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Name

As of 05/07/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.51

$9.83 M

1.20%

$0.11

2.32%

Vitals

YTD Return

1.5%

1 yr return

6.9%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$9.83 M

Holdings in Top 10

26.3%

52 WEEK LOW AND HIGH

$9.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.32%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 9.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$500

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 05/07/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.51

$9.83 M

1.20%

$0.11

2.32%

HRRLX - Profile

Distributions

  • YTD Total Return 1.5%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.44%
DIVIDENDS
  • Dividend Yield 1.2%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Rural America Growth & Income Fund
  • Fund Family Name
    Homestead Funds
  • Inception Date
    May 12, 2021
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    James Polk

Fund Description

Under normal circumstances, the Fund intends to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in companies that are important to the economic development of rural America. The Fund primarily invests in equity and fixed income securities of U.S. issuers.
The Fund considers an issuer to be important to the economic development of rural America if the issuer satisfies at least one of the following criteria:
1.
Rural economic factors - the issuer has meaningful economic exposure to a key driver of rural American economy by either normally deriving at least 10% of its total revenue from, or having at least 10% of its annual capital expenditures made and/or committed to, one or more of the sectors listed below, or other sectors that Homestead Advisers determines to be key drivers of rural American economy:
Agribusiness value chain — agriculture equipment, chemicals, food & beverage
Infrastructure development — broadband telecommunication, water infrastructure, road construction, waste management
Industrial transportation — rail, trucking, distributors
Consumer products and services — rural retailers, restaurants
Financial services — banks (based on loan breakdown and branch locations), financial exchanges (based on trading revenue associated with products integral to the rural economy), insurance (based on net premiums written for rural areas)
Healthcare — providers (providing healthcare to rural areas), payers (members based on rural areas), animal health (providing services to livestock)
Technology — enterprise software (providing software to rural banks and rural merchants), payments (providing payment processing to rural banks and rural merchants), automation (for example, providing automatic farming equipment)
2.
NRECA cooperative service areas - the issuer’s headquarters and/or material business operations (at least 10% of the issuer’s physical store or branch locations) are located in one or more zip codes serviced by one of National Rural Electric Cooperative Association’s (“NRECA”) cooperative members.
3.
U.S. Census Bureau or issuer definition - the issuer’s headquarters and/or material business operations (at least 10% of the issuer's physical store or branch locations) are located in rural areas, which the Fund defines as (i) a county where at least 50% of the county’s population is in an area considered “rural,” as defined by the U.S. Census Bureau, or (ii) an area that the issuer has represented that it considers to be “rural.” The U.S. Census Bureau currently defines “rural” as all population, housing and territory not included within an urbanized area or urban cluster. In general, urbanized areas include areas with 50,000 or more people and urbanized clusters include areas of at least 2,500 and less than 50,000 people. The U.S. Census Bureau also considers density (the density of people per square foot in a single block), land use (land cover and impervious surfaces) and distance in order to determine what is considered an urbanized area or urban cluster.
The Fund may invest up to 20% of its assets in instruments that do not have exposure to “rural America,” within the criteria described above, primarily including U.S. Treasury securities; corporate bonds; municipal bonds; asset-backed and mortgage-backed securities; common stock and preferred stock (fixed maturity and perpetual); other investment companies, including open-end funds, closed-end funds and exchange traded funds (“ETFs”); commercial paper; and money market securities.
The allocation of the Fund’s investments across equity and fixed-income asset classes can vary substantially from time to time. Under normal market conditions, the Fund seeks to invest 30-70% of its assets in each asset class. Homestead Advisers expects to allocate the Fund’s assets in response to changing market, financial, economic, and political factors and events that the Fund’s portfolio managers believe may affect the values of the Fund’s investments.
For equity securities, Homestead Advisers follows a bottom-up approach in selecting stocks of companies based on its fundamental research and consideration of variety of factors, such as a company’s business, potential earning power, financial ratios, competitive advantages, and the experience and qualifications of the company’s management.
The weighted average effective maturity of the Fund’s fixed income portfolio, under normal circumstances, is expected to be between three and ten years. The Fund may invest up to 15% of its assets in securities rated below investment grade (securities rated below BBB- by Standard & Poor’s Corporation or its equivalent by other Nationally Recognized Statistical Rating Organizations (“NRSRO”)) or unrated securities judged by Homestead Advisers to be of comparable quality. Corporate bonds and other fixed income instruments rated below investment grade are high yield, high risk bonds, commonly known as “junk bonds”. The Fund may invest directly in secured or unsecured loans or invest in loan assignments or participations, and may invest in mortgage-backed and other asset-backed securities.
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HRRLX - Performance

