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Trending ETFs

Name

As of 04/18/2024

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

$20.04

$95.2 M

0.00%

1.20%

Vitals

YTD Return

3.7%

1 yr return

17.1%

3 Yr Avg Return

6.2%

5 Yr Avg Return

N/A

Net Assets

$95.2 M

Holdings in Top 10

35.1%

52 WEEK LOW AND HIGH

$20.1
N/A
N/A

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 04/18/2024

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

$20.04

$95.2 M

0.00%

1.20%

ORDNX - Profile

Distributions

  • YTD Total Return 3.7%
  • 3 Yr Annualized Total Return 6.2%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.03%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    NORTH SQUARE PREFERRED AND INCOME SECURITIES FUND
  • Fund Family Name
    Oak Ridge Funds
  • Inception Date
    Jun 28, 2013
  • Shares Outstanding
    1230708
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    John 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.

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ORDNX - Performance

Return Ranking - Trailing

Period ORDNX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.7% -4.0% 3.7% 1.28%
1 Yr 17.1% 2.4% 18.0% 3.85%
3 Yr 6.2%* -8.9% 6.0% 1.39%
5 Yr N/A* -5.5% 5.0% 1.41%
10 Yr N/A* 0.6% 4.6% 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 3.7% -4.0% 3.7% 1.28%
1 Yr 17.1% 2.4% 18.0% 3.85%
3 Yr 6.2%* -8.9% 6.0% 1.39%
5 Yr N/A* -5.5% 5.0% 7.35%
10 Yr N/A* 0.6% 4.6% 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 24.1 M 14.5 B 93.59%
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% 48.1% 6.41%

Top 10 Holdings

  1. Citigroup, Inc. 4.22%
  2. Bank of America Corp 4.05%
  3. Ally Financial, Inc. 3.59%
  4. KeyCorp 3.59%
  5. Wells Fargo Co. 3.49%
  6. PNC Finacial Services 3.36%
  7. Truist Financial Corp. 3.28%
  8. BNP Paribas SA 3.27%
  9. Comerica Inc 3.13%
  10. 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% 10.76% 64.10%
Stocks
0.00% 0.00% 28.30% 53.85%
Preferred Stocks
0.00% 0.00% 125.53% 100.00%
Other
0.00% -4.48% 12.19% 42.31%

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% 10.76% 55.13%
Derivative
0.00% -0.63% 12.19% 42.31%
Securitized
0.00% 0.00% 0.00% 29.33%
Municipal
0.00% 0.00% 0.00% 29.33%

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% 65.38%

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 0.00% 0.00% 9.81% 79.49%

Dividend Distribution Analysis

ORDNX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly 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

View More +

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