Cullen High Dividend Equity Fund

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Mutual Fund

Cullen High Dividend Equity Fund

Objective

The investment objective of the Cullen High Dividend Equity Fund is to seek long-term capital appreciation and current income.

Fund AUM
$1.14bn (Sep 30, 2021)
Holdings
44
Benchmarks
Russell 1000® ValueS&P 500®
Inception Date
Aug 1, 2003

Performance Through Sep 30, 2021

Share class

Hypothetical Growth of $10,000

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Share Class Inception Date: (CHDEX) Aug 01, 2003

Gross Expense Ratio: 1.33%
Net Expense Ratio: 1.00%

Share Class Inception Date: (CHVCX) Oct 07, 2004

Gross Expense Ratio: 2.08%
Net Expense Ratio: 1.75%

Share Class Inception Date: (CHDVX) Oct 07, 2004

Gross Expense Ratio: 1.08%
Net Expense Ratio: 0.75%

Share Class Inception Date: (CHDRX) Mar 03, 2010

Gross Expense Ratio: 1.58%
Net Expense Ratio: 1.50%

Share Class Inception Date: (CHDPX) Mar 04, 2010

Gross Expense Ratio: 1.58%
Net Expense Ratio: 1.25%

The performance data quoted represents past performance. 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 Sep 30, 2021
Class Retail
Russell 1000 Value
S&P 500
Through Sep 30, 2021 MTDQTDYTD1 yr3 yr5 yr10 yrInception
Class Retail -3.68 -0.11 17.13 31.03 7.26 8.73 10.66 8.16
Russell 1000 Value -3.48 -0.78 16.14 35.01 10.07 10.94 13.51 9.10
S&P 500 -4.65 0.58 15.92 30.00 15.99 16.90 16.63 10.70
Through Sep 30, 2021
Class Retail
Russell 1000 Value
S&P 500
Through Sep 30, 2021 MTDQTDYTD1 yr3 yr5 yr10 yrInception
Class Retail -3.68 -0.11 17.13 31.03 7.26 8.73 10.66 8.16
Russell 1000 Value -3.48 -0.78 16.14 35.01 10.07 10.94 13.51 9.10
S&P 500 -4.65 0.58 15.92 30.00 15.99 16.90 16.63 10.70

Calendar Year Returns (%)

Class Retail
Russell 1000 Value
S&P 500
2020 2019 2018 2017 2016
Class Retail -4.31 19.66 -4.89 16.78 10.33
Russell 1000 Value 2.80 26.54 -8.27 13.66 17.34
S&P 500 18.40 31.49 -4.38 21.83 11.96

Source for all performance data: ALPS Mutual Funds Services Inc. as at Sep 30, 2021.

Risk Measures

Over 5 years as compared to the Russell 1000® Value
Beta1 0.92
R-Squared2 96.55%
Up-Market Capture3 86.08%
Down-Market Capture3 86.81%
Standard Deviation (Fund)4 18.18
Standard Deviation (Index)4 19.44

Share Class Inception Date: (CHDEX) Aug 01, 2003

Gross Expense Ratio: 1.33%
Net Expense Ratio: 1.00%

Share Class Inception Date: (CHVCX) Oct 07, 2004

Gross Expense Ratio: 2.08%
Net Expense Ratio: 1.75%

Share Class Inception Date: (CHDVX) Oct 07, 2004

Gross Expense Ratio: 1.08%
Net Expense Ratio: 0.75%

Share Class Inception Date: (CHDRX) Mar 03, 2010

Gross Expense Ratio: 1.58%
Net Expense Ratio: 1.50%

Share Class Inception Date: (CHDPX) Mar 04, 2010

Gross Expense Ratio: 1.58%
Net Expense Ratio: 1.25%

The performance data quoted represents past performance. 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 Sep 30, 2021

Top 10 Holdings (%)

Top 10 Holdings
Rest of Portfolio
Raytheon Technologies 3.4
JP Morgan Chase 3.4
Morgan Stanley 3.1
Johnson & Johnson 3.0
Genuine Parts Company 2.9
Lowe's 2.8
Philip Morris 2.8
Medtronic 2.8
Chubb 2.8
Bank of America 2.7

Portfolio Characteristics

Average P/E Ratio 16.6x
Average Debt to Equity Ratio 36.9x
Weighted Average Market Cap $190.81bn
Median Market Cap $139.88bn
Number of Holdings 43

Sector Breakdown (%)

Fund R1000V NR
Financials 17.5 21.4
Industrials 14.5 11.6
Health Care 14.2 17.3
Consumer Staples 12.1 7.1
Information Technology 8.9 10.2
Consumer Discretionary 8.4 5.6
Energy 5.9 5.1
Real Estate 5.8 4.7
Communication Services 4.9 8.3
Utilities 4.7 4.9
Materials 2.1 3.6
Cash & Equivalents 1.0 -

Geographical Breakdown (%)

United States 84.7
United Kingdom 4.2
Ireland 2.8
Canada 2.6
Germany 2.4
Switzerland 2.2
Cash & Equivalents 1.0

Regional Allocation (%)

North America 87.4
Europe 11.6
Cash & Equivalents 1.0

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.

Documents

Income

Share class

Yields (CHDEX)

12 Month Trailing Distributed Yield^ 2.14%
Subsidized 30 Day SEC Yield^^ 2.11%
Unsubsidized 30 Day SEC Yield^^^ 1.77%

Dividend History (CHDEX)

  • ^ 12 Month Trailing Distributed Yield represents all distributions for over the past 12 months, divided by the net asset value as at Jun 30, 2021 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 monthly 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
TickerCHDEX
CUSIP230001208
Gross Expense Ratio (%)1.33
Net Expense Ratio (%)1.00
Redemption Fee (%)2.00
Minimum Investment$1,000
TickerCHVCX
CUSIP230001307
Gross Expense Ratio (%)2.08
Net Expense Ratio (%)1.75
Redemption Fee (%)2.00
Minimum Investment$1,000
TickerCHDVX
CUSIP230001406
Gross Expense Ratio (%)1.08
Net Expense Ratio (%)0.75
Redemption Fee (%)2.00
Minimum Investment$1,000,000
TickerCHDRX
CUSIP230001877
Gross Expense Ratio (%)1.58
Net Expense Ratio (%)1.50
Redemption Fee (%)2.00
Minimum Investment-
TickerCHDPX
CUSIP230001869
Gross Expense Ratio (%)1.58
Net Expense Ratio (%)1.25
Redemption Fee (%)2.00
Minimum Investment-

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
Class R1
Class R2
ClassPriceChange (%)TickerCUSIP
Retail Class 17.59 -2.10 CHDEX 230001208
Class C 17.29 -2.10 CHVCX 230001307
Class I 17.60 -2.10 CHDVX 230001406
Class R1 14.46 -2.10 CHDRX 230001877
Class R2 14.75 -2.10 CHDPX 230001869

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

Account Options
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 13584
Denver, CO 80201

Overnight mail

Cullen Funds
1290 Broadway, Suite 1000
Denver, CO 80203

Contact Representative

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

Application Form & How to Invest