FROST CREDIT FUND
Name
As of 04/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
2.0%
1 yr return
9.2%
3 Yr Avg Return
2.4%
5 Yr Avg Return
3.8%
Net Assets
$202 M
Holdings in Top 10
22.2%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.98%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 17.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$1,500
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
FCFAX - Profile
Distributions
- YTD Total Return 2.0%
- 3 Yr Annualized Total Return 2.4%
- 5 Yr Annualized Total Return 3.8%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 3.52%
- Dividend Yield 5.7%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameFROST CREDIT FUND
-
Fund Family NameFrost Funds
-
Inception DateDec 03, 2012
-
Shares Outstanding2128350
-
Share ClassInvestor
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJeffery Elswick
Fund Description
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities of U.S. and foreign corporate issuers, which will include corporate bonds, collateralized loan obligations and mortgage-backed and other asset-backed securities, and structured notes with economic characteristics similar to fixed income securities. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund will invest in callable bonds, as well as fixed income securities that pay a fixed or floating interest rate or interest that is payable in-kind or payable at maturity. The Fund will invest in high yield fixed income securities, also referred to as “junk” bonds, which are generally rated below BBB- by Standard & Poor’s Ratings Services or Fitch, Inc. or Baa3 by Moody’s Investor Service at the time of purchase or are unrated but judged to be of comparable quality by Frost Investment Advisors, LLC (the “Adviser” or “Frost”). The Fund may also enter into repurchase agreements. All securities in which the Fund invests will be denominated in U.S. dollars.
The Fund seeks to achieve its objective through a combination of active portfolio management, sector weightings and individual asset selection with a focus on relative value opportunities. In selecting assets for the Fund, the Adviser uses a top-down approach to analyze industry fundamentals and select individual securities based on its view of their relative value and sensitivity to anticipated interest rate movement. The Adviser will also consider its view of the yield curve and the potential for individual securities to produce consistent income. The Adviser expects that a substantial portion of the Fund’s returns will be derived from credit risk, rather than interest rate risk. The Adviser will manage the Fund balancing the emphasis between interest rate and credit risk dependent on its view of economic growth prospects, interest rate predictions and relative value assessments. The Adviser expects the Fund to own assets that represent a range of credit quality from investment grade to below investment grade in varying degrees dependent on expected market conditions.
FCFAX - Performance
Return Ranking - Trailing
Period | FCFAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.0% | -4.7% | 10.2% | 3.09% |
1 Yr | 9.2% | -3.1% | 23.7% | 1.28% |
3 Yr | 2.4%* | -6.7% | 4.1% | 2.23% |
5 Yr | 3.8%* | -4.4% | 4.3% | 1.20% |
10 Yr | 3.8%* | -19.2% | 169.6% | 1.15% |
* Annualized
Return Ranking - Calendar
Period | FCFAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.7% | -5.4% | 7.6% | 0.91% |
2022 | -12.2% | -17.7% | -2.6% | 96.47% |
2021 | 1.3% | -4.0% | 4.4% | 2.68% |
2020 | 2.2% | -8.3% | 7.6% | 37.25% |
2019 | 2.1% | -2.3% | 9.3% | 41.09% |
Total Return Ranking - Trailing
