Strategic Enhanced Yield Fund
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
0.4%
1 yr return
4.4%
3 Yr Avg Return
-1.8%
5 Yr Avg Return
0.5%
Net Assets
$4.72 M
Holdings in Top 10
40.3%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 2.75%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
AIENX - Profile
Distributions
- YTD Total Return 0.4%
- 3 Yr Annualized Total Return -1.8%
- 5 Yr Annualized Total Return 0.5%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.01%
- Dividend Yield 5.1%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameStrategic Enhanced Yield Fund
-
Fund Family NameCavanal Hill funds
-
Inception DateDec 26, 2017
-
Shares Outstanding1315148
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerRussell Knox
Fund Description
The Fund seeks to achieve its investment objective by investing in a diversified portfolio of fixed income instruments of varying maturities. In an effort to actively enhance total return and minimize risk, the Fund will engage in opportunistic trading among various sectors based on the perceived market anomalies and inefficiencies detected by the Fund’s portfolio managers, which may be found in illiquid or thinly traded securities and those that may not accurately reflect relevant market information. Total return is defined as a percentage change, over a specified time period, in a mutual fund’s net asset value, with the ending net asset value adjusted to account for the reinvestment of all distributions of dividends and capital gains.
Under normal circumstances, the Fund invests at least 80% of its net assets in fixed income instruments, both domestic and foreign. This investment policy will not be changed by the Fund without at least 60 days’ prior notice to shareholders. The principal “Fixed income instruments” that the Fund invests in are securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities, U.S. corporate bonds, global corporate bonds and sovereign bonds denominated in U.S. and non-U.S. dollars, mortgage-backed securities, asset-backed securities, municipal securities, and privately-issued securities that may be resold only in accordance with Rule 144A or Regulation S under the Securities Act of 1933 (the “1933 Act”). Privately issued securities are those securities that are exempt from registration under the 1933 Act and that may be resold only in accordance with Rule 144A, which allows for the private resale of securities to qualified institutional buyers, and Regulation S, which allows for the private sale of securities outside the U.S. The mortgage-backed securities in which the Fund invests are fixed rate mortgage-backed securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae.
The Fund may also invest in securities listed, traded or dealt in foreign countries, including emerging markets countries. Such securities may be denominated in foreign currencies and include sovereign, supra-national and quasi-sovereign bonds and debt instruments. There is no limit on the foreign issuers in which the Fund can invest, provided that the Fund will not invest in any foreign issuer or country in which investment is prohibited by law. The Fund will consider an issuer to be doing a substantial amount of business outside the U.S. if it derives more than 50% of its assets, revenue or income outside of the U.S. The Fund may also invest in preferred stock. The Fund may invest in U.S. Treasury futures for hedging purposes. U.S. Treasury futures with economic characteristics similar to fixed income instruments will be included as investments that satisfy the Fund’s 80% policy discussed above.
“Investment-grade” securities are securities that are rated by at least one major rating agency in one of its top four rating categories, meaning those securities that have a rating of Baa3 by Moody’s, BBB- by S&P or BBB- by Fitch Ratings Ltd., or, if unrated, that are determined by the Adviser to be of similar quality, at the time of purchase. The Fund will seek to enhance yield by investing up to a combined 60% of its assets in fixed income securities rated below investment grade (also known as “high yield securities” or “junk bonds”), emerging market debt securities, including both sovereign and corporate issuers, and securities denominated in foreign currencies.
The Adviser expects that the Fund’s average duration will range between 20% shorter and 20% longer than that of the Bloomberg US Aggregate Index. For example, on November30, 2023, the duration was 6.19 years, meaning the Fund’s average duration would range between 4.95 years (20% shorter than the Bloomberg US Aggregate Index) and 7.43 years (20% longer than the Bloomberg US Aggregate Index). Duration provides a measure of a fund’s sensitivity to changes in interest-rates. In general, the longer a fund’s duration, the more its price will fluctuate when interest rates change. A fund with a duration of 10 years is twice as sensitive to interest rate changes as a fund with a five-year duration. A fund with a five-year duration would generally be expected to lose 5% from its net asset value if interest rates rose by one percentage point or gain 5% if interest rates fell by one percentage point.
