Emerald Finance and Banking Innovation Fund
Name
As of 03/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-3.8%
1 yr return
25.9%
3 Yr Avg Return
-20.0%
5 Yr Avg Return
-3.3%
Net Assets
$50.3 M
Holdings in Top 10
28.4%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.89%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 171.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
FFBFX - Profile
Distributions
- YTD Total Return -3.8%
- 3 Yr Annualized Total Return -20.0%
- 5 Yr Annualized Total Return -3.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.11%
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameEmerald Finance and Banking Innovation Fund
-
Fund Family NameALPS Advised Funds
-
Inception DateMar 16, 2010
-
Shares Outstanding613265
-
Share ClassInvestor
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerKenneth Mertz
Fund Description
The Emerald Finance and Banking Innovation Fund has adopted an investment policy that it will, under normal conditions, invest at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in stocks (both common and preferred) of companies principally engaged in banking or financial services, and collective investment vehicles such as mutual funds and exchange-traded funds that invest in companies that are principally engaged in banking and financial services as denoted by being classified as within the Banks, Financial Services, Insurance, or, exclusively with respect to holdings from prior to January 1, 2019, Real Estate SuperSectors; or within the Transaction Processing Services SubSector (as determined by the Russell Industry Classification Benchmark). This requirement is applied at the time the Fund invests its assets. The Emerald Finance and Banking Innovation Fund’s policy to invest at least 80% of its assets in such a manner is non-fundamental, which means that it may be changed without shareholder approval.
The Fund can invest in companies from a wide range of industries and of various sizes. The Fund will invest primarily in mid and small-size companies, at the time of purchase. The Adviser typically defines mid and small-size companies as those having a market capitalization equal to or less than that of the largest companies in the Russell 2500 Index. As of June 23, 2023, the Russell 2500 Index included securities issued by companies that ranged in size between $267 million and $27.1 billion. Micro-cap stocks are not a principal investment strategy of the Fund. While the non-fundamental policy described above allows for the Fund to invest in companies that are principally engaged in either banking or financial services, the Fund has adopted a fundamental policy that it will invest not less than25% of its net assets in securities of companies principally engaged in the banking industry and not less than 25% of its net assets in securities of companies principally engaged in the financial services industry. For purposes of this fundamental policy, a company is defined as being in the banking or financial services industries if such company is classified as within the Banks, Financial Services, Insurance, or, exclusively with respect to holdings from prior to January 1, 2019, Real Estate SuperSectors; or within the Transaction Processing Services SubSector (as determined by the Russell Industry Classification Benchmark).
Companies in the banking industry are defined to include U.S. and foreign commercial and industrial banking and savings institutions and their parent holding companies. Companies in the financial services industry are defined to include commercial and industrial finance companies, diversified financial services companies, investment banking, securities brokerage and investment advisory companies, mortgage real estate investment trusts, insurance and insurance holding companies, leasing companies, and companies engaged in financial technology-related activities including decentralized finance and distributed ledger technology.
Financial technology is the application of new technological advancements to products and services in the financial industry, seeking to improve and automate the delivery and use of financial services. Financial technology helps companies and consumers better manage their financial operations by utilizing specialized software. Financial technology companies compete with traditional financial methods in the delivery of financial services. Mobile banking, peer-to-peer lending, decentralized ledger technology and cryptocurrency are examples of financial technology.
The Fund may invest in stocks of special purpose acquisition companies (“SPACs”). The Fund does not target a particular form of SPAC, with the exception that the SPAC must have identified an acquisition target at or prior to the time of the Fund’s investment, and such target must be consistent with the ICB SuperSectors or SubSector outlined above.
Emerald Mutual Fund Advisers Trust (“Emerald” or the “Adviser”) applies the theme of innovation to these investment guidelines by pursuing companies that the Adviser believes are reinventing/redesigning existing products/services thereby generating value for their customers, creating a competitive advantage and driving business growth.
The Adviser utilizes a growth approach to choosing securities based upon fundamental research which attempts to identify companies whose earnings growth rate exceeds that of their peer group, exhibit a competitive advantage in niche markets, or do not receive significant coverage from other institutional investors.
The Fund generally sells investments when the Adviser concludes that better investment opportunities exist in other securities, the security is fully valued, or the issuer’s circumstances or the political or economic outlook have changed.
There are no limitations with respect to the type of REITs in which the Fund may invest.
At this time, the Fund will not invest directly in cryptocurrencies or initial coin offerings.