Return Ranking - Trailing

Period HRRLX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.5% 0.0% 22.5% 97.74%
1 Yr 6.9% -4.1% 44.4% 96.33%
3 Yr N/A* -6.8% 6.6% N/A
5 Yr N/A* -3.5% 14.1% N/A
10 Yr N/A* 0.5% 10.6% N/A

* Annualized

Return Ranking - Calendar

Period HRRLX Return Category Return Low Category Return High Rank in Category (%)
2023 5.4% -12.2% 23.9% 86.00%
2022 -14.7% -34.7% 0.0% 17.07%
2021 N/A -11.9% 18.1% N/A
2020 N/A -20.9% 39.7% N/A
2019 N/A 0.8% 25.7% N/A

Total Return Ranking - Trailing

Period HRRLX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.5% 0.0% 22.5% 97.74%
1 Yr 6.9% -4.1% 44.4% 96.33%
3 Yr N/A* -6.8% 6.6% N/A
5 Yr N/A* -3.5% 14.1% N/A
10 Yr N/A* 0.5% 10.6% N/A

* Annualized

Total Return Ranking - Calendar

Period HRRLX Return Category Return Low Category Return High Rank in Category (%)
2023 6.7% -12.2% 26.8% 95.19%
2022 -14.2% -29.0% 10.9% 40.32%
2021 N/A -3.0% 24.2% N/A
2020 N/A -19.5% 40.6% N/A
2019 N/A 4.4% 32.7% N/A

NAV & Total Return History


HRRLX - Holdings

Concentration Analysis

HRRLX Category Low Category High HRRLX % Rank
Net Assets 9.83 M 789 K 217 B 98.03%
Number of Holdings 123 2 15716 40.88%
Net Assets in Top 10 2.59 M 618 K 62.8 B 98.30%
Weighting of Top 10 26.31% 11.3% 121.1% 78.08%

Top 10 Holdings

  1. State Street Institutional US Government Money Market Fund 5.35%
  2. Federal Farm Credit Banks Funding Corp 3.18%
  3. United States Treasury Note/Bond 2.78%
  4. Federal Farm Credit Banks Funding Corp 2.68%
  5. Zoetis Inc 2.36%
  6. Deere Co 2.12%
  7. Federal Farm Credit Banks Funding Corp 2.03%
  8. Federal Farm Credit Banks Funding Corp 1.99%
  9. Fastenal Co 1.92%
  10. Stryker Corp 1.90%

Asset Allocation

Weighting Return Low Return High HRRLX % Rank
Stocks
57.18% 0.00% 103.09% 79.92%
Bonds
35.97% 0.00% 77.27% 19.38%
Cash
5.35% -10.21% 100.00% 19.80%
Other
1.54% -42.80% 46.03% 18.53%
Preferred Stocks
0.00% 0.00% 23.88% 71.85%
Convertible Bonds
0.00% 0.00% 23.84% 95.45%

Stock Sector Breakdown

Weighting Return Low Return High HRRLX % Rank
Technology
24.34% 0.00% 44.21% 13.39%
Industrials
18.50% 0.00% 24.37% 2.85%
Healthcare
15.14% 0.00% 29.35% 23.50%
Financial Services
14.86% 0.00% 38.77% 46.44%
Real Estate
8.84% 0.00% 65.01% 10.68%
Consumer Cyclical
8.41% 0.00% 19.36% 70.09%
Consumer Defense
5.21% 0.00% 15.14% 81.20%
Communication Services
2.37% 0.00% 38.10% 94.87%
Basic Materials
2.33% 0.00% 33.35% 80.91%
Utilities
0.00% 0.00% 99.55% 97.01%
Energy
0.00% 0.00% 85.65% 97.86%

Stock Geographic Breakdown

Weighting Return Low Return High HRRLX % Rank
US
57.18% 0.00% 103.09% 72.98%
Non US
0.00% 0.00% 38.68% 73.13%

Bond Sector Breakdown

Weighting Return Low Return High HRRLX % Rank
Corporate
47.98% 0.00% 98.21% 20.48%
Government
28.32% 0.00% 97.26% 54.91%
Securitized
14.59% 0.00% 78.59% 54.05%
Cash & Equivalents
5.35% 0.00% 99.92% 21.07%
Municipal
5.19% 0.00% 24.80% 2.84%
Derivative
0.00% -3.07% 46.02% 71.15%

Bond Geographic Breakdown

Weighting Return Low Return High HRRLX % Rank
US
35.97% 0.00% 77.27% 18.53%
Non US
0.00% 0.00% 14.17% 68.60%

HRRLX - Expenses

Operational Fees

HRRLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.32% 0.03% 17.63% 6.19%
Management Fee 0.65% 0.00% 1.50% 80.59%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.83% N/A

Sales Fees

HRRLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

HRRLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 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.

HRRLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 9.00% 0.00% 343.00% 8.16%

HRRLX - Distributions

Dividend Yield Analysis

HRRLX Category Low Category High HRRLX % Rank
Dividend Yield 1.20% 0.00% 17.90% 81.72%

Dividend Distribution Analysis

HRRLX Category Low Category High Category Mod
Dividend Distribution Frequency Annual SemiAnnual Quarterly SemiAnnual

Net Income Ratio Analysis

HRRLX Category Low Category High HRRLX % Rank
Net Income Ratio 0.44% -2.34% 19.41% 83.45%

Capital Gain Distribution Analysis

HRRLX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Monthly Semi-Monthly

Distributions History

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HRRLX - Fund Manager Analysis

Managers

James Polk


Start Date

Tenure

Tenure Rank

May 03, 2021

1.08

1.1%

James A. Polk, CFA Mr. Polk is a Senior Equity Portfolio Manager for RE Advisers. He has co-managed the Value Fund and Small-Company Stock Fund since January 2019. He has co-managed the Rural America Growth & Income Fund since its inception in May 2021. Prior to this role, he was a portfolio manager at Putnam Investment Management, LLC from 2001 to 2017, where he managed small, mid, and multi-cap value oriented mutual funds from 2004 to 2017. He received a BA in English from Colby College and an MBA from the Olin Graduate School of Business at Babson College. He joined RE Advisers in 2019.

Ivan Naranjo


Start Date

Tenure

Tenure Rank

May 03, 2021

1.08

1.1%

Mr. Naranjo is a Fixed Income Portfolio Manager for RE Advisers. He was a senior fixed income trader at American Century Investments from 2016 to 2018, a senior investment risk analyst at Legg Mason & Co., LLC from 2015 to 2016, and an associate portfolio manager at Calvert Investment Management, LLC from 2010 to 2015, where he held different responsibilities including portfolio construction, securities analysis, trading, and risk monitoring for a number of taxable fixed income mutual fund portfolios. He received a B.S. in finance from the University of Maryland, Robert H. Smith School of Business. He joined RE Advisers in 2018.

Prabha Carpenter


Start Date

Tenure

Tenure Rank

May 03, 2021

1.08

1.1%

Ms. Carpenter is a Senior Equity Portfolio Manager for RE Advisers. Prior to becoming a Senior Equity Portfolio Manager, Ms. Carpenter was a Senior Equity Analyst for RE Advisers from March 2002 to April 2014. Prior to that, Carpenter is a vice president and investment officer with Washington Investment Advisers, previously called Geico Investment Services. Prior to joining Geico in 1985, she was a senior research officer with Maryland National Bank, and an equity analyst and portfolio manager with Commercial Credit Corporation. Carpenter is a Chartered Financial Analyst, and a member of both the Washington Society of Investment Analysts and the New York Institutional Options and Futures Society. She received her BA in Business Economics from the University of Madras and her BS in Economics from American University. She received her MBA with a distinction in Finance from American University.

Mauricio Agudelo


Start Date

Tenure

Tenure Rank

May 03, 2021

1.08

1.1%

Mauricio co-manages RE Advisers' fixed-income strategies. He joined RE Advisers in 2016. Prior to this role, he co-managed taxable fixed-income mutual fund portfolios for Calvert Investment Management, Inc. and held previous positions at Calvert in trading and securities analysis. Prior to joining Calvert, Mr. Agudelo completed internships at the United States Department of Agriculture in 2002 and 2003. He received a B.S. in finance from the University of Maryland,Robert H. Smith School of Business. He Minored in business culture and language, with a concentration in Spanish. He holds the Chartered Financial Analyst designation. Mr. Agudelo is a Senior Fixed-Income Portfolio Manager for RE Advisers and has managed or co-managed the Fund since May 2016. Mr. Naranjo is a Fixed-Income Portfolio Manager for RE Advisers and has co-managed the Fund since November 2018.

Mark Iong


Start Date

Tenure

Tenure Rank

May 03, 2021

1.08

1.1%

Mark is a Senior Equity Analyst supporting RE Advisers' large- and small-cap value strategies. Mark brings more than 10 years of investment experience, most recently as a senior equity analyst at Chartwell Investment Partners on the large-cap team. Prior to that, he was a senior analyst and portfolio manager at Columbia Partners where he helped oversee growth and value strategies. As an equity analyst, Mark has focoused on stocks in the technology and industrials sectors. Mark is a graduate of Cornell University, where he received a Bachelor of Science degree in operations research and information engineering. He holds the Chartered Financial Anaylst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 34.51 6.34 2.41