Interval Fund

Polen Credit Opportunities Fund

  • Daily NAV

    $9.99

    As of 07-11-2024

  • NAV Change

    $0.01

    As of 07-11-2024

  • Inception Date

    08-28-2023

Investment Objective

The Fund’s investment objective is overall total return consisting of a high level of current income together with long-term capital appreciation.

Pricing

Daily NAV ($)
Date NAV ($) Change ($) Change (%)
07/11/2024 9.99 0.01 0.10
07/10/2024 9.98 0.00 0.00
07/09/2024 9.98 0.01 0.10
07/08/2024 9.97 0.01 0.10
07/05/2024 9.96 -0.01 -0.10
07/03/2024 9.97 0.00 0.00
07/02/2024 9.97 0.00 0.00
07/01/2024 9.97 -0.01 -0.10
06/28/2024 9.98 -0.02 -0.20
06/27/2024 10.00 0.00 0.00
06/26/2024 10.00 0.00 0.00
06/25/2024 10.00 -0.01 -0.10
06/24/2024 10.01 0.00 0.00
06/21/2024 10.01 0.00 0.00
06/20/2024 10.01 -0.01 -0.10
06/18/2024 10.02 0.00 0.00
06/17/2024 10.02 0.00 0.00
06/14/2024 10.02 -0.01 -0.10
06/13/2024 10.03 0.00 0.00
06/12/2024 10.03 0.01 0.10
06/11/2024 10.02 0.00 0.00
06/10/2024 10.02 -0.04 -0.40
06/07/2024 10.06 -0.01 -0.10
06/06/2024 10.07 0.00 0.00
06/05/2024 10.07 -0.01 -0.10
06/04/2024 10.08 0.00 0.00
06/03/2024 10.08 0.01 0.10
05/31/2024 10.07 0.00 0.00
05/30/2024 10.07 0.00 0.00
05/29/2024 10.07 -0.01 -0.10
The inception date for this share class is 08-28-2023. The earliest date for which data available is 08-28-2023

Fund Information

Fund Details
Ticker PCOFX
CUSIP 73110T100
Min Investment $100,000
Liquidity Quarterly
Subscriptions Daily
Distributions Monthly
Management Fees 1.25%
Performance Fees None
Expense Ratio Net 0.75%
Expense Ratio Gross 1.83%

Quarterly Liquidity: Please refer to the Interval Fund Repurchase Schedule for the repurchase process and timeline. The Expense Ratio Gross reflects the total annual fund operating expenses. The Expense Ratio Net reflects the reduced fee which will remain in effect for 18 months from the commencement of the Fund's operations.

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No assurance can be given that the Fund’s investment objective will be achieved, and you could lose all of your investment in the Fund.

Holdings are subject to change. The top holdings, as well as other data, are as of the period indicated and should not be considered a recommendation to purchase, hold, or sell any particular security. There is no assurance that any of the securities noted will remain in a portfolio at the time you view this webpage. Actual holding and percentage allocation in individual client portfolios may vary and are subject to change. It should not be assumed that any of the holdings discussed were or will prove to be profitable or that the investment recommendations or decisions we make in the future will be profitable. A list of all securities held in this portfolio in the prior year is available upon request.

The ICE BofA U.S. High Yield Index is a broad high yield index that tracks the performance of U.S. dollar-denominated below investment grade corporate debt publicly issued in the U.S. domestic market. The ICE BofA U.S. High Yield Index is the property of ICE Data Indices, LLC. The volatility and other material characteristics of the indices referenced may be materially different from the performance achieved. In addition, the portfolio’s holdings may be materially different from those within the index. Indices are unmanaged.

Credit Suisse Leveraged Loan Index: The Credit Suisse Leveraged Loan Index (CS Leveraged Loan Index) is designed to mirror the investable universe of USD institutional leveraged loans, including U.S. and international borrowers.

