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Trending ETFs

Name

As of 03/15/2024

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

Hedged Income Fund

APLIX | Fund

$10.61

$31.4 M

2.27%

$0.24

1.79%

Vitals

YTD Return

1.5%

1 yr return

9.6%

3 Yr Avg Return

3.1%

5 Yr Avg Return

N/A

Net Assets

$31.4 M

Holdings in Top 10

46.7%

52 WEEK LOW AND HIGH

$10.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.79%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$100

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/15/2024

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

Hedged Income Fund

APLIX | Fund

$10.61

$31.4 M

2.27%

$0.24

1.79%

APLIX - Profile

Distributions

  • YTD Total Return 1.5%
  • 3 Yr Annualized Total Return 3.1%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.90%
DIVIDENDS
  • Dividend Yield 2.3%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Hedged Income Fund
  • Fund Family Name
    Cavanal Hill funds
  • Inception Date
    Dec 28, 2020
  • Shares Outstanding
    46414
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Scott Phillips

Fund Description

To pursue its objective, under normal circumstances, the Fund invests primarily in dividend paying equity securities, with at least 80% of its net assets in income generating equity securities and equity-related instruments traded on U.S. exchanges. For purposes of this policy, the Fund includes common stocks and securities convertible into common stocks of companies with any market capitalization and sponsored or unsponsored American Depositary Receipts (ADRs). Under normal circumstances, the fund will seek to generate current earnings from option premiums by writing (selling) call options on its portfolio securities, all of which will be covered calls. A covered call refers to a financial transaction in which the investor selling a call option owns an equivalent amount of the underlying security. The investor’s ownership of the long position in the asset is the “cover” because the seller can deliver the shares if the buyer of the call option chooses to exercise. The fund seeks to produce current income from dividends and, to a lesser extent, from option writing premiums. The Fund will buy index and ETF put options as well as put options on individual securities in order to seek to both reduce volatility and provide downside market protection for the portfolio.

The portfolio management team of the Fund selects equity securities that it believes will pay consistent and sustainable dividends, have a strong track record of and future ability to increase the dividend, proven history of predictable cash flows that increase over time, and with barriers to competition. At the time of initial investment selection, common stocks will have a minimum market cap of $1billion. The portfolio will typically invest in 25 to 40 holdings across multiple economic sectors and will not invest more than 35% of the fund’s net assets in any one such sector to diversify risk.

The extent of option writing activity will depend on the portfolio management team’s judgment regarding perceived value associated with security prices, market conditions, the attractiveness of writing call options on the fund’s stock holdings, and timing issues related to monthly option expiration dates. Writing covered calls produces income from premiums, a portion of which will be used to purchase puts which helps to reduce the volatility (and risk profile) of the fund by providing downside protection.

The fund is required to pledge collateral for the covered call option trades and will hold the security as collateral for all such covered call option trades. Put options collateral is limited to the total cash paid for the option. The fund’s Custodian will segregate such collateral for the benefit of the counterparty. High levels of new investment inflow can lead to periods of higher cash levels, as investment opportunities are identified. Similarly, during periods in which stock markets advance, the exercise of options may result in higher cash levels.

The Fund is non-diversified, meaning it may invest in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual security volatility than a diversified fund.

Purchase and sale decisions are based on the Adviser’s judgment about issuers, risk, prices of securities, market conditions, potential returns, and other economic factors.

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APLIX - Performance

Return Ranking - Trailing

Period APLIX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.5% -70.1% 51.5% N/A
1 Yr 9.6% 0.5% 78.3% N/A
3 Yr 3.1%* -3.6% 22.3% N/A
5 Yr N/A* 3.9% 24.7% N/A
10 Yr N/A* 6.0% 18.4% N/A

* Annualized

Return Ranking - Calendar

Period APLIX Return Category Return Low Category Return High Rank in Category (%)
2023 2.9% -94.0% 2181.7% N/A
2022 -4.0% -22.7% 41.1% N/A
2021 N/A -100.0% 4.6% N/A
2020 N/A -100.0% 33.2% N/A
2019 N/A -44.8% 25.0% N/A

Total Return Ranking - Trailing

Period APLIX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.5% -70.1% 51.5% N/A
1 Yr 9.6% 0.5% 78.3% N/A
3 Yr 3.1%* -3.6% 26.2% N/A
5 Yr N/A* 3.9% 24.7% N/A
10 Yr N/A* 6.0% 18.4% N/A

* Annualized

Total Return Ranking - Calendar

Period APLIX Return Category Return Low Category Return High Rank in Category (%)
2023 5.0% -94.0% 2181.7% N/A
2022 -1.9% -21.6% 41.1% N/A
2021 N/A -100.0% 8.2% N/A
2020 N/A -100.0% 33.2% N/A
2019 N/A -13.4% 26.8% N/A

NAV & Total Return History


APLIX - Holdings

Concentration Analysis

APLIX Category Low Category High APLIX % Rank
Net Assets 31.4 M 20 1.26 T 89.64%
Number of Holdings 60 2 4025 58.97%
Net Assets in Top 10 14.1 M -466 M 287 B 77.42%
Weighting of Top 10 46.75% 2.5% 100.0% 20.39%

