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Trending ETFs

Name

As of 05/24/2024

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

$30.99

$650 M

0.42%

$0.13

1.13%

Vitals

YTD Return

9.7%

1 yr return

26.7%

3 Yr Avg Return

13.0%

5 Yr Avg Return

16.0%

Net Assets

$650 M

Holdings in Top 10

65.6%

52 WEEK LOW AND HIGH

$30.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.13%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 24.00%

Redemption Fee 2.00%


Min Investment

Standard (Taxable)

$10,000

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 05/24/2024

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

$30.99

$650 M

0.42%

$0.13

1.13%

MRFOX - Profile

Distributions

  • YTD Total Return 9.7%
  • 3 Yr Annualized Total Return 13.0%
  • 5 Yr Annualized Total Return 16.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.31%
DIVIDENDS
  • Dividend Yield 0.4%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Marshfield Concentrated Opportunity Fund
  • Fund Family Name
    Marshfield
  • Inception Date
    Dec 28, 2015
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Elise Hoffmann

Fund Description

The Fund seeks the dual goals of capital preservation and long-term growth of principal, while targeting a pattern of performance at variance with that of the market. The Fund seeks to achieve its investment objective by investing principally in a portfolio of common stocks of companies traded on United States (“U.S.”) securities exchanges or over-the-counter (“OTC”) markets that exhibit low valuations based on the Adviser’s analysis of the companies’ intrinsic value. The Fund may invest in companies of any capitalization size, including large- cap, mid-cap, and small-cap companies. The Fund will typically hold from 16 to 24 equity securities plus a cash position. The cash position will, on average, be in the range of 0-25% of the portfolio and will be an output of the Adviser’s buy and sell decisions, not a tactical maneuver.

The Adviser generally develops a list of U.S. exchange-traded and OTC companies for consideration to purchase using its proprietary screening process as described below. The Adviser performs a bottom-up analysis to identify companies that the Adviser believes are: (i) in an industry that allows the company to earn high returns on equity over time; (ii) imbued with a functional and resilient corporate culture; and (iii) trading at a price that is below the Adviser’s estimated intrinsic value of the company.

The Adviser’s screening process generally involves:

Rigorous analysis that entails developing an understanding of the ecosystem in which a company operates. The Adviser seeks to review all relevant materials about a company and its industry such as journal articles and securities filings, talks with the management personnel of both the subject company and its competitors, and research the economics underlying the relevant industry or industries in order to have a deep understanding of how the company works.
Determining the value of the company, which the Adviser conducts using conservative assumptions. The Adviser stress tests its valuation based upon a series of different scenarios and sets a target price that incorporates a substantial discount between the company’s market price and the Adviser’s estimate of the company’s value (i.e. intrinsic value).
Selecting portfolio investments in companies that the Adviser believes: (i)  are in an industry that allows the company to earn high returns on equity over time, (ii) pass the Adviser’s tests of corporate culture (the internal compass expressed by the company’s attitude toward customers and shareholders), industry structure (attributes like competitive rivalry and the discipline to remain focused on maintaining and exploiting advantages) and management quality (integrity, courage and resolve) and (iii) are trading at a price that is below the Adviser’s estimate intrinsic value of the company.
Continuous review of all Fund holdings with ongoing monitoring of the financial performance of each company in the portfolio as well as analysis of whether each holding is performing as the Adviser’s conceptual case suggested.

The Adviser’s approach emphasizes the potential long-term health of a company rather than the short-term performance of the company. The Adviser normally purchases stock in a company with the intention of holding the investment for an extended period of time. However, the Adviser may sell a portfolio holding if it determines any of the following circumstances exist:

The company fails to perform as anticipated;
The company’s or the relevant industry’s outlook has changed for the worse;
Systemic risk to the portfolio should be limited, as with too great an exposure to a single industry or sector of the economy;
A company’s stock becomes excessively overvalued in relationship to the Adviser’s estimate of its intrinsic value; or
The Adviser decides to readjust the size of the Fund’s investment in the company’s stock (e.g., the company’s stock comprises too great a portion of the Fund, such as if the value of the company’s stock exceeds 20% of the Fund’s portfolio).

The Fund may hold out-of-favor stocks rather than popular ones. The Fund’s portfolio will be focused and therefore may at times hold stocks in only a few companies. While the Adviser does not intend to focus on any particular sector or industry in making investments for the Fund, at any given time the Fund may have a substantial investment in a particular sector or industry if the Adviser determines such investment to be the best available for the Fund. The Adviser is willing to hold cash and will buy stocks opportunistically when prices are attractive in the Adviser’s estimation.

The Fund is a “non-diversified fund,” which means that it may invest more of its assets in the securities of a single issuer or a small number of issuers than a diversified fund.

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MRFOX - Performance

Return Ranking - Trailing

Period MRFOX Return Category Return Low Category Return High Rank in Category (%)
YTD 9.7% -11.3% 28.5% 83.22%
1 Yr 26.7% -12.0% 61.6% 81.40%
3 Yr 13.0%* -29.5% 35.7% 2.33%
5 Yr 16.0%* -14.5% 29.9% 39.19%
10 Yr N/A* -5.5% 19.5% N/A

* Annualized

Return Ranking - Calendar

Period MRFOX Return Category Return Low Category Return High Rank in Category (%)
2023 17.1% -74.1% 72.4% 90.53%
2022 4.7% -85.9% 4.7% 0.09%
2021 10.2% -52.4% 60.5% 42.11%
2020 12.1% -34.3% 145.0% 92.52%
2019 34.4% -21.8% 49.4% 8.54%

