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Trending ETFs

Name

As of 03/26/2024

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

$9.84

$347 M

5.85%

$0.58

0.12%

Vitals

YTD Return

4.0%

1 yr return

19.5%

3 Yr Avg Return

1.4%

5 Yr Avg Return

4.7%

Net Assets

$347 M

Holdings in Top 10

14.5%

52 WEEK LOW AND HIGH

$9.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.12%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 71.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

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

$9.84

$347 M

5.85%

$0.58

0.12%

PISHX - Profile

Distributions

  • YTD Total Return 4.0%
  • 3 Yr Annualized Total Return 1.4%
  • 5 Yr Annualized Total Return 4.7%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 4.47%
DIVIDENDS
  • Dividend Yield 5.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Preferred Securities and Income SMA Shares
  • Fund Family Name
    COHENSTEER
  • Inception Date
    Mar 01, 2019
  • Shares Outstanding
    N/A
  • Share Class
    SMA
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Elaine Zaharis-Nikas

Fund Description

The Fund pursues its objective primarily by investing in issues of preferred and other income securities believed to be undervalued relative to credit quality and other investment characteristics. In making this determination, the Advisor evaluates the fundamental characteristics of an issuer, including an issuer’s creditworthiness, and also takes into account prevailing market factors. In analyzing credit quality, the Advisor considers not only fundamental analysis, but also an issuer’s corporate and capital structure and the placement of the preferred or other income securities within that structure. In evaluating relative value, the Advisor also takes into account call, conversion and other structural security features, in addition to such factors as the likely directions of credit ratings and relative value versus other income security classes.Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of preferred and other income securities issued by U.S. and non-U.S. companies, including traditional preferred securities; hybrid preferred securities that have investment and economic characteristics of both preferred stock and debt securities; floating rate preferred securities; corporate debt securities; convertible securities; contingent capital securities  (“CoCos”); and securities of other open-end, closed-end or exchange-traded funds (“ETFs”) that invest primarily in preferred and/or debt securities as described herein. To the extent the Fund invests in securities of other open-end funds, closed-end funds or ETFs, the Fund will consider the investments of these funds, to the extent known by the Fund, in determining compliance with this policy. The Fund may also invest in certain restricted securities including securities that are only eligible for resale pursuant to Rule 144A under the Securities Act of 1933 (the “Securities Act”) (referred to as Rule 144A Securities) and securities of U.S. and non-U.S. issuers that are issued through private offerings without registration with the Securities and Exchange Commission (the “SEC”) pursuant to Regulation S under the Securities Act.The Fund may invest a significant portion of its assets in over-the-counter (“OTC”) preferred and income securities. OTC issues are often referred to as “capital securities.”Under normal market conditions, the Fund also will invest at least 25% of its net assets in the financials sector, which is comprised of the bank, diversified financials, real estate (including real estate investment trusts (“REITs”)) and insurance industries. From time to time, the Fund may have 25% or more of its net assets invested in any one of these industries. In addition, the Fund also may focus its investments in other sectors or industries, such as (but not limited to) energy, industrials, utilities, pipelines, health care and telecommunications. The Advisor retains broad discretion to allocate the Fund’s investments across various sectors and industries.The Fund may invest without limit in securities of non-U.S. companies, which may be non-U.S. dollar denominated, including up to 15% of the Fund’s net assets in securities issued by companies domiciled in emerging market countries. Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products per capita than more developed countries.The Fund may invest in preferred and debt securities of any maturity or credit rating, including investment grade securities, below investment grade securities and unrated securities, and does not have any portfolio credit ratings requirement. Below investment grade securities are also known as “high yield” or “junk” securities and are regarded as having more speculative characteristics with respect to the payment of interest and repayment of principal. The maturities of debt securities in which the Fund will invest generally will be longer-term (ten years or more); however, as a result of changing market conditions and interest rates, the Fund may also invest in shorter-term debt securities.The Fund is authorized to purchase, sell or enter into any derivative contract or option on a derivative contract, transaction or instrument, without limitation, including various interest rate transactions such as swaps, caps, floors or collars, and foreign currency transactions such as foreign currency forward contracts, futures contracts, options, swaps and other similar strategic transactions in connection with its investments in securities of non-U.S. companies. The Fund’s primary use of derivative contracts will be to enter into interest rate and currency hedging transactions in order to reduce the interest rate and foreign currency risk inherent in the Fund’s investments.
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PISHX - Performance

Return Ranking - Trailing

Period PISHX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.0% -0.8% 6.7% 24.36%
1 Yr 19.5% 10.2% 29.9% 8.97%
3 Yr 1.4%* -7.6% 8.1% 16.67%
5 Yr 4.7%* -4.5% 6.3% 3.03%
10 Yr N/A* 1.1% 4.9% N/A

* Annualized

Return Ranking - Calendar

Period PISHX Return Category Return Low Category Return High Rank in Category (%)
2023 1.5% -3.6% 14.2% 33.33%
2022 -16.2% -29.4% -9.6% 40.28%
2021 0.0% -3.4% 17.2% 45.83%
2020 3.4% -24.8% 9.0% 7.25%
2019 N/A 6.4% 19.1% N/A

Total Return Ranking - Trailing

Period PISHX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.0% -0.8% 6.7% 24.36%
1 Yr 19.5% 10.2% 29.9% 8.97%
3 Yr 1.4%* -7.6% 8.1% 16.67%
5 Yr 4.7%* -4.5% 6.3% 3.03%
10 Yr N/A* 1.1% 4.9% N/A

