The Capital Income Fund seeks high total return through a combination of current income and capital appreciation
Primary Benchmark:
S & P 500 Index
Portfolio Management
Art Barry, CFA
Dan Fuss, CFA, CIC
Warren Koontz, CFA, CIC
Total Fund Assets (as of 4/30/2013):
$21.8 million
Strategy Highlights
- An equity income strategy that uses a bottom up security selection process that allows managers to invest across the capital structure
- Seeks to utilize attractively priced dividend-paying stocks with a moderate allocation to preferred stocks and equity-like fixed-income securities (high yield and convertibles)
- Managed as one portfolio with close collaboration amongst all portfolio managers; positions, exposures, risk factors and other elements of portfolio construction evaluated holistically
- Quarterly distributions to help support income needs
Investment Strategy
- Equity exposure expected to range from 75-85% under normal market conditions, with a minimum of 70% and a rebalance trigger at 85%
- The Fund's non-US equity investments investments, which will consist
generally of American Depositary Receipts but may include direct
foreign investments as well, will be limited to 10% of the equity portion
- May invest up to 30% of the Fund in fixed income securities, including below investment-grade fixed-income securities
- Fund in aggregate restricted to a 20% limit in any one country of issue (ex-Canada), and 20% in any currency of issue (ex-Canada)
About Risk
- Equity securities may be subject to unpredictable declines in value
- While the fund offers potential for long-term capital growth, it invests in value stocks, which can fall out of favor with investors and may underperform growth stocks during certain markets
- Funds that invest in bonds can lose their value. When interest rates rise,
bond prices usually fall and vice versa
- Lower-rated debt securities have speculative characteristics because of the credit risk of their issuers and may be subject to greater price volatility than higher-rated investments. In addition, the secondary market for these securities may lack liquidity which, in turn, may adversely affect the value of these securities
and that of the fund
- Foreign securities may be subject to higher volatility, foreign investments involve special risks including greater economic, political and currency fluctuation risk, which may be even greater in emerging markets. Currency risk is the risk that fluctuates in exchange rates between the US dollar and foreign currencies may cause the value of a fund's investments to decline
- Ability of companies to pay dividends may not continue and rate of return is not guaranteed
Past performance is no guarantee of future results.1For further detail regarding Minimum Initial Investment, please see the fund prospectus.
2Unlike net expense ratio, gross expense ratio does not reflect any potential reimbursement/waiver of expenses, if any, as stated in the most recent Fund prospectus. Fund expenses and expense reductions are subject to change. Expense reductions are contractual and are set to expire 3/31/2014. Investors should consult the most recent prospectus for more detailed information.
3Unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund. Gross expenses do not include any fee waivers or reimbursement.
The Fund's primary benchmark index is the
S&P 500 Index, a market capitalization weighted index consisting of 500 US industrial, transportation, financial, and utility companies, calculated on a total return basis with dividends reinvested. The Fund's secondary index, the
Russell 1000 Value Index, is an unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and forecasted growth values. Indexes are unmanaged and do not incur fees. It is not possible to invest directly in an index.
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Primary Benchmark: S & P 500 Index
|
Year-to-Date Performance as of 6/17/2013 Month-End Performance as of 4/30/2013 Cumulative
Total Return | Class Y | Class Y | Index |
|---|
| 3 month | N/A | N/A | 7.18% | | Year-to-date | N/A | N/A | 12.74% |
Average Annualized
Total Return | Class Y | Class Y | Index |
|---|
| Since Inception (3/30/2012) | N/A | N/A | 14.80% |
Quarter-End Performance as of 3/31/2013 Cumulative
Total Return | Class Y | Class Y | Index |
|---|
| 3 month | N/A | N/A | 10.61% | | Year-to-date | N/A | N/A | 10.61% |
Average Annualized
Total Return | Class Y | Class Y | Index |
|---|
| Since Inception (3/30/2012) | N/A | N/A | 13.92% |
Gross Expense Ratio: (Y) 1.53%; Net Expense Ratio: (Y) 0.95% Waivers/reimbursements are contractual and are set to expire 1/31/14. |
Lipper Rankings as of 4/30/2013 | | Class Y |
|---|
| 1 Year | 1/551 | | 3 Years | N/A | | 5 Years | N/A | | 10 Years | N/A | | Lipper Category: NA |
Morningstar Rankings as of 3/31/2013 | | Class Y |
|---|
| 1 Year | N/A | | 3 Years | N/A | | 5 Years | N/A | | 10 Years | N/A | | Morningstar Category: NA |
Lipper and Morningstar rankings are based on total returns calculated by each ranking entity. Rankings do not take into account sales charges, if applicable, but include reinvestment of dividends and capital gains, if any.
|
Performance data quoted represents past performance and is no guarantee of future results. Total return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns include changes in share price and reinvestment of dividends and capital gains, if any.
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