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Trending ETFs

Name

As of 11/03/2023

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

$10.30

$32 M

1.93%

$0.20

1.33%

Vitals

YTD Return

5.9%

1 yr return

6.7%

3 Yr Avg Return

3.1%

5 Yr Avg Return

3.0%

Net Assets

$32 M

Holdings in Top 10

32.0%

52 WEEK LOW AND HIGH

$10.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.33%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 82.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$10,000

IRA

$10,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 11/03/2023

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

$10.30

$32 M

1.93%

$0.20

1.33%

SHLDX - Profile

Distributions

  • YTD Total Return 5.9%
  • 3 Yr Annualized Total Return 3.1%
  • 5 Yr Annualized Total Return 3.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.49%
DIVIDENDS
  • Dividend Yield 1.9%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Ziegler FAMCO Hedged Equity Fund
  • Fund Family Name
    Ziegler
  • Inception Date
    Nov 29, 2016
  • Shares Outstanding
    3727241
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Kelly Rushing

Fund Description

The Fund seeks to achieve its investment objective by investing primarily in common stocks of large-cap companies and secondarily in exchange-traded funds (“ETFs”) that invest primarily in large-cap common stocks. The Fund defines large-cap as companies with market capitalizations in excess of $5 billion. The Fund sells (writes) call options on a majority of the notional value of these stocks and ETFs, or on a representative index, such as the S&P 500, in seeking to shield the Fund from some of the risk associated with these investments and to generate additional returns to the extent of the call option premium received. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities and derivatives and other investments that have economic characteristics similar to equity securities.
The Fund also purchases and sells exchange traded put options, employing an option overlay known as a “Put/Spread” strategy in order to provide additional downside protection and risk-reduction. The options may be based on the S&P 500 Index or on ETFs that replicate the S&P 500 Index. A Put/Spread strategy is used to protect the value of an equity portfolio or profit from a decrease in the value of the equity portfolio. In a Put/Spread strategy, the Fund purchases a put on a security, ETF, or representative index and sells a put on the same security, ETF, or representative index. The purchased put benefits if the value of the underlying security, ETF or representative index decreases. The sold put generates income and limits the downside protection of the purchased put. The total option overlay strategy is designed to be near cost neutral. The combination of the diversified portfolio of equity securities, the downside protection from the put spread and the income from the call options is intended to provide the Fund with a portion of the returns associated with equity market investments while exposing investors to less risk than traditional long-only equity strategies (strategies that do not employ call or put option hedges).
Stock selection is designed to closely track the returns of the S&P 500 Index, or similar large-cap index, resulting in minimal tracking error. The stocks are rebalanced monthly utilizing a quantitative portfolio optimization tool, as well as a stock specific ranking process created by USCA Asset Management (“the Sub-Adviser”). The process seeks to limit tracking error relative to the benchmark.
In creating the stock rankings, the Sub-Adviser considers the following: (i) dividend payments, (ii) dividend increases, (iii) payout ratios, (iv) debt coverage ratios, (v) debt levels, (vi) earnings history, (vii) revenue growth, (viii) earnings growth, (ix) stock buybacks, (x) price-to-earnings (P/E) ratios, (xi) forward-looking P/E ratios, (xii) price-to-book value ratios, (xiii) price-to-sales ratios, (xiv) price-to-cash flow ratios, (xv) Altman Z scores (a bankruptcy predictor), (xvi) P/E-to-growth (PEG) ratios, and (xvii) betas (a measure of relative volatility of a security compared to the market as a whole). Each criterion listed above provides insight into the Sub-Adviser’s assessment of security valuation and outlook. The Fund may use ETFs as a substitute for groups of stocks. The Fund sells stocks and ETFs when it believes they no longer meet the criteria mentioned above and will contemporaneously rebalance into new stocks. As the stock portfolio is designed to closely track the S&P 500 Index, options are not adjusted for stock rebalancing. Instead, the options in the strategy are rebalanced near expiration.
To enhance the potential returns of the Fund, as well as to hedge (by writing calls) against losses should portfolio securities decline, the Fund sells call options against the Fund’s portfolio of stocks and ETFs either individually or on a representative index such as the S&P 500 Index. This part of the Fund’s strategy is commonly referred to as a “covered call” strategy because the Fund owns the underlying security at the time it sells the option. The Fund selects call and put options with various exercise prices and maturities, reflecting the portfolio managers’ views about the capital appreciation potential of each underlying stock and ETF or a representative index, as well as its view about the U.S. equity market as a whole.
When the portfolio managers determine that investment opportunities in large cap common stocks are overvalued or that prospects for the U.S. stock market are waning, the Sub-Adviser may also recommend a portion of the Fund’s assets to money market funds and other cash equivalents.
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SHLDX - Performance

