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Trending ETFs

Name

As of 03/27/2024

Price

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

$7.30

$306 M

0.00%

1.26%

Vitals

YTD Return

2.5%

1 yr return

11.8%

3 Yr Avg Return

1.5%

5 Yr Avg Return

1.8%

Net Assets

$306 M

Holdings in Top 10

29.0%

52 WEEK LOW AND HIGH

$7.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.26%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 74.00%

Redemption Fee 1.00%


Min Investment

Standard (Taxable)

$5,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

Price

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

$7.30

$306 M

0.00%

1.26%

DDJRX - Profile

Distributions

  • YTD Total Return 2.5%
  • 3 Yr Annualized Total Return 1.5%
  • 5 Yr Annualized Total Return 1.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.75%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Polen Opportunistic High Yield Fund
  • Fund Family Name
    Polen Capital
  • Inception Date
    Jul 16, 2015
  • Shares Outstanding
    222516
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Benjamin Santonelli

Fund Description

The Fund pursues its investment objective by seeking to outperform the broader high yield market over a complete credit cycle. The “credit cycle” is a cyclical event that generally occurs over a several year timeframe as access to credit increases or decreases for borrowers.

The Fund seeks to achieve its objective mainly by investing in fixed- and floating-rate high yield fixed income securities with a focus on “middle market” issuers in the United States and, to a much lesser extent, Canada. The Adviser considers middle market companies to be those with normalized earnings before interest, tax and depreciation (“EBITDA”) in the range of $75-250 million. The Adviser believes that the flexibility to invest, sell, and reinvest throughout the capital structure of an issuer (and in particular, in both more senior bank loans and more junior high yield bonds) will enable the Adviser to tailor its investment approach to the specific credit-related circumstances of that issuer as they may change from time to time and thereby select the most attractive opportunities for the Fund.

The Fund intends to invest its assets primarily in credit instruments that are rated below investment grade by some or all relevant independent rating agencies, including Moody’s Investors Service, Standard and Poor’s Rating Services and Fitch Ratings (including a significant portion of such assets in credit instruments in the lower tier of the high yield market that are rated B and below). Additionally, certain other high yield securities may be unrated by rating agencies, but determined by the Adviser to be of similar quality as other below investment grade bonds and credit instruments and accordingly purchased for investment by the Fund. The Fund does not have a percentage limitation on investing in securities that are rated below investment grade.

High yield fixed income securities include high yield corporate bonds (commonly known as “junk bonds”), senior loans, convertible bonds, preferred stock, and other types of debt instruments (including, without limitation, unregistered (Rule 144A) securities, floating and variable rate securities and other restricted fixed income securities to the extent permitted by the Investment Company Act of 1940, as amended (the “1940 Act”)). In addition, the Fund may also purchase equity securities or otherwise hold positions in equity or other assets that the Fund receives as part of a reorganization process of a high yield issuer, and the Fund may hold those assets until such time as the Adviser believes that a disposition is most advantageous. From time to time, the Fund may make investments in distressed or defaulted securities or in issuers that are in bankruptcy. The Fund does not have any maturity or duration requirements. However, the Fund typically targets securities that, on average, have a shorter maturity and duration than the maturity and duration of broad-based high yield market indices.

In making these investments, the Adviser seeks to purchase instruments that the Adviser believes are undervalued and offer a compelling risk/reward ratio. Specifically, the Adviser’s investment process attempts to exploit inefficiencies in the high yield credit markets by adhering to a disciplined, bottom-up, fundamentally-oriented investment process with an emphasis on downside protection. The Adviser believes that its portfolios can appropriately balance these risks with the potential reward by purchasing securities of companies at deep discounts to intrinsic enterprise value, thereby providing significant cushion from a loan-to-value perspective; by properly understanding, as part of the Adviser’s due diligence process, the relevant legal aspects of a bond indenture or loan document with a focus on downside or bankruptcy scenarios; and by managing liquidity in the portfolio by limiting the number and size of positions considered by the Adviser to be less liquid in nature. This process applies value investing principles through exhaustive research coupled with financial, structural and legal analysis, including a review of bankruptcy law considerations where applicable. The foundation of this investment process is to derive an accurate, real-time valuation of a target company and to only invest in securities of that company’s capital structure that offer a significant margin of safety coupled with strong total return potential. “Significant margin of safety” means that the Fund endeavors to identify securities with a low loan-to-value ratio where there is accordingly low risk that the subject security will default and experience principal losses as a result. By utilizing such a fundamental, bottom-up approach to investing, the Adviser seeks to add value first and foremost through security selection.

