ALPS | Smith Credit Opportunities Fund
Name
As of 04/17/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-0.8%
1 yr return
5.3%
3 Yr Avg Return
-1.5%
5 Yr Avg Return
N/A
Net Assets
$236 M
Holdings in Top 10
19.5%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.93%
SALES FEES
Front Load N/A
Deferred Load 1.00%
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$500
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/17/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
SMCCX - Profile
Distributions
- YTD Total Return -0.8%
- 3 Yr Annualized Total Return -1.5%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.67%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameALPS | Smith Credit Opportunities Fund
-
Fund Family NameALPS Advised Funds
-
Inception DateSep 15, 2020
-
Shares Outstanding64380
-
Share ClassC
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerGibson Smith
Fund Description
Under normal circumstances, the Fund invests at least 80% of the aggregate of its net assets and borrowings for investment purposes in credit and credit related instruments. For purposes of this policy, the Fund considers credit and credit related instruments to include: (i) secured and unsecured floating rate and fixed rate loans; (ii) investments in corporate debt obligations, including bonds, notes, debentures, commercial paper and other obligations of corporations to pay interest and repay principal; (iii) debt issued by governments, their agencies, instrumentalities, and central banks; (iv) commercial paper and short-term notes; (v) preferred stock; (vi) equity and debt tranches of collateralized loan obligations, or “CLOs,” loan accumulation facilities and securities issued by other securitization vehicles, such as credit-linked notes and collateralized bond obligations or “CBOs”; (vii) convertible debt securities; (viii) certificates of deposit, bankers’ acceptances and time deposits; and (ix) credit-related instruments that share characteristics of the instruments listed above.
The Fund’s investments in derivatives, unaffiliated investment companies. including exchange-traded funds, and other instruments designed to obtain indirect exposure to credit and credit related instruments are counted towards the Fund’s 80% investment policy to the extent such instruments have similar economic characteristics to the investments included within that policy, and will be valued on a mark-to market basis.
The Fund invests, under normal circumstances, in a portfolio of U.S. debt securities of varying maturities and durations and across multiple sectors that the portfolio managers believe have capital appreciation potential. The portfolio managers may also consider the ability of investments to generate significant income.
Under normal circumstances, the Fund may invest up to 65% of its net assets in below investment grade securities. The Fund will not target any particular average credit quality and may purchase fixed-income securities of any credit quality. The sectors in which the Fund may invest, but are not limited to: (i) government notes and bonds; (ii) corporate bonds, including high-yield/high-risk bonds, also known as “junk” bonds; (iii) commercial loans; (iv) agency mortgage-backed securities; (v) asset-backed securities; (vi) taxable and tax-exempt municipal securities; (vii) bank loans, which may be securitized or non-securitized and may be syndicated or non-syndicated; and (viii) convertible securities and preferred stock. The portfolio managers believe that by investing in multiple sectors that potentially have low correlation to each other (prices that do not move together), the strategy will benefit from diversification and, the Fund’s overall volatility may be reduced. The Fund may not have exposure to all of these investment sectors, and the Fund’s exposure to any one investment sector will vary over time. The Fund may also invest in money market instruments and zero-coupon bonds. Due to the nature of the securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds.
The Fund may also invest in floating rate obligations and floating rate bank loans. Floating rate obligations feature rates that reset regularly, maintaining a fixed spread over interest rate benchmarks or other prime rates of large money-center banks. The Fund may also invest in equity securities consisting of common stock and preferred stock with a focus on large capitalization companies and dividend-paying equities.
The portfolio manager typically applies a “bottom up” approach in choosing investments. The portfolio manager additionally considers the expected risk-adjusted return on a particular investment and the Fund’s overall risk allocations and volatility.
