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ACSAX Avenue Credit Strategies Investor

  • Fund
  • ACSAX
  • Price as of: Aug 08, 2016
  • $8.61
  • - $0.00
  • - 0.00%
  • Category
  • High Yield Bonds

ACSAX - Profile

Vitals

  • YTD Return -1.4%
  • 3 Yr Annualized Return -3.9%
  • 5 Yr Annualized Return N/A
  • Net Assets $1.08 B
  • Holdings in Top 10 21.8%

52 WEEK LOW AND HIGH

$8.61
$7.93
$10.08

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.76%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 51.00%

TRADING FEES

  • Max Redemption Fee 2.00%

Min Investment

STANDARD (TAXABLE)

$5,000

IRA

$5,000

Investment Themes

CATEGORY

High Yield Bonds
  • Fund Type Open End Mutual Fund
  • Investment Style High Yield Bond

Distributions

  • YTD Total Return -1.4%
  • 3 Yr Annualized Total Return -3.9%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.47%
DIVIDENDS
  • Dividend Yield 0.4%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name Avenue Credit Strategies Fund
  • Fund Family Name Avenue Capital Group
  • Inception Date Jun 01, 2012
  • Shares Outstanding N/A
  • Share Class Inv
  • Currency USD
  • Domiciled Country United States
  • Manager Jeffrey J. Gary

ACSAX - Performance

Return Ranking - Trailing

Period ACSAX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -1.4% -30.0% 20.5% 67.19% 5
1 Yr -13.9% -30.5% 10.8% 98.77% 5
3 Yr -3.9% * -11.3% 8.2% 97.43% 5
5 Yr N/A * -12.9% 7.6% N/A N/A
10 Yr N/A * -12.2% 12.4% N/A N/A

* Annualized


Return Ranking - Calendar

Period ACSAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -18.9% -34.3% 7.2% 70.95% 5
2014 N/A -5.0% -1.0% N/A N/A
2013 N/A -1.3% 3.8% N/A N/A
2012 N/A 7.4% 9.6% N/A N/A
2011 N/A -8.1% -0.2% N/A N/A

Total Return Ranking - Trailing

Period ACSAX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -1.4% -30.0% 20.5% 68.28% 5
1 Yr -13.9% -30.5% 10.2% 99.23% 5
3 Yr -3.9% * -11.3% 8.2% 98.11% 5
5 Yr N/A * -12.9% 7.6% N/A N/A
10 Yr N/A * -12.2% 12.4% N/A N/A

* Annualized


Total Return Ranking - Calendar

Period ACSAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -18.9% -34.3% 7.2% 70.76% 5
2014 N/A -4.8% -0.6% N/A N/A
2013 N/A -1.3% 4.5% N/A N/A
2012 N/A 7.4% 10.4% N/A N/A
2011 N/A -7.8% -0.2% N/A N/A

NAV & Total Return History

ACSAX - Holdings

Filings data as of: Jul 31, 2015

Concentration Analysis

ACSAX Category Low Category High ACSAX % Rank Quintile
Net Assets 1.08 B 859 K 19.6 B 9.20% 2
Number of Holdings 198 1 1294 20.09% 4
Net Assets in Top 10 358 M -32.2 M 3.99 B 3.37% 1
Weighting of Top 10 21.8% 0.0% 100.0% 5.37% 1

Top 10 Holdings

  1. Engy Future Inter Hldg Co Ll 144A 11.25% 2.73%
  2. Neff Rental Llc 2.57%
  3. Inventiv Health 144A 10% 2.48%
  4. Harrahs Oper 11.25% 2.40%
  5. Accellent Inc 2.14%
  6. Img Worldwide Inc 2.13%
  7. Bway Hldg Company 144A 9.125% 2.08%
  8. Stackpole Intl Inter Co S A 144A 7.75% 1.80%
  9. Ap Nmt Acquisition B V 1.78%
  10. Brakes Cap 7.125% 1.71%

Asset Allocation

Weighting Category Low Category High ACSAX % Rank Quintile
Bonds
81.67% -5.63% 107.80% 25.77% 5
Cash
11.26% -11.47% 133.84% 4.45% 1
Other
3.53% -34.84% 38.60% 4.91% 1
Stocks
2.35% 0.00% 99.05% 3.99% 1
Convertible Bonds
1.18% 0.00% 18.92% 4.14% 1
Preferred Stocks
0.00% 0.00% 12.41% 14.72% 5