The Adviser intends to manage a relatively concentrated portfolio typically comprising between 50-90 issuers and 60-120 issues. The Fund has adopted an investment policy providing that under normal circumstances, the Fund will invest at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in high yield fixed income securities. This 80% policy may be changed by the Trust’s Board of Trustees without shareholder approval upon 60 days’ written notice to shareholders.

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DDJRX - Performance

Return Ranking - Trailing

Period DDJRX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.5% -4.9% 8.2% 7.33%
1 Yr 11.8% -4.3% 26.0% 41.47%
3 Yr 1.5%* -15.6% 20.6% 56.70%
5 Yr 1.8%* -11.2% 37.3% 92.40%
10 Yr N/A* -4.7% 19.5% N/A

* Annualized

Return Ranking - Calendar

Period DDJRX Return Category Return Low Category Return High Rank in Category (%)
2023 2.8% -4.7% 14.3% 91.46%
2022 -17.4% -33.4% 3.6% 81.97%
2021 0.2% -8.4% 14.9% 42.09%
2020 -3.9% -13.9% 302.7% 96.64%
2019 -2.2% -4.4% 13.3% 99.48%

Total Return Ranking - Trailing

Period DDJRX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.5% -4.9% 8.2% 7.33%
1 Yr 11.8% -4.3% 26.0% 41.47%
3 Yr 1.5%* -15.6% 20.6% 56.70%
5 Yr 1.8%* -11.2% 37.3% 92.40%
10 Yr N/A* -4.7% 19.5% N/A

* Annualized

Total Return Ranking - Calendar

Period DDJRX Return Category Return Low Category Return High Rank in Category (%)
2023 11.8% -4.7% 18.7% 59.63%
2022 -12.1% -33.4% 47.8% 79.47%
2021 5.9% -8.4% 24.8% 30.18%
2020 3.1% -9.6% 325.6% 83.19%
2019 1.5% -3.8% 21.5% 99.66%

NAV & Total Return History


DDJRX - Holdings

Concentration Analysis

DDJRX Category Low Category High DDJRX % Rank
Net Assets 306 M 1.85 M 22.6 B 65.13%
Number of Holdings 109 2 2736 92.44%
Net Assets in Top 10 89.7 M -492 M 4.45 B 47.22%
Weighting of Top 10 28.95% 4.2% 149.6% 8.18%

Top 10 Holdings

  1. Century Aluminum Co 3.89%
  2. HUB International Ltd 3.50%
  3. Baffinland Iron Mines Corp / Baffinland Iron Mines LP 3.28%
  4. NFP Corp 3.12%
  5. CNT Holdings I Corp 2.80%
  6. Titan Acquisition Ltd / Titan Co-Borrower LLC 2.75%
  7. Raising Cane's Restaurants LLC 2.46%
  8. Tenet Healthcare Corp 2.41%
  9. AssuredPartners Inc 2.38%
  10. Dornoch Debt Merger Sub Inc 2.36%

Asset Allocation

Weighting Return Low Return High DDJRX % Rank
Bonds
93.90% -3.13% 154.38% 59.75%
Cash
5.65% -52.00% 49.49% 30.40%
Stocks
0.45% 0.00% 99.61% 48.69%
Preferred Stocks
0.00% 0.00% 8.06% 96.45%
Other
0.00% -63.70% 102.57% 82.72%
Convertible Bonds
0.00% 0.00% 17.89% 99.54%

Stock Sector Breakdown

Weighting Return Low Return High DDJRX % Rank
Utilities
0.00% 0.00% 100.00% 96.44%
Technology
0.00% 0.00% 33.17% 96.06%
Real Estate
0.00% 0.00% 86.71% 94.93%
Industrials
0.00% 0.00% 93.12% 97.94%
Healthcare
0.00% 0.00% 22.17% 94.93%
Financial Services
0.00% 0.00% 100.00% 96.81%
Energy
0.00% 0.00% 100.00% 98.69%
Communication Services
0.00% 0.00% 99.99% 97.94%
Consumer Defense
0.00% 0.00% 100.00% 2.44%
Consumer Cyclical
0.00% 0.00% 100.00% 95.87%
Basic Materials
0.00% 0.00% 100.00% 95.87%

