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Name

As of 04/23/2024

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

Managed Volatility Fund

BRBPX | Fund

$16.65

$30.9 M

2.90%

$0.48

1.27%

Vitals

YTD Return

2.3%

1 yr return

9.4%

3 Yr Avg Return

4.0%

5 Yr Avg Return

5.9%

Net Assets

$30.9 M

Holdings in Top 10

53.2%

52 WEEK LOW AND HIGH

$16.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.27%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 41.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$2,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/23/2024

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

Managed Volatility Fund

BRBPX | Fund

$16.65

$30.9 M

2.90%

$0.48

1.27%

BRBPX - Profile

Distributions

  • YTD Total Return 2.3%
  • 3 Yr Annualized Total Return 4.0%
  • 5 Yr Annualized Total Return 5.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.07%
DIVIDENDS
  • Dividend Yield 2.9%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Managed Volatility Fund
  • Fund Family Name
    Bridgeway
  • Inception Date
    Jul 17, 2001
  • Shares Outstanding
    N/A
  • Share Class
    N
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Richard Cancelmo

Fund Description

To achieve the objective of providing a high current return with less short-term risk than the stock market, the Fund uses multiple techniques: purchasing or selling stocks, options, futures, and fixed-income securities. Together, these strategies are designed to provide the Fund with more stable returns over a wide range of fixed-income and equity market environments. Up to 75% of the Fund’s total assets may be invested in common stocks and options on any size companies on which options are traded on a national securities exchange. Stock options and futures contracts are sold to achieve the Fund’s target risk level. At all times, at least 25% of the Fund’s total assets will be invested in equities. The Fund may invest up to 15% of its total assets in foreign securities. For purposes of the Fund’s investments, “foreign securities” means those securities issued by companies: (i) that are domiciled in a country other than the US; and (ii) that derive 50% or more of their total revenue from activities outside of the US.
The Adviser’s investment process incorporates material environmental, social, and governance (“ESG”) information, when available, as a consideration in the ongoing assessment of potential portfolio securities. The Adviser uses ESG research and/or ratings information provided by third parties in performing this analysis and considering ESG risks. As with any consideration used in assessing portfolio securities, the Adviser may, at times, utilize ESG information to increase the weighting of an issuer with a good ESG record or decrease the weighting of an issuer with a poor ESG record. However, as ESG information is just one investment consideration, ESG considerations are not solely determinative in any investment decision made by the Adviser.
The Adviser selects stocks for the Fund using a statistical approach that spans various investment styles including both “growth” and “value.” The Adviser may also select stocks and options according to a more passive strategy, including investing in stock market index futures and options. The Fund may also purchase or sell any
financial (but not commodity) futures, puts, or calls within the scope of its investment
objective and strategy. Specifically, the Fund may short stock index futures to hedge a similar basket of stocks and sell covered call or secured put options to reduce the risk of stock ownership. These instruments can be used to hedge cash, manage market risk, dampen volatility in line with its investment objective, arbitrage the difference between stocks and futures and create synthetic option positions.
With respect to fixed income investments, the Adviser normally invests at least 25% of the Fund’s total assets in money market funds or fixed-income securities, such as US government obligations, mortgage and asset-backed securities, corporate bonds, collateralized mortgage obligations, and/or other fixed-income instruments. In addition, the Fund’s strategy with respect to credit rating may vary over time. The Adviser anticipates that fixed-income investments will largely be limited to US government securities and high-quality corporate debt.
Although the Fund seeks investments across a number of sectors, from time to time, based on economic conditions, the Fund may have significant positions in particular sectors.
Read More

BRBPX - Performance

Return Ranking - Trailing

Period BRBPX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.3% -2.8% 240.8% 69.17%
1 Yr 9.4% -4.3% 140.6% 78.26%
3 Yr 4.0%* -8.3% 18.3% 68.59%
5 Yr 5.9%* -5.0% 17.3% 66.95%
10 Yr 4.7%* -4.6% 13.2% 72.55%

* Annualized

Return Ranking - Calendar

Period BRBPX Return Category Return Low Category Return High Rank in Category (%)
2023 5.1% -34.1% 904.0% 44.14%
2022 -10.6% -28.6% 438.4% 53.18%
2021 6.8% -93.5% 8.2% 50.34%
2020 5.5% -38.9% 19.8% 45.74%
2019 10.7% -10.9% 12.8% 50.49%

Total Return Ranking - Trailing

Period BRBPX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.3% -2.7% 244.0% 70.75%
1 Yr 9.4% -4.3% 140.6% 74.35%
3 Yr 4.0%* -8.3% 18.3% 64.74%
5 Yr 5.9%* -5.4% 17.3% 64.41%
10 Yr 4.7%* -4.6% 13.2% 72.55%

* Annualized

Total Return Ranking - Calendar

Period BRBPX Return Category Return Low Category Return High Rank in Category (%)
2023 11.1% -34.1% 904.0% 44.14%
2022 -4.9% -5.9% 438.4% 53.76%
2021 7.9% -81.2% 8.2% 60.69%
2020 10.6% -29.0% 19.8% 56.59%
2019 11.9% -10.9% 12.8% 60.19%

NAV & Total Return History

BRBPX - Holdings

Concentration Analysis

BRBPX Category Low Category High BRBPX % Rank
Net Assets 30.9 M 25 17.4 B 82.40%
Number of Holdings 235 2 508 7.63%
Net Assets in Top 10 16.4 M -6.66 M 5.12 B 80.92%
Weighting of Top 10 53.17% 11.3% 100.0% 32.00%