The portfolio manager uses a disciplined sell strategy for the Fund. The portfolio manager may sell securities because of a deterioration of the underlying company’s financials, such as earnings or cash flow, or because of an increase in
the price of a security that would make it expensive relative to the other securities held by the Fund. Other reasons may include a change in management or control of the company, a need to raise cash or changes in the regulatory or economic environment in which the company operates. The portfolio manager can also sell any security at their discretion based on changes in expected valuation, volatility or other statistical or fundamental parameters.
SMCCX - Performance
Return Ranking - Trailing
Period | SMCCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -0.8% | -12.7% | 9.3% | 70.79% |
1 Yr | 5.3% | -9.6% | 26.8% | 51.00% |
3 Yr | -1.5%* | -17.6% | 17.9% | 73.33% |
5 Yr | N/A* | -13.4% | 14.7% | N/A |
10 Yr | N/A* | -13.6% | 6.5% | 97.43% |
* Annualized
Return Ranking - Calendar
Period | SMCCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.7% | -12.0% | 15.7% | 53.55% |
2022 | -14.7% | -31.8% | 18.4% | 66.77% |
2021 | 0.2% | -26.6% | 25.7% | 19.93% |
2020 | N/A | -49.2% | 18.7% | 99.80% |
2019 | N/A | -35.1% | 15.3% | 99.60% |
Total Return Ranking - Trailing
Period | SMCCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -0.8% | -12.7% | 9.3% | 70.79% |
1 Yr | 5.3% | -9.6% | 26.8% | 51.00% |
3 Yr | -1.5%* | -17.6% | 17.9% | 73.33% |
5 Yr | N/A* | -13.4% | 14.7% | N/A |
10 Yr | N/A* | -13.6% | 6.5% | 97.74% |
* Annualized
Total Return Ranking - Calendar
Period | SMCCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 7.3% | -7.0% | 22.2% | 59.88% |
2022 | -12.1% | -31.8% | 21.1% | 76.11% |
2021 | 2.3% | -13.5% | 49.9% | 48.04% |
2020 | N/A | -28.6% | 24.1% | 99.80% |
2019 | N/A | -4.8% | 19.1% | 99.60% |
NAV & Total Return History
SMCCX - Holdings
Concentration Analysis
SMCCX | Category Low | Category High | SMCCX % Rank | |
---|---|---|---|---|
Net Assets | 236 M | 2.53 M | 143 B | 69.83% |
Number of Holdings | 322 | 4 | 9868 | 61.04% |
Net Assets in Top 10 | 47.9 M | -1.57 B | 65.8 B | 76.86% |
Weighting of Top 10 | 19.46% | 0.7% | 170.6% | 73.68% |
Top 10 Holdings
- U.S. Treasury Note 4.76%
- Morgan Stanley Institutional Liquidity Funds - Government Portfolio 3.13%
- U.S. Treasury Bond 1.72%
- Midwest Connector Capital Co. LLC 1.49%
- U.S. Treasury Note 1.47%
- Penn Entertainment, Inc. 1.44%
- Wells Fargo Co. 1.42%
- UBS Group AG 1.40%
- Gray Television, Inc. 1.34%
- Danske Bank A/S 1.30%
Asset Allocation
Weighting | Return Low | Return High | SMCCX % Rank | |
---|---|---|---|---|
Bonds | 99.46% | -150.81% | 203.29% | 20.40% |
Cash | 3.13% | -94.66% | 258.91% | 56.77% |
Convertible Bonds | 1.99% | 0.00% | 33.50% | 40.63% |
Preferred Stocks | 0.31% | 0.00% | 30.46% | 26.18% |
Stocks | 0.13% | -1.60% | 99.88% | 59.67% |
Other | 0.00% | -62.91% | 100.00% | 82.19% |
Stock Sector Breakdown
Weighting | Return Low | Return High | SMCCX % Rank | |
---|---|---|---|---|
Energy | 62.50% | 0.00% | 100.00% | 24.44% |
