HHCZX: Highland Long/Short Healthcare Z

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HHCZX Highland Long/Short Healthcare Z


Profile

HHCZX - Profile

Vitals

  • YTD Return 8.2%
  • 3 Yr Annualized Return 11.8%
  • 5 Yr Annualized Return 0.6%
  • Net Assets $25.4 M
  • Holdings in Top 10 44.3%

52 WEEK LOW AND HIGH

$16.97
$11.27
$17.28

Expenses

OPERATING RELATED FEES

  • Expense Ratio 2.37%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 51.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $2,500
  • IRA $50

Fund Classification


Distributions

  • YTD Total Return 8.2%
  • 3 Yr Annualized Total Return 12.2%
  • 5 Yr Annualized Total Return 1.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -1.54%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    Highland Healthcare Opportunities Fund
  • Fund Family Name
    Highland Funds
  • Inception Date
    May 05, 2008
  • Shares Outstanding
    465182
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    James Dondero

Fund Description

The fund seeks to achieve its investment objective by investing at least 80% of the value of its total assets (net assets plus any borrowings for investment purposes) under normal circumstances in securities of companies principally engaged in the design, development, production, sale, management or distribution of products, services or facilities used for or in connection with healthcare or medicine ("healthcare companies"). It is non-diversified.


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Categories

Performance

HHCZX - Performance

Return Ranking - Trailing

Period HHCZX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.2% -87.6% 170.8% 12.23%
1 Yr 15.6% -89.2% 148.2% 10.06%
3 Yr 11.8%* -56.3% 33.8% 5.74%
5 Yr 0.6%* -43.8% 33.6% 47.00%
10 Yr 3.7%* -13.3% 34.2% 40.00%

* Annualized

Return Ranking - Calendar

Period HHCZX Return Category Return Low Category Return High Rank in Category (%)
2019 11.4% -24.2% 71.9% 45.67%
2018 12.7% -37.0% 12.7% 0.39%
2017 7.6% -25.3% 59.5% 48.93%
2016 -14.7% -15.5% 42.5% 98.62%
2015 -10.2% -65.1% 11.8% 55.19%

Total Return Ranking - Trailing

Period HHCZX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.2% -87.6% 170.8% 12.23%
1 Yr 15.6% -89.2% 148.2% 10.06%
3 Yr 12.2%* -56.3% 39.2% 6.15%
5 Yr 1.7%* -43.8% 36.8% 48.50%
10 Yr 5.8%* -13.3% 35.9% 42.67%

* Annualized

Total Return Ranking - Calendar

Period HHCZX Return Category Return Low Category Return High Rank in Category (%)
2019 11.4% -22.9% 71.9% 45.67%
2018 12.7% -37.0% 12.7% 0.39%
2017 8.8% -25.3% 68.6% 51.93%
2016 -14.7% -15.5% 42.5% 99.08%
2015 -6.4% -65.1% 11.8% 50.82%

NAV & Total Return History


Holdings

HHCZX - Holdings

Concentration Analysis

HHCZX Category Low Category High HHCZX % Rank
Net Assets 25.4 M 105 K 10.6 B 76.47%
Number of Holdings 52 4 1562 40.56%
Net Assets in Top 10 10.8 M -81.1 M 3.11 B 76.16%
Weighting of Top 10 44.30% 14.6% 238.7% 61.98%

Top 10 Holdings

  1. Bio-Rad Laboratories Inc 8.30%
  2. Humana Inc 6.97%
  3. Merck & Co Inc 4.42%
  4. Anthem Inc 4.30%
  5. AbbVie Inc 4.01%
  6. Dreyfus Treasury Obligations Csh Mgt Ins 3.50%
  7. Cigna Corp 3.37%
  8. Boston Scientific Corp 3.30%
  9. Thermo Fisher Scientific Inc 3.11%
  10. Ascendis Pharma A/S ADR 3.02%

Asset Allocation

Weighting Return Low Return High HHCZX % Rank
Stocks
96.48% 81.39% 325.56% 60.68%
Cash
3.51% -225.56% 20.91% 30.03%
Preferred Stocks
0.00% 0.00% 5.07% 94.43%
Other
0.00% -19.11% 121.77% 85.45%
Convertible Bonds
0.00% 0.00% 15.68% 93.81%
Bonds
0.00% -43.96% 55.72% 92.57%

