Dunham Long/Short Credit Fund (DCAIX)

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Dunham Long/Short Credit Fund (DCAIX) is up 1.1% since the beginning of the year. DCAIX is currently trading at $8 per share. Investors who bought $1,000 worth of DCAIX shares 5 years ago would now be looking at an investment worth $1,054.

Dunham Long/Short Credit Fund (DCAIX) has returned 1.12% so far this year and 2.44% over the past 12 months. Over the last ten years, DCAIX has returned 3.70% per year, falling short of the S&P 500 Index benchmark, which averaged 13.71% annually.

Based on dividend-adjusted daily data since Dec 10, 2004, DCAIX's average daily return is +0.01%, while the average monthly return is +0.26%. At this rate, an investment would double in approximately 22.2 years.

Historically, 63% of months were positive and 37% were negative. The best month was Oct 2011 with a return of +9.3%, while the worst month was Oct 2008 at -17.4%. The longest winning streak lasted 20 consecutive months, and the longest losing streak was 7 months.

On a daily basis, DCAIX closed higher 41% of trading days. The best single day was Oct 13, 2008 with a return of +6.1%, while the worst single day was Dec 27, 2005 at -10.1%.

Dunham Long/Short Credit Fund has an annualized alpha of -0.80%, beta of 0.39, and R2 of 0.46 versus S&P 500 Index. Calculated based on daily prices since December 10, 2004.

• This fund participated in 55.56% of S&P 500 Index downside but only 38.82% of its upside - more exposed to losses than it benefited from rallies.
• Beta of 0.39 may look defensive, but with R2 of 0.46 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
• R2 of 0.46 means the benchmark explains less than half of this fund's behavior - treat beta with caution or consider switching to a more representative benchmark.

DCAIX has a high expense ratio of 1.98%, indicating above-average management fees.

DCAIX ranks 92 for risk / return — in the top 92% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.

Dunham Long/Short Credit Fund provided a 3.64% dividend yield over the last twelve months, with an annual payout of $0.30 per share.

The table displays the monthly dividend distributions for Dunham Long/Short Credit Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

The table below displays the maximum drawdowns of the Dunham Long/Short Credit Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Dunham Long/Short Credit Fund was 46.34%, occurring on Nov 20, 2008. Recovery took 542 trading sessions.

The current Dunham Long/Short Credit Fund drawdown is 0.12%.

The chart below shows the rolling one-month volatility.