Period | FCFAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.0% | -4.7% | 10.2% | 3.09% |
1 Yr | 9.2% | -3.1% | 23.7% | 1.28% |
3 Yr | 2.4%* | -6.7% | 4.1% | 2.23% |
5 Yr | 3.8%* | -4.4% | 4.3% | 1.20% |
10 Yr | 3.8%* | -19.2% | 169.6% | 1.15% |
* Annualized
Total Return Ranking - Calendar
Period | FCFAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 11.2% | -1.1% | 15.2% | 1.09% |
2022 | -7.8% | -17.3% | -1.3% | 92.95% |
2021 | 5.1% | -2.7% | 7.7% | 2.49% |
2020 | 6.2% | -4.4% | 14.5% | 10.39% |
2019 | 6.6% | 0.6% | 12.6% | 9.72% |
NAV & Total Return History
FCFAX - Holdings
Concentration Analysis
FCFAX | Category Low | Category High | FCFAX % Rank | |
---|---|---|---|---|
Net Assets | 202 M | 14.5 K | 57.3 B | 79.42% |
Number of Holdings | 137 | 2 | 9251 | 81.41% |
Net Assets in Top 10 | 43.6 M | 1.16 M | 6.6 B | 76.53% |
Weighting of Top 10 | 22.25% | 1.8% | 108.7% | 59.39% |
Top 10 Holdings
- TRI PARTY OVERNIGHT REPO REPURCHASE AGREEMENT 6.13%
- BROWN BROTHERS HARRIMAN SWEEP INTEREST 3.18%
- BRUNDAGE-BONE CONCRETE PUMPING HOLDINGS INC 144A 6.000000% 02/01/2026 2.06%
- RACE POINT IX CLO LTD RACEP 2015-9A BR 2.02%
- GOLDENTREE LOAN MANAGEMENT US CLO 19 LTD GLM 2024-19A B 1.53%
- MCF CLO VIII LTD MCFCL 2018-1A B 1.51%
- KYNDRYL HOLDINGS INC 4.100000% 10/15/2041 1.49%
- GOLUB CAPITAL PARTNERS CLO 21M LTD GOCAP 2014-21A CR 1.48%
- APX GROUP INC 144A 5.750000% 07/15/2029 1.45%
- T-MOBILE USA INC 3.500000% 04/15/2031 1.40%
Asset Allocation
Weighting | Return Low | Return High | FCFAX % Rank | |
---|---|---|---|---|
Bonds | 93.45% | 0.00% | 130.68% | 35.02% |
Other | 6.13% | -0.97% | 72.36% | 48.38% |
Cash | 3.18% | -20.59% | 62.18% | 39.53% |
Convertible Bonds | 1.42% | 0.00% | 27.71% | 72.33% |
Preferred Stocks | 0.02% | 0.00% | 22.27% | 10.29% |
Stocks | 0.00% | 0.00% | 103.64% | 24.73% |
Stock Sector Breakdown
Weighting | Return Low | Return High | FCFAX % Rank | |
---|---|---|---|---|
Industrials | 100.00% | 0.00% | 100.00% | 1.59% |
Utilities | 0.00% | 0.00% | 81.48% | 30.16% |
Technology | 0.00% | 0.00% | 24.45% | 31.75% |
Real Estate | 0.00% | 0.00% | 8.31% | 34.92% |
Healthcare | 0.00% | 0.00% | 23.11% | 26.98% |
Financial Services | 0.00% | 0.00% | 100.00% | 57.14% |
Energy | 0.00% | 0.00% | 100.00% | 71.43% |
Communication Services | 0.00% | 0.00% | 65.64% | 44.44% |
Consumer Defense | 0.00% | 0.00% | 21.37% | 25.40% |
Consumer Cyclical | 0.00% | 0.00% | 10.75% | 30.16% |
Basic Materials | 0.00% | 0.00% | 22.71% | 26.98% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | FCFAX % Rank | |
---|---|---|---|---|
US | 0.00% | 0.00% | 103.64% | 24.73% |
Non US | 0.00% | 0.00% | 0.02% | 6.14% |
Bond Sector Breakdown
Weighting | Return Low | Return High | FCFAX % Rank | |
---|---|---|---|---|
Securitized | 54.55% | 0.00% | 97.27% | 5.42% |
Corporate | 44.57% | 0.00% | 100.00% | 42.68% |
Cash & Equivalents | 3.18% | 0.00% | 62.18% | 36.28% |
Derivative | 0.00% | -0.55% | 28.01% | 51.62% |
Municipal | 0.00% | 0.00% | 17.46% | 55.52% |
Government | 0.00% | 0.00% | 73.63% | 94.39% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | FCFAX % Rank | |
---|---|---|---|---|
US | 93.45% | 0.00% | 130.68% | 29.96% |
Non US | 0.00% | 0.00% | 83.16% | 22.92% |
FCFAX - Expenses
Operational Fees
FCFAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.98% | 0.01% | 3.24% | 25.87% |
Management Fee | 0.50% | 0.00% | 1.19% | 85.20% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 27.18% |
Administrative Fee | N/A | 0.01% | 0.50% | N/A |
Sales Fees
FCFAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.50% | 5.75% | N/A |
Deferred Load | N/A | 0.50% | 4.00% | N/A |
Trading Fees
FCFAX 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.
FCFAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 17.00% | 2.00% | 500.00% | 2.06% |
FCFAX - Distributions
Dividend Yield Analysis
FCFAX | Category Low | Category High | FCFAX % Rank | |
---|---|---|---|---|
Dividend Yield | 5.72% | 0.00% | 10.76% | 2.17% |
Dividend Distribution Analysis
FCFAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
FCFAX | Category Low | Category High | FCFAX % Rank | |
---|---|---|---|---|
Net Income Ratio | 3.52% | -1.27% | 4.98% | 0.92% |
Capital Gain Distribution Analysis
FCFAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 28, 2024 | $0.044 | OrdinaryDividend |
Feb 29, 2024 | $0.044 | OrdinaryDividend |
Jan 31, 2024 | $0.046 | OrdinaryDividend |
Dec 29, 2023 | $0.048 | OrdinaryDividend |
Nov 30, 2023 | $0.046 | OrdinaryDividend |
Oct 31, 2023 | $0.048 | OrdinaryDividend |
Sep 29, 2023 | $0.039 | OrdinaryDividend |
Aug 31, 2023 | $0.054 | OrdinaryDividend |
Jul 31, 2023 | $0.044 | OrdinaryDividend |
Jun 30, 2023 | $0.046 | OrdinaryDividend |
May 31, 2023 | $0.050 | OrdinaryDividend |
Apr 28, 2023 | $0.042 | OrdinaryDividend |
Mar 31, 2023 | $0.047 | OrdinaryDividend |
Feb 28, 2023 | $0.041 | OrdinaryDividend |
Jan 31, 2023 | $0.044 | OrdinaryDividend |
Dec 30, 2022 | $0.046 | OrdinaryDividend |
Nov 30, 2022 | $0.044 | OrdinaryDividend |
Oct 31, 2022 | $0.037 | OrdinaryDividend |
Sep 30, 2022 | $0.038 | OrdinaryDividend |
Aug 31, 2022 | $0.042 | OrdinaryDividend |
Jul 29, 2022 | $0.035 | OrdinaryDividend |
Jun 30, 2022 | $0.039 | OrdinaryDividend |
May 31, 2022 | $0.034 | OrdinaryDividend |
Apr 29, 2022 | $0.032 | OrdinaryDividend |
Mar 31, 2022 | $0.037 | OrdinaryDividend |
Feb 28, 2022 | $0.030 | OrdinaryDividend |
Jan 31, 2022 | $0.026 | OrdinaryDividend |
Dec 31, 2021 | $0.030 | OrdinaryDividend |
Nov 30, 2021 | $0.029 | OrdinaryDividend |
Oct 29, 2021 | $0.027 | OrdinaryDividend |
Sep 30, 2021 | $0.029 | OrdinaryDividend |
Aug 31, 2021 | $0.041 | OrdinaryDividend |
Jul 30, 2021 | $0.030 | OrdinaryDividend |
Jun 30, 2021 | $0.031 | OrdinaryDividend |
May 28, 2021 | $0.027 | OrdinaryDividend |
Apr 30, 2021 | $0.029 | OrdinaryDividend |
Mar 31, 2021 | $0.035 | OrdinaryDividend |
Feb 26, 2021 | $0.028 | OrdinaryDividend |
Jan 29, 2021 | $0.029 | OrdinaryDividend |
Dec 31, 2020 | $0.035 | OrdinaryDividend |
Nov 30, 2020 | $0.028 | OrdinaryDividend |
Oct 30, 2020 | $0.030 | OrdinaryDividend |
Sep 30, 2020 | $0.032 | OrdinaryDividend |
Aug 31, 2020 | $0.027 | OrdinaryDividend |
Jul 31, 2020 | $0.030 | OrdinaryDividend |
Jun 30, 2020 | $0.034 | OrdinaryDividend |
May 29, 2020 | $0.022 | OrdinaryDividend |
Apr 30, 2020 | $0.033 | OrdinaryDividend |
Mar 31, 2020 | $0.033 | OrdinaryDividend |
Feb 28, 2020 | $0.030 | OrdinaryDividend |
Jan 31, 2020 | $0.032 | OrdinaryDividend |
Dec 31, 2019 | $0.036 | OrdinaryDividend |
Nov 29, 2019 | $0.030 | OrdinaryDividend |
