Westwood Capital Appreciation and Income Fund
Name
As of 05/03/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
2.3%
1 yr return
13.2%
3 Yr Avg Return
1.7%
5 Yr Avg Return
10.0%
Net Assets
$120 M
Holdings in Top 10
21.8%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.50%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 66.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 05/03/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
WLVIX - Profile
Distributions
- YTD Total Return 2.3%
- 3 Yr Annualized Total Return 1.7%
- 5 Yr Annualized Total Return 10.0%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.79%
- Dividend Yield 3.2%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameWestwood Capital Appreciation and Income Fund
-
Fund Family NameWestwood
-
Inception DateJun 28, 2006
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerP. Adrian Helfert
Fund Description
The Fund has significant flexibility to achieve its investment objective and invests in a broad range of securities, including debt and equity securities in the U.S. and other markets throughout the world, both developed and emerging. “Emerging markets” include countries in the MSCI Emerging Markets Index, and other countries that the Fund considers to be equivalent to those in that index based on their level of economic development or the size and experience of their securities markets. There is no limit on the number of countries in which the Fund may invest, and the Fund may focus its investments in a single country or a small group of countries. As attractive investments across asset classes and strategies arise, the Adviser attempts to capture these opportunities and has wide latitude to allocate the Fund’s assets among asset classes. The Adviser buys and sells securities and investments for the Fund based on the Adviser’s view of issuer fundamentals, global economics, sectors and overall portfolio construction, taking into account risk/return analyses and relative value considerations.
Under normal circumstances, the Fund invests at least 60% of its net assets in securities of U.S. issuers. U.S. issuers include the U.S. government and its agencies and instrumentalities. In addition, a company is considered by the Fund to be a U.S. issuer if: (i) at least 50% of the company’s assets are located in the
U.S.; (ii) at least 50% of the company’s revenue is generated in the U.S.; (iii) the company is organized or maintains its principal place of business in the U.S.; or (iv) the company’s securities are traded principally in the U.S.
The Fund seeks to achieve a neutral allocation of 60% of its total assets in equity securities and 40% of its total assets in debt securities. The Adviser’s bottom-up investment process and top-down macroeconomic views will drive tactical allocation decisions by overweighting/underweighting stocks and bonds to outperform the benchmark.
The Fund may invest up to 50% of its total assets in debt securities, including corporate bonds, mortgage-backed, mortgage-related and asset-backed securities, inflation-linked securities (including Treasury Inflation Protected Securities (“TIPS”)), bank loan assignments and participations (“Loans”). The Fund may invest up to 35% of its total assets in Loans. The Fund may invest in debt securities with any maturity, duration or credit quality, including securities rated below investment grade or, if unrated, deemed by the Adviser to be of comparable quality (“junk bonds”).
The Fund may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the “to-be-announced” (“TBA”) market. With TBA transactions, the particular securities to be delivered are not identified at the trade date but the delivered securities must meet specified terms and standards. The Fund would generally enter into TBA transactions with the intention of taking possession of the underlying mortgage-backed securities. However, in an effort to obtain underlying mortgage securities on more preferable terms or to enhance returns, the Fund may extend the settlement by entering into dollar roll transactions in which the Fund sells mortgage-backed securities and simultaneously agrees to purchase substantially similar securities on a future date.
The Fund may invest up to 70% of its total assets in equity securities, including common stocks, American Depositary Receipts (“ADRs”) and real estate investment trusts (“REITs”). The Fund may invest up to 25% of its total assets in REITs. In addition to investments in equity securities, the Fund may also invest up to 50% of its total assets in preferred stocks and convertible securities that have characteristics of both equity and debt securities. The Fund may invest in equity securities, preferred stocks and convertible securities of companies of any market capitalization.
In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, foreign currency transactions, options and swaps to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may also use such derivatives to manage equity, country, regional and currency exposure, to increase income or gain to the Fund, for hedging and for risk management. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of foreign currency derivatives, including forward foreign currency contracts and currency futures, but may not always do so. In addition to hedging non-dollar investments, the Fund may use such derivatives to increase income and gain to the Fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies.
