Continue to site >
Trending ETFs
You have successfully subscribed to Advisor Access. Thank you!
Help us personalize your experience.
Which type of investor describes you best?
Help us personalize your experience.
What is your AUM?
Knowing your investable assets will help us build and prioritize features that will suit your investment needs.

Congratulations on personalizing your experience.

Email is verified. Thank you!

Name

As of 04/25/2024

Price

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

Nuance Concentrated Value Long-Short Fund

NCLIX | Fund

$8.11

$134 M

19.44%

$1.58

3.51%

Vitals

YTD Return

-8.4%

1 yr return

-14.7%

3 Yr Avg Return

-4.6%

5 Yr Avg Return

-2.1%

Net Assets

$134 M

Holdings in Top 10

60.6%

52 WEEK LOW AND HIGH

$8.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 3.51%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 154.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$2,500

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/25/2024

Price

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

Nuance Concentrated Value Long-Short Fund

NCLIX | Fund

$8.11

$134 M

19.44%

$1.58

3.51%

NCLIX - Profile

Distributions

  • YTD Total Return -8.4%
  • 3 Yr Annualized Total Return -4.6%
  • 5 Yr Annualized Total Return -2.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -2.12%
DIVIDENDS
  • Dividend Yield 19.4%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Nuance Concentrated Value Long-Short Fund
  • Fund Family Name
    Nuance Investments
  • Inception Date
    Dec 31, 2015
  • Shares Outstanding
    405963
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Chad Baumler

Fund Description

The Fund seeks to achieve its investment objective by taking long positions in securities priced below, and short positions in securities priced above, their estimated intrinsic value as determined by Nuance Investments, LLC (the “Adviser”). Under normal market conditions, the Fund will take long positions in 15-35 companies, and will take short positions in up to 50 companies, with both the long and short positions consisting primarily of common stocks of any capitalization of companies organized in the United States. When the Fund takes a long position, it purchases a stock outright. When the Fund takes a short position, it sells, at the current market price, a stock it does not own but has borrowed in anticipation that the market price of the stock will decline. To complete, or close out, the short sale transaction, the Fund subsequently is obligated to replace the security borrowed by purchasing it at the market price at the time of replacement. Until the security is replaced, the proceeds of the short sale are retained by the broker, and the Fund is required to pay to the broker a negotiated portion of any dividends or interest which accrue during the period of the loan. The Fund makes money when the market price of the borrowed stock goes down and the Fund is able to replace it for less than it realized by selling it earlier. Conversely, if the price of the stock goes up after the short sale, the Fund will lose money because it will have to pay more to replace the borrowed stock than it received when it sold the stock short.
Although the Fund will invest primarily in companies organized or traded in the U.S., the Fund may invest up to 25% of its long assets in non-U.S. companies that are classified as “developed” by MSCI, Inc. (“MSCI”). Nuance utilizes MSCI to classify its international holdings. The country classification of a company is generally determined by the company’s country of incorporation and the primary listing of its securities. MSCI will classify a company in the country of incorporation if its securities have a primary listing in that country. In such cases where a company’s securities have a primary listing outside of the country of incorporation an additional analysis is performed to determine the company’s country classification. In addition to the company’s country of incorporation and the location of the primary listing, MSCI considers secondary listings, if any, geographic distribution of shareholder base, location of headquarters, geographic distribution of operations, company history, and the country in which investors consider the company to be most appropriately classified. As of the date of this prospectus, the following countries were classified as “developed” by MSCI: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom, and the United States.
The Adviser selects securities for the Fund’s investment portfolio by using a classic value strategy that employs extensive quantitative screening and a bottom-up fundamental research process. When selecting securities to hold long, the Adviser seeks to identify leading businesses selling at a discount to fair value, with the potential to generate above-average rates of return over time. The Adviser searches across a range of industries and market sectors for companies that the Adviser believes are high quality, though temporarily out of favor. The Adviser seeks to select companies that have leading and sustainable competitive positions and above-average financial strength that trade at a discount to the Adviser’s internal view of intrinsic value and that also display downside protection. When selecting securities to sell short, the Adviser seeks to identify companies across a range of industries and sectors that have average or below average competitive positions and unattractive risk reward profiles. From time to time, the Fund may focus its investments in securities of companies in the same economic sector.
The Adviser will sell an investment held long when it achieves or surpasses the Adviser’s proprietary view of intrinsic value or when its competitive position or financial situation erodes beyond the Adviser’s expectations. Conversely, the Adviser will close a short position, or buy the security to cover a short investment, when the security no longer has an attractive risk reward profile or when the security’s competitive position or financial situation improves beyond the Adviser’s expectations. The Adviser expects the Fund’s active trading of portfolio securities may result in a portfolio turnover rate in excess of 100% on an annual basis.
The Fund intends to maintain net exposure (the market value of long positions minus the market value of short positions) of between 100% net long and 25% net short. Under normal market conditions, the Fund’s long positions may range from 75% to 100% and its short positions may range from 0% to 100%.
The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities.
Read More

