Fund
TVRIX
Price as of:
$17.54
- $0.23
- 1.29%
Primary Theme
fund company
Name
As of 04/12/2024Price
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
Vitals
YTD Return
8.7%
1 yr return
19.7%
3 Yr Avg Return
4.7%
5 Yr Avg Return
7.7%
Net Assets
$204 M
Holdings in Top 10
31.3%
52 WEEK LOW AND HIGH
$17.8
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.22%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 131.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/12/2024Price
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
TVRIX - Profile
Distributions
- YTD Total Return 8.7%
- 3 Yr Annualized Total Return 4.7%
- 5 Yr Annualized Total Return 7.7%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.04%
- Dividend Yield 1.9%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameGuggenheim Directional Allocation Fund
-
Fund Family NameGuggenheim
-
Inception DateJun 18, 2012
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerFarhan Sharaff
Fund Description
The Fund uses a passive investment strategy designed to track the total return performance (before fees and expenses) of the Directional Allocation Index. The Index’s objective is to provide consistent long-term, risk adjusted outperformance of the broad U.S. equity markets with the goal of capturing more upside in rising equity markets and limiting the downside - including up to 100% cash allocation - during market downturns. The Directional Allocation Index consists of common stock of companies, and units of beneficial ownership in real estate investment trusts (“REITs”), in the Dow Jones U.S. Large-Cap Total Stock Market IndexSM that have been selected for inclusion in the Index by a systematic, rules-based process that uses Guggenheim Investments’ Required Business Performance®(RBP®) Probability scores (as defined below) and other rules based signals as defined by the Index methodology. S&P Dow Jones Indices LLC or an affiliate (as index calculation agent) is responsible for the daily calculation and operations of the Directional Allocation Index. The RBP® Probability scores are derived from a quantitative process of Guggenheim Investments. The RBP® Probability scores are intended to measure the future business performance required of a company to support its stock price and to indicate the probability that the company will actually achieve that performance. Using a rules-based methodology, the Index is designed to participate in rising markets while attempting to preserve capital during market declines. The Index aims to allocate its holdings among the stocks in the three Guggenheim Directional Series Indexes (the “Directional Series Indexes”) - the Guggenheim RBP® Large-Cap Market IndexSM (with average economic and market sensitivity), the Guggenheim RBP® Large-Cap Aggressive IndexSM (with above average economic and market sensitivity) and the Guggenheim RBP® Large-Cap Defensive IndexSM (with below average economic and market sensitivity) - and cash. The allocations are based on a moving average crossover system of analysis. The moving average crossover system used in the Index’s methodology uses three primary signals: economic condition, consumer sentiment and market momentum. The components of each of the Directional Series Indexes are derived from the Dow Jones U.S. Large-Cap Total Stock Market IndexSM. The number of securities comprising the Directional Allocation Index is subject to change from time to time. A description of the Index’s methodology and performance is available directly from Guggenheim Investments (http://www.rbpinstitute.com).The Fund will invest in securities representing the holdings of the Directional Allocation Index, and cash or cash equivalents to the extent the Index is allocated to cash. The Fund may be invested in any combination of securities and cash or cash equivalents, as defined by the Index methodology weights. In accordance with the Index methodology, the Index may be and has been at times 100% allocated to cash. In such circumstances, the Fund will also hold and has held at times 100% of its assets in cash or cash equivalents. The cash equivalents consist of shares of money market mutual funds and short-term funds, commercial paper, certificates of deposit, bankers’ acceptances, U.S. Government securities and repurchase agreements. To the extent that the Fund invests in money market mutual funds or short-term funds for cash positions, there will be some duplication of expenses because the Fund pays its pro-rata portion of such funds' advisory fees and operational fees.The Fund will generally invest in all of the securities comprising the Index in proportion