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Trending ETFs

Name

As of 04/17/2024

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

$8.86

$149 M

0.00%

1.06%

Vitals

YTD Return

1.0%

1 yr return

6.1%

3 Yr Avg Return

0.3%

5 Yr Avg Return

3.9%

Net Assets

$149 M

Holdings in Top 10

22.4%

52 WEEK LOW AND HIGH

$8.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.06%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 77.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

IRA

$1,000,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 04/17/2024

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

$8.86

$149 M

0.00%

1.06%

ADVNX - Profile

Distributions

  • YTD Total Return 1.0%
  • 3 Yr Annualized Total Return 0.3%
  • 5 Yr Annualized Total Return 3.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.44%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    North Square Strategic Income Fund
  • Fund Family Name
    North Square
  • Inception Date
    Dec 31, 2012
  • Shares Outstanding
    11366792
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Julia Batchenko

Fund Description

The Fund pursues its investment objectives by primarily investing in preferred securities and other income producing securities, including convertible securities, debt securities, mortgage-backed securities (residential and commercial), asset-backed securities, common stocks, derivatives, real estate investment trusts (“REITs”) and securities of other investment companies such as closed-end funds (exchange traded only) and exchange traded funds (“ETFs”).

Under normal market conditions, the Fund invests primarily in preferred securities and debt securities. Red Cedar Investment Management, LLC (“Red Cedar” or a “Sub-Adviser”), the Fund’s sub-adviser, retains broad discretion to allocate the Fund’s investments across various asset classes. Preferred securities in which the Fund may invest include traditional and convertible preferred securities, and hybrid preferred securities. From time to time, the Fund may invest a significant portion of its assets in one or more market sectors, such as the financials sector.

The Fund may invest in debt securities of any maturity. Debt securities in which the Fund may invest include U.S. Treasury and U.S. government agency securities, investment grade corporate debt instruments, investment grade municipal bonds, mortgage-backed (including collateralized mortgage backed-securities) and asset-backed securities and below investment grade securities. Investment grade securities are those rated at the time of acquisition Baa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB- or higher by Standard & Poor’s, a division of McGraw Hill Companies Inc. (“S&P”), or Fitch Ratings Ltd. (“Fitch”) or, if unrated by S&P, Moody’s or Fitch, determined by Red Cedar to be of comparable quality. Below investment grade securities are also known as “high yield” or “junk” securities.

The Fund may utilize derivatives, including futures, forward contracts, options, swaps, and other various derivative products. The Fund’s use of derivative instruments may be for enhancing returns, hedging against market risks, or

providing synthetic exposure to specific industries or securities. The Fund intends to use futures and swaps to hedge against general market risk, while it intends to use interest rate swaps and credit default swaps to hedge against interest rate risk and credit risk, respectively. The Fund will use options to hedge against market risk and to enhance returns and gain synthetic exposure to a security without holding the underlying asset.

The Fund may invest its assets in securities of non-U.S. issuers. The Fund’s investments in foreign securities may include non-U.S. Dollar denominated securities traded outside of the United States, U.S. Dollar denominated securities of foreign issuers traded in the United States and American Depositary Receipts (“ADRs”). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. The Fund may invest up to 20% of its net assets in securities of non-U.S. Dollar denominated securities.

Red Cedar seeks to identify securities which it believes offer significantly higher yields than U.S. Treasury securities of comparable maturity, while striving to maintain stability of principal and preserving good overall credit quality through extensive credit analysis and broad diversification across security types. Red Cedar selects preferred securities based upon a review of yield characteristics, call provisions, credit quality and ratings, and ability to continue paying dividends, among other features. In evaluating and selecting debt securities, Red Cedar balances various factors, including the potential for increased yield as compared to U.S. Treasuries, as well as the maturity, call provisions and credit quality of the debt security. Convertible preferred securities and debt securities are additionally evaluated on various features including conversion rights, conversion ratio, likelihood of conversion, and value of the underlying security into which the convertible security may convert, among others. Red Cedar selects common stocks based on the company’s business and financial strength and dividend history and policy, as well as its ability to potentially grow dividend distributions. The Fund will generally sell a security if its full valuation is realized, if better opportunities are identified, if news alters the Fund’s investment thesis, if the security’s credit quality deteriorates, or if the Fund requires cash to meet redemption requests.