In selecting fixed income instruments for the Fund, the Adviser actively monitors potential investment opportunities throughout the world and bases its purchase and sale decisions on a fundamental analysis of global economic trends and underlying global economic fundamentals.
AIENX - Performance
Return Ranking - Trailing
Period | AIENX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.4% | -6.8% | 5.6% | 82.04% |
1 Yr | 4.4% | -9.3% | 23.2% | 85.45% |
3 Yr | -1.8%* | -16.6% | 18.0% | 86.64% |
5 Yr | 0.5%* | -13.0% | 15.0% | 83.65% |
10 Yr | N/A* | -13.4% | 6.7% | N/A |
* Annualized
Return Ranking - Calendar
Period | AIENX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 1.0% | -12.0% | 15.7% | 73.72% |
2022 | -15.9% | -31.8% | 18.4% | 76.39% |
2021 | -2.0% | -26.6% | 25.7% | 62.68% |
2020 | 2.5% | -49.2% | 18.7% | 42.30% |
2019 | 2.5% | -35.1% | 15.3% | 75.19% |
Total Return Ranking - Trailing
Period | AIENX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.4% | -6.8% | 5.6% | 82.04% |
1 Yr | 4.4% | -9.3% | 23.2% | 85.45% |
3 Yr | -1.8%* | -16.6% | 18.0% | 86.64% |
5 Yr | 0.5%* | -13.0% | 15.0% | 83.65% |
10 Yr | N/A* | -13.4% | 6.7% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | AIENX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.3% | -7.0% | 22.2% | 75.58% |
2022 | -12.7% | -31.8% | 21.1% | 82.25% |
2021 | 0.3% | -13.5% | 49.9% | 73.81% |
2020 | 6.3% | -28.6% | 24.1% | 44.07% |
2019 | 7.0% | -4.8% | 19.1% | 68.70% |
NAV & Total Return History
AIENX - Holdings
Concentration Analysis
AIENX | Category Low | Category High | AIENX % Rank | |
---|---|---|---|---|
Net Assets | 4.72 M | 2.32 M | 127 B | 99.69% |
Number of Holdings | 50 | 2 | 10577 | 89.68% |
Net Assets in Top 10 | 1.9 M | -1.57 B | 65.8 B | 98.03% |
Weighting of Top 10 | 40.28% | 0.7% | 170.6% | 29.32% |
Top 10 Holdings
- FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.08%
- BREAN ASSET BACKED SECURITIES TRUST 2021 RM1 4.43%
- INDONESIA ASAHAN ALUMINIUM PERSERO PT 4.14%
- ARCOS DORADOS BV 4.11%
- FEDERAL HOME LOAN MORTGAGE CORPORATION 4.04%
- GOVERNMENT NATIONAL MORTGAGE CORPORATION 3.97%
- FEDERAL HOME LOAN MORTGAGE CORPORATION 3.93%
- SIXSIGMA NETWORKS MEXICO 3.83%
- MONGOLIA GOVERNMENT INTERNATIONAL BOND 3.40%
- U S TREASURY BOND 3.35%
Asset Allocation
Weighting | Return Low | Return High | AIENX % Rank | |
---|---|---|---|---|
Bonds | 98.80% | -150.81% | 203.29% | 20.94% |
Cash | 1.20% | -94.66% | 258.91% | 77.39% |
Stocks | 0.00% | -1.60% | 99.88% | 83.76% |
Preferred Stocks | 0.00% | 0.00% | 30.46% | 63.28% |
Other | 0.00% | -72.32% | 100.00% | 73.60% |
Convertible Bonds | 0.00% | 0.00% | 33.50% | 89.41% |
Bond Sector Breakdown
Weighting | Return Low | Return High | AIENX % Rank | |
---|---|---|---|---|
Securitized | 55.52% | 0.00% | 99.65% | 13.77% |
Corporate | 26.52% | 0.00% | 96.66% | 58.69% |
Government | 10.70% | 0.00% | 99.43% | 51.17% |
Cash & Equivalents | 0.27% | 0.00% | 88.14% | 83.71% |
Derivative | 0.00% | -72.32% | 37.37% | 48.10% |
Municipal | 0.00% | 0.00% | 54.26% | 68.70% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | AIENX % Rank | |
---|---|---|---|---|
US | 98.80% | -151.11% | 203.29% | 15.33% |
Non US | 0.00% | 0.00% | 67.77% | 77.85% |
AIENX - Expenses
Operational Fees
AIENX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.75% | 0.01% | 20.67% | 8.47% |
Management Fee | 0.50% | 0.00% | 2.29% | 23.80% |
12b-1 Fee | N/A | 0.00% | 1.00% | 1.44% |
Administrative Fee | 0.08% | 0.00% | 0.70% | 39.72% |
Sales Fees
AIENX 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
AIENX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.50% | 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.
