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Trending ETFs

Name

As of 04/24/2023

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

$8.96

$41.7 M

0.00%

$0.00

1.73%

Vitals

YTD Return

0.5%

1 yr return

-13.2%

3 Yr Avg Return

-5.3%

5 Yr Avg Return

-4.8%

Net Assets

$41.7 M

Holdings in Top 10

38.5%

52 WEEK LOW AND HIGH

$9.0
$8.67
$10.50

Expenses

OPERATING FEES

Expense Ratio 1.73%

SALES FEES

Front Load 5.50%

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee 2.00%


Min Investment

Standard (Taxable)

$2,500

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 04/24/2023

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

$8.96

$41.7 M

0.00%

$0.00

1.73%

CLOAX - Profile

Distributions

  • YTD Total Return 0.5%
  • 3 Yr Annualized Total Return -5.3%
  • 5 Yr Annualized Total Return -4.8%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -0.55%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    Clough Global Long/Short Fund
  • Fund Family Name
    Clough
  • Inception Date
    Sep 30, 2015
  • Shares Outstanding
    235670
  • Share Class
    Inv
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Charles Clough

Fund Description

The Fund seeks to achieve its investment objective primarily by taking long positions and short positions in equity securities in both U.S. and non-U.S. markets. The Fund invests primarily in a broad selection of global equity securities, including preferred stocks. Depending on the Adviser’s outlook, the Fund may, at times, be more heavily invested in equity securities in U.S. markets or in equity securities in other markets around the world, including securities of multinational companies. Under normal circumstances, the Fund expects to invest in securities of issuers located in at least three countries (in addition to the United States). Unless market conditions are deemed unfavorable, the Fund expects that the market value of the Fund’s long and short positions in securities of issuers organized or located outside the United States, issuers doing a substantial amount of business outside the United States (greater than 50% of revenues derived from outside of the United States), and, in the case of an exchange-traded fund (“ETF”), where a majority of the securities in which the ETF invests have the foregoing characteristics, will represent at least 40% of the Fund’s net assets. Multinational companies include those organized or located in the United States that do a substantial amount of business outside the United States. Investments in non-U.S. markets will be made primarily through securities such as common shares, depositary receipts and registered investment companies (including ETFs). The Fund may also use derivatives, such as swaps and participation notes, in order to gain access to foreign markets. In addition to the Fund’s primary investment strategy, the Adviser may employ currency strategies across foreign markets, including developing/emerging markets (countries that are included in the MSCI Emerging Markets Index), using derivatives, such as forward foreign currency contracts, futures, and swaps, to seek to hedge against foreign exchange risk. The Fund will use a variety of investment techniques designed to capitalize on declines in the market prices of equity securities or declines in market indices based on the Adviser’s investment outlook, including by taking long and short positions. Short positions will generally not exceed 50% of the Fund’s net assets. The Fund’s net equity exposure (measured as the market value of long positions minus the market value of short positions) is expected to range between 50%-100% of the Fund’s net assets. A higher net exposure generally reflects the Adviser’s belief there are relatively better investment opportunities in securities that it expects to appreciate in value than in securities it expects to decline in value (and may also indicate that the Adviser has a relatively positive view of equity markets), while a lower net exposure generally reflects the reverse, although in each case other factors could also cause the Adviser to choose to increase or decrease the Fund’s net exposure.

The Fund generally seeks to limit volatility in returns to below that of broad global equity indices such as the MSCI All-Country World Index, as measured by the standard deviation (the average deviation of a return series from its mean). The Adviser may employ various hedging strategies for return generation, or to express a specific view on an industry or individual company (including through investments in ETFs, options on securities, and options on stock indices) and other techniques (for example, by utilizing short positions and by managing currency hedging exposure, derivative positions, cash balances and U.S. Treasury securities investments as a means to seek to reduce portfolio volatility) in an effort to limit the Fund’s exposure to declines in markets, regions, industries and/or individual securities. The Fund may invest in issuers of any capitalization and size. Generally, securities will be purchased or sold by the Fund on securities exchanges and in the over-the-counter (OTC) market. However, the Fund may hold securities that are illiquid or that are only infrequently traded. More information regarding illiquid securities is included in the prospectus in the section entitled “More on the Fund’s Investments and Related Risks – Illiquid Investments” and in the SAI in the section entitled “Other Practices – Illiquid Securities.”

The Adviser may, from time to time, invest the Fund’s cash balances in any investments it deems appropriate, including, without limitation and as permitted under the Investment Company Act of 1940, as amended (the “1940 Act”), money

market funds, repurchase agreements, U.S. Treasury and U.S. agency securities, municipal and corporate bonds and bank accounts.

