Fund Evaluator:
Destra Flaherty & Crumrine Pref & Inc I (DPIIX)
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Best Performing in Preferred Stock Over the Last Year
| 5.1% | Cohen & Steers Preferred Sec & Inc Z (CPXZX) |
Fund Details
Destra Flaherty & Crumrine Pref & Inc I Overview
Destra Flaherty & Crumrine Pref & Inc I (DPIIX) is an actively managed Taxable Bond Preferred Stock fund. Destra launched the fund in 2011.
The investment seeks total return, with an emphasis on high current income. Under normal market conditions, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of preferred and other income-producing securities, including traditional preferred stock, trust preferred securities, hybrid securities that have characteristics of both equity and debt securities, convertible securities, contingent-capital securities, subordinated debt, senior debt and securities of other open-end, closed-end or exchange-traded funds that invest primarily in the same types of securities.
About Destra Flaherty & Crumrine Pref & Inc I (DPIIX)
There are 2 members of the management team with an average tenure of 15.40 years: Bradford Stone (2011), R. Eric Chadwick (2011). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: ICE BofA 8% Cns Cr W Pr & Jr SbSc TR USD index with a weighting of 100%. Destra Flaherty & Crumrine Pref & Inc I has 215 securities in its portfolio. The top 10 holdings constitute 19.7% 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.
Destra Flaherty & Crumrine Pref & Inc I is part of the Hybrid Securities global asset class and is within the Taxable Bond fund group. Destra Flaherty & Crumrine Pref & Inc I has 26.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 52.7% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 47.1% (20.6% domestic bond, 26.5% foreign bond and 1.2% convertible bond). Destra Flaherty & Crumrine Pref & Inc I has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $162 million in total assets, which is below the $565 million average for the Preferred Stock 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.
DPIIX 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 Destra Flaherty & Crumrine Pref & Inc I expense ratio is high compared to funds in the Preferred Stock category. Destra Flaherty & Crumrine Pref & Inc I has an expense ratio of 1.20%, which is 8% higher than its category average, making the fund expense ratio grade a D. 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. Destra Flaherty & Crumrine Pref & Inc I has a portfolio turnover rate of 16%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 36% for the Preferred Stock category.
Recently, in the month of August 2026, Destra Flaherty & Crumrine Pref & Inc I returned 0.5%, which earned it a grade of B, as the Preferred Stock category had an average return of 0.3%. 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.
Destra Flaherty & Crumrine Pref & Inc I has a trailing yield of 5.55%, which is above the 5.55% category average. The fund normally distributes its income monthly 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.
Destra Flaherty & Crumrine Pref & Inc I Grades
Year to date, the fund has returned 2.1%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 5.0% over the past year (grade of B), 9.2% over the past three years (grade of B) and 2.8% per year over the past five years (grade of B) and 4.4% per year over the past 10 years (grade of B).
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DPIIX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DPIIX Return (NAV) | 0.5% | 0.6% | 5.0% | 9.2% | 2.8% | 4.4% |
| DPIIX Grade | B | B | B | B | B | B |
| +/- Category | 0.2% | 0.2% | 0.4% | 0.7% | 0.0% | 0.1% |
| Preferred Stock Avg | 0.3% | 0.4% | 4.6% | 8.5% | 2.7% | 4.3% |
| DPIIX Tax Cost Ratio | na | na | 2.2% | 2.1% | 2.1% | 2.0% |
DPIIX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DPIIX Return (NAV) | 2.1% | 8.2% | 12.1% | 6.7% | -13.4% | 4.9% | 5.8% | 18.6% | -5.6% | 11.9% | 5.3% |
| DPIIX Grade | B | C | A | B | F | A | B | A | F | A | C |
| +/- Category | 0.3% | 0.1% | 2.1% | -0.1% | -2.1% | 0.1% | 0.5% | 1.8% | -1.0% | 1.8% | -0.1% |
| Preferred Stock Avg | 1.8% | 8.1% | 9.9% | 6.8% | -11.3% | 4.8% | 5.3% | 16.8% | -4.6% | 10.1% | 5.4% |
| Risk Measures | |
| Standard Deviation: | 4.8% |
| Total Risk Index: | 0.39 - Low |
| Category Risk Index: | 1.04 - Above Average |
| Category Risk Grade: | D (67% Rank) |
| Beta: | 0.64 |
| R-Squared: | 57% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 5.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $202 Mil |
| Fund Total Assets: | $ 162 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 16% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 15.4 years | |||
| Average Tenure: 15.4 years | |||
| Managers (Year): Stone Bradford (2011), Chadwick R. Eric (2011) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 215 |
| % in Top 10 Holdings: | 19.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 26.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 52.7% |
| Domestic Bond: | 20.6% |
| Foreign Bond: | 26.5% |
| Convertible Bond: | 1.2% |
| Other: | 0.0% |
| Cash: | 0.2% |
Purchase Information
| Fund Family: | Destra |
| Phone Number: | 833-597-5348 |
| Website: | www.destracapital.com |
| Status: | Open |
| Inception Date: | April 12, 2011 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $ 0 |
| 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 (%): | 1.20% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.11% |
| Share Class: | Destra Flaherty & Crumrine Pref & Inc I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
