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(MINC) Newfleet Multi-Sector Income ETF

Overview

How MINC Works

The AdvisorShares Newfleet Multi-Sector Income ETF (NYSE Arca: MINC) seeks to provide current income consistent with preservation of capital, while limiting fluctuations in net asset value (“NAV”) due to changes in interest rates. MINC is managed by Newfleet Asset Management (“Portfolio Manager”), an investment subsidiary of Virtus Investment Partners. Newfleet believes that active fixed income sector rotation and quality security selection, combined with disciplined risk management, offers the best potential to achieve the Fund's investment objective of providing a high level of total return, including a competitive level of current income in the fixed income market.

Fund Documents

Portfolio Manager Commentaries

MINC Portfolio Statistics & Bond Sector Allocation

as of 10/19/2014
  MINC
Duration 2.19 years
Yield to Maturity 3.09%
30-Day SEC Subsidized Yield 2.91%
30-Day SEC Unsubsidized Yield 2.84%

Past Performance is not indicative of future results. MINC statistics and bond sector allocation are for the actual MINC security holdings as of the listed date, excluding cash. Duration is the change of a fixed income security that will result from a 1% change in interest rates, and is based on the yield to worst date. Yield to Maturity is the yield if the security is held until the maturity date. 30–Day SEC Yield (Standardized Yield) is an annualized yield that is calculated by dividing the investment income earned by the Fund less expenses over the most recent 30-day period by the current maximum offering price. The Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. The Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Subsidized Yield and 30-Day Unsubsidized Yield will be identical.

MINC Bond Sector Allocation (10/19/2014)

MINC Credit Ratings

as of 10/19/2014
RatingHoldings
AAA20.94%
AA8.75%
A24.38%
BAA27.10%
BA13.12%
B4.21%
CCC0.17%
Not Rated1.31%

The ratings issued by Nationally Recognized Statistical Rating Organizations assess the credit worthiness of a corporation's or government debt issues. The ratings apply to the fund's holdings and not the fund itself. The higher of the ratings between Moody’s, Standard & Poor's and Fitch is used. If one of the three agencies does not have a rating, the higher of the other two ratings is used. If only one agency has rated the bond, the rating from that agency is used. If none of the three agencies have rated the bond the bond is placed in the Not Rated category.

The credit ratings are published rankings based on detailed financial analyses by a credit bureau specifically as it relates to the bond issue'rs ability to meet debt obligations. The highest rating is AAA, and the lowest is D. Securities with credit ratings of BBB and above are considered investment grade.

MINC in the News

The following reprints should not be construed as an offer to sell or a solicitation of an offer to buy shares of any other funds. They are provided for informational purposes for AdvisorShares only.
09/26/2014 -

AdvisorShares Press Release, AdvisorShares Announces September 2014 Distributions

08/27/2014 -

AdvisorShares Press Release, AdvisorShares Announces August 2014 Distributions

06/26/2014 -

AdvisorShares Press Release, AdvisorShares Announces June 2014 Distributions

05/29/2014 -

AdvisorShares Press Release, AdvisorShares Announces May 2014 Distributions

04/29/2014 -

AdvisorShares Press Release, AdvisorShares Announces April 2014 Distributions

Performance -Month-End

MINC Performance History (%) as of 09/30/2014
 NAVMarket Price ReturnBarclays Capital Aggregate Bond Index
1 Month-0.39-0.42-0.68
3 Months-0.34-0.240.17
YTD2.082.014.10
1 Year3.223.213.96
Since Inception
(03/19/2013)
1.831.901.43

Performance -Quarter-End

MINC Performance History (%) as of 09/30/2014
 NAVMarket Price ReturnBarclays Capital Aggregate Bond Index
1 Month-0.39-0.42-0.68
3 Months-0.34-0.240.17
YTD2.082.014.10
1 Year3.223.213.96
Since Inception
(03/19/2013)
1.831.901.43

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized.

The Barclays Capital Aggregate Bond Index measures the performance of the U.S. investment grade bond market. One cannot invest directly in an index.

Fund Distributions

Ex-DateRecord DatePay DateCash DivST Cap GainLT Cap GainReturn of CapitalTotal Distribution
10-27-14
10-29-14
10-31-14
-----
09-24-14
09-26-14
09-30-14
$0.114$0.00$0.00$0.00$0.114/per share
08-25-14
08-27-14
08-29-14
$0.115$0.00$0.00$0.00$0.115/per share
07-25-14
07-29-14
07-31-14
$0.114$0.00$0.00$0.00$0.114/per share
06-24-14
06-26-14
06-30-14
$0.123$0.00$0.00$0.00$0.123/per share
05-23-14
05-28-14
05-30-14
$0.097$0.00$0.00$0.00$0.097/per share
04-24-14
04-28-14
04-30-14
$0.113$0.00$0.00$0.00$0.113/per share
03-25-14
03-27-14
03-31-14
$0.111$0.00$0.00$0.00$0.111/per share
02-24-14
02-26-14
02-28-14
$0.126$0.00$0.00$0.00$0.126/per share
01-27-14
01-29-14
01-31-14
$0.095$0.00$0.00$0.00$0.095/per share
12-24-13
12-27-13
12-31-13
$0.132$0.00$0.00$0.00$0.132/per share
11-22-13
11-26-13
11-29-13
$0.109$0.00$0.00$0.00$0.109/per share
10-25-13
10-29-13
10-31-13
$0.121$0.00$0.00$0.00$0.121/per share
09-24-13
09-26-13
09-30-13
$0.106$0.00$0.00$0.00$0.106/per share
08-26-13
08-28-13
08-30-13
$0.114$0.00$0.00$0.00$0.114/per share
07-25-13
07-29-13
07-31-13
$0.109$0.00$0.00$0.00$0.109/per share
06-24-13
06-26-13
06-28-13
$0.108$0.00$0.00$0.00$0.108/per share
05-24-13
05-29-13
05-31-13
$0.093$0.00$0.00$0.00$0.093/per share
04-24-13
04-26-13
04-30-13
$0.051$0.00$0.00$0.00$0.051/per share
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Why Invest in MINC

  • For Portfolio Diversification - Spreading your investment risk among bonds in all the material bond sectors, including bonds with different maturities and credit qualities can help diversify an overall portfolio.
  • For a Value-Oriented Approach to Fixed Income Investing - The portfolio manager believes that active bond sector rotation and quality security selection, combined with disciplined risk management, is the most effective means of achieving total returns in the fixed income market.
  • For Simplified Bond Investing - MINC is designed for any investor seeking one bond fund that includes all the major bond sectors.

