The Fund seeks to maximize total return from capital appreciation and dividends.
Arrowstreet Capital, Limited Partnership (Arrowstreet) was founded in June 1999 as an independent private partnership that serves as a discretionary institutional global asset manager. Headquartered in Boston, MA, the firm is structured as a limited partnership that is wholly-owned and controlled by members of the firm’s senior management team and non-executive directors. Arrowstreet has been a registered investment adviser with the SEC under the U.S. Investment Advisers Act of 1940, as amended, since July 1999.
|Capital Gains Paid||December*|
|* If applicable|
For Class C shares, the initial minimum investment amount for regular accounts is $5,000, and for taxdeferred and certain tax efficient accounts (such as Roth IRAs) is $2,000. The minimum subsequent investment is $100. An account fee of $15 annually will be charged for all non-retirement accounts with a balance below $2,500. The account fee will not be charged if the balance falls below $2,500 due solely to depreciation of the investment. The fee is waived if your total investment amount in all Funds combined is $50,000 or more. There is no minimum initial investment for employee benefit plans, mutual fund platform platforms, supermarket programs, associations, and individual retirement accounts. The minimum subsequent investment in the Trust is $100 and there is no minimum subsequent investment for any Fund. The Trust reserves the right at any time to vary the initial and subsequent investment minimums.
|Net Asset Value (NAV):||NAV Change:||NAV Percentage Change:|
|Net Asset Value (NAV):||$14.78|
|NAV Percentage Change:||-0.27 %|
|YTD Return at NAV:|
|YTD Return at NAV:||-2.05 %|
month-end (as of 7/31/2020)
|1 Yr||3 Yr||5 Yr||10 Yrs||Since
|Fund Performance||3.40 %||1.02 %||1.90 %||4.26 %||3.69 %|
Total Return (as of 6/30/2020)
|1 Yr||3 Yr||5 Yr||10 Yrs||Since
|Fund Performance||-3.02 %||0.62 %||0.86 %||4.74 %||3.44 %|
month-end (as of 7/31/2020)
|1 Yr||3.40 %|
|3 Yr||1.02 %|
|5 Yr||1.90 %|
|10 Yrs||4.26 %|
|Since Inception||3.69 %|
Average Annual Total Return
(as of 6/30/2020)
|1 Yr||-3.02 %|
|3 Yr||0.62 %|
|5 Yr||0.86 %|
|10 Yrs||4.74 %|
|Since Inception||3.44 %|
|Per prospectus dated 2/28/2019|
|Expense Ratio:||2.67 %|
|Per prospectus dated 2/28/2019|
Prices and returns quoted represent past results and are no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.
|12/27/2018||$0.88||Long-Term Capital Gain|
|12/27/2017||$0.49||Long-Term Capital Gain|
|12/29/2014||$0.06||Long-Term Capital Gain|
|12/27/2007||$0.35||Short-Term Capital Gain|
|12/27/2007||$0.33||Long-Term Capital Gain|
Mutual funds typically distribute taxable capital gains to shareholders each December. Click below to view the year-end distribution factors (per share) for the Dunham Funds.
|Security||% of Net Assets|
|Roche Holding AG- Genusschein||2.71 %|
|Samsung Electronics||2.48 %|
|Novartis AG Reg. Shs||1.82 %|
|BHP Billiton Ltd||1.52 %|
|Lukoil PJSC||1.50 %|
|Enel SpA||1.45 %|
|Chugai Pharmaceutical Co., LTD||1.32 %|
|SAP AG||1.31 %|
|Novo Nordisk A/S||1.28 %|
|Russian Federation (7.59%)|
|United Kingdom (6.51%)|
|Hong Kong (1.58%)|
|South Africa (1.16%)|
Investors should consider the investment objectives, risk factors, charges, and expenses of the Dunham Funds carefully before investing. This and other important information is contained in the Dunham Funds’ summary prospectus and/or prospectus, which may be obtained by contacting your financial advisor, or by calling toll free (800) 442‐4358. Please read prospectus materials carefully before investing or sending money. Investing involves risk, including possible loss of principal.
Dunham Funds are distributed by Dunham & Associates Investment Counsel, Inc., a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC.
Returns for Class A Shares include the maximum sales charge (5.75% for equity funds and 4.50% for fixed income funds). Net Asset Value (NAV) returns exclude these charges, which would have reduced returns.
