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Fund Details

As of
Ticker Symbols Market Price: USA
Net Asset Value: XUSAX
Fund Type Closed-end, Exchange-Traded
Fund Style Large-Cap Core
Expense Ratio
Shares Outstanding 282,594,292
Inception Date October 31, 1986
Distribution Frequency Quarterly
Tax ID 04-2935840
CUSIP
NAV
Prior NAV
NAV Change
YTD NAV Total Return
Market Price
Market Price Change
Premium/(Discount)
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Fund Style

Large-Cap Core

Fund Strategy

Multi-managed fund that allocates its portfolio assets on an approximately equal basis among several independent investment management organizations (currently five in number) having different investment styles recommended and monitored by ALPS Advisors, Inc., the Fund's investment advisor.

Fund Structure
Value Managers
  • Aristotle Capital Management, LLC | Howard Gleicher, CFA & Greg Padilla, CFA
  • Fiduciary Management, Inc. | Patrick J. English, CFA & Jonathan T. Bloom, CFA
  • Pzena Investment Management, LLC | Richard S. Pzena, John J. Flynn, Daniel L. Babkes & Benjamin S. Silver, CFA
Growth Managers
  • Sustainable Growth Advisers, LP | Kishore Rao, Robert Rohn & HK Gupta
  • TCW Investment Management Company | Brandon Bond, CFA, Brian McNamara & Bo Fifer, CFA

Fund Overview

The Fund’s assets are approximately equally distributed among three value managers and two growth managers:

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Value Managers
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Value Managers

Aristotle Capital Management, LLC

Seeks to own high quality, attractively valued companies that possess catalysts for positive change.

Fiduciary Management, Inc.

Seeks to invest in durable business franchises that are selling at low valuations and a significant discount to their intrinsic value.

Pzena Investment Management, LLC

Seeks to invest in companies with low price‐to‐normalized earnings ratios that have the ability to generate earnings recovery.

Growth Managers
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Growth Managers

Sustainable Growth Advisers, LP

Seeks to invest in companies with predictable, sustainable earnings and cash flow growth over the long term.

TCW Investment Management Company

Seeks to invest in companies that have superior sales growth, leading and/or rising market shares, and high and/or rising profit margins.

ALPS Advisors, Inc., the investment advisor to the Fund, has the ultimate authority (subject to oversight by the Board of Trustees) to oversee the investment managers and recommend their hiring, termination and replacement.

Distribution Policy

The current policy is to pay distributions on its common shares totaling approximately 10 percent of its net asset value per year, payable in four quarterly installments of 2.5 percent of the Fund's net asset value at the close of the New York Stock Exchange on the Friday prior to each quarterly declaration date. The fixed distributions are not related to the amount of the Fund's net investment income or net realized capital gains or losses and may be taxed as ordinary income up to the amount of the Fund's current and accumulated earnings and profits. If, for any calendar year, the total distributions made under the distribution policy exceed the Fund's net investment income and net realized capital gains, the excess will generally be treated as a non-taxable return of capital, reducing the shareholder's adjusted basis in his or her shares. If the Fund's net investment income and net realized capital gains for any year exceed the amount distributed under the distribution policy, the Fund may, in its discretion, retain and not distribute net realized capital gains and pay income tax thereon to the extent of such excess.

Premium / (Discount) History

Holdings

Top 10 Holdings

% of net assets
Click to view full holdings

Sector Breakdown

% of equity portfolio

Performance

Annualized as of 10/31/2024
YTD*1 Year3 Years5 Years10 Years15 Years20 Years
NAV Return 13.17%32.58%4.93%12.37%10.93%12.01%8.81%
Market Price Return 19.06%33.42%4.44%12.59%12.42%13.42%8.56%
Lipper Large-Cap Core Average 19.14%35.60%7.68%14.12%11.84%13.00%9.85%
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*Cumulative Total Return
Returns for the Fund and the Lipper Average are total returns, which include dividends, after deducting fund expenses. The Fund's performance is calculated assuming that a shareholder reinvested all distributions and exercised all primary rights in the Fund's rights offerings.

Past performance cannot predict future results. Performance will fluctuate with changes in market conditions. Current performance may be lower or higher than the performance data shown. Performance information shown does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. An investment in the Fund involves risk, including loss of principal.

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