May 31, 2019 | $0.037 | OrdinaryDividend |
Apr 30, 2019 | $0.038 | OrdinaryDividend |
Mar 29, 2019 | $0.036 | OrdinaryDividend |
Feb 28, 2019 | $0.035 | OrdinaryDividend |
Jan 31, 2019 | $0.056 | OrdinaryDividend |
Dec 31, 2018 | $0.038 | OrdinaryDividend |
Nov 30, 2018 | $0.037 | OrdinaryDividend |
Oct 31, 2018 | $0.041 | OrdinaryDividend |
Sep 28, 2018 | $0.034 | OrdinaryDividend |
Aug 31, 2018 | $0.038 | OrdinaryDividend |
Jul 31, 2018 | $0.040 | OrdinaryDividend |
Jun 29, 2018 | $0.036 | OrdinaryDividend |
May 31, 2018 | $0.040 | OrdinaryDividend |
Apr 30, 2018 | $0.035 | OrdinaryDividend |
Mar 29, 2018 | $0.034 | OrdinaryDividend |
Feb 28, 2018 | $0.033 | OrdinaryDividend |
Jan 31, 2018 | $0.038 | OrdinaryDividend |
Dec 29, 2017 | $0.040 | OrdinaryDividend |
Nov 30, 2017 | $0.036 | OrdinaryDividend |
Oct 31, 2017 | $0.040 | OrdinaryDividend |
Sep 29, 2017 | $0.035 | OrdinaryDividend |
Aug 31, 2017 | $0.039 | OrdinaryDividend |
Jul 31, 2017 | $0.034 | OrdinaryDividend |
Jun 30, 2017 | $0.035 | OrdinaryDividend |
May 31, 2017 | $0.031 | OrdinaryDividend |
Apr 28, 2017 | $0.036 | OrdinaryDividend |
Mar 31, 2017 | $0.044 | OrdinaryDividend |
Feb 28, 2017 | $0.039 | OrdinaryDividend |
Jan 31, 2017 | $0.045 | OrdinaryDividend |
Dec 30, 2016 | $0.032 | OrdinaryDividend |
Nov 30, 2016 | $0.044 | OrdinaryDividend |
Oct 31, 2016 | $0.041 | OrdinaryDividend |
Sep 30, 2016 | $0.046 | OrdinaryDividend |
Aug 31, 2016 | $0.043 | OrdinaryDividend |
Jul 29, 2016 | $0.036 | OrdinaryDividend |
Jun 30, 2016 | $0.043 | OrdinaryDividend |
May 31, 2016 | $0.039 | OrdinaryDividend |
Apr 29, 2016 | $0.035 | OrdinaryDividend |
Mar 31, 2016 | $0.039 | OrdinaryDividend |
Feb 29, 2016 | $0.037 | OrdinaryDividend |
Jan 29, 2016 | $0.035 | OrdinaryDividend |
Dec 31, 2015 | $0.044 | OrdinaryDividend |
Nov 30, 2015 | $0.035 | OrdinaryDividend |
Oct 30, 2015 | $0.039 | OrdinaryDividend |
Sep 30, 2015 | $0.037 | OrdinaryDividend |
Sep 01, 2015 | $0.037 | OrdinaryDividend |
Aug 03, 2015 | $0.039 | OrdinaryDividend |
Jul 01, 2015 | $0.041 | OrdinaryDividend |
Jun 01, 2015 | $0.037 | OrdinaryDividend |
May 01, 2015 | $0.037 | OrdinaryDividend |
Apr 01, 2015 | $0.043 | OrdinaryDividend |
Mar 02, 2015 | $0.033 | OrdinaryDividend |
Feb 02, 2015 | $0.039 | OrdinaryDividend |
Dec 31, 2014 | $0.042 | OrdinaryDividend |
Dec 01, 2014 | $0.037 | OrdinaryDividend |
Nov 03, 2014 | $0.040 | OrdinaryDividend |
Oct 01, 2014 | $0.036 | OrdinaryDividend |
Sep 02, 2014 | $0.038 | OrdinaryDividend |
Aug 01, 2014 | $0.037 | OrdinaryDividend |
Jul 01, 2014 | $0.039 | OrdinaryDividend |
Jun 02, 2014 | $0.038 | OrdinaryDividend |
May 01, 2014 | $0.035 | OrdinaryDividend |
Apr 01, 2014 | $0.032 | OrdinaryDividend |
Mar 03, 2014 | $0.035 | OrdinaryDividend |
Feb 03, 2014 | $0.044 | OrdinaryDividend |
Dec 19, 2013 | $0.026 | OrdinaryDividend |
Dec 02, 2013 | $0.030 | OrdinaryDividend |
