Fulcrum Diversified Absolute Return Fund
Name
As of 04/16/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
3.7%
1 yr return
5.6%
3 Yr Avg Return
1.2%
5 Yr Avg Return
4.3%
Net Assets
$201 M
Holdings in Top 10
50.7%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.40%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 13.00%
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 04/16/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
FARIX - Profile
Distributions
- YTD Total Return 3.7%
- 3 Yr Annualized Total Return 1.2%
- 5 Yr Annualized Total Return 4.3%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.98%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameFulcrum Diversified Absolute Return Fund
-
Fund Family NameAnchor Funds
-
Inception DateJul 31, 2015
-
Shares Outstanding8227108
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerSuhail Shaikh
Fund Description
In seeking to achieve its aim of long-term absolute returns, the Fund aims to hold a diversified portfolio and achieve long-term absolute returns in all market conditions over rolling five-year periods, with lower volatility than equity markets and in excess of inflation. The Fund implements its strategy by investing globally either directly, or through derivatives, in a broad range of instruments, including, but not limited to, equity, fixed income, currency, commodity, credit derivative and cash instruments (including U.S. treasury bills). The Fund may invest in fixed income securities of any credit rating, maturity or duration. Fixed income securities may include floating rate and variable rate products. Derivatives, including futures, forwards, options and swaps, are utilized for investment and for hedging purposes. Derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, or index, and may relate to equity securities, fixed income securities, interest rates, commodities, or currency exchange rates and related indexes. Swaps may include, but are not limited to, currency swaps, equity index swaps, interest rate swaps and credit default index swaps.
The Fund is managed with an aim to limit forward looking volatility to 12%, which is expected to be lower than the volatility of equity markets. Forward looking volatility refers to the estimated volatility that a portfolio is taking based on short term volatility forecasts, such as those implied from option prices. By aiming to limit forward looking volatility to 12%, exposure to equities, commodities and credit, for example, are as a result limited at times of market stress when volatility typically spikes and the probability of losses is especially high. On an intra-day basis, forward looking volatility may exceed 12%, but a risk reduction is implemented such that it falls below 12% by the close of each trading day.
The Fund may also invest up to 25% of its assets in a subsidiary that is invested in derivative instruments (the Subsidiary), which is wholly-owned by the Fund and is organized under the laws of the Cayman Islands. The Fund does not control any other entity. The Subsidiary pursues the same investment objective as the Fund. The Subsidiary invests primarily in commodity futures and options and other commodity-linked derivative instruments, but it may also invest in financial futures, option and swap contracts, fixed income securities, and other investments intended to serve as margin or collateral for the Subsidiarys derivative positions. The Fund invests in the Subsidiary with the intent of gaining exposure to the commodities markets while meeting the requirements applicable to a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Internal Revenue Code). Unlike the Fund, the Subsidiary may invest without limitation in commodity-linked derivatives.
Under normal circumstances, the Fund anticipates that allocates at least 50% of its total assets in global securities outside of the United States (or derivatives with similar economic characteristics). In doing so, the Fund allocates its assets among various regions and countries, including emerging markets.
FARIX - Performance
Return Ranking - Trailing
Period | FARIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.7% | -73.0% | 19.4% | 14.34% |
1 Yr | 5.6% | -9.1% | 86.9% | 61.82% |
3 Yr | 1.2%* | -9.5% | 16.2% | 19.68% |
5 Yr | 4.3%* | -4.9% | 14.4% | 26.46% |
10 Yr | N/A* | -0.9% | 7.5% | N/A |
* Annualized
Return Ranking - Calendar
Period | FARIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -0.7% | -22.7% | 305.1% | 50.37% |
2022 | 0.7% | -9.8% | 27.3% | 29.44% |
2021 | -4.4% | -20.8% | 10.9% | 82.22% |
2020 | 1.7% | -12.4% | 29.4% | 93.07% |
2019 | 6.9% | -10.5% | 15.8% | 54.45% |
Total Return Ranking - Trailing
Period | FARIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.7% | -73.0% | 19.4% | 14.70% |
1 Yr | 5.6% | -13.4% | 86.9% | 57.45% |
3 Yr | 1.2%* | -9.5% | 16.2% | 18.47% |
5 Yr | 4.3%* | -5.3% | 14.4% | 24.22% |
10 Yr | N/A* | -0.9% | 7.5% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | FARIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 0.2% | -22.7% | 305.1% | 50.37% |
2022 | 2.0% | -9.8% | 27.3% | 29.84% |
2021 | 4.3% | -20.8% | 10.9% | 86.22% |
2020 | 9.7% | -8.4% | 29.4% | 82.18% |
2019 | 6.9% | -10.2% | 18.0% | 58.64% |
NAV & Total Return History
FARIX - Holdings
Concentration Analysis
FARIX | Category Low | Category High | FARIX % Rank | |
---|---|---|---|---|
Net Assets | 201 M | 1.5 M | 5.01 B | 60.52% |
Number of Holdings | 1149 | 4 | 4478 | 35.69% |
