Touchstone U.S. Large Cap Fund (LCF)
BATS BATS Primary Summary
LCF Chart
LCF: This Large-Cap Focused ETF Can't Overcome Its Own High Fees
LCF is an actively managed high-conviction large-cap fund with a 0.56% net expense ratio and $47 million in assets under management. Its benchmark is the S&P 500 Index. The ETF only launched three years ago, but the fund's sub-advisor has implemented the strategy through its mutual funds and separately managed accounts since October 2013. My fundamental analysis reveals a portfolio with solid growth-at-a-reasonable-price features, though LCF's 58% active share with SPY should be higher.
Touchstone U.S. Large Cap Fund (LCF) FAQ
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Touchstone U.S. Large Cap Fund Profile
| BATS Exchange | US Country |
Overview
The fund is primarily focused on investing a majority of its assets, specifically at least 80%, in large capitalization equity securities that are listed in the U.S. These equity securities encompass common stock and can either be listed on an exchange or traded over-the-counter. The investment strategy of the fund reflects a commitment to invest in large-cap equity securities, although it reserves the right to hold a smaller number of securities and a more substantial portion of cash and cash equivalents under certain conditions. This may occur when the fund's management cannot identify a sufficient number of securities that fulfill its investment criteria. Notably, the fund is characterized by its non-diversified status, which allows for potentially higher returns but also entails a greater risk level due to concentration in fewer securities.
Products and Services
- U.S.-listed Large Capitalization Equity Securities
These are the primary investment vehicles for the fund, involving significant investments in common stock of large-cap companies listed in the United States. The focus on large-cap equities is driven by the potential for stable growth and solid performance, though it involves specific market risks inherent to equity investments. Such securities may be listed on recognized stock exchanges or may be traded over-the-counter, offering a mix of liquidity and opportunity for the fund.
- Cash and Cash Equivalents
In periods when suitable investment opportunities in line with the fund’s criteria are scarce, the fund may increase its holdings in cash and cash equivalents. This strategy is employed as a means of managing risk and preserving capital during times of market volatility or when the investment landscape does not present adequate opportunities that meet the fund's stringent investment requirements. Holding cash and cash equivalents provides the fund with flexibility, allowing it to quickly mobilize resources when favorable investments arise.