50% ICE BofA U.S High Yield Index / 50% Credit Suisse Leveraged Loan Index: The 50% ICE BofA U.S High Yield Index / 50% Credit Suisse Leveraged Loan Index is a blended benchmark comprised of equal allocations of the ICE BofA U.S. High Yield Index and Credit Suisse Leveraged Loan Index 

Risks: Interval fund investing involves risk, including possible loss of principal. The Fund targets investments in high yield, or below investment grade, bank loans and bonds. Such investments are subject to several types of investment risk, including, without limitation, credit risk (i.e., the risk that the issuer may be unable to make timely interest payments as well as repay the principal upon maturity), interest rate risk (i.e., the risk that their value will be inversely affected by fluctuations in the prevailing interest rates), market risk (i.e., the risk that their value may decline, sometimes rapidly or unpredictably, due to general market conditions), call or income risk, (i.e., the risk that certain debt securities with high interest rates will be prepaid or “called” by the issuer before they mature), and event risk (i.e., the risk that certain debt securities may suffer a substantial decline in credit quality and market value if the issuer restructures). In particular, debt investments in high yield issuers, which are described as speculative by major credit rating agencies, are generally more susceptible to credit risk than other fixed income investments. In addition, the Fund’s high yield debt investments, including bank loans and Rule 144A securities, are subject to liquidity risk, as the Fund may not be able to sell investments at the best prices or at the value that the Fund places on them. The Fund may also hold positions in equity or other assets that the Fund receives as part of a reorganization process of a high yield issuer. Such investments, which are the most junior security in a company’s capital structure and typically subject to significant volatility in price, are subject to equity securities risk. An investor should be aware that the foregoing is not an exhaustive list of all of the risks associated with investing in the Fund.

Fund Risk: The Fund is recently organized. There can be no assurance that the Fund will reach or maintain a sufficient asset size to effectively implement its investment strategy.

Illiquidity of Shares: The Fund is designed for long-term investors and not as a trading vehicle. An investment in the Shares, unlike an investment in a traditional listed closed-end fund, should be considered illiquid. The Shares are appropriate only for investors who are seeking an investment in less liquid portfolio investments within an illiquid fund.

30-Day Yield (also known as “SEC yield”): For each share class, SEC yield is a compounded and annualized figure calculated according to a formula set by the SEC. The formula requires use of a specific methodology for calculating dividends and interest earned, and expenses accrued, during the period, and reflects the maximum offering price per Fund share. The standardized computation is designed to facilitate yield comparisons among different funds.

Adjusted Effective Duration: With respect to the portfolio, the adjusted effective duration statistic provided is calculated by taking a weighted average of (i) modified duration to next reset date for all floating rate instruments, and (ii) effective duration for all fixed coupon instruments. With respect to the benchmark, duration is shown as effective duration.

Average Blended Yield: The weighted average of (i) for instruments priced at or above par, yield to worst for bonds and yield to three year take out for loans, and (ii) for instruments trading at a discount, yield to maturity. Yield to worst is the lowest possible yield from owning a bond considering all potential call dates prior to maturity and is the statistic provided for the index as it is comprised of high yield bonds only. Yield to three year take out is the yield from owning a senior bank loan assuming the loan is retired in three years, or yield to maturity if the loan’s maturity date is in less than three years.

Float: Reflects debt instruments that carry floating interest rates. A floating interest rate changes periodically, as opposed to a fixed (or unchanging) interest rate, and follow an index or track another benchmark interest rate.

Interval fund investing involves risk, including possible loss of principal. The Fund is non-diversified, which means that a large portion of the Fund’s assets may be invested in one or few companies or sectors. The Fund could fluctuate in value more than a diversified fund. 

Investors should consider the investment objectives, risks, charges, and expenses of the Polen Credit Opportunities Fund carefully before investing. A prospectus with this and other information about the Fund may be obtained by calling 1-888-678-6024 or visiting the Materials tab. It should be read carefully before investing.

All performance is calculated in US Dollars. The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Returns are presented net of management fees and include the reinvestment of all income.

Polen Funds are distributed by Foreside Funds Distributors LLC., not affiliated with Polen Capital Management,