Return Ranking - Trailing

Period SHLDX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.9% -2.8% 240.8% 45.85%
1 Yr 6.7% -4.3% 140.6% 52.61%
3 Yr 3.1%* -8.3% 18.3% 71.79%
5 Yr 3.0%* -5.0% 17.3% N/A
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Return Ranking - Calendar

Period SHLDX Return Category Return Low Category Return High Rank in Category (%)
2023 -13.1% -34.1% 904.0% 75.23%
2022 10.9% -28.6% 438.4% 65.90%
2021 -1.8% -93.5% 8.2% 27.59%
2020 8.6% -38.9% 19.8% 69.77%
2019 -6.2% -10.9% 12.8% N/A

Total Return Ranking - Trailing

Period SHLDX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.9% -2.7% 244.0% 46.64%
1 Yr 6.7% -4.3% 140.6% 52.17%
3 Yr 3.1%* -8.3% 18.3% 68.59%
5 Yr 3.0%* -5.4% 17.3% N/A
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Total Return Ranking - Calendar

Period SHLDX Return Category Return Low Category Return High Rank in Category (%)
2023 -10.6% -34.1% 904.0% 75.23%
2022 11.3% -5.9% 438.4% 66.47%
2021 1.5% -81.2% 8.2% 38.62%
2020 16.8% -29.0% 19.8% 82.95%
2019 0.2% -10.9% 12.8% N/A

NAV & Total Return History


SHLDX - Holdings

Concentration Analysis

SHLDX Category Low Category High SHLDX % Rank
Net Assets 32 M 25 17.4 B 74.53%
Number of Holdings 204 2 508 16.41%
Net Assets in Top 10 10.1 M -6.66 M 5.12 B 92.75%
Weighting of Top 10 32.01% 11.3% 100.0% 68.00%

Top 10 Holdings

  1. Apple Inc 8.05%
  2. Microsoft Corp 6.86%
  3. Amazon.com Inc 3.29%
  4. NVIDIA Corp 2.97%
  5. Alphabet Inc 2.32%
  6. Tesla Inc 2.03%
  7. Meta Platforms Inc 1.77%
  8. Berkshire Hathaway Inc 1.63%
  9. UnitedHealth Group Inc 1.56%
  10. Alphabet Inc 1.53%

Asset Allocation

Weighting Return Low Return High SHLDX % Rank
Stocks
103.94% -3.92% 100.76% 28.63%
Cash
0.56% -0.76% 100.29% 66.03%
Preferred Stocks
0.00% 0.00% 3.08% 70.23%
Convertible Bonds
0.00% 0.00% 20.91% 70.99%
Bonds
0.00% 0.00% 97.96% 71.37%
Other
-4.16% 0.00% 45.92% 77.48%

Stock Sector Breakdown

Weighting Return Low Return High SHLDX % Rank
Technology
25.15% 0.00% 44.43% 28.99%
Healthcare
13.55% 0.00% 25.91% 30.25%
Financial Services
13.36% 0.00% 29.60% 82.35%
Consumer Cyclical
11.57% 0.00% 19.02% 35.29%
Communication Services
9.16% 0.00% 21.22% 60.92%
Industrials
8.65% 1.41% 43.91% 30.67%
Consumer Defense
6.71% 0.00% 22.87% 28.15%
Energy
3.86% 0.00% 69.54% 85.71%
Real Estate
2.78% 0.00% 9.74% 65.13%
Utilities
2.68% 0.00% 13.35% 37.82%
Basic Materials
2.54% 0.00% 60.58% 27.31%

