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RMB Mendon Financial Services Fund
RMBLX (Mutual Fund)
RMB Mendon Financial Services Fund
Name
As of 12/27/2024Price
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
17.0%
1 yr return
17.0%
3 Yr Avg Return
-0.1%
5 Yr Avg Return
8.1%
Net Assets
$194 M
Holdings in Top 10
48.8%
52 WEEK LOW AND HIGH
$51.6
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.13%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 70.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100,000
IRA
$100,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/27/2024Price
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
RMBLX - Profile
Distributions
- YTD Total Return 17.0%
- 3 Yr Annualized Total Return -0.1%
- 5 Yr Annualized Total Return 8.1%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.75%
- Dividend Yield 1.4%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameRMB Mendon Financial Services Fund
-
Fund Family NameRMB Funds
-
Inception DateFeb 01, 2017
-
Shares Outstanding2747325
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerAnton Schutz
Fund Description
The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of U.S. companies that are in the financial services industry. The Fund includes the market value of derivatives that provide exposure to the financial services industry in determining compliance with the Fund’s 80% investment policy. The Fund may invest in companies of any size, but, under normal conditions, the Fund invests primarily in mid-, small- and micro-capitalization financial services companies. For this purpose, the Fund defines a mid-, small-, and micro-capitalization company as any company with a market capitalization within the range of the market capitalizations of the constituents of the NASDAQ Bank Index, which as of March 31, 2024 ranged from $22 million to $25 billion. For purposes of selecting investments, the Fund defines the financial services industry broadly. It includes (but is not limited to) the following:
•Banks
•Insurance companies
•Consumer and commercial finance companies
•Securities brokerage firms and electronic trading networks
•Investment management and advisory firms
•Financial conglomerates
•Financial technology companies
Ordinarily, the Fund’s portfolio will be invested primarily in common stocks. In selecting stocks, the Fund’s sub-adviser uses a combination of growth and value style investment criteria. Growth criteria include such items as capable management, attractive business niches, sound financial and accounting practices and/or demonstrated ability to sustain growth in revenues, earnings and cash flow. Value criteria include companies that appear to be undervalued based on their balance sheets or individual circumstances, temporarily distressed, or poised for a merger or acquisition.
The Fund may also invest in companies that may experience unusual and possibly unique developments, or “special situations,” which may create a special opportunity for significant returns. Special situations include: significant technological improvements or discoveries; reorganizations, recapitalizations, mergers or spin-offs; resolutions of litigation; management team changes or material changes in company policies; and actual or potential changes in control of a company.
The portfolio manager constructs the Fund’s portfolio using both a top-down and bottom-up analysis. Examples of top-down analysis include the study of interest rates, credit trends and other macroeconomic factors that broadly affect the financial services industry. Examples of bottom-up analysis include industry screens, sell-side company research reports, company models and other fundamental research that are used to construct the Fund’s portfolio on a stock-by-stock basis. The sub-adviser attempts to identify how various financial services sub-sectors and the individual companies therein will move in reaction to market events. Each potential investment is evaluated by weighing its potential for gain against its associated risks. Because of the way the sub-adviser constructs the Fund’s portfolio, there may be times when the Fund’s investments are focused in one or more financial services sub-sectors and/or a limited number of regions of the U.S.
The Fund may sell securities for a variety of reasons, such as to secure gains, limit losses or redeploy assets into other opportunities.
The Fund may also use derivatives (a type of instrument whose value is determined by reference to the value or the change in value of one or more securities, indices or other financial instruments) to hedge against market changes or as a substitute for securities transactions. It may also use derivatives in attempts to profit from anticipated market and security movements. The Fund will limit its derivatives exposure to 10% of its net assets. The Fund expects that its primary investments in derivatives will be in written covered call options and long call options.
