NORTH SQUARE PREFERRED AND INCOME SECURITIES FUND
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
5.6%
1 yr return
26.4%
3 Yr Avg Return
8.0%
5 Yr Avg Return
N/A
Net Assets
$95.2 M
Holdings in Top 10
35.1%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.20%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 28.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
ORDNX - Profile
Distributions
- YTD Total Return 5.6%
- 3 Yr Annualized Total Return 8.0%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.03%
- Dividend Yield 4.1%
- Dividend Distribution Frequency Monthly
Fund Details
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Legal NameNORTH SQUARE PREFERRED AND INCOME SECURITIES FUND
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Fund Family NameOak Ridge Funds
-
Inception DateJun 28, 2013
-
Shares Outstanding1230708
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Share ClassI
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CurrencyUSD
-
Domiciled CountryUS
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ManagerJohn Cassady
Fund Description
The Fund pursues its investment objective by primarily investing in preferred and debt securities and other income producing securities including convertible securities, and derivatives and securities of other investment companies, such as exchange-traded funds (“ETFs”). In pursuing the Fund’s investment strategy, Red Cedar Investment Management, LLC (“Red Cedar” or, the “Sub-Adviser”) seeks to identify securities it believes are undervalued considering credit quality, optionality, security structure and other investment characteristics. More specifically, the Fund’s Sub-Adviser seeks to identify securities which it believes offer attractive income and risk adjusted return characteristics. The Sub-Adviser takes into account prevailing market factors while building a portfolio of broadly diversified issuers.
Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of preferred and debt securities issued by U.S. and non-U.S. companies, including traditional preferred securities; hybrid preferred securities that have investment and economic characteristics of both preferred stock and debt securities; floating rate preferred securities; corporate debt securities; convertible securities; Additional Tier 1 securities (“AT1s”), also known as contingent convertible securities, and securities of other open-end, closed-end or ETFs that invest primarily in preferred and/or debt securities
The Fund may invest over 25% of its net assets in the financials sector, which is comprised of the bank, diversified financials, real estate (including real estate investment trusts) and insurance industries. The Fund may also have 25% or more of its net assets invested in other sectors or industries including (but not limited to) energy, industrials, utilities, pipelines, health care and telecommunications. The Adviser retains broad discretion to allocate the Fund’s investments across various sectors and industries.
The Fund may invest without limit in securities of non-U.S. companies, which may be non-U.S. dollar denominated. The Fund may invest up to 20% in emerging market local currency. Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products per capita than more developed countries.
The Fund may invest in preferred and debt securities of any maturity or credit rating, including investment grade securities, below investment grade securities and unrated securities. Investment grade securities are those rated at the time of acquisition Baa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB- or higher by Standard & Poor’s, a division of McGraw Hill Companies Inc. (“S&P”), or Fitch Ratings Ltd. (“Fitch”) or, if unrated by S&P, Moody’s or Fitch, determined by Red Cedar to be of comparable quality. Below investment grade securities are also known as “high yield” or “junk” securities.
The Fund may utilize derivatives, including futures, forward contracts, options, swaps, and other various derivative products. The Fund’s use of derivative instruments may be for enhancing returns, hedging against market risks, or providing synthetic exposure to specific industries or securities. The Fund may use futures and swaps to hedge against general market risk, and may also use interest rate swaps and credit default swaps to hedge against interest rate risk and credit risk, respectively. The Fund may use options to hedge against market risk or enhance returns and gain synthetic exposure to a security or sector.
The Fund may sell short debt securities, equities, ETF’s or other cash securities.