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ADVNX - Performance

Return Ranking - Trailing

Period ADVNX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -12.7% 9.3% 27.67%
1 Yr 6.1% -9.6% 26.8% 37.25%
3 Yr 0.3%* -17.6% 17.9% 36.26%
5 Yr 3.9%* -13.4% 14.7% 8.10%
10 Yr 3.5%* -13.6% 6.5% 5.04%

* Annualized

Return Ranking - Calendar

Period ADVNX Return Category Return Low Category Return High Rank in Category (%)
2023 0.4% -12.0% 15.7% 80.86%
2022 -10.9% -31.8% 18.4% 37.97%
2021 0.0% -26.6% 25.7% 22.71%
2020 4.4% -49.2% 18.7% 21.28%
2019 7.4% -35.1% 15.3% 16.19%

Total Return Ranking - Trailing

Period ADVNX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -12.7% 9.3% 27.67%
1 Yr 6.1% -9.6% 26.8% 37.25%
3 Yr 0.3%* -17.6% 17.9% 36.26%
5 Yr 3.9%* -13.4% 14.7% 8.10%
10 Yr 3.5%* -13.6% 6.5% 5.04%

* Annualized

Total Return Ranking - Calendar

Period ADVNX Return Category Return Low Category Return High Rank in Category (%)
2023 5.0% -7.0% 22.2% 84.72%
2022 -8.4% -31.8% 21.1% 46.20%
2021 5.3% -13.5% 49.9% 10.13%
2020 11.7% -28.6% 24.1% 4.96%
2019 11.0% -4.8% 19.1% 26.48%

NAV & Total Return History


ADVNX - Holdings

Concentration Analysis

ADVNX Category Low Category High ADVNX % Rank
Net Assets 149 M 2.53 M 143 B 77.29%
Number of Holdings 132 4 9868 77.32%
Net Assets in Top 10 33.9 M -1.57 B 65.8 B 79.91%
Weighting of Top 10 22.42% 0.7% 170.6% 63.93%

Top 10 Holdings

  1. First American Treasury Obligations Fund 2.57%
  2. Truist Financial Corp. 2.35%
  3. American Electric Power Co Inc 2.34%
  4. Ginnie Mae II Pool 2.29%
  5. US Bancorp 2.29%
  6. Ally Financial, Inc. 2.21%
  7. Ginnie Mae II Pool 2.12%
  8. UBS Group AG 2.10%
  9. KeyCorp 2.07%
  10. BNP Paribas SA 2.06%

Asset Allocation

Weighting Return Low Return High ADVNX % Rank
Bonds
62.14% -150.81% 203.29% 81.74%
Other
18.94% -62.91% 100.00% 12.48%
Stocks
14.60% -1.60% 99.88% 13.09%
Convertible Bonds
10.86% 0.00% 33.50% 3.59%
Cash
4.32% -94.66% 258.91% 45.21%
Preferred Stocks
0.00% 0.00% 30.46% 58.75%

Stock Sector Breakdown

Weighting Return Low Return High ADVNX % Rank
Basic Materials
47.39% 0.00% 100.00% 1.69%
Consumer Defense
14.55% 0.00% 99.97% 7.30%
Healthcare
14.10% 0.00% 18.60% 5.62%
Energy
12.42% 0.00% 100.00% 44.10%
Industrials
11.55% 0.00% 100.00% 19.66%
Utilities
0.00% 0.00% 100.00% 61.24%
Technology
0.00% 0.00% 28.30% 53.93%
Real Estate
0.00% 0.00% 100.00% 57.87%
Financial Services
0.00% 0.00% 100.00% 69.10%
Communication Services
0.00% 0.00% 100.00% 60.96%
Consumer Cyclical
0.00% 0.00% 89.95% 62.92%