Stock Sector Breakdown

Weighting Category Low Category High ACSAX % Rank Quintile
Consumer Cyclical
0.71% 0.00% 17.17% 4.66% 1
Financial Services
0.00% 0.00% 16.69% 9.96% 5
Real Estate
0.00% 0.00% 7.16% 5.08% 5
Industrials
0.00% 0.00% 13.93% 6.36% 5
Healthcare
0.00% 0.00% 24.74% 5.93% 5
Technology
0.00% -0.01% 24.70% 5.72% 5
Energy
0.00% 0.00% 11.08% 8.47% 5
Communication Services
0.00% -0.05% 9.22% 6.99% 5
Consumer Defense
0.00% -0.14% 5.89% 5.51% 5
Utilities
0.00% -0.08% 7.62% 4.87% 5
Basic Materials
0.00% 0.00% 2.68% 6.14% 5

Stock Geographic Breakdown

Weighting Category Low Category High ACSAX % Rank Quintile
US
2.23% -0.04% 81.88% 3.37% 1
Non US
0.12% -0.01% 53.49% 5.06% 1

Bond Sector Breakdown

Weighting Category Low Category High ACSAX % Rank Quintile
Corporate
78.28% 0.00% 101.98% 23.93% 5
Cash & Equivalents
11.26% -7.60% 133.84% 4.29% 1
Government
1.80% -6.62% 39.91% 8.59% 2
Municipal
0.97% 0.00% 99.16% 1.38% 1
Securitized
0.00% 0.00% 68.88% 16.72% 5
Derivative
-1.34% -19.62% 5.63% 6.29% 5

Bond Geographic Breakdown

Weighting Category Low Category High ACSAX % Rank Quintile
US
54.27% -5.63% 100.00% 28.22% 5
Non US
27.40% 0.00% 45.22% 2.76% 1

ACSAX - Expenses

Operational Fees

ACSAX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 1.76% 0.00% 7.85% 9.22% 5
Management Fee 1.00% 0.12% 1.00% 0.15% 5
12b-1 Fee 0.25% 0.00% 1.00% 3.77% 3
Administrative Fee 0.06% 0.00% 0.45% 6.45% 2

Sales Fees

ACSAX Fees (% of AUM) Category Low Category High ACSAX Rank Quintile
Front Load N/A 2.00% 5.75% N/A N/A
Deferred Load N/A 0.75% 5.50% N/A N/A

Trading Fees

ACSAX Fees (% of AUM) Category Low Category High ACSAX Rank Quintile
Max Redemption Fee 2.00% 1.00% 2.00% 0.60% 5

Turnover 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.

ACSAX Fees (% of AUM) Category Low Category High ACSAX Rank Quintile
Turnover 51.00% 7.20% 2247.00% 10.60% 3

ACSAX - Distributions

Dividend Yield Analysis

ACSAX Category Low Category High ACSAX % Rank Quintile
Dividend Yield 0.4% 0.00% 6.16% 31.45% 3

Dividend Distribution Analysis

ACSAX Category Low Category High Category Mode
Dividend Distribution Frequency Quarterly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

ACSAX Category Low Category High ACSAX % Rank Quintile
Net Income Ratio 5.47% -2.75% 8.95% 17.05% 2

Capital Gain Distribution Analysis

ACSAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Quarterly Annually

ACSAX - Managers

Jeffrey J. Gary

Manager

Start Date

Jun 01, 2012

Tenure

4.17

Tenure Rank

10.0%

Jeffrey J. Gary, Senior Portfolio Manager of Avenue Capital Management II, L.P., is primarily responsible for the day-to-day management of the Fund's assets. Mr. Gary has been the portfolio manager of the Fund since June 2012. Mr. Gary has also been the portfolio manager for the Avenue Closed-End Fund since November 2012 and the private collateralized loan obligation (CLO) funds managed by the Adviser since February 2013. Prior to joining the Adviser, Mr. Gary served as a portfolio manager at another registered investment adviser since 2009, where he managed an opportunistic credit fund that invested globally in high yield bonds, bank loans and distressed securities. Mr. Gary has more than 20 years of investment experience in high yield, bank loan and distressed investment strategies, including the last 19 years as a portfolio manager. Mr. Gary's experience includes managing numerous high yield and credit-related mutual funds. Mr. Gary holds an M.B.A. from Northwestern University’s Kellogg School of Management, and a B.S. in accounting from Penn State University. He is a Certified Public Accountant (inactive).


Tenure Analysis

Category Low

0.0

Category High

56.2

Category Average

6.26

Category Mode

1.6