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FSIMX Salient Select Income Advisor

  • Fund
  • FSIMX
  • Price as of: Dec 02, 2016
  • $23.98
  • + $0.09
  • + 0.38%
  • Category
  • Preferred Stock/Convertible Bonds

FSIMX - Profile

Vitals

  • YTD Return 7.3%
  • 3 Yr Annualized Return 8.9%
  • 5 Yr Annualized Return 10.7%
  • Net Assets $1.12 B
  • Holdings in Top 10 36.5%

52 WEEK LOW AND HIGH

$23.98
$20.33
$25.06

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.77%

SALES FEES

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

BROKERAGE FEES

  • Turnover 39.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$0

IRA

N/A

Investment Themes

CATEGORY

Preferred Stock/Convertible Bonds
  • Fund Type Open End Mutual Fund
  • Investment Style Preferred Stock

Distributions

  • YTD Total Return 11.9%
  • 3 Yr Annualized Total Return 8.9%
  • 5 Yr Annualized Total Return 10.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.00%
DIVIDENDS
  • Dividend Yield 1.3%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name Salient Select Income Fund
  • Fund Family Name Salient Funds
  • Inception Date Feb 02, 2010
  • Shares Outstanding 2164979
  • Share Class Adv
  • Currency USD
  • Domiciled Country United States
  • Manager Joel S. Beam

Fund Description

Under normal conditions, the fund invests at least 80% of its net assets plus borrowings for investment purposes, if any, in income-producing securities. The fund invests primarily in securities of companies in the real estate industry, such as real estate investment trusts ("REITs"), master limited partnerships and other real estate firms.

FSIMX - Performance

Return Ranking - Trailing

Period FSIMX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 7.3% -3.0% 8.8% 18.35% 2
1 Yr 10.3% -10.4% 10.4% 1.83% 1
3 Yr 8.9% * -4.1% 10.9% 3.96% 1
5 Yr 10.7% * 2.2% 10.8% 2.08% 1
10 Yr 5.7% * 3.7% 7.6% 40.28% 2

* Annualized


Return Ranking - Calendar

Period FSIMX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -12.1% -17.9% 1.4% 71.84% 4
2014 8.1% -7.4% 10.0% 4.90% 1
2013 -3.6% -9.4% 21.4% 72.73% 4
2012 10.9% -4.9% 16.2% 38.54% 2
2011 -5.3% -13.3% -3.3% 19.48% 2

Total Return Ranking - Trailing

Period FSIMX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 11.9% -1.3% 12.0% 1.83% 1
1 Yr 10.3% -9.6% 10.4% 1.83% 1
3 Yr 8.9% * -5.2% 17.3% 3.96% 1
5 Yr 10.7% * 1.7% 10.8% 2.08% 1
10 Yr 5.7% * 3.7% 7.6% 37.50% 2

* Annualized


Total Return Ranking - Calendar

Period FSIMX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -1.0% -17.5% 6.8% 33.01% 2
2014 22.3% -2.4% 22.4% 1.96% 1
2013 6.9% -9.4% 37.3% 67.68% 4
2012 34.1% -6.8% 34.3% 2.08% 1
2011 6.5% -17.7% 6.5% 2.60% 1

NAV & Total Return History

FSIMX - Holdings

Filings data as of: Sep 30, 2016

Concentration Analysis

FSIMX Category Low Category High FSIMX % Rank Quintile
Net Assets 1.12 B 630 K 6.94 B 10.09% 3
Number of Holdings 94 6 318 15.60% 4
Net Assets in Top 10 234 M -62.9 M 1.23 B 11.01% 3
Weighting of Top 10 36.5% 16.2% 102.9% 5.50% 1

Top 10 Holdings

  1. iShares US Real Estate 8.26%
  2. Stag Industrial Inc 2.65%
  3. Chatham Lodging Trust 3.04%
  4. Franklin Street Properties Corp 2.96%
  5. Sabra Health Care REIT Inc 3.76%
  6. Felcor Lodging Tr Cv 2.19%
  7. American Homes 4 Rent Class A 3.83%
  8. Epr Pptys Cv 2.04%
  9. Ashford Hospitality Prime Inc B 5.16%
  10. Simon Ppty Grp 2.15% 2.64%

Asset Allocation

Weighting Category Low Category High FSIMX % Rank Quintile
Preferred Stocks
47.78% 0.00% 67.69% 1.83% 1
Stocks
31.24% -5.37% 31.24% 0.92% 1
Cash
10.77% 0.00% 61.59% 4.59% 1
Bonds
6.90% -50.44% 50.60% 11.01% 3
Convertible Bonds
3.34% 0.00% 94.57% 22.02% 5
Other
-0.04% -0.04% 43.47% 18.35% 5

