32% | 0.00% | 83.50% | 97.33% |
Utilities | 4.65% | 0.00% | 48.33% | 33.50% |
Consumer Cyclical | 2.51% | 0.00% | 14.20% | 93.20% |
Communication Services | 2.34% | 0.00% | 11.11% | 94.90% |
Real Estate | 1.52% | 0.00% | 43.16% | 96.12% |
Weighting | Return Low | Return High | PMEFX % Rank | |
---|---|---|---|---|
US | 39.71% | 0.00% | 100.38% | 72.79% |
Non US | 0.00% | 0.00% | 22.75% | 51.31% |
Weighting | Return Low | Return High | PMEFX % Rank | |
---|---|---|---|---|
Corporate | 76.44% | 0.00% | 96.66% | 4.58% |
Cash & Equivalents | 1.71% | 0.00% | 25.19% | 36.75% |
Securitized | 0.31% | 0.00% | 52.08% | 89.40% |
Derivative | 0.00% | -0.79% | 61.72% | 31.98% |
Municipal | 0.00% | 0.00% | 99.85% | 82.17% |
Government | 0.00% | 0.00% | 63.33% | 96.87% |
Weighting | Return Low | Return High | PMEFX % Rank | |
---|---|---|---|---|
US | 53.17% | 0.00% | 79.74% | 18.38% |
Non US | 0.00% | 0.00% | 6.02% | 46.54% |
PMEFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.03% | 0.06% | 21.26% | 41.53% |
Management Fee | 0.45% | 0.00% | 1.25% | 64.11% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.70% | N/A |
PMEFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 1.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
PMEFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.00% | 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.
PMEFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 97.00% | 2.00% | 380.00% | 90.63% |
PMEFX | Category Low | Category High | PMEFX % Rank | |
---|---|---|---|---|
Dividend Yield | 8.74% | 0.00% | 7.99% | 12.65% |
PMEFX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | Annual | Monthly | Monthly |
PMEFX | Category Low | Category High | PMEFX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.61% | -1.22% | 6.83% | 21.31% |
PMEFX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Mar 27, 2024 | $0.123 | OrdinaryDividend |
Dec 28, 2023 | $0.125 | OrdinaryDividend |
Sep 28, 2023 | $0.100 | OrdinaryDividend |
Jun 29, 2023 | $0.108 | OrdinaryDividend |
Mar 30, 2023 | $0.104 | OrdinaryDividend |
Dec 29, 2022 | $0.083 | OrdinaryDividend |
Sep 29, 2022 | $0.091 | OrdinaryDividend |
Jun 29, 2022 | $0.095 | OrdinaryDividend |
Mar 30, 2022 | $0.037 | OrdinaryDividend |
Dec 30, 2021 | $0.309 | OrdinaryDividend |
Dec 14, 2021 | $0.851 | OrdinaryDividend |
Sep 29, 2021 | $0.065 | OrdinaryDividend |
Jun 29, 2021 | $0.075 | OrdinaryDividend |
Mar 30, 2021 | $0.081 | OrdinaryDividend |
Dec 30, 2020 | $0.063 | OrdinaryDividend |
Dec 16, 2020 | $0.025 | OrdinaryDividend |
Sep 29, 2020 | $0.018 | OrdinaryDividend |
Start Date
Tenure
Tenure Rank
Jul 31, 2020
1.83
1.8%
Mr. Greg Zappin serves as Managing Director & Portfolio Manager at Penn Mutual Asset Management. He is responsible for the management of corporate fixed income investing. Prior to joining Penn Mutual, He was a senior credit research analyst at Logan Circle Partners where he covered investment-grade and high yield credits in the energy, healthcare, transportation, and industrial sectors. Prior to Logan Circle Partners, he worked in a similar capacity for Delaware Investments. He graduated with a Bachelor of Science degree in Business Administration from the University of Massachusetts. He also earned a Master of Business Administration degree from Columbia Business School.
Start Date
Tenure
Tenure Rank
Jul 31, 2020
1.83
1.8%
Mr. Cipolloni joined Penn Mutual Asset Management, LLC in March 2020 and co-leads the management of balanced income fund strategies. Mr. Cipolloni joined Chartwell Investment Partners in 2016 as a Senior Portfolio Manager. From 2002 to 2016, Cipolloni worked at The Killen Group (“Killen”, the predecessor advisor) where he was a Vice President, Portfolio Manager, and minority shareholder. At Killen, Cipolloni primarily managed the Berwyn Income Fund, and was on the Investment Management Committee. His primary responsibilities within the Investment Management Committee included research, trading and portfolio analysis. Cipolloni holds the Chartered Financial Analyst designation.
Start Date
Tenure
Tenure Rank
Jul 31, 2020
1.83
1.8%
Scott Ellis, Portfolio Manager. Mr. Ellis joined the Penn Mutual Asset Management, LLC in September 2016 and co-leads the management of balanced income fund strategies. In addition, Mr. Ellis is responsible for research and analysis, trading and portfolio management of investment-grade and high yield corporate credit securities. Prior to joining the Penn Mutual Asset Management, LLC, Mr. Ellis was an investment manager and credit analyst for Aberdeen Asset Management. Mr. Ellis graduated with distinction from the University of Michigan with a Bachelor of Arts degree with concentrations in Business and Sociology.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.09 | 28.73 | 6.36 | 2.41 |
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