Kensington Dynamic Growth Fund
Fund
KAGIX
Price as of:
$11.75
- $0.00
- 0.00%
Primary Theme
fund company
Name
As of 12/24/2024Price
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
Vitals
YTD Return
2.0%
1 yr return
1.8%
3 Yr Avg Return
2.4%
5 Yr Avg Return
N/A
Net Assets
$1.2 B
Holdings in Top 10
100.7%
52 WEEK LOW AND HIGH
$11.8
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.43%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$25,000
IRA
$25,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/24/2024Price
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
KAGIX - Profile
Distributions
- YTD Total Return 2.0%
- 3 Yr Annualized Total Return 2.4%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.73%
- Dividend Yield 2.1%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameKensington Dynamic Growth Fund
-
Fund Family NameQuantified Funds
-
Inception DateOct 23, 2020
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerBruce DeLaurentis
Fund Description
The Fund is designed to provide equity-like returns, but with the potential to reduce volatility and drawdown (i.e., the risk of a decline in investment value during a decline in the U.S. equity markets) that comes with passive investment in equities. Kensington Asset Management, LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing the Fund’s assets to gain exposure to (i) domestic equity securities or (ii) cash, cash equivalents, and U.S. Treasury securities based on a proprietary “Dynamic Growth Model” that looks at trends in the U.S. equity market. The Dynamic Growth Model uses daily price information with respect to multiple broad-based U.S. equity indices (e.g., open, close, high, and low prices) to identify and evaluate market trends and volatility to determine whether market conditions favor a “Risk-On” portfolio exposed to U.S. equity securities or a “Risk-Off” portfolio exposed to cash, cash equivalents, or U.S. Treasury securities. The Dynamic Growth Model looks for trends developing over multiple time periods (e.g., weeks, months, or years) to signal a change from Risk-On to Risk-Off or vice versa, and the Adviser will generally turn over approximately 100% of the portfolio’s exposures when the Dynamic Growth Model signals a change. Depending on market conditions, such turnover from Risk-On to Risk-Off or vice versa may take up to several days to a week, and the Fund may have significant portfolio turnover from year to year. The Adviser generally expects such changes to occur approximately eight to twelve times annually based on historic trends in the U.S. equity market.
In its Risk-On position, the Fund will gain exposure to equity securities primarily by investing in one or more of the following investment types (1) exchange-traded funds (“ETFs”) (“underlying funds”) that track the returns of a broad-based U.S. equity market index, (2) individual equity securities, and/or (3) equity index futures. The types of investments used to gain the Fund’s exposures to equity securities (i.e., other mutual funds and ETFs, individual equity securities, futures, etc.), and the allocation to each, is determined by several factors related to each investment type when the investment is made, including but not limited to, capacity constraints, the expected duration of the trade, fees or commissions, and the quality of beta (i.e., sensitivity to the securities markets) offered by the investment type. The use of futures contracts is just one option that the Fund may use and such use is determined in the same manner as the other investments.
The Fund’s equity exposure may include companies of any market capitalization, and equity indices to which the Fund gains exposure may be based on certain factors, such as value- or growth-oriented companies. The specific equity securities in which the Fund invests or has exposure to is determined by the Adviser’s systematic investment approach, which takes into account several key elements, including but not limited to, the evaluation of relative value and prevailing trends between value and growth equities, along with the current and anticipated market environment. The Fund may also take short positions from time to time to hedge or offset existing long positions. In its Risk-Off position, the Fund will primarily hold cash or cash equivalents or invest directly or indirectly in underlying funds that invest in U.S. Treasury securities of various maturities. The Fund may also take short positions in the Risk-Off position to offset existing long holdings from when the Fund was in the Risk-On position.
The Dynamic Growth Model is built upon a core of trend-following logic that generates signals on a weekly basis. To avoid generating false signals directing a change to or from a Risk-On or Risk-Off state, the model also employs noise-filtering enhancements to dampen the distorting impact of short-term price aberrations that are characteristic of volatile markets. This noise filter operates by causing the model to disregard relatively large short-term changes in inputs that are not indicative of a longer-term trend. For example, the model considers short-term data that is not supported by longer-term trends as indicative of “noise”. The model also seeks to mitigate such noise by being run on a weekly, rather than daily basis. Additionally, the model employs certain counter-trend indicators that seek to identify when the equity market is overbought or oversold independent of whether the model anticipates a favorable or unfavorable equity market. For example, if the model determines that market conditions are favorable for equities, but equities are overbought, the model would signal a “Risk-Off” position. To the contrary, if the model determines that market conditions are not favorable for equities, but equities are oversold, the model would signal a “Risk-On” position.
