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Trending ETFs

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$10.12

$973 M

0.00%

$0.00

2.13%

Vitals

YTD Return

-4.2%

1 yr return

-2.8%

3 Yr Avg Return

3.3%

5 Yr Avg Return

N/A

Net Assets

$973 M

Holdings in Top 10

98.7%

52 WEEK LOW AND HIGH

$10.2
$10.12
$11.08

Expenses

OPERATING FEES

Expense Ratio 2.13%

SALES FEES

Front Load 4.75%

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$10.12

$973 M

0.00%

$0.00

2.13%

KAMAX - Profile

Distributions

  • YTD Total Return -4.2%
  • 3 Yr Annualized Total Return 1.6%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.31%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Kensington Managed Income Fund
  • Fund Family Name
    Advisors Preferred
  • Inception Date
    May 31, 2019
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Bruce DeLaurentis

Fund Description

Kensington Asset Management, LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by employing a fund-of-funds approach that achieves exposure to (i) high-yield, income-producing securities or to (ii) cash, cash equivalents, and U.S. Treasury securities based on a proprietary “Managed Income Model” that looks at trends and patterns in the high-yield fixed income market. The Managed Income Model uses daily inputs related to the prices of certain U.S. high-yield and long-term Treasury bond funds, U.S. equity market indices, and the number of NYSE-listed companies whose prices have increased and decreased each day to evaluate
whether market conditions favor a “Risk-On” portfolio exposed to high-yield securities or a “Risk-Off” portfolio exposed to cash, cash equivalents, or U.S. Treasury securities. Specifically, the model uses the following inputs:
The net asset values of certain U.S. high-yield bond funds
Prices of long-term U.S. Treasury bonds
The level of the NASDAQ Composite Index, a market capitalization weighted index of approximately 3,000 common equities listed on the NASDAQ stock exchange
The level of the Value Line Geometric Composite Index, an index of approximately 1,700 companies representing approximately 90% of the market capitalization of all U.S.-listed stocks with returns weighted to account for compounding of returns of time; and
The daily number of NYSE-listed companies with prices increasing or decreasing (the Advance/Decline Line).
The Managed Income Model looks for trends developing over 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 when the Managed Income Model signals a change. The Adviser generally expects such changes to occur infrequently (e.g., fewer than five times annually) based on historic trends in the high-yield fixed income market. Generally, when the Adviser believes high-yield market conditions are favorable, the Fund seeks exposure to longer maturity and lower quality high-yield securities. When the Adviser believes high-yield market conditions are somewhat less favorable (but still “Risk-On”), the Fund seeks exposure to shorter maturity and better quality high-yield securities.
In its Risk-On position, the Fund will primarily invest in other mutual funds or exchange-traded funds (“ETFs”) (“underlying funds”) that invest in high-yield, income-producing securities. High-yield securities are also known as “junk bonds”. The securities in which the underlying funds invest may include bills, notes, bonds, debentures, bank loans, loan participations, syndicated loan assignments and other evidence of indebtedness and are not restricted as to issuer credit quality, country, capitalization, security maturity, currency, or leverage. In its Risk-On position, a majority of the Fund’s portfolio is typically exposed to high-yield securities, which are debt instruments rated lower than Baa3 by Moody’s Investors Service, Inc. (“Moody’s”) or lower than BBB- by Standard and Poor’s Rating Group (“S&P”), or, if unrated, determined by the underlying fund’s adviser to be of similar credit quality. The underlying funds may invest in junk bonds that are in default, subject to bankruptcy or reorganization.
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.
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 will typically limit its investment in a single underlying fund to one percent of such underlying fund’s net assets, although the percentage of such underlying fund owned by the Fund may change over time as the value of such investment changes and the Fund’s overall portfolio changes.
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KAMAX - Performance

Return Ranking - Trailing

Period KAMAX Return Category Return Low Category Return High Rank in Category (%)
YTD -4.2% -25.5% 17.7% 17.65%
1 Yr -2.8% -20.6% 24.2% 20.24%
3 Yr 3.3%* -12.2% 16.2% 14.11%
5 Yr N/A* -16.3% 10.3% N/A
10 Yr N/A* -12.8% 11.8% N/A

