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Name

As of 11/01/2024

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

Prospector Capital Appreciation Fund

PCAFX | Fund

$23.41

$37.2 M

0.46%

$0.11

1.77%

Vitals

YTD Return

12.5%

1 yr return

20.0%

3 Yr Avg Return

7.2%

5 Yr Avg Return

10.3%

Net Assets

$37.2 M

Holdings in Top 10

30.6%

52 WEEK LOW AND HIGH

$23.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.77%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 32.00%

Redemption Fee 2.00%

Min Investment

Standard (Taxable)

$10,000

IRA

$10,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/01/2024

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

Prospector Capital Appreciation Fund

PCAFX | Fund

$23.41

$37.2 M

0.46%

$0.11

1.77%

PCAFX - Profile

Distributions

  • YTD Total Return 12.5%
  • 3 Yr Annualized Total Return 7.2%
  • 5 Yr Annualized Total Return 10.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.36%
DIVIDENDS
  • Dividend Yield 0.5%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Prospector Capital Appreciation Fund
  • Fund Family Name
    Prospector Funds
  • Inception Date
    Sep 28, 2007
  • Shares Outstanding
    1358322
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Kevin O' Brien

Fund Description

Under normal market conditions, the Capital Appreciation Fund invests primarily in a variety of equity and equity-related securities, including common stocks, convertible preferred and convertible debt securities. The Capital Appreciation Fund attempts to buy investments priced to generate long-term total returns significantly above those of general stock indices and U.S. treasuries. Using a value orientation, the Investment Manager invests in positions in the United States and other developed markets. The Investment Manager’s investment strategy consists of bottom-up fundamental value analysis with an emphasis on companies believed to have strong balance sheets whose securities will better maintain their value relative to peers in declining markets. In evaluating potential investments, the Investment Manager also considers qualitative factors, including quality of management, quality of product or service, overall franchise or brand value, composition of the board of directors, and the uniqueness of the business model. The Investment Manager looks for the presence of catalysts to improve internal performance, such as a change in management, a new management incentive program closely linked to the price of the stock, the sale of an underperforming asset or business unit, or a positive change in industry fundamentals.
The Investment Manager believes that fundamental analysis can identify undervalued investment opportunities. Substantial gains are possible whenever a security’s price does not accurately reflect future cash flow and earnings power or where current or future asset values have not been fully recognized. The Investment Manager believes that risk can be managed through a careful selection process that focuses on the relationship between the actual market price of a security and the intrinsic value of which the security represents an interest. The Investment Manager's security selection process reflects a defensive investment style that seeks to participate in rising equity markets while mitigating downside risk in declining markets.
The investment program of the Capital Appreciation Fund focuses on value. The Investment Manager believes that value will typically be manifest in one of four ways: (1) inexpensive underlying assets as measured by analytical techniques such as private market value, replacement cost, or mark to market; (2) attractive corporate financial characteristics such as free cash flow yield, dividend yield and price/earnings (P/E) ratio; (3) depressed stock price (often known as contrarian investing); and (4) companies with growth characteristics selling substantially less expensively compared to their own history or other similar growers. Suitable securities often look attractive on more than one measure of value.
Once a company is identified as a potential investment, the Investment Manager examines the capital structure to determine whether any attractive convertible securities are outstanding. In general, convertible securities: (1) have higher yields than common stocks but lower yields than comparable non-convertible securities; (2) may be subject to less fluctuation in value than the underlying common stock because of their income and redemption features; and (3) provide potential for capital appreciation if the market price of the underlying common stock increases (and in those cases may be thought of as “equity substitutes”). Because of the conversion feature, the price of a convertible security will normally vary in some proportion to changes in the price of the underlying common stock. The underlying equity need not be a value situation if the Investment Manager believes that the downside is well protected by the bond-like characteristics of the particular convertible security.
The distressed securities in which the Capital Appreciation Fund may invest include all types of debt obligations, including corporate bonds, debentures, notes, municipal bonds and, to the extent permitted by applicable laws and regulations, securities issued by foreign issuers, including foreign governments.
The Fund may invest in restricted securities including, but not limited to, private placements of equity and/or debt securities of private companies. In particular, the Fund may invest in unregistered securities which may be sold under Rule 144A of the Securities Act of 1933, as amended (“144A Securities”).
In pursuit of its value-oriented strategy, the Capital Appreciation Fund may invest without regard to market capitalization. The Capital Appreciation Fund may also engage in currency transactions.
Read More