In selecting underlying funds, the Adviser considers the performance, relative fees, management experience, and underlying portfolio composition and strategy of such underlying funds. The Fund is non-diversified, which means it may invest a high percentage of its assets in a limited number of securities.
The Fund may lend its portfolio securities to brokers, dealers, and other financial organizations. These loans, if and when made, may not exceed 33 1/3% of the total asset value of the Fund (including the loan collateral). By lending its securities, the Fund may increase its income by receiving payments from the borrower.
KAGIX - Performance
Return Ranking - Trailing
| Period | KAGIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.0% | -5.3% | 34.1% | 89.77% |
| 1 Yr | 1.8% | -4.9% | 34.9% | 91.16% |
| 3 Yr | 2.4%* | -19.2% | 12.9% | 29.11% |
| 5 Yr | N/A* | -12.5% | 21.9% | N/A |
| 10 Yr | N/A* | -5.7% | 9.2% | N/A |
* Annualized
Return Ranking - Calendar
| Period | KAGIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 14.2% | -18.9% | 60.2% | 12.15% |
| 2022 | -9.6% | -48.5% | 0.1% | 13.15% |
| 2021 | 11.8% | -19.0% | 48.3% | 14.62% |
| 2020 | N/A | -16.5% | 52.8% | N/A |
| 2019 | N/A | -8.5% | 26.6% | N/A |
Total Return Ranking - Trailing
| Period | KAGIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.0% | -5.3% | 34.1% | 89.77% |
| 1 Yr | 1.8% | -4.9% | 34.9% | 91.16% |
| 3 Yr | 2.4%* | -19.2% | 12.9% | 29.11% |
| 5 Yr | N/A* | -12.5% | 21.9% | N/A |
| 10 Yr | N/A* | -5.7% | 9.2% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | KAGIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 15.6% | -11.7% | 61.8% | 13.08% |
| 2022 | -8.7% | -48.5% | 4.6% | 21.60% |
| 2021 | 11.8% | -14.2% | 48.3% | 50.00% |
| 2020 | N/A | -11.7% | 77.4% | N/A |
| 2019 | N/A | -3.9% | 28.4% | N/A |
NAV & Total Return History
KAGIX - Holdings
Concentration Analysis
| KAGIX | Category Low | Category High | KAGIX % Rank | |
|---|---|---|---|---|
| Net Assets | 1.2 B | 2.31 M | 12 B | 15.35% |
| Number of Holdings | 6 | 2 | 2477 | 95.81% |
| Net Assets in Top 10 | 1.02 B | 1.55 M | 9.57 B | 17.21% |
| Weighting of Top 10 | 100.66% | 20.0% | 134.8% | 3.26% |
Top 10 Holdings
- US BANK MMDA - USBGFS 9 84.61%
- Vanguard Intermediate-Term Treasury ETF 6.54%
- Vanguard Short-Term Treasury ETF 4.35%
- iShares 3-7 Year Treasury Bond ETF 4.06%
- Mount Vernon Liquid Assets Portfolio, LLC 0.61%
- United States Treasury Bill 0.50%
Asset Allocation
| Weighting | Return Low | Return High | KAGIX % Rank | |
|---|---|---|---|---|
| Cash | 85.22% | -33.22% | 90.14% | 0.93% |
| Stocks | 14.94% | 0.00% | 133.08% | 88.84% |
| Bonds | 0.50% | 0.00% | 106.59% | 37.21% |
| Preferred Stocks | 0.00% | -0.16% | 5.36% | 21.86% |
| Other | 0.00% | -29.71% | 154.73% | 45.58% |
| Convertible Bonds | 0.00% | 0.00% | 8.92% | 60.47% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | KAGIX % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 91.12% | 69.88% |
| Technology | 0.00% | 0.00% | 85.77% | 12.05% |
| Real Estate | 0.00% | 0.00% | 99.45% | 55.02% |
| Industrials | 0.00% | 0.00% | 23.85% | 76.31% |
| Healthcare | 0.00% | 0.00% | 38.63% | 74.30% |
| Financial Services | 0.00% | 0.00% | 98.22% | 71.49% |
| Energy | 0.00% | 0.00% | 60.89% | 27.31% |
| Communication Services | 0.00% | 0.00% | 21.61% | 10.44% |
| Consumer Defense | 0.00% | 0.00% | 37.51% | 69.88% |
| Consumer Cyclical | 0.00% | 0.00% | 25.83% | 14.86% |
| Basic Materials | 0.00% | 0.00% | 56.73% | 67.87% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | KAGIX % Rank | |
|---|---|---|---|---|
| US | 14.94% | 0.00% | 133.08% | 87.91% |
| Non US | 0.00% | -1.94% | 37.95% | 33.49% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | KAGIX % Rank | |
|---|---|---|---|---|
| Cash & Equivalents | 85.21% | 0.00% | 89.61% | 0.93% |
| Government | 59.97% | 0.00% | 99.78% | 18.60% |
| Derivative | 0.00% | -19.74% | 154.73% | 45.12% |
| Securitized | 0.00% | 0.00% | 52.99% | 58.14% |