Nov 01, 2013 | $0.025 | OrdinaryDividend |
Oct 01, 2013 | $0.039 | OrdinaryDividend |
Sep 03, 2013 | $0.040 | OrdinaryDividend |
Aug 01, 2013 | $0.044 | OrdinaryDividend |
Jul 01, 2013 | $0.032 | OrdinaryDividend |
Jun 03, 2013 | $0.034 | OrdinaryDividend |
May 01, 2013 | $0.042 | OrdinaryDividend |
Apr 01, 2013 | $0.025 | OrdinaryDividend |
Mar 01, 2013 | $0.020 | OrdinaryDividend |
Feb 01, 2013 | $0.011 | OrdinaryDividend |
FCFAX - Fund Manager Analysis
Managers
Jeffery Elswick
Start Date
Tenure
Tenure Rank
Dec 03, 2012
9.5
9.5%
Jeffery joined Frost Bank, the parent company of Frost Investment Advisors, LLC, in 2006 and has over 18 years of investment experience. His primary responsibilities include managing all trading and analysis for the fixed income efforts. Today, Jeffery draws on his experience to lead the fixed income investment strategy and oversees a team of traders and analysts in the research process. Jeffery provides thought leadership on the economy and investment climate to clients and the firm. Prior to joining the Adviser, Jeffery served as a fixed income portfolio manager, analyst and trader at Capital One Financial Corporation for six years. He received a Master of Science in Finance degree from Texas A&M University and a Bachelor of Business Administration in Finance and Accounting degree from Texas A&M University – Commerce.
Tim Tucker
Start Date
Tenure
Tenure Rank
Nov 28, 2015
6.51
6.5%
Tim Tucker joined Frost Investment Advisors, LLC in February 2011 and has more than 21 years of investment experience. Tim’s specialization includes credit analysis of high grade and high yield corporate bonds and structured products. He is a Co-Manager of the Frost Credit Fund and responsible for developing strategic and tactical views on sector allocation as well as security selection. Prior to joining the Adviser, he was a Director at THL Credit (the credit affiliate of Thomas H. Lee Partners, a private equity firm with more than $20 billion of capital under management) responsible for sourcing, structuring, underwriting, and monitoring of leveraged loans, high yield bonds, and mezzanine debt. Prior to THL, he was a Vice President of the Leveraged Capital Group at AIG responsible for sourcing, structuring, underwriting and monitoring first lien (non-syndicated), second lien, and traditional mezzanine financings for a global insurance company that managed a $550 billion fixed income portfolio. Previously, Tim was a Vice President at Kinsman Capital, LLC, a private equity firm that focused on leveraged buyouts of middle-market companies. Tim earned a Bachelor of Business Administration degree in Finance and a minor in Statistics, and graduated Cum Laude with honors from Southern Methodist University.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.07 | 28.77 | 6.14 | 2.41 |