Investment Selection

The Fund seeks to achieve its investment objective by applying a fundamental research-driven investment process. The Adviser believes that attractive investment returns can be achieved when key, proprietary insights into industry or economic trends are discovered, and their significance understood, before they become obvious to other investors. Within this context, the investment process will focus on investing in a number of major global investment themes identified by the Adviser. Once attractive themes are identified, the Adviser generally utilizes a “bottom-up” research process to identify companies it believes are best positioned to benefit from those specific themes, as well as companies that the Adviser believes may be vulnerable in light of these themes. Individual positions will be selected based upon a host of qualitative and quantitative factors, including, but not limited to, such factors as a company’s competitive position, quality of company management, quality and visibility of earnings and cash flow, balance sheet strength and relative valuation. Issuers with strengths in these areas (or in such other areas that the Adviser determines are relevant) may be attractive opportunities for long investments. Conversely, issuers facing profit headwinds, balance sheet weaknesses, competitive pressures or adverse regulatory changes, among other challenges, may present attractive opportunities as short positions when the Adviser believes their value is likely to decline over some period of time.

Under the Fund’s theme-oriented investment approach, investment positions may be focused in only a relatively small number of sectors. The Fund will seek to broadly invest its assets within its investment themes, as appropriate, to lower volatility. Individual equity positions on both the long and short side of the portfolio will typically be below 5% of total assets at the time of investment. (Investments in ETFs may exceed 5% of total assets at the time of investment.)

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CLOAX - Performance

Return Ranking - Trailing

Period CLOAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -11.7% 17.0% 61.66%
1 Yr -13.2% -27.2% 22.0% 94.24%
3 Yr -5.3%* -19.9% 23.4% 91.28%
5 Yr -4.8%* -13.4% 13.1% 87.90%
10 Yr N/A* -7.3% 11.5% N/A

* Annualized

Return Ranking - Calendar

Period CLOAX Return Category Return Low Category Return High Rank in Category (%)
2023 -27.0% -54.0% 40.9% 91.89%
2022 -7.3% -22.5% 24.1% 93.79%
2021 7.5% -19.4% 24.1% 11.18%
2020 3.4% -8.4% 12.9% 19.14%
2019 -2.1% -14.0% 7.1% 56.86%

Total Return Ranking - Trailing

Period CLOAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -25.0% 17.0% 61.66%
1 Yr -13.2% -27.2% 22.0% 94.24%
3 Yr -5.3%* -19.9% 23.4% 91.28%
5 Yr -4.8%* -13.2% 14.1% 89.17%
10 Yr N/A* -6.9% 11.5% N/A

* Annualized

Total Return Ranking - Calendar

Period CLOAX Return Category Return Low Category Return High Rank in Category (%)
2023 -27.0% -54.0% 40.9% 91.89%
2022 -7.3% -22.5% 24.1% 93.79%
2021 7.5% -19.4% 24.1% 11.18%
2020 3.4% -8.4% 12.9% 19.14%
2019 -2.1% -14.0% 15.9% 61.44%

NAV & Total Return History


CLOAX - Holdings

Concentration Analysis

CLOAX Category Low Category High CLOAX % Rank
Net Assets 41.7 M 818 K 5.18 B 67.53%
Number of Holdings 94 3 2670 47.31%
Net Assets in Top 10 21.9 M -175 M 1.1 B 51.61%
Weighting of Top 10 38.52% 1.5% 100.0% 51.59%

Top 10 Holdings

  1. United States Treasury Bonds 2% 7.94%
  2. United States Treasury Notes 0.75% 6.81%
  3. United States Treasury Notes 0.13% 6.41%
  4. BlackRock Liquidity T-Fund Instl 6.09%
  5. United States Treasury Notes 1.75% 5.10%
  6. Contemporary Amperex Technology Co., Ltd. 5.06%
  7. Contemporary Amperex Technology Co., Ltd. 5.06%
  8. Contemporary Amperex Technology Co., Ltd. 5.06%
  9. Contemporary Amperex Technology Co., Ltd. 5.06%
  10. Contemporary Amperex Technology Co., Ltd. 5.06%

Asset Allocation

Weighting Return Low Return High CLOAX % Rank
Stocks
49.72% -2.90% 119.13% 63.64%
Bonds
24.89% -48.31% 152.17% 6.95%
Cash
20.73% -67.46% 106.99% 65.95%
Convertible Bonds
4.68% -0.02% 4.68% 2.16%
Preferred Stocks
0.00% 0.00% 7.60% 84.86%
Other
0.00% -35.22% 39.56% 80.54%

