Towpath Focus Fund
Name
As of 04/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
6.1%
1 yr return
21.2%
3 Yr Avg Return
7.7%
5 Yr Avg Return
N/A
Net Assets
$31.2 M
Holdings in Top 10
52.6%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.03%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 25.29%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
TOWFX - Profile
Distributions
- YTD Total Return 6.1%
- 3 Yr Annualized Total Return 7.7%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.69%
- Dividend Yield 1.4%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameTowpath Focus Fund
-
Fund Family NameMSS Series Trust
-
Inception DateJan 13, 2020
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMark Oelschlager
Fund Description
Oelschlager Investments, LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing primarily in U.S. equity securities but may also hold shares of foreign companies either directly or through American Depository Receipts (“ADRs”). Companies in which the Fund invests may be of any capitalization size. Under normal circumstances, the Fund will invest at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) in equity securities. The Fund may meet this objective by directly investing in equity securities, or by investing in other investment companies, including exchange-traded funds (“ETFs”), that invest primarily in equity securities.
The Fund’s portfolio typically consists of 25-40 equity securities, which may be in a limited number of sectors in keeping with the Adviser’s investment process. The Adviser chooses securities for the Fund based on a combination of top-down and bottom-up factors, employing the following analyses:
| · | Market Analysis: The Adviser takes a broad view of the market and economy, which informs the Adviser’s determination of how aggressive or cautious to be and which sectors and industries to focus on. |
| · | Sector Analysis: Sector selection is based on considerations such as macroeconomic and market analysis, competitive dynamics, trend in capacity, valuation, sentiment, management behavior, substitutability, growth potential, and market anomalies. |
| · | Quantitative Analysis: This includes a company’s valuation metrics (such as free cash flow yield, price/earnings, price/sales), as well as various aspects of the company’s financial statements, such as how it is deploying its capital, trends in its capitalization structure, and its profitability. |
| · | Qualitative Analysis: The Adviser assesses the fundamentals of the company’s business, generally favoring those with barriers to entry, pricing power, network effects, limited competition, lock-in effects, – attributes that create sustainable competitive advantages. Often the Adviser invests in such companies when they are out of favor for short-term reasons. |
In general, the Fund sells a security when the price rises to a level that the adviser believes exceeds the long-term risk-reward or when the fundamentals of a company deteriorate but are not reflected by a commensurate adjustment in the stock price.
The Fund is non-diversified, which means that the Fund may invest in fewer securities at any one time than a diversified fund.
TOWFX - Performance
Return Ranking - Trailing
| Period | TOWFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 6.1% | -3.2% | 13.0% | 47.76% |
| 1 Yr | 21.2% | -6.7% | 37.2% | 25.86% |
| 3 Yr | 7.7%* | -3.7% | 30.3% | 30.64% |
| 5 Yr | N/A* | -1.5% | 43.5% | N/A |
| 10 Yr | N/A* | 1.2% | 24.6% | N/A |
* Annualized
Return Ranking - Calendar
| Period | TOWFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 9.2% | -24.9% | 46.1% | 30.55% |
| 2022 | -4.0% | -64.7% | 4.6% | 7.50% |
| 2021 | 19.6% | -44.2% | 57.5% | 34.07% |
| 2020 | N/A | -23.2% | 285.0% | N/A |
| 2019 | N/A | -21.4% | 48.5% | N/A |
Total Return Ranking - Trailing
| Period | TOWFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 6.1% | -3.2% | 13.0% | 47.76% |
| 1 Yr | 21.2% | -6.7% | 37.2% | 25.86% |
| 3 Yr | 7.7%* | -3.7% | 30.3% | 30.64% |
| 5 Yr | N/A* | -1.5% | 43.5% | N/A |
| 10 Yr | N/A* | 1.2% | 24.6% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | TOWFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 12.3% | -15.9% | 46.7% | 40.32% |
