Caldwell U.S. Dividend Advantage Fund
UDA.TO
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- Caldwell U.S. Dividend Advantage Fund (TSX: UDA.TO) is an actively managed open-end mutual fund and ETF that employs a proprietary Dividend Momentum investment strategy, combining factor-based momentum investing with fundamental analysis to construct a high-conviction portfolio of sustainable U.S. dividend-growth stocks. The fund offers Series F mutual fund units and an ETF series listed on the Toronto Stock Exchange under the ticker UDA; it provides attractive monthly cash distributions with reinvestment options via a distribution reinvestment plan (DRIP), targets total return through exposure to small- and mid-cap companies exhibiting low volatility, high profitability, and compelling positive or negative price momentum; and maintains a low 75 basis points management fee with high active share in its concentrated portfolio. Managed by Caldwell Investment Management Ltd., with lead portfolio managers Jennifer Radman, CFA, and senior portfolio managers Denis Taillefer, CFA, William Chin, MBA, and Justin Elliott, CFA, the fund focuses on often-overlooked dividend payers with proven business models. Launched initially as a closed-end fund in 2015, it converted to an open-end mutual fund effective November 15, 2018, with all outstanding units redesignated as Series F, and launched its ETF series on March 18, 2020 to enhance liquidity through intraday trading. The fund is headquartered in Toronto, Ontario, at 150 King Street West, Suite 1702, and primarily targets Canadian investors seeking U.S. equity exposure in the dividend-growth segment. In recent developments, the fund declared quarterly distributions for Q4 2025 on October 14, 2025, payable in November and December 2025 and January 2026 at CAD $0.038 per ETF unit, representing an annualized yield of approximately 3% on net assets. Monthly portfolio updates highlight ongoing active management, including new positions initiated in August 2025 in Intuit (INTU), eBay (EBAY), and TKO Group Holdings (TKO) to capitalize on growth in financial software, eCommerce, and sports entertainment. These adjustments reflect the fund's bottom-up approach amid market volatility, maintaining an 8.4% cash weighting at the end of August 2025 while emphasizing long-term capital appreciation and risk-adjusted returns.