Total Return Ranking - Trailing

Period MRFOX Return Category Return Low Category Return High Rank in Category (%)
YTD 9.7% -11.3% 28.5% 83.22%
1 Yr 26.7% -12.0% 61.6% 81.40%
3 Yr 13.0%* -29.5% 35.7% 2.33%
5 Yr 16.0%* -14.5% 29.9% 39.19%
10 Yr N/A* -5.5% 19.5% N/A

* Annualized

Total Return Ranking - Calendar

Period MRFOX Return Category Return Low Category Return High Rank in Category (%)
2023 17.7% -4.6% 72.4% 95.79%
2022 5.1% -61.7% 5.6% 0.18%
2021 17.8% -39.8% 118.1% 71.24%
2020 15.2% 2.8% 149.2% 97.38%
2019 36.3% -5.2% 49.4% 22.37%

NAV & Total Return History


MRFOX - Holdings

Concentration Analysis

MRFOX Category Low Category High MRFOX % Rank
Net Assets 650 M 242 K 269 B 63.71%
Number of Holdings 20 2 3211 97.91%
Net Assets in Top 10 500 M 109 K 111 B 56.71%
Weighting of Top 10 65.60% 0.7% 205.0% 4.72%

Top 10 Holdings

  1. GOLDMAN SACHS FINANCIAL SQUARE TREASURY INSTRUMENT S FUND 10.39%
  2. Ross Stores, Inc. 9.49%
  3. AutoZone, Inc. 9.01%
  4. Arch Capital Group Ltd. 6.13%
  5. O'Reilly Automotive, Inc. 6.03%
  6. TJX Companies, Inc. (The) 5.59%
  7. Domino's Pizza, Inc. 4.82%
  8. Cummins, Inc. 4.74%
  9. Goldman Sachs Group, Inc. (The) 4.72%
  10. Mastercard, Inc. Class A 4.68%

Asset Allocation

Weighting Return Low Return High MRFOX % Rank
Stocks
85.82% 0.00% 134.69% 98.78%
Cash
14.18% 0.00% 173.52% 0.96%
Preferred Stocks
0.00% 0.00% 7.84% 70.56%
Other
0.00% -44.39% 50.04% 72.74%
Convertible Bonds
0.00% 0.00% 1.94% 66.23%
Bonds
0.00% 0.00% 104.29% 68.12%

Stock Sector Breakdown

Weighting Return Low Return High MRFOX % Rank
Financial Services
43.06% 0.00% 43.06% 0.09%
Consumer Cyclical
31.30% 0.00% 62.57% 1.22%
Industrials
20.96% 0.00% 30.65% 1.75%
Consumer Defense
4.67% 0.00% 25.50% 35.43%
Utilities
0.00% 0.00% 16.07% 76.55%
Technology
0.00% 0.00% 65.70% 100.00%
Real Estate
0.00% 0.00% 16.05% 89.33%
Healthcare
0.00% 0.00% 39.76% 99.48%
Energy
0.00% 0.00% 41.09% 83.99%
Communication Services
0.00% 0.00% 66.40% 99.04%
Basic Materials
0.00% 0.00% 18.91% 90.64%

Stock Geographic Breakdown

Weighting Return Low Return High MRFOX % Rank
US
85.82% 0.00% 134.69% 96.86%
Non US
0.00% 0.00% 78.10% 76.48%

MRFOX - Expenses

Operational Fees

MRFOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.13% 0.01% 28.71% 36.77%
Management Fee 0.95% 0.00% 1.50% 93.95%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 1.02% N/A

Sales Fees

MRFOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 8.50% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

MRFOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 30.43%

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.

MRFOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 24.00% 0.00% 316.74% 33.07%

MRFOX - Distributions

Dividend Yield Analysis

MRFOX Category Low Category High MRFOX % Rank
Dividend Yield 0.42% 0.00% 27.58% 31.47%

Dividend Distribution Analysis

MRFOX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual SemiAnnual Annual

Net Income Ratio Analysis

MRFOX Category Low Category High MRFOX % Rank
Net Income Ratio -0.31% -6.13% 3.48% 49.51%

Capital Gain Distribution Analysis

MRFOX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

View More +

MRFOX - Fund Manager Analysis

Managers

Elise Hoffmann


Start Date

Tenure

Tenure Rank

Dec 29, 2015

6.42

6.4%

Elise J. Hoffmann is a Principal of Marshfield Associates, Inc. and along with Mr. Niemczewski leads the Adviser’s research team. Ms. Hoffmann joined Marshfield Associates, Inc. in 1995 and became a Principal in 1997. Prior to joining Marshfield Associates, Inc., she worked for U.S. Congressman Ed Markey, serving seven years as Counsel to the U.S. House of Representatives’ Committee on Energy & Commerce, Subcommittee on Telecommunications and Finance, where she was responsible for developing securities legislation. Prior to that, she practiced law in the private sector at Steptoe & Johnson in Washington, D.C., where she was an associate attorney practicing corporate, securities, and tax law. Ms. Hoffmann graduated from Princeton University with an A.B. and earned a J.D. from Yale Law School.

Christopher Niemczewski


Start Date

Tenure

Tenure Rank

Dec 29, 2015

6.42

6.4%

Christopher M. Niemczewski, Managing Principal M.B.A., Columbia University Graduate School of Business 1977 B.A., Swarthmore College 1974 Chris Niemczewski founded Marshfield in 1989. While at Columbia, he was exposed to the Graham and Dodd school of security analysis and investing, an approach that has influenced his thirty-six years in the investment field. In addition to formulating and guiding Marshfield’s core investment philosophy and discipline, he conducts research and focuses on long-term strategic firm planning. From 1981 to 1989 he was President of Justin Asset Management. Chris is a member of the Board of Managers of Swarthmore College where he serves as Chair of the Investment Committee.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 54.45 8.24 3.08