Name
As of 04/22/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
0.9%
1 yr return
5.9%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$149 M
Holdings in Top 10
22.4%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.31%
SALES FEES
Front Load 5.75%
Deferred Load N/A
TRADING FEES
Turnover 30.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
$0
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/22/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
ADVAX - Profile
Distributions
- YTD Total Return 0.9%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.53%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameNorth Square Strategic Income Fund
-
Fund Family NameAmerican Pension Investors
-
Inception DateMar 01, 2023
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
Fund Description
The Fund pursues its investment objectives by primarily investing in preferred securities and other income producing securities, including convertible securities, debt securities, mortgage-backed securities (residential and commercial), asset-backed securities, common stocks, derivatives, real estate investment trusts (“REITs”) and securities of other investment companies such as closed-end funds (exchange traded only) and exchange traded funds (“ETFs”).
Under normal market conditions, the Fund invests primarily in preferred securities and debt securities. Red Cedar Investment Management, LLC (“Red Cedar” or a “Sub-Adviser”), the Fund’s sub-adviser, retains broad discretion to allocate the Fund’s investments across various asset classes. Preferred securities in which the Fund may invest include traditional and convertible preferred securities, and hybrid preferred securities. From time to time, the Fund may invest a significant portion of its assets in one or more market sectors, such as the financials sector.
The Fund may invest in debt securities of any maturity. Debt securities in which the Fund may invest include U.S. Treasury and U.S. government agency securities, investment grade corporate debt instruments, investment grade municipal bonds, mortgage-backed (including collateralized mortgage backed-securities) and asset-backed securities and below investment grade securities. Investment grade securities are those rated at the time of acquisition Baa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB- or higher by Standard & Poor’s, a division of McGraw Hill Companies Inc. (“S&P”), or Fitch Ratings Ltd. (“Fitch”) or, if unrated by S&P, Moody’s or Fitch, determined by Red Cedar to be of comparable quality. Below investment grade securities are also known as “high yield” or “junk” securities.
The Fund may utilize derivatives, including futures, forward contracts, options, swaps, and other various derivative products. The Fund’s use of derivative instruments may be for enhancing returns, hedging against market risks, or
providing synthetic exposure to specific industries or securities. The Fund intends to use futures and swaps to hedge against general market risk, while it intends to use interest rate swaps and credit default swaps to hedge against interest rate risk and credit risk, respectively. The Fund will use options to hedge against market risk and to enhance returns and gain synthetic exposure to a security without holding the underlying asset.
The Fund may invest its assets in securities of non-U.S. issuers. The Fund’s investments in foreign securities may include non-U.S. Dollar denominated securities traded outside of the United States, U.S. Dollar denominated securities of foreign issuers traded in the United States and American Depositary Receipts (“ADRs”). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. The Fund may invest up to 20% of its net assets in securities of non-U.S. Dollar denominated securities.
Red Cedar seeks to identify securities which it believes offer significantly higher yields than U.S. Treasury securities of comparable maturity, while striving to maintain stability of principal and preserving good overall credit quality through extensive credit analysis and broad diversification across security types. Red Cedar selects preferred securities based upon a review of yield characteristics, call provisions, credit quality and ratings, and ability to continue paying dividends, among other features. In evaluating and selecting debt securities, Red Cedar balances various factors, including the potential for increased yield as compared to U.S. Treasuries, as well as the maturity, call provisions and credit quality of the debt security. Convertible preferred securities and debt securities are additionally evaluated on various features including conversion rights, conversion ratio, likelihood of conversion, and value of the underlying security into which the convertible security may convert, among others. Red Cedar selects common stocks based on the company’s business and financial strength and dividend history and policy, as well as its ability to potentially grow dividend distributions. The Fund will generally sell a security if its full valuation is realized, if better opportunities are identified, if news alters the Fund’s investment thesis, if the security’s credit quality deteriorates, or if the Fund requires cash to meet redemption requests.