ORDNX - Performance
Return Ranking - Trailing
Period | ORDNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.6% | -0.8% | 6.7% | 3.85% |
1 Yr | 26.4% | 10.2% | 29.9% | 6.41% |
3 Yr | 8.0%* | -7.6% | 8.1% | 1.39% |
5 Yr | N/A* | -4.5% | 6.3% | 1.41% |
10 Yr | N/A* | 1.1% | 4.9% | 2.04% |
* Annualized
Return Ranking - Calendar
Period | ORDNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 8.5% | -3.6% | 14.2% | 7.69% |
2022 | -25.6% | -29.4% | -9.6% | 91.67% |
2021 | 17.2% | -3.4% | 17.2% | 1.39% |
2020 | 9.0% | -24.8% | 9.0% | 1.45% |
2019 | N/A | 6.4% | 19.1% | 4.35% |
Total Return Ranking - Trailing
Period | ORDNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.6% | -0.8% | 6.7% | 3.85% |
1 Yr | 26.4% | 10.2% | 29.9% | 6.41% |
3 Yr | 8.0%* | -7.6% | 8.1% | 1.39% |
5 Yr | N/A* | -4.5% | 6.3% | 7.35% |
10 Yr | N/A* | 1.1% | 4.9% | 2.17% |
* Annualized
Total Return Ranking - Calendar
Period | ORDNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 15.2% | -1.9% | 26.5% | 7.69% |
2022 | -13.4% | -26.0% | -5.8% | 58.33% |
2021 | 27.4% | -2.5% | 27.4% | 1.39% |
2020 | 12.3% | -19.2% | 12.3% | 1.45% |
2019 | N/A | 10.0% | 32.0% | 11.59% |
NAV & Total Return History
ORDNX - Holdings
Concentration Analysis
ORDNX | Category Low | Category High | ORDNX % Rank | |
---|---|---|---|---|
Net Assets | 95.2 M | 20 M | 14.5 B | 98.72% |
Number of Holdings | 45 | 45 | 450 | 100.00% |
Net Assets in Top 10 | 27.2 M | 7.69 M | 1.65 B | 93.59% |
Weighting of Top 10 | 35.06% | 12.1% | 45.9% | 7.69% |
Top 10 Holdings
- Citigroup, Inc. 4.22%
- Bank of America Corp 4.05%
- Ally Financial, Inc. 3.59%
- KeyCorp 3.59%
- Wells Fargo Co. 3.49%
- PNC Finacial Services 3.36%
- Truist Financial Corp. 3.28%
- BNP Paribas SA 3.27%
- Comerica Inc 3.13%
- Goldman Sachs Group Inc/The 3.08%
Asset Allocation
Weighting | Return Low | Return High | ORDNX % Rank | |
---|---|---|---|---|
Bonds | 98.46% | 0.00% | 98.46% | 1.28% |
Convertible Bonds | 31.65% | 0.00% | 31.65% | 1.33% |
Cash | 1.54% | -0.02% | 9.83% | 65.38% |
Stocks | 0.00% | 0.00% | 28.30% | 52.56% |
Preferred Stocks | 0.00% | 0.00% | 126.07% | 100.00% |
Other | 0.00% | -4.48% | 12.19% | 39.74% |
Bond Sector Breakdown
Weighting | Return Low | Return High | ORDNX % Rank | |
---|---|---|---|---|
Corporate | 80.71% | 62.31% | 100.00% | 92.00% |
Government | 12.91% | 0.00% | 21.71% | 9.33% |
Cash & Equivalents | 1.42% | 0.00% | 9.28% | 62.82% |
Derivative | 0.00% | -0.63% | 12.19% | 39.74% |
Securitized | 0.00% | 0.00% | 0.00% | 28.00% |
Municipal | 0.00% | 0.00% | 0.00% | 28.00% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | ORDNX % Rank | |
---|---|---|---|---|
US | 98.46% | 0.00% | 98.46% | 1.28% |
Non US | 0.00% | 0.00% | 22.53% | 58.97% |
ORDNX - Expenses
Operational Fees
ORDNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.20% | 0.05% | 4.46% | 46.75% |
Management Fee | 0.75% | 0.00% | 1.00% | 70.51% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.55% | 10.84% |
Sales Fees
ORDNX 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% | 1.00% | N/A |
Trading Fees
ORDNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | N/A | N/A | 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.
ORDNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 28.00% | 12.00% | 199.00% | 48.53% |
ORDNX - Distributions
Dividend Yield Analysis
ORDNX | Category Low | Category High | ORDNX % Rank | |
---|---|---|---|---|
Dividend Yield | 4.13% | 0.00% | 9.40% | 84.62% |
Dividend Distribution Analysis
ORDNX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Annual | Monthly | Monthly |
Net Income Ratio Analysis
ORDNX | Category Low | Category High | ORDNX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.03% | 0.88% | 7.54% | 98.65% |
Capital Gain Distribution Analysis
ORDNX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Feb 28, 2024 | $0.071 | OrdinaryDividend |
Jan 30, 2024 | $0.102 | OrdinaryDividend |
Dec 22, 2023 | $0.063 | OrdinaryDividend |
Nov 27, 2023 | $0.089 | OrdinaryDividend |
Oct 30, 2023 | $0.081 | OrdinaryDividend |
Sep 29, 2023 | $0.092 | OrdinaryDividend |
Aug 28, 2023 | $0.083 | OrdinaryDividend |
Jul 31, 2023 | $0.063 | OrdinaryDividend |
Jun 30, 2023 | $0.094 | OrdinaryDividend |
Apr 28, 2023 | $0.047 | OrdinaryDividend |
Mar 27, 2023 | $0.044 | OrdinaryDividend |
Nov 29, 2022 | $0.100 | OrdinaryDividend |
Oct 28, 2022 | $0.087 | OrdinaryDividend |
Sep 28, 2022 | $0.071 | OrdinaryDividend |
Aug 29, 2022 | $0.063 | OrdinaryDividend |
Jul 28, 2022 | $0.040 | OrdinaryDividend |
Jun 28, 2022 | $0.069 | OrdinaryDividend |
May 27, 2022 | $0.048 | OrdinaryDividend |
Apr 28, 2022 | $0.046 | OrdinaryDividend |
Mar 28, 2022 | $0.127 | OrdinaryDividend |
Sep 28, 2021 | $0.077 | OrdinaryDividend |
Jun 29, 2021 | $0.026 | OrdinaryDividend |
Mar 30, 2021 | $0.050 | OrdinaryDividend |
Sep 29, 2020 | $0.040 | OrdinaryDividend |
Jun 29, 2020 | $0.034 | OrdinaryDividend |
Mar 26, 2020 | $0.085 | OrdinaryDividend |
Sep 25, 2019 | $0.012 | OrdinaryDividend |
Jun 27, 2019 | $0.014 | OrdinaryDividend |
Mar 28, 2019 | $0.059 | OrdinaryDividend |
Jun 29, 2018 | $0.045 | OrdinaryDividend |
Mar 29, 2018 | $0.059 | OrdinaryDividend |
Sep 29, 2017 | $0.018 | OrdinaryDividend |
Jun 28, 2017 | $0.057 | OrdinaryDividend |
Mar 30, 2017 | $0.045 | OrdinaryDividend |
Sep 27, 2016 | $0.041 | OrdinaryDividend |
Jun 28, 2016 | $0.048 | OrdinaryDividend |
Mar 29, 2016 | $0.060 | OrdinaryDividend |
Sep 30, 2015 | $0.046 | OrdinaryDividend |
Jun 30, 2015 | $0.044 | OrdinaryDividend |
Mar 31, 2015 | $0.038 | OrdinaryDividend |
Sep 29, 2014 | $0.037 | OrdinaryDividend |
Jun 27, 2014 | $0.038 | OrdinaryDividend |
Mar 28, 2014 | $0.046 | OrdinaryDividend |
Dec 16, 2013 | $0.044 | OrdinaryDividend |
Sep 30, 2013 | $0.035 | OrdinaryDividend |
ORDNX - Fund Manager Analysis
Managers
John Cassady
Start Date
Tenure
Tenure Rank
Jan 11, 2022
0.38
0.4%
John L. Cassady III is Managing Partner, Chief Executive Officer and Chief Investment Officer for Red Cedar Investment Management. He started in the industry in 1987 and joined Red Cedar in 2018. Prior to that, he was an investment professional for ClearArc Capital where he served in varying roles from 2001- 2018, including Director of Fixed Income and Senior Portfolio Manager. While at ClearArc Capital, Mr. Cassady managed Core Fixed Income, Core Plus Fixed Income, Asset Allocation and a multi-sector low correlation