* Annualized

Return Ranking - Calendar

Period KAMAX Return Category Return Low Category Return High Rank in Category (%)
2022 -2.0% -26.6% 25.7% 62.01%
2021 5.7% -49.2% 314.3% 12.82%
2020 N/A -35.1% 16.7% N/A
2019 N/A -48.0% 10.9% N/A
2018 N/A -14.8% 11.2% N/A

Total Return Ranking - Trailing

Period KAMAX Return Category Return Low Category Return High Rank in Category (%)
YTD -4.2% -36.3% 33.5% 15.03%
1 Yr -7.4% -21.2% 38.5% 65.45%
3 Yr 1.6%* -13.9% 16.2% 47.05%
5 Yr N/A* -17.3% 10.3% N/A
10 Yr N/A* -13.3% 11.8% N/A

* Annualized

Total Return Ranking - Calendar

Period KAMAX Return Category Return Low Category Return High Rank in Category (%)
2022 -2.0% -26.6% 25.7% 62.01%
2021 5.7% -49.2% 314.3% 12.82%
2020 N/A -35.1% 16.7% N/A
2019 N/A -48.0% 10.9% N/A
2018 N/A -14.8% 15.2% N/A

NAV & Total Return History


KAMAX - Holdings

Concentration Analysis

KAMAX Category Low Category High KAMAX % Rank
Net Assets 973 M 100 124 B 40.56%
Number of Holdings 3 2 8175 98.70%
Net Assets in Top 10 867 M -1.57 B 20.5 B 15.16%
Weighting of Top 10 98.71% 4.3% 100.0% 3.52%

Top 10 Holdings

  1. First American Government Obligs X 93.58%
  2. iShares 3-7 Year Treasury Bond ETF 5.13%

Asset Allocation

Weighting Return Low Return High KAMAX % Rank
Cash
94.87% -261.12% 258.91% 2.98%
Bonds
5.13% -150.81% 188.92% 96.24%
Stocks
0.00% -38.22% 261.12% 70.34%
Preferred Stocks
0.00% 0.00% 31.88% 55.57%
Other
0.00% -25.82% 276.99% 38.34%
Convertible Bonds
0.00% 0.00% 33.50% 85.62%

Bond Sector Breakdown

Weighting Return Low Return High KAMAX % Rank
Cash & Equivalents
94.87% 0.00% 100.00% 1.04%
Government
5.13% 0.00% 99.43% 67.49%
Derivative
0.00% 0.00% 72.98% 63.59%
Securitized
0.00% 0.00% 99.65% 92.59%
Corporate
0.00% 0.00% 100.00% 95.19%
Municipal
0.00% 0.00% 54.26% 43.30%

Bond Geographic Breakdown

Weighting Return Low Return High KAMAX % Rank
US
5.13% -151.11% 194.51% 94.30%
Non US
0.00% -136.75% 90.11% 94.82%

KAMAX - Expenses

Operational Fees

KAMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.13% 0.01% 6.46% 12.99%
Management Fee 1.25% 0.00% 2.29% 89.11%
12b-1 Fee 0.25% 0.00% 1.00% 23.36%
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

KAMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 4.75% 0.00% 5.75% 9.41%
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

KAMAX 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.

KAMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 496.00% 89.60%

KAMAX - Distributions

Dividend Yield Analysis

KAMAX Category Low Category High KAMAX % Rank
Dividend Yield 0.00% 0.00% 38.08% 76.41%

Dividend Distribution Analysis

KAMAX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Monthly Monthly

Net Income Ratio Analysis

KAMAX Category Low Category High KAMAX % Rank
Net Income Ratio 2.31% -1.55% 11.51% 70.56%

Capital Gain Distribution Analysis

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

Distributions History

View More +

KAMAX - Fund Manager Analysis

Managers

Bruce DeLaurentis


Start Date

Tenure

Tenure Rank

May 31, 2019

3.0

3.0%

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
0.08 28.19 5.52 3.19