Advisors Capital Small/Mid Cap Fund
Name
As of 11/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
14.8%
1 yr return
31.0%
3 Yr Avg Return
-1.6%
5 Yr Avg Return
N/A
Net Assets
$56.7 M
Holdings in Top 10
46.4%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.87%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 13.22%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
ACSMX - Profile
Distributions
- YTD Total Return 14.8%
- 3 Yr Annualized Total Return -1.6%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -1.32%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameAdvisors Capital Small/Mid Cap Fund
-
Fund Family NameAdvisors Capital
-
Inception DateMar 19, 2021
-
Shares OutstandingN/A
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerPaul Broughton
Fund Description
Under normal circumstances, the Fund invests at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in the securities of small- capitalization and mid-capitalization companies. The Fund defines small- and mid-capitalization companies as those with market capitalizations of less than $7 billion at the time of purchase. The Fund invests primarily in companies located in the United States, but may invest in foreign issuers. The Fund's investment advisor delegates execution of the Fund's investment strategy to Advisors Capital Management, LLC (the "Sub-Advisor").
The Sub-Advisor's philosophy is to invest long-term in what it believes are relatively attractively-valued, conservatively-structured, competitively-advantaged, dynamic companies with growing free cash flow and honest, competent leadership. These companies generate excess operating cash flow above capital expenditures, and have lower volatility in those cash flows relative to peers. Typically, companies are focused on one business and exhibit dominance within a specialized niche. The Sub-Advisor determines dominance by reviewing a companys market share in its industry compared to peers as well as comparing the companys profitability metrics relative to industry averages. Other factors such as brand recognition and unique business model can also play a role in dominance assessment. The Sub-Advisor believes that dominant companies typically have higher market share, exercise more pricing power, have better operating profit margins, and exhibit superior profitability metrics compared to peers over the full market cycle.
The Sub-Advisor's investment process is largely bottom up. Quantitative screening is used to identify both growth and value companies that meet the Sub-Advisor's criteria. The companies that pass quantitative screens are then reviewed using qualitative screens. Qualitative metrics are industry position, management team skill, and business strategy viability. Companies with negative attributes such as a high level of institutional ownership, multiple business segments, and inconsistent cash flows are typically avoided. Industry position primarily refers to market share of a company and market share rank relative to competitors, but could also refer to a unique business model not easily duplicated by competitors. The Sub-Advisor constructs the portfolio using a focused, relatively sector-neutral portfolio of approximately 30-45 names diversified across seven to ten sectors using statistical technique to avoid what it believes are over exposures to individual risk factors. The resulting portfolio is comprised of both growth and value companies.
The Sub-Advisor regularly reviews each of the companies in the portfolio to confirm that each company's stock continues to hold promise of future appreciation. The Sub-Advisor sells stocks that it no longer believes hold such promise. The Sub-Advisor strives to achieve an excess return over the CRSP US Small Cap Index with lower risk as measured by the downside capture ratio.
ACSMX - Performance
Return Ranking - Trailing
Period | ACSMX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 14.8% | -1.1% | 73.5% | 26.28% |
1 Yr | 31.0% | 13.1% | 65.5% | 36.86% |
3 Yr | -1.6%* | -21.6% | 56.4% | 26.30% |
5 Yr | N/A* | -3.1% | 46.4% | N/A |
10 Yr | N/A* | 1.6% | 24.6% | 99.50% |
* Annualized
Return Ranking - Calendar
Period | ACSMX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 22.4% | -20.5% | 54.6% | 7.51% |
2022 | -28.6% | -82.1% | 32.2% | 40.37% |
2021 | N/A | -90.6% | 300.1% | N/A |
2020 | N/A | -63.0% | 127.9% | N/A |
2019 | N/A | -7.7% | 42.9% | N/A |
Total Return Ranking - Trailing
Period | ACSMX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 14.8% | -1.1% | 73.5% | 26.28% |
1 Yr | 31.0% | 13.1% | 65.5% | 36.86% |
3 Yr | -1.6%* | -21.6% | 56.4% | 26.30% |
5 Yr | N/A* | -3.1% | 46.4% | N/A |
10 Yr | N/A* | 1.6% | 24.6% | 99.75% |
* Annualized
Total Return Ranking - Calendar
Period | ACSMX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 22.4% | -19.0% | 136.8% | 8.97% |
2022 | -28.6% | -59.9% | 44.3% | 54.26% |
2021 | N/A | -22.7% | 411.9% | N/A |
2020 | N/A | 1.5% | 150.8% | N/A |
2019 | N/A | 5.5% | 55.3% | N/A |
NAV & Total Return History
ACSMX - Holdings
Concentration Analysis
ACSMX | Category Low | Category High | ACSMX % Rank | |
---|---|---|---|---|
Net Assets | 56.7 M | 214 K | 34.3 B | 89.96% |