Average annual total return is the annual compound return for the indicated period. It reflects the change in share price and the reinvestment of all dividends and capital gains. Returns for periods of less than one year are cumulative total returns.
Foreign Investing Risk - Investing in foreign companies or ETFs which invest in foreign companies, may involve more risks than investing in U.S. companies. These risks can increase the potential for losses in the Fund and may include, among others, currency devaluations, currency risks (fluctuations in currency exchange rates), country risks (political, diplomatic, regional conflicts, terrorism, war, social and economic instability and policies that have the effect of limiting or restricting foreign investment or the movement of assets), different trading practices, less government supervision, less publicly available information, limited trading markets and greater volatility. Additionally, investments in securities denominated in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar. A decline in the value of foreign currencies relative to the U.S. dollar will reduce the value of securities held by the Fund and denominated in those currencies.
Emerging Markets Risk - In addition to the risks generally associated with investing in foreign securities, countries with emerging markets also may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues.
Stock Market Risk - Stock markets can be volatile. In other words, the prices of stocks can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions. The Fund’s investments may decline in value if the stock markets perform poorly. There is also a risk that the Fund’s investments will underperform either the securities markets generally or particular segments of the securities markets.
Currency Risk - Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from a Fund’s investments denominated in a foreign currency or may widen existing losses. Exchange rate movements are volatile and it may not be possible to effectively hedge the currency risks of many countries. Currency market risk results from the price movement of foreign currency values in response to shifting market supply and demand. Interest rate risk arises whenever a country changes its stated interest rate target associated with its currency. Country risk arises because virtually every country has interfered with international transactions in its currency. Interference has taken the form of regulation of the local exchange market, restrictions on foreign investment by residents or limits on inflows of investment funds from abroad. Restrictions on the exchange market or on international transactions are intended to affect the level or movement of the exchange rate. This risk could include the country re-issuing a new currency, effectively making the “old” currency worthless.
Portfolio Turnover Risk - The frequency of a Fund’s transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in a Fund’s performance.
Management Risk - Each Fund is subject to management risk because it is an actively managed investment portfolio. The Sub-Adviser’s judgments about the attractiveness and potential appreciation of a security, whether selected under a “value”, “growth” or other investment style, may prove to be inaccurate and may not produce the desired results. The Adviser and Sub-Adviser will apply its investment techniques and risk analyses in making investment decisions for the Funds, but there is no guarantee that its decisions will produce the intended result. The successful use of hedging and risk management techniques may be adversely affected by imperfect correlation between movements in the price of the hedging vehicles and the securities being hedged.
Liquidity Risk - Liquidity Risk: The markets for high-yield, convertible and certain lightly traded equity securities (particularly small cap issues) are often not as liquid as markets for higher-rated securities or large cap equity securities. For example, relatively few market makers characterize the secondary markets for high-yield debt securities, and the trading volume for high-yield debt securities is generally lower than that for higher-rated securities. Accordingly, these secondary markets (generally or for a particular security) could contract under real or perceived adverse market or economic conditions. These factors may have an adverse effect on the Fund’s ability to dispose of particular portfolio investments and may limit the ability of the Fund to obtain accurate market quotations for purposes of valuing securities and calculating net asset value. Less liquid secondary markets also may affect the Fund’s ability to sell securities at their fair value. The Fund may invest in illiquid securities, which are more difficult to value and to sell at fair value. If the secondary markets for lightly-traded securities contract due to adverse economic conditions or for other reasons, certain liquid securities in the Fund’s portfolio may become illiquid, and the proportion of the Fund’s assets invested in illiquid securities may increase.
Securities Lending Risk - Portfolio securities may be loaned to brokers, dealers and financial institutions to realize additional income under guidelines adopted by the Board of Trustees. A risk of lending portfolio securities, as with other extensions of credit, is the possible loss of rights in the collateral should the borrower fail financially. The Fund might not be able to recover the securities or their value. In determining whether to lend securities, the Adviser or its agent, will consider all relevant facts and circumstances, including the creditworthiness of the borrower.
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The account number format has changed to drop leading letters and replace the dash with a 0. For example, IO1234-01 is now 1234001.
If you have any questions or need assistance, please contact Dunham Customer Care at 800-442-4358. We thank you for your commitment to Dunham.