Cohen & Steers Preferred Securities & Income Fund (CPXAX)

By
Cohen & Steers Preferred Securities & Income Fund (CPXAX) is a long term bond mutual fund. This taxable bond fund invests in bonds and preferred stocks of U.S. and foreign companies.

Cohen & Steers Preferred Securities & Income Fund (CPXAX)

The investment objective of Cohen & Steers Preferred Securities & Income Fund is to seek total return. The mutual fund utilizes its assets to purchase a portfolio of preferred and debt securities issued by U.S. and non-U.S. companies. It also will invest >25% of its net assets in the financials sector including bank, diversified financials, real estate and real estate investment trusts (REITs), and insurance industries. The fund may invest without limit in securities of non-U.S. companies, which may be non-U.S. dollar denominated, including up to 15% of the fund's net assets in securities issued by companies domiciled in emerging market countries. It is non-diversified.

Fund Details
Cohen & Steers Preferred Securities & Income Fund (CPXAX)
fund details
  • Fund Inception Date: May 2, 2010
  • Ticker Symbol: CPXAX
  • CUSIP: 19248X109
  • Beta (3yr): N/A
  • Rank in category (YTD): 15%
  • Category: Long-Term Bond
  • Yield: 5.98%
  • Capital Gains: 0%
  • Expense Ratio: 1.10%
  • Net Assets: $ 1.9 billion
  • Number of Years Up: 2 years
  • Number of Years Down: 0 years
  • Average Duration: 7.4 years
  • Annual Turnover Rate: 39%
Updated on 4/11/2013

The portfolio managers are Martin Cohen, Rober Steers, Joseph Harvey and William Scapell. The total net assets are $1.9 billion. It has an annual expense ratio of 1.10%. This fee is slightly higher than the average of Long-Term Bond category, 1.00%. The annual holdings turnover as of March 12, 2013 is low 39%. The fund also distributes a high dividend yield of 5.98%. The most recent distribution was given in February 2013 in the amount of $0.07.

Top Performing Intermediate Term Bond Mutual Funds March 2013

Since this fund is still new, it has no rating from Morningstar yet. The fund has performed in positive return for the 2 years it has been in the market. The first year, 2011, it returned in 3.32%. The total return in 2012 was 22.04%. Based on the load adjusted returns, the fund has returned 10.92% over the past 1-year. The YTD return is 2.90%.

The minimum initial investment for brokerage account is $1,000 with $250 minimum subsequent investment. For retirement account including traditional IRA, 401(k), and Roth IRA, please check with your brokerage or fund’s administrator. This CPXAX fund can be purchased from 43 brokerages, such as Commonwealth Core, TD Ameritrade Retail, Raymond James, Ameriprise Brokerage, etc. The 12b1 fee is 0.25% and the front-end sales load is 4.50%. CPXCX and CPXIX are the other classes of this fund.

As of December 2012, the fund had a total of 171 holdings. The top ten are JP Morgan Chase & Co (3.1%), American International Group (2.5%), Centaur Funding Corp (2.0%), Wells Fargo & Co (2.0%), HSBC Capital Funding (1.9%), UBS AG Stamford CT (1.8%), AIG (1.8%), Wells Fargo & Co (1.8%), Metlife Capital Trust (1.7%) and General Electric (1.5%).

According to the fund prospectus, the investment risks are Market Risk, Preferred Securities Risk, Deferral and Omission Risk, Credit and Subordination Risk, Interest Rate Risk, Call, Reinvestment and Income Risk, Liquidity Risk, Limited Voting Rights Risk, Special Redemption Rights, Regulatory Risk, Debt Securities Risk, Foreign Currency Risk, etc.

Disclosure: No Position

0 comments:

Post a Comment