- Last Ratings Update:10/31/2013
- Price as of 10/31/2013 :$8.25
- Net Assets:$545.58 Million
- Peer Rank:1 of 15
- Investment Rating:B-
We rate NexPoint Credit Strategies Fund at B-. This overall rating indicates it is among the top 10% of all closed end mutual funds in its peer group. Positive factors that influence this rating include a greater than above average total return and low price volatility. The fund invests approximately 29% of its assets in bonds and may be considered for investors seeking a Multi-Sector Bond strategy.
POSITIVES AND RISKS
Total return ranks above peers over the last three years. The NexPoint Credit Strategies Fund has returned an annual rate of -2.25% since inception. More recently, the fund has generated a total return of 9.69% in the last five years, 9.46% in the last three years, and 31.18% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 24% of them. It has also outpaced 67% of its competitors on a three year basis and 83% of them over the last year for the period ending 10/31/2013. On a year to date basis, HCF has returned 31.55%.
Downside risk has been below average. HCF has a draw down risk of -22.03%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 12.9%. This fund has had moderate volatility in its monthly performance over the last 36 months. As of 10/31/2013, the fund was trading at a price of $8.25, which is 0.7% below its 52-week high of $8.31 and 33.3% above its 52-week low of $6.19.
High expense ratio hinders performance. On total assets of $545.58 million, HCF maintains a high expense ratio compared to its Multi-Sector Bond peers of 2.93% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As HCF is a closed end fund, it has no front end or back end load.
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