Rational/Pier 88 Convertible Securities Fund
Name
As of 04/23/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
1.0%
1 yr return
5.9%
3 Yr Avg Return
-0.9%
5 Yr Avg Return
N/A
Net Assets
$137 M
Holdings in Top 10
43.5%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.17%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 130.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/23/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
PBXIX - Profile
Distributions
- YTD Total Return 1.0%
- 3 Yr Annualized Total Return -0.9%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.07%
- Dividend Yield 3.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameRational/Pier 88 Convertible Securities Fund
-
Fund Family NameRational Funds
-
Inception DateMar 01, 2017
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerSean Aurigemma
Fund Description
Under normal conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in convertible securities. Convertible securities are hybrid securities that possess both fixed income and equity characteristics. A convertible security is a bond, preferred stock or other securities that may be converted into a prescribed amount of common stock at a pre-stated price. Convertible securities may include corporate bonds, debentures, notes, or warrants. By investing in convertible securities, the Fund seeks the opportunity to participate in the capital appreciation of underlying stocks, while at the same time relying on a fixed income aspect of the convertible security to provide current income and reduced price volatility, which can limit the risk of loss in a down equity market.
The Fund will generally invest primarily in investment-grade instruments. The Fund may also invest opportunistically in non-rated securities that are considered by the Funds portfolio managers to be equivalent to investment-grade securities, which at times may represent a significant share of the Funds overall portfolio. The Fund may invest in U.S. companies of any market capitalization without limit; however, the Fund expects to invest primarily in large capitalization companies. The Fund may invest across sectors, and at times might have individual positions that in the aggregate result in significant exposures to specific sectors, such as the information technology and healthcare sectors. While there are no restrictions on maturity, under normal market conditions, the Funds portfolio is generally expected to have a dollar-weighted average maturity of less than five years. The Fund may invest in securities of any duration (i.e., the sensitivity of a fixed income securitys price to interest rate changes) without limit.
The Funds investment sub-advisor, Pier 88 Investment Partners, LLC (the Sub-Advisor), will structure the Funds portfolio based on its macroeconomic views and will seek to take advantage of perceived secular (longer term) and cyclical themes across all industry sectors. The Sub-Advisor approaches investment decisions primarily from an equity analysis perspective given that historically equity sensitivity has been the primary driver of returns of the convertible securities asset class. The Sub-Advisor establishes a view on the intrinsic value of a company and then examines the overall capital structure of that company to identify potential mis-pricings. The selection process focuses on individual securities as part of a broader secular or cyclical theme, where the Sub-Advisor believes that the risk-adjusted probability of upside appreciation outweighs potential downside. The Sub-Advisor will value securities using a fundamental top-down research approach, which will include scenario analysis to identify potential pricing inefficiencies as well as various risk management techniques to enhance overall portfolio construction. The Sub-Advisor seeks to build the Funds portfolio through exposure to companies across industry sectors and will target yields competitive with the overall convertible bond asset class.
The Fund is classified as non-diversified for purposes of the Investment Company Act of 1940, as amended (the 1940 Act), which means a relatively high percentage of the Funds assets may be invested in the securities of a limited number of issuers.