PCAFX - Performance

Return Ranking - Trailing

Period PCAFX Return Category Return Low Category Return High Rank in Category (%)
YTD 12.5% 1.6% 21.5% 42.47%
1 Yr 20.0% 7.7% 40.1% 78.42%
3 Yr 7.2%* -10.0% 11.3% 3.87%
5 Yr 10.3%* 1.5% 12.8% 8.33%
10 Yr 9.0%* 0.6% 11.5% 4.15%

* Annualized

Return Ranking - Calendar

Period PCAFX Return Category Return Low Category Return High Rank in Category (%)
2023 7.9% -6.9% 29.3% 79.73%
2022 -9.3% -37.4% -8.2% 1.06%
2021 8.5% -9.8% 25.4% 43.01%
2020 4.3% -21.0% 25.4% 71.59%
2019 15.1% -8.3% 27.9% 45.91%

Total Return Ranking - Trailing

Period PCAFX Return Category Return Low Category Return High Rank in Category (%)
YTD 12.5% 1.6% 21.5% 42.47%
1 Yr 20.0% 7.7% 40.1% 78.42%
3 Yr 7.2%* -10.0% 11.3% 3.87%
5 Yr 10.3%* 1.5% 12.8% 8.33%
10 Yr 9.0%* 0.6% 11.5% 4.15%

* Annualized

Total Return Ranking - Calendar

Period PCAFX Return Category Return Low Category Return High Rank in Category (%)
2023 11.3% -0.9% 33.0% 83.51%
2022 -4.0% -36.0% -0.9% 1.06%
2021 23.3% -7.8% 33.9% 5.38%
2020 6.4% -16.2% 25.4% 80.68%
2019 22.3% 7.3% 34.8% 43.58%

NAV & Total Return History

PCAFX - Holdings

Concentration Analysis

PCAFX Category Low Category High PCAFX % Rank
Net Assets 37.2 M 1.41 M 120 B 94.18%
Number of Holdings 62 4 2696 32.88%
Net Assets in Top 10 11.9 M 1.18 M 27.7 B 96.23%
Weighting of Top 10 30.61% 19.7% 118.4% 81.16%

Top 10 Holdings

  1. Money Market Fund 5.65%
  2. Common Stock 4.07%
  3. Common Stock 3.17%
  4. Convertible Bond 2.68%
  5. Common Stock 2.62%
  6. Common Stock 2.62%
  7. Common Stock 2.50%
  8. Common Stock 2.50%
  9. Common Stock 2.43%
  10. Common Stock 2.37%

Asset Allocation

Weighting Return Low Return High PCAFX % Rank
Stocks 		76.45% 0.00% 100.07% 70.89%
Convertible Bonds 		19.05% 0.00% 26.48% 0.69%
Bonds 		17.91% 0.00% 102.71% 16.78%
Cash 		5.65% 0.00% 89.93% 24.66%
Preferred Stocks 		0.00% 0.00% 16.57% 91.44%
Other 		0.00% -0.31% 28.56% 81.16%

Stock Sector Breakdown

Weighting Return Low Return High PCAFX % Rank
Financial Services 		41.80% 0.28% 52.80% 1.38%
Healthcare 		13.32% 0.00% 36.30% 50.00%
Industrials 		12.54% 1.16% 32.55% 13.79%
Technology 		8.38% 3.31% 52.93% 93.10%
Consumer Defense 		8.30% 0.00% 14.86% 14.83%
Energy 		5.73% 0.00% 29.22% 25.52%
Basic Materials 		4.11% 0.00% 11.49% 67.24%
Real Estate 		4.10% 0.00% 33.86% 47.59%
Consumer Cyclical 		1.72% 0.00% 16.01% 97.93%
Utilities 		0.00% 0.00% 31.67% 99.66%
Communication Services 		0.00% 0.00% 26.62% 100.00%

Stock Geographic Breakdown

Weighting Return Low Return High PCAFX % Rank
US 		75.73% 0.00% 100.07% 67.12%
Non US 		0.72% 0.00% 21.17% 23.97%

Bond Sector Breakdown

Weighting Return Low Return High PCAFX % Rank
Corporate 		78.90% 0.00% 98.43% 5.86%
Cash & Equivalents 		5.65% 0.00% 83.14% 25.00%
Derivative 		0.00% -0.45% 28.56% 78.77%
Securitized 		0.00% 0.00% 37.97% 97.59%
Municipal 		0.00% 0.00% 17.02% 96.21%
Government 		0.00% 0.00% 99.71% 99.31%