Top 10 Holdings

  1. United States Treasury Bill 13.00%
  2. United States Treasury Bill 9.70%
  3. Fidelity Government Portfolio 7.56%
  4. United States Treasury Bill 6.48%
  5. Apple Inc 3.69%
  6. Microsoft Corp 3.55%
  7. United States Treasury Bill 3.23%
  8. Amazon.com Inc 2.37%
  9. Alphabet Inc 1.83%
  10. Alphabet Inc 1.77%

Asset Allocation

Weighting Return Low Return High BRBPX % Rank
Stocks 		59.03% -3.92% 100.76% 81.68%
Bonds 		32.41% 0.00% 97.96% 51.91%
Cash 		10.44% -0.76% 100.29% 8.78%
Preferred Stocks 		0.00% 0.00% 3.08% 46.18%
Convertible Bonds 		0.00% 0.00% 20.91% 48.47%
Other 		-1.87% 0.00% 45.92% 56.49%

Stock Sector Breakdown

Weighting Return Low Return High BRBPX % Rank
Technology 		25.47% 0.00% 44.43% 66.81%
Financial Services 		17.72% 0.00% 29.60% 28.15%
Consumer Cyclical 		13.95% 0.00% 19.02% 82.77%
Healthcare 		11.42% 0.00% 25.91% 14.71%
Communication Services 		9.27% 0.00% 21.22% 73.11%
Industrials 		9.17% 1.41% 43.91% 83.61%
Consumer Defense 		6.02% 0.00% 22.87% 10.08%
Energy 		2.42% 0.00% 69.54% 89.08%
Basic Materials 		1.60% 0.00% 60.58% 63.03%
Real Estate 		1.53% 0.00% 9.74% 85.29%
Utilities 		1.45% 0.00% 13.35% 21.01%

Stock Geographic Breakdown

Weighting Return Low Return High BRBPX % Rank
US 		59.03% -3.89% 100.00% 71.37%
Non US 		0.00% -2.17% 99.33% 100.00%

Bond Sector Breakdown

Weighting Return Low Return High BRBPX % Rank
Cash & Equivalents 		7.56% 0.09% 100.00% 32.06%
Securitized 		0.00% 0.00% 22.63% 46.95%
Corporate 		0.00% 0.00% 91.57% 51.91%
Municipal 		0.00% 0.00% 97.57% 46.18%
Government 		0.00% 0.00% 99.91% 50.76%
Derivative 		-1.87% 0.00% 0.13% 46.95%

Bond Geographic Breakdown

Weighting Return Low Return High BRBPX % Rank
US 		32.41% 0.00% 97.96% 51.91%
Non US 		0.00% 0.00% 16.94% 46.56%

BRBPX - Expenses

Operational Fees

BRBPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.27% 0.20% 6.78% 40.74%
Management Fee 0.60% 0.20% 1.75% 13.43%
12b-1 Fee N/A 0.00% 1.00% 8.58%
Administrative Fee N/A 0.02% 0.28% N/A

Sales Fees

BRBPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 4.75% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

BRBPX 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.

BRBPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 41.00% 0.00% 456.80% 68.30%

BRBPX - Distributions

Dividend Yield Analysis

BRBPX Category Low Category High BRBPX % Rank
Dividend Yield 2.90% 0.00% 3.76% 49.07%

Dividend Distribution Analysis

BRBPX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Monthly Annually

Net Income Ratio Analysis

BRBPX Category Low Category High BRBPX % Rank
Net Income Ratio -0.07% -2.54% 14.24% 40.98%

Capital Gain Distribution Analysis

BRBPX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

BRBPX - Fund Manager Analysis

Managers

Richard Cancelmo

Start Date

Tenure

Tenure Rank

Jun 29, 2001

20.93

20.9%

Richard P. Cancelmo Jr. joined Bridgeway in 2000 and is a portfolio manager for the Bridgeway Managed Volatility Fund and leads the equity trading team for Bridgeway. He has over 30 years of investment industry experience, including five years with Cancelmo Capital Management and The West University Fund. Dick worked previously for Paine Webber and Rotan Mosle in Houston, and for Casella Securities on the Options Floor at the Philadelphia Stock Exchange.

Elena Khoziaeva

Start Date

Tenure

Tenure Rank

Jun 01, 2013

9.0

9.0%

Elena Khoziaeva, CFA, is a portfolio manager and began working at Bridgeway in 1998. Her responsibilities include portfolio management, investment research, and statistical modeling. Elena earned a Bachelor of Economic Sciences from Belarussian State Economic University in Minsk and graduated with highest honors from the University of Houston with an MBA in Accounting.

Michael Whipple

Start Date

Tenure

Tenure Rank

Jun 01, 2013

9.0

9.0%

Mike Whipple, CFA, FRM, is a portfolio manager and began working for Bridgeway in 2002. His responsibilities include portfolio management, investment research, and statistical modeling. He holds a BS in Accountancy and Finance from Miami University in Ohio. Michael worked in public accounting with a focus in auditing from 1993 to 2000 before attending the University of Chicago Booth School of Business from 2000 to 2002, where he earned his MBA.

John Montgomery

Start Date

Tenure

Tenure Rank

Jun 01, 2013

9.0

9.0%

John, CIO and President,founded Bridgeway in 1993.He worked with computer modeling and quantitative methods as a research engineer at MIT in the late 1970s. Later, as a student at Harvard, he investigated methods to apply modeling to portfolio management. He began applying these methods to his investments in 1985. Over the next 6 years, this style proved more successful than even John had expected. He left his full-time position in the transportation industry at the end of 1991 to perform full-time research on his models, study the mutual fund industry, and write a business plan for Bridgeway.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 19.77 3.61 5.67

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