Stock Geographic Breakdown

Weighting Return Low Return High ADVNX % Rank
US
14.60% -1.47% 99.88% 12.48%
Non US
0.00% -0.13% 17.73% 40.49%

Bond Sector Breakdown

Weighting Return Low Return High ADVNX % Rank
Corporate
26.71% 0.00% 96.66% 58.08%
Securitized
16.37% 0.00% 99.65% 53.85%
Government
11.67% 0.00% 99.43% 46.94%
Cash & Equivalents
2.57% 0.00% 88.14% 51.91%
Derivative
0.43% -62.91% 37.37% 24.12%
Municipal
0.00% 0.00% 54.26% 53.53%

Bond Geographic Breakdown

Weighting Return Low Return High ADVNX % Rank
US
61.05% -151.11% 203.29% 70.17%
Non US
1.09% 0.00% 67.77% 57.08%

ADVNX - Expenses

Operational Fees

ADVNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.06% 0.01% 20.67% 56.30%
Management Fee 0.70% 0.00% 2.29% 67.22%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.70% 46.56%

Sales Fees

ADVNX 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

ADVNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% 18.18%

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.

ADVNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 77.00% 0.00% 632.00% 46.69%

ADVNX - Distributions

Dividend Yield Analysis

ADVNX Category Low Category High ADVNX % Rank
Dividend Yield 0.00% 0.00% 23.30% 88.39%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

ADVNX Category Low Category High ADVNX % Rank
Net Income Ratio 2.44% -1.55% 11.51% 68.16%

Capital Gain Distribution Analysis

ADVNX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Quarterly Annually

Distributions History

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ADVNX - Fund Manager Analysis

Managers

Julia Batchenko


Start Date

Tenure

Tenure Rank

Feb 21, 2020

2.27

2.3%

Julia Batchenko is a Portfolio Manager for Red Cedar Investment Management. She started in the industry in 2011 and joined Red Cedar in 2019. Prior to joining Red Cedar, she served as Portfolio Analyst at Bahl & Gaynor Investment Counsel working on small and medium cap income growth equity strategies. Previously, Mrs. Batchenko worked at ClearArc Capital (a wholly owned subsidiary of Fifth Third Bank) as an Investment Research Analyst covering large cap income growth equity strategies. Prior to joining ClearArc Capital, she worked as an Associate Wealth Management Advisor at Fifth Third Bank. Her prior experience also includes serving as a Plan Administrator at Great American Financial Resources and an Account Specialist at Union Center Insurance and Investment Company. Mrs. Batchenko is a CFA® charterholder and received a M.A. in Translation from Kent State University, as well as an MBA with a concentration in Finance from Xavier University.

David Withrow


Start Date

Tenure

Tenure Rank

Feb 21, 2020

2.27

2.3%

David L. Withrow is Managing Partner, Director of Portfolio Management for Red Cedar Investment Management. He started in the industry in 1988 and joined Red Cedar in 2018. Previously, Mr. Withrow served as the President, Deputy Chief Investment Officer and Director of Taxable Fixed Income for ClearArc Capital. Prior to joining ClearArc Capital, he served in a Portfolio Management role beginning in 1999 for Fifth Third Bank Investment Advisors (an affiliated company). Before joining Fifth Third Bank Investment Advisors, he was a Portfolio Manager and Structured Product Analyst for Prime Capital Management in Indianapolis. He is a member of the Cincinnati Society of Financial Analysts and serves on the Finance Committee for the Cooperative for Education in Cincinnati, Ohio. Mr. Withrow graduated from Anderson University with a B.A. in Economics and is a CFA® charterholder.

