TNFAX: 1290 Convertible Securities A - MutualFunds.com

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TNFAX 1290 Convertible Securities A

  • Fund
  • TNFAX
  • Price as of: Oct 11, 2019
  • $11.12 + $0.10 + 0.91%

TNFAX - Profile

Vitals

  • YTD Return 16.7%
  • 3 Yr Annualized Return 8.3%
  • 5 Yr Annualized Return N/A
  • Net Assets $24.8 M
  • Holdings in Top 10 20.8%

52 WEEK LOW AND HIGH

$11.12
$9.14
$11.43

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.94%

SALES FEES

  • Front Load 4.50%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 45.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$1,000

IRA

$500

Fund Classification

PRIMARY CATEGORY

  • Fund Type Open End Mutual Fund
  • Investment Style Convertibles

Distributions

  • YTD Total Return 16.7%
  • 3 Yr Annualized Total Return 6.7%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.14%
DIVIDENDS
  • Dividend Yield 1.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name 1290 Convertible Securities Fund
  • Fund Family Name 1290 Funds
  • Inception Date Jul 06, 2015
  • Shares Outstanding N/A
  • Share Class A
  • Currency USD
  • Domiciled Country United States
  • Manager Kenneth T. Kozlowski

Fund Description

Under normal market conditions, the fund invests at least 80% of its net assets, plus borrowings for investment purposes, in a diversified portfolio of convertible securities. A convertible security is generally a bond, preferred stock or other security that may be converted within a specified period of time and at a pre-stated price or formula into common stock of the same or a different issuer.

TNFAX - Performance

Return Ranking - Trailing

Period TNFAX Return Category Return Low Category Return High Rank in Category (%)
YTD 16.7% -4.9% 19.6% 12.80%
1 Yr 3.3% -19.4% 11.8% 58.18%
3 Yr 8.3%* -5.6% 11.9% 6.99%
5 Yr N/A* -8.3% 8.4% N/A
10 Yr N/A* -4.1% 11.1% N/A

* Annualized


Return Ranking - Calendar

Period TNFAX Return Category Return Low Category Return High Rank in Category (%)
2018 -10.4% -24.0% -2.5% 58.11%
2017 9.6% -7.8% 15.4% 24.48%
2016 3.5% -5.4% 14.2% 34.53%
2015 N/A -26.1% 2.5% N/A
2014 N/A -10.4% 53.4% N/A

Total Return Ranking - Trailing

Period TNFAX Return Category Return Low Category Return High Rank in Category (%)
YTD 16.7% -4.9% 19.6% 12.80%
1 Yr -1.4% -19.4% 12.8% 90.30%
3 Yr 6.7%* -5.6% 13.5% 37.76%
5 Yr N/A* -8.3% 10.9% N/A
10 Yr N/A* -4.1% 12.9% N/A

* Annualized


Total Return Ranking - Calendar

Period TNFAX Return Category Return Low Category Return High Rank in Category (%)
2018 -10.4% -24.0% 4.5% 73.65%
2017 9.6% -7.1% 18.4% 46.85%
2016 3.5% -5.4% 20.1% 62.59%
2015 N/A -26.1% 6.2% N/A
2014 N/A -10.4% 56.9% N/A

NAV & Total Return History

TNFAX - Holdings

Concentration Analysis

TNFAX Category Low Category High TNFAX % Rank
Net Assets 24.8 M 196 K 8.29 B 89.88%
Number of Holdings 131 35 477 39.29%
Net Assets in Top 10 5.23 M -316 M 1.06 B 89.88%
Weighting of Top 10 20.81% 8.8% 90.8% 47.02%

Top 10 Holdings

  1. Wells Fargo & Co 7 1/2 % Non Cum Perp Conv Pfd Shs -A- Series -L- 3.04%

  2. Microchip Technology Incorporated 1.62% 2.46%

  3. Becton, Dickinson and Co Pfd 2.37%

  4. Bank of America Corporation 7 1/4 % Non-Cum Perp Conv Pfd Shs Series -L- 2.06%

  5. Booking Holdings Inc 0.35% 2.01%

  6. Microchip Technology Incorporated 1.62% 1.97%

  7. Splunk Inc 0.5% 1.80%

  8. Square Inc 0.5% 1.76%

  9. Palo Alto Networks Inc 0.75% 1.70%

  10. Advanced Micro Devices, Inc. 2.12% 1.65%


Asset Allocation

Weighting Return Low Return High TNFAX % Rank
Convertible Bonds
81.87% 0.00% 123.30% 14.88%
Preferred Stocks
12.54% 0.00% 79.56% 61.31%
Cash
2.57% -6.81% 58.69% 42.26%
Bonds
1.52% -36.64% 79.27% 51.19%
Stocks
1.50% -0.19% 45.94% 55.95%
Other
0.00% 0.00% 18.36% 61.31%

Stock Sector Breakdown

Weighting Return Low Return High TNFAX % Rank
Basic Materials
0.78% 0.00% 1.32% 17.01%
Utilities
0.72% 0.00% 30.47% 52.38%
Technology
0.00% 0.00% 3.56% 48.30%
Real Estate
0.00% 0.00% 26.98% 46.26%
Industrials
0.00% 0.00% 12.20% 67.35%
Healthcare
0.00% 0.00% 2.84% 46.26%
Financial Services
0.00% 0.00% 8.60% 48.30%
Energy
0.00% 0.00% 10.71% 43.54%
Communication Services
0.00% 0.00% 3.94% 44.90%
Consumer Defense
0.00% 0.00% 1.61% 31.29%
Consumer Cyclical
0.00% 0.00% 2.69% 51.70%

