Cullen Enhanced Equity Income Fund

None
Mutual Fund

Cullen Enhanced Equity Income Fund

Objective

The Cullen Enhanced Equity Income Fund seeks current income and long-term capital appreciation.

Fund AUM
$166m (Mar 31, 2024)
Holdings
42
Benchmarks
S&P 500® Buywrite Index (BXM)
Inception Date
Dec 15, 2015

Performance Through Apr 30, 2024

Share class

Hypothetical Growth of $10,000

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Share Class Inception Date: (ENHRX) Dec 15, 2015

Gross Expense Ratio: 1.56%
Net Expense Ratio: 1.00%

Share Class Inception Date: (ENHCX) Dec 15, 2015

Gross Expense Ratio: 2.32%
Net Expense Ratio: 1.75%

Share Class Inception Date: (ENHNX) Dec 15, 2015

Gross Expense Ratio: 1.28%
Net Expense Ratio: 0.75%

Cullen Capital Management LLC has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees & Expenses, interest, taxes, and extraordinary expenses) to not more than 1.00% for Retail Class shares, 1.75% for Class C shares and 0.75% for Class I shares, through October 31, 2023.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

The Fund imposes a 2.00% redemption fee if shares are redeemed within 7 days of purchase. Performance data does not reflect the redemption fee. If it had, returns would be reduced.

Cumulative Returns are an aggregate amount, including dividends, that an investment has gained or lost over time, indicative of performance of time involved.

  1. Beta is a measure of the volatility of a fund relative to the overall market.
  2. R-Squared represents the percentage of the portfolio’s movements that can be explained by the general movements of the market.
  3. The up-market capture ratio and the down-market capture ratio are statistical measures of an investment manager's overall performance in up-markets/down-markets against its benchmark.
  4. Standard Deviation is a statistical measure of the historic volatility of a portfolio.

Average Annual Total Return (%)

Through Apr 30, 2024
Class Retail
S&P 500 BW (BXM) Index
Through Apr 30, 2024 MTDQTDYTD1 yr3 yr5 yr10 yrInception
Class Retail -2.39 2.02 2.63 1.73 3.53 6.56 - 6.88
S&P 500 BW (BXM) Index -1.36 2.76 4.58 9.12 5.42 5.31 - 5.93
Through Mar 31, 2024
Class Retail
S&P 500 BW (BXM) Index
Through Mar 31, 2024 MTDQTDYTD1 yr3 yr5 yr10 yrInception
Class Retail 4.93 5.14 5.14 6.62 5.06 7.06 - 7.26
S&P 500 BW (BXM) Index 2.20 6.02 6.02 11.89 6.18 5.93 - 6.17

Calendar Year Returns (%)

Class Retail
S&P 500 BW (BXM) Index
2023 2022 2021 2020 2019
Class Retail 0.79 0.50 21.37 1.24 17.84
S&P 500 BW (BXM) Index 11.82 -11.37 20.47 -2.75 15.68

Source for all performance data: Paralel Technologies as at Apr 30, 2024.

Risk Measures

Over 5 years as compared to the S&P 500® Buywrite Index (BXM)
Beta1 1.00
R-Squared2 66.01%
Up-Market Capture3 114.12%
Down-Market Capture3 113.64%
Standard Deviation (Fund)4 18.90
Standard Deviation (Index)4 15.42

Share Class Inception Date: (ENHRX) Dec 15, 2015

Gross Expense Ratio: 1.56%
Net Expense Ratio: 1.00%

Share Class Inception Date: (ENHCX) Dec 15, 2015

Gross Expense Ratio: 2.32%
Net Expense Ratio: 1.75%

Share Class Inception Date: (ENHNX) Dec 15, 2015

Gross Expense Ratio: 1.28%
Net Expense Ratio: 0.75%

Cullen Capital Management LLC has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees & Expenses, interest, taxes, and extraordinary expenses) to not more than 1.00% for Retail Class shares, 1.75% for Class C shares and 0.75% for Class I shares, through October 31, 2023.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

The Fund imposes a 2.00% redemption fee if shares are redeemed within 7 days of purchase. Performance data does not reflect the redemption fee. If it had, returns would be reduced.

Cumulative Returns are an aggregate amount, including dividends, that an investment has gained or lost over time, indicative of performance of time involved.

  1. Beta is a measure of the volatility of a fund relative to the overall market.
  2. R-Squared represents the percentage of the portfolio’s movements that can be explained by the general movements of the market.
  3. The up-market capture ratio and the down-market capture ratio are statistical measures of an investment manager's overall performance in up-markets/down-markets against its benchmark.
  4. Standard Deviation is a statistical measure of the historic volatility of a portfolio.

