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Trending ETFs

Name

As of 03/18/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$11.69

$2.84 B

1.94%

$0.23

1.86%

Vitals

YTD Return

5.1%

1 yr return

5.8%

3 Yr Avg Return

5.5%

5 Yr Avg Return

7.6%

Net Assets

$2.84 B

Holdings in Top 10

59.4%

52 WEEK LOW AND HIGH

$11.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.86%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 0.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/18/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$11.69

$2.84 B

1.94%

$0.23

1.86%

ABYIX - Profile

Distributions

  • YTD Total Return 5.1%
  • 3 Yr Annualized Total Return 5.5%
  • 5 Yr Annualized Total Return 7.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -1.78%
DIVIDENDS
  • Dividend Yield 1.9%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Abbey Capital Futures Strategy Fund
  • Fund Family Name
    Abbey Capital
  • Inception Date
    Jul 01, 2014
  • Shares Outstanding
    166530770
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Anthony Gannon

Fund Description

The Fund seeks to achieve its investment objective by allocating its assets between a “Managed Futures” strategy and a “Fixed Income” strategy.

The Managed Futures strategy will be achieved by the Fund investing a portion of its assets in Abbey Capital Onshore Series LLC, a wholly-owned and controlled Delaware series limited liability company (the “Onshore Subsidiary”) and up to 25% of its total assets in Abbey Capital Master Offshore Fund Limited, a wholly-owned and controlled subsidiary of the Fund organized under the acts of the Cayman Islands (the “Cayman Subsidiary”). The Cayman Subsidiary will in turn invest all or substantially all of

its assets in segregated portfolios of Abbey Capital Offshore Fund SPC (the “SPC” and, together with the Onshore Subsidiary and the Cayman Subsidiary, the “Subsidiaries”), a wholly-owned and controlled segregated portfolio company incorporated under the acts of the Cayman Islands. The Cayman Subsidiary will serve solely as an intermediate entity through which the Fund will invest in the SPC. The Cayman Subsidiary makes no independent investment decisions and has no investment or other discretion over the Fund’s investable assets. The Adviser may allocate assets of the SPC and the Onshore Subsidiary to multiple Managed Futures portfolios (the “Segregated Portfolios”) that include investment styles or sub-strategies such as (i) trend following, (ii) discretionary, fundamentals-based investing with a focus on macroeconomic analysis, (iii) strategies that pursue both fundamental and technical trading approaches, (iv) other specialized approaches to specific or individual market sectors such as equities, interest rates, metals, agricultural and soft commodities, and (v) systematic trading strategies which incorporate technical and fundamental variables.

The Managed Futures strategy investments are designed to achieve capital appreciation in the financial and commodities futures markets. The Adviser intends to allocate the assets of the SPC and the Onshore Subsidiary to one or more Trading Advisers to manage in percentages determined at the discretion of the Adviser. Each Trading Adviser will manage one or more of its own Segregated Portfolios. Each Trading Adviser invests according to a Managed Futures strategy in one or a combination of (i) options, (ii) futures, (iii) forwards, (iv) spot contracts, or (v) swaps, including total return swaps, each of which may be tied to (i) commodities, (ii) financial indices and instruments, (iii) foreign currencies, or (iv) equity indices. All commodities futures and commodities-related investments will be made in the Segregated Portfolios of the SPC. Each current Trading Adviser is registered with the CFTC as a Commodity Trading Advisor (“CTA”). Trading Advisers that are not registered with the SEC as investment advisers provide advice only regarding matters that do not involve securities.

The Fixed Income strategy invests the Fund’s assets primarily in investment grade fixed income securities (of all durations and maturities) in order to generate interest income and capital appreciation, which may add diversification to the returns generated by the Fund’s Managed Futures strategy.

The Fund’s Adviser seeks returns, in part, by (i) using Managed Futures strategy investments that are not expected to have returns that are highly correlated to the broad equity market, and (ii) through actively managed Fixed Income strategy investments that are not expected to have returns that are highly correlated to the broad equity market or the Managed Futures strategy. The Adviser believes that utilizing non-correlated strategies may mitigate losses in generally declining markets. However, there can be no assurance that losses will be avoided. Investment strategies that have historically been non-correlated or demonstrated low correlations to one another or to major world financial market indices may become correlated at certain times, such as during a liquidity crisis in global financial markets.

The trading strategies employ several different trading styles using different research and trading methodologies, in a wide range of global financial and commodity markets operating over multiple time frames. Many of the styles use systematic, automated trading systems, using a combination of mathematical, statistical, technical analysis, pattern recognition and macroeconomic models aimed at profiting from market trends of different durations. Trading Advisers may use discretionary approaches aimed at identifying value investments and turning points in trends. All Trading Advisers utilize a disciplined approach to risk management. The Adviser and Trading Advisers from time to time will employ hedging techniques. Key principles of the Fund’s sell discipline include predetermined relative-value objectives for sectors, issuers and specific securities, pricing performance or fundamental performance that varies from expectations, deteriorating fundamentals, overvaluation and alternative investments offering the opportunity to achieve more favorable risk-adjusted returns.

