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AARMX American Indep Glbl Tac Allc A

  • Fund
  • AARMX
  • Price as of: Apr 18, 2019
  • $9.69
  • + $0.01
  • + 0.10%
  • Category
  • Global Allocation

AARMX - Profile

Vitals

  • YTD Return 2.2%
  • 3 Yr Annualized Return 5.5%
  • 5 Yr Annualized Return 4.4%
  • Net Assets $20.9 M
  • Holdings in Top 10 8.4%

52 WEEK LOW AND HIGH

$9.69
$9.48
$11.89

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.91%

SALES FEES

  • Front Load 5.75%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 193.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$5,000

IRA

N/A

Investment Themes

CATEGORY

Global Allocation
  • Fund Type Open End Mutual Fund
  • Investment Style Tactical Allocation

Distributions

  • YTD Total Return 2.2%
  • 3 Yr Annualized Total Return 3.4%
  • 5 Yr Annualized Total Return 3.2%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.25%
DIVIDENDS
  • Dividend Yield N/A
  • Dividend Distribution Frequency Semi-Annually

Fund Details

  • Legal Name American Independence Global Tactical Allocation Fund
  • Fund Family Name American Independence
  • Inception Date Sep 20, 2013
  • Shares Outstanding 717328
  • Share Class A
  • Currency USD
  • Domiciled Country United States
  • Manager Charles McNally

Fund Description

Under normal market conditions, the fund invests at least 80% (and generally as close to 100% as practical) of its net assets, plus borrowings for investment purposes, in equities and fixed income securities indirectly through ETFs and ETNs, listed on U.S. exchanges, representing both developed and emerging market countries, including ETFs and ETNs holding fixed income securities having varying maturities and credit qualities including high yield securities (commonly known as junk bonds).

AARMX - Performance

Return Ranking - Trailing

Period AARMX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 2.2% -25.7% 14.9% 67.74% 4
1 Yr -1.3% -35.4% 26.6% 77.47% 4
3 Yr 5.5% * -5.5% 17.2% 50.72% 3
5 Yr 4.4% * -3.8% 7.4% 18.64% 1
10 Yr N/A * -0.9% 11.8% N/A N/A

* Annualized


Return Ranking - Calendar

Period AARMX Return Category Return Low Category Return High Rank in Category (%) Quintile
2018 -19.8% -32.0% 20.0% 87.05% 5
2017 12.6% -15.3% 26.2% 17.21% 1
2016 2.7% -24.6% 210.7% 40.80% 3
2015 -2.0% -30.7% 14.2% 14.29% 1
2014 0.9% -21.3% 20.1% 30.87% 2

Total Return Ranking - Trailing

Period AARMX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 2.2% -100.0% 14.9% 67.53% 4
1 Yr -7.0% -35.4% 40.9% 91.85% 5
3 Yr 3.4% * -5.7% 17.2% 69.57% 4
5 Yr 3.2% * -3.9% 6.6% 46.19% 3
10 Yr N/A * 1.3% 11.8% N/A N/A

* Annualized


Total Return Ranking - Calendar

Period AARMX Return Category Return Low Category Return High Rank in Category (%) Quintile
2018 -19.8% -32.0% 18.4% 87.05% 5
2017 12.6% -11.9% 26.2% 17.91% 1
2016 3.3% -9.5% 210.8% 44.34% 3
2015 -0.4% -29.2% 35.6% 24.94% 2
2014 3.5% -17.9% 35.7% 45.12% 3

NAV & Total Return History

AARMX - Holdings

Filings data as of: Dec 31, 2018

Concentration Analysis

AARMX Category Low Category High AARMX % Rank Quintile
Net Assets 20.9 M 246 K 104 B 23.26% 4
Number of Holdings 13 2 3648 19.45% 5
Net Assets in Top 10 2.34 M -58.9 M 19.7 B 26.43% 5
Weighting of Top 10 8.4% 0.0% 950.3% 27.91% 5

Top 10 Holdings

  1. SPDR® S&P 500 ETF 0.09%
  2. iShares Europe ETF 0.17%
  3. Global X Scientific Beta US ETF 0.10%
  4. Global X Scientific Beta Japan ETF 0.89%
  5. Global X Scientific Beta Europe ETF 0.88%
  6. SPDR® DoubleLine Total Return Tact ETF 0.29%
  7. iShares MSCI Emerging Markets ETF 0.66%
  8. Global X Scientific Beta Asia ex-JPN ETF 0.08%
  9. Vanguard Total International Bond ETF 5.10%
  10. iShares MSCI Pacific ex Japan ETF 0.15%

Asset Allocation

Weighting Category Low Category High AARMX % Rank Quintile
Cash
91.62% -106.19% 118.36% 0.85% 1
Bonds
5.35% -234.98% 120.80% 26.00% 5
Stocks
3.02% -18.32% 259.25% 27.91% 5
Other
0.01% -0.97% 101.91% 21.78% 5
Preferred Stocks
0.00% 0.00% 17.16% 11.42% 5
Convertible Bonds
0.00% 0.00% 13.02% 9.73% 5

Stock Sector Breakdown

Weighting Category Low Category High AARMX % Rank Quintile
Financial Services
0.50% -1.55% 38.98% 26.09% 5
Industrials
0.40% 0.00% 18.58% 25.65% 5
Consumer Cyclical
0.38% -7.62% 25.91% 25.87% 5
Technology
0.33% -3.70% 44.06% 25.43% 5
Consumer Defense
0.32% -1.18% 18.16% 25.00% 5
Basic Materials
0.26% -0.11% 19.84% 24.35% 5
Healthcare
0.22% -5.59% 20.86% 24.78% 5
Utilities
0.18% -0.50% 33.09% 22.17% 5
Real Estate
0.18% -0.70% 29.94% 23.26% 5
Energy
0.16% -0.11% 28.00% 25.00% 5
Communication Services
0.09% -0.71% 16.82% 24.78% 5