AIENX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 632.00% | 30.78% |
AIENX - Distributions
Dividend Yield Analysis
AIENX | Category Low | Category High | AIENX % Rank | |
---|---|---|---|---|
Dividend Yield | 5.07% | 0.00% | 18.15% | 50.08% |
Dividend Distribution Analysis
AIENX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Quarterly | Monthly | Quarterly |
Net Income Ratio Analysis
AIENX | Category Low | Category High | AIENX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.01% | -1.55% | 11.51% | 78.58% |
Capital Gain Distribution Analysis
AIENX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 01, 2024 | $0.036 | OrdinaryDividend |
Feb 01, 2024 | $0.038 | DailyAccrualFund |
Jan 01, 2024 | $0.037 | DailyAccrualFund |
Dec 01, 2023 | $0.036 | DailyAccrualFund |
Nov 01, 2023 | $0.037 | DailyAccrualFund |
Oct 01, 2023 | $0.036 | DailyAccrualFund |
Sep 01, 2023 | $0.036 | DailyAccrualFund |
Aug 01, 2023 | $0.036 | DailyAccrualFund |
Jul 01, 2023 | $0.032 | DailyAccrualFund |
Jun 01, 2023 | $0.032 | DailyAccrualFund |
May 01, 2023 | $0.031 | DailyAccrualFund |
Apr 01, 2023 | $0.032 | DailyAccrualFund |
Mar 01, 2023 | $0.029 | DailyAccrualFund |
Feb 01, 2023 | $0.031 | DailyAccrualFund |
Jan 03, 2023 | $0.031 | DailyAccrualFund |
Dec 01, 2022 | $0.029 | DailyAccrualFund |
Nov 01, 2022 | $0.031 | DailyAccrualFund |
Oct 03, 2022 | $0.031 | DailyAccrualFund |
Sep 01, 2022 | $0.031 | DailyAccrualFund |
Aug 01, 2022 | $0.030 | DailyAccrualFund |
Jul 01, 2022 | $0.027 | DailyAccrualFund |
Jun 01, 2022 | $0.026 | DailyAccrualFund |
May 02, 2022 | $0.023 | DailyAccrualFund |
Apr 01, 2022 | $0.023 | DailyAccrualFund |
Mar 01, 2022 | $0.023 | DailyAccrualFund |
Feb 01, 2022 | $0.021 | DailyAccrualFund |
Jan 03, 2022 | $0.024 | DailyAccrualFund |
Dec 01, 2021 | $0.021 | DailyAccrualFund |
Nov 01, 2021 | $0.022 | DailyAccrualFund |
Oct 01, 2021 | $0.021 | DailyAccrualFund |
Sep 01, 2021 | $0.020 | DailyAccrualFund |
Aug 02, 2021 | $0.021 | DailyAccrualFund |
Jul 01, 2021 | $0.019 | DailyAccrualFund |
Jun 01, 2021 | $0.020 | DailyAccrualFund |
May 03, 2021 | $0.018 | DailyAccrualFund |
Apr 01, 2021 | $0.015 | DailyAccrualFund |
Mar 01, 2021 | $0.015 | DailyAccrualFund |
Feb 01, 2021 | $0.015 | DailyAccrualFund |
Jan 04, 2021 | $0.014 | DailyAccrualFund |
Dec 01, 2020 | $0.012 | DailyAccrualFund |
Nov 02, 2020 | $0.013 | DailyAccrualFund |
Oct 01, 2020 | $0.014 | DailyAccrualFund |
Sep 01, 2020 | $0.014 | DailyAccrualFund |
Aug 03, 2020 | $0.015 | DailyAccrualFund |
Jul 01, 2020 | $0.015 | DailyAccrualFund |
Jun 01, 2020 | $0.016 | DailyAccrualFund |