The markets traded include bonds, money markets, foreign exchange markets and commodity markets. Most of the trading is done in derivative markets, usually listed futures markets, but some trading in cash markets may take place when this is the most effective way to enter or exit a trading position. Both long and short positions will be taken in all markets traded. Contracts are positioned either long or short based on various characteristics related to their prices. For example, the Fund may short a particular underlying security or instrument if the Adviser or a Trading Adviser believes the price of the underlying security or instrument will decrease. The Fund invests in U.S. and non-U.S. markets and in developed and emerging markets.

As much of the trading within the Fund is in futures markets, the Fund is likely to have cash balances surplus to margin requirements. The cash portfolio will be invested on a short-term, highly liquid, basis, to meet margin calls on the futures positions.

The Fund is “non-diversified” for purposes of the Investment Company Act of 1940, as amended, (the “1940 Act”) which means that the Fund may invest in fewer securities at any one time than a diversified fund. The Fund may not invest more than 15% of its net assets in illiquid investments. The Fund’s investments in certain derivative instruments and its short selling activities involve the use of leverage.

Generally, the SPC invests primarily in commodity futures but it may also invest in financial futures, options, forwards, spot contracts and swap contracts, fixed income securities, pooled investment vehicles, including those that are not registered pursuant to the 1940 Act and other investments intended to serve as margin or collateral for the SPC’s derivative positions. The Onshore Subsidiary only invests in financial futures, options, forwards, spot contracts and swap contracts, fixed income securities, pooled investment vehicles, including those that are not registered pursuant to the 1940 Act, and other investments intended to serve as margin or collateral for derivative positions. The Fund invests in the SPC in order to gain exposure to the commodities markets within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. Unlike the Fund and Onshore Subsidiary, the SPC may invest without limitation in commodity-linked derivatives. The Fund complies with Section 8 and Section 18 of the 1940 Act, governing investment policies and capital structure and leverage, respectively, on an aggregate basis with the Subsidiaries. The Subsidiaries also comply with Section 17 of the 1940 Act relating to affiliated transactions and custody.

In addition, to the extent applicable to the investment activities of the Subsidiaries, the Subsidiaries are subject to the same fundamental investment restrictions and will follow the same compliance policies and procedures as the Fund. Unlike the Fund, none of the Subsidiaries will seek to qualify as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). The Fund is, directly or indirectly, the sole shareholder of each Subsidiary and does not expect shares of the Subsidiaries to be offered or sold to other investors.

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ABYIX - Performance

Return Ranking - Trailing

Period ABYIX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.1% -7.4% 14.6% 46.81%
1 Yr 5.8% -16.1% 36.5% 43.01%
3 Yr 5.5%* -7.9% 13.3% 13.48%
5 Yr 7.6%* -5.3% 10.0% 32.53%
10 Yr N/A* -2.4% 4.3% N/A

* Annualized

Return Ranking - Calendar

Period ABYIX Return Category Return Low Category Return High Rank in Category (%)
2023 -5.2% -16.4% 12.9% 13.98%
2022 1.6% -9.3% 17.5% 39.13%
2021 -0.3% -25.8% 2.2% 37.21%
2020 6.2% -5.1% 21.0% 72.37%
2019 0.1% -20.3% 4.6% 45.07%

Total Return Ranking - Trailing

Period ABYIX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.1% -7.4% 14.6% 46.81%
1 Yr 5.8% -20.3% 36.5% 37.63%
3 Yr 5.5%* -9.0% 11.1% 11.24%
5 Yr 7.6%* -5.7% 8.7% 31.33%
10 Yr N/A* -2.4% 4.3% N/A

* Annualized

Total Return Ranking - Calendar

Period ABYIX Return Category Return Low Category Return High Rank in Category (%)
2023 -3.3% -16.4% 12.9% 13.98%
2022 17.1% -9.3% 17.5% 39.13%
2021 3.4% -20.3% 2.5% 37.21%
2020 7.9% -5.1% 21.0% 77.63%
2019 8.9% -20.3% 6.7% 54.93%

NAV & Total Return History


ABYIX - Holdings

Concentration Analysis

ABYIX Category Low Category High ABYIX % Rank
Net Assets 2.84 B 2.12 M 1.74 B 19.15%
Number of Holdings 853 3 876 18.09%
Net Assets in Top 10 1.55 B -100 M 2.04 B 100.00%
Weighting of Top 10 59.38% 20.3% 94.0% 24.07%