PBXIX - Performance
Return Ranking - Trailing
Period | PBXIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.0% | -5.0% | 3.3% | 28.92% |
1 Yr | 5.9% | -12.0% | 10.8% | 72.29% |
3 Yr | -0.9%* | -18.8% | 0.1% | 10.98% |
5 Yr | N/A* | -7.1% | 10.7% | N/A |
10 Yr | N/A* | -1.3% | 9.7% | N/A |
* Annualized
Return Ranking - Calendar
Period | PBXIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 1.0% | -7.7% | 13.1% | 94.12% |
2022 | -12.8% | -43.5% | -9.7% | 4.76% |
2021 | 2.3% | -18.9% | 2.4% | 2.38% |
2020 | N/A | -0.6% | 54.0% | N/A |
2019 | N/A | 9.9% | 24.4% | N/A |
Total Return Ranking - Trailing
Period | PBXIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.0% | -5.0% | 3.3% | 28.92% |
1 Yr | 5.9% | -12.0% | 10.8% | 72.29% |
3 Yr | -0.9%* | -18.8% | 0.1% | 10.98% |
5 Yr | N/A* | -7.1% | 10.7% | N/A |
10 Yr | N/A* | -1.3% | 9.7% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | PBXIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 3.3% | -7.7% | 17.7% | 92.94% |
2022 | -10.8% | -37.8% | -9.7% | 3.57% |
2021 | 9.6% | -12.2% | 11.3% | 14.29% |
2020 | N/A | 5.8% | 64.4% | N/A |
2019 | N/A | 12.2% | 28.7% | N/A |
NAV & Total Return History
PBXIX - Holdings
Concentration Analysis
PBXIX | Category Low | Category High | PBXIX % Rank | |
---|---|---|---|---|
Net Assets | 137 M | 17.5 M | 3.69 B | 81.18% |
Number of Holdings | 40 | 40 | 381 | 98.82% |
Net Assets in Top 10 | 59.7 M | 4.72 M | 669 M | 78.82% |
Weighting of Top 10 | 43.49% | 9.5% | 50.5% | 5.88% |
Top 10 Holdings
- WELL 2 3/4 05/15/28 4.72%
- APO 6 3/4 4.51%
- NEE 6.926 4.47%
- WFC 7 1/2 PERP 4.45%
- BAC 7 1/4 PERP 4.35%
- PPL 2 7/8 03/15/28 4.32%
- EXPE 0 02/15/26 4.22%
- DXCM 0 1/4 11/15/25 4.21%
- TYL 0 1/4 03/15/26 4.13%
- SPLK 1 1/8 06/15/27 4.11%
Asset Allocation
Weighting | Return Low | Return High | PBXIX % Rank | |
---|---|---|---|---|
Bonds | 67.69% | 0.00% | 141.12% | 89.41% |
Convertible Bonds | 53.60% | 33.22% | 110.54% | 96.47% |
Stocks | 14.80% | 0.00% | 23.09% | 4.71% |
Preferred Stocks | 13.93% | 0.00% | 22.50% | 7.06% |
Cash | 3.58% | -78.94% | 18.48% | 40.00% |
Other | 0.00% | -17.11% | 0.97% | 80.00% |
Stock Sector Breakdown
Weighting | Return Low | Return High | PBXIX % Rank | |
---|---|---|---|---|
Utilities | 57.14% | 0.00% | 100.00% | 68.42% |
Energy | 22.16% | 0.00% | 40.56% | 9.21% |
Financial Services | 10.50% | 0.00% | 20.48% | 10.53% |
Industrials | 10.21% | 0.00% | 23.08% | 15.79% |
Technology | 0.00% | 0.00% | 23.73% | 90.79% |
Real Estate | 0.00% | 0.00% | 27.87% | 89.47% |
Healthcare | 0.00% | 0.00% | 20.31% | 97.37% |
Communication Services | 0.00% | 0.00% | 100.00% | 86.84% |
Consumer Defense | 0.00% | 0.00% | 25.78% | 90.79% |
Consumer Cyclical | 0.00% | 0.00% | 24.79% | 89.47% |
Basic Materials | 0.00% | 0.00% | 24.08% | 86.84% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | PBXIX % Rank | |
---|---|---|---|---|
US | 14.80% | 0.00% | 22.42% | 3.53% |
Non US | 0.00% | 0.00% | 1.55% | 82.35% |
Bond Sector Breakdown
Weighting | Return Low | Return High | PBXIX % Rank | |
---|---|---|---|---|
Corporate | 91.61% | 91.11% | 100.00% | 96.47% |
Cash & Equivalents | 3.42% | 0.00% | 18.32% | 38.82% |
Derivative | 0.00% | -0.03% | 0.32% | 67.06% |
Securitized | 0.00% | 0.00% | 0.00% | 85.88% |
Municipal | 0.00% | 0.00% | 0.00% | 85.88% |
Government | 0.00% | 0.00% | 2.94% | 88.24% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | PBXIX % Rank | |
---|---|---|---|---|
US | 67.69% | 0.00% | 141.12% | 89.41% |
Non US | 0.00% | 0.00% | 19.91% | 88.24% |
PBXIX - Expenses
Operational Fees
PBXIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.17% | 0.20% | 3.16% | 45.88% |
Management Fee | 0.85% | 0.20% | 1.23% | 90.48% |
12b-1 Fee | N/A | 0.00% | 1.00% | 9.62% |
Administrative Fee | N/A | 0.04% | 0.15% | N/A |
Sales Fees
PBXIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.25% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
PBXIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 2.00% | 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.
PBXIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 130.00% | 30.00% | 154.00% | 82.67% |
PBXIX - Distributions
Dividend Yield Analysis
PBXIX | Category Low | Category High | PBXIX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.95% | 0.00% | 12.43% | 41.18% |
Dividend Distribution Analysis
PBXIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Quarterly | Monthly | Quarterly |
Net Income Ratio Analysis
PBXIX | Category Low | Category High | PBXIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.07% | -3.72% | 10.32% | 19.05% |
Capital Gain Distribution Analysis
PBXIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 28, 2024 | $0.078 | OrdinaryDividend |
Dec 29, 2023 | $0.091 | OrdinaryDividend |
Sep 29, 2023 | $0.043 | OrdinaryDividend |
Jun 30, 2023 | $0.037 | OrdinaryDividend |
Mar 31, 2023 | $0.064 | OrdinaryDividend |
Dec 30, 2022 | $0.082 | OrdinaryDividend |
Dec 19, 2022 | $0.038 | OrdinaryDividend |
Sep 30, 2022 | $0.054 | OrdinaryDividend |
Jun 30, 2022 | $0.041 | OrdinaryDividend |
Mar 31, 2022 | $0.020 | OrdinaryDividend |
Sep 29, 2021 | $0.038 | OrdinaryDividend |
Jun 29, 2021 | $0.043 | OrdinaryDividend |
Mar 30, 2021 | $0.025 | OrdinaryDividend |
Dec 30, 2020 | $0.105 | OrdinaryDividend |
Sep 29, 2020 | $0.095 | OrdinaryDividend |
PBXIX - Fund Manager Analysis
Managers
Sean Aurigemma
Start Date
Tenure
Tenure Rank
Dec 06, 2019
2.48
2.5%
Sean Aurigemma is a Partner and Portfolio Manager working on the Small Cap Growth and Convertible Bond Strategy at Pier 88 Investment Partners. Mr Aurigemma is an established financial services industry veteran with over 25 years of direct investment experience. Previously he was the Lead Portfolio Manager for Larve Cap Value and Value Equity Strategies at Lord Abbett & Co wth $5 B in assets under management. Earlier he served as Managing Director at Morgan Stanley Investment Management and Lead Portfolio Manager for Morgan Stanley's Dividend Growth Portfolio in addition to it's Financial Services Trust Portfolio. Earlier in his career Mr Aurigemma was a Research Analyst at Deutsche Bank Alex Brown and an Investment Analyst at both Prudential Securities and Kidder Peabody & co. Mr Aurigemma earned a BA in History with High Honors from the University of Notre Dame.
Frank Timons
Start Date
Tenure
Tenure Rank
Dec 06, 2019
2.48
2.5%
Frank Timons is the Founder, CEO and CIO of Pier 88 Investment Partners. Previously, Frank had several roles at Lord Abbett including: Portfolio Manager for the convertible strategy (2012-2013) Portfolio Manager for the large cap core and large cap value strategies(2010-2012) and Research Analyst specializing in technology companies (2007-2010). Prior to joining Lord Abbett, Frank was a Research Analyst at Robert Baird & Co and Senior Strategist at Sun Microsystems (2001-2004) focusing on venture and capital investments. Frank holds a B.A. and J.D. from the University of Notre Dame
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.25 | 36.97 | 10.12 | 7.42 |