Number of Holdings | 34 | 7 | 1226 | 95.44% |
Net Assets in Top 10 | 29.2 M | 53.8 K | 3.24 B | 84.49% |
Weighting of Top 10 | 46.38% | 7.5% | 100.0% | 7.50% |
Top 10 Holdings
- PJT Partners Inc. - Class A 5.88%
- RBC Bearings, Inc. 5.65%
- Coastal Financial Corporation 5.16%
- Owens Corning 4.99%
- Casey's General Stores, Inc. 4.97%
- Watsco, Inc. 4.71%
- Guidewire Software, Inc. 4.22%
- Pool Corporation 4.05%
- Jones Lang LaSalle Incorporated 3.42%
- Avantor, Inc. 3.33%
Asset Allocation
Weighting | Return Low | Return High | ACSMX % Rank | |
---|---|---|---|---|
Stocks | 97.60% | 85.75% | 107.62% | 62.59% |
Cash | 2.78% | 0.00% | 28.78% | 37.23% |
Preferred Stocks | 0.00% | 0.00% | 4.63% | 55.84% |
Other | 0.00% | -0.26% | 6.70% | 63.32% |
Convertible Bonds | 0.00% | 0.00% | 1.57% | 51.82% |
Bonds | 0.00% | 0.00% | 3.83% | 51.28% |
Stock Sector Breakdown
Weighting | Return Low | Return High | ACSMX % Rank | |
---|---|---|---|---|
Financial Services | 23.61% | 0.00% | 42.95% | 1.46% |
Industrials | 19.62% | 0.00% | 36.64% | 22.81% |
Technology | 16.35% | 2.91% | 75.51% | 89.96% |
Healthcare | 14.93% | 0.00% | 47.90% | 83.39% |
Consumer Cyclical | 10.20% | 0.00% | 24.04% | 73.91% |
Real Estate | 5.94% | 0.00% | 15.31% | 15.69% |
Basic Materials | 4.49% | 0.00% | 9.24% | 16.06% |
Communication Services | 3.05% | 0.00% | 15.31% | 33.58% |
Consumer Defense | 1.79% | 0.00% | 13.56% | 86.50% |
Utilities | 0.00% | 0.00% | 5.57% | 64.23% |
Energy | 0.00% | 0.00% | 55.49% | 87.04% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | ACSMX % Rank | |
---|---|---|---|---|
US | 97.60% | 17.30% | 107.62% | 51.64% |
Non US | 0.00% | 0.00% | 77.12% | 61.13% |
ACSMX - Expenses
Operational Fees
ACSMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.87% | 0.05% | 23.20% | 15.36% |
Management Fee | 1.62% | 0.05% | 1.62% | 100.00% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 47.33% |
Administrative Fee | 0.05% | 0.01% | 0.40% | 28.72% |
Sales Fees
ACSMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
ACSMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 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.
ACSMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 13.22% | 3.00% | 264.00% | 6.04% |
ACSMX - Distributions
Dividend Yield Analysis
ACSMX | Category Low | Category High | ACSMX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 6.91% | 58.76% |
Dividend Distribution Analysis
ACSMX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annual | Annual | Annual |
Net Income Ratio Analysis
ACSMX | Category Low | Category High | ACSMX % Rank | |
---|---|---|---|---|
Net Income Ratio | -1.32% | -2.47% | 1.10% | 87.64% |
Capital Gain Distribution Analysis
ACSMX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
ACSMX - Fund Manager Analysis
Managers
Paul Broughton
Start Date
Tenure
Tenure Rank
Feb 01, 2021
1.33
1.3%
Paul Broughton is an equity portfolio manager with ACM. Prior to joining the firm, he was a co-manager of the Salient Dividend Signal Strategy® portfolios. Prior to joining Salient in 2010, Paul held various roles in fixed income portfolio management and trading with Pacific Capital Bancorp and American Century Investments. He began his career with State Street in fund accounting. Paul is a CFA® charterholder and holds a Bachelor of Science in accounting and business administration from the University of Kansas
Randall Coleman
Start Date
Tenure
Tenure Rank
Feb 01, 2021
1.33
1.3%
Randall Coleman is a portfolio manager focused in international and small/mid cap securities. Before joining ACM, Randall was the co-manager of the Salient Dividend Signal Strategy® portfolios. Previously, Randall was a portfolio manager and analyst for Berkeley Capital Management. In 2008, Forward Management acquired Berkeley, and subsequently in 2015, Salient acquired Forward. Before joining Berkeley in 2001, Randall was a portfolio manager at London Pacific Advisors, specializing in small and mid-cap domestic equities. He has worked as a computer programmer and as a lobbyist aid in California state government. Randall is a CFA® charterholder and holds a Bachelor of Arts from the University of California, Davis as well as an MBA from Thunderbird, the American Graduate School of International Management.
David Ruff
Start Date
Tenure
Tenure Rank
Feb 01, 2021
1.33
1.3%
Prior to joining ACM as a Portfolio Manager, David Ruff was a managing director and senior portfolio manager at Salient where he co-managed the Dividend Signal Strategy® portfolios. Previously, David was chief investment officer for Berkeley Capital Management. In 2008, Forward Management acquired Berkeley, and subsequently in 2015, Salient acquired Forward. Prior to joining Berkeley in 2001, David was chief investment officer of London Pacific Advisors where he chaired the LPA Investment Policy Committee. From 1998 through 2001, David served as president and director for the Security Analysts of Sacramento. David graduated magna cum laude from Iowa State University with a Bachelor of Science in finance. David is a CFA® charterholder and currently a member of CFA Institute and the Security Analysts of San Francisco.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 30.44 | 9.12 | 5.25 |