Top 10 Holdings

  1. United States Treasury Bill 9.53%
  2. United States Treasury Bill 8.43%
  3. United States Treasury Bill 7.14%
  4. United States Treasury Bill 5.61%
  5. United States Treasury Bill 5.49%
  6. United States Treasury Bill 5.49%
  7. United States Treasury Bill 5.43%
  8. United States Treasury Bill 4.45%
  9. United States Treasury Bill 4.18%
  10. United States Treasury Bill 3.62%

Asset Allocation

Weighting Return Low Return High ABYIX % Rank
Bonds
81.29% -50.36% 717.59% 63.83%
Cash
19.34% -687.11% 117.03% 44.68%
Stocks
0.00% -1.78% 72.26% 24.47%
Preferred Stocks
0.00% 0.00% 0.13% 87.23%
Convertible Bonds
0.00% 0.00% 2.27% 88.30%
Other
-0.67% 0.00% 58.63% 60.64%

Bond Sector Breakdown

Weighting Return Low Return High ABYIX % Rank
Government
25.91% 0.00% 82.10% 41.49%
Cash & Equivalents
3.07% 1.07% 100.00% 67.02%
Securitized
0.00% 0.00% 64.73% 88.30%
Corporate
0.00% 0.00% 31.20% 88.30%
Municipal
0.00% 0.00% 6.83% 85.11%
Derivative
-0.67% 0.00% 63.99% 19.15%

Bond Geographic Breakdown

Weighting Return Low Return High ABYIX % Rank
US
81.29% -169.44% 233.08% 17.02%
Non US
0.00% -77.11% 655.95% 98.94%

ABYIX - Expenses

Operational Fees

ABYIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.86% 0.75% 12.88% 53.76%
Management Fee 1.77% 0.65% 2.99% 95.74%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.09% 0.45% N/A

Sales Fees

ABYIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

ABYIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

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.

ABYIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 0.00% 0.00% 198.00% 30.00%

ABYIX - Distributions

Dividend Yield Analysis

ABYIX Category Low Category High ABYIX % Rank
Dividend Yield 1.94% 0.00% 0.00% 85.11%

Dividend Distribution Analysis

ABYIX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Quarterly Annually

Net Income Ratio Analysis

ABYIX Category Low Category High ABYIX % Rank
Net Income Ratio -1.78% -3.14% 1.55% 63.44%

Capital Gain Distribution Analysis

ABYIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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ABYIX - Fund Manager Analysis

Managers

Anthony Gannon


Start Date

Tenure

Tenure Rank

Jul 01, 2014

7.92

7.9%

Tony Gannon is Chief Executive Officer and Chief Investment Officer of Abbey Capital Limited, the Dublin-based alternative investment specialist. Tony founded Abbey Capital in 2000 with a vision to create an alternative investment business providing multi-manager funds specializing in the managed futures and foreign exchange sectors of the hedge fund industry. Over its nineteen-year history, Tony has overseen Abbey Capital’s growth from a start-up to a global company which is currently one of the largest independent allocators in the Commodity Trading Advisor (CTA) industry. Prior to founding Abbey Capital, Tony was a co-founder of Allied Irish Capital Management (AICM), a Dublin-based CTA, in conjunction with Allied Irish Banks. He helped to grow AICM to become one of the largest European CTAs, with funds under management growing from an initial $50 million to in excess of $1.4 billion. Tony has more than 25 years’ investment experience in the managed futures industry. He is globally recognized and acknowledged as a leader in the industry. He is a regular guest speaker at alternative investment industry conferences. Tony graduated with a Bachelor of Commerce degree and a Masters in Business Studies with Finance from University College Dublin, Ireland.

Mick Swift


Start Date

Tenure

Tenure Rank

Jul 01, 2014

7.92

7.9%

As Research Director, and voting member of the Investment Committee, Mick manages and oversees Abbey Capital’s research and risk management processes as well as portfolio construction. He joined Abbey Capital in May 2002 after fifteen years as a trader and manager of trading teams. Prior to joining Abbey Capital, Mick was a Director at Allied Irish Capital Management (AICM) from 1998 to 2002. While at AICM, he worked in a trading capacity and also on product research and risk management. Previously, Mick was the Head of FX and European Interest Rate Trading at Bank of Ireland in Dublin from 1997 to 1998. Prior to that, Mick was Treasurer and EVP at Bank of Ireland’s New York Branch, where he ran the trading and sales operation from 1994 to 1997. In 1992, he became Head of Interest Rate trading at the bank. Mick initially joined the Treasury Division of Bank of Ireland in 1984 where he traded foreign exchange and interest rate markets on a proprietary basis. Mick graduated with a Bachelors Degree in Commerce from University College Galway and holds an ACMA qualification

Tenure Analysis

Category Low Category High Category Average Category Mode
0.16 14.09 5.41 5.06