DPIIX: Destra Flaherty & Crumrine Pref & Inc I

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DPIIX Destra Flaherty & Crumrine Pref & Inc I

  • Fund
  • DPIIX
  • Price as of: Dec 10, 2019
  • $18.50
    + $0.01 + 0.05%

Profile

DPIIX - Profile

Vitals

  • YTD Return 12.6%
  • 3 Yr Annualized Return 2.3%
  • 5 Yr Annualized Return 1.7%
  • Net Assets $270 M
  • Holdings in Top 10 24.0%

52 WEEK LOW AND HIGH

$18.50
$16.38
$18.58

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.18%

SALES FEES

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

BROKERAGE FEES

  • Turnover 7.00%

TRADING FEES

  • Max Redemption Fee 2.00%

Min Investment

  • Standard (Taxable) $100,000
  • IRA $1,000,000

Fund Classification


Distributions

  • YTD Total Return 12.9%
  • 3 Yr Annualized Total Return 6.3%
  • 5 Yr Annualized Total Return 6.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.59%
DIVIDENDS
  • Dividend Yield 1.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Destra Flaherty & Crumrine Preferred and Income Fund
  • Fund Family Name
    Destra
  • Inception Date
    Apr 12, 2011
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Bradford S. Stone

Fund Description

Under normal market conditions, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of preferred and income-producing securities, including traditional preferred stock, trust preferred securities, hybrid securities that have characteristics of both equity and debt securities, convertible securities, contingent-capital securities, subordinated debt, senior debt and securities of other open-end, closed-end or exchange-traded funds that invest primarily in the same types of securities.


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Categories

Performance

DPIIX - Performance

Return Ranking - Trailing

Period DPIIX Return Category Return Low Category Return High Rank in Category (%)
YTD 12.6% -8.6% 23.4% 63.58%
1 Yr 9.8% -8.6% 22.0% 50.63%
3 Yr 2.3%* -5.4% 14.0% 55.94%
5 Yr 1.7%* -7.5% 9.1% 27.50%
10 Yr N/A* -4.2% 13.1% N/A

* Annualized

Return Ranking - Calendar

Period DPIIX Return Category Return Low Category Return High Rank in Category (%)
2018 -11.0% -24.0% -2.5% 64.19%
2017 6.5% -7.8% 15.4% 41.26%
2016 0.6% -5.4% 14.2% 65.47%
2015 1.4% -26.1% 2.5% 1.64%
2014 7.9% -10.4% 53.4% 17.39%

Total Return Ranking - Trailing

Period DPIIX Return Category Return Low Category Return High Rank in Category (%)
YTD 12.9% -8.6% 23.4% 61.73%
1 Yr 12.2% -8.6% 22.0% 42.50%
3 Yr 6.3%* -5.4% 14.0% 48.25%
5 Yr 6.0%* -7.5% 10.4% 33.33%
10 Yr N/A* -4.2% 13.6% N/A

* Annualized

Total Return Ranking - Calendar

Period DPIIX Return Category Return Low Category Return High Rank in Category (%)
2018 -6.0% -24.0% 4.5% 39.19%
2017 11.9% -7.1% 18.4% 31.47%
2016 5.3% -5.4% 20.1% 43.88%
2015 6.0% -26.1% 6.2% 2.46%
2014 13.4% -10.4% 56.9% 10.43%

NAV & Total Return History


Holdings

DPIIX - Holdings

Concentration Analysis

DPIIX Category Low Category High DPIIX % Rank
Net Assets 270 M 196 K 8.67 B 74.10%
Number of Holdings 137 38 488 41.57%
Net Assets in Top 10 61.8 M -331 M 1.07 B 68.07%
Weighting of Top 10 24.02% 8.8% 90.5% 37.95%

Top 10 Holdings

  1. Liberty Mutual Group, Inc. 7.8% 3.66%
  2. Barclays PLC 7.88% 3.40%
  3. Catlin Insurance Company Ltd. 5.28% 3.12%
  4. Australia and New Zealand Banking Group Ltd. London Branch 6.75% 2.12%
  5. Provident Financing Trust I 7.41% 2.05%
  6. Energy Transfer Operating LP FXDFR PRF PERPETUAL USD 25 - Ser C 2.01%
  7. HSBC Holdings plc 6.88% 2.00%
  8. Bank of America Corporation 6.5% 1.96%
  9. Citigroup Inc. 5.95% 1.88%
  10. JPMorgan Chase & Co. 5.74% 1.84%