strategy. Before joining ClearArc Capital, he held a similar position at Lyon Street Asset Management, a subsidiary of Old Kent Bank, which was acquired by Fifth Third Bank (an affiliated company of ClearArc Capital). Previously, he was a fixed income Portfolio Manager at Atlantic Portfolio Analytics & Management (APAM) which has since been acquired by Semper Capital Management. He is a CFA® charterholder and member of the CFA Society West Michigan. Mr. Cassady graduated from Georgia Institute of Technology with a B.S. in Industrial Management.
Brandon Bajema
Start Date
Tenure
Tenure Rank
Jan 11, 2022
0.38
0.4%
Brandon F. Bajema has 18 years of investment experience and is a Senior Portfolio Manager at Red Cedar. He started in the industry in 2003 and joined Red Cedar in 2021. Previously, Mr. Bajema was a Portfolio Manager in the Fixed Income & Treasury Department with the Abu Dhabi Investment Authority (ADIA) where he managed a multi-currency global credit portfolio from the United Arab Emirates. Before joining ADIA, Brandon was a Director at Fitch Ratings in the Financial Institutions Group where he covered banks, asset managers and finance companies. Prior to that, he was an Audit Manager at BDO, USA where he focused on banks and insurance companies. Mr. Bajema is a CPA and a CFA® charterholder. He has a B.S. in Economics and a Masters of Science in Accounting from Grand Valley State University.
David Withrow
Start Date
Tenure
Tenure Rank
Jan 11, 2022
0.38
0.4%
David L. Withrow is Managing Partner, Director of Portfolio Management for Red Cedar Investment Management. He started in the industry in 1988 and joined Red Cedar in 2018. Previously, Mr. Withrow served as the President, Deputy Chief Investment Officer and Director of Taxable Fixed Income for ClearArc Capital. Prior to joining ClearArc Capital, he served in a Portfolio Management role beginning in 1999 for Fifth Third Bank Investment Advisors (an affiliated company). Before joining Fifth Third Bank Investment Advisors, he was a Portfolio Manager and Structured Product Analyst for Prime Capital Management in Indianapolis. He is a member of the Cincinnati Society of Financial Analysts and serves on the Finance Committee for the Cooperative for Education in Cincinnati, Ohio. Mr. Withrow graduated from Anderson University with a B.A. in Economics and is a CFA® charterholder.
Michael Martin
Start Date
Tenure
Tenure Rank
Jan 11, 2022
0.38
0.4%
Michael J. Martin is a Partner, Senior Portfolio Manager for Red Cedar Investment Management. He started in the industry in 1994 and joined Red Cedar in 2018. Previously, he was the Director of Credit Research and Investment Risk Oversight for ClearArc Capital (a subsidiary of Fifth Third Bank). Prior to that, he served as the Director of Tax Free Fixed Income at Lyon Street Asset Management, a subsidiary of Old Kent Bank, which was acquired by Fifth Third Bank. He is a CFA® charterholder and member of the CFA Society West Michigan. Mr. Martin graduated from Michigan Technological University with a B.S. in Geological Engineering and received an MBA from Michigan State University.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.09 | 30.32 | 7.8 | 11.42 |