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2024 Estimated Capital Gain Distributions
Please note that none of our First Trust Closed-End Funds are expected to pay a special long-term capital gain distribution in December. Also, none of the First Trust Closed-End Funds are expected to pay any special short-term capital gain distributions in December. Final determination of the source and tax status of all distributions paid in the current year are to be made after year-end and could differ from the expectations noted above.
Investment Objective/Strategy - First Trust Intermediate Duration Preferred & Income Fund (the "Fund") is a diversified, closed-end management investment company. The primary investment objective is to seek a high level of current income. The Fund has a secondary objective of capital appreciation. The Fund seeks to achieve its objectives by investing, under normal market conditions, at least 80% of its managed assets in preferred securities and other income producing securities issued by U.S. and non-U.S. companies, including traditional preferred securities, hybrid preferred securities that have investment and economic characteristics of both preferred securities and debt securities, floating-rate and fixed-to-floating rate preferred securities, debt securities, convertible securities and contingent convertible securities. The Fund seeks to maintain, under normal market conditions, a duration of between three and eight years.
There can be no assurance that the Fund's investment objectives will be achieved. The Fund may not be appropriate for all investors.
Ticker | FPF |
Fund Type | Preferred Income |
Fund Advisor | First Trust Advisors L.P. |
Portfolio Manager/Sub-Advisor | Stonebridge Advisors LLC |
Investor Servicing Agent | Computershare Trust Company, N.A. |
CUSIP | 33718W103 |
Fiscal Year-End | 10/31 |
Exchange | NYSE |
Inception | 5/23/2013 |
Inception Price | $25.00 |
Inception NAV | $23.88 |
Closing NAV1 | $19.66 |
Closing Market Price2 | $18.68 |
Discount to Net Asset Value (NAV) | 4.98% |
Total Managed Assets | $1,801,923,646 |
Common Shares Outstanding | 60,847,827 |
Dividend Frequency | Monthly |
Dividend Per Share Amt3 | $0.1375 |
Distribution Rate4 | 8.83% |
Daily Volume | 123,978 |
Average 30-Day Daily Volume | 144,432 |
Closing Market Price 52-Week High/Low | $19.53 / $15.76 |
Closing NAV 52-Week High/Low | $20.06 / $17.98 |
Annual Expenses | Percent of Net Assets | Percent of Managed Assets |
Management Fees | 1.28% | 0.85% |
Other Expenses | 0.19% | 0.13% |
Total Operating Expenses | 1.47% | 0.98% |
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Leverage Costs | 3.16% | 2.09% |
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Total Annual Expenses | 4.63% | 3.07% |
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Leverage costs include interest, fees and any upfront/offering costs associated with borrowings by the Fund.
Total Net Assets with Leverage | $1,801,923,646 |
Amount Attributable to Common Shares | $1,196,023,646 |
Amount Attributable to Other Borrowings | $605,900,000 |
Leverage (% of Total Adjusted Net Assets) | 33.63% |
Industry |
Percent |
Banks |
47.51% |
Insurance |
14.46% |
Oil, Gas & Consumable Fuels |
7.81% |
Capital Markets |
7.77% |
Electric Utilities |
5.44% |
Multi-Utilities |
5.07% |
Food Products |
3.02% |
Financial Services |
2.90% |
Wireless Telecommunication Services |
1.52% |
Independent Power and Renewable Electricity Producers |
1.03% |
Mortgage Real Estate Investment Trusts (REITs) |
0.71% |
Gas Utilities |
0.69% |
Real Estate Management & Development |
0.57% |
Construction Materials |
0.47% |
Retail REITS |
0.36% |
Automobiles |
0.19% |
Trading Companies & Distributors |
0.19% |
Diversified Telecommunication Services |
0.14% |
Diversified REITS |
0.13% |
Specialized REITS |
0.02% |
Security |
Percent |
Fixed-to-Floating Rate and Fixed-to-Variable Rate Securities |
81.29% |
Fixed Rate Securities |
17.01% |
Floating Rate Securities |
1.70% |
Weighted Average Effective Duration5 | 4.36 Years |
Weighted Average Yield-to-Worst6 | 6.71% |
% Institutional Securities (e.g. $1000 par)7 | 84.93% |
% Retail Securities (e.g. $25 par)8 | 15.07% |
Weighted Average % of Par12 | 100.75% |
Past performance is not indicative of future results.
Holding |
Percent |
Barclays PLC, 8.000% |
2.00% |
Wells Fargo & Co., 7.500% |
1.90% |
JPMorgan Chase & Co., 6.875% |
1.80% |
Land O' Lakes, Inc., 8.000% |
1.80% |
Banco Santander SA, 9.625% |
1.70% |
Bank of America Corp., 6.125% |
1.70% |
Intesa Sanpaolo S.p.A, 7.700% |
1.60% |
Enbridge, Inc., 6.250% |
1.50% |
Hartford Financial Services Group (The), Inc., 7.505% |
1.50% |
HSBC Holdings PLC, 8.000% |
1.50% |
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Credit Quality |
Percent |
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BBB+
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12.17%
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BBB
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24.37%
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BBB-
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37.80%
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BB+
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13.30%
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BB
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6.84%
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BB-
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1.75%
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B
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0.56%
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B-
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0.56%
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NR
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2.65%
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The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody's Investors Service, Inc., Fitch Ratings, or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.
Country |
Percent |
United States |
54.77% |
Canada |
14.84% |
United Kingdom |
8.30% |
France |
7.05% |
Spain |
4.15% |
Mexico |
2.72% |
Bermuda |
2.23% |
Italy |
1.62% |
Netherlands |
1.24% |
Germany |
1.14% |
Sweden |
0.50% |
Switzerland |
0.43% |
Australia |
0.36% |
Japan |
0.33% |
Chile |
0.32% |
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The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
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