WESTWOOD QUALITY MIDCAP FUND
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
6.6%
1 yr return
23.6%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$1.57 M
Holdings in Top 10
25.1%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 5.79%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
WWMCX - Profile
Distributions
- YTD Total Return 6.6%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency Annually
- Net Income Ratio N/A
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameWESTWOOD QUALITY MIDCAP FUND
-
Fund Family NameWestwood
-
Inception DateNov 30, 2021
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerLauren Hill
Fund Description
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of mid-cap companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund considers mid-cap companies to be those companies within the market capitalization range of the Russell Midcap® Index at the time of initial purchase. While the market capitalization range of the Russell Midcap® Index changes throughout the year, it undergoes an annual reconstitution in June of each year. As of December 31, 2023, the market capitalization range of the companies in the index was between $270.2 million and $73.3 billion. The Fund seeks to achieve its investment objective by investing primarily in equity securities of companies which the Adviser believes are undervalued in relation to the broader market, employ superior business models compared to their competition, and possess strong balance sheets and free cash flow. The equity securities in which the Fund invests are primarily common stocks, public real estate investment trusts (“REITs”), and master limited partnerships (“MLPs”). The Fund’s investments in REITs include commercial property REITs and residential mortgage REITs. The Fund’s investments in MLPs will primarily be within the broad energy sector and include MLPs in transportation and shipping, storage, processing, refining, marketing, exploration, production, and mining.
Under normal conditions, the Fund invests in approximately 50-80 securities that are well-diversified among market sectors. The Adviser utilizes a value style of investing to select equity securities for the Fund that it believes are undervalued, generally maintain high-quality characteristics, and offer an attractive risk-adjusted return opportunity. The Adviser considers both valuation and quality metrics in absolute terms, as well as on a relative basis compared to the companies comprising the Russell Midcap® Value Index. The Adviser identifies undervalued securities by evaluating the current intrinsic value of a company’s current and future potential earnings, free cash flow, revenue, and return on capital. The Adviser also emphasizes high quality companies as part of the principal investment strategy and considers investing in companies that maintain conservative balance sheets with lower levels of debt, attractive return of equity, strong management teams, and competitive advantages in their respective industry or sector. As it pertains to the
Adviser’s emphasis on risk-adjusted returns, the qualitative and quantitative assessment of absolute downside risk for each individual security is paramount when selecting securities for the Fund in an effort to outperform the Index in down markets.
As the Adviser constructs the Fund’s portfolio, it does not have set allocations for common stocks, REITs, or MLPs, nor does it focus on any particular industry or sector. Sector weights are a residual of bottom-up portfolio construction and are limited to 25% to any one sector on an absolute basis as a component of the inherent risk controls embedded in the process. As the Adviser evaluates each investment opportunity, it applies the same value investing criteria regardless of the security type and constructs the portfolio by selecting those securities with the most attractive value factors described above regardless of security type, sector, or industry. The Fund will not invest more than 25% of its assets in MLPs. The Adviser has disciplines in place that serve as sell signals, such as a security reaching a predetermined price target or a change to a company’s fundamentals that negatively impacts the original investment thesis. The Adviser will not necessarily sell a security that has depreciated below the stated market capitalization defined above.
WWMCX - Performance
Return Ranking - Trailing
Period | WWMCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 6.6% | -1.9% | 15.0% | 41.44% |
1 Yr | 23.6% | -0.3% | 42.9% | 42.78% |
3 Yr | N/A* | -2.7% | 16.7% | N/A |
5 Yr | N/A* | 0.2% | 17.7% | N/A |
10 Yr | N/A* | 0.5% | 12.4% | N/A |
* Annualized
Return Ranking - Calendar
Period | WWMCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 11.2% | -11.3% | 33.3% | 29.49% |
2022 | N/A | -41.6% | 2.3% | N/A |
2021 | N/A | -41.5% | 44.9% | N/A |
2020 | N/A | -29.0% | 22.1% | N/A |
2019 | N/A | -8.1% | 31.2% | N/A |
Total Return Ranking - Trailing
Period | WWMCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 6.6% | -1.9% | 15.0% | 41.44% |
1 Yr | 23.6% | -0.3% | 42.9% | 42.78% |
3 Yr | N/A* | -2.7% | 16.7% | N/A |
5 Yr | N/A* | 0.2% | 17.7% | N/A |
10 Yr | N/A* | 0.5% | 12.4% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | WWMCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 13.9% | -3.7% | 36.5% | 40.48% |
2022 | N/A | -35.0% | 2.4% | N/A |
2021 | N/A | 6.2% | 48.3% | N/A |
2020 | N/A | -22.9% | 23.2% | N/A |
2019 | N/A | -3.0% | 35.7% | N/A |
NAV & Total Return History
WWMCX - Holdings
Concentration Analysis