| 2022 | -2.0% | -42.0% | 8.5% | 18.66% |
| 2021 | 26.5% | 3.6% | 129.7% | 44.17% |
| 2020 | N/A | -22.6% | 304.8% | N/A |
| 2019 | N/A | -12.7% | 52.1% | N/A |
NAV & Total Return History
TOWFX - Holdings
Concentration Analysis
| TOWFX | Category Low | Category High | TOWFX % Rank | |
|---|---|---|---|---|
| Net Assets | 31.2 M | 1.09 M | 163 B | 93.32% |
| Number of Holdings | 39 | 2 | 1683 | 88.17% |
| Net Assets in Top 10 | 15.6 M | 420 K | 33.9 B | 89.65% |
| Weighting of Top 10 | 52.59% | 4.8% | 99.9% | 4.44% |
Top 10 Holdings
- First American Government Obligations Fund Class X 12.83%
- Alphabet, Inc. Class A 7.96%
- McKesson Corp. 5.32%
- Shell PLC ADR 4.93%
- Bank of New York Mellon Corp. 4.36%
- Cencora, Inc. 4.18%
- Novartis AG ADR 3.50%
- Prestige Consumer Healthcare, Inc. 3.36%
- The Charles Schwab Corp. 3.09%
- Valero Energy Corp. 3.06%
Asset Allocation
| Weighting | Return Low | Return High | TOWFX % Rank | |
|---|---|---|---|---|
| Stocks | 87.06% | 1.86% | 108.42% | 97.22% |
| Cash | 12.94% | -0.79% | 38.18% | 1.04% |
| Preferred Stocks | 0.00% | 0.00% | 13.88% | 48.00% |
| Other | 0.00% | -3.53% | 39.72% | 58.70% |
| Convertible Bonds | 0.00% | 0.00% | 3.66% | 45.34% |
| Bonds | 0.00% | -0.71% | 73.23% | 47.22% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | TOWFX % Rank | |
|---|---|---|---|---|
| Healthcare | 27.42% | 0.00% | 30.08% | 1.14% |
| Financial Services | 23.07% | 0.00% | 58.05% | 16.99% |
| Consumer Cyclical | 19.80% | 0.00% | 22.74% | 0.61% |
| Communication Services | 9.84% | 0.00% | 26.58% | 6.48% |
| Energy | 6.36% | 0.00% | 54.00% | 71.54% |
| Technology | 5.11% | 0.00% | 54.02% | 93.35% |
| Basic Materials | 4.33% | 0.00% | 21.69% | 26.62% |
| Industrials | 4.06% | 0.00% | 42.76% | 96.15% |
| Utilities | 0.00% | 0.00% | 27.04% | 93.26% |
| Real Estate | 0.00% | 0.00% | 90.54% | 91.42% |
| Consumer Defense | 0.00% | 0.00% | 34.10% | 99.47% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | TOWFX % Rank | |
|---|---|---|---|---|
| US | 87.06% | 1.86% | 108.42% | 92.26% |
| Non US | 0.00% | 0.00% | 27.89% | 61.57% |
TOWFX - Expenses
Operational Fees
| TOWFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.03% | 0.03% | 14.82% | 40.75% |
| Management Fee | 0.70% | 0.00% | 1.50% | 76.35% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
| TOWFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 1.00% | 5.75% | N/A |
| Deferred Load | N/A | 0.95% | 5.00% | N/A |
Trading Fees
| TOWFX 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.
| TOWFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 25.29% | 0.00% | 488.00% | 34.55% |
TOWFX - Distributions
Dividend Yield Analysis
| TOWFX | Category Low | Category High | TOWFX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 1.36% | 0.00% | 37.03% | 49.39% |
Dividend Distribution Analysis
| TOWFX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Monthly | Monthly |
Net Income Ratio Analysis
| TOWFX | Category Low | Category High | TOWFX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.69% | -1.51% | 4.28% | 83.32% |
Capital Gain Distribution Analysis
| TOWFX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 22, 2023 | $0.395 | OrdinaryDividend |
| Dec 22, 2022 | $0.264 | OrdinaryDividend |
| Dec 23, 2021 | $0.763 | OrdinaryDividend |
TOWFX - Fund Manager Analysis
Managers
Mark Oelschlager
Start Date
Tenure
Tenure Rank
Dec 31, 2019
2.42
2.4%
Mark W. Oelschlager, CFA founded Oelschlager Investments in 2019 and serves as the firm’s President and Chief Investment Officer. Prior to 2019, he served as Co-Chief Investment Officer of Oak Associates, ltd. He was Portfolio Manager of Pin Oak Equity Fund, Live Oak Health Sciences Fund, and Red Oak Technology Select Fund, as well as Co-Portfolio Manager of White Oak Select Growth Fund. Prior to joining Oak Associates in 2000, Mr. Oelschlager served as a Senior Securities Analyst for the State Teachers Retirement System of Ohio. Mr. Oelschlager holds a BA in Economics from Trinity College, an MBA from The Ohio State University and the Chartered Financial Analyst (CFA) designation. He has been in the investment industry since 1994.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.05 | 86.59 | 8.07 | 16.42 |