Financial Services | 23.58% | 0.00% | 100.00% | 23.88% |
Real Estate | 13.92% | 0.00% | 100.00% | 15.73% |
Utilities | 0.00% | 0.00% | 100.00% | 96.63% |
Technology | 0.00% | 0.00% | 28.30% | 96.35% |
Industrials | 0.00% | 0.00% | 100.00% | 98.03% |
Healthcare | 0.00% | 0.00% | 18.60% | 96.35% |
Communication Services | 0.00% | 0.00% | 100.00% | 97.19% |
Consumer Defense | 0.00% | 0.00% | 99.97% | 96.63% |
Consumer Cyclical | 0.00% | 0.00% | 89.95% | 95.79% |
Basic Materials | 0.00% | 0.00% | 100.00% | 97.47% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | SMCCX % Rank | |
---|---|---|---|---|
US | 0.13% | -1.47% | 99.88% | 57.23% |
Non US | 0.00% | -0.13% | 17.73% | 94.98% |
Bond Sector Breakdown
Weighting | Return Low | Return High | SMCCX % Rank | |
---|---|---|---|---|
Corporate | 80.61% | 0.00% | 96.66% | 4.55% |
Government | 13.77% | 0.00% | 99.43% | 42.70% |
Cash & Equivalents | 3.13% | 0.00% | 88.14% | 47.79% |
Securitized | 3.02% | 0.00% | 99.65% | 81.95% |
Derivative | 0.00% | -62.91% | 37.37% | 58.02% |
Municipal | 0.00% | 0.00% | 54.26% | 96.70% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | SMCCX % Rank | |
---|---|---|---|---|
US | 99.46% | -151.11% | 203.29% | 14.92% |
Non US | 0.00% | 0.00% | 67.77% | 97.56% |
SMCCX - Expenses
Operational Fees
SMCCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.93% | 0.01% | 20.67% | 19.12% |
Management Fee | 0.75% | 0.00% | 2.29% | 72.05% |
12b-1 Fee | 0.75% | 0.00% | 1.00% | 77.12% |
Administrative Fee | N/A | 0.00% | 0.70% | N/A |
Sales Fees
SMCCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.00% | 5.75% | N/A |
Deferred Load | 1.00% | 1.00% | 5.00% | 97.65% |
Trading Fees
SMCCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.50% | 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.
SMCCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 632.00% | 37.31% |
SMCCX - Distributions
Dividend Yield Analysis
SMCCX | Category Low | Category High | SMCCX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 23.30% | 61.84% |
Dividend Distribution Analysis
SMCCX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | SemiAnnual | Monthly | Monthly |
Net Income Ratio Analysis
SMCCX | Category Low | Category High | SMCCX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.67% | -1.55% | 11.51% | 84.39% |
Capital Gain Distribution Analysis
SMCCX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Quarterly | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 22, 2024 | $0.037 | OrdinaryDividend |
Feb 23, 2024 | $0.041 | OrdinaryDividend |
Jan 26, 2024 | $0.033 | OrdinaryDividend |
Dec 26, 2023 | $0.036 | OrdinaryDividend |
Nov 17, 2023 | $0.034 | OrdinaryDividend |
Oct 27, 2023 | $0.034 | OrdinaryDividend |
Sep 29, 2023 | $0.033 | OrdinaryDividend |
Aug 25, 2023 | $0.035 | OrdinaryDividend |
Jul 28, 2023 | $0.032 | OrdinaryDividend |
Jun 30, 2023 | $0.032 | OrdinaryDividend |
May 26, 2023 | $0.030 | OrdinaryDividend |
Apr 28, 2023 | $0.029 | OrdinaryDividend |
Mar 31, 2023 | $0.034 | OrdinaryDividend |
Feb 24, 2023 | $0.022 | OrdinaryDividend |
Jan 27, 2023 | $0.037 | OrdinaryDividend |
