Westwood Alternative Income Fund
Name
As of 10/02/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
5.5%
1 yr return
9.3%
3 Yr Avg Return
3.6%
5 Yr Avg Return
4.6%
Net Assets
$117 M
Holdings in Top 10
25.6%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.61%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 125.00%
Redemption Fee 1.00%
Min Investment
Standard (Taxable)
$100,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/02/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
WMNIX - Profile
Distributions
- YTD Total Return 5.5%
- 3 Yr Annualized Total Return 3.6%
- 5 Yr Annualized Total Return 4.6%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.45%
- Dividend Yield 3.7%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameWestwood Alternative Income Fund
-
Fund Family NameWestwood
-
Inception DateMay 01, 2015
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerP. Adrian Helfert
Fund Description
The Fund employs an absolute return strategy, which means that the Fund seeks to earn a positive total return through a combination of current income and capital appreciation in all market conditions, by maintaining a portfolio that is designed to have low volatility and low correlations with equity and fixed income markets over a full market cycle.
In seeking to achieve its goals, the Fund invests primarily in income producing convertible securities. Convertible securities include, but are not limited to, corporate bonds, debentures, notes or preferred stocks and their hybrids that can be converted into (exchanged for) common stock or other securities, such as warrants or options, which provide an opportunity for equity participation. Once a convertible security converts to common stock, the Fund would be an equity owner of the particular company as a common stockholder. The Fund may also invest in equity securities and non-convertible fixed income securities, and may invest in securities of any market capitalization, maturity, duration or credit quality, including securities rated below investment grade or, if unrated, deemed by the Adviser to be of comparable quality (“junk bonds”). The Fund may invest in foreign companies in both developed and emerging markets.
The Fund may seek to exploit certain arbitrage opportunities by, for example, selling common stocks or bonds short against positions in which the Fund has invested in convertible securities, or establishing short positions in convertible securities with long positions in the corresponding common stock or bond. When the Fund sells a security short, it is selling a security it does not own. The Fund may invest in derivative instruments, such as futures contracts, forward contracts, options and swaps (including credit default swaps) to seek to hedge risks such as issuer, equity market, credit, interest rate and foreign currency risks, or enhance the returns of the Fund. The Fund may also seek to generate income from option premiums by writing (selling) call and put options on individual securities, broad-based securities indexes or exchange-traded funds (“ETFs”). The Adviser seeks to identify undervalued convertible securities by utilizing quantitative tools and fundamental research to assess a security’s income characteristics, liquidity, credit quality, volatility and equity value. The Adviser seeks to invest in companies with strong business models, quality management, and favorable financial conditions. The Adviser will consider selling a convertible security when it believes that the security is no longer undervalued, or there are unfavorable changes in the fundamentals of the underlying company or the structure of the convertible security. The Fund may buy and sell securities frequently, which could result in a high portfolio turnover rate.
When the Adviser believes that market conditions are unfavorable for profitable investing, or is otherwise unable to locate attractive investment opportunities, it may increase the Fund’s investments in cash or money market instruments to protect the Fund’s assets and maintain liquidity. When the Fund’s investments in cash or money market instruments increase, it may not participate in market advances or declines to the same extent that it would if the Fund remained more fully invested in equity and fixed income securities.
The Fund invests across various asset classes, sectors and securities, and, from time to time, will engage in frequent trading.
As a result of the Fund’s investment style, the Fund, from time to time, will engage in frequent trading.