NCLIX - Performance

Return Ranking - Trailing

Period NCLIX Return Category Return Low Category Return High Rank in Category (%)
YTD -8.4% -8.0% 16.6% 100.00%
1 Yr -14.7% -13.6% 39.1% 100.00%
3 Yr -4.6%* -20.7% 27.0% 92.57%
5 Yr -2.1%* -4.3% 25.4% 97.04%
10 Yr N/A* -4.1% 10.1% N/A

* Annualized

Return Ranking - Calendar

Period NCLIX Return Category Return Low Category Return High Rank in Category (%)
2023 -1.7% -17.3% 43.8% 85.71%
2022 1.5% -54.0% 17.4% 13.73%
2021 -18.4% -40.0% 54.1% 99.32%
2020 0.8% -47.6% 88.4% 62.41%
2019 3.1% -20.3% 62.6% 82.71%

Total Return Ranking - Trailing

Period NCLIX Return Category Return Low Category Return High Rank in Category (%)
YTD -8.4% -8.0% 16.6% 100.00%
1 Yr -14.7% -13.6% 39.1% 100.00%
3 Yr -4.6%* -20.7% 27.0% 92.57%
5 Yr -2.1%* -4.3% 25.4% 97.04%
10 Yr N/A* -4.1% 10.1% N/A

* Annualized

Total Return Ranking - Calendar

Period NCLIX Return Category Return Low Category Return High Rank in Category (%)
2023 2.8% -14.5% 43.8% 88.69%
2022 4.1% -54.0% 50.3% 17.65%
2021 -15.1% -40.0% 61.6% 96.60%
2020 5.9% -29.9% 91.0% 46.10%
2019 4.5% -17.9% 79.4% 83.46%

NAV & Total Return History

NCLIX - Holdings

Concentration Analysis

NCLIX Category Low Category High NCLIX % Rank
Net Assets 134 M 1.08 M 6.67 B 37.87%
Number of Holdings 83 3 1788 58.43%
Net Assets in Top 10 77.3 M 474 K 2.09 B 34.34%
Weighting of Top 10 60.62% 0.4% 182.8% 30.72%

Top 10 Holdings

  1. 3M Co 10.57%
  2. DENTSPLY SIRONA Inc 8.86%
  3. Henkel AG Co KGaA 8.84%
  4. Kimberly-Clark Corp 5.95%
  5. First American Government Obligations Fund 5.51%
  6. United Utilities Group PLC 5.26%
  7. Northern Trust Corp 4.65%
  8. Pennon Group PLC 4.03%
  9. Reinsurance Group of America Inc 3.52%
  10. Healthcare Realty Trust Inc 3.43%

Asset Allocation

Weighting Return Low Return High NCLIX % Rank
Cash 		90.08% 0.00% 102.08% 8.43%
Stocks 		9.92% 0.00% 102.24% 84.94%
Preferred Stocks 		0.00% 0.00% 8.29% 44.58%
Other 		0.00% -45.12% 99.51% 55.42%
Convertible Bonds 		0.00% -0.02% 4.48% 33.13%
Bonds 		0.00% 0.00% 178.67% 48.80%

Stock Sector Breakdown

Weighting Return Low Return High NCLIX % Rank
Consumer Defense 		33.38% 0.00% 33.38% 1.44%
Healthcare 		32.71% 0.00% 100.00% 5.76%
Financial Services 		14.18% 0.00% 83.83% 50.36%
Utilities 		8.55% 0.00% 21.71% 9.35%
Real Estate 		6.59% 0.00% 10.93% 10.79%
Basic Materials 		2.89% 0.00% 28.58% 52.52%
Industrials 		1.71% 0.00% 31.93% 93.53%
Technology 		0.00% 0.00% 43.24% 96.40%
Energy 		0.00% 0.00% 32.57% 91.37%
Communication Services 		0.00% 0.00% 32.32% 96.40%
Consumer Cyclical 		0.00% 0.00% 88.83% 97.12%

Stock Geographic Breakdown

Weighting Return Low Return High NCLIX % Rank
US 		9.92% 0.00% 102.24% 84.34%
Non US 		0.00% -3.09% 67.69% 46.99%

NCLIX - Expenses

Operational Fees

NCLIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 3.51% 0.42% 8.51% 6.51%
Management Fee 1.00% 0.00% 2.50% 31.95%
12b-1 Fee 0.25% 0.00% 1.00% 38.30%
Administrative Fee N/A 0.03% 1.54% N/A

Sales Fees

NCLIX 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% 4.00% N/A

Trading Fees

NCLIX 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.

NCLIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 154.00% 0.00% 479.00% 51.52%

NCLIX - Distributions

Dividend Yield Analysis

NCLIX Category Low Category High NCLIX % Rank
Dividend Yield 19.44% 0.00% 27.27% 15.48%

Dividend Distribution Analysis

NCLIX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Quarterly Annual

Net Income Ratio Analysis

NCLIX Category Low Category High NCLIX % Rank
Net Income Ratio -2.12% -3.33% 2.16% 92.81%

Capital Gain Distribution Analysis

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

Distributions History

View More +

NCLIX - Fund Manager Analysis

Managers

Chad Baumler

Start Date

Tenure

Tenure Rank

Dec 31, 2015

6.42

6.4%

Chad Baumler is the Vice President and Co-Chief Investment Officer of Nuance and is a co-owner of the firm. Chad is the Co-Portfolio Manager for Nuance Concentrated Value and Nuance Mid Cap Value, and he is the lead Portfolio Manager on the Nuance Concentrated Value Long Short. Chad also focuses his analytical skills on the energy, financial and real estate sectors. He has over 14 years of investment analyst experience and 9 years of portfolio management experience using a classic value approach.ﾠ Before joining Nuance, Chad was a Portfolio Manager for American Century Investments (ACI) where he co-managed the American Century Value fund and the American Century Market Neutral Value Fund. Prior to becoming a Portfolio Manager at ACI, he spent six years as an Investment Analyst specializing in the energy and finance sectors. Chad also has experience working in the commercial real estate industry at CB Richard Ellis, Inc. in Kansas City, Missouri.ﾠ Chad graduated from the University of Northern Iowa with a Bachelor of Arts (BA) in finance. He has a Master of Business Administration (MBA) with a concentration in finance from the University of Texas, McCombs School of Business. He is a CFA ® charterholder and a member of the CFA institute.ﾠ CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Scott Moore

Start Date

Tenure

Tenure Rank

Dec 31, 2015

6.42

6.4%

Scott Moore is the President and Co-Chief Investment Officer of Nuance and is a co-owner of the firm. He founded the firm in November, 2008 and is also the Lead Portfolio Manager for Nuance Concentrated Value and Nuance Mid Cap Value. Scott has more than 30 years of investment experience, more than 28 years of value investment analyst experience and more than 22 years of portfolio management experience using a classic value approach. For the decade before co-founding Nuance, Scott managed more than $10 billion in institutional, intermediary and mutual fund assets for American Century Investments (ACI). Prior to becoming a Portfolio Manager, he spent three years as an Investment Analyst at ACI, specializing in the telecommunications, utility and industrial sectors. He also worked as an Investment Analyst at Boatmen's Trust Company in St. Louis, Missouri, and at ACI as a Fixed Income Investment Analyst. Scott holds a Bachelor of Science (BS) in finance from Southern Illinois University, and a Master of Business Administration (MBA) with an emphasis in finance from the University of Missouri. He is a CFA ® charterholder. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Darren Schryer

Start Date

Tenure

Tenure Rank

Jan 31, 2020

2.33

2.3%

Darren is an Associate Portfolio Manager with Nuance. He also focuses his analytical skills on the healthcare, communication services, and information technology sectors. Before joining Nuance in 2016, Darren was a Managing Director and Portfolio Manager for the MBA Investment Fund at the University of Texas, McCombs School of Business. Darren also spent three years as a Financial Advisor with Bluestone Financial Advisors in Bethesda, Maryland. Prior to working for Bluestone, he was as an Audit & Tax Associate for the Reznick Group. Darren holds Bachelor of Science (BS) degrees in both Finance and Accounting from the University of Maryland and a Master of Business Administration (MBA) degree with a concentration in Investment Management from the University of Texas, McCombs School of Business. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 23.55 6.07 7.93

Advertisement

×

Wait! Do you know all the important aspects of mutual funds?

×

Free Advisor Access newsletter emailed to you.

Receive free and exclusive email updates for financial advisors about best performers, news, CE accredited webcasts and more.

Sign up for Advisor Access

Receive email updates about best performers, news, CE accredited webcasts and more.

Disclaimer: By registering, you agree to share your data with MutualFunds.com and opt-in to receiving occasional communications about projects and events. The contents of this form are subject to the MutualFunds.com Privacy Policy. You can unsubscribe at any time.