The Core Total Return investment strategy seeks to exploit inefficiencies in Closed-End Funds. I potentially seek a risk-adjusted total return outperformance versus the S&P 500 index. The portfolio’s target yield is 3-6% when it is fully invested. That said, I believe that total return is more important than the yield.
I seek to invest in Closed-End Funds and other under-followed exchange-traded securities across multiple asset categories. I target total portfolio return using a long-only strategy with a bias toward equity-based Closed-End Funds. There is no mandate on the number of Closed-End Fund positions in the portfolio.
I use my own investigative techniques to locate potential investment opportunities. My qualitative research concentrates on what I believe are under-followed securities. I seek to identify potential valuation changes that I believe may be unanticipated by many other market participants.
The allocation discipline is dynamic and may change. I seek to become more concentrated at times and more diversified at other times based on what I believe will work best in the current market environment. I typically take larger positions in a security or set of securities when my confidence in that idea is highest.
I may sell a positively performing security in order to invest in something that believe has more potential. I may also sell when I no longer believe the position’s risk/reward is favorable, or I believe that my portfolio needs to be adjusted due to changing market conditions.
My portfolio may at times take positions in preferred and common stocks – not just Closed-End Funds.
Past performance is no guarantee of future results.
Performance of the Portfolio Manager's account is calculated by Covestor on a daily time-weighted basis, including cash, dividends and earnings distributions and broker commissions. Manager returns include trades and positions that fail Covestor's trading rules, as a result, actual client returns will differ. Covestor advisory fees are simulated and applied retro-actively to present the portfolio return "net-of-fees".
Average client returns are calculated by Covestor and are composed of the asset-weighted average returns of all active client investments (some of which may contain investment restrictions) to the underlying portfolio. These daily average returns are then linked together for the timeframe presented. These returns include cash, dividends, earnings distributions, brokerage commissions and Covestor advisory fees.
All graph data is as of the end of day for the referenced period, unless otherwise specified. The investment minimum is the minimum investment required to follow a particular portfolio. The minimum amount is determined by Covestor, based on the characteristics of the underlying portfolio. It should not be considered as specific investment advice for your investment situation.
The performance charts are provided for informational purposes only, and should not be used as the basis for making an investment decision. Variables such as corporate actions or foreign exchange may affect daily performance displays. We rely on mathematical formulas, computer programs, and pricing information from third-party vendors to provide these returns. Neither Covestor nor any of its data or content providers shall be liable for any errors in this information or any actions taken by you in reliance upon this information.
Benchmark returns have been calculated by Covestor using a time-weighted calculation of daily index valuations. Benchmarks presented are total return and therefore inclusive of cash, dividends and earnings distributions but not transaction costs.
Leverage indicates the level of margin utilized and is calculated by dividing gross exposure by portfolio net liquidation value.
All Portfolio Manager information including personal data, profiles, strategies, monthly investment reports, and historical results outside of Covestor has been provided by the Portfolio Manager. Covestor makes no representation or warranty of its accuracy, completeness or relevance and it does not represent the opinions of Covestor. Transaction history is available upon request. Portfolio classifications are provided by Covestor, and are intended to serve as a general guide.
The checked transactions passed Covestor's trading rules and were eligible for investment at the time of execution, subject to individual client constraints. Eligibility may change over time. Actual client investment trade activity may vary.
Index returns do not reflect any management fees, transaction costs or expenses. Individuals cannot invest directly in an Index.