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Trending ETFs

Name

As of 06/21/2024

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

$10.74

$137 M

2.91%

$0.31

1.20%

Vitals

YTD Return

2.7%

1 yr return

8.9%

3 Yr Avg Return

-0.2%

5 Yr Avg Return

N/A

Net Assets

$137 M

Holdings in Top 10

43.5%

52 WEEK LOW AND HIGH

$10.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.20%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 130.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/21/2024

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

$10.74

$137 M

2.91%

$0.31

1.20%

PBXIX - Profile

Distributions

  • YTD Total Return 2.7%
  • 3 Yr Annualized Total Return -0.2%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.07%
DIVIDENDS
  • Dividend Yield 2.9%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Rational/Pier 88 Convertible Securities Fund
  • Fund Family Name
    Rational Funds
  • Inception Date
    Mar 01, 2017
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Sean Aurigemma

Fund Description

Under normal conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in convertible securities. Convertible securities are “hybrid” securities that possess both fixed income and equity characteristics. A convertible security is a bond, preferred stock or other securities that may be converted into a prescribed amount of common stock at a pre-stated price. Convertible securities may include corporate bonds, debentures, notes, or warrants. By investing in convertible securities, the Fund seeks the opportunity to participate in the capital appreciation of underlying stocks, while at the same time relying on a fixed income aspect of the convertible security to provide current income and reduced price volatility, which can limit the risk of loss in a down equity market.

The Fund will generally invest primarily in investment-grade instruments. The Fund may also invest opportunistically in non-rated securities that are considered by the Fund’s portfolio managers to be equivalent to investment-grade securities, which at times may represent a significant share of the Fund’s overall portfolio. The Fund may invest in U.S. companies of any market capitalization without limit; however, the Fund expects to invest primarily in large capitalization companies. The Fund may invest across sectors, and at times might have individual positions that in the aggregate result in significant exposures to specific sectors, such as the information technology and healthcare sectors. While there are no restrictions on maturity, under normal market conditions, the Fund’s portfolio is generally expected to have a dollar-weighted average maturity of less than five years. The Fund may invest in securities of any duration (i.e., the sensitivity of a fixed income security’s price to interest rate changes) without limit.

The Fund’s investment sub-advisor, Pier 88 Investment Partners, LLC (the “Sub-Advisor”), will structure the Fund’s portfolio based on its macroeconomic views and will seek to take advantage of perceived secular (longer term) and cyclical themes across all industry sectors. The Sub-Advisor approaches investment decisions primarily from an equity analysis perspective given that historically equity sensitivity has been the primary driver of returns of the convertible securities asset class. The Sub-Advisor establishes a view on the intrinsic value of a company and then examines the overall capital structure of that company to identify potential mis-pricings. The selection process focuses on individual securities as part of a broader secular or cyclical theme, where the Sub-Advisor believes that the risk-adjusted probability of upside appreciation outweighs potential downside. The Sub-Advisor will value securities using a fundamental top-down research approach, which will include scenario analysis to identify potential pricing inefficiencies as well as various risk management techniques to enhance overall portfolio construction. The Sub-Advisor seeks to build the Fund’s portfolio through exposure to companies across industry sectors and will target yields competitive with the overall convertible bond asset class.

The Fund is classified as “non-diversified” for purposes of the Investment Company Act of 1940, as amended (the “1940 Act”), which means a relatively high percentage of the Fund’s assets may be invested in the securities of a limited number of issuers.

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PBXIX - Performance

Return Ranking - Trailing

Period PBXIX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.7% -7.3% 4.6% 41.03%
1 Yr 8.9% -13.3% 9.5% 6.41%
3 Yr -0.2%* -19.2% 0.9% 16.88%
5 Yr N/A* -7.9% 11.2% N/A
10 Yr N/A* -1.8% 9.6% N/A

* Annualized

Return Ranking - Calendar

Period PBXIX Return Category Return Low Category Return High Rank in Category (%)
2023 1.0% -7.7% 13.1% 95.00%
2022 -12.8% -37.8% -9.7% 5.06%
2021 2.3% -18.9% 2.4% 2.53%
2020 N/A 5.8% 54.0% N/A
2019 N/A 9.9% 24.4% N/A

Total Return Ranking - Trailing

Period PBXIX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.7% -7.3% 4.6% 41.03%
1 Yr 8.9% -13.3% 9.5% 6.41%
3 Yr -0.2%* -19.2% 0.9% 16.88%
5 Yr N/A* -7.9% 11.2% N/A
10 Yr N/A* -1.8% 9.6% N/A

* Annualized

Total Return Ranking - Calendar

Period PBXIX Return Category Return Low Category Return High Rank in Category (%)
2023 3.3% -7.7% 15.3% 92.50%
2022 -10.8% -37.8% -9.7% 3.80%
2021 9.6% -12.2% 11.3% 13.92%
2020 N/A 5.8% 64.4% N/A
2019 N/A 12.2% 28.7% N/A

NAV & Total Return History


PBXIX - Holdings

Concentration Analysis

PBXIX Category Low Category High PBXIX % Rank
Net Assets 137 M 17.5 M 3.69 B 81.25%
Number of Holdings 41 41 381 98.75%
Net Assets in Top 10 60.5 M 4.72 M 669 M 80.00%
Weighting of Top 10 43.52% 9.5% 52.3% 6.25%

