Kensington Managed Income Fund
Fund
KAMIX
Price as of:
$9.75
+ $0.01
+ 0.10%
Primary Theme
fund company
Name
As of 12/05/2023Price
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
1.8%
1 yr return
1.9%
3 Yr Avg Return
-1.3%
5 Yr Avg Return
N/A
Net Assets
$825 M
Holdings in Top 10
156.8%
52 WEEK LOW AND HIGH
$9.7
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.45%
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 12/05/2023Price
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
KAMIX - Profile
Distributions
- YTD Total Return 1.8%
- 3 Yr Annualized Total Return -1.3%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.54%
- Dividend Yield 5.3%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameKensington Managed Income Fund
-
Fund Family NameAdvisors Preferred
-
Inception DateMay 28, 2019
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerBruce DeLaurentis
Fund Description
The Fund is designed to provide the potential to generate stable, above average returns, with a reduced risk of drawdown (i.e., the risk of a decline in investment value during a decline in the U.S. equity markets). 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) higher-yielding, fixed income 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 multiple time periods (e.g., weeks, months, 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 Managed Income Model signals a change. Depending on market conditions, such turnover from Risk-On to Risk-Off or vice versa may take up to several weeks, and the Fund may have significant portfolio turnover from year to year. 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 gain exposure to fixed-income securities primarily by investing in one or more of the following investment types (1) other mutual funds and exchange-traded funds (“ETFs”) (“underlying funds”) that invest in higher-yielding, income-producing securities, (2) individual bonds, including high-yield bonds, (3) credit default swaps and credit default index swaps, and options on such instruments, and/or (4) index futures and bond futures. The types of investments used to gain the Fund’s exposures to fixed-income securities (i.e., other mutual funds and ETFs, individual bonds, derivatives, 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 derivative instruments is just one option that the Fund may use and such use is determined in the same manner as the other investments.
The fixed-income securities to which the Fund may have exposure, either directly or indirectly, 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. The specific fixed-income 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 trends across the spectrum of fixed-income opportunities, and the risks related to credit and duration for those opportunities in the current market environment. 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 Adviser, or underlying fund’s adviser where applicable, to be of similar credit quality. High-yield securities are also known as “junk bonds”. The Fund may have exposure to junk bonds that are in default, subject to bankruptcy or reorganization. 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.
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.
KAMIX - Performance
Return Ranking - Trailing
| Period | KAMIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 1.8% | -10.0% | 17.6% | 87.28% |
| 1 Yr | 1.9% | -12.5% | 17.0% | 84.33% |
| 3 Yr | -1.3%* | -17.9% | 17.8% | 66.72% |
| 5 Yr | N/A* | -12.2% | 14.1% | N/A |
| 10 Yr | N/A* | -13.0% | 6.1% | N/A |
* Annualized
Return Ranking - Calendar
| Period | KAMIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | -6.8% | -31.8% | 18.4% | 18.29% |
| 2021 | -2.0% | -26.6% | 25.7% | 63.10% |
| 2020 | 5.8% | -49.2% | 18.7% | 11.93% |
| 2019 | N/A | -35.1% | 15.3% | N/A |
| 2018 | N/A | -48.0% | 3.4% | N/A |
Total Return Ranking - Trailing
| Period | KAMIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 1.8% | -10.0% | 17.6% | 87.28% |
| 1 Yr | 1.9% | -12.5% | 17.0% | 84.33% |