RMBLX - Performance
Return Ranking - Trailing
| Period | RMBLX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 17.0% | 4.4% | 39.2% | 77.53% |
| 1 Yr | 17.0% | 2.7% | 39.4% | 82.02% |
| 3 Yr | -0.1%* | -16.7% | 16.8% | 87.64% |
| 5 Yr | 8.1%* | -6.4% | 21.2% | 61.80% |
| 10 Yr | N/A* | -0.3% | 14.9% | 4.49% |
* Annualized
Return Ranking - Calendar
| Period | RMBLX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.2% | -12.2% | 29.3% | 67.42% |
| 2022 | -30.4% | -56.2% | 9.4% | 87.64% |
| 2021 | 54.4% | 1.6% | 54.4% | 1.12% |
| 2020 | -5.5% | -41.2% | 61.3% | 56.18% |
| 2019 | 22.1% | 10.5% | 97.3% | 58.43% |
Total Return Ranking - Trailing
| Period | RMBLX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 17.0% | 4.4% | 39.2% | 77.53% |
| 1 Yr | 17.0% | 2.7% | 39.4% | 82.02% |
| 3 Yr | -0.1%* | -16.7% | 16.8% | 87.64% |
| 5 Yr | 8.1%* | -6.4% | 21.2% | 61.80% |
| 10 Yr | N/A* | -0.3% | 14.9% | 4.35% |
* Annualized
Total Return Ranking - Calendar
| Period | RMBLX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 4.8% | -8.5% | 32.0% | 76.40% |
| 2022 | -18.8% | -56.2% | 11.4% | 80.90% |
| 2021 | 56.8% | 18.8% | 56.8% | 1.12% |
| 2020 | -5.5% | -41.2% | 61.3% | 61.80% |
| 2019 | 23.1% | 15.1% | 101.7% | 77.53% |
NAV & Total Return History
RMBLX - Holdings
Concentration Analysis
| RMBLX | Category Low | Category High | RMBLX % Rank | |
|---|---|---|---|---|
| Net Assets | 194 M | 1.54 M | 52.8 B | 55.56% |
| Number of Holdings | 60 | 24 | 407 | 50.56% |
| Net Assets in Top 10 | 84.5 M | 657 K | 22.7 B | 61.80% |
| Weighting of Top 10 | 48.82% | 12.4% | 76.5% | 34.83% |
Top 10 Holdings
- Equity Bancshares Inc 7.37%
- Primis Financial Corp 6.11%
- USCB Financial Holdings Inc 5.03%
- First Bancshares Inc/The 4.81%
- Amerant Bancorp Inc 4.79%
- Veritex Holdings Inc 4.56%
- First American Government Obligations Fund 4.45%
- Business First Bancshares Inc 4.40%
- Origin Bancorp Inc 3.72%
- First Horizon Corp 3.59%
Asset Allocation
| Weighting | Return Low | Return High | RMBLX % Rank | |
|---|---|---|---|---|
| Stocks | 95.89% | 95.73% | 106.77% | 97.75% |
| Cash | 5.02% | 0.07% | 24.47% | 8.99% |
| Preferred Stocks | 0.00% | 0.00% | 3.05% | 43.82% |
| Convertible Bonds | 0.00% | 0.00% | 0.00% | 30.34% |
| Bonds | 0.00% | 0.00% | 3.85% | 38.20% |
| Other | -0.92% | -0.92% | 2.71% | 98.88% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | RMBLX % Rank | |
|---|---|---|---|---|
| Financial Services | 99.20% | 46.33% | 100.00% | 34.83% |
| Technology | 0.80% | 0.00% | 43.13% | 30.34% |
| Utilities | 0.00% | 0.00% | 0.00% | 30.34% |
| Real Estate | 0.00% | 0.00% | 40.95% | 65.17% |
| Industrials | 0.00% | 0.00% | 5.08% | 48.31% |
| Healthcare | 0.00% | 0.00% | 0.20% | 33.71% |
| Energy | 0.00% | 0.00% | 0.00% | 30.34% |
| Communication Services | 0.00% | 0.00% | 4.06% | 34.83% |
| Consumer Defense | 0.00% | 0.00% | 4.21% | 31.46% |
| Consumer Cyclical | 0.00% | 0.00% | 42.54% | 43.82% |
| Basic Materials | 0.00% | 0.00% | 0.00% | 30.34% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | RMBLX % Rank | |
|---|---|---|---|---|
| US | 95.89% | 0.00% | 106.77% | 71.91% |
| Non US | 0.00% | 0.00% | 99.35% | 57.30% |
RMBLX - Expenses
Operational Fees
| RMBLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.13% | 0.08% | 13.33% | 50.56% |
| Management Fee | 0.75% | 0.03% | 1.25% | 48.89% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.10% | 0.25% | N/A |
Sales Fees
| RMBLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
| RMBLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 2.00% | 2.00% | 13.04% |
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.
| RMBLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 70.00% | 3.00% | 406.00% | 83.33% |
RMBLX - Distributions
Dividend Yield Analysis
| RMBLX | Category Low | Category High | RMBLX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 1.38% | 0.00% | 11.71% | 71.11% |
Dividend Distribution Analysis
| RMBLX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Quarterly | Annual |
Net Income Ratio Analysis
| RMBLX | Category Low | Category High | RMBLX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.75% | -0.76% | 10.57% | 67.42% |
Capital Gain Distribution Analysis
| RMBLX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 16, 2024 | $0.704 | OrdinaryDividend |
| Dec 16, 2024 | $0.366 | CapitalGainShortTerm |
| Dec 14, 2023 | $0.662 | OrdinaryDividend |
| Dec 13, 2022 | $7.417 | OrdinaryDividend |
| Dec 13, 2021 | $0.954 | OrdinaryDividend |
| Dec 12, 2019 | $0.356 | CapitalGainLongTerm |
| Dec 13, 2018 | $0.718 | CapitalGainShortTerm |
| Dec 13, 2018 | $1.129 | CapitalGainLongTerm |
| Dec 15, 2017 | $0.736 | CapitalGainShortTerm |
| Dec 15, 2017 | $2.143 | CapitalGainLongTerm |
RMBLX - Fund Manager Analysis
Managers
Anton Schutz
Start Date
Tenure
Tenure Rank
Jun 07, 1999
23.0
23.0%
Mr. Schutz, the founder of Mendon Capital Advisors Corp., is responsible for the definition and implementation of portfolio strategy for the Master Fund. Mr. Schutz has been in the investment and risk management business since 1986, focusing on investment and portfolio management. Before forming Mendon Capital Advisors Corp., he was at Chase Manhattan Bank for ten years. In the Chase Asset Management Special Investments Division, he was responsible for structuring investment products utilizing hedge funds and served as a member of the investment committee. At the Chase Regional Bank, he headed the development and application of financial risk management strategies for firms in a variety of industries, focusing heavily on identifying and managing interest rate, currency, equity and commodity exposures for the bank’s customers. He was responsible for the design and implementation of several ground-breaking strategies in his field. Mr. Schutz also worked at RBC Dain Rauscher and Moors & Cabot, Inc. as an institutional equity salesperson. In addition, he has managed assets of his own and for his family since the late 1970’s. Mr. Schutz earned a B.A. from Franklin & Marshall College and an M.B.A. in Finance from Fordham University. Mr. Schutz became an employee of the Adviser upon the completion of the Control Transaction. Mr. Schutz has been often quoted in The Wall Street Journal and other financial publications and has appeared frequently as a guest on CNBC. Mr. Schutz retains a controlling interest in Mendon Capital Advisors Corp. and continues to advise a number of private funds and other accounts in his position as President and Chief Investment Officer of Mendon Capital Advisors Corp.
Daniel Goldfarb
Start Date
Tenure
Tenure Rank
May 01, 2022
0.08
0.1%
Dan Goldfarb joined AlphaOne Capital in 2009 when the investment team transitioned over from OFI Institutional Asset Management. He is a senior portfolio manager managing the Fundamental Small and Micro Cap strategies. He also serves as an equity analyst for these strategies. Mr. Goldfarb served as a managing director/portfolio manager with the OFI Institutional/Babson Capital organization from 1995 to 2009. Previously, Mr. Goldfarb held positions at Drexel Burnham Lambert, Smith Barney, and Wilmington Trust. Mr. Goldfarb has covered financial institutions during his entire career as well as several other industries including telecom, electric utilities, and REITS. He holds a B.A. from Hobart College and an M.B.A from Vanderbilt University. Mr. Goldfarb is a CFA chartholder and Treasurer of the Bank Analyst Association of Boston.
John Heffern
Start Date
Tenure
Tenure Rank
May 01, 2022
0.08
0.1%
John A. Heffern, Managing Partner and Senior Portfolio Manager at Chartwell Investment Partners, Inc. He has worked in investment management since 1988, has been with Chartwell since 2005, and has co-managed a portion of the Fund since 2006. Heffern was a Senior Vice President and Senior Portfolio Manager with the Growth Investing Group at Delaware Investment Advisers from 1997 to 2005. From 1994 to 1997, he was a Senior Vice President, Equity Research at NatWest Markets, responsible for specialty financial services equity research. Prior to NatWest, he was a Principal and Senior Regional Bank Analyst at Alex Brown & Sons.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 25.42 | 9.61 | 4.58 |