WWMCX | Category Low | Category High | WWMCX % Rank | |
---|---|---|---|---|
Net Assets | 1.57 M | 991 K | 26.1 B | 98.93% |
Number of Holdings | 56 | 8 | 2481 | 79.73% |
Net Assets in Top 10 | 428 K | 219 K | 4.14 B | 98.93% |
Weighting of Top 10 | 25.08% | 5.0% | 104.2% | 36.00% |
Top 10 Holdings
- American International Group, Inc. 3.09%
- Diamondback Energy, Inc. 2.77%
- Microchip Technology, Inc. 2.55%
- CACI International, Inc. 2.54%
- Arthur J. Gallagher Company 2.48%
- CMS Energy Corporation 2.40%
- Ventas, Inc. REIT 2.38%
- DTE Energy Company 2.37%
- Alliant Energy Corporation 2.29%
- Vici Properties, Inc 2.22%
Asset Allocation
Weighting | Return Low | Return High | WWMCX % Rank | |
---|---|---|---|---|
Stocks | 98.78% | 56.38% | 104.81% | 37.87% |
Cash | 1.22% | 0.00% | 43.98% | 53.60% |
Preferred Stocks | 0.00% | 0.00% | 5.43% | 73.33% |
Other | 0.00% | -1.97% | 8.33% | 77.87% |
Convertible Bonds | 0.00% | 0.00% | 0.02% | 71.85% |
Bonds | 0.00% | 0.00% | 27.69% | 73.60% |
Stock Sector Breakdown
Weighting | Return Low | Return High | WWMCX % Rank | |
---|---|---|---|---|
Financial Services | 15.61% | 0.00% | 60.11% | 72.39% |
Technology | 14.18% | 0.00% | 30.07% | 8.31% |
Consumer Cyclical | 11.59% | 0.00% | 29.62% | 42.36% |
Utilities | 10.08% | 0.00% | 24.69% | 7.51% |
Real Estate | 9.74% | 0.00% | 40.74% | 24.13% |
Healthcare | 9.06% | 0.00% | 32.47% | 46.11% |
Energy | 7.87% | 0.00% | 29.17% | 40.75% |
Basic Materials | 7.06% | 0.00% | 23.88% | 30.29% |
Consumer Defense | 7.02% | 0.00% | 33.79% | 29.76% |
Industrials | 6.65% | 0.00% | 29.02% | 92.23% |
Communication Services | 1.14% | 0.00% | 19.80% | 80.43% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | WWMCX % Rank | |
---|---|---|---|---|
US | 98.78% | 56.38% | 104.81% | 32.53% |
Non US | 0.00% | 0.00% | 33.98% | 80.53% |
WWMCX - Expenses
Operational Fees
WWMCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 5.79% | 0.01% | 16.92% | 1.60% |
Management Fee | 0.58% | 0.00% | 1.20% | 24.53% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | 0.20% | 0.01% | 0.40% | 82.35% |
Sales Fees
WWMCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
WWMCX 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.
WWMCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 227.00% | N/A |
WWMCX - Distributions
Dividend Yield Analysis
WWMCX | Category Low | Category High | WWMCX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 22.83% | 37.17% |
Dividend Distribution Analysis
WWMCX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annual | Monthly | SemiAnnual |
Net Income Ratio Analysis
WWMCX | Category Low | Category High | WWMCX % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | -1.84% | 4.73% | N/A |
Capital Gain Distribution Analysis
WWMCX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 29, 2023 | $0.125 | OrdinaryDividend |
Dec 13, 2023 | $0.128 | OrdinaryDividend |
Dec 30, 2022 | $0.135 | OrdinaryDividend |
WWMCX - Fund Manager Analysis
Managers
Lauren Hill
Start Date
Tenure
Tenure Rank
Nov 30, 2021
0.5
0.5%
Ms. Hill joined Westwood in 2015 and is a Portfolio Manager on the LargeCap Value and AllCap Value portfolio teams and a Research Analyst specializing in the Consumer Discretionary and Industrials sectors. She is a member of the Consumer/Health Care and Technology/Industrials research groups. Before joining Westwood, Ms. Hill spent 11 years working in equity research in New York. She served as a Generalist at Northern Border Investments and Cantillon Capital and as a Financials and Utilities Analyst at J.P. Morgan Asset Management. Prior to that, she worked as an Associate on the sell-side at Sanford Bernstein with the No. 1-ranked Consumer Finance Analyst. Ms. Hill earned her MBA with Honors from Columbia Business School where she participated in the Value Investing Program. She earned her BBA in Finance and Accounting with Honors from Southern Methodist University. Ms. Hill is a CFA charterholder.
Michael Wall
Start Date
Tenure
Tenure Rank
Nov 30, 2021
0.5
0.5%
Mr. Wall joined Westwood in 2010, after McCarthy Group Advisors, LLC, which he joined in 2004, was acquired by Westwood. He is a Portfolio Manager on the LargeCap Value and AllCap Value portfolio teams and a Research Analyst specializing in REITs, Engineering and Construction and Life Insurance. Mr. Wall is also a member of the Energy/Utilities and Financials research groups. Mr. Wall began his career at State Street Bank in Kansas City, Missouri, as a Portfolio Accountant and subsequently worked for The SilverStone Group in Omaha, Nebraska, as an Account Manager. Mr. Wall earned an MBA from the University of Nebraska at Omaha and a BS in Accounting from Concordia University.
William Woodson “Trip” Rodgers
Start Date
Tenure
Tenure Rank
Nov 30, 2021
0.5
0.5%
Mr. Rodgers joined Westwood in 2019 as a Senior Vice President, Senior Research Analyst, specializing in industrials and materials. Prior to joining Westwood, Mr. Rodgers was a Portfolio Manager at BP Capital Fund Advisors. Prior to that, Mr. Rodgers was at Carlson Capital for ten years, as an industrials/materials Portfolio Manager within the Relative Value team. Prior to Carlson, Mr. Rodgers spent nine years in sell-side equity research, with five of those years at UBS as an Institutional Investor ranked analyst. At UBS, he followed industrial, building materials, and housing-related equities. Mr. Rodgers holds the CFA charter and graduated from Cornell University in 1995 with a Bachelor of Science degree in Economics.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 35.59 | 8.28 | 10.92 |