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destra focused equity fund

Tickers: A Shares DFOAX · I Shares DFOIX · C Shares DFOCX

CUSIPS: A Shares 250 64T 502 · I Shares 250 64T 809 · C Shares 250 64T 601

Investment Objective

The Fund's objective is to seek long term capital appreciation.

Investment Strategy and Philosophy

Under normal market conditions, the Fund invests primarily (at least 80% of net assets, plus the amount of any borrowings for investment purposes) in equity securities. The Fund’s portfolio managers believe that sector and industry performance is correlated with particular stages of the business cycle. The managers select sectors they believe will experience economic tailwinds, and avoid sectors they see as untimely. They target high-quality, market-leading companies within the favored sectors.

Destra Focused Equity Fund performance as of 1/31/2016

expenses (%)
ticker1 mthytd1 yr3 yrfrom
DFOAX1 -6.10 -6.10 -4.47 9.55 9.45 4/12/11 1.90 1.61 annually
DFOAX -11.50 -11.50 -9.96 7.41 8.10 4/12/11 1.90 1.61 annually
DFOIX2 -6.08 -6.08 -4.16 9.92 9.82 4/12/11 1.54 1.33 annually
DFOCX -7.11 -7.11 -6.06 8.75 9.63 11/1/11 3.45 2.36 annually
S&P 500
-4.96 -4.96 -0.67 11.26 10.79        

Destra Focused Equity Fund performance as of 12/31/2015

expenses (%)
ticker1 mthytd1 yr3 yrfrom
DFOAX1 -1.06 -0.67 -0.67 13.38 11.10 4/12/11 1.90 1.61 annually
DFOAX -6.76 -6.73 -6.73 11.16 9.71 4/12/11 1.90 1.61 annually
DFOIX2 -1.05 -0.36 -0.36 13.75 11.48 4/12/11 1.54 1.33 annually
DFOCX -1.15 -2.33 -2.33 12.56 11.53 11/1/11 3.45 2.36 annually
S&P 500
-1.75 1.38 1.38 15.13 12.18        

Class A shares performance reflects the deduction of the maximum sales charge of 5.75%

Included in the each Fund’s Class A shares expenses is a distribution and service (12b-1) fee of 0.25%.

Class C shares have a maximum contingent deferred sales charge (CDSC) of 1%. However, w/CDSC performance for Class C shares reflects the deduction of: 1% for all shares on shares redeemed within 12 months of purchase.

Included in the each Fund’s Class C shares expenses is a distribution and service (12b-1) fee of 1.00%.

A 2% redemption fee will be imposed on certain redemptions or exchanges out of the Class I shares of the Fund within 90 days of purchase. Exceptions to the redemption fee are listed in the Fund's prospectus.

Past performance is no guarantee of future results. Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, yield, and return will vary and you may have a gain or loss when you sell your shares.

The Adviser has agreed to cap expenses such that the total annual fund operating expenses, excluding brokerage commissions and other trading expenses, taxes, acquired fund fees and other extraordinary expenses (such as litigation and other expenses not incurred in the ordinary course of business) at 1.60% for Class A, 2.35% for Class C and 1.32% for Class I. This waiver will continue in effect until February 1, 2022. The waiver may be terminated or modified prior to February 1, 2022 only with the approval of the Board of Trustees of the Trust. The gross expenses for the Class A, Class C and Class I shares are 1.83%, 3.00% and 1.41% respectively.

Investment Process

Science of Business Cycle Analysis

WestEnd Advisors’ proprietary sector analysis seeks to determine the best performing sectors in each business cycle phase.

Click chart to zoom

As portfolio holdings are shifted to newly favored sectors, the Fund’s style emphasis will shift between traditional growth and traditional value orientations.

Investment Process, Parallel Tracks

The Fund’s goal is to identify the best sectors and companies that best represent those sectors.

Click chart to zoom

Past performance is no guarantee of future results.