| 3 Yr | -1.3%* | -17.9% | 17.8% | 66.72% |
| 5 Yr | N/A* | -12.2% | 14.1% | N/A |
| 10 Yr | N/A* | -13.0% | 6.1% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | KAMIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | -6.1% | -31.8% | 21.1% | 30.88% |
| 2021 | -0.1% | -13.5% | 49.9% | 79.22% |
| 2020 | 8.1% | -28.6% | 24.1% | 21.51% |
| 2019 | N/A | -4.8% | 19.1% | N/A |
| 2018 | N/A | -37.3% | 8.0% | N/A |
NAV & Total Return History
KAMIX - Holdings
Concentration Analysis
| KAMIX | Category Low | Category High | KAMIX % Rank | |
|---|---|---|---|---|
| Net Assets | 825 M | 2.32 M | 127 B | 42.77% |
| Number of Holdings | 10 | 2 | 11525 | 93.87% |
| Net Assets in Top 10 | 1.47 B | -1.57 B | 54.9 B | 12.26% |
| Weighting of Top 10 | 156.81% | 0.8% | 178.3% | 0.45% |
Top 10 Holdings
- US BANK MMDA - USBGFS 9 99.42%
- SPDR Bloomberg High Yield Bond ETF 11.95%
- iShares iBoxx High Yield Corporate Bond ETF 10.47%
- iShares Broad USD High Yield Corporate Bond ETF 9.02%
- iShares 0-5 Year High Yield Corporate Bond ETF 6.00%
- Xtrackers USD High Yield Corporate Bond ETF 5.99%
- iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF 4.97%
- VanEck Fallen Angel High Yield Bond ETF 3.02%
- Invesco Senior Loan ETF 3.00%
- SPDR Blackstone Senior Loan ETF 2.99%
Asset Allocation
| Weighting | Return Low | Return High | KAMIX % Rank | |
|---|---|---|---|---|
| Cash | 99.42% | -94.66% | 258.91% | 1.17% |
| Stocks | 57.39% | -4.16% | 102.94% | 7.88% |
| Preferred Stocks | 0.00% | 0.00% | 33.27% | 74.74% |
| Other | 0.00% | -57.67% | 102.97% | 83.21% |
| Convertible Bonds | 0.00% | 0.00% | 33.50% | 92.37% |
| Bonds | 0.00% | -150.81% | 194.41% | 94.31% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | KAMIX % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 100.00% | 35.33% |
| Technology | 0.00% | 0.00% | 29.61% | 15.56% |
| Real Estate | 0.00% | 0.00% | 100.00% | 37.11% |
| Industrials | 0.00% | 0.00% | 100.00% | 38.44% |
| Healthcare | 0.00% | 0.00% | 100.00% | 14.89% |
| Financial Services | 0.00% | 0.00% | 100.00% | 51.56% |
| Energy | 0.00% | 0.00% | 100.00% | 30.22% |
| Communication Services | 0.00% | 0.00% | 100.00% | 20.44% |
| Consumer Defense | 0.00% | 0.00% | 99.97% | 12.44% |
| Consumer Cyclical | 0.00% | 0.00% | 89.95% | 7.56% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 23.56% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | KAMIX % Rank | |
|---|---|---|---|---|
| US | 57.39% | -4.01% | 102.94% | 7.88% |
| Non US | 0.00% | -0.15% | 17.73% | 61.75% |
KAMIX - Expenses
Operational Fees
| KAMIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.45% | 0.01% | 18.79% | 38.72% |
| Management Fee | 1.25% | 0.00% | 2.29% | 92.32% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 10.08% |
| Administrative Fee | N/A | 0.00% | 0.70% | N/A |
Sales Fees
| KAMIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| KAMIX 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.
| KAMIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 632.00% | 89.93% |
KAMIX - Distributions
Dividend Yield Analysis
| KAMIX | Category Low | Category High | KAMIX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 5.35% | 0.00% | 17.27% | 61.36% |
Dividend Distribution Analysis
| KAMIX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | Annual | Monthly | Monthly |
Net Income Ratio Analysis
| KAMIX | Category Low | Category High | KAMIX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.54% | -1.55% | 11.51% | 64.99% |
Capital Gain Distribution Analysis
| KAMIX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Sep 29, 2022 | $0.013 | OrdinaryDividend |
| Sep 29, 2021 | $0.077 | OrdinaryDividend |
| Jun 29, 2021 | $0.082 | OrdinaryDividend |
| Mar 30, 2021 | $0.058 | OrdinaryDividend |
| Sep 29, 2020 | $0.053 | OrdinaryDividend |
| Jun 29, 2020 | $0.015 | OrdinaryDividend |
| Mar 30, 2020 | $0.036 | OrdinaryDividend |
| Dec 23, 2019 | $0.077 | OrdinaryDividend |
| Sep 27, 2019 | $0.032 | OrdinaryDividend |
KAMIX - 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 | 5.72 | 3.19 |