Westwood Total Return Fund
Data updated: 2024-06-26
C000229486 — Westwood Total Return Fund. Total Return Allocation · $117.54M AUM · 0.40% expense ratio. Holdings, fees, performance and SEC filings.
C000229486 Fund Overview
Westwood Total Return Fund is a US mutual fund managed by Ultimus Managers Trust, categorised as Total Return Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Ultimus Managers Trust
- Category: Total Return Allocation
- Assets under management: $117.54M
- 1-year return: 10.3%
- SEC CIK: 0001545440
- SEC series ID: S000072845
- Share class ID: C000229486
C000229486 Investment Objective and Strategy
Westwood Total Return Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Ultimus Managers Trust.
Investment objective
The investment objective of the Westwood Capital Appreciation and Income Fund (formerly, the Westwood Total Return Fund) (the Fund or Capital Appreciation and Income Fund) seeks to provide total return, through a combination of current income and capital appreciation.
Principal investment strategy
The Fund has significant flexibility to achieve its investment objective and invests in a broad range of securities, including debt and equity securities in the U.S. and other markets throughout the world, both developed and emerging. Emerging markets include countries in the MSCI Emerging Markets Index, and other countries that the Fund considers to be equivalent to those in that index based on their level of economic development or the size and experience of their securities markets. There is no limit on the number of countries in which the Fund may invest, and the Fund may focus its investments in a single country or a small group of countries. As attractive investments across asset classes and strategies arise, the Adviser attempts to capture these opportunities and has wide latitude to allocate the Funds assets among asset classes.
The Adviser buys and sells securities and investments for the Fund based on the Advisers view of issuer fundamentals, global economics, sectors and overall portfolio construction, taking into account risk/return analyses and relative value considerations. Under normal circumstances, the Fund invests at least 60% of its net assets in securities of U.S. issuers. U.S. issuers include the U.S. government and its agencies and instrumentalities. In addition, a company is considered by the Fund to be a U.S. issuer if: (i) at least 50% of the companys assets are located in the U.S.; (ii) at least 50% of the companys revenue is generated in the U.S.; (iii) the company is organized or maintains its principal place of business in the U.S.; or (iv) the companys securities are traded principally in the U.S.
The Fund seeks to achieve a neutral allocation of 60% of its total assets in equity securities and 40% of its total assets in debt securities. The Advisers bottom-up investment process and top-down macroeconomic views will drive tactical allocation decisions by overweighting/underweighting stocks and bonds to outperform the benchmark. The Fund may invest up to 50% of its total assets in debt securities, including corporate bonds, mortgage-backed, mortgage-related and asset-backed securities, inflation-linked securities (including Treasury Inflation Protected Securities (TIPS)), bank loan assignments and participations (Loans). The Fund may invest up to 35% of its total assets in Loans. The Fund may invest in debt securities with any maturity, duration or credit quality, including securities rated below investment grade or, if unrated, deemed by the Adviser to be of comparable quality (junk bonds).
The Fund may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the to-be-announced (TBA) market. With TBA transactions, the particular securities to be delivered are not identified at the trade date but the delivered securities must meet specified terms and standards. The Fund would generally enter into TBA transactions with the intention of taking possession of the underlying mortgage-backed securities. However, in an effort to obtain underlying mortgage securities on more preferable terms or to enhance returns, the Fund may extend the settlement by entering into dollar roll transactions in which the Fund sells mortgage-backed securities and simultaneously agrees to purchase substantially similar securities on a future date. The Fund may invest up to 70% of its total assets in equity securities, including common stocks, American Depositary Receipts (ADRs) and real estate investment trusts (REITs).
The Fund may invest up to 25% of its total assets in REITs. In addition to investments in equity securities, the Fund may also invest up to 50% of its total assets in preferred stocks and convertible securities that have characteristics of both equity and debt securities. The Fund may invest in equity securities, preferred stocks and convertible securities of companies of any market capitalization. In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, foreign currency transactions, options and swaps to help manage duration, sector and yield curve exposure and credit and spread volatility.
The Fund may also use such derivatives to manage equity, country, regional and currency exposure, to increase income or gain to the Fund, for hedging and for risk management. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of foreign currency derivatives, including forward foreign currency contracts and currency futures, but may not always do so. In addition to hedging non-dollar investments, the Fund may use such derivatives to increase income and gain to the Fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies.
C000229486 Holdings
Top 10 holdings of Westwood Total Return Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Apple Inc. | 3.77% |
| Microsoft Corporation | 2.94% |
| Energy Transfer LP | 2.33% |
| JPMorgan Chase & Co. | 2.15% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 1.94% |
| Wells Fargo & Co. | 1.92% |
| Amgen Inc. | 1.49% |
| ASML Holding N.V. | 1.42% |
| First American Funds Inc. | 1.42% |
| Walmart Inc | 1.40% |
C000229486 Portfolio Allocation
Asset-class allocation of Westwood Total Return Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 55.7% |
| Fixed Income | 39.4% |
| Securitized | 2.8% |
| Cash & Equivalents | 1.4% |
C000229486 Performance
Total returns for C000229486 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 10.3% |
| 3 years (annualised) | 0.0% |
C000229486 Risk Information
Risk metrics for C000229486, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 11.5%
C000229486 Costs and Fees
C000229486 costs about $40 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.40%
- Gross expense ratio: 0.50%
- Portfolio turnover: 53%
- Brokerage commissions: 2.24 bps of average net assets (SEC N-CEN)
C000229486 Cashflows
Over the 12 months to 2024-04, Westwood Total Return Fund had net outflows of $15.63M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-04 | −$4.13M |
| 2024-03 | $3.69M |
| 2024-02 | −$527.64K |
| 2024-01 | −$1.60M |
| 2023-12 | −$751.33K |
| 2023-11 | −$2.30M |
C000229486 Debt Constituents
Largest debt holdings of Westwood Total Return Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Avolon Holdings Funding Ltd. | 1.13% |
| Royal Caribbean Group | 1.01% |
| Earthstone Energy Holdings LLC | 0.94% |
| United States Treasury Bonds | 0.92% |
| Ziff Davis Inc | 0.91% |
| Corporate Office Properties LP | 0.88% |
| Directv Financing LLC/Directv Financing Co-Obligor Inc. | 0.87% |
| Renaissancere Holdings Ltd. | 0.86% |
| Ares Capital Corp. | 0.86% |
| United States Treasury Bonds | 0.85% |
C000229486 Prospectus and SEC Filings
Official Westwood Total Return Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-02-28
- Prospectus (485BPOS) — filed 2023-02-28
- Prospectus supplement (497) — filed 2024-03-04
- Portfolio holdings (N-PORT) — filed 2024-06-26
- Portfolio holdings (N-PORT) — filed 2024-03-25
- Portfolio holdings (N-PORT) — filed 2023-12-27
- Annual census (N-CEN) — filed 2024-01-16
- Annual census (N-CEN) — filed 2023-01-13
Related Funds
Other Total Return Allocation 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.