Name
As of 03/21/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
7.7%
1 yr return
9.2%
3 Yr Avg Return
5.3%
5 Yr Avg Return
4.7%
Net Assets
$28.9 M
Holdings in Top 10
57.2%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 3.24%
SALES FEES
Front Load 5.75%
Deferred Load N/A
TRADING FEES
Turnover 0.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/21/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
WAVEX - Profile
Distributions
- YTD Total Return 7.7%
- 3 Yr Annualized Total Return 5.3%
- 5 Yr Annualized Total Return 4.7%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -3.20%
- Dividend Yield 5.3%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameLongboard Managed Futures Strategy Fund
-
Fund Family NameLifegoal ETFs
-
Inception DateMar 22, 2013
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerCole Wilcox
Fund Description
The Fund seeks to achieve its investment objectives using two principal strategies, a Futures Strategy and a Fixed Income Strategy:
Futures Strategy. The Fund pursues its investment objective by employing a trend following strategy (identifying opportunities as prices trend up and down) similar in general concept to the managed futures industry at large. The strategy is systematic and rules based. The Adviser will consider a variety of exchange traded futures contracts and forward contracts. The Fund’s holdings, either direct or held through a wholly-owned and controlled subsidiary, Longboard Fund Limited (the “Subsidiary”), will generally be diversified across the equities, energies, interest rates, grains, meats, soft commodities (such as sugar, coffee, and cocoa), currencies, and metals sectors; and will also be diversified across North America, Asia, Europe, Australia, and potentially Africa and South America. Through its investment in futures contracts and forward contracts, the Adviser seeks to capture long term trends in the global financial markets and commodities. Futures and forward contracts are contractual agreements to buy or sell a particular currency, commodity or financial instrument at a pre-determined price in the future.
To pursue the Fund’s Futures Strategy, the Fund intends to invest up to 25% of its total assets in the Subsidiary. Assets in the Fund’s Subsidiary will be invested in commodity-related derivatives pursuant to the Futures Strategy. The Fund may also invest directly in certain financial-related derivatives with a portion of its assets pursuant to the Futures Strategy. Additionally, the Fund will, at times, purchase options on futures contracts, to cover the potential obligation regarding delivery of assets specified in the contracts. The Fund anticipates that it will generally invest between 5-30% of its assets (whether directly or through the Subsidiary) pursuant to the Futures Strategy.
The Subsidiary is a wholly-owned and controlled subsidiary of the Fund, organized under the laws of the Cayman Islands as an exempted company. Generally, the Subsidiary will invest primarily in commodity futures and swaps on commodity futures but it may also invest in financial futures, option 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 Subsidiary’s derivative positions.
Fixed Income Strategy. The Fixed Income strategy is designed to generate absolute returns from interest income with less volatility than equity markets by investing primarily in U.S. Dollar-denominated fixed income securities including: (1) obligations issued or guaranteed by the United States Government, its agencies or instrumentalities, (2) bonds, notes, or similar debt obligations issued by U.S. or foreign corporations, (3) U.S. asset-backed securities (“ABS”) and (4) U.S. structured notes. The Fund restricts fixed income securities to those having a short-term rating of prime (highest short-term debt category) and/or a long-term rating of investment grade (BBB- or higher). The fixed income portion of the Fund’s portfolio will be invested without restriction as to individual security maturity, but the average duration (a measure of interest rate risk similar to maturity) of the fixed income portfolio will not exceed 5 years. The Fund generally invests between 70-95% of its assets pursuant to the Fixed Income Strategy and/or in cash and cash equivalents, although it reserves the right to invest up to 100% of its assets pursuant to the Fixed Income Strategy and/or in cash and cash equivalents.
The Adviser acts as the adviser to both the Fund and the Subsidiary.
WAVEX - Performance
Return Ranking - Trailing
Period | WAVEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 7.7% | -7.4% | 14.6% | 30.85% |
1 Yr | 9.2% | -16.1% | 36.5% | 74.19% |
3 Yr | 5.3%* | -7.9% | 13.3% | 88.76% |
5 Yr | 4.7%* | -5.3% | 10.0% | 83.13% |
10 Yr | 3.1%* | -2.4% | 4.3% | N/A |
* Annualized
Return Ranking - Calendar
Period | WAVEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -6.5% | -16.4% | 12.9% | 66.67% |
2022 | 5.5% | -9.3% | 17.5% | 100.00% |
2021 | 1.6% | -25.8% | 2.2% | 65.12% |
2020 | -1.3% | -5.1% | 21.0% | 15.79% |
2019 | -9.3% | -20.3% | 4.6% | 69.01% |
Total Return Ranking - Trailing
Period | WAVEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 7.7% | -7.4% | 14.6% | 30.85% |