to the weightings in the Index. Under various circumstances where it may not be possible or practicable (that is, in instances when a security in the Index becomes temporarily illiquid, unavailable or less liquid, or due to legal restrictions (for instance tax or other diversification requirements that apply to the Fund but not the Index or the Investment Manager is restricted from purchasing securities of a particular company on behalf of the Fund)) to purchase all of the securities in the Index or amounts of such securities in proportion to their weighting in the Index, the Investment Manager will utilize a sampling methodology, or invest a portion of the assets in total return swaps or similar derivative to obtain the desired exposure. Sampling means that quantitative analysis is used to select securities that represent a sample of the securities in the Index with a similar investment profile as the Index in terms of key risk factors, performance attributes and other characteristics. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of borrowings for investment purposes, in securities and/or cash or cash equivalents consistent with the weighting of the Index at the time of initial purchase. This investment policy is non-fundamental and was not adopted pursuant to Rule 35d-1 and, therefore, may be changed by the Board without prior notice to shareholders. The Index is rebalanced at least quarterly or more frequently when economic conditions signal changes. In addition, the Index is reviewed on an ongoing basis to account for corporate actions such as mergers or de-listings. The Investment Manager may sell securities that are represented in the Index, or purchase securities that are not yet represented in the Index, in anticipation of their removal from or addition to the Index. As of December 31, 2023, market capitalizations of companies included in the Directional Allocation Index ranged from approximately $6.7 billion to $3 trillion.The Fund also may invest up to 20% of its net assets in common stocks and REITs not included in the Index, but which the Investment Manager believes will help the Fund track the Index, as well as in exchange-traded funds (“ETFs”), futures, put and call options, interest rate, index and total return swap contracts, cash and cash equivalents. Such investments are intended to improve liquidity, reduce transaction costs and help the Fund stay fully invested, or obtain the desired exposure to securities comprising the Index, and are not intended to be used for hedging or speculative investment purposes. The Investment Manager does not invest Fund assets based on its opinion of a security, instrument or company.The short-term funds in which the Fund will invest include short-term investment companies advised by the Investment Manager or an affiliate of the Investment Manager, or short-term ETFs, that invest in short-term fixed-income or floating rate securities. Investments by the Fund in these investment companies significantly increase the Fund’s exposure to the following asset categories: (i) a broad range of high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”) or, if unrated, determined by the Investment Manager, to be of comparable quality; (ii) collateralized loan obligations (“CLOs”), other asset-backed securities and similarly structured debt investments; and (iii) other short-term fixed or floating rate debt securities. Such investments expose the Fund to the risks of these asset categories—and decreases in the value of these investments may cause the Fund to deviate from its investment objective.The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or sector to approximately the same extent that the Index is so concentrated. The Board may change the Fund’s investment objective, investment strategy, Index and other policies without shareholder notice or approval, except as otherwise indicated.Due to its investment strategies, the turnover rate of the Fund should generally be similar to the turnover rate of the Index. As a result, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains liabilities than for a fund with a buy and hold strategy. Higher transaction costs may negatively impact the Fund’s performance.Under adverse, unstable or abnormal market conditions, the Fund could invest some or all of its assets in cash, fixed-income instruments, government bonds, money market instruments, repurchase agreements or securities of other investment companies. The Fund may be unable to pursue or achieve its investment objective during that time and temporary investments could reduce the benefit from any upswing in the market.