Stock Sector Breakdown

Weighting Category Low Category High FSIMX % Rank Quintile
Real Estate
31.73% 0.00% 31.73% 0.98% 1
Consumer Cyclical
0.50% -0.75% 5.73% 3.92% 1
Utilities
0.00% -0.25% 7.46% 16.67% 5
Technology
0.00% -0.92% 5.93% 6.86% 4
Healthcare
0.00% -0.92% 2.75% 11.76% 5
Consumer Defense
0.00% -0.73% 3.89% 13.73% 5
Energy
0.00% -0.40% 2.40% 6.86% 3
Financial Services
0.00% -0.83% 11.46% 10.78% 4
Industrials
-0.08% -0.60% 3.03% 14.71% 5
Basic Materials
-0.23% -0.23% 0.46% 6.86% 5
Communication Services
-0.68% -0.68% 4.45% 8.82% 5

Stock Geographic Breakdown

Weighting Category Low Category High FSIMX % Rank Quintile
US
31.24% -6.30% 31.24% 0.92% 1
Non US
0.00% -0.13% 3.05% 10.09% 4

Bond Sector Breakdown

Weighting Category Low Category High FSIMX % Rank Quintile
Corporate
58.02% 22.79% 97.70% 22.02% 5
Cash & Equivalents
10.78% 0.00% 65.22% 4.59% 1
Securitized
0.00% 0.00% 1.68% 8.26% 4
Derivative
0.00% -5.64% 3.63% 2.75% 3
Municipal
0.00% 0.00% 0.03% 2.75% 3
Government
0.00% -56.81% 4.58% 4.59% 3

Bond Geographic Breakdown

Weighting Category Low Category High FSIMX % Rank Quintile
US
6.90% -54.82% 39.86% 9.17% 2
Non US
0.00% 0.00% 25.79% 22.02% 5

FSIMX - Expenses

Operational Fees

FSIMX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 1.77% 0.38% 6.56% 19.27% 4
Management Fee 1.00% 0.36% 1.15% 1.83% 5
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee 0.07% 0.01% 0.40% 21.82% 3

Sales Fees

FSIMX Fees (% of AUM) Category Low Category High FSIMX Rank Quintile
Front Load N/A 2.00% 5.75% N/A N/A
Deferred Load N/A 1.00% 5.00% N/A N/A

Trading Fees

FSIMX Fees (% of AUM) Category Low Category High FSIMX Rank Quintile
Max Redemption Fee N/A 1.00% 2.00% N/A N/A

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.

FSIMX Fees (% of AUM) Category Low Category High FSIMX Rank Quintile
Turnover 39.00% 13.90% 368.00% 15.60% 2

FSIMX - Distributions

Dividend Yield Analysis

FSIMX Category Low Category High FSIMX % Rank Quintile
Dividend Yield 1.3% 0.03% 1.69% 4.63% 1

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

FSIMX Category Low Category High FSIMX % Rank Quintile
Net Income Ratio 4.00% -0.80% 5.80% 22.94% 2

Capital Gain Distribution Analysis

FSIMX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

FSIMX - Managers

Joel S. Beam

Manager

Start Date

Mar 30, 2001

Tenure

15.6

Tenure Rank

2.2%

Mr. Beam has been a portfolio manager for Forward Management since June 2009. Mr. Beam has primary responsibility for the day-to-day management of the Forward Select Income Fund and co-primary responsibility for the day-to-day management of the Forward Real Estate Fund. Mr. Beam served as a portfolio manager responsible for securities investment decisions on behalf of Kensington Investment Group, Inc.’s income-oriented portfolios from 1997 to June 2009. He joined Kensington in 1995 as a Senior Analyst and began managing portfolios in 1997. He was previously employed by Liquidity Financial Advisors, Inc. where he was responsible for valuation and pricing of real estate limited partnership and institutional commingled investment fund securities, as well as their underlying properties. Mr. Beam has managed the Forward Global Infrastructure Fund since its inception in June 2007, Forward International Real Estate Fund since its inception in April 2006, Forward Real Estate Long/Short Fund since its inception in September 2009, and Forward Select Income Fund since its inception in March 2001and the Forward Real Estate Fund since March 2010.


Tenure Analysis

Category Low

0.0

Category High

31.4

Category Average

7.89

Category Mode

4.8