FFBFX - Performance
Return Ranking - Trailing
Period | FFBFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -3.8% | -11.0% | 17.3% | 89.01% |
1 Yr | 25.9% | 7.7% | 43.3% | 80.22% |
3 Yr | -20.0%* | -20.7% | 17.7% | 100.00% |
5 Yr | -3.3%* | -5.8% | 19.5% | 97.80% |
10 Yr | 1.9%* | -1.1% | 13.6% | 97.30% |
* Annualized
Return Ranking - Calendar
Period | FFBFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 15.6% | -12.2% | 29.3% | 13.19% |
2022 | -55.9% | -56.2% | 9.4% | 98.90% |
2021 | 23.4% | 1.6% | 54.4% | 68.48% |
2020 | 11.9% | -41.2% | 61.3% | 9.78% |
2019 | 20.5% | 10.5% | 97.3% | 71.74% |
Total Return Ranking - Trailing
Period | FFBFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -3.8% | -11.0% | 17.3% | 89.01% |
1 Yr | 25.9% | 7.7% | 43.3% | 80.22% |
3 Yr | -20.0%* | -20.7% | 17.7% | 100.00% |
5 Yr | -3.3%* | -5.8% | 19.5% | 97.80% |
10 Yr | 1.9%* | -1.1% | 13.6% | 97.30% |
* Annualized
Total Return Ranking - Calendar
Period | FFBFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 15.6% | -8.5% | 32.0% | 28.57% |
2022 | -55.9% | -56.2% | 11.4% | 98.90% |
2021 | 35.9% | 18.8% | 56.8% | 29.35% |
2020 | 11.9% | -41.2% | 61.3% | 13.04% |
2019 | 20.5% | 12.8% | 101.7% | 85.87% |
NAV & Total Return History
FFBFX - Holdings
Concentration Analysis
FFBFX | Category Low | Category High | FFBFX % Rank | |
---|---|---|---|---|
Net Assets | 50.3 M | 1.03 M | 30.3 B | 68.82% |
Number of Holdings | 82 | 26 | 412 | 23.91% |
Net Assets in Top 10 | 15.9 M | 456 K | 18.4 B | 73.91% |
Weighting of Top 10 | 28.42% | 18.0% | 84.7% | 81.52% |
Top 10 Holdings
- Finwise Bancorp 4.90%
- Western Alliance Bancorp 3.48%
- Community Heritage Financial, Inc. 3.19%
- Kinsale Capital Group, Inc. 2.75%
- Northeast Bancorp 2.73%
- Skyward Specialty Insurance Group, Inc. 2.39%
- Metropolitan Bank Holding Corp. 2.36%
- First Citizens BancShares, Inc., Class A 2.31%
- Mechanics Bank/Walnut Creek CA 2.19%
- First Horizon National Corp. 2.12%
Asset Allocation
Weighting | Return Low | Return High | FFBFX % Rank | |
---|---|---|---|---|
Stocks | 99.36% | 87.39% | 107.75% | 41.30% |
Cash | 1.01% | -8.24% | 32.40% | 51.09% |
Other | 0.00% | -1.65% | 2.20% | 27.17% |
Preferred Stocks | 0.00% | 0.00% | 3.05% | 17.39% |
Convertible Bonds | 0.00% | 0.00% | 0.10% | 4.35% |
Bonds | 0.00% | 0.00% | 2.83% | 15.22% |
Stock Sector Breakdown
Weighting | Return Low | Return High | FFBFX % Rank | |
---|---|---|---|---|
Financial Services | 85.58% | 46.33% | 100.00% | 82.61% |
Technology | 11.33% | 0.00% | 43.13% | 2.17% |
Real Estate | 2.89% | 0.00% | 40.95% | 19.57% |
Healthcare | 0.20% | 0.00% | 5.97% | 2.17% |
Utilities | 0.00% | 0.00% | 5.37% | 4.35% |
Industrials | 0.00% | 0.00% | 5.08% | 33.70% |
Energy | 0.00% | 0.00% | 6.18% | 4.35% |
Communication Services | 0.00% | 0.00% | 4.06% | 9.78% |
Consumer Defense | 0.00% | 0.00% | 4.66% | 5.43% |
Consumer Cyclical | 0.00% | 0.00% | 42.54% | 26.09% |
Basic Materials | 0.00% | 0.00% | 4.54% | 5.43% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | FFBFX % Rank | |
---|---|---|---|---|
US | 99.36% | 0.00% | 106.12% | 28.26% |
Non US | 0.00% | 0.00% | 99.15% | 40.22% |
FFBFX - Expenses
Operational Fees
FFBFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.89% | 0.08% | 11.17% | 20.65% |
Management Fee | 0.99% | 0.03% | 1.25% | 82.80% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 34.78% |
Administrative Fee | N/A | 0.10% | 0.34% | N/A |
Sales Fees
FFBFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
FFBFX 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.
FFBFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 171.00% | 3.00% | 406.00% | 91.36% |
FFBFX - Distributions
Dividend Yield Analysis
FFBFX | Category Low | Category High | FFBFX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 12.08% | 86.02% |
Dividend Distribution Analysis
FFBFX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annual | Quarterly | Annual |
Net Income Ratio Analysis
FFBFX | Category Low | Category High | FFBFX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.11% | -0.76% | 10.57% | 84.78% |
Capital Gain Distribution Analysis
FFBFX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
FFBFX - Fund Manager Analysis
Managers
Kenneth Mertz
Start Date
Tenure
Tenure Rank
Feb 18, 1997
25.3
25.3%
Mr. Mertz is Chief Investment Officer and President of Emerald Advisers, LLC and a member of the Small Cap Portfolio Management team. He is also a Co-Manager of the Emerald Banking & Finance Fund. Portfolio Manager, Emerald Financial Services Private Equity Fund I, LP.; past Trustee and Vice President of the Emerald Mutual Funds; Chief Investment Officer, PA State Employees’ Retirement System (1985-1992); Member, CFA Institute; past Member, Pennsylvania State University Research Foundation; past Trustee, Evangelical Lutheran Church in America Board of Pensions; past Trustee, Pennsylvania State University Endowment Council (1998-2004); and past Chair, President, & Director of Central Pennsylvania Investment Managers.
Steven Russell
Start Date
Tenure
Tenure Rank
Mar 15, 2012
10.22
10.2%
Mr. Russell is an Assistant Vice President for Emerald and Assistant Vice President of Emerald Advisers, Inc. Prior to re-joining Emerald Advisers, Inc. in 2005, Mr. Russell founded a registered investment adviser and served as Managing Director of a private equity firm. Mr. Russell served as a portfolio manager and officer of Emerald Advisers, Inc. from 1998 to 2004. He has also served as a portfolio manager for the Pennsylvania Public School Employee’s Retirement System.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 25.42 | 9.67 | 4.58 |