Holdings As at Mar 31, 2024

Top 10 Holdings (%)

Top 10 Holdings
Rest of Portfolio
EOG Resources 4.2
PPL Corporation 4.0
Verizon Communications 4.0
Cisco Systems 4.0
Medtronic 3.8
Bristol-Myers Squibb 3.8
Duke Energy 3.7
Chevron 3.5
VICI Properties 3.5
Conagra Brands 3.5

Portfolio Characteristics

Average P/E Ratio 13.5x
Average Debt to Equity Ratio 38.5x
Weighted Average Market Cap $126.35bn
Median Market Cap $77.51bn
Number of Holdings 42

Sector Breakdown (%)

Information Technology 29.2
Financials 13.1
Health Care 12.3
Consumer Discretionary 10.3
Communication Services 9.1
Industrials 8.8
Consumer Staples 6.2
Energy 4.1
Materials 2.4
Utilities 2.3
Real Estate 2.2

Geographical Breakdown (%)

Regional Allocation (%)

Totals may not equal 100% due to rounding

The Fund’s holding and sector allocations may change at any time due to ongoing portfolio management. References to specific investments should not be construed as a recommendation by the Fund or Cullen Capital Management to buy or sell the securities.

Income

Share class

Yields (ENHRX)

12 Month Trailing Distributed Yield^ 5.91%
Subsidized 30 Day SEC Yield^^ 2.74%
Unsubsidized 30 Day SEC Yield^^^ 2.26%

Dividend History (ENHRX)

  • ^ 12 Month Trailing Distributed Yield represents all distributions for over the past 12 months, divided by the net asset value as at Mar 31, 2024 plus any capital gains distributed over the past year. Capital gains are added back to estimate what the fund’s ending price would have been had those gains not been distributed. While the Fund endeavors to pay quarterly distributions, dividends are not guaranteed and a company’s future ability to pay dividends may be limited and cease at any time.
  • ^^ Subsidized 30 Day 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.
  • ^^^ Unsubsidized 30 Day SEC Yield is the subsidized 30 Day SEC Yield in the absence of temporary expense waivers or reimbursements by the Adviser.

Share Class Details

Share class
TickerENHRX
CUSIP230001737
Gross Expense Ratio (%)1.56
Net Expense Ratio (%)1.00
Redemption Fee (%)2.00
Minimum Investment$1,000
TickerENHCX
CUSIP230001711
Gross Expense Ratio (%)2.32
Net Expense Ratio (%)1.75
Redemption Fee (%)2.00
Minimum Investment$1,000
TickerENHNX
CUSIP230001729
Gross Expense Ratio (%)1.28
Net Expense Ratio (%)0.75
Redemption Fee (%)2.00
Minimum Investment$1,000,000

The Fund imposes a 2.00% redemption fee if shares are redeemed within 7 days of purchase.

Prices

Date
Share class

Prices

Date
Class
Retail Class
Class C
Class I
ClassPriceChange (%)TickerCUSIP
Retail Class 10.26 -1.54 ENHRX 230001737
Class C 10.27 -1.53 ENHCX 230001711
Class I 10.35 -1.52 ENHNX 230001729

The Fund imposes a 2.00% redemption fee if shares are redeemed within 7 days of purchase.

Contacts

Below you will find the application form as well as other relevant forms. Please read the prospectus first before proceeding. Please do not send account or personal information via e-mail.

Each Fund may also be available through your existing brokerage account. Check with your financial adviser.

You should consider each Fund’s investment objectives, risks and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in each Fund’s prospectus. Please read the prospectus carefully before investing.

Read Prospectus
To obtain a hardcopy of the prospectus via mail, please call 877-485-8586.

Apply today

Application forms and required reading

Cost Basis Form
Coverdell Education Savings Account Applications
Coverdell Education Savings Account Transfer of Assets Form
Designation/Change of IRA Beneficiary
IRA Additional Investment Form
IRA Application Form
IRA Distribution Form
IRA Transfer Form
Letter of Instruction

Where to mail the application form

Regular mail

Cullen Funds
P.O. Box 2170
Denver, CO 80201

Overnight mail

Cullen Funds
1700 Broadway, Suite 1850
Denver, CO 80290

Contact Representative

Phones open 8:00am - 5:00pm MT, Monday - Friday.

Application Form & How to Invest