WPSMX — WP Smaller Companies Income Plus Fund

Data updated: 2022-10-24

WPSMX — WP Smaller Companies Income Plus Fund. United States Small Cap Blend / Core Equity · $3.30M AUM. Holdings, fees, performance and SEC filings.

WPSMX Fund Overview

WPSMX — WP Smaller Companies Income Plus Fund is a US mutual fund managed by WP Trust, categorised as United States Small Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

Type: US mutual fund
Manager: WP Trust
Category: United States Small Cap Blend / Core Equity
Assets under management: $3.30M
1-year return: -53.7%
Ticker: WPSMX
SEC CIK: 0001645192
SEC series ID: S000051312
Share class ID: C000161806

WPSMX Investment Objective and Strategy

WP Smaller Companies Income Plus Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by WP Trust.

Investment objective

Investment Objective. The investment objective of the Smaller Companies Fund is total return.

Principal investment strategy

Principal Investment Strategy of the Smaller Companies Fund. The Smaller Companies Fund seeks to meet its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in unaffiliated mutual funds and exchange-traded funds (ETFs) that invest primarily in securities of small-capitalization issuers (Underlying Small-Cap Funds). The Smaller Companies Funds investment objective may be changed without shareholder approval; however, the Smaller Companies Fund will provide 60 days advance notice to shareholders before implementing a change in the Smaller Companies Funds investment objective. The Smaller Companies Fund seeks to produce income through dividends paid on such Underlying Small-Cap Funds. The Smaller Companies Fund also seeks to produce income (e.g., premium income on the sale of an option) and total return through an options strategy.

The Funds investment adviser will generally buy and sell options linked to either the Russell 2000 Index or the S&P 500 Index. The Funds exposure to options is expected to be between 10-20% of the Funds net assets. The Underlying Small-Cap Funds in which Smaller Companies Fund invests consider small-capitalization issuers to be, at the time of purchase, no larger than the largest capitalized issuer included in the Russell 2000 Index. As of February 28, 2018, the largest company in the Russell 2000 Index had a market capitalization of $13.4 billion. The Russell 2000 Index measures the performance of the 2,000 smallest issuers in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. issuers. The Russell 2000 Index is widely regarded as representative of small capitalization issuers.

The portfolio managers will strategically allocate the Smaller Companies Funds resources to the Underlying Small-Cap Funds and the options strategy as the portfolio managers deem appropriate to perform well over a market cycle. The portfolio managers select the Underlying Small-Cap Funds based on the following criteria: expense ratio, trading value relative to its net asset value, liquidity, the Underlying Small-Cap Funds overall float and size, amount and frequency of its distributions, percentage of its aggregate holding having an appropriate market capitalization, the Underlying Small-Cap Funds performance compared historically to the small company stock indices and the availability of individual call options on the Underlying Small-Cap Fund. The Smaller Companies Fund intends to sell covered call options on a portion of its holdings.

The Funds investment adviser generally sells covered call options to provide the income component of the options strategy described in the Funds investment objective. The extent of option selling will depend upon market conditions and the advisers judgment of the advantages of selling call options on the Smaller Companies Funds investments. The Smaller Companies Fund may also sell put options on ETFs that the Funds investment adviser believes are attractive for purchase at prices at or above the exercise price of the put options sold. The adviser generally will sell put options to increase the total return component of the options strategy described in the Funds investment objective. The Smaller Companies Fund may, in certain circumstances, purchase put options on the S&P 500 (or another broad-based securities index deemed suitable for this purpose) to protect against a loss of principal value due to stock price decline.

The adviser generally purchases put options to protect the total return component of the options strategy described in the Funds investment objective. The extent of option selling or purchasing activity will depend upon market conditions and the advisers assessment of the advantages of selling index call options, purchasing index put options and selling put options on individual stocks. Additionally, the Smaller Companies Fund will enter into call spreads and put spreads that are out of the money. A spread is an options position established by purchasing one option and selling another option of the same class, but of a different series. So, the exercise price of the call options sold will be above the current level of the index when sold and the exercise price of the call options bought will be above the exercise price of the call options sold.

The exercise price of put options sold generally will be below the current level of the index when sold and the exercise price of the put options bought will be below the exercise price of put options sold. The Smaller Companies Fund may be appropriate for investors with long-term time horizons who are not sensitive to short-term losses and want to participate in the long-term growth of the financial markets. The Funds investment adviser rebalances the Smaller Companies Funds investments in the Underlying Small-Cap Funds as the adviser deems necessary and appropriate. The Smaller Companies Funds investments in the types of securities and other investments described in this prospectus vary from time to time, and, at any time, the Smaller Companies Fund may not be invested in all of the types of securities and other investments described in this prospectus.

The Smaller Companies Fund may also invest in securities and other investments not described in this prospectus.

WPSMX Performance

Total returns for WPSMX (as of 2026-10-01), from SEC filings.

Period	Total return
1 year	-53.7%
3 years (annualised)	-18.7%

WPSMX Risk Information

Risk metrics for WPSMX, derived from monthly returns in SEC filings.

1-year volatility (annualised): 34.0%

WPSMX Costs and Fees

WPSMX costs about $334 per $10,000 invested per year in fund expenses.

Net expense ratio: 3.34%
Gross expense ratio: 3.34%
Portfolio turnover: 6%
Brokerage commissions: 8.31 bps of average net assets (SEC N-CEN)

WPSMX Cashflows

Over the 12 months to 2022-08, WP Smaller Companies Income Plus Fund had net outflows of $927.99K, from monthly SEC N-PORT filings.

Month	Net flow
2022-08	$34.25K
2022-07	−$40.11K
2022-06	−$83.72K
2022-05	−$30.61K
2022-04	−$12.00K
2022-03	−$10.15K

WPSMX Debt Constituents

No individual debt constituents are reported in WP Smaller Companies Income Plus Fund's latest SEC N-PORT filing.

WPSMX Prospectus and SEC Filings

Official WP Smaller Companies Income Plus Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other United States Small Cap Blend / Core 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.