ADVAX - Performance
Return Ranking - Trailing
Period | ADVAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.9% | -15.1% | 17.7% | 77.47% |
1 Yr | 5.9% | -5.9% | 41.0% | 96.70% |
3 Yr | N/A* | -23.2% | 15.1% | N/A |
5 Yr | N/A* | -1.9% | 19.6% | N/A |
10 Yr | N/A* | 2.1% | 12.6% | N/A |
* Annualized
Return Ranking - Calendar
Period | ADVAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | -12.9% | 28.8% | N/A |
2022 | N/A | -52.6% | 20.1% | N/A |
2021 | N/A | -43.8% | 32.4% | N/A |
2020 | N/A | -10.6% | 82.1% | N/A |
2019 | N/A | -8.5% | 37.5% | N/A |
Total Return Ranking - Trailing
Period | ADVAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.9% | -15.1% | 17.7% | 77.47% |
1 Yr | 5.9% | -5.9% | 41.0% | 96.70% |
3 Yr | N/A* | -23.2% | 15.1% | N/A |
5 Yr | N/A* | -1.9% | 19.6% | N/A |
10 Yr | N/A* | 2.1% | 12.6% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | ADVAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | 1.2% | 31.3% | N/A |
2022 | N/A | -45.7% | 21.1% | N/A |
2021 | N/A | -30.2% | 52.8% | N/A |
2020 | N/A | -8.4% | 84.3% | N/A |
2019 | N/A | 1.0% | 43.4% | N/A |
NAV & Total Return History
ADVAX - Holdings
Concentration Analysis
ADVAX | Category Low | Category High | ADVAX % Rank | |
---|---|---|---|---|
Net Assets | 149 M | 728 K | 160 B | 73.44% |
Number of Holdings | 132 | 1 | 2609 | 43.63% |
Net Assets in Top 10 | 33.9 M | 155 K | 11.7 B | 67.75% |
Weighting of Top 10 | 22.42% | 3.4% | 100.0% | 42.12% |
Top 10 Holdings
- First American Treasury Obligations Fund 2.57%
- Truist Financial Corp. 2.35%
- American Electric Power Co Inc 2.34%
- Ginnie Mae II Pool 2.29%
- US Bancorp 2.29%
- Ally Financial, Inc. 2.21%
- Ginnie Mae II Pool 2.12%
- UBS Group AG 2.10%
- KeyCorp 2.07%
- BNP Paribas SA 2.06%
Asset Allocation
Weighting | Return Low | Return High | ADVAX % Rank | |
---|---|---|---|---|
Bonds | 62.14% | 0.00% | 62.14% | 0.27% |
Other | 18.94% | -1.04% | 23.02% | 0.81% |
Stocks | 14.60% | 14.60% | 104.46% | 100.00% |
Cash | 4.32% | 0.00% | 30.96% | 13.82% |
Preferred Stocks | 0.00% | 0.00% | 14.30% | 30.35% |
Convertible Bonds | 0.00% | 0.00% | 1.78% | 30.35% |
Stock Sector Breakdown
Weighting | Return Low | Return High | ADVAX % Rank | |
---|---|---|---|---|
Financial Services | 20.05% | 0.00% | 46.10% | 10.05% |
Consumer Cyclical | 17.10% | 2.49% | 46.48% | 11.68% |
Technology | 15.15% | 0.00% | 40.65% | 50.82% |
Healthcare | 12.58% | 0.00% | 24.06% | 23.91% |
Industrials | 12.21% | 0.00% | 45.89% | 83.42% |
Consumer Defense | 6.18% | 0.00% | 32.18% | 18.48% |
Basic Materials | 5.46% | 0.00% | 16.35% | 50.54% |
Energy | 4.85% | 0.00% | 58.13% | 56.79% |
Communication Services | 3.77% | 0.00% | 30.98% | 18.75% |
Utilities | 0.84% | 0.00% | 18.97% | 81.79% |
Real Estate | 0.67% | 0.00% | 25.82% | 89.13% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | ADVAX % Rank | |
---|---|---|---|---|
US | 14.60% | 14.60% | 104.46% | 100.00% |
Non US | 0.00% | 0.00% | 19.95% | 40.65% |
Bond Sector Breakdown
Weighting | Return Low | Return High | ADVAX % Rank | |
---|---|---|---|---|
Cash & Equivalents | 2.57% | 0.00% | 100.00% | 39.84% |
Derivative | 0.43% | -0.48% | 14.92% | 3.25% |
Securitized | 0.00% | 0.00% | 0.00% | 25.00% |
Corporate | 0.00% | 0.00% | 97.58% | 33.43% |
Municipal | 0.00% | 0.00% | 0.00% | 25.00% |
Government | 0.00% | 0.00% | 42.40% | 27.03% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | ADVAX % Rank | |
---|---|---|---|---|
US | 61.05% | 0.00% | 61.05% | 0.27% |
Non US | 1.09% | 0.00% | 1.09% | 0.27% |
ADVAX - Expenses
Operational Fees
ADVAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.31% | 0.03% | 35.91% | 28.69% |
Management Fee | 0.70% | 0.00% | 1.50% | 51.50% |
12b-1 Fee | 0.00% | 0.00% | 1.00% | 7.39% |
Administrative Fee | N/A | 0.01% | 0.30% | N/A |
Sales Fees
ADVAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 5.75% | 3.50% | 5.75% | 15.91% |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
ADVAX 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.
ADVAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 30.00% | 0.00% | 304.00% | 33.64% |
ADVAX - Distributions
Dividend Yield Analysis
ADVAX | Category Low | Category High | ADVAX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 30.64% | 21.95% |
Dividend Distribution Analysis
ADVAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Annually | Quarterly | Annual |
Net Income Ratio Analysis
ADVAX | Category Low | Category High | ADVAX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.53% | -2.06% | 3.38% | 38.15% |
Capital Gain Distribution Analysis
ADVAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 27, 2024 | $0.029 | OrdinaryDividend |
Feb 28, 2024 | $0.030 | OrdinaryDividend |
Jan 30, 2024 | $0.036 | OrdinaryDividend |
Dec 22, 2023 | $0.028 | OrdinaryDividend |
Nov 27, 2023 | $0.031 | OrdinaryDividend |
Oct 30, 2023 | $0.025 | OrdinaryDividend |
Sep 29, 2023 | $0.023 | OrdinaryDividend |
Aug 28, 2023 | $0.023 | OrdinaryDividend |
Apr 28, 2023 | $0.026 | OrdinaryDividend |
Dec 31, 2009 | $0.069 | OrdinaryDividend |