Fund Evaluator:
Connors Hedged Equity Institutional (CVRDX)
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Fund Details
Connors Hedged Equity Institutional Overview
Connors Hedged Equity Institutional (CVRDX) is an actively managed Nontraditional Equity Equity Hedged fund. Connors Investor Services launched the fund in 2022.
The investment seeks to achieve capital appreciation and secondarily income generation, with lower volatility than U.S. equity markets. The fund seeks to invest in a diversified portfolio of equity securities, primarily comprised of common stocks of U.S. large-capitalization and mid-capitalization companies. It typically invests in approximately 40-50 equity securities that are diversified among market sectors. Depending on market conditions, the fund may from time to time purchase put options or utilize put spreads on large-cap, broad-based securities indexes to seek to offset some of the risk of a potential decline in value of the fund’s equity holdings.
About Connors Hedged Equity Institutional (CVRDX)
There are 2 members of the management team with an average tenure of 4.53 years: Robert Cagliola (2022), Robert Hahn (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and CBOE S&P 500 BuyWrite BXM TR USD index with a weighting of 100%. Connors Hedged Equity Institutional has 107 securities in its portfolio. The top 10 holdings constitute 37.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Connors Hedged Equity Institutional is part of the Equity global asset class and is within the Nontraditional Equity fund group. Connors Hedged Equity Institutional has 5.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 90.6%. There is 5.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Connors Hedged Equity Institutional has 3.6% of the portfolio in cash.
Assets Under Management
The fund has $65 million in total assets, which is below the $432 million average for the Equity Hedged category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CVRDX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Connors Hedged Equity Institutional expense ratio is high compared to funds in the Equity Hedged category. Connors Hedged Equity Institutional has an expense ratio of 1.10%, which is 21% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Connors Hedged Equity Institutional has a portfolio turnover rate of 38%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 69% for the Equity Hedged category.
Recently, in the month of July 2026, Connors Hedged Equity Institutional returned 0.8%, which earned it a grade of B, as the Equity Hedged category had an average return of -0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Connors Hedged Equity Institutional has a trailing yield of 0.32%, which is below the 0.94% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Connors Hedged Equity Institutional Grades
Year to date, the fund has returned 6.5%, 1.1 percentage points better than the category, which translates into a grade of B. The fund has returned 11.7% over the past year (grade of C) and 13.0% over the past three years (grade of A).
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CVRDX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CVRDX Return (NAV) | 0.8% | 3.1% | 11.7% | 13.0% | na | na |
| CVRDX Grade | B | B | C | A | na | na |
| +/- Category | 0.9% | 1.0% | 1.2% | 3.1% | na | na |
| Equity Hedged Avg | -0.0% | 2.1% | 10.6% | 9.9% | 5.9% | 6.6% |
| CVRDX Tax Cost Ratio | na | na | 0.1% | 0.3% | na | na |
CVRDX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CVRDX Return (NAV) | 6.5% | 9.5% | 18.3% | 14.9% | na | na | na | na | na | na | na |
| CVRDX Grade | B | C | A | C | na | na | na | na | na | na | na |
| +/- Category | 1.1% | 0.1% | 6.1% | 2.6% | na | na | na | na | na | na | na |
| Equity Hedged Avg | 5.4% | 9.4% | 12.2% | 12.3% | -9.8% | 11.3% | 10.8% | 14.1% | -2.7% | 8.9% | 4.5% |
| Risk Measures | |
| Standard Deviation: | 9.1% |
| Total Risk Index: | 0.74 - Below Average |
| Category Risk Index: | 1.14 - Above Average |
| Category Risk Grade: | D (71% Rank) |
| Beta: | 0.68 |
| R-Squared: | 94% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.3% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $65 Mil |
| Fund Total Assets: | $ 66 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 38% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.5 years | |||
| Average Tenure: 4.5 years | |||
| Managers (Year): Cagliola Robert (2022), Hahn Robert (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 107 |
| % in Top 10 Holdings: | 37.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.8% |
Portfolio Allocation |
|
| Domestic Stock: | 90.6% |
| Foreign Stock: | 5.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.6% |
Purchase Information
| Fund Family: | Connors Investor Services |
| Phone Number: | 833-601-2676 |
| Website: |
| Status: | Open |
| Inception Date: | January 19, 2022 |
| Min. Initial Purchase: | $25,000 |
| Min. Initial IRA Purchase: | $25,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.10% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.39% |
| Share Class: | Connors Hedged Equity Institutional |
| Min. Subsequent Purchase: | $1,000 |
| Min. Subsequent IRA Purchase: | $1,000 |