Asset Allocation

Weighting Return Low Return High DPIIX % Rank
Preferred Stocks
41.72% 0.00% 77.17% 18.07%
Bonds
31.91% -36.64% 69.50% 37.35%
Convertible Bonds
24.58% 0.00% 123.30% 65.06%
Cash
1.08% -6.58% 23.58% 75.30%
Other
0.71% 0.00% 8.94% 25.90%
Stocks
0.00% -0.16% 47.28% 77.11%

Bond Sector Breakdown

Weighting Return Low Return High DPIIX % Rank
Corporate
98.21% 43.18% 99.74% 6.63%
Cash & Equivalents
1.08% -6.58% 23.27% 75.30%
Derivative
0.00% -5.46% 1.33% 1.81%
Securitized
0.00% 0.00% 2.35% 5.42%
Municipal
0.00% 0.00% 0.00% 0.60%
Government
0.00% -10.96% 8.18% 24.10%

Bond Geographic Breakdown

Weighting Return Low Return High DPIIX % Rank
US
24.11% -36.64% 65.05% 34.34%
Non US
7.80% 0.00% 38.39% 26.51%

Expenses

DPIIX - Expenses

Operational Fees

DPIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.18% 0.00% 94.07% 59.63%
Management Fee 0.75% 0.00% 1.40% 64.85%
12b-1 Fee 0.00% 0.00% 1.00% 1.02%
Administrative Fee N/A 0.01% 0.55% N/A

Sales Fees

DPIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

DPIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 5.00%

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.

DPIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 7.00% 5.67% 213.00% 1.82%

Distributions

DPIIX - Distributions

Dividend Yield Analysis

DPIIX Category Low Category High DPIIX % Rank
Dividend Yield 1.54% 0.00% 8.17% 43.37%

Dividend Distribution Analysis

DPIIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Quarterly

Net Income Ratio Analysis

DPIIX Category Low Category High DPIIX % Rank
Net Income Ratio 4.59% -0.03% 9.22% 29.81%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

DPIIX - Fund Manager Analysis

Managers

Bradford S. Stone


Start Date

Tenure

Tenure Rank

Apr 12, 2011

8.64

8.6%

Mr. Stone joined Flaherty & Crumrine in 2003 after a 20-year career on Wall Street. Based in Summit, New Jersey, he is a member of the firm’s portfolio management team and is responsible for macroeconomic and quantitative research and analysis and directs our credit research group. Together with Mr. Chadwick and Mr. Conwell, he serves on the firm’s board of directors and is a member of the executive management committee. He also serves as Chief Financial Officer, Vice President and Treasurer of the U.S. Flaherty & Crumrine funds. From 2001 until joining Flaherty & Crumrine, he was Director of U.S. Market Strategy at Barclays Capital in New York, where he advised clients on market strategies across U.S. treasuries, agencies, and interest rate derivative products. Prior to Barclays, he spent 14 years at Goldman Sachs, where he most recently held the position of Director – Interest Rate Product Strategy, Americas. He was a regular member of Institutional Investor’s All-America Fixed Income Research Team, earning the top ranking in Derivatives Strategy in 2001. He began his career at Salomon Brothers as an options trader and derivative salesperson. Mr. Stone earned his M.B.A. from Wharton Graduate School of Business and his A.B. in Economics from Dartmouth College.

R. Eric Chadwick


Start Date

Tenure

Tenure Rank

Apr 12, 2011

8.64

8.6%

Mr. Chadwick has managed preferred securities at Flaherty & Crumrine since 1999 and is a member of the firm’s portfolio management team. As one of the firm's traders, he shares responsibility for implementing investment strategies. Mr. Chadwick is also involved in the development of tools for managing the portfolios and developing firm-wide systems. Together with Mr. Conwell and Mr. Stone, he serves on the firm's board of directors and is a member of the executive management committee. He also serves as President of the U.S. Flaherty & Crumrine closed-end funds. Prior to joining Flaherty & Crumrine in 1999, he worked at Koch Industries Inc. where he was responsible for managing sizable portfolios of both preferred securities and corporate bonds. He was also responsible for developing analytical tools used in the management of the portfolios, and providing fundamental research on a broad range of credits. Mr. Chadwick earned his M.B.A. from the UCLA Anderson School of Management and his B.S. in Economics from the University of Kansas.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.28 34.47 8.59 8.92