Stock Geographic Breakdown

Weighting Return Low Return High SHLDX % Rank
US
103.94% -3.89% 100.00% 34.73%
Non US
0.00% -2.17% 99.33% 36.26%

SHLDX - Expenses

Operational Fees

SHLDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.33% 0.20% 6.78% 27.57%
Management Fee 0.60% 0.20% 1.75% 30.22%
12b-1 Fee N/A 0.00% 1.00% 51.15%
Administrative Fee N/A 0.02% 0.28% N/A

Sales Fees

SHLDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 4.75% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

SHLDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

SHLDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 82.00% 0.00% 456.80% 75.45%

SHLDX - Distributions

Dividend Yield Analysis

SHLDX Category Low Category High SHLDX % Rank
Dividend Yield 1.93% 0.00% 3.76% 72.49%

Dividend Distribution Analysis

SHLDX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Monthly Annually

Net Income Ratio Analysis

SHLDX Category Low Category High SHLDX % Rank
Net Income Ratio 0.49% -2.54% 14.24% 24.18%

Capital Gain Distribution Analysis

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

Distributions History

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SHLDX - Fund Manager Analysis

Managers

Kelly Rushing


Start Date

Tenure

Tenure Rank

Nov 29, 2016

5.5

5.5%

Kelly Rushing has been a registered representative of the USCA Asset Management since 2016 and has served as a Managing Director of USCA since 2015. At USCA, Mr. Rushing manages approximately Hundreds of million for clients in separate accounts that have a substantially similar investment strategy as the Fund. Prior to joining USCA, from 2006 to 2015, Mr. Rushing served as a portfolio manager in UBS’ “Portfolio Management Program,” which employs a similar strategy as the Fund. Mr. Rushing’s experience with the strategy dates back to his days at the University of Texas where he authored a paper on the subject as part of his graduate work and began managing his first account (his own) utilizing the strategy in 1999.

Davis Rushing


Start Date

Tenure

Tenure Rank

Nov 29, 2016

5.5

5.5%

Davis Rushing has been a registered representative of the Adviser since 2016 and has served as a Managing Director of USCA since 2015. At USCA, Mr. Rushing manages approximately hunderds of million for clients in separate accounts that have a substantially similar investment strategy as the Fund. Prior to joining USCA, from 2011 to 2015, Mr. Rushing served as a portfolio manager in UBS’ “Portfolio Management Program,” which employs a similar strategy as the Fund.

Wiley Angell


Start Date

Tenure

Tenure Rank

Dec 21, 2020

1.44

1.4%

Wiley Angell is the Chief Investment Officer and Senior Portfolio Manager for the FAMCO Group at ZCM. Prior to joining the firm in 2015, Wiley was Chief Executive Officer and Chief Investment Officer – Equities and Fixed Income for Fiduciary Asset Management (“FAMCO”) since the firm’s inception in 1994. Prior to that, Wiley served as Portfolio Manager for General Dynamics. He was also Treasurer of Franklin Savings Association where he managed a multi-billion dollar mortgage portfolio and was responsible for the firm’s hedging strategies and balance sheet risk control. He has managed institutional portfolios for over 25 years, specializing in equity, covered call, fixed income and liability driven investing. Wiley received his B.A. in Business and Economics from Ottawa University and has served on boards of university endowments and charitable organizations.

Sean Hughes


Start Date

Tenure

Tenure Rank

Aug 01, 2021

0.83

0.8%

Sean Hughes, CFA, is a Senior Portfolio Manager for the FAMCO Group at ZCM. Prior to joining the firm in 2015, Sean was Portfolio Manager for Fiduciary Asset Management (“FAMCO”) since 2010. Mr. Hughes joined FAMCO in 2005 as a Research Analyst for the covered call strategies. Sean received his M.B.A. from the Olin School of Business at Washington University in St. Louis. He is a graduate of the Tuck School of Business Bridge Program and holds a B.A. from Oberlin College. He is a CFA® charterholder and a member of CFA Institute, the St. Louis Society of Financial Analysts, and the National Association for Business Economics.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 19.77 3.61 5.67