Stock Sector Breakdown

Weighting Return Low Return High CLOAX % Rank
Technology
21.66% 0.00% 43.24% 30.91%
Industrials
17.98% 0.00% 31.93% 9.70%
Consumer Cyclical
17.44% 0.00% 88.83% 8.48%
Healthcare
15.65% 0.00% 100.00% 40.61%
Energy
9.38% 0.00% 32.57% 16.97%
Financial Services
8.71% 0.00% 83.83% 77.58%
Real Estate
7.64% 0.00% 10.93% 4.24%
Communication Services
1.51% 0.00% 32.32% 88.48%
Consumer Defense
0.03% 0.00% 33.38% 92.12%
Utilities
0.01% 0.00% 21.71% 77.58%
Basic Materials
0.01% 0.00% 28.58% 90.30%

Stock Geographic Breakdown

Weighting Return Low Return High CLOAX % Rank
US
48.96% -24.26% 116.70% 57.30%
Non US
0.76% -43.01% 97.78% 69.73%

Bond Sector Breakdown

Weighting Return Low Return High CLOAX % Rank
Cash & Equivalents
46.44% 0.00% 100.00% 91.30%
Government
29.33% 0.00% 88.51% 5.43%
Corporate
23.50% 0.00% 100.00% 5.43%
Securitized
0.73% 0.00% 13.59% 6.52%
Derivative
0.00% 0.00% 52.12% 84.24%
Municipal
0.00% 0.00% 0.01% 83.70%

Bond Geographic Breakdown

Weighting Return Low Return High CLOAX % Rank
US
21.24% -48.31% 63.44% 6.49%
Non US
3.65% -0.33% 22.00% 4.86%

CLOAX - Expenses

Operational Fees

CLOAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.73% 0.40% 11.46% 61.54%
Management Fee 1.10% 0.00% 2.50% 40.51%
12b-1 Fee 0.25% 0.00% 1.00% 62.96%
Administrative Fee N/A 0.03% 1.54% N/A

Sales Fees

CLOAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 5.50% 2.50% 5.75% 66.67%
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

CLOAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 0.50% 2.00% 26.92%

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.

CLOAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 479.00% 81.46%

CLOAX - Distributions

Dividend Yield Analysis

CLOAX Category Low Category High CLOAX % Rank
Dividend Yield 0.00% 0.00% 11.11% 86.67%

Dividend Distribution Analysis

CLOAX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Monthly Annually

Net Income Ratio Analysis

CLOAX Category Low Category High CLOAX % Rank
Net Income Ratio -0.55% -3.33% 2.88% 39.79%

Capital Gain Distribution Analysis

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

Distributions History

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CLOAX - Fund Manager Analysis

Managers

Charles Clough


Start Date

Tenure

Tenure Rank

Sep 30, 2015

6.67

6.7%

Charles I. Clough, Jr. has been active in the securities and investment business for over 55 years. His experience covers most analytical functions from research analysis to portfolio management. In January 2000, Mr. Clough founded Clough Capital Partners L.P. From 1987 through January 2000, Mr. Clough was Chief Global Investment Strategist at Merrill Lynch, where he was responsible for directing the global investment strategy research effort for one of the world’s largest investment firms. Prior to his tenure at Merrill Lynch, Mr. Clough was Director of Investment Policy and Chief Strategist at Cowen & Co. Previously, he had been Director of Research and Portfolio Manager at The Boston Company, Portfolio Manager at Colonial Management Associates and Vice President and Senior Research Analyst for Donaldson, Lufkin & Jenrette and Alliance Capital Management 38 Company. Mr. Clough serves on the boards and/or investment committees of a number of educational, hospital and charitable institutions, including the Yawkey Foundation and his alma mater, Boston College, where he currently serves as a Trustee Associate. He is also an ordained Deacon in the Roman Catholic Archdiocese of Boston and serves in that capacity at his local parish in Concord, Massachusetts. Mr. Clough graduated magna cum laude in history from Boston College and earned an MBA at the University of Chicago.

Robert Zdunczyk


Start Date

Tenure

Tenure Rank

Feb 28, 2020

2.25

2.3%

Robert Zdunczyk joined Clough in 2005 and currently serves as a Portfolio Manager of the firm’s closed-end mutual fund products and the Clough Global Long/Short Fund, an open-end mutual fund. In addition, Rob is responsible for the trading of all fixed income securities in the Clough portfolios. He has 25 years of industry experience, including significant expertise in mortgage REITs and other income-generating equity sectors. Prior to joining Clough, Mr. Zdunczyk worked at Wellington Management Company as an Assistant Vice President on the Core Bond team. Mr. Zdunczyk earned a B.A. from Boston College and an M.S. in Finance from Northeastern University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 23.55 5.99 7.93