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TVRIX - Performance
Return Ranking - Trailing
| Period | TVRIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 8.7% | -12.5% | 23.0% | 67.09% |
| 1 Yr | 19.7% | -21.4% | 64.4% | 93.05% |
| 3 Yr | 4.7%* | -30.4% | 36.6% | 65.03% |
| 5 Yr | 7.7%* | -16.0% | 29.3% | 94.51% |
| 10 Yr | 8.5%* | -5.3% | 19.4% | 95.43% |
* Annualized
Return Ranking - Calendar
| Period | TVRIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 8.8% | -74.1% | 72.4% | 96.13% |
| 2022 | -18.1% | -85.9% | 4.7% | 2.27% |
| 2021 | 11.1% | -52.4% | 60.5% | 38.85% |
| 2020 | 4.8% | -34.3% | 145.0% | 98.08% |
| 2019 | 11.6% | -21.8% | 49.4% | 92.97% |
Total Return Ranking - Trailing
| Period | TVRIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 8.7% | -12.5% | 23.0% | 67.09% |
| 1 Yr | 19.7% | -21.4% | 64.4% | 93.05% |
| 3 Yr | 4.7%* | -30.4% | 36.6% | 65.03% |
| 5 Yr | 7.7%* | -16.0% | 29.3% | 94.51% |
| 10 Yr | 8.5%* | -5.3% | 19.4% | 95.43% |
* Annualized
Total Return Ranking - Calendar
| Period | TVRIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 11.0% | -4.6% | 72.4% | 98.88% |
| 2022 | -17.5% | -61.7% | 5.6% | 4.99% |
| 2021 | 27.4% | -39.8% | 118.1% | 16.11% |
| 2020 | 5.1% | 2.8% | 149.2% | 99.63% |
| 2019 | 30.5% | -5.2% | 49.4% | 71.61% |
NAV & Total Return History
TVRIX - Holdings
Concentration Analysis
| TVRIX | Category Low | Category High | TVRIX % Rank | |
|---|---|---|---|---|
| Net Assets | 204 M | 242 K | 269 B | 76.79% |
| Number of Holdings | 158 | 1 | 3217 | 14.01% |
| Net Assets in Top 10 | 61.5 M | 104 K | 111 B | 84.73% |
| Weighting of Top 10 | 31.27% | 0.7% | 205.0% | 92.30% |
Top 10 Holdings
- Microsoft Corp. 7.53%
- Apple, Inc. 5.24%
- Alphabet, Inc. 4.66%
- Meta Platforms, Inc. 2.42%
- Broadcom, Inc. 2.38%
- Mastercard, Inc. 2.02%
- Amazon.com, Inc. 1.93%
- Procter Gamble Co. 1.74%
- Walmart, Inc. 1.68%
- Abbott Laboratories 1.67%
Asset Allocation
| Weighting | Return Low | Return High | TVRIX % Rank | |
|---|---|---|---|---|
| Stocks | 99.62% | 0.00% | 130.05% | 20.59% |
| Cash | 0.38% | -1.50% | 173.52% | 76.03% |
| Preferred Stocks | 0.00% | 0.00% | 7.84% | 96.03% |
| Other | 0.00% | -43.49% | 50.04% | 93.67% |
| Convertible Bonds | 0.00% | 0.00% | 1.94% | 96.11% |
| Bonds | 0.00% | 0.00% | 104.15% | 95.95% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | TVRIX % Rank | |
|---|---|---|---|---|
| Technology | 24.12% | 0.00% | 65.70% | 87.15% |
| Consumer Cyclical | 14.17% | 0.00% | 62.57% | 60.52% |
| Healthcare | 12.16% | 0.00% | 39.76% | 56.21% |
| Consumer Defense | 11.28% | 0.00% | 25.50% | 3.04% |
| Financial Services | 10.91% | 0.00% | 43.06% | 34.15% |
| Communication Services | 7.81% | 0.00% | 66.40% | 75.15% |
| Utilities | 7.46% | 0.00% | 16.07% | 1.18% |
| Industrials | 6.10% | 0.00% | 30.65% | 56.21% |
| Real Estate | 5.94% | 0.00% | 16.05% | 3.97% |
| Energy | 0.04% | 0.00% | 41.09% | 53.85% |
| Basic Materials | 0.02% | 0.00% | 18.91% | 73.46% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | TVRIX % Rank | |
|---|---|---|---|---|
| US | 99.62% | 0.00% | 130.05% | 15.53% |
| Non US | 0.00% | 0.00% | 78.10% | 97.30% |
TVRIX - Expenses
Operational Fees
| TVRIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.22% | 0.01% | 19.54% | 30.96% |
| Management Fee | 0.95% | 0.00% | 1.50% | 94.15% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | 15.27% |
| Administrative Fee | N/A | 0.01% | 1.02% | N/A |
Sales Fees
| TVRIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.25% | 8.50% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| TVRIX 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.
| TVRIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 131.00% | 0.00% | 316.74% | 93.70% |
TVRIX - Distributions
Dividend Yield Analysis
| TVRIX | Category Low | Category High | TVRIX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 1.87% | 0.00% | 27.29% | 20.03% |
Dividend Distribution Analysis
| TVRIX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Annual | Annual |
Net Income Ratio Analysis
| TVRIX | Category Low | Category High | TVRIX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.04% | -6.13% | 3.48% | 28.76% |
Capital Gain Distribution Analysis
| TVRIX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 14, 2023 | $0.327 | OrdinaryDividend |
| Dec 14, 2022 | $0.105 | OrdinaryDividend |
| Dec 15, 2020 | $0.049 | OrdinaryDividend |
TVRIX - Fund Manager Analysis
Managers
Farhan Sharaff
Start Date
Tenure
Tenure Rank
Jan 30, 2017
5.33
5.3%
Farhan Sharaff has served as a Portfolio Manager for each Fund since 2017. He is Assistant Chief Investment Officer, Equities, Senior Managing Director and Portfolio Manager of Guggenheim Partners. Mr. Sharaff joined Guggenheim Partners in May 2009. Mr. Sharaff has more than 30 years of experience in investment research and investment management. Prior to joining Guggenheim Partners, he was a Partner and Chief Investment Officer at MJX Capital Advisors, a wealth management firm focused on providing advice and investment management for its clients, especially in the traditional and alternative asset classes and Guggenheim Investments plc. Prior to that, Mr. Sharaff served as the global Chief Investment Officer at CIGNA Corporation, Zurich Scudder Investments and Citigroup. In all of the above engagements, Mr. Sharaff was responsible for research, investment management, product development and investment risk management. He was also a member of the business management teams at Citigroup and Zurich Scudder. Mr. Sharaff has a B.S. in Electrical Engineering from the University of Aston (U.K.) and an MBA in Finance from the Manchester Business School (U.K.). In addition, Mr. Sharaff sits on boards of CITIC Capital Asset Management, Clarfeld Financial Advisors, and Guggenheim Global Investment plc.
Burak Hurmeydan
Start Date
Tenure
Tenure Rank
Nov 02, 2018
3.58
3.6%
Burak Hurmeydan, Ph.D., is a Director and Portfolio Manager of Guggenheim Partners. Dr. Hurmeydan joined Guggenheim in 2011 as an Analyst of Quantitative Strategies. Before joining Guggenheim, he was a Quantitative Risk/Research Analyst with Citadel Asset Management from 2008 to 2009. He earned his B.S. in Economics from Eastern Mediterranean University and an M.S. degree in Economics from Louisiana State University. Dr. Hurmeydan earned a Ph.D. in Economics with a specialization in Financial Econometrics from Louisiana State University.
Douglas Makin
Start Date
Tenure
Tenure Rank
Jul 30, 2020
1.84
1.8%
Director and Portfolio Manager of Guggenheim Partners, has co-managed Series D since July 2020. Mr. Makin joined Guggenheim Partners in 2011 and has over 20 years’ experience in the financial markets across a variety of fields including portfolio management, risk and performance management, product development and trade execution. He currently oversees strategy implementation, working with co-portfolio managers, research analysts and traders to manage day-to-day risk. Prior to joining Guggenheim Partners, he has worked as a Senior Equity Analyst at ABN-AMRO in New York where he covered and published research on global telecom companies. Mr. Makin holds a BA in European History from the University of Colorado.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.04 | 54.45 | 8.2 | 3.08 |