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AAIFX Crow Point Alternative Income Investor

  • Fund
  • AAIFX
  • Price as of: Sep 20, 2019
  • $8.57 + $0.01 + 0.12%

AAIFX - Profile

Vitals

  • YTD Return 7.0%
  • 3 Yr Annualized Return 0.5%
  • 5 Yr Annualized Return -0.7%
  • Net Assets $11.4 M
  • Holdings in Top 10 55.2%

52 WEEK LOW AND HIGH

$8.57
$7.94
$8.59

Expenses

OPERATING RELATED FEES

  • Expense Ratio 3.34%

SALES FEES

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

BROKERAGE FEES

  • Turnover 301.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$2,500

IRA

$2,500

Fund Classification

PRIMARY CATEGORY

  • Fund Type Open End Mutual Fund
  • Investment Style Nontraditional Bond

Distributions

  • YTD Total Return 7.0%
  • 3 Yr Annualized Total Return 1.3%
  • 5 Yr Annualized Total Return 0.4%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.12%
DIVIDENDS
  • Dividend Yield 0.2%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name Crow Point Alternative Income Fund
  • Fund Family Name Crow Point
  • Inception Date Jan 13, 2012
  • Shares Outstanding N/A
  • Share Class Inst
  • Currency USD
  • Domiciled Country United States
  • Manager Peter J. DeCaprio

Fund Description

The fund seeks to achieve its investment objective under normal market conditions by allocating assets among credit related instruments such as corporate bonds, municipal bonds, mortgage and asset-backed securities, and floating rate securities. It may invest, directly and indirectly (through ETFs, ETNs, and mutual funds), in securities of issuers of any credit quality.

AAIFX - Performance

Return Ranking - Trailing

Period AAIFX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.0% -7.0% 12.5% 9.58%
1 Yr 1.4% -11.1% 10.0% 22.62%
3 Yr 0.5%* -4.9% 2.9% 27.23%
5 Yr -0.7%* -2.8% 9.4% 42.77%
10 Yr N/A* -1.6% 1.5% N/A

* Annualized


Return Ranking - Calendar

Period AAIFX Return Category Return Low Category Return High Rank in Category (%)
2018 -5.2% -9.2% 0.8% 67.24%
2017 2.9% -12.3% 9.4% 25.00%
2016 -0.2% -2.8% 9.0% 79.25%
2015 -6.8% -11.1% 4.8% 84.86%
2014 N/A -8.0% 54.9% N/A

Total Return Ranking - Trailing

Period AAIFX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.0% -7.0% 12.7% 9.58%
1 Yr 1.7% -10.2% 12.8% 33.73%
3 Yr 1.3%* -3.3% 6.0% 42.41%
5 Yr 0.4%* -2.6% 11.6% 47.59%
10 Yr N/A* -1.2% 5.5% N/A

* Annualized


Total Return Ranking - Calendar

Period AAIFX Return Category Return Low Category Return High Rank in Category (%)
2018 -5.0% -9.2% 4.1% 76.29%
2017 3.9% -3.1% 15.2% 35.71%
2016 1.1% -2.8% 11.2% 76.42%
2015 -4.2% -10.1% 5.4% 70.27%
2014 N/A -8.0% 55.3% N/A

NAV & Total Return History

AAIFX - Holdings

Concentration Analysis

AAIFX Category Low Category High AAIFX % Rank
Net Assets 11.4 M 1.15 M 33.4 B 94.74%
Number of Holdings 51 12 4741 89.67%
Net Assets in Top 10 4.57 M -5.94 B 3.34 B 80.07%
Weighting of Top 10 55.20% 0.0% 834.9% 41.33%

Top 10 Holdings

  1. K-20 Education 11.32%

  2. iShares Core US Aggregate Bond ETF 10.92%

  3. Invesco Senior Loan ETF 6.22%

  4. iShares 20+ Year Treasury Bond ETF 5.21%

  5. SPDR® Blmbg Barclays High Yield Bd ETF 4.98%

  6. EV Limited Duration Income 4.40%

  7. MFS Multi-Market Income 3.49%

  8. VanEck Vectors JP Morgan EM LC Bd ETF 3.40%

  9. Royce Value Trust 2.73%

  10. Petrobras Global Finance B.V. 2.53%


Asset Allocation

Weighting Return Low Return High AAIFX % Rank
Bonds
67.65% -41.63% 185.46% 78.97%
Cash
18.00% -64.65% 135.46% 31.37%
Other
11.33% -25.09% 107.29% 3.69%
Convertible Bonds
2.20% 0.00% 115.63% 28.41%
Preferred Stocks
0.61% 0.00% 21.25% 12.55%
Stocks
0.21% -52.25% 17.13% 27.31%