Portfolio Structure

Holdings equally weighted at cost

  • Maximum individual equity exposure: 10%
  • Maximum industry exposure: 15%
  • Maximum sector exposure: 35%
  • Average cash position: 2%-5%


Portfolio Highlights**

Portfolio Characteristics
as of 12/31/2015
  The Fund The S&P 500 Index
Number of Holdings: 20 504
Average Market Cap $ 103 bil $ 37 bil
Price to Earning: Trailing Operating 21.2x 19.6x
Price to Book 5.9x 5.0x

Top 10 Equity Holdings (% of total assets),
as of 12/31/2015
Celgene Corp 5.20%
Qualcomm Inc 5.14%
HCA Holdings Inc 5.12%
Biogen Inc 5.09%
CVS Health Corp 5.03%
Allergan PLC 5.01%
PayPal Holdings Inc 5.00%
EMC Corp 4.97%
TJX Companies Inc 4.97%
Costco Wholesale Corp 4.93%


Sector Allocations
as of 12/31/2015

Price/Earnings (trailing): A valuation ratio of a company’s current share price compared to its per-share earnings over the previous four quarters.

Price/Book: A ratio used to compare a stock’s market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share.

Average Market Capital: The average of market capitalization (market price multiplied by the number of shares outstanding) of the stocks in a portfolio.

1 At NAV

2 After applying the redemption fee, Class I shares return for the period for the Fund would have been -2.38%.

**Compositions are subject to daily changes with market actions.

Holdings are subject to change without notice. There is no assurance that the investment process will lead to successful investing.

Investors should consider the investment objectives and policies, risk considerations, charges, and ongoing expenses of an investment carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. Please read the prospectus carefully before you invest or send money. To obtain a prospectus, please contact your investment representative or Destra Capital Investments LLC or download a PDF here.

Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of certain risks of investing in the Fund. Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. Sector Focus Risk: The Fund will typically focus its investments on companies within particular economic sectors. To the extent that it does so, developments affecting companies in those sectors will have a magnified effect on the Fund’s net asset value and total return. Consumer Discretionary Companies Risk: Consumer discretionary companies manufacture products and provide discretionary services directly to the consumer, and the success of these companies is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. The success of this sector depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer discretionary products in the marketplace. Information Technology Companies Risk: Information technology companies are generally subject to the risks of rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. Information technology companies may be smaller and less experienced companies, with limited product lines, markets or financial resources and fewer experienced management or marketing personnel. Information technology company stocks, particularly those involved with the Internet, have experienced extreme price and volume fluctuations that often have been unrelated to their operating performance. Non-Diversification/Limited Holdings Risk: The Fund is non-diversified, which means that it may invest in the securities of fewer issuers than a diversified fund. As a result, it may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, may experience increased volatility and may be highly concentrated in certain issues. Furthermore, because the Fund has a relatively small number of issuers the Fund has greater susceptibility to adverse developments in one issuer or group of issuers. Investment Strategy Risk: The Fund invests in common stocks of companies that the subadviser believes will perform well in certain phases of the business cycle. The subadviser’s investment approach may be out of favor at times, causing the Fund to underperform funds that also seek capital appreciation but use different approaches to the stock selection and portfolio construction process. Market Risk and Selection Risk: Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will under-perform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. Risks Associated with Active Management: The Fund is an actively managed portfolio and its success depends upon the investment skills and analytical abilities of the Fund’s sub-adviser to develop and effectively implement strategies that achieve the Fund’s investment objective. Subjective decisions made by the investment sub-adviser may cause the Fund to incur losses or to miss profit opportunities on which it may otherwise have capitalized. General Fund Investing Risks: The Fund is not a complete investment program and you may lose money by investing in the Fund. All investments carry a certain amount of risk and there is no guarantee that the Fund will be able to achieve its investment objective. In general, the Annual Fund Operating Expenses expressed as a percentage of the Fund’s average daily net assets will change as Fund assets increase and decrease, and the Fund’s Annual Fund Operating Expenses may differ in the future. Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability to achieve its objective. Investors in the Fund should have long-term investment perspective and be able to tolerate potentially sharp declines in value. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person.

The S&P 500 Index is a commonly recognized market capitalization weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance. It is not possible to invest directly in an index.

Holdings are subject to change without notice. There is no assurance that the investment process will lead to successful investing.

Not FDIC-Insured, Not Bank Guaranteed, May Lose Value