NCLSX — Nuance Concentrated Value Long-Short Fund
Data updated: 2024-07-11
NCLSX — Nuance Concentrated Value Long-Short Fund. United States Mid Cap Value Industrials Equity · $100.91M AUM. Holdings, fees, performance and SEC filings.
NCLSX Fund Overview
NCLSX — Nuance Concentrated Value Long-Short Fund is a US mutual fund managed by Managed Portfolio Series, categorised as United States Mid Cap Value Industrials Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Managed Portfolio Series
- Category: United States Mid Cap Value Industrials Equity
- Assets under management: $100.91M
- 1-year return: -12.8%
- Ticker: NCLSX
- SEC CIK: 0001511699
- SEC series ID: S000052217
- Share class ID: C000164258
NCLSX Investment Objective and Strategy
Nuance Concentrated Value Long-Short Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Managed Portfolio Series.
Investment objective
The objective of the Nuance Concentrated Value Long-Short Fund (the Fund) is to provide long term capital appreciation.
Principal investment strategy
The Fund seeks to achieve its investment objective by taking long positions in securities priced below, and short positions in securities priced above, their estimated intrinsic value as determined by Nuance Investments, LLC (the Adviser). Under normal market conditions, the Fund will take long positions in 15-35 securities, and will take short positions in up to 50 securities, with both the long and short positions consisting primarily of common stocks of any capitalization of companies organized in the United States. When the Fund takes a long position, it purchases a stock outright. When the Fund takes a short position, it sells, at the current market price, a stock it does not own but has borrowed in anticipation that the market price of the stock will decline. To complete, or close out, the short sale transaction, the Fund subsequently is obligated to replace the security borrowed by purchasing it at the market price at the time of replacement.
Until the security is replaced, the proceeds of the short sale are retained by the broker, and the Fund is required to pay to the broker a negotiated portion of any dividends or interest which accrue during the period of the loan. The Fund makes money when the market price of the borrowed stock goes down and the Fund is able to replace it for less than it realized by selling it earlier. Conversely, if the price of the stock goes up after the short sale, the Fund will lose money because it will have to pay more to replace the borrowed stock than it received when it sold the stock short. Although the Fund will invest primarily in the common stocks of U.S. companies, the Fund may invest up to 25% of its long assets in common stocks of foreign companies that are classified as developed by MSCI, Inc.
(MSCI). Nuance utilizes MSCI to classify its international holdings. The country classification of a company is generally determined by the companys country of incorporation and the primary listing of its securities. MSCI will classify a company in the country of incorporation if its securities have a primary listing in that country. In such cases where a companys securities have a primary listing outside of the country of incorporation an additional analysis is performed to determine the companys country classification. In addition to the companys country of incorporation and the location of the primary listing, MSCI considers secondary listings, if any, geographic distribution of shareholder base, location of headquarters, geographic distribution of operations, company history, and the country in which investors consider the company to be most appropriately classified.
As of June 30, 2018, the following countries were classified as developed by MSCI: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom, and the United States. The Adviser selects securities for the Funds investment portfolio by using a classic value strategy that employs extensive quantitative screening and a bottom-up fundamental research process. When selecting securities to hold long, the Adviser seeks to identify leading businesses selling at a discount to fair value, with the potential to generate above-average rates of return over time. The Adviser searches across a range of industries and market sectors for companies that the Adviser believes are high quality, though temporarily out of favor.
The Adviser seeks to select companies that have leading and sustainable competitive positions and above-average financial strength that trade at a discount to the Advisers internal view of intrinsic value and that also display downside protection. When selecting securities to sell short, the Adviser seeks to identify companies across a range of industries and sectors that have average or below average competitive positions and unattractive risk reward profiles. From time to time, the Fund may focus its investments in securities of companies in the same economic sector, including the financial sector. The Adviser will sell an investment held long when it achieves or surpasses the Advisers proprietary view of intrinsic value or when its competitive position or financial situation erodes beyond the Advisers expectations.
Conversely, the Adviser will close a short position, or buy the security to cover a short investment, when the security no longer has an attractive risk reward profile or when the securitys competitive position or financial situation improves beyond the Advisers expectations. The Adviser expects the Funds active trading of portfolio securities may result in a portfolio turnover rate in excess of 100% on an annual basis. The Fund intends to maintain net exposure (the market value of long positions minus the market value of short positions) of between 100% net long and 25% net short. Under normal market conditions, the Funds long positions may range from 75% to 100% and its short positions may range from 0% to 100%. The Fund is non-diversified, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities.
NCLSX Holdings
Top 10 holdings of Nuance Concentrated Value Long-Short Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Henkel AG & Co KGaA | 9.57% |
| 3M Co | 9.16% |
| First American Government Obli | 8.72% |
| DENTSPLY SIRONA Inc | 7.95% |
| Kimberly-Clark Corp | 5.95% |
| Qiagen NV | 5.50% |
| United Utilities Group PLC | 5.33% |
| Northern Trust Corp | 4.17% |
| Pennon Group PLC | 4.14% |
| Reinsurance Group of America I | 2.92% |
NCLSX Portfolio Allocation
Asset-class allocation of Nuance Concentrated Value Long-Short Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 92.1% |
| Cash & Equivalents | 8.7% |
NCLSX Performance
Total returns for NCLSX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -12.8% |
| 3 years (annualised) | -4.0% |
NCLSX Risk Information
Risk metrics for NCLSX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 10.6%
NCLSX Costs and Fees
NCLSX costs about $325 per $10,000 invested per year in fund expenses.
- Net expense ratio: 3.25%
- Gross expense ratio: 3.25%
- Portfolio turnover: 131%
- Brokerage commissions: 12.50 bps of average net assets (SEC N-CEN)
NCLSX Cashflows
Over the 12 months to 2024-04, Nuance Concentrated Value Long-Short Fund had net inflows of $90.47M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-04 | $1.17M |
| 2024-03 | −$16.06M |
| 2024-02 | −$9.38M |
| 2024-01 | $7.07M |
| 2023-12 | $43.01M |
| 2023-11 | $42.28M |
NCLSX Debt Constituents
No individual debt constituents are reported in Nuance Concentrated Value Long-Short Fund's latest SEC N-PORT filing.
NCLSX Prospectus and SEC Filings
Official Nuance Concentrated Value Long-Short Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-08-24
- Prospectus (485BPOS) — filed 2022-08-25
- Prospectus (485BPOS) — filed 2021-08-26
- Portfolio holdings (N-PORT) — filed 2024-06-18
- Portfolio holdings (N-PORT) — filed 2024-03-18
- Portfolio holdings (N-PORT) — filed 2023-12-21
- Annual census (N-CEN) — filed 2024-07-11
- Annual census (N-CEN) — filed 2023-07-10
Related Funds
Other United States Mid Cap Value Industrials 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.