Bond Sector Breakdown

Weighting Return Low Return High AAIFX % Rank
Corporate
58.73% 0.00% 142.96% 15.50%
Cash & Equivalents
17.98% -64.70% 133.57% 26.20%
Securitized
8.64% 0.00% 134.86% 71.96%
Government
2.95% -212.16% 389.83% 53.87%
Municipal
0.08% 0.00% 88.67% 26.94%
Derivative
0.04% -248.67% 13.08% 35.42%

Bond Geographic Breakdown

Weighting Return Low Return High AAIFX % Rank
US
56.40% -107.55% 138.11% 51.29%
Non US
11.25% -45.53% 130.05% 58.30%

AAIFX - Expenses

Operational Fees

AAIFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 3.34% 0.20% 25.49% 4.51%
Management Fee 1.00% 0.00% 2.15% 82.50%
12b-1 Fee 0.25% 0.00% 1.00% 22.29%
Administrative Fee N/A 0.00% 0.45% N/A

Sales Fees

AAIFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.40% 6.50% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

AAIFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.40% 2.00% 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.

AAIFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 301.00% 0.00% 2337.00% 83.14%

AAIFX - Distributions

Dividend Yield Analysis

AAIFX Category Low Category High AAIFX % Rank
Dividend Yield 0.23% 0.00% 5.61% 92.86%

Dividend Distribution Analysis

AAIFX Category Low Category High Category Mode
Dividend Distribution Frequency Annually Annually Monthly Monthly

Dividend Payout History


Net Income Ratio Analysis

AAIFX Category Low Category High AAIFX % Rank
Net Income Ratio 0.12% 0.10% 6.40% 99.59%

Capital Gain Distribution Analysis

AAIFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Daily Daily Daily

AAIFX - Managers

Peter J. DeCaprio

Manager

Start Date

Tenure

Tenure Rank

Feb 29, 2016

3.5

3.5%

Peter DeCaprio co-founded Crow Point Partners in 2006 and serves as the firm’s Chief Executive Officer. Previously, Mr. DeCaprio worked at Evergreen Investments as a senior analyst covering the utility, telecommunications, and media sectors, and was a senior equity analyst at Thomas Weisel Partners. He has also worked as an analyst at BancBoston Robertson Stephens, Dillon Read and Co. Inc., Houlihan Lokey Howard and Zukin, and TIAA-CREF. He is a graduate of Duke University’s Fuqua School of Business, where he received his MBA, and Tufts University where he received a Bachelor of Arts degree.


David R. Cleary

Manager

Start Date

Tenure

Tenure Rank

Oct 31, 2017

1.83

1.8%

David Cleary, CFA is a principal and portfolio manager at Crow Point Partners. Previously he spent 23 years at Lazard Asset Management where he held a series of senior portfolio management roles over multi asset and global fixed income strategies. He additionally served as the firm's global head of fixed income, a $26 billion platform. Prior to Lazard, David worked at UBS and IBJ Schroder, mostly in fixed income asset management roles. He began working in the asset management field in 1987 upon his graduation from Cornell University, with a BS in Business Management and Applied Economics. He is a CFA charterholder.


Adam Coons

Manager

Start Date

Tenure

Tenure Rank

Jun 13, 2019

0.22

0.2%

Adam Coons’ primary responsibilities at Winthrop include trading, securities research and risk analytics for the fixed income portfolios. He also assists the Chief Investment Officer in developing strategies for the fixed income and equity portfolios. Mr. Coons is responsible for research in the Technology, Telecomm, Industrial and Utilities sectors. He received his B.S. in Finance from IUPUI in Indianapolis, Kelley School of Business and is a Chartered Financial Analyst. Mr. Coons has been with Winthrop since October 2013.


Gregory J. Hahn

Manager

Start Date

Tenure

Tenure Rank

Jun 13, 2019

0.22

0.2%

Greg is responsible for setting investment strategy and managing internal processes for portfolio management and security selection for the firm. Prior to forming Winthrop Capital Management, Greg was the Chief Investment Officer and Senior Portfolio Manager for Oppenheimer Asset Management and its subsidiary, Oppenheimer Investment Management. There he was responsible for the oversight of the fixed income investment process. Greg also served as the Chief Investment Officer and Senior Portfolio Manager with Conseco Capital Management (40|86 Advisors). In addition to his investment management responsibilities at CCM, Greg was President and Trustee of the 40|86 Series Trust and the 40|86 Strategic Income Fund. Also, Greg had responsibility for the $1.2 billion real estate and private equity portfolio. He holds a B.B.A. from the University of Wisconsin and an M.B.A. from Indiana University. He is a Chartered Financial Analyst, a member and former President of the CFA Society of Indianapolis, a former Trustee of the Indiana Public Employee Retirement System and has served as a member on the ACLI’s Committee on State Regulation of Investments. In addition, he serves as an independent trustee of the FEG Absolute Access Fund, LLC. and is a member of the National Federation of Municipal Analysts. Mr. Hahn has over 30 years of investment management experience.


Tenure Analysis

Category Low

0.12

Category High

24.68

Category Average

5.28

Category Mode

1.5