Key Attributes

  1. Low Duration - MINC’s low average duration, targeted at between 1 and 3 years, may potentially make it less sensitive to interest rate changes than other bond ETFs with higher average durations.
  2. High Quality - MINC primarily invests in high quality investment-grade debt, which are securities with credit ratings within the 4 highest rating categories of nationally recognized bond rating organizations.
  3. Active Bond Sector Rotation - The Portfolio Manager actively seeks to strategically overweight undervalued bond sectors in an effort to add value to the portfolio.
  4. Risk Controls - The portfolio manager employs disciplined risk management controls with the following parameters: Below investment grade maximum: 20%; Non-U.S. maximum: 30%; Industry maximum: 25%.
  5. Professional Experience - The portfolio management team has over 70 years of combined investment experience. MINC is being carefully managed by seasoned investment professionals.

About the Portfolio Managers

David L. Albrycht, CFA. - President and Chief Investment Officer
David Albrycht is president and chief investment officer of Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Prior to joining Newfleet in 2011, Mr. Albrycht was executive managing director and senior portfolio manager with Goodwin Capital Advisers, a former Virtus investment management subsidiary. He joined the Goodwin multi-sector fixed income team in 1985 as a credit analyst and has managed fixed income portfolios since 1991.

Mr. Albrycht earned a B.A., cum laude, from Central Connecticut State University and an M.B.A., with honors, from the University of Connecticut. He holds the Chartered Financial Analyst designation.

Jonathan R. Stanley, CFA. - Managing Director, Fixed Income Research
Jonathan Stanley is managing director, fixed income research at Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Prior to joining Newfleet in 2011, Mr. Stanley was on the fixed income team at Goodwin Capital Advisers, an investment management company that previously was a subsidiary of Virtus. At Newfleet, he continues in the same role that he held at Goodwin Capital, serving as the sector manager for high yield credit. In addition, he is co-portfolio manager of the Virtus High Yield Fund.

Mr. Stanley earned a B.S. in accounting from Fairfield University and an M.B.A. from the University of Florida. He is a CFA (Chartered Financial Analyst) charter holder. He began working in the investment industry in 1997.

Christopher J. Kelleher, CFA, CPA. - Senior Managing Director and Senior Portfolio Manager
Christopher Kelleher is a managing director and senior portfolio manager at Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Mr. Kelleher serves as co-portfolio manager of the Virtus Bond Fund, the Virtus Balanced Fund, and the Virtus Low Duration Income Fund, as well as the Virtus Total Return Fund (NYSE: DCA), a closed-end fund.

Mr. Kelleher earned a B.S. in accounting from the University of Connecticut and a M.S. in accounting from the University of Hartford. He holds the Chartered Financial Analyst designation and is a Certified Public Accountant and Certified Financial Planner. He began his career in the financial services industry in 1983.

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Fund Basics

  • Symbol

    MINC

  • Exchange

    NYSE Arca

  • Inception Date

    03/19/2013

  • CUSIP

    00768Y727

  • Indicative Value

    MINC.IV

  • Options

    No

Price History

As of: 10/20/2014
NAV$49.58Closing Price$49.60
Change$0.01Change$0.05
Shares Outstanding3,500,000Volume14,526
4PM Bid/Offer Midpoint$49.59Premium/Discount$0.01
Assets Under Management$173,521,345.38
Premium/Discount Historical Data

 

Top 10 Holdings

As of: 10/20/2014
Name Price Weight
US TREASURY N/B 1 9/15/2017 100.773 2.90%
JPMCC 2007-LD12 A4 FRN 2/15/2051 109.563 1.17%
WBCMT 2007-C31 AM FRN 4/15/2047 108.348 <1%
CGCMT 2007-C6 A1A FRN 12/10/2049 109.337 <1%
CFAB 2004-2 1A4 5.323 2/26/2035 101.088 <1%
LBUBS 2007-C6 A4 FRN 7/15/2040 106.58 <1%
JPMCC 2006-LDP7 AM FRN 4/15/2045 107.121 <1%
MVCOT 2012-1A A 2.51 5/20/2030 102.042 <1%
GCCFC 2007-GG9 A4 5.444 3/10/2039 108.207 <1%
BACM 2007-2 A4 FRN 4/10/2049 109.104 <1%

Shares are bought and sold at market price (closing price) not NAV and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times. Holdings and allocations are subject to risks and to change. A holding identified with an "MM" at the end of its name indicates it is a Money Market fund.

Fees & Expenses

  • Management Fee

    0.65%

  • Other Expenses

    0.48%

  • Gross Expense Ratio

    1.13%

  • Fee Waiver and/or Expense Reimbursement

    0.38%

  • Net Expense Ratio

    0.75%*

  • *The Advisor has contractually agreed to keep net expenses from exceeding 0.75% of the Fund’s daily net assets for at least a year from the date of the Prospectus and for an indefinite period thereafter subject to annual reapproval of the agreement by the Board of Trustees.