Fallen Angels Income Fund
Data updated: 2020-10-13
C000036721 — Fallen Angels Income Fund. Developed ex-US Value Equity · $7.50M AUM · 2.34% expense ratio. Holdings, fees, performance and SEC filings.
C000036721 Fund Overview
Fallen Angels Income Fund is a US mutual fund managed by MSS Series Trust, categorised as Developed ex-US Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: MSS Series Trust
- Category: Developed ex-US Value Equity
- Assets under management: $7.50M
- SEC CIK: 0001368578
- SEC series ID: S000013534
- Share class ID: C000036721
C000036721 Investment Objective and Strategy
Fallen Angels Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by MSS Series Trust.
Investment objective
The Fund seeks high current income with the potential for capital appreciation.
Principal investment strategy
"Under normal circumstances, the Fund invests in debt and equity securities that the adviser believes to be undervalued at current market prices. These securities include dividend paying common stocks, preferred stocks, closed-end income funds, convertible securities, bonds, warrants to buy common stocks, and U.S. government securities. The Fund may hold positions in the debt and equity securities of small, medium and large capitalization companies. The Fund also may invest in shares of closed-end investment companies, as well as exchange trade funds (""ETFs""). In addition, the Fund may invest indirectly in foreign securities by either purchasing American Depositary Receipts (""ADRs"") or by investing in investment companies and ETFs that hold foreign securities or ADRs. Debt securities purchased directly by the Fund can be of any credit quality (including lower-rated debt known as high yield or junk bonds), and may be of any maturity and duration.
In managing the Fund, the adviser performs detailed quantitative and qualitative research and analysis to identify ""fallen angels"" or, in other words, businesses whose value is not currently reflected in the price of the security and that the adviser believes have significant appreciation potential. While the term ""fallen angels"" typically refers to the securities of individual companies, the adviser also uses the term to describe funds (closed-end and ETFs) that the adviser believes are undervalued. After making investments in securities from the approved list, the adviser monitors each holding and adjusts its price targets as warranted to reflect changes in a security's fundamentals. A negative change in the fundamental or qualitative characteristics of the issuer may cause the adviser to sell a security.
A security also may be sold in order to generate cash to invest in a more attractive opportunity. Finally, the adviser may sell a security when its price approaches, meets or exceeds the adviser's estimate of its intrinsic value."
C000036721 Costs and Fees
C000036721 costs about $234 per $10,000 invested per year in fund expenses.
- Net expense ratio: 2.34%
- Gross expense ratio: 2.34%
- Portfolio turnover: 19%
- Brokerage commissions: 0.34 bps of average net assets (SEC N-CEN)
C000036721 Cashflows
Over the 12 months to 2020-07, Fallen Angels Income Fund had net outflows of $545.76K, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-07 | −$83.19K |
| 2020-06 | −$90.90K |
| 2020-05 | −$115.68K |
| 2020-04 | −$122.07K |
| 2020-03 | −$95.18K |
| 2020-02 | −$38.75K |
C000036721 Debt Constituents
No individual debt constituents are reported in Fallen Angels Income Fund's latest SEC N-PORT filing.
C000036721 Prospectus and SEC Filings
Official Fallen Angels Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2019-12-06
- Prospectus (485BPOS) — filed 2018-12-19
- Prospectus (485BPOS) — filed 2017-12-08
- Portfolio holdings (N-PORT) — filed 2020-09-17
- Portfolio holdings (N-PORT) — filed 2020-06-29
- Annual census (N-CEN) — filed 2020-10-13
- Annual census (N-CEN) — filed 2019-10-08
- Annual census (N-CEN) — filed 2018-10-12
Related Funds
Other Developed ex-US Value Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.