Stock Geographic Breakdown

Weighting Return Low Return High TNFAX % Rank
US
1.50% -0.21% 40.30% 55.36%
Non US
0.00% 0.00% 5.64% 60.12%

Bond Sector Breakdown

Weighting Return Low Return High TNFAX % Rank
Corporate
94.41% 15.84% 99.47% 42.86%
Cash & Equivalents
2.57% -6.81% 58.69% 44.64%
Derivative
0.00% -3.15% 1.33% 25.60%
Securitized
0.00% 0.00% 0.54% 36.31%
Municipal
0.00% 0.00% 0.00% 25.00%
Government
0.00% -11.36% 9.12% 38.10%

Bond Geographic Breakdown

Weighting Return Low Return High TNFAX % Rank
US
1.52% -36.64% 70.76% 47.62%
Non US
0.00% 0.00% 33.28% 60.12%

TNFAX - Expenses

Operational Fees

TNFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.94% 0.00% 94.07% 29.81%
Management Fee 0.70% 0.00% 2.87% 40.72%
12b-1 Fee 0.25% 0.00% 1.00% 35.00%
Administrative Fee 0.15% 0.01% 0.55% 82.67%

Sales Fees

TNFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 4.50% 2.00% 5.75% 56.67%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

TNFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Turnover 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.

TNFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 45.00% 7.00% 213.00% 46.67%

TNFAX - Distributions

Dividend Yield Analysis

TNFAX Category Low Category High TNFAX % Rank
Dividend Yield 1.30% 0.00% 7.53% 50.00%

Dividend Distribution Analysis

TNFAX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Dividend Payout History


Net Income Ratio Analysis

TNFAX Category Low Category High TNFAX % Rank
Net Income Ratio 1.14% -0.40% 9.22% 77.02%

Capital Gain Distribution Analysis

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

TNFAX - Managers

Kenneth T. Kozlowski

Manager

Start Date

Tenure

Tenure Rank

Jul 06, 2015

4.24

4.2%

Kenneth T. Kozlowski, CFP, CHFC, CLU has served as Executive Vice President and Chief Investment Officer of FMG LLC since June 2012 and as Senior Vice President of AXA Equitable Life Insurance and as Senior Vice President of FMG LLC since May 2011. He served as Vice President of AXA Equitable from February 2001 to August 2011. He has served as Vice President of the Trust from June 2010 to present. Since 2003, Mr. Kozlowski has had primary responsibility for the asset allocation, fund selection and rebalancing of the funds of funds currently managed by FMG LLC and for the ETF Allocated Portions since May 25, 2007 and for the Fund of Funds Portion of the EQ/Quality Bond PLUS Portfolio since October 26, 2010. Mr. Kozlowski served as Chief Financial Officer and Treasurer of the Trust from 2002 to 2007.


Alwi Chan

Manager

Start Date

Tenure

Tenure Rank

Jul 06, 2015

4.24

4.2%

Alwi Chan, CFA has served as Senior Vice President and Deputy Chief Investment Officer of FMG LLC since June 2012 and as Lead Director of AXA Equitable since February 2007. He served as Vice President of FMG LLC from May 2011 to June 2012. Prior to that, he served as an Assistant Vice President (2005-2007) and Senior Investment Analyst (2002-2005) of AXA Equitable. He also has served as Vice President of the Trust since 2007.


William W. Lee

Manager

Start Date

Tenure

Tenure Rank

Jul 06, 2015

4.24

4.2%

Mr. Lee serves as the Senior Portfolio Manager for Palisade Capital Management’s Convertible Securities strategies and is a member of the Firm’s Investment Policy Committee. Prior to his promotion to Senior Portfolio Manager in October 2015, Mr. Lee was Co-Portfolio Manager and Senior Vice President of Research for the strategies. Before joining Palisade in May 2006, he was a Portfolio Manager at Loxias Fund Management, a capital structure arbitrage hedge fund. Mr. Lee was previously a Director in the mergers & acquisitions group at Sony Corporation of America, an Investment Banking Associate at Lehman Brothers and an Equity Analyst at Delphi Management, with a focus on small cap value. He received his M.B.A. from the Stern School of Business at New York University and his B.A. in Biology from Yale University.


Mitchell Leung

Manager

Start Date

Tenure

Tenure Rank

Mar 01, 2018

1.58

1.6%

Mitch Leung, CFA is Senior Vice President and Associate Portfolio Manager, Convertible Securities of Palisade. Prior to his promotion to Associate Portfolio Manager in November 2016, Mitch was Senior Vice President for Palisade’s convertible securities strategies. Prior to joining Palisade in July 2011, he was a derivatives trader at Twenty-First Securities, and prior thereto, a Senior Proprietary Trader in convertible securities at Wachovia.


Tenure Analysis

Category Low

0.25

Category High

34.3

Category Average

8.33

Category Mode

8.75