Stock Geographic Breakdown

Weighting Category Low Category High AARMX % Rank Quintile
Non US
2.82% -15.36% 159.65% 27.06% 5
US
0.20% -45.05% 99.60% 26.43% 5

Bond Sector Breakdown

Weighting Category Low Category High AARMX % Rank Quintile
Cash & Equivalents
91.62% -103.93% 141.04% 0.85% 1
Government
4.09% -242.10% 120.80% 22.83% 4
Corporate
0.80% 0.00% 57.61% 23.68% 5
Securitized
0.44% 0.00% 29.27% 13.74% 3
Derivative
0.00% -12.61% 16.06% 4.86% 4
Municipal
0.00% 0.00% 9.55% 6.34% 5

Bond Geographic Breakdown

Weighting Category Low Category High AARMX % Rank Quintile
Non US
4.97% -716.47% 73.38% 18.82% 4
US
0.38% -262.85% 668.05% 24.74% 5

AARMX - Expenses

Operational Fees

AARMX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 1.91% 0.01% 19.72% 19.07% 4
Management Fee 0.75% 0.00% 1.70% 4.68% 4
12b-1 Fee 0.25% 0.00% 1.00% 3.67% 3
Administrative Fee N/A 0.00% 0.55% N/A N/A

Sales Fees

AARMX Fees (% of AUM) Category Low Category High AARMX Rank Quintile
Front Load 5.75% 0.15% 5.75% 0.97% 5
Deferred Load N/A 0.50% 5.50% N/A N/A

Trading Fees

AARMX Fees (% of AUM) Category Low Category High AARMX Rank Quintile
Max Redemption Fee N/A 0.11% 2.00% N/A N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

AARMX Fees (% of AUM) Category Low Category High AARMX Rank Quintile
Turnover 193.00% 0.00% 1837.00% 2.14% 5

AARMX - Distributions

Dividend Yield Analysis

AARMX Category Low Category High AARMX % Rank Quintile
Dividend Yield N/A 0.00% 2.18% N/A N/A

Dividend Distribution Analysis

AARMX Category Low Category High Category Mode
Dividend Distribution Frequency Semi-Annually Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

AARMX Category Low Category High AARMX % Rank Quintile
Net Income Ratio 1.25% -1.83% 7.59% 34.11% 3

Capital Gain Distribution Analysis

AARMX Category Low Category High Capital Mode
Capital Gain Distribution Frequency N/A Annually Daily Annually

AARMX - Managers

Charles McNally

Manager

Start Date

Dec 15, 2014

Tenure

4.29

Tenure Rank

7.3%

Charles McNally. Mr. McNally joined Manifold Fund Advisors as Chief Portfolio Strategist in early 2013. For thirteen years, he was a founding member and became a portfolio manager and head of manager research for the Fund of Funds and Institutional Advisory Group at Lyster Watson & Company, a pioneer firm in advising hedge fund investors. Prior to that, he headed research and development for a proprietary equity statistical arbitrage strategy at Jefferies Group, following a role as senior trader at a quantitative hedge fund. He started his career in the fixed-income portfolio strategy research group at Goldman Sachs & Company, and later advised the firm’s institutional clients on using fixed-income futures and options for hedging and portfolio applications. He moved to Salomon Brothers to become product manager for their fixed-income futures and options customer business and traded fixed income and foreign exchange at CS First Boston, before moving into investment management. Mr. McNally earned a Sc.B. in Applied Mathematics, magna cum laude, from Brown University, and continued his studies in pure and applied mathematics at Cambridge University (as a Churchill Scholar) and at New York University’s Courant Institute of Mathematical Sciences.


Joseph L Demmler

Manager

Start Date

Sep 24, 2018

Tenure

0.52

Tenure Rank

12.1%

Mr. Demmler has been in the financial services business since 1973. He became a proprietary trader at Bankers Trust Company in 1978 after going through the Commercial Lending Training Program there. He went on to work as a money market and government securities trader and trading manager at Cantor Fitzgerald, Morgan Stanley, and Credit Suisse First Boston, all in New York City. In 1990 he turned to the asset management business and for 20 years held various executive positions in various mutual fund and institutional asset management businesses. He was head of Alternative Investments at Putnam Investments in Boston where he met and worked closely with Mr. Lee in 1999. In 2008 he joined Mr. Lee's New York family office to assist in the management of Mr. Lee's business interests. Mr. Demmler is a 1973 graduate of Colgate University and a 1978 graduate of the Harvard Business School.


Nathan W. Eigerman

Manager

Start Date

Sep 24, 2018

Tenure

0.52

Tenure Rank

12.1%

Mr.Eigerman has twenty years of experience in the investment management business. From 1996 to 2003 he was with Putnam Investments where he served as a quantitative analyst and portfolio manager. While there he was co-manager of the Putnam Health Sciences Trust, the Putnam International New Opportunities Fund, and several instituional portfolios. After leaving Putnam, Mr. Eigerman was a founder of Oxhead Capital Management, a successful hedge fund firm which was acquired by Morgan Stanley Investment Management in 2006. Following Morgan Stanley, he served as President of NPI Capital, a start-up focused on acquiring small and mid=sized asset managers. From 2012 to 2015 he was Director of Product Development and a member of the Investment Committee of F-Squared Investments. Mr. Eigerman recieved his A.B. in economics from Harvard College and his M.B.A. from the MIT/Sloan School, and has taught financial theory and statistics at Harvard University.


Tenure Analysis

Category Low

0.0

Category High

27.3

Category Average

5.52

Category Mode

4.3