Michael Martin


Start Date

Tenure

Tenure Rank

Feb 21, 2020

2.27

2.3%

Michael J. Martin is a Partner, Senior Portfolio Manager for Red Cedar Investment Management. He started in the industry in 1994 and joined Red Cedar in 2018. Previously, he was the Director of Credit Research and Investment Risk Oversight for ClearArc Capital (a subsidiary of Fifth Third Bank). Prior to that, he served as the Director of Tax Free Fixed Income at Lyon Street Asset Management, a subsidiary of Old Kent Bank, which was acquired by Fifth Third Bank. He is a CFA® charterholder and member of the CFA Society West Michigan. Mr. Martin graduated from Michigan Technological University with a B.S. in Geological Engineering and received an MBA from Michigan State University.

John Cassady


Start Date

Tenure

Tenure Rank

Feb 21, 2020

2.27

2.3%

John L. Cassady III is Managing Partner, Chief Executive Officer and Chief Investment Officer for Red Cedar Investment Management. He started in the industry in 1987 and joined Red Cedar in 2018. Prior to that, he was an investment professional for ClearArc Capital where he served in varying roles from 2001- 2018, including Director of Fixed Income and Senior Portfolio Manager. While at ClearArc Capital, Mr. Cassady managed Core Fixed Income, Core Plus Fixed Income, Asset Allocation and a multi-sector low correlation strategy. Before joining ClearArc Capital, he held a similar position at Lyon Street Asset Management, a subsidiary of Old Kent Bank, which was acquired by Fifth Third Bank (an affiliated company of ClearArc Capital). Previously, he was a fixed income Portfolio Manager at Atlantic Portfolio Analytics & Management (APAM) which has since been acquired by Semper Capital Management. He is a CFA® charterholder and member of the CFA Society West Michigan. Mr. Cassady graduated from Georgia Institute of Technology with a B.S. in Industrial Management.

Jason Schwartz


Start Date

Tenure

Tenure Rank

Feb 21, 2020

2.27

2.3%

Jason M. Schwartz is a Partner, Senior Portfolio Manager for Red Cedar Investment Management. He started in the industry in 2004 and joined Red Cedar in 2018. Prior to joining Red Cedar, he served in various roles at ClearArc Capital including his latest position as Senior Portfolio Manager. His responsibilities comprised several investment strategies over time including multi-sector, Core Plus Fixed Income, Core Fixed Income and Intermediate Government Credit Fixed Income. In addition, Mr. Schwartz was head of securitized products research and trading responsible for oversight of the firm’s entire Asset-Backed Securities (ABS), Mortgage-Backed Securities (MBS) and Commercial Mortgage-Backed Securities (CMBS) portfolio. He also supported the risk management function by providing the firm with derivatives and hedging analysis. He is a member of the Cincinnati Society of Financial Analysts. Mr. Schwartz graduated summa cum laude from the University of Kentucky with a B.B.A. in Finance and is a CFA® charterholder.

Brandon Bajema


Start Date

Tenure

Tenure Rank

Dec 17, 2021

0.45

0.5%

Brandon F. Bajema has 18 years of investment experience and is a Senior Portfolio Manager at Red Cedar. He started in the industry in 2003 and joined Red Cedar in 2021. Previously, Mr. Bajema was a Portfolio Manager in the Fixed Income & Treasury Department with the Abu Dhabi Investment Authority (ADIA) where he managed a multi-currency global credit portfolio from the United Arab Emirates. Before joining ADIA, Brandon was a Director at Fitch Ratings in the Financial Institutions Group where he covered banks, asset managers and finance companies. Prior to that, he was an Audit Manager at BDO, USA where he focused on banks and insurance companies. Mr. Bajema is a CPA and a CFA® charterholder. He has a B.S. in Economics and a Masters of Science in Accounting from Grand Valley State University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.72 3.19