Cullen Enhanced Equity Income Fund
Name
As of 03/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
3.3%
1 yr return
5.4%
3 Yr Avg Return
3.5%
5 Yr Avg Return
5.9%
Net Assets
$166 M
Holdings in Top 10
39.5%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 2.29%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 139.00%
Redemption Fee 2.00%
Min Investment
Standard (Taxable)
$1,000
IRA
$250
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
ENHCX - Profile
Distributions
- YTD Total Return 3.3%
- 3 Yr Annualized Total Return 3.5%
- 5 Yr Annualized Total Return 5.9%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.76%
- Dividend Yield 5.1%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameCullen Enhanced Equity Income Fund
-
Fund Family NameCullen Funds Trust
-
Inception DateDec 15, 2015
-
Shares Outstanding693533
-
Share ClassC
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJennifer Chang
Fund Description
The Enhanced Equity Income Fund invests, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in dividend paying common stocks of medium-capitalization companies (which are companies with a typical capitalization range of between $5 billion and $12 billion at the time of investment) and large-capitalization companies (which are companies with a typical capitalization range greater than $12 billion at the time of investment). As a point of comparison, a high dividend common stock that the Enhanced Equity Income Fund would invest in would generally have a dividend yield greater than the average dividend yield of the equity securities in the S&P 500® Index.
The Enhanced Equity Income Fund invests roughly similar amounts of its assets in each stock in the portfolio at the time of original purchase, although the portfolio is not systematically rebalanced. This approach avoids the overweighting of any individual security being purchased. In addition to seeking high dividend yield, the Adviser employs a “value” style investing approach, which means that it selects stocks for the portfolio by screening for securities with low price-to-earnings ratios but that possess above-average earnings and dividend growth potential. For securities that meet such screening criteria, the Adviser will conduct fundamental research on the underlying company. The Adviser may sell portfolio stocks when they are no longer attractive based on their growth potential, dividend yield or price.
As part of its strategy, the Enhanced Equity Income Fund, in order to generate additional portfolio income, will selectively write covered call options, on a target range of between 25-40% of the underlying equity securities owned by the Enhanced Equity Income Fund. A call option is a short-term contract entitling the purchaser, in return for a premium paid, the right to buy the underlying equity security at a specified price upon exercise of the option at any time prior to its expiration. Writing a covered call option allows the Enhanced Equity Income Fund to receive a premium. A call option gives the holder the right, but not the obligation, to buy the underlying equity stock from the writer of the option at a given price during a specific period.
The Enhanced Equity Income Fund may invest up to 30% of its assets in foreign securities. These investments are generally made in American Depositary Receipts (“ADRs”), which trade on U.S. exchanges. ADRs may be purchased through “sponsored” or “unsponsored” facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts.
The Enhanced Equity Income Fund generally invests substantially all of its assets in common stocks and ADRs but may invest in other equity securities, which can include convertible debt, exchange-traded funds (“ETFs”) that invest primarily in equity securities, warrants, rights, equity interests in real estate investment trusts (“REITs”), equity interests in master limited partnerships (“MLPs”), and preferred stocks.
The Fund will not engage in derivatives except to the extent that the writing of covered call options is deemed to involve derivatives.
