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Preferred Stocks: a Strong Case for Active Management

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Preferred Stocks: a Strong Case for Active Management Preferred Stocks: A Strong Case for Active Management A structurally flawed benchmark index has proven a fertile ground for active managers. AUTHORED BY: Key Points � Preferred stock ETFs are predominately passively managed funds. Index-based strategies hold about 85% of the more than Jay D. Hatfield Chief Investment Officer $31 billion of AUM in ETFs, and over $16 billion is concentrated Infrastructure Capital in the largest passively managed ETF, which has underperformed Advisors the Morningstar Preferred Stock Category average and placed in the bottom quartile of the category for the 1-, 3-, 5- and 10-year 1 Edward Ryan periods through 8/31/19. Chief Operating Officer Infrastructure Capital � Four of the 14 preferred stock ETFs are actively managed. Only Advisor one seeks to maximize yield-to-call, using modest leverage and an option strategy to enhance income which offers the potential for above-average current income. � In addition to offering attractive income potential, preferred stocks have provided diversification and lower correlation benefits. Deconstructing Passive The ICE Exchange-Listed Preferred & Hybrid Securities Index represents the broad universe of listed preferred stocks in the U.S. and is the index underlying the largest passively managed ETF. The index has structural inefficiencies that are exploitable and recurring, including the following: Virtus InfraCap U.S. Unmanaged call risk: Call provisions are standard with preferred Preferred Stock ETF issues, and mispricing of securities on a yield-to-call basis is Subadvised by common. A substantial portion of the listed preferred stock universe is priced with negative yield-to-call. The benchmark index is indifferent to call risk. Concentration risk: The preferred stock universe is dominated by financial sector issuers, but credit quality and yield comparisons 1Source: Morningstar. to issuers in other industries reveal ACTIVE MANAGEMENT HAS TRUMPED PASSIVE PREFERRED opportunities that can be exploited by STOCK FUNDS: GROWTH OF $1002 active managers. The benchmark index Morningstar Preferred Stock Category averages, actively managed vs. passive strategies, from the largest ETF’s inception, 3/26/07-6/30/19. is passively weighted. $250 Substantial common stock risk: The U.S. Active Fund Preferred Stock U.S. Passive Fund Preferred Stock benchmark index includes mandatory $200 convertibles which may trade like common stocks. $150 No credit quality screen: Preferred $100 shares are junior securities and principal loss may be incurred in bankruptcies or $50 reorganizations. The benchmark index is indifferent to credit quality. $0 2007 2010 2013 2016 2019 Large tracking error: A potential consequence for large funds trying to Past performance is no guarantee of future results. rebalance. The preferred stock asset Source: Morningstar. As of 6/30/19. class is characterized by small issues, and liquidity concerns in individual issues are common. Why Prefer Active Preferred? Active managers can manage the risks presented by the benchmark index. Call risk can be reduced by an investment strategy that strives to maximize yield-to-call. Daily attention to prices of issues nearing or past call date can provide substantial opportunities to capture profits and minimize principal loss. Diversification benefits can be gained by going beyond the sector limits of passive market cap weightings. Non-financial sectors may offer relatively higher yields than those found in the core of the benchmark. Credit quality screens can eliminate positions where the issuer’s credit quality is deteriorating or financial stress is evident. The avoidance of distressed securities can support the sustainability of the income stream. Mandatory convertible preferred stock can be excluded from an active fund and substitute strategies used to manage volatility and enhance income. An upgrade in credit quality and an income pickup are possible. Active management may offer additional advantages to investors seeking non-traditional sources of income: . Preferred shares are well suited for use with a modest amount of leverage because of the low-risk credit profile and historically low level of volatility. Index-based funds are unlevered. Preferred stocks have historically exhibited a low level of correlation with interest rates and the broad stock market. During periods of market turbulence, market sensitivity rises sharply, but prices typically recover when stability returns. Active managers may earn excess returns by deploying capital during these selloffs. 