| Corporate | 0.00% | 0.00% | 95.17% | 73.02% |
| Municipal | 0.00% | 0.00% | 19.13% | 45.12% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | KAGIX % Rank | |
|---|---|---|---|---|
| US | 0.50% | 0.00% | 92.67% | 37.21% |
| Non US | 0.00% | 0.00% | 22.55% | 30.23% |
KAGIX - Expenses
Operational Fees
| KAGIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.43% | 0.45% | 10.24% | 64.19% |
| Management Fee | 1.25% | 0.00% | 1.50% | 90.23% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 7.04% |
| Administrative Fee | N/A | 0.05% | 0.70% | N/A |
Sales Fees
| KAGIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
| KAGIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.50% | 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.
| KAGIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 1.75% | 441.00% | 89.45% |
KAGIX - Distributions
Dividend Yield Analysis
| KAGIX | Category Low | Category High | KAGIX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.14% | 0.00% | 24.95% | 68.84% |
Dividend Distribution Analysis
| KAGIX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | Annual | Quarterly | Annual |
Net Income Ratio Analysis
| KAGIX | Category Low | Category High | KAGIX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.73% | -2.01% | 13.72% | 80.47% |
Capital Gain Distribution Analysis
| KAGIX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Sep 27, 2024 | $0.063 | OrdinaryDividend |
| Jun 27, 2024 | $0.057 | OrdinaryDividend |
| Mar 28, 2024 | $0.029 | OrdinaryDividend |
| Sep 28, 2023 | $0.052 | OrdinaryDividend |
| Jun 29, 2023 | $0.015 | OrdinaryDividend |
| Mar 30, 2023 | $0.061 | OrdinaryDividend |
| Dec 29, 2022 | $0.101 | OrdinaryDividend |
| Dec 23, 2020 | $0.037 | OrdinaryDividend |
KAGIX - Fund Manager Analysis
Managers
Bruce DeLaurentis
Start Date
Tenure
Tenure Rank
Oct 23, 2020
1.6
1.6%
Mr. DeLaurentis’ investment experience began in 1969 as an active trader and student of the stock market. In 1977 he became a registered representative with Underwood, Neuhaus & Co. in Dallas, TX. He adopted the Kensington name in 1984. The firm specializes in developing quantitative decision models that apply to the equity and fixed income markets and has licensed these models to a variety of financial firms over the years. Kensington received the highest national ranking for equity market performance by MoniResearch Newsletter, an independent rating service, for the period 1984 to 1987. Starting in 1992, he shifted focus to high-yield corporate bonds using separately managed accounts. He is a founding member of The National Association of Active Investment Managers (NAAIM). Since 1992, Mr. DeLaurentis has guided the Kensington Managed Income program through two major bear markets, 2000 to 2002, and 2007 to 2009 with positive outcomes in both instances. Over that time, Managed Income has compiled one of the best track records in the U.S. for a tactical high-yield bond strategy. All of the quantitative/mathematical algorithms that drive Managed Income were created by Mr. DeLaurentis who is now broadening the product suite at Kensington. The new product suite includes several equity products along with the firm’s fixed-income offerings. Mr. DeLaurentis is spearheading a new growth cycle at Kensington which entails moving the company onto an array of institutional platforms so that a broader cross-section of the investment community will be able to access Kensington’s elite risk-mitigated outcomes. He attended the Massachusetts Institute of Technology and graduated in 1975 from Hofstra University in New York with a bachelor’s degree in economics. He was a chief warrant officer in the U.S. Army and served as a helicopter pilot. Following a tour in Vietnam from 1967 to 1968, he served as an instructor pilot. Mr. DeLaurentis is currently an Investment Advisor Representative with Advisors Preferred, LLC.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.07 | 33.83 | 6.69 | 13.0 |