ENHCX - Performance
Return Ranking - Trailing
Period | ENHCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.3% | -2.8% | 240.8% | 6.32% |
1 Yr | 5.4% | -4.3% | 140.6% | 12.17% |
3 Yr | 3.5%* | -8.3% | 18.3% | 38.46% |
5 Yr | 5.9%* | -5.0% | 17.3% | 44.07% |
10 Yr | N/A* | -4.6% | 13.2% | N/A |
* Annualized
Return Ranking - Calendar
Period | ENHCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -5.2% | -34.1% | 904.0% | 81.98% |
2022 | -5.5% | -28.6% | 438.4% | 47.98% |
2021 | 12.2% | -93.5% | 8.2% | 54.48% |
2020 | -5.0% | -38.9% | 19.8% | 67.44% |
2019 | 11.5% | -10.9% | 12.8% | 39.81% |
Total Return Ranking - Trailing
Period | ENHCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.3% | -2.7% | 244.0% | 6.32% |
1 Yr | 5.4% | -4.3% | 140.6% | 10.87% |
3 Yr | 3.5%* | -8.3% | 18.3% | 35.90% |
5 Yr | 5.9%* | -5.4% | 17.3% | 38.98% |
10 Yr | N/A* | -4.6% | 13.2% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | ENHCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 0.0% | -34.1% | 904.0% | 81.98% |
2022 | -0.2% | -5.9% | 438.4% | 48.55% |
2021 | 20.5% | -81.2% | 8.2% | 37.93% |
2020 | 0.4% | -29.0% | 19.8% | 43.41% |
2019 | 17.1% | -10.9% | 12.8% | 6.80% |
NAV & Total Return History
ENHCX - Holdings
Concentration Analysis
ENHCX | Category Low | Category High | ENHCX % Rank | |
---|---|---|---|---|
Net Assets | 166 M | 25 | 17.4 B | 61.42% |
Number of Holdings | 40 | 2 | 508 | 39.31% |
Net Assets in Top 10 | 65.7 M | -6.66 M | 5.12 B | 74.81% |
Weighting of Top 10 | 39.54% | 11.3% | 100.0% | 49.33% |
Top 10 Holdings
- PPL Corp 4.42%
- VICI Properties Inc 4.14%
- Medtronic PLC 4.11%
- Duke Energy Corp 4.09%
- VERIZON COMMUNICATIONS INC 4.07%
- Merck Co Inc 3.96%
- EOG Resources Inc 3.92%
- Conagra Brands Inc 3.67%
- Morgan Stanley 3.61%
- Bristol-Myers Squibb Co 3.54%
Asset Allocation
Weighting | Return Low | Return High | ENHCX % Rank | |
---|---|---|---|---|
Stocks | 99.27% | -3.92% | 100.76% | 62.60% |
Cash | 1.13% | -0.76% | 100.29% | 30.15% |
Preferred Stocks | 0.00% | 0.00% | 3.08% | 14.12% |
Convertible Bonds | 0.00% | 0.00% | 20.91% | 16.41% |
Bonds | 0.00% | 0.00% | 97.96% | 22.52% |
Other | -0.40% | 0.00% | 45.92% | 29.39% |
Stock Sector Breakdown
Weighting | Return Low | Return High | ENHCX % Rank | |
---|---|---|---|---|
Financial Services | 16.13% | 0.00% | 29.60% | 8.40% |
Healthcare | 15.86% | 0.00% | 25.91% | 5.04% |
Industrials | 9.93% | 1.41% | 43.91% | 55.04% |
Consumer Defense | 9.53% | 0.00% | 22.87% | 15.97% |
Technology | 8.31% | 0.00% | 44.43% | 94.96% |
Utilities | 7.53% | 0.00% | 13.35% | 6.30% |
Energy | 6.91% | 0.00% | 69.54% | 3.78% |
Basic Materials | 6.91% | 0.00% | 60.58% | 17.23% |
Communication Services | 6.57% | 0.00% | 21.22% | 91.18% |
Consumer Cyclical | 6.19% | 0.00% | 19.02% | 94.54% |
Real Estate | 6.13% | 0.00% | 9.74% | 5.04% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | ENHCX % Rank | |
---|---|---|---|---|
US | 99.27% | -3.89% | 100.00% | 57.25% |
Non US | 0.00% | -2.17% | 99.33% | 16.41% |
ENHCX - Expenses
Operational Fees
ENHCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.29% | 0.20% | 6.78% | 9.88% |
Management Fee | 1.00% | 0.20% | 1.75% | 71.27% |
12b-1 Fee | 1.00% | 0.00% | 1.00% | 89.66% |
Administrative Fee | N/A | 0.02% | 0.28% | N/A |
Sales Fees
ENHCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 4.75% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
ENHCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 2.00% | 1.00% | 2.00% | 17.65% |
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.
ENHCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 139.00% | 0.00% | 456.80% | 91.07% |
ENHCX - Distributions
Dividend Yield Analysis
ENHCX | Category Low | Category High | ENHCX % Rank | |
---|---|---|---|---|
Dividend Yield | 5.14% | 0.00% | 3.76% | 17.47% |
Dividend Distribution Analysis
ENHCX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | Annually | Monthly | Annually |
Net Income Ratio Analysis
ENHCX | Category Low | Category High | ENHCX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.76% | -2.54% | 14.24% | 14.34% |
Capital Gain Distribution Analysis
ENHCX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 28, 2024 | $0.128 | OrdinaryDividend |
Dec 22, 2023 | $0.134 | OrdinaryDividend |
Sep 29, 2023 | $0.166 | OrdinaryDividend |
Jun 30, 2023 | $0.113 | OrdinaryDividend |
Mar 31, 2023 | $0.117 | OrdinaryDividend |
Dec 23, 2022 | $0.141 | OrdinaryDividend |
Sep 30, 2022 | $0.113 | OrdinaryDividend |
Jun 30, 2022 | $0.115 | OrdinaryDividend |
Mar 31, 2022 | $0.214 | OrdinaryDividend |
Sep 30, 2021 | $0.141 | OrdinaryDividend |
Jun 30, 2021 | $0.120 | OrdinaryDividend |
Mar 31, 2021 | $0.092 | OrdinaryDividend |
Dec 23, 2020 | $0.126 | OrdinaryDividend |
Sep 30, 2020 | $0.127 | OrdinaryDividend |
Jun 30, 2020 | $0.016 | OrdinaryDividend |
Mar 30, 2020 | $0.014 | OrdinaryDividend |
Dec 23, 2019 | $0.128 | OrdinaryDividend |
Sep 30, 2019 | $0.142 | OrdinaryDividend |
Jun 27, 2019 | $0.137 | OrdinaryDividend |
Mar 28, 2019 | $0.096 | OrdinaryDividend |
Sep 28, 2018 | $0.115 | OrdinaryDividend |
Jun 29, 2018 | $0.112 | OrdinaryDividend |
Mar 29, 2018 | $0.153 | OrdinaryDividend |
Sep 29, 2017 | $0.149 | OrdinaryDividend |
Jun 30, 2017 | $0.103 | OrdinaryDividend |
Mar 31, 2017 | $0.133 | OrdinaryDividend |
Dec 29, 2016 | $0.276 | OrdinaryDividend |
Sep 29, 2016 | $0.309 | OrdinaryDividend |
Jun 30, 2016 | $0.014 | OrdinaryDividend |
Mar 31, 2016 | $0.093 | OrdinaryDividend |
ENHCX - Fund Manager Analysis
Managers
Jennifer Chang
Start Date
Tenure
Tenure Rank
Dec 15, 2015
6.46
6.5%
Ms. Chang joined Schafer Cullen in 2006. Prior to joining Schafer Cullen Capital Management, Mrs. Chang was an Investment Analyst at PNC Advisors and an associate consultant at Bain & Company. Mrs. Chang received her M.B.A. from the Wharton School of Business in 2004 and her B.S. from Rice University in 1999. She has held the Chartered Financial Analyst designation since 2007.
Timothy Cordle
Start Date
Tenure
Tenure Rank
Dec 15, 2015
6.46
6.5%
Tim Cordle currently serves as Portfolio Manager and Managing Director at Cullen Capital Management LLC and has worked there since 2012. Prior to joining Schafer Cullen, Mr. Cordle was a vice president and financial advisor at Scott & Stringfellow since 1993.
James Cullen
Start Date
Tenure
Tenure Rank
Dec 15, 2015
6.46
6.5%
Jim Cullen founded Schafer Cullen Capital Management in 1983 and has served as the CEO and Portfolio Manager since its formation in 1983. His experience in the investment business spans over 50 years. Prior to founding the Firm, Mr. Cullen was a Vice President at Donaldson, Lufkin & Jenrette. Previously to Donaldson, Mr. Cullen co-managed the New York Research, which specialized in low P/E research. He began his career at Merrill Lynch in 1965 and later worked for the research firm Spencer Trask & Company. Mr. Cullen spent four years as a Navy Officer on the aircraft carrier USS Essex after receiving a B.S. in finance from Seton Hall University.
Michael Kelly
Start Date
Tenure
Tenure Rank
Oct 28, 2016
5.59
5.6%
Michael Kelly is the Director of Research and a member of the Investment Team. He works closely with the Portfolio Managers supporting all of our strategies, while organizing the Firm’s research effort. Michael joined Schafer Cullen in 2007. Prior to joining Schafer Cullen Capital Management, Mr. Kelly was an Investment Analyst at Neuberger Berman from 2004-2007. Mr. Kelly received his B.A. in Political Science and Economics from Emory University in 2004. He has held the Chartered Financial Analyst designation since 2008.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.04 | 19.77 | 3.61 | 5.67 |