2U.S. Active Fund Preferred Stocks includes only active funds and ETFs, while U.S. Passive Fund Preferred Stock includes only passive funds and ETFs in the broader Morningstar Preferred Stock Category. There are eleven preferred stock ETFs in the passive fund preferred stock category, PFF is the largest. Investment objectives, fees, risks, benchmarks, and vehicles may vary. Like indexes, the aforementioned Morningstar Preferred Stock Categories are unmanaged, but their returns do reflect fees. The categories mentioned do not reflect sales charges, and are not available for direct investment nor are they meant to represent the performance of the security described in this paper. Performance is not illustrative of the Virtus InfraCap U.S. Preferred Stock ETF performance, which can be found by visiting virtus.com. 2 Why InfraCap The Virtus InfraCap U.S. Preferred Stock ETF (NYSE Arca: PFFA) was launched in May 2018 and offers an active approach to preferred stock investing: Index constituents REIT or utility common Option positions may Leverage is targeted in are screened for equities are substituted be written on TLT, a range of 20-25% of credit quality and for the portion of the the iShares 20+ Year net asset value. relative yield-to-call benchmark index Treasury Bond ETF, for with the objective comprised of the purpose of hedging of maximizing yield- mandatory convertibles. against potential to-call. The Fund Covered calls are interest rate movement typically has about 1/3 written against these and generating option the number of holdings positions to generate premium income. of the benchmark option premium index (100 vs. 300). income. Sector weights are based on relative value rather than market cap weightings. To learn more about Virtus ETFs, visit virtus.com or call 1-800-243-4361. 3 The commentary is the opinion of InfraCap Advisors. This material has been prepared using sources of information generally believed to be reliable; however, its accuracy is not guaranteed. Opinions represented are subject to change and should not be considered investment advice or an offer of securities. INDEX AND INVESTMENT TERM DEFINITIONS The Morningstar Preferred Stock category represents funds that invest in the preferred stock market. Preferred stocks are a class of capital stock that pays dividends at a specified rate and has a preference over common stock in the payment of dividends and the liquidation of assets. The S&P U.S. Preferred Stock Index measures performance of the U.S. preferred stock market. Preferred stocks pay dividends at a specified rate and receive preference over common stocks in terms of dividend payments and liquidation of assets. The index is calculated on a total return basis with dividend reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. The ICE Exchange-Listed Preferred & Hybrid Securities Index measures the performance of a select group of exchange-listed, U.S. dollar-denominated preferred securities, hybrid securities, and convertible preferred securities listed on the New York Stock Exchange (“NYSE”) or NASDAQ Capital Market (“NASDAQ”). The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. The iShares 20+ Year Treasury Bond ETF seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities greater than twenty years. Call Provision: A stipulation on the contract for a security that allows the issuer to repurchase and retire the security. Correlation to Index: The performance of the fund and its index may vary somewhat due to factors such as fund flows, transaction costs, and timing differences associated with additions to and deletions from its index. Mandatory Convertibles: A type of security that has a required conversion or redemption feature. Either on or before a contractual conversion date, the holder must convert the mandatory security into the underlying common stock. Preferred Stock: This class of stock entitles the owners to a dollar value per share in liquidation, after bond holders are paid. It also has a fixed dividend and priority over common shares. Preferred shares usually have voting rights when dividend payments have been missed. They are generally considered income investments. Yield-to-Call: Refers to the return a bondholder receives if the security is held until the call date, before the debt instrument reaches maturity. IMPORTANT RISK CONSIDERATIONS Exchange-Traded Funds (ETF): The value of an ETF may be more volatile than the underlying portfolio of securities it is designed to track. The costs of owning the ETF may exceed the cost of investing directly in the underlying securities. Preferred Stocks: Preferred stocks may decline in price, fail to pay dividends, or be illiquid. Leverage: When a fund leverages its portfolio, the value of its shares may be more volatile and all other risks may be compounded. Options: Selling call options may limit the opportunity to profit from the increase in price of the underlying asset. Selling put options risks loss if the option is exercised while the price of the underlying asset is rising. Buying options risks loss of the premium paid for those options. Non-Diversified: The fund is non-diversified and may be more susceptible to factors negatively impacting its holdings to the extent that each security represents a larger portion of the fund’s assets. Market Price/NAV: At the time of purchase and/ or sale, an investor’s shares may have a market price that is above or below the fund’s NAV, which may increase the investor’s risk of loss.
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