Fund Evaluator:
Cullen Enhanced Equity Income C (ENHCX)
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Best Performing in Derivative Income Over the Last Year
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Fund Details
Cullen Enhanced Equity Income C Overview
Cullen Enhanced Equity Income C (ENHCX) is an actively managed Nontraditional Equity Derivative Income fund. Cullen Funds Trust launched the fund in 2015.
The investment seeks long-term capital appreciation and current income. The fund invests at least 80% of its net assets, plus borrowings for investment purposes, in dividend paying common stocks of medium-capitalization companies (which are companies with a typical capitalization range of between $5 billion and $12 billion at the time of investment) and large-capitalization companies (which are companies with a typical capitalization range greater than $12 billion at the time of investment). It may invest up to 30% of its assets in foreign securities.
About Cullen Enhanced Equity Income C (ENHCX)
There are 4 members of the management team with an average tenure of 9.47 years: Jennifer Chang (2015), Timothy Cordle (2015), Michael Gallant (2020), James Cullen (2015). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Cullen Enhanced Equity Income C has 47 securities in its portfolio. The top 10 holdings constitute 35.8% 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.
Cullen Enhanced Equity Income C is part of the Equity global asset class and is within the Nontraditional Equity fund group. Cullen Enhanced Equity Income C has 10.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 86.2%. There is 10.4% 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). Cullen Enhanced Equity Income C has 3.4% of the portfolio in cash.
Assets Under Management
The fund has $10 million in total assets, which is below the $233 million average for the Derivative Income 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.
ENHCX 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 Cullen Enhanced Equity Income C expense ratio is high compared to funds in the Derivative Income category. Cullen Enhanced Equity Income C has an expense ratio of 1.75%, which is 56% higher than its category average, making the fund expense ratio grade a F. 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. Cullen Enhanced Equity Income C has a portfolio turnover rate of 150%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 114% for the Derivative Income category.
Recently, in the month of July 2026, Cullen Enhanced Equity Income C returned 2.3%, which earned it a grade of B, as the Derivative Income category had an average return of 1.7%. 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.
Cullen Enhanced Equity Income C has a trailing yield of 4.16%, which is below the 4.47% category average. The fund normally distributes its income quarterly 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.
Cullen Enhanced Equity Income C Grades
Year to date, the fund has returned 11.2%, 3.2 percentage points better than the category, which translates into a grade of A. The fund has returned 15.0% over the past year (grade of C), 7.6% over the past three years (grade of F) and 5.2% per year over the past five years (grade of F) and 6.4% per year over the past 10 years (grade of F).
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ENHCX 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 |
|
| ENHCX Return (NAV) | 2.3% | 4.2% | 15.0% | 7.6% | 5.2% | 6.4% |
| ENHCX Grade | B | B | C | F | F | F |
| +/- Category | 0.6% | 0.6% | 0.0% | -4.2% | -2.8% | -2.2% |
| Derivative Income Avg | 1.7% | 3.6% | 15.0% | 11.8% | 8.0% | 8.6% |
| ENHCX Tax Cost Ratio | na | na | 1.8% | 2.0% | 2.2% | 2.3% |
ENHCX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ENHCX Return (NAV) | 11.2% | 6.7% | 5.8% | -0.0% | -0.2% | 20.5% | 0.4% | 17.1% | -6.1% | 9.6% | 10.4% |
| ENHCX Grade | A | F | F | F | A | D | D | D | C | F | B |
| +/- Category | 3.2% | -5.6% | -7.1% | -12.5% | 7.9% | 0.2% | -4.6% | -2.0% | 0.6% | -4.8% | 0.7% |
| Derivative Income Avg | 8.0% | 12.3% | 12.9% | 12.5% | -8.1% | 20.3% | 5.0% | 19.1% | -6.7% | 14.4% | 9.7% |
| Risk Measures | |
| Standard Deviation: | 10.6% |
| Total Risk Index: | 0.86 - Average |
| Category Risk Index: | 1.07 - Above Average |
| Category Risk Grade: | D (68% Rank) |
| Beta: | 0.43 |
| R-Squared: | 28% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 4.2% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $147 Mil |
| Fund Total Assets: | $ 10 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 150% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 10.6 years | |||
| Average Tenure: 9.5 years | |||
| Managers (Year): Chang Jennifer (2015), Cordle Timothy (2015), Cullen James (2015), Gallant Michael (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 47 |
| % in Top 10 Holdings: | 35.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 10.4% |
Portfolio Allocation |
|
| Domestic Stock: | 86.2% |
| Foreign Stock: | 10.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.4% |
Purchase Information
| Fund Family: | Cullen Funds Trust |
| Phone Number: | 877-485-8586 |
| Website: | www.cullenfunds.com |
| Status: | Open |
| Inception Date: | December 15, 2015 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.75% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.12% |
| Share Class: | Cullen Enhanced Equity Income I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 50 |