WMNIX - Performance
Return Ranking - Trailing
Period | WMNIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.5% | -11.6% | 15.8% | 69.00% |
1 Yr | 9.3% | -33.0% | 41.7% | 18.45% |
3 Yr | 3.6%* | -10.5% | 13.4% | 23.47% |
5 Yr | 4.6%* | -4.8% | 11.1% | 18.07% |
10 Yr | N/A* | -4.6% | 7.6% | N/A |
* Annualized
Return Ranking - Calendar
Period | WMNIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 3.0% | -31.7% | 23.2% | 14.29% |
2022 | -15.6% | -20.7% | 10.7% | 24.74% |
2021 | 0.6% | -12.4% | 14.7% | 48.89% |
2020 | 6.7% | -13.2% | 12.9% | 67.09% |
2019 | 3.1% | -11.7% | 7.9% | 32.86% |
Total Return Ranking - Trailing
Period | WMNIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.5% | -11.7% | 15.8% | 69.00% |
1 Yr | 9.3% | -33.0% | 41.7% | 18.45% |
3 Yr | 3.6%* | -10.5% | 13.4% | 21.43% |
5 Yr | 4.6%* | -4.8% | 11.1% | 15.66% |
10 Yr | N/A* | -4.6% | 7.6% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | WMNIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.8% | -31.7% | 23.2% | 14.29% |
2022 | -1.2% | -20.7% | 10.7% | 24.74% |
2021 | 2.8% | -12.4% | 14.7% | 63.33% |
2020 | 7.5% | -12.7% | 12.9% | 84.81% |
2019 | 8.4% | -11.5% | 13.2% | 58.57% |
NAV & Total Return History
WMNIX - Holdings
Concentration Analysis
WMNIX | Category Low | Category High | WMNIX % Rank | |
---|---|---|---|---|
Net Assets | 117 M | 105 K | 12.6 B | 41.35% |
Number of Holdings | 117 | 5 | 2526 | 44.23% |
Net Assets in Top 10 | 30.1 M | -619 M | 6.53 B | 46.15% |
Weighting of Top 10 | 25.55% | 7.6% | 96.1% | 64.63% |
Top 10 Holdings
- Lantheus Holdings Inc 2.625%, Due 12/15/27 3.18%
- Northern Oil and Gas Inc 3.625%, Due 04/15/29 3.13%
- Axon Enterprise Inc 0.500%, Due 12/15/27 2.98%
- Royal Caribbean Cruises Ltd. 6.000%, Due 08/15/2025 2.69%
- Merit Medical Systems, Inc. 3.000%, Due 02/01/29 2.49%
- Alnylam Pharmaceuticals, Inc. 1.000%, Due 09/15/2027 2.29%
- MP Materials Corporation .25%, Due 4/1/2026 2.28%
- Halozyme Therapeutics, Inc. 1.000%, Due 08/15/2028 2.19%
- ON Semiconductor Corporation 0.500%, Due 03/01/2029 2.19%
- MongoDB, Inc. 0.250%, Due 01/15/2026 2.14%
Asset Allocation
Weighting | Return Low | Return High | WMNIX % Rank | |
---|---|---|---|---|
Bonds | 97.71% | -1.04% | 63.30% | 24.04% |
Convertible Bonds | 89.38% | 0.00% | 95.47% | 1.92% |
Cash | 1.27% | -225.56% | 102.75% | 88.46% |
Other | 1.03% | -11.90% | 43.69% | 3.85% |
Stocks | 0.00% | -57.09% | 325.56% | 96.15% |
Preferred Stocks | 0.00% | 0.00% | 5.67% | 45.19% |
Bond Sector Breakdown
Weighting | Return Low | Return High | WMNIX % Rank | |
---|---|---|---|---|
Corporate | 93.17% | 0.00% | 100.00% | 3.85% |
Government | 2.78% | 0.00% | 73.33% | 19.23% |
Cash & Equivalents | 0.93% | 0.00% | 100.00% | 94.23% |
Derivative | 0.62% | 0.00% | 30.95% | 39.42% |
Securitized | 0.00% | 0.00% | 27.70% | 33.65% |
Municipal | 0.00% | 0.00% | 3.82% | 32.69% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | WMNIX % Rank | |
---|---|---|---|---|
US | 97.71% | -1.04% | 80.93% | 24.04% |
Non US | 0.00% | -64.71% | 9.68% | 7.69% |
WMNIX - Expenses
Operational Fees
WMNIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.61% | 0.73% | 9.52% | 81.55% |
Management Fee | 0.21% | 0.13% | 1.65% | 23.08% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | 0.10% | 0.06% | 0.40% | N/A |
Sales Fees
WMNIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.75% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
WMNIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 1.00% | 1.00% | 2.00% | 71.43% |
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.
WMNIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 125.00% | 30.00% | 483.00% | 34.83% |
WMNIX - Distributions
Dividend Yield Analysis
WMNIX | Category Low | Category High | WMNIX % Rank | |
---|---|---|---|---|
Dividend Yield | 3.75% | 0.00% | 0.75% | 25.96% |
Dividend Distribution Analysis
WMNIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | Annually | Quarterly | Annually |
Net Income Ratio Analysis
WMNIX | Category Low | Category High | WMNIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.45% | -2.49% | 4.20% | 14.56% |
Capital Gain Distribution Analysis
WMNIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Sep 27, 2024 | $0.060 | OrdinaryDividend |
Mar 27, 2024 | $0.096 | OrdinaryDividend |
Dec 28, 2023 | $0.070 | OrdinaryDividend |
Sep 28, 2023 | $0.105 | OrdinaryDividend |
Jun 29, 2023 | $0.088 | OrdinaryDividend |
Mar 30, 2023 | $0.080 | OrdinaryDividend |
Dec 29, 2022 | $1.411 | OrdinaryDividend |
Sep 29, 2022 | $0.060 | OrdinaryDividend |
Jun 29, 2022 | $0.041 | OrdinaryDividend |
Mar 30, 2022 | $0.044 | OrdinaryDividend |
Dec 08, 2021 | $0.118 | CapitalGainShortTerm |
Dec 08, 2021 | $0.028 | CapitalGainLongTerm |
Sep 29, 2021 | $0.027 | OrdinaryDividend |
Jun 29, 2021 | $0.041 | OrdinaryDividend |
Mar 30, 2021 | $0.029 | OrdinaryDividend |
Sep 29, 2020 | $0.015 | OrdinaryDividend |
Jun 29, 2020 | $0.022 | OrdinaryDividend |
Mar 30, 2020 | $0.031 | OrdinaryDividend |
Dec 30, 2019 | $0.029 | OrdinaryDividend |
Dec 05, 2019 | $0.239 | CapitalGainShortTerm |
Dec 05, 2019 | $0.083 | CapitalGainLongTerm |
Sep 27, 2019 | $0.050 | OrdinaryDividend |
Jun 27, 2019 | $0.050 | OrdinaryDividend |
Mar 28, 2019 | $0.061 | OrdinaryDividend |
Dec 28, 2018 | $0.048 | OrdinaryDividend |
Sep 27, 2018 | $0.048 | OrdinaryDividend |
Jun 28, 2018 | $0.047 | OrdinaryDividend |
Mar 28, 2018 | $0.048 | OrdinaryDividend |
Dec 28, 2017 | $0.047 | OrdinaryDividend |
Mar 30, 2017 | $0.002 | OrdinaryDividend |
Dec 29, 2016 | $0.083 | OrdinaryDividend |
Dec 20, 2016 | $0.003 | CapitalGainShortTerm |
Dec 20, 2016 | $0.015 | CapitalGainLongTerm |
Sep 30, 2016 | $0.038 | OrdinaryDividend |
Jun 29, 2016 | $0.051 | OrdinaryDividend |
Mar 30, 2016 | $0.041 | OrdinaryDividend |
Dec 30, 2015 | $0.078 | OrdinaryDividend |
Dec 18, 2015 | $0.180 | CapitalGainShortTerm |
Dec 18, 2015 | $0.058 | CapitalGainLongTerm |
Sep 29, 2015 | $0.024 | OrdinaryDividend |
Jun 29, 2015 | $0.004 | OrdinaryDividend |
WMNIX - Fund Manager Analysis
Managers
P. Adrian Helfert
Start Date
Tenure
Tenure Rank
Dec 22, 2020
1.44
1.4%
Adrian Helfert, Senior Vice President is Chief Investment Officer, Multi-Asset Portfolios at Westwood. Having originally joined Westwood in 2019, Mr. Helfert oversees multiple strategies with portfolio management and leadership responsibilities across the Multi-Asset continuum, including our flagship, Income Opportunity. Throughout his career, Mr. Helfert has developed a strong track record working on collaborative, global teams. Prior Westwood, Mr. Helfert served as Managing Director and Senior Multi-Asset Portfolio Manager at Amundi Smith Breeden in London, where he was responsible for Global Fixed Income strategies. During his 13-year Amundi tenure, he also was an investment team leader on absolute return, unconstrained and total return portfolios across multiple asset classes including equity and fixed income across multiple asset classes including equity and fixed income. Before joining Amundi, Mr. Helfert worked at Royal Bank of Scotland and JPMorgan's Asset Management Group. Mr. Helfert earned his MBA from Duke University and his BA in physics from the University of Virginia, where he was awarded a fellowship for his work in Solid State Physics. He also served in the U.S. Navy / Marine Corps as a Combat Medic.
Christopher Hartman
Start Date
Tenure
Tenure Rank
Aug 03, 2021
0.82
0.8%
Mr. Hartman joined Westwood in 2021 and currently serves as Vice President, Portfolio Manager on the Multi-Asset investment team. Prior to joining the Westwood, Mr. Hartman served as Senior Portfolio Manager – Convertible Arbitrage at Aegon Asset Management in Chicago, where he was responsible for portfolio management of the Aegon Asset Management Market Neutral Fund and the Legacy Convertible Insurance product strategy. He also focused on convertible arbitrage and managed long only convertible bonds. Prior to that, Mr. Hartman spent 17 years at Calamos Investments, eight of which he served as Senior Vice President, Portfolio Manager of the Calamos Market Neutral Income Fund. He has more than 24 years of investment experience. Mr. Hartman earned his MBA in Finance from Benedictine University and his BA in Economics from Southern Illinois University.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 30.59 | 6.3 | 9.42 |