Top 10 Holdings

  1. MERCK CO INC 6.30%
  2. PHILLIPS 66 5.82%
  3. CARDINAL HEALTH INC 5.51%
  4. MSC INDUSTRIAL DIRECT CO INC 5.02%
  5. ABBVIE INC 5.01%
  6. PEPSICO INC 4.08%
  7. ONEOK INC 3.84%
  8. AMERICAN ELECTRIC POWER CO INC 3.81%
  9. DUKE ENERGY CORP 3.74%
  10. THE COCA COLA CO 3.61%

Asset Allocation

Weighting Return Low Return High APLIX % Rank
Stocks
99.49% 0.00% 140.97% 80.55%
Cash
2.01% -93.93% 50.42% 15.15%
Preferred Stocks
0.00% 0.00% 3.21% 13.36%
Convertible Bonds
0.00% 0.00% 8.52% 8.89%
Bonds
0.00% 0.00% 87.09% 13.19%
Other
-5.02% -15.82% 100.00% 14.20%

Stock Sector Breakdown

Weighting Return Low Return High APLIX % Rank
Technology
15.22% 0.00% 77.07% 79.41%
Healthcare
15.09% 0.00% 59.20% 92.42%
Energy
12.18% 0.00% 19.56% 1.75%
Utilities
11.65% 0.00% 36.12% 1.24%
Consumer Defense
10.10% 0.00% 50.98% 11.71%
Consumer Cyclical
7.87% 0.00% 53.38% 77.71%
Real Estate
7.01% 0.00% 84.43% 3.45%
Financial Services
6.44% 0.00% 67.99% 94.51%
Industrials
6.29% 0.00% 62.11% 33.26%
Communication Services
4.20% 0.00% 35.35% 69.29%
Basic Materials
3.95% 0.00% 30.96% 15.72%

Stock Geographic Breakdown

Weighting Return Low Return High APLIX % Rank
US
99.49% 0.00% 136.02% 80.72%
Non US
0.00% 0.00% 64.59% 18.11%

APLIX - Expenses

Operational Fees

APLIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.79% 0.01% 3.38% 13.78%
Management Fee 0.80% 0.00% 2.00% 90.75%
12b-1 Fee 0.25% 0.00% 1.00% 31.92%
Administrative Fee 0.08% 0.00% 0.95% N/A

Sales Fees

APLIX 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

APLIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 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.

APLIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 363.00% N/A

APLIX - Distributions

Dividend Yield Analysis

APLIX Category Low Category High APLIX % Rank
Dividend Yield 2.27% 0.00% 1.97% 11.76%

Dividend Distribution Analysis

APLIX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Semi-Annually Monthly Monthly

Net Income Ratio Analysis

APLIX Category Low Category High APLIX % Rank
Net Income Ratio 1.90% -2.09% 2.65% N/A

Capital Gain Distribution Analysis

APLIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

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APLIX - Fund Manager Analysis

Managers

Scott Phillips


Start Date

Tenure

Tenure Rank

Dec 28, 2020

1.42

1.4%

Mr. Phillips founded Lavaca Capital in 2014 and oversees all the firm’s operations, with a special focus on Portfolio Management. Prior to founding Lavaca Capital, he oversaw the investments of a family office with a focus on derivative investments and has over 15 years of investment management experience. Scott began his career in the Houston Audit Practice of KPMG and is a licensed CPA. Scott is a graduate of the University of Texas at Austin with undergraduate & graduate degrees in Accounting and Finance.

Jacob Johnson


Start Date

Tenure

Tenure Rank

Dec 28, 2020

1.42

1.4%

Mr. Johnson joined Lavaca in 2018 and is a Portfolio Manager with the firm. Prior to joining Lavaca he served in financial commodity sales and trading roles with banks Societe Generale and Mitsubishi UFJ Financial Group. Previously, he held similar positions with BP, Reliant Energy and Shell Trading. Jacob has over 20 years derivative investment experience in both exchange traded and complex OTC option structures. Jacob holds a degree in Mechanical Engineering from The University of Texas at Austin and an MBA from Rice University.

Brandon Barnes


Start Date

Tenure

Tenure Rank

Dec 28, 2020

1.42

1.4%

Brandon Barnes manages the investment team that conducts fundamental equity research for Cavanal Hill Investment Management. He is responsible for the portfolio management of the Cavanal Hill Dividend Equity, Large Cap Core, Concentrated Equity Income, and New Growth Leaders strategies. In addition, he is a portfolio manager for the Cavanal Hill Opportunistic Fund and the Cavanal Hill Active Core Fund. Brandon earned a Bachelor of Business Administration Degree and a Master of Science Degree in Business Administration from Texas Tech University. Brandon holds the Chartered Financial Analyst designation.

Michael Schloss


Start Date

Tenure

Tenure Rank

Dec 28, 2020

1.42

1.4%

Schloss has been an equity fund manager at BOk Investment Advisers, Inc. since 2000. Prior to joining BOk Investment Advisers, Inc., he was an investor relations analyst for The Williams Companies. Schloss began his career as a financial consultant with Merrill Lynch in 1992. He also worked as an equity analyst for PRP Performa AG in Vaduz, Liechtenstein in 1998.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.01 38.36 6.62 1.75