Hedged Income Fund
Name
As of 05/03/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
3.0%
1 yr return
8.2%
3 Yr Avg Return
2.1%
5 Yr Avg Return
N/A
Net Assets
$29.2 M
Holdings in Top 10
44.1%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.79%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 05/03/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
APLIX - Profile
Distributions
- YTD Total Return 3.0%
- 3 Yr Annualized Total Return 2.1%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.90%
- Dividend Yield 1.7%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameHedged Income Fund
-
Fund Family NameCavanal Hill funds
-
Inception DateDec 28, 2020
-
Shares Outstanding46414
-
Share ClassInvestor
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerScott Phillips
Fund Description
To pursue its objective, under normal circumstances, the Fund invests primarily in dividend paying equity securities, with at least 80% of its net assets in income generating equity securities and equity-related instruments traded on U.S. exchanges. For purposes of this policy, the Fund includes common stocks and securities convertible into common stocks of companies with any market capitalization and sponsored or unsponsored American Depositary Receipts (ADRs). Under normal circumstances, the fund will seek to generate current earnings from option premiums by writing (selling) call options on its portfolio securities, all of which will be covered calls. A covered call refers to a financial transaction in which the investor selling a call option owns an equivalent amount of the underlying security. The investor’s ownership of the long position in the asset is the “cover” because the seller can deliver the shares if the buyer of the call option chooses to exercise. The fund seeks to produce current income from dividends and, to a lesser extent, from option writing premiums. The Fund will buy index and ETF put options as well as put options on individual securities in order to seek to both reduce volatility and provide downside market protection for the portfolio.
The portfolio management team of the Fund selects equity securities that it believes will pay consistent and sustainable dividends, have a strong track record of and future ability to increase the dividend, proven history of predictable cash flows that increase over time, and with barriers to competition. At the time of initial investment selection, common stocks will have a minimum market cap of $1billion. The portfolio will typically invest in 25 to 40 holdings across multiple economic sectors and will not invest more than 35% of the fund’s net assets in any one such sector to diversify risk.
The extent of option writing activity will depend on the portfolio management team’s judgment regarding perceived value associated with security prices, market conditions, the attractiveness of writing call options on the fund’s stock holdings, and timing issues related to monthly option expiration dates. Writing covered calls produces income from premiums, a portion of which will be used to purchase puts which helps to reduce the volatility (and risk profile) of the fund by providing downside protection.
The fund is required to pledge collateral for the covered call option trades and will hold the security as collateral for all such covered call option trades. Put options collateral is limited to the total cash paid for the option. The fund’s Custodian will segregate such collateral for the benefit of the counterparty. High levels of new investment inflow can lead to periods of higher cash levels, as investment opportunities are identified. Similarly, during periods in which stock markets advance, the exercise of options may result in higher cash levels.
The Fund is non-diversified, meaning it may invest in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual security volatility than a diversified fund.
Purchase and sale decisions are based on the Adviser’s judgment about issuers, risk, prices of securities, market conditions, potential returns, and other economic factors.
