CRAIX: CRA Qualified Investment CRA

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CRAIX CRA Qualified Investment CRA

  • Fund
  • CRAIX
  • Price as of: Dec 12, 2019
  • $10.63
    - $0.02 - 0.19%

Profile

CRAIX - Profile

Vitals

  • YTD Return 3.1%
  • 3 Yr Annualized Return 0.3%
  • 5 Yr Annualized Return -0.3%
  • Net Assets $2.26 B
  • Holdings in Top 10 7.2%

52 WEEK LOW AND HIGH

$10.63
$10.25
$10.74

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.92%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 23.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $500,000
  • IRA N/A

Fund Classification


Distributions

  • YTD Total Return 3.5%
  • 3 Yr Annualized Total Return 2.3%
  • 5 Yr Annualized Total Return 1.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.20%
DIVIDENDS
  • Dividend Yield 0.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    CRA Qualified Investment Fund
  • Fund Family Name
    Community Capital Management
  • Inception Date
    Aug 30, 1999
  • Shares Outstanding
    125262673
  • Share Class
    No Load
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Julie Egan

Fund Description

The fund will invest at least 80% of its net assets in debt securities and other debt instruments that the Advisor believes will be CRA-qualifying. Such securities would include single-family, multi-family and economic development loan-backed securities. It may also invest up to 25% of its net assets in investment grade securities that are rated in the second or third highest rating categories.


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Categories

Performance

CRAIX - Performance

Return Ranking - Trailing

Period CRAIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.1% -0.1% 5.5% 60.00%
1 Yr 3.9% -2.0% 10.4% 78.70%
3 Yr 0.3%* -1.6% 3.7% 56.32%
5 Yr -0.3%* -2.0% 2.7% 58.05%
10 Yr -0.1%* -2.1% 3.6% 48.61%

* Annualized

Return Ranking - Calendar

Period CRAIX Return Category Return Low Category Return High Rank in Category (%)
2018 -2.2% -3.4% -0.7% 75.37%
2017 0.0% -2.3% 0.9% 26.37%
2016 -1.6% -3.3% 1.4% 70.35%
2015 -0.6% -4.5% 0.2% 3.66%
2014 2.5% -1.1% 13.7% 56.88%

Total Return Ranking - Trailing

Period CRAIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.5% 0.2% 5.5% 49.30%
1 Yr 4.5% 0.6% 10.4% 51.85%
3 Yr 2.3%* -0.9% 3.7% 16.32%
5 Yr 1.7%* -2.0% 2.7% 15.52%
10 Yr 2.4%* -2.1% 3.6% 16.67%

* Annualized

Total Return Ranking - Calendar

Period CRAIX Return Category Return Low Category Return High Rank in Category (%)
2018 0.1% -3.4% 3.0% 11.33%
2017 2.8% -2.0% 2.8% 0.55%
2016 0.6% -3.3% 1.5% 14.53%
2015 1.6% -4.5% 2.0% 8.54%
2014 4.7% -1.1% 17.2% 11.25%

NAV & Total Return History


Holdings

CRAIX - Holdings

Concentration Analysis

CRAIX Category Low Category High CRAIX % Rank
Net Assets 2.26 B 15.4 M 24.4 B 26.73%
Number of Holdings 1333 2 15786 6.91%
Net Assets in Top 10 160 M 0 8.37 B 58.53%
Weighting of Top 10 7.23% 0.0% 200.8% 98.16%

Top 10 Holdings

  1. United States Treasury Notes 1.62% 1.17%
  2. Oportun Fdg Viii Llc 2018-A 3.61% 0.87%
  3. Federal National Mortgage Association 3.5% 0.86%
  4. Federal National Mortgage Association 3.5% 0.79%
  5. Bank of America Corporation 3.5% 0.76%
  6. Usda Ryze 0.72%
  7. Federal National Mortgage Association 3.39% 0.65%
  8. United States Treasury Notes 2.38% 0.48%
  9. Oportun Funding VI 3.23% 0.47%
  10. Oportun Funding Llc 3.91% 0.47%

Asset Allocation

Weighting Return Low Return High CRAIX % Rank
Bonds
97.91% 0.00% 141.12% 42.40%
Cash
2.09% -43.12% 100.00% 61.29%
Stocks
0.00% -0.01% 13.31% 7.83%
Preferred Stocks
0.00% 0.00% 0.01% 7.83%
Other
0.00% -40.57% 16.30% 14.29%
Convertible Bonds
0.00% 0.00% 0.25% 9.22%

Bond Sector Breakdown

Weighting Return Low Return High CRAIX % Rank
Securitized
76.39% 0.00% 155.37% 33.18%
Municipal
15.57% 0.00% 15.57% 0.92%
Corporate
3.85% 0.00% 10.08% 3.23%
Cash & Equivalents
2.09% -43.16% 100.00% 61.29%
Government
1.95% -14.27% 100.00% 72.35%
Derivative
0.00% -13.80% 0.04% 9.22%

Bond Geographic Breakdown

Weighting Return Low Return High CRAIX % Rank
US
97.78% 0.00% 139.74% 40.09%
Non US
0.13% 0.00% 6.18% 40.09%

Expenses

CRAIX - Expenses

Operational Fees

CRAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.92% 0.00% 3.79% 39.63%
Management Fee 0.30% 0.00% 0.85% 33.18%
12b-1 Fee 0.25% 0.00% 1.00% 24.80%
Administrative Fee 0.06% 0.00% 0.45% 33.59%

Sales Fees

CRAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

CRAIX 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.

CRAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 23.00% 0.00% 1482.00% 20.74%

Distributions

CRAIX - Distributions

Dividend Yield Analysis

CRAIX Category Low Category High CRAIX % Rank
Dividend Yield 0.77% 0.00% 2.69% 48.39%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

CRAIX Category Low Category High CRAIX % Rank
Net Income Ratio 2.20% 0.34% 3.03% 44.24%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

CRAIX - Fund Manager Analysis

Managers

Julie Egan


Start Date

Tenure

Tenure Rank

Dec 31, 2009

9.92

9.9%

As director of municipal research and a portfolio manager, Julie is responsible for overseeing and performing municipal credit analysis and research. As part of the portfolio management team, Julie assists in the analysis of primary and secondary issues on behalf of clients. Julie is a member of the firm’s Investment Management and Trading Committee. Julie joined CCM from Evergreen Asset Management Corporation, Wachovia’s asset management arm and currently Wells Cap, where she was a director and senior municipal research Analyst. Prior to Evergreen, she was a senior municipal research analyst for John Nuveen & Company, Inc. in Chicago with earlier experience including stints at Banc One Investment Advisors, Nationwide Life Insurance Company and National City Bank. Julie was elected to Smith’s Research & Grading 2018 All-Star Team winning first team and 2017 All-Star Team winning second team in the Housing Bond category. She has been a consistent nominee for Smith’s All-Star Team since 2008. Julie serves on the Board of the National Federation of Municipal Analysts, chairing the Board in 2017. She previously served as President for the Southern Municipal Finance Society from 2008 to 2010 and 2012. Julie received her B.B.A. in Finance from Kent State University and an M.B.A from Case Western Reserve University. She holds FINRA licenses: Series 6 & 63. Julie received her B.B.A. in Finance from Kent State University and an M.B.A from Case Western Reserve University. She holds FINRA licenses: Series 6 & 63.

Elliot Gilfarb


Start Date

Tenure

Tenure Rank

Oct 01, 2012

7.17

7.2%

As Head of Fixed Income, Elliot oversees the fixed income side of the firm’s portfolio and is responsible for portfolio management, research, and trading, as well as managing the fixed income investment team. He works closely with the chief investment officer on setting strategic asset allocation, security selection, and yield curve positioning for the Firm’s mutual funds, separately managed accounts, and private funds. Elliot oversees the investment team’s portfolio analytics capabilities, including attribution and holdings analytics, and client reporting. He also works closely with credit research and investment analysts on credit and financial analysis prior to making any buy/sell decisions. Elliot serves as Chair of the firm’s Investment Management and Trading Committee and is a member of the firm’s Valuation Committee. Elliot joined CCM from Morgan Stanley where he worked as a financial advisor. He is a member of the CFA Society of South Florida and has been an integral part of the investment team at CCM since 2006 helping to manage and grow assets to more than $2 billion. Elliot received his B.S. in Finance from the University of Florida and is a CFA Charterholder. He holds FINRA licenses: Series 7, 63 & 66.

Andy Kaufman


Start Date

Tenure

Tenure Rank

Oct 30, 2015

4.09

4.1%

As CIO, Andy oversees the portfolio management team and is responsible for overall strategy formulation for the firm’s portfolios. Additionally, he is responsible for all portfolio analysis including asset allocation, rebalancing, and fundamental research for the firm’s mutual funds, separately managed accounts, and private funds. Andy also oversees the portfolio management team’s fundamental economic analysis, cash flow modeling, and returns forecasts. He is a member of the Investment Management and Trading Committee and the Compliance Committee. Andy began his career at BlackRock Financial Management in New York City where he spent the majority of his ten years as a fixed income portfolio manager. He joined as an alternative investment portfolio analyst in the portfolio risk and quantitative analysis group focusing on the firm’s hedge funds, commercial mortgage REIT, private equity, and CDO businesses. He quickly advanced to BlackRock’s portfolio management group responsible for managing $200 billion in multi-sector relative value separate account portfolios. He also headed the fundamental fixed income Canadian dollar separate account business and was a member of BlackRock’s investment strategy group. Andy left BlackRock to relocate to sunny south Florida where he was recruited to join Mercantil Commercebank as a portfolio manager responsible for managing the bank’s $1.75 billion residential mortgage-backed securities portfolio consisting of agency pass-throughs, CMOs, hybrid arms, and HECMs. While there, he built the bank’s $450 million CMBS investment platform inclusive of research, analytics, and security selection. Andy currently serves on the Pennsylvania State University Sustainability board and the UN-PRI Macro Risk Advisory Group. Andy received his B.S. in Finance, with distinction, from Pennsylvania State University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.1 29.13 7.83 4.85