Address And Details
|9 West 57th street, 38th Floor , New York City, NY 10019|
|Fund Manager||James Dondero|
|Manager Tenure||6 Years 5 Months|
Strategy And Objective
The investment objective of Highland Small Cap Equity Fund ( Small Cap Equity Fund or the Fund ) is to seek long-term growth of capital. The Fund seeks to achieve its investment objective by investing at least 80% of its net assets under normal circumstances in equity securities, such as common and preferred stocks, of small cap companies, plus borrowing for investment purposes. This investment policy is not fundamental and may be changed by the Fund without shareholder approval upon 60 days prior written notice to shareholders. There can be no assurance that the Fund will achieve its investment objective. The Fund uses an investment strategy that combines growth, value and core investment management styles. The Fund defines a small cap company as one with a market capitalization that falls between (a) the bottom range of the S&P Small Cap 600 Index ( Small Cap 600 Index ) and (b) the greater of either the top range of the Small Cap 600 Index or $6.5 billion. As of December 08, 2020, the market capitalization of companies in the Small Cap 600 Index ranged from $700 million to $3.2 billion.1 The portfolio manager will not sell a stock merely because the market capitalization of a company in the portfolio moves outside its capitalization range or because the index capitalization range changes. Stock selection is key to the performance of the Fund. The portfolio manager seeks to identify securities of companies with characteristics such as: high quality management focused on generating shareholder value; attractive products or services; appropriate capital structure; and strong competitive positions in their industries. At times, the portfolio manager may focus investments in a particular sector or sectors of the economy. The portfolio manager may consider selling a security when one of these characteristics no longer applies, or when valuation becomes excessive and more attractive alternatives are identified. The Fund may borrow for investment purposes. To the extent the Fund borrows and invests the proceeds, the Fund will create financial leverage. The use of borrowing for investment purposes increases both investment opportunity and investment risk. The Fund may invest in securities issued by real estate investment trusts ( REITs ). REITs are publicly traded corporations or trusts that specialize in acquiring, holding and managing residential, commercial or industrial real estate. The Small Cap 600 Index measures the small cap segment of the U.S. equity market. The Index is designed to track companies that meet specific inclusion criteria to ensure that they are liquid and financially viable. The Fund may also sell securities short and use futures and options to gain short exposure. The Adviser will vary the Fund s long and short exposures over time based on its assessment of market conditions and other factors. The Fund also may invest to a lesser extent in securities with capitalizations outside the Fund s small cap range, debt securities and foreign (non U.S.) securities. The Fund may also invest in exchange-traded funds ( ETFs ). The Fund may invest without limitation in warrants and may also use derivatives, primarily swaps (including equity, variance and volatility swaps), options and futures contracts on securities, interest rates, commodities and/or currencies, as substitutes for direct investments the Fund can make. The Fund may also use derivatives such as swaps, options (including options on futures), futures, and foreign currency transactions (e.g., foreign currency swaps, futures and forwards) to any extent deemed by the Adviser to be in the best interest of the Fund, and to the extent permitted by the 1940 Act, to hedge various investments for risk management and speculative purposes. The Fund may also invest in master limited partnerships ( MLPs ), which are typically characterized as publicly traded partnerships that qualify to be treated as partnerships for U.S. federal income tax purposes and are principally engaged in one or more aspects of the exploration, production, processing, transmission, marketing, storage or delivery of energy-related commodities, such as natural gas, natural gas liquids, coal, crude oil or refined petroleum products (collectively, the energy industry).
Net Asset Value
- 1 Week
- 1 Month
- 3 Months
- 1 Yr Return
- 5 Yr Return
Equity Sector Breakdown
|Asset Type||% Of Allocation|
|Total Net Assets||2.10 M|
|Criteria||3 Years||5 Years||10 Years|
|Minimum Initial IRA||$0|
|Timeframe||Average Annual Current Performance Monthly As Of 11/30/2021||Average Annual Current Performance Quarterly As Of 09/30/2021||Avg Annual Current Performance Monthly As Of 11/30/2021||Avg Annual Current Performance Quarterly As Of 09/30/2021|
|Life Of Fund||
Top 10 Holdings
|Symbol||Company Name||% Of Assets|
|BHR||BRAEMAR HOTELS & RESORTS INC||9.56%|
|EURBr.AT||EFG EUROBANK ERGASIAS||7.90%|
|ALBKY||ALPHA SERVICES & HOLDINGS S||4.66%|
|SGRY||SURGERY PARTNERS INC||4.05%|
|CHRS||COHERUS BIOSCIENCES INC||3.34%|
|IRT||INDEPENDENCE REALTY TRUST IN||2.89%|
|PRTK||PARATEK PHARMACEUTICALS INC||2.88%|
|HRTX||HERON THERAPEAUTICS INC||2.37%|
|ET||ENERGY TRANSFER LP||2.29%|
Master The Market with the Help of Our Financial Experts
Recent Articles from TheStreet
Pear Therapeutics Stock to Begin Trading After SPAC Merger
Pear Therapeutics received its second breakthrough device designation from the Food and Drug Administration for its reSET-A product candidate that is designed for the treatment of alcohol substance use disorder.
Elon Musk's SpaceX Building Starship Launch Pad for Mars, Moon Trips
SpaceX CEO Elon Musk tweets Saturday that the company has started construction on an orbital launch pad at the Kennedy Space Center in Florida for missions to the Moon and Mars.
What's Next for Planet 13: A U.S. Listing, Chicago, and Florida
The company solidifies its hold on Nevada while launching its California Superstore and planning a U.S. stock listing as well as moves into Chicago and Florida.
Robot Vacuums, Air Fryers, Hermes Bags: What Shoppers Bought Cyber Monday
Based on Cyber Mondays sales, robot vacuums are on a lot of holiday gift lists this year, with sales of the home appliances up 2,250% from last year.
Cramer's Mad Money Recap 12/3: DocuSign, GameStop, Costco
Valuations for many stocks are high, says Jim Cramer. That means investors should be on the lookout for potential shocks and new buying opportunities.
Lyft Taps Amazon, Disney Veteran Elaine Paul as CFO
Paul has worked at Amazon Studios and Disney in the past and led teams across finance, strategy, analytics and technology.
Facebook Tests Bill-Splitting Feature In Messenger
Known as Split Payments, the feature is set to launch for U.S. users next week.
Facebook in Bear Market, but Morningstar Says It's Undervalued
'We have continue to rate [Meta Platforms] a wide-moat firm with a solid network effect and intangible assets,' Morningstar said.