Dec 27, 2022 | $0.027 | OrdinaryDividend |
Nov 18, 2022 | $0.028 | OrdinaryDividend |
Oct 28, 2022 | $0.034 | OrdinaryDividend |
Sep 30, 2022 | $0.019 | OrdinaryDividend |
Aug 26, 2022 | $0.026 | OrdinaryDividend |
Jul 27, 2022 | $0.025 | OrdinaryDividend |
Jun 23, 2022 | $0.019 | OrdinaryDividend |
May 26, 2022 | $0.021 | OrdinaryDividend |
Apr 27, 2022 | $0.024 | OrdinaryDividend |
Mar 24, 2022 | $0.016 | OrdinaryDividend |
Feb 24, 2022 | $0.020 | OrdinaryDividend |
Jan 28, 2022 | $0.021 | OrdinaryDividend |
Dec 27, 2021 | $0.018 | OrdinaryDividend |
Nov 19, 2021 | $0.017 | OrdinaryDividend |
Oct 28, 2021 | $0.014 | OrdinaryDividend |
Sep 24, 2021 | $0.013 | OrdinaryDividend |
Aug 27, 2021 | $0.017 | OrdinaryDividend |
Jul 30, 2021 | $0.016 | OrdinaryDividend |
Jun 25, 2021 | $0.014 | OrdinaryDividend |
May 28, 2021 | $0.018 | OrdinaryDividend |
Apr 29, 2021 | $0.013 | OrdinaryDividend |
Mar 26, 2021 | $0.008 | OrdinaryDividend |
Feb 26, 2021 | $0.017 | OrdinaryDividend |
Jan 29, 2021 | $0.012 | OrdinaryDividend |
Nov 20, 2020 | $0.013 | OrdinaryDividend |
Oct 29, 2020 | $0.009 | OrdinaryDividend |
SMCCX - Fund Manager Analysis
Managers
Gibson Smith
Start Date
Tenure
Tenure Rank
Sep 15, 2020
1.71
1.7%
Mr. Smith is the Chief Investment Officer of Smith Capital Investors, LLC. Prior to his association with Smith Capital Investors, Mr. Smith was with Janus Capital from 2001 until March 2016. He served as the Chief Investment Officer of Fixed Income for Janus Capital from 2006 to 2016. Mr. Smith holds a Bachelor’s degree in Economics from the University of Colorado.
Eric Bernum
Start Date
Tenure
Tenure Rank
Sep 30, 2021
0.67
0.7%
Mr. Bernum is an Investor with Smith Capital Investors, LLC, and has served as portfolio manager of the Funds since 2019. Prior to his association with Smith Capital Investors, Mr. Bernum was an Executive Director, Senior Portfolio Manager at J.P. Morgan Asset Management from 2017 to 2018. Before that, Mr. Bernum was at Janus Capital Group from 2004 to 2017 holding various positions including Assistant Portfolio Manager and the Co-Head of Global Fixed Income Trading. Mr. Bernum holds a Bachelor’s degree in Finance from Colorado State University.
Jonathan Aal
Start Date
Tenure
Tenure Rank
Sep 30, 2021
0.67
0.7%
Mr. Aal joined Smith Capital Investors as an Investor in 2018 and has served as co-portfolio manager of the ALPS | Smith Credit Opportunities Fund since September 2021. Prior to his association with Smith Capital Investors, LLC, Mr. Aal was a Global Fixed Income Research Analyst at Janus Henderson Group from 2014 to 2018.
Garrett Olson
Start Date
Tenure
Tenure Rank
Sep 30, 2021
0.67
0.7%
Mr. Olson joined Smith Capital Investors as an Investor in 2020 and has served as co-portfolio manager of the ALPS | Smith Credit Opportunities Fund since September 2021. Prior to his association with Smith Capital Investors, LLC, Mr. Olson was a vice President, Opportunistic Credit Analyst at Shenkman Capital Management from 2015 to 2020.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 28.19 | 5.72 | 3.19 |