1 Yr | 9.2% | -20.3% | 36.5% | 86.02% |
3 Yr | 5.3%* | -9.0% | 11.1% | 89.89% |
5 Yr | 4.7%* | -5.7% | 8.7% | 86.75% |
10 Yr | 3.1%* | -2.4% | 4.3% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | WAVEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -1.2% | -16.4% | 12.9% | 66.67% |
2022 | 8.3% | -9.3% | 17.5% | 100.00% |
2021 | 5.1% | -20.3% | 2.5% | 69.77% |
2020 | 1.1% | -5.1% | 21.0% | 15.79% |
2019 | -9.3% | -20.3% | 6.7% | 74.65% |
NAV & Total Return History
WAVEX - Holdings
Concentration Analysis
WAVEX | Category Low | Category High | WAVEX % Rank | |
---|---|---|---|---|
Net Assets | 28.9 M | 2.12 M | 1.74 B | 70.21% |
Number of Holdings | 70 | 3 | 876 | 71.28% |
Net Assets in Top 10 | 15.4 M | -100 M | 2.04 B | 62.77% |
Weighting of Top 10 | 57.23% | 20.3% | 94.0% | 50.00% |
Top 10 Holdings
- B 02/29/24 55.17%
- LME NICKEL FUTURE Dec23 0.41%
- COCOA FUTURE - IC Mar24 0.31%
- CURRENCY CONTRACT - PLN 0.29%
- CURRENCY CONTRACT - AUD 0.24%
- NATURAL GAS FUTR Jan24 0.21%
- COFF ROBUSTA 10tn Jan24 0.18%
- IBEX 35 INDX FUTR Dec23 0.17%
- FTSE/MIB IDX FUT Dec23 0.15%
- AUST 10Y BOND FUT Dec23 0.11%
Asset Allocation
Weighting | Return Low | Return High | WAVEX % Rank | |
---|---|---|---|---|
Bonds | 55.17% | -50.36% | 717.59% | 82.98% |
Cash | 44.13% | -687.11% | 117.03% | 27.66% |
Other | 0.70% | 0.00% | 58.63% | 96.81% |
Stocks | 0.00% | -1.78% | 72.26% | 37.23% |
Preferred Stocks | 0.00% | 0.00% | 0.13% | 75.53% |
Convertible Bonds | 0.00% | 0.00% | 2.27% | 77.66% |
Bond Sector Breakdown
Weighting | Return Low | Return High | WAVEX % Rank | |
---|---|---|---|---|
Derivative | 0.70% | 0.00% | 63.99% | 2.13% |
Cash & Equivalents | 0.00% | 1.07% | 100.00% | 43.62% |
Securitized | 0.00% | 0.00% | 64.73% | 77.66% |
Corporate | 0.00% | 0.00% | 31.20% | 77.66% |
Municipal | 0.00% | 0.00% | 6.83% | 73.40% |
Government | 0.00% | 0.00% | 82.10% | 95.74% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | WAVEX % Rank | |
---|---|---|---|---|
US | 55.17% | -169.44% | 233.08% | 75.53% |
Non US | 0.00% | -77.11% | 655.95% | 80.85% |
WAVEX - Expenses
Operational Fees
WAVEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 3.24% | 0.75% | 12.88% | 7.53% |
Management Fee | 2.99% | 0.65% | 2.99% | 98.94% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 54.10% |
Administrative Fee | N/A | 0.09% | 0.45% | 70.72% |
Sales Fees
WAVEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 5.75% | 3.50% | 5.75% | 50.00% |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
WAVEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 1.00% | 98.21% |
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.
WAVEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 0.00% | 0.00% | 198.00% | 20.00% |
WAVEX - Distributions
Dividend Yield Analysis
WAVEX | Category Low | Category High | WAVEX % Rank | |
---|---|---|---|---|
Dividend Yield | 5.32% | 0.00% | 0.00% | 73.40% |
Dividend Distribution Analysis
WAVEX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annually | Quarterly | Annually |
Net Income Ratio Analysis
WAVEX | Category Low | Category High | WAVEX % Rank | |
---|---|---|---|---|
Net Income Ratio | -3.20% | -3.14% | 1.55% | 98.92% |
Capital Gain Distribution Analysis
WAVEX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 06, 2023 | $0.528 | OrdinaryDividend |
Dec 06, 2022 | $0.256 | OrdinaryDividend |
Dec 06, 2021 | $0.318 | OrdinaryDividend |
Dec 04, 2020 | $0.211 | OrdinaryDividend |
WAVEX - Fund Manager Analysis
Managers
Cole Wilcox
Start Date
Tenure
Tenure Rank
Jun 27, 2012
9.93
9.9%
Cole Wilcox leads the executive management team at Longboard. He has been involved in all development phases of the firm since its founding in 2010. Mr. Wilcox is a recognized leader in the alternative investment industry, with over 21 years of experience operating hedge fund investment strategies. He leads Longboard's Investment Committee and serves as a portfolio manager for all funds. He wrote the foreword to the second edition of 'The Little Book of Trading' and has co-authored several leading research papers on alternative investment strategies. Mr. Wilcox is a graduate of the Owner / President Management Program at Harvard Business School.
Sarah Baldwin
Start Date
Tenure
Tenure Rank
Apr 30, 2018
4.09
4.1%
Sarah Baldwin is a Portfolio Manager and Managing Director of Investments. As a member of our Executive Team, Sarah drives the execution of Longboard's strategic initiatives and is responsible for building and managing a best-in-class trading and research team. Before joining Longboard, Ms. Baldwin spent 12 years at Graham Capital Management, a $17 billion CTA based in Connecticut. As a trader on a global macro trading team, she was focused on global monetary policy, macroeconomics and fundamental analysis. Priote to that role, she worked on the quantitative trading team focused on systematic trend following strategies. She has extensive experience on the trading side and spends a lot of time speaking with clients. Ms. Baldwin graduated from the University of Connecticut with a bachelor's degree in Economics and Political Science.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.16 | 14.09 | 5.41 | 5.06 |