May 01, 2020 | $0.015 | DailyAccrualFund |
Apr 01, 2020 | $0.017 | DailyAccrualFund |
Mar 02, 2020 | $0.020 | DailyAccrualFund |
Feb 03, 2020 | $0.021 | DailyAccrualFund |
Jan 02, 2020 | $0.022 | DailyAccrualFund |
Dec 02, 2019 | $0.022 | DailyAccrualFund |
Jul 01, 2019 | $0.026 | DailyAccrualFund |
Jun 03, 2019 | $0.027 | DailyAccrualFund |
May 01, 2019 | $0.026 | DailyAccrualFund |
Apr 01, 2019 | $0.026 | DailyAccrualFund |
Mar 01, 2019 | $0.026 | OrdinaryDividend |
Feb 01, 2019 | $0.021 | OrdinaryDividend |
Jan 02, 2019 | $0.026 | OrdinaryDividend |
Dec 03, 2018 | $0.027 | OrdinaryDividend |
Nov 01, 2018 | $0.027 | OrdinaryDividend |
Sep 04, 2018 | $0.027 | OrdinaryDividend |
Aug 01, 2018 | $0.028 | OrdinaryDividend |
Jul 02, 2018 | $0.028 | OrdinaryDividend |
Jun 01, 2018 | $0.030 | OrdinaryDividend |
May 01, 2018 | $0.029 | OrdinaryDividend |
Apr 02, 2018 | $0.028 | OrdinaryDividend |
Mar 01, 2018 | $0.027 | OrdinaryDividend |
Feb 01, 2018 | $0.018 | OrdinaryDividend |
AIENX - Fund Manager Analysis
Managers
Russell Knox
Start Date
Tenure
Tenure Rank
Dec 26, 2017
4.43
4.4%
Mr. Knox is a Vice President and has been a fixed income fund manager at Cavanal Hill Investment Management since 2005. Before joining the Adviser, Mr. Knox was a graduate assistant in Oklahoma State University’s finance department. Mr. Knox also interned with Citigroup Global Markets’ Yield Book desk. Mr. Knox holds the Chartered Financial Analyst® designation.
Michael Maurer
Start Date
Tenure
Tenure Rank
Dec 26, 2017
4.43
4.4%
Michael Maurer joined Cavanal Hill in 2002 as a Portfolio Manager and member of the Fixed Income Management team and senior vice president. Mr. Maurer is responsible for the execution of the taxable fixed income process and contributes to Cavanal Hill's macroeconomic analysis. In 2005, Lipper presented Mr. Maurer with a Performance Achievement Certificate for his #1 ranked mutual fund performance in the short-intermediate investment grade peer group. Prior to joining Cavanal Hill, Mr. Maurer worked as a senior high-grade and high-yield corporate bond trader with AG Edwards & Sons for August 1993 to October 2002.While at AG Edwards, Mr. Maurer was promoted to Fixed Income Strategist and presented insightful analysis on the fixed income markets. He also performed as a market analyst/debt strategist for A.G. Edwards. Mr. Maurer received his Chartered Financial Analyst designation in 2004 and a Bachelor of Science in Finance and Management in 1993 and a Masters in Business Administration in 1997 from Saint Louis University.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 28.19 | 5.72 | 3.19 |