Salient Select Income Fund Class C
KIFCX
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- Salient Select Income Fund Class C (KIFCX) is a mutual fund that seeks high current income with potential for modest long-term capital growth by investing primarily in preferred stocks, convertible preferred stocks, senior securities, and high-yield common stocks of real estate investment trusts (REITs) and other real estate-related companies; it also allocates to master limited partnerships and may employ portfolio leverage, with allocations shifting based on market conditions. The fund employs a bottom-up investment approach incorporating quantitative and qualitative analyses of issuers' cash flow, assets, and management to select securities with favorable risk-adjusted return potential, utilizing sector and geographic rotation alongside active stock selection; as of late 2023, its portfolio featured approximately 49 holdings, with 71% in senior securities (primarily REIT preferred stocks such as those from Kimco Realty Corp., RLJ Lodging Trust, and Pebblebrook Hotel Trust) and 29% in common stocks (ex-cash), diversified across property sectors including shopping centers, lodging/resorts, apartments, industrial, self-storage, and single-family homes. Westwood Management Corp. serves as the investment advisor, with John D. Palmer as portfolio manager; the fund offers share classes including Institutional (KIFYX, inception April 28, 2006), Class A (KIFAX), and Class C (KIFCX), all with quarterly dividend distributions, a management fee of 0.70% (subject to waivers until April 30, 2024), and total annual operating expenses of 2.00% (gross/net) for Class C shares. Originally launched on March 30, 2001, under Salient Partners, L.P. (founded 2002 in Houston, Texas), the fund operates under Westwood Holdings Group, Inc. (headquartered in Dallas, Texas, with additional offices in Houston and San Francisco) following Westwood's 2022 acquisition of Salient Partners' asset management business, which expanded Westwood's assets under management by 33% to $16.3 billion and integrated Salient's real estate and income strategies; the fund targets income-oriented investors, with net assets of approximately $268.1 million as of December 2023 and a benchmark of the ICE BofAML Fixed Rate Preferred Securities Index. Recent developments include ongoing expense limitation agreements through April 30, 2024 (capping total operating expenses at 2.05% for Class C shares, excluding certain costs), persistent portfolio leverage utilization for enhanced returns, and maintained focus on high-yield REIT preferreds yielding around 7.30% amid shifting market fundamentals, with no reported acquisitions, mergers, or major strategic reorganizations specific to the fund in 2024-2025.