Bond Geographic Breakdown

Weighting Return Low Return High PCAFX % Rank
US 		17.91% 0.00% 102.71% 16.78%
Non US 		0.00% 0.00% 1.68% 89.38%

PCAFX - Expenses

Operational Fees

PCAFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.77% 0.04% 4.67% 10.62%
Management Fee 1.00% 0.00% 1.25% 97.60%
12b-1 Fee 0.04% 0.00% 1.00% 12.79%
Administrative Fee N/A 0.01% 0.28% N/A

Sales Fees

PCAFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

PCAFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 0.00% 2.00% 11.11%

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.

PCAFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 32.00% 4.00% 236.00% 55.80%

PCAFX - Distributions

Dividend Yield Analysis

PCAFX Category Low Category High PCAFX % Rank
Dividend Yield 0.46% 0.00% 10.22% 32.88%

Dividend Distribution Analysis

PCAFX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Quarterly Annual

Net Income Ratio Analysis

PCAFX Category Low Category High PCAFX % Rank
Net Income Ratio 0.36% -1.12% 6.07% 86.22%

Capital Gain Distribution Analysis

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

Distributions History

View More +

PCAFX - Fund Manager Analysis

Managers

Kevin O' Brien

Start Date

Tenure

Tenure Rank

Sep 28, 2007

14.68

14.7%

Mr. O’Brien has been a portfolio manager at Prospector Partners, LLC since 2003 and has been a portfolio manager or securities analyst for more than twenty-five years. Mr. O’Brien is also an Executive Vice President of Prospector Funds, Inc. In addition, from April 2003 through August 2005, Mr. O’Brien served as a Managing Director of White Mountains Advisors, LLC. From April 1996 through April 2003, Mr. O’Brien was an employee of Neuberger Berman, where he began as an investment analyst (1996-1999), served as Vice President (1999-2001), and Managing Director (2001-2003). At the end of Mr. O’Brien’s tenure at Neuberger Berman, Mr. O’Brien’s responsibilities included the co-management of equity assets of institutional investors and mutual funds. At Neuberger Berman, Mr. O’Brien served as co-manager of the Neuberger Berman Genesis Fund. Mr. O’Brien was responsible for following stocks in the financial services, consumer, and technology sectors. From 1991 through 1996, Mr. O’Brien was an employee of Alex, Brown & Sons, where he was an analyst following the financial services industry. His coverage universe included property-casualty insurance, specialty finance, asset management, and diversified financial services. Mr. O’Brien received a B.S. magna cum laude from Central Connecticut State University in 1986. Additionally, Mr. O’Brien received a Chartered Financial Analyst designation in 1995.

Jason Kish

Start Date

Tenure

Tenure Rank

Apr 30, 2013

9.09

9.1%

Mr. Kish has been a portfolio manager at Prospector Partners, LLC since 2013 and has been a portfolio manager or securities analyst for more than fifteen years. He is also an Executive Vice President of Prospector Funds, Inc. When Mr. Kish joined Prospector Partners, LLC in 1997, he began as a junior analyst, covering all industries, eventually serving as the property-casualty analyst and became the Director of Research in 2010. From 1995 to 1997, Mr. Kish worked as an auditor at Coopers & Lybrand, LLP in Hartford, CT. Mr. Kish received a B.S.B.A. from Providence College in 1995. He received his Certified Public Accountant designation in 2000 and his Chartered Financial Analyst designation in 2004.

Steven Labbe

Start Date

Tenure

Tenure Rank

Jul 31, 2020

1.83

1.8%

Mr. Labbe is a portfolio manager at Prospector Funds and has been a portfolio manager or securities analyst for more than 20 years. Mr. Labbe joined Prospector Partners, LLC, an affiliate of Prospector Funds Inc, in March, 2012. He began as an analyst, covering the insurance industry and gradually increased his coverage to asset managers, exchanges, and brokers; he became a portfolio manager in July, 2020. From 1996 to 2012, Mr. Labbe was employed as an analyst with Langen McAlenney, a division of Janney Montgomery Scott, covering the insurance industry. Mr. Labbe received a B.S. degree in Mathematics, from Central Connecticut State University in December, 1995. He received his Chartered Financial Analyst designation in 2001.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 38.44 7.38 2.41

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