Stock Sector Breakdown

Weighting Return Low Return High HHCZX % Rank
Healthcare
98.20% 0.00% 98.20% 0.67%
Basic Materials
1.80% 0.00% 16.01% 56.86%
Utilities
0.00% 0.00% 64.20% 94.65%
Technology
0.00% 0.00% 52.21% 96.66%
Real Estate
0.00% 0.00% 97.46% 96.66%
Industrials
0.00% 0.00% 46.89% 96.66%
Financial Services
0.00% 0.00% 35.62% 96.66%
Energy
0.00% 0.00% 100.00% 99.67%
Communication Services
0.00% 0.00% 24.68% 96.32%
Consumer Defense
0.00% 0.00% 21.72% 94.65%
Consumer Cyclical
0.00% 0.00% 37.65% 96.66%

Stock Geographic Breakdown

Weighting Return Low Return High HHCZX % Rank
US
88.61% 80.07% 325.56% 72.76%
Non US
7.87% -3.46% 39.93% 20.74%

Expenses

HHCZX - Expenses

Operational Fees

HHCZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.37% 0.35% 37.17% 32.70%
Management Fee 1.00% 0.00% 2.64% 69.35%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.20% 0.05% 0.45% 73.33%

Sales Fees

HHCZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

HHCZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 33.93%

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.

HHCZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 51.00% 0.00% 5191.00% 50.69%

Distributions

HHCZX - Distributions

Dividend Yield Analysis

HHCZX Category Low Category High HHCZX % Rank
Dividend Yield 0.00% 0.00% 23.21% 94.12%

Dividend Distribution Analysis

HHCZX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Quarterly Annually

Net Income Ratio Analysis

HHCZX Category Low Category High HHCZX % Rank
Net Income Ratio -1.54% -3.05% 14.24% 93.10%

Capital Gain Distribution Analysis

HHCZX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Dividend Payout History

View More +

Fund Manager Analysis

HHCZX - Fund Manager Analysis

Managers

James Dondero


Start Date

Tenure

Tenure Rank

Mar 29, 2018

2.43

2.4%

Mr. Dondero is also the co-founder and President of Highland, founder and President of NexPoint Advisors, L.P., Chairman of the board of directors, Chief Executive Officer and member of the investment committee of NXRT, President of NexPoint Capital, Inc., President of NMCT, director for American Banknote Corporation, director for Metro-Goldwyn-Mayer, director for Jernigan Capital, Inc., Chairman of the board of directors for Cornerstone Healthcare, Chairman of the board of directors for CCS Medical, and Chairman of NexBank, an affiliated bank that is majority owned by Mr. Dondero. Mr. Dondero has over 30 years of experience investing in credit and equity markets and has helped pioneer credit asset classes. Prior to founding Highland Capital Management in 1993, Mr. Dondero served as Chief Investment Officer of Protective Life’s GIC subsidiary and helped grow the business between 1989 and 1993. His portfolio management experience includes mortgage-backed securities, investment grade corporates, leveraged bank loans, high-yield bonds, emerging market debt, real estate, derivatives, preferred stocks and common stocks. From 1985 to 1989, he managed in fixed income funds for American Express. Mr. Dondero received a BS in Commerce (Accounting and Finance) from the University of Virginia, and is a Certified Managerial Accountant and a Chartered Financial Analyst.

Nate Burns


Start Date

Tenure

Tenure Rank

Apr 24, 2019

1.36

1.4%

Mr. Burns is a Managing Director at Highland and a Portfolio Manager with NexPoint . Prior to joining Highland in 2013, he was an Associate at Ripplewood Holdings, a global private equity firm focused on control-oriented buyout, distressed and special situation investments. Prior to joining Ripplewood, he was an Analyst in the Global Technology Mergers & Acquisitions group at Lehman Brothers. Mr. Burns received a B.S. in Analytical Finance and Economics, summa cum laude, from Wake Forest University and an MBA, with Honors and Distinction, from Columbia Business School. Mr. Burns has also earned the right to use the Chartered Financial Analyst .

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 25.02 6.12 10.43