APLIX - Performance
Return Ranking - Trailing
Period | APLIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.0% | -70.1% | 51.5% | N/A |
1 Yr | 8.2% | 0.5% | 78.3% | N/A |
3 Yr | 2.1%* | -3.6% | 22.3% | N/A |
5 Yr | N/A* | 3.9% | 24.7% | N/A |
10 Yr | N/A* | 6.0% | 18.4% | N/A |
* Annualized
Return Ranking - Calendar
Period | APLIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.9% | -94.0% | 2181.7% | N/A |
2022 | -4.0% | -22.7% | 41.1% | N/A |
2021 | N/A | -100.0% | 4.6% | N/A |
2020 | N/A | -100.0% | 33.2% | N/A |
2019 | N/A | -44.8% | 25.0% | N/A |
Total Return Ranking - Trailing
Period | APLIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.0% | -70.1% | 51.5% | N/A |
1 Yr | 8.2% | 0.5% | 78.3% | N/A |
3 Yr | 2.1%* | -3.6% | 26.2% | N/A |
5 Yr | N/A* | 3.9% | 24.7% | N/A |
10 Yr | N/A* | 6.0% | 18.4% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | APLIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 5.0% | -94.0% | 2181.7% | N/A |
2022 | -1.9% | -21.6% | 41.1% | N/A |
2021 | N/A | -100.0% | 8.2% | N/A |
2020 | N/A | -100.0% | 33.2% | N/A |
2019 | N/A | -13.4% | 26.8% | N/A |
NAV & Total Return History
APLIX - Holdings
Concentration Analysis
APLIX | Category Low | Category High | APLIX % Rank | |
---|---|---|---|---|
Net Assets | 29.2 M | 20 | 1.26 T | 89.64% |
Number of Holdings | 69 | 2 | 4025 | 58.97% |
Net Assets in Top 10 | 12.4 M | -466 M | 287 B | 77.42% |
Weighting of Top 10 | 44.09% | 2.5% | 100.0% | 20.39% |
Top 10 Holdings
- ABBVIE INC 6.02%
- MICROSOFT CORP 5.60%
- APPLE INC 4.31%
- PEPSICO INC 4.30%
- EMERSON ELECTRIC CO 4.19%
- JP MORGAN CHASE CO 4.18%
- MERCK CO INC 4.17%
- PROCTER GAMBLE CO 3.85%
- DOW INC 3.76%
- BROADCOM INC 3.71%
Asset Allocation
Weighting | Return Low | Return High | APLIX % Rank | |
---|---|---|---|---|
Stocks | 101.00% | 0.00% | 140.97% | 80.55% |
Cash | 3.73% | -93.93% | 50.42% | 15.15% |
Preferred Stocks | 0.00% | 0.00% | 3.21% | 13.36% |
Convertible Bonds | 0.00% | 0.00% | 8.52% | 8.89% |
Bonds | 0.00% | 0.00% | 87.09% | 13.19% |
Other | -7.86% | -15.82% | 100.00% | 14.20% |
Stock Sector Breakdown
Weighting | Return Low | Return High | APLIX % Rank | |
---|---|---|---|---|
Technology | 15.22% | 0.00% | 77.07% | 79.41% |
Healthcare | 15.09% | 0.00% | 59.20% | 92.42% |
Energy | 12.18% | 0.00% | 19.56% | 1.75% |
Utilities | 11.65% | 0.00% | 36.12% | 1.24% |
Consumer Defense | 10.10% | 0.00% | 50.98% | 11.71% |
Consumer Cyclical | 7.87% | 0.00% | 53.38% | 77.71% |
Real Estate | 7.01% | 0.00% | 84.43% | 3.45% |
Financial Services | 6.44% | 0.00% | 67.99% | 94.51% |
Industrials | 6.29% | 0.00% | 62.11% | 33.26% |
Communication Services | 4.20% | 0.00% | 35.35% | 69.29% |
Basic Materials | 3.95% | 0.00% | 30.96% | 15.72% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | APLIX % Rank | |
---|---|---|---|---|
US | 101.00% | 0.00% | 136.02% | 80.72% |
Non US | 0.00% | 0.00% | 64.59% | 18.11% |
APLIX - Expenses
Operational Fees
APLIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.79% | 0.01% | 3.38% | 13.78% |
Management Fee | 0.80% | 0.00% | 2.00% | 90.75% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 31.92% |
Administrative Fee | 0.08% | 0.00% | 0.95% | N/A |
Sales Fees
APLIX 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 |
Trading Fees
APLIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.25% | 2.00% | 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.
APLIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 363.00% | N/A |
APLIX - Distributions
Dividend Yield Analysis
APLIX | Category Low | Category High | APLIX % Rank | |
---|---|---|---|---|
Dividend Yield | 1.73% | 0.00% | 1.97% | 11.76% |
Dividend Distribution Analysis
APLIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | Semi-Annually | Monthly | Monthly |
Net Income Ratio Analysis
APLIX | Category Low | Category High | APLIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.90% | -2.09% | 2.65% | N/A |
Capital Gain Distribution Analysis
APLIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency |
Distributions History
Date | Amount | Type |
---|---|---|
Apr 01, 2024 | $0.046 | OrdinaryDividend |
Dec 29, 2023 | $0.060 | OrdinaryDividend |
Oct 02, 2023 | $0.044 | OrdinaryDividend |
Jul 03, 2023 | $0.039 | OrdinaryDividend |
Apr 03, 2023 | $0.072 | OrdinaryDividend |
Dec 30, 2022 | $0.067 | OrdinaryDividend |
Oct 03, 2022 | $0.048 | OrdinaryDividend |
Jul 01, 2022 | $0.042 | OrdinaryDividend |
Apr 01, 2022 | $0.055 | OrdinaryDividend |
Dec 31, 2021 | $0.049 | OrdinaryDividend |
Oct 01, 2021 | $0.041 | OrdinaryDividend |
Jul 01, 2021 | $0.032 | OrdinaryDividend |
Apr 01, 2021 | $0.035 | OrdinaryDividend |
Oct 27, 2010 | $0.052 | ExtraDividend |
Dec 22, 2009 | $0.037 | OrdinaryDividend |
Dec 23, 2008 | $0.050 | OrdinaryDividend |
APLIX - Fund Manager Analysis
Managers
Scott Phillips
Start Date
Tenure
Tenure Rank
Dec 28, 2020
1.42
1.4%
Mr. Phillips founded Lavaca Capital in 2014 and oversees all the firm’s operations, with a special focus on Portfolio Management. Prior to founding Lavaca Capital, he oversaw the investments of a family office with a focus on derivative investments and has over 15 years of investment management experience. Scott began his career in the Houston Audit Practice of KPMG and is a licensed CPA. Scott is a graduate of the University of Texas at Austin with undergraduate & graduate degrees in Accounting and Finance.
Jacob Johnson
Start Date
Tenure
Tenure Rank
Dec 28, 2020
1.42
1.4%
Mr. Johnson joined Lavaca in 2018 and is a Portfolio Manager with the firm. Prior to joining Lavaca he served in financial commodity sales and trading roles with banks Societe Generale and Mitsubishi UFJ Financial Group. Previously, he held similar positions with BP, Reliant Energy and Shell Trading. Jacob has over 20 years derivative investment experience in both exchange traded and complex OTC option structures. Jacob holds a degree in Mechanical Engineering from The University of Texas at Austin and an MBA from Rice University.
Brandon Barnes
Start Date
Tenure
Tenure Rank
Dec 28, 2020
1.42
1.4%
Brandon Barnes manages the investment team that conducts fundamental equity research for Cavanal Hill Investment Management. He is responsible for the portfolio management of the Cavanal Hill Dividend Equity, Large Cap Core, Concentrated Equity Income, and New Growth Leaders strategies. In addition, he is a portfolio manager for the Cavanal Hill Opportunistic Fund and the Cavanal Hill Active Core Fund. Brandon earned a Bachelor of Business Administration Degree and a Master of Science Degree in Business Administration from Texas Tech University. Brandon holds the Chartered Financial Analyst designation.
Michael Schloss
Start Date
Tenure
Tenure Rank
Dec 28, 2020
1.42
1.4%
Schloss has been an equity fund manager at BOk Investment Advisers, Inc. since 2000. Prior to joining BOk Investment Advisers, Inc., he was an investor relations analyst for The Williams Companies. Schloss began his career as a financial consultant with Merrill Lynch in 1992. He also worked as an equity analyst for PRP Performa AG in Vaduz, Liechtenstein in 1998.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.01 | 38.36 | 6.62 | 1.75 |