* Annualized

Total Return Ranking - Calendar

Period PISHX Return Category Return Low Category Return High Rank in Category (%)
2023 7.9% -1.9% 26.5% 26.92%
2022 -11.4% -26.0% -5.8% 33.33%
2021 5.1% -2.5% 27.4% 22.22%
2020 8.6% -19.2% 12.3% 4.35%
2019 N/A 10.0% 32.0% N/A

NAV & Total Return History


PISHX - Holdings

Concentration Analysis

PISHX Category Low Category High PISHX % Rank
Net Assets 347 M 20 M 14.5 B 69.23%
Number of Holdings 224 45 450 35.90%
Net Assets in Top 10 48.1 M 7.69 M 1.65 B 76.92%
Weighting of Top 10 14.53% 12.1% 45.9% 91.03%

Top 10 Holdings

  1. Wells Fargo Co 2.39%
  2. BNP Paribas SA 2.02%
  3. Wells Fargo Co 1.52%
  4. Citigroup Inc 1.33%
  5. Toronto-Dominion Bank/The 1.31%
  6. BP Capital Markets PLC 1.26%
  7. QBE Insurance Group Ltd 1.25%
  8. Emera Inc 1.20%
  9. Charles Schwab Corp/The 1.14%
  10. Algonquin Power Utilities Corp 1.11%

Asset Allocation

Weighting Return Low Return High PISHX % Rank
Bonds
94.84% 0.00% 98.46% 5.13%
Convertible Bonds
24.17% 0.00% 31.65% 48.00%
Preferred Stocks
2.73% 0.00% 126.07% 96.15%
Cash
2.41% -0.02% 9.83% 50.00%
Other
0.03% -4.48% 12.19% 7.69%
Stocks
0.00% 0.00% 28.30% 46.15%

Bond Sector Breakdown

Weighting Return Low Return High PISHX % Rank
Corporate
94.42% 62.31% 100.00% 86.67%
Government
0.77% 0.00% 21.71% 14.67%
Cash & Equivalents
0.48% 0.00% 9.28% 75.64%
Derivative
0.03% -0.63% 12.19% 7.69%
Securitized
0.00% 0.00% 0.00% 21.33%
Municipal
0.00% 0.00% 0.00% 21.33%

Bond Geographic Breakdown

Weighting Return Low Return High PISHX % Rank
US
86.88% 0.00% 98.46% 28.21%
Non US
7.95% 0.00% 22.53% 12.82%

PISHX - Expenses

Operational Fees

PISHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.12% 0.05% 4.46% 98.70%
Management Fee 0.00% 0.00% 1.00% 1.28%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.01% 0.01% 0.55% 4.00%

Sales Fees

PISHX 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% 1.00% N/A

Trading Fees

PISHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A 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.

PISHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 71.00% 12.00% 199.00% 88.24%

PISHX - Distributions

Dividend Yield Analysis

PISHX Category Low Category High PISHX % Rank
Dividend Yield 5.85% 0.00% 9.40% 30.77%

Dividend Distribution Analysis

PISHX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Monthly Monthly

Net Income Ratio Analysis

PISHX Category Low Category High PISHX % Rank
Net Income Ratio 4.47% 0.88% 7.54% 36.49%

Capital Gain Distribution Analysis

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

Distributions History

View More +

PISHX - Fund Manager Analysis

Managers

Elaine Zaharis-Nikas


Start Date

Tenure

Tenure Rank

Mar 01, 2019

3.25

3.3%

Elaine Zaharis-Nikas, CFA, Senior Vice President, is a senior portfolio manager for fixed income and preferred securities portfolios and has analyst coverage responsibilities for European and Latin American banks. She has 21 years of investment experience. Prior to joining Cohen & Steers in 2003, Ms. Zaharis-Nikas worked at J.P. Morgan Chase for five years as a credit analyst and J.P. Morgan for three years as an internal auditor. Ms. Zaharis-Nikas holds a BS from New York University. She is based in New York.

William Scapell


Start Date

Tenure

Tenure Rank

Mar 01, 2019

3.25

3.3%

William Scapell, CFA, Executive Vice President, is Head of Fixed Income and Preferred Securities and a senior portfolio manager for the firm’s preferred securities portfolios. He has 28 years of investment experience. Prior to joining Cohen & Steers in 2003, Mr. Scapell worked in the fixed income research department at Merrill Lynch, where he was their chief strategist for preferred securities for three years, and a vice president in corporate finance and treasury department for two years. Previously, he held bank supervision and monetary policy roles at the Federal Reserve Bank of New York for five years. Mr. Scapell holds a BA from Vassar College and an MA from Columbia University's School of International and Public Affairs. He is based in New York.

Jerry Dorost


Start Date

Tenure

Tenure Rank

Jan 29, 2021

1.33

1.3%

Jerry Dorost, CFA, Senior Vice President, is a portfolio manager for fixed income and preferred securities portfolios and has analyst coverage responsibilities for banks, utilities and midstream energy. He has 16 years of investment experience. Prior to joining the firm in 2010, Mr. Dorost was with Citigroup, where his coverage included banks, mortgage lenders and other financial companies. Mr. Dorost has a BS from Columbia University and is based in New York.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 30.32 7.8 11.42