WLVIX - Performance
Return Ranking - Trailing
Period | WLVIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.3% | 0.0% | 22.5% | 85.73% |
1 Yr | 13.2% | -4.1% | 44.4% | 43.64% |
3 Yr | 1.7%* | -6.8% | 6.6% | 53.01% |
5 Yr | 10.0%* | -3.5% | 14.1% | 3.67% |
10 Yr | 7.4%* | 0.5% | 10.6% | 19.87% |
* Annualized
Return Ranking - Calendar
Period | WLVIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 9.7% | -12.2% | 23.9% | 58.13% |
2022 | -15.2% | -34.7% | 0.0% | 20.95% |
2021 | 4.1% | -11.9% | 18.1% | 58.46% |
2020 | 18.5% | -20.9% | 39.7% | 2.80% |
2019 | 8.2% | 0.8% | 25.7% | 96.32% |
Total Return Ranking - Trailing
Period | WLVIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.3% | 0.0% | 22.5% | 85.73% |
1 Yr | 13.2% | -4.1% | 44.4% | 43.64% |
3 Yr | 1.7%* | -6.8% | 6.6% | 53.01% |
5 Yr | 10.0%* | -3.5% | 14.1% | 3.67% |
10 Yr | 7.4%* | 0.5% | 10.6% | 19.87% |
* Annualized
Total Return Ranking - Calendar
Period | WLVIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 13.5% | -12.2% | 26.8% | 51.49% |
2022 | -12.8% | -29.0% | 10.9% | 29.41% |
2021 | 12.3% | -3.0% | 24.2% | 58.46% |
2020 | 23.5% | -19.5% | 40.6% | 1.71% |
2019 | 30.1% | 4.4% | 32.7% | 0.96% |
NAV & Total Return History
WLVIX - Holdings
Concentration Analysis
WLVIX | Category Low | Category High | WLVIX % Rank | |
---|---|---|---|---|
Net Assets | 120 M | 789 K | 217 B | 80.59% |
Number of Holdings | 119 | 2 | 15716 | 41.87% |
Net Assets in Top 10 | 25.9 M | 618 K | 62.8 B | 86.00% |
Weighting of Top 10 | 21.83% | 11.3% | 121.1% | 87.69% |
Top 10 Holdings
- Microsoft Corporation 4.30%
- Apple, Inc. 3.97%
- Energy Transfer, L.P. 2.35%
- JPMorgan Chase Company 1.90%
- Amgen, Inc. 1.66%
- Gilead Sciences, Inc. 1.60%
- Wells Fargo Company 1.58%
- Taiwan Semiconductor Manufacturing Company Ltd. ADR 1.55%
- Texas Capital Bancshares, Inc. 1.50%
- Freeport-McMoRan, Inc. 1.43%
Asset Allocation
Weighting | Return Low | Return High | WLVIX % Rank | |
---|---|---|---|---|
Stocks | 55.36% | 0.00% | 103.09% | 82.74% |
Bonds | 42.40% | 0.00% | 77.27% | 8.35% |
Convertible Bonds | 13.67% | 0.00% | 23.84% | 1.00% |
Cash | 1.43% | -10.21% | 100.00% | 51.91% |
Other | 0.81% | -42.80% | 46.03% | 22.91% |
Preferred Stocks | 0.00% | 0.00% | 23.88% | 54.60% |
Stock Sector Breakdown
Weighting | Return Low | Return High | WLVIX % Rank | |
---|---|---|---|---|
Financial Services | 16.80% | 0.00% | 38.77% | 20.51% |
Technology | 15.97% | 0.00% | 44.21% | 79.49% |
Consumer Cyclical | 11.20% | 0.00% | 19.36% | 28.63% |
Utilities | 9.44% | 0.00% | 99.55% | 5.41% |
Healthcare | 9.36% | 0.00% | 29.35% | 87.04% |
Energy | 8.89% | 0.00% | 85.65% | 9.40% |
Basic Materials | 8.07% | 0.00% | 33.35% | 4.84% |
Consumer Defense | 6.47% | 0.00% | 15.14% | 54.27% |
Industrials | 5.20% | 0.00% | 24.37% | 94.87% |
Real Estate | 5.04% | 0.00% | 65.01% | 26.78% |
Communication Services | 3.56% | 0.00% | 38.10% | 93.16% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | WLVIX % Rank | |
---|---|---|---|---|
US | 55.36% | 0.00% | 103.09% | 76.52% |
Non US | 0.00% | 0.00% | 38.68% | 56.58% |
Bond Sector Breakdown
Weighting | Return Low | Return High | WLVIX % Rank | |
---|---|---|---|---|
Corporate | 94.73% | 0.00% | 98.21% | 2.13% |
Government | 3.82% | 0.00% | 97.26% | 91.18% |
Securitized | 1.30% | 0.00% | 78.59% | 82.08% |
Cash & Equivalents | 1.04% | 0.00% | 99.92% | 52.48% |
Derivative | 0.00% | -3.07% | 46.02% | 59.41% |
Municipal | 0.00% | 0.00% | 24.80% | 77.67% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | WLVIX % Rank | |
---|---|---|---|---|
US | 42.40% | 0.00% | 77.27% | 7.78% |
Non US | 0.00% | 0.00% | 14.17% | 49.22% |
WLVIX - Expenses
Operational Fees
WLVIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.50% | 0.03% | 17.63% | 89.73% |
Management Fee | 0.35% | 0.00% | 1.50% | 45.99% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.83% | 71.43% |
Sales Fees
WLVIX 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
WLVIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.00% | 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.
WLVIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 66.00% | 0.00% | 343.00% | 73.26% |
WLVIX - Distributions
Dividend Yield Analysis
WLVIX | Category Low | Category High | WLVIX % Rank | |
---|---|---|---|---|
Dividend Yield | 3.20% | 0.00% | 17.90% | 25.18% |
Dividend Distribution Analysis
WLVIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | SemiAnnual | Quarterly | SemiAnnual |
Net Income Ratio Analysis
WLVIX | Category Low | Category High | WLVIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.79% | -2.34% | 19.41% | 18.42% |
Capital Gain Distribution Analysis
WLVIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Monthly | Semi-Monthly |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 27, 2024 | $0.054 | OrdinaryDividend |
Dec 28, 2023 | $0.058 | OrdinaryDividend |
Sep 28, 2023 | $0.064 | OrdinaryDividend |
Jun 29, 2023 | $0.040 | OrdinaryDividend |
Mar 30, 2023 | $0.055 | OrdinaryDividend |
Dec 29, 2022 | $0.049 | OrdinaryDividend |
Sep 29, 2022 | $0.033 | OrdinaryDividend |
Jun 29, 2022 | $0.045 | OrdinaryDividend |
Mar 30, 2022 | $0.043 | OrdinaryDividend |
Dec 08, 2021 | $0.229 | CapitalGainShortTerm |
Dec 08, 2021 | $0.238 | CapitalGainLongTerm |
Sep 29, 2021 | $0.043 | OrdinaryDividend |
Jun 29, 2021 | $0.031 | OrdinaryDividend |
Mar 30, 2021 | $0.025 | OrdinaryDividend |
Dec 30, 2020 | $0.027 | OrdinaryDividend |
Dec 07, 2020 | $0.189 | OrdinaryDividend |
Sep 29, 2020 | $0.018 | OrdinaryDividend |
Jun 29, 2020 | $0.015 | OrdinaryDividend |
Mar 30, 2020 | $0.021 | OrdinaryDividend |
Dec 30, 2019 | $0.011 | OrdinaryDividend |
Dec 05, 2019 | $0.048 | CapitalGainShortTerm |
Dec 05, 2019 | $1.095 | CapitalGainLongTerm |
Dec 28, 2018 | $0.358 | OrdinaryDividend |
Dec 20, 2018 | $4.110 | CapitalGainLongTerm |
Dec 28, 2017 | $0.122 | OrdinaryDividend |
Dec 20, 2017 | $0.167 | CapitalGainShortTerm |
Dec 20, 2017 | $1.486 | CapitalGainLongTerm |
Dec 29, 2016 | $0.137 | OrdinaryDividend |
Dec 20, 2016 | $0.157 | CapitalGainLongTerm |
Dec 30, 2015 | $0.167 | OrdinaryDividend |
Dec 18, 2015 | $0.012 | CapitalGainShortTerm |
Dec 18, 2015 | $0.825 | CapitalGainLongTerm |
Dec 30, 2014 | $0.109 | OrdinaryDividend |
Dec 30, 2013 | $0.140 | OrdinaryDividend |
Dec 12, 2013 | $0.591 | CapitalGainShortTerm |
Dec 12, 2013 | $0.766 | CapitalGainLongTerm |
Dec 28, 2012 | $0.244 | OrdinaryDividend |
Dec 13, 2012 | $0.039 | CapitalGainShortTerm |
Dec 13, 2012 | $0.742 | CapitalGainLongTerm |
Dec 29, 2011 | $0.176 | OrdinaryDividend |
WLVIX - Fund Manager Analysis
Managers
P. Adrian Helfert
Start Date
Tenure
Tenure Rank
Mar 22, 2019
3.19
3.2%
Adrian Helfert, Senior Vice President is Chief Investment Officer, Multi-Asset Portfolios at Westwood. Having originally joined Westwood in 2019, Mr. Helfert oversees multiple strategies with portfolio management and leadership responsibilities across the Multi-Asset continuum, including our flagship, Income Opportunity. Throughout his career, Mr. Helfert has developed a strong track record working on collaborative, global teams. Prior Westwood, Mr. Helfert served as Managing Director and Senior Multi-Asset Portfolio Manager at Amundi Smith Breeden in London, where he was responsible for Global Fixed Income strategies. During his 13-year Amundi tenure, he also was an investment team leader on absolute return, unconstrained and total return portfolios across multiple asset classes including equity and fixed income across multiple asset classes including equity and fixed income. Before joining Amundi, Mr. Helfert worked at Royal Bank of Scotland and JPMorgan's Asset Management Group. Mr. Helfert earned his MBA from Duke University and his BA in physics from the University of Virginia, where he was awarded a fellowship for his work in Solid State Physics. He also served in the U.S. Navy / Marine Corps as a Combat Medic.
Ben Chittenden
Start Date
Tenure
Tenure Rank
Feb 28, 2022
0.25
0.3%
Mr. Chittenden joined Westwood in 2018, serves as a Research Analyst and is responsible for investment research of the Regional Bank sector. He is also a member of the Financials research group. Mr. Chittenden began his professional career at Bear Stearns and subsequently J.P. Morgan as a Senior Associate. He was most recently with Oppenheimer where he served as a Senior Analyst responsible for US Regional Banks and Specialty Finance. Mr. Chittenden graduated from Bucknell University with a dual major in Mathematics (BA) and Economics (BA). Mr. Chittenden is a member of the CFA Institute and the CFA Society of Dallas-Fort Worth.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 34.51 | 6.34 | 2.41 |