Stock Geographic Breakdown

Weighting Return Low Return High DDJRX % Rank
US
0.41% 0.00% 99.61% 48.15%
Non US
0.04% -0.01% 0.83% 7.41%

Bond Sector Breakdown

Weighting Return Low Return High DDJRX % Rank
Corporate
97.08% 0.00% 129.69% 28.44%
Derivative
0.00% -15.04% 42.26% 79.32%
Cash & Equivalents
0.00% 0.00% 49.49% 99.23%
Securitized
0.00% 0.00% 97.24% 95.83%
Municipal
0.00% 0.00% 4.66% 92.58%
Government
0.00% 0.00% 99.07% 93.97%

Bond Geographic Breakdown

Weighting Return Low Return High DDJRX % Rank
US
93.90% -3.13% 129.21% 45.99%
Non US
0.00% 0.00% 97.33% 94.75%

DDJRX - Expenses

Operational Fees

DDJRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.26% 0.04% 31.61% 32.87%
Management Fee 0.70% 0.00% 1.84% 85.85%
12b-1 Fee 0.25% 0.00% 1.00% 56.25%
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

DDJRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

DDJRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 2.00% 93.10%

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.

DDJRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 74.00% 1.00% 255.00% 71.31%

DDJRX - Distributions

Dividend Yield Analysis

DDJRX Category Low Category High DDJRX % Rank
Dividend Yield 0.00% 0.00% 35.52% 0.77%

Dividend Distribution Analysis

DDJRX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly SemiAnnual Monthly Monthly

Net Income Ratio Analysis

DDJRX Category Low Category High DDJRX % Rank
Net Income Ratio 5.75% -2.39% 14.30% 7.69%

Capital Gain Distribution Analysis

DDJRX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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DDJRX - Fund Manager Analysis

Managers

Benjamin Santonelli


Start Date

Tenure

Tenure Rank

Jun 01, 2016

6.0

6.0%

Mr. Santonelli joined DDJ in 2004 and has more than 14 years of experience in sourcing, analyzing, and managing investments across a variety of industries. Mr. Santonelli serves as co-portfolio manager of DDJ’s U.S. Opportunistic High Yield strategy, portfolio manager of DDJ’s Total Return Credit strategy, and assistant portfolio manager of DDJ's Bank Loan strategy. He is also a member of the Investment Review Committee. Mr. Santonelli serves as a member of the board of directors of two portfolio companies. Mr. Santonelli received his BA from Amherst College.

John Sherman


Start Date

Tenure

Tenure Rank

Jun 01, 2016

6.0

6.0%

Mr. Sherman joined DDJ in 2007 and has more than 13 years of experience in sourcing, analyzing, and managing investments across a variety of industries. Mr. Sherman serves as co-portfolio manager of DDJ’s U.S. Opportunistic High Yield strategy, portfolio manager of DDJ’s Bank Loan strategy, and assistant portfolio manager of DDJ's Total Return Credit strategy. He is also a member of the Investment Review Committee. Prior to joining DDJ, Mr. Sherman was an associate in the Healthcare Group at Thoma Cressey Equity Partners, focusing on private equity investments in middle-market companies. While at Thoma Cressey Equity Partners, Mr. Sherman participated in the due diligence of new standalone investments and tack-on acquisitions for existing portfolio companies. Prior to joining Thoma Cressey Equity Partners, Mr. Sherman was in the Investment Banking Division of Citigroup where he was an analyst in the Global Healthcare Group. While at Citigroup, he participated in the execution of initial public offerings, private placements, mergers and acquisitions, recapitalizations, and other corporate finance transactions. Mr. Sherman graduated magna cum laude with a BBA from the University of Notre Dame.

David Breazzano


Start Date

Tenure

Tenure Rank

Jun 01, 2016

6.0

6.0%

Prior to forming DD in 1996, from 1990 to 1996, Mr. Breazzano was a vice president and portfolio manager in the High Income Group at Fidelity Investments. In addition, Mr. Breazzano co-managed the distressed investing operation at Fidelity. Prior to joining Fidelity Investments in 1990, from 1985 to 1990, Mr. Breazzano was a vice president and portfolio manager at T. Rowe Price Associates. Mr. Breazzano received his MBA from the Johnson School at Cornell University and graduated cum laude with a BA from Union College.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.12 8.17