Net Assets in Top 10 | 102 M | -398 M | 2.55 B | 56.18% |
Weighting of Top 10 | 50.70% | 13.1% | 100.0% | 43.95% |
Top 10 Holdings
- B 03/21/24 12.02%
- B 03/14/24 7.67%
- B 02/15/24 6.58%
- B 02/29/24 5.75%
- B 02/20/24 5.44%
- B 04/18/24 4.46%
- B 02/08/24 3.91%
- B 04/25/24 2.99%
- GSGLPHRE TRS 02/13/ 1.30%
- MICROSOFT CORP 0.57%
Asset Allocation
Weighting | Return Low | Return High | FARIX % Rank | |
---|---|---|---|---|
Bonds | 48.83% | -326.45% | 6347.80% | 28.27% |
Cash | 31.74% | -6278.21% | 410.43% | 89.75% |
Stocks | 15.94% | -3.75% | 97.95% | 81.63% |
Other | 2.23% | -21.53% | 148.54% | 7.42% |
Preferred Stocks | 0.00% | -0.12% | 46.97% | 83.75% |
Convertible Bonds | 0.00% | 0.00% | 87.92% | 42.40% |
Stock Sector Breakdown
Weighting | Return Low | Return High | FARIX % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 9.23% | 33.46% |
Technology | 0.00% | 0.00% | 39.58% | 36.22% |
Real Estate | 0.00% | 0.00% | 51.26% | 44.09% |
Industrials | 0.00% | 0.00% | 21.45% | 66.93% |
Healthcare | 0.00% | 0.00% | 45.63% | 36.61% |
Financial Services | 0.00% | 0.00% | 59.28% | 43.70% |
Energy | 0.00% | 0.00% | 100.00% | 32.68% |
Communication Services | 0.00% | 0.00% | 21.78% | 29.92% |
Consumer Defense | 0.00% | 0.00% | 13.62% | 27.56% |
Consumer Cyclical | 0.00% | 0.00% | 29.09% | 54.33% |
Basic Materials | 0.00% | 0.00% | 27.46% | 38.98% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | FARIX % Rank | |
---|---|---|---|---|
US | 13.17% | -8.85% | 91.88% | 57.60% |
Non US | 2.76% | -19.62% | 42.11% | 96.11% |
Bond Sector Breakdown
Weighting | Return Low | Return High | FARIX % Rank | |
---|---|---|---|---|
Government | 35.49% | 0.00% | 84.29% | 30.04% |
Derivative | 2.23% | 0.00% | 88.81% | 10.60% |
Cash & Equivalents | 0.00% | 0.27% | 100.00% | 68.90% |
Securitized | 0.00% | 0.00% | 56.83% | 92.58% |
Corporate | 0.00% | 0.00% | 87.73% | 68.55% |
Municipal | 0.00% | 0.00% | 27.33% | 85.87% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | FARIX % Rank | |
---|---|---|---|---|
US | 48.83% | -126.19% | 6311.18% | 21.20% |
Non US | 0.00% | -382.37% | 121.02% | 66.08% |
FARIX - Expenses
Operational Fees
FARIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.40% | 0.29% | 31.15% | 81.29% |
Management Fee | 0.90% | 0.00% | 2.50% | 40.64% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.30% | N/A |
Sales Fees
FARIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
FARIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | 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.
FARIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 13.00% | 0.00% | 491.00% | 39.11% |
FARIX - Distributions
Dividend Yield Analysis
FARIX | Category Low | Category High | FARIX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 4.56% | 82.33% |
Dividend Distribution Analysis
FARIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annually | Quarterly | Annually |
Net Income Ratio Analysis
FARIX | Category Low | Category High | FARIX % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.98% | -2.51% | 6.83% | 60.43% |
Capital Gain Distribution Analysis
FARIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 11, 2023 | $0.073 | OrdinaryDividend |
Dec 08, 2022 | $0.117 | OrdinaryDividend |
Dec 16, 2021 | $0.808 | OrdinaryDividend |
Dec 20, 2018 | $0.768 | OrdinaryDividend |
Dec 21, 2017 | $0.125 | OrdinaryDividend |
Dec 21, 2016 | $0.039 | OrdinaryDividend |
FARIX - Fund Manager Analysis
Managers
Suhail Shaikh
Start Date
Tenure
Tenure Rank
Jul 31, 2015
6.84
6.8%
Suhail Shaikh is Director of Investment Strategy. He previously worked at Goldman Sachs:Income & Currency Asset Management (2000-2002). From 2002-2005 he worked in their Investment Strategy Group. Suhail studied at the London School of Economics & Political Sciences (1997-2000) and has been a CFA Charterholder since 2003.
Andrew Stevens
Start Date
Tenure
Tenure Rank
Jul 31, 2015
6.84
6.8%
Andrew Stevens is Chief Executive Officer. He was previously Executive Director at Goldman Sachs, Investment Management Division from 1992 to 2004. Andrew received an MBA from Harvard Business School in 1992.
Gavyn Davies
Start Date
Tenure
Tenure Rank
Jul 31, 2015
6.84
6.8%
Gavyn Davies is Chairman and Chief Investment Officer. He was previously Chairman of the BBC and Chief Economist of Goldman Sachs International from 1985 to 2001. During his City career, which began in 1979, he was repeatedly ranked as the City’s top UK, European or Global Economist in surveys of institutional investors. From 1992 to 1997 he was a member of H.M Treasury's Independent Forecasting Panel; he was an economic policy advisor to the Prime Minister from 1976 to 1979 and joined the Policy Unit at 10 Downing Street in 1974.
Andrew Bevan
Start Date
Tenure
Tenure Rank
Jul 31, 2015
6.84
6.8%
Andrew Bevan was Managing Director and Head of Global Markets Research at Goldman Sachs from 1994 to 2005, Managing Director, Head of Financial Analytics and Structured Transactions Group at Bear Stearns from 1990 to 1994. Andrew received an PhD Theology from Kings College London in 1986.
Nabeel Abdoula
Start Date
Tenure
Tenure Rank
Jul 31, 2015
6.84
6.8%
Nabeel Abdoula, CFA Partner, Multi Asset Strategist, · Joined Fulcrum in 2011 · Goldman Sachs, Investment Strategy Group, 2007-2011 · CFA Charterholder since 2011 · BSc in Mathematics, Operational Research, Statistics and Economics, Warwick University, 2003-2007
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.02 | 17.37 | 4.48 | 1.67 |