Top 10 Holdings

  1. WELL 2 3/4 05/15/28 4.69%
  2. APO 6 3/4 4.57%
  3. GPN 1 1/2 03/01/31 4.54%
  4. WFC 7 1/2 PERP 4.47%
  5. DXCM 0 1/4 11/15/25 4.37%
  6. BAC 7 1/4 PERP 4.25%
  7. NEE 6.926 4.22%
  8. PPL 2 7/8 03/15/28 4.21%
  9. F 0 03/15/26 4.13%
  10. TYL 0 1/4 03/15/26 4.06%

Asset Allocation

Weighting Return Low Return High PBXIX % Rank
Bonds
67.88% 0.00% 99.35% 91.25%
Convertible Bonds
53.60% 37.15% 99.72% 97.50%
Stocks
16.41% 0.00% 23.09% 3.75%
Preferred Stocks
13.91% 0.00% 22.50% 7.50%
Cash
1.80% -78.94% 8.82% 70.00%
Other
0.00% -17.11% 1.27% 82.50%

Stock Sector Breakdown

Weighting Return Low Return High PBXIX % Rank
Utilities
57.14% 0.00% 100.00% 68.06%
Energy
22.16% 0.00% 40.56% 9.72%
Financial Services
10.50% 0.00% 20.48% 11.11%
Industrials
10.21% 0.00% 23.08% 16.67%
Technology
0.00% 0.00% 23.73% 91.67%
Real Estate
0.00% 0.00% 27.87% 91.67%
Healthcare
0.00% 0.00% 20.31% 91.67%
Communication Services
0.00% 0.00% 100.00% 86.11%
Consumer Defense
0.00% 0.00% 25.78% 86.11%
Consumer Cyclical
0.00% 0.00% 24.79% 91.67%
Basic Materials
0.00% 0.00% 24.08% 88.89%

Stock Geographic Breakdown

Weighting Return Low Return High PBXIX % Rank
US
16.41% 0.00% 22.42% 3.75%
Non US
0.00% 0.00% 1.55% 87.50%

Bond Sector Breakdown

Weighting Return Low Return High PBXIX % Rank
Corporate
91.61% 91.11% 100.00% 96.25%
Cash & Equivalents
1.19% 0.00% 8.82% 67.50%
Derivative
0.00% 0.00% 0.22% 83.75%
Securitized
0.00% 0.00% 0.00% 87.50%
Municipal
0.00% 0.00% 0.00% 87.50%
Government
0.00% 0.00% 2.94% 87.50%

Bond Geographic Breakdown

Weighting Return Low Return High PBXIX % Rank
US
67.88% 0.00% 99.35% 91.25%
Non US
0.00% 0.00% 19.91% 87.50%

PBXIX - Expenses

Operational Fees

PBXIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.20% 0.20% 2.87% 43.75%
Management Fee 0.85% 0.20% 1.00% 91.14%
12b-1 Fee N/A 0.00% 1.00% 9.62%
Administrative Fee N/A 0.04% 0.15% N/A

Sales Fees

PBXIX 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

PBXIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 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.

PBXIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 130.00% 30.00% 154.00% 83.33%

PBXIX - Distributions

Dividend Yield Analysis

PBXIX Category Low Category High PBXIX % Rank
Dividend Yield 2.91% 0.00% 4.30% 38.75%

Dividend Distribution Analysis

PBXIX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Quarterly Quarterly Quarterly

Net Income Ratio Analysis

PBXIX Category Low Category High PBXIX % Rank
Net Income Ratio 1.07% -3.72% 3.69% 17.72%

Capital Gain Distribution Analysis

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

Distributions History

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PBXIX - Fund Manager Analysis

Managers

Sean Aurigemma


Start Date

Tenure

Tenure Rank

Dec 06, 2019

2.48

2.5%

Sean Aurigemma is a Partner and Portfolio Manager working on the Small Cap Growth and Convertible Bond Strategy at Pier 88 Investment Partners. Mr Aurigemma is an established financial services industry veteran with over 25 years of direct investment experience. Previously he was the Lead Portfolio Manager for Larve Cap Value and Value Equity Strategies at Lord Abbett & Co wth $5 B in assets under management. Earlier he served as Managing Director at Morgan Stanley Investment Management and Lead Portfolio Manager for Morgan Stanley's Dividend Growth Portfolio in addition to it's Financial Services Trust Portfolio. Earlier in his career Mr Aurigemma was a Research Analyst at Deutsche Bank Alex Brown and an Investment Analyst at both Prudential Securities and Kidder Peabody & co. Mr Aurigemma earned a BA in History with High Honors from the University of Notre Dame.

Frank Timons


Start Date

Tenure

Tenure Rank

Dec 06, 2019

2.48

2.5%

Frank Timons is the Founder, CEO and CIO of Pier 88 Investment Partners. Previously, Frank had several roles at Lord Abbett including: Portfolio Manager for the convertible strategy (2012-2013) Portfolio Manager for the large cap core and large cap value strategies(2010-2012) and Research Analyst specializing in technology companies (2007-2010). Prior to joining Lord Abbett, Frank was a Research Analyst at Robert Baird & Co and Senior Strategist at Sun Microsystems (2001-2004) focusing on venture and capital investments. Frank holds a B.A. and J.D. from the University of Notre Dame

Tenure Analysis

Category Low Category High Category Average Category Mode
0.25 36.97 10.17 7.42