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Trending ETFs

Name

As of 03/27/2024

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

$11.58

$663 M

0.82%

$0.09

2.35%

Vitals

YTD Return

5.3%

1 yr return

8.8%

3 Yr Avg Return

0.9%

5 Yr Avg Return

2.6%

Net Assets

$663 M

Holdings in Top 10

35.5%

52 WEEK LOW AND HIGH

$11.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.35%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 236.64%

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 03/27/2024

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

$11.58

$663 M

0.82%

$0.09

2.35%

FASRX - Profile

Distributions

  • YTD Total Return 5.3%
  • 3 Yr Annualized Total Return 0.9%
  • 5 Yr Annualized Total Return 2.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.35%
DIVIDENDS
  • Dividend Yield 0.8%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    K2 Alternative Strategies Fund
  • Fund Family Name
    Franklin Templeton Group of Funds
  • Inception Date
    Nov 18, 2013
  • Shares Outstanding
    4246557
  • Share Class
    R6
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Brooks Ritchey

Fund Description

The Fund seeks to achieve its investment goal by predominantly allocating its assets across multiple non-traditional or “alternative” strategies, including, but not limited to, some or all of the following strategies: Long Short Equity, Relative Value, Event Driven and Global Macro, each of which is described below. The Fund’s portfolio is structured as a multi-manager fund (meaning the Fund’s assets are managed by the Fund’s investment manager and multiple sub-advisors) and the Fund’s investment manager, K2/D&S Management Co., L.L.C. (doing business as K2 Advisors; “K2 Advisors” or the “Investment Manager”), has overall responsibility for the Fund’s investments. The Investment Manager may allocate a substantial portion or, at times, up to all, of the Fund’s assets among multiple sub-advisors (that may be unaffiliated or affiliated with K2 Advisors, or both) to implement one or more non-traditional or alternative investment strategies (“Sub-Advisors”), or directly implement such strategies for a portion or significant portion of the Fund’s assets. The Investment Manager may also directly manage a small portion or a portion of the Fund’s assets using derivatives and other instruments to adjust the Fund's net exposure to markets, asset classes and sectors in a manner consistent with its strategic overlay (Strategic Overlay), as described further below.

The Fund may invest in a wide range of securities and other investments including, but not limited to: equity securities (which may include common stocks, preferred stocks and convertible securities, investment vehicles and ETFs) and debt

securities (which may include bonds, notes, debentures, banker’s acceptances and commercial paper).

The Fund may invest in securities of U.S. and foreign companies of any capitalization size. Up to 15% of the Fund’s net assets may be invested in illiquid investments. In addition, the debt securities in which the Fund may invest may have variable or fixed interest rates, may be of any maturity or credit rating, and may include sovereign debt, high yield (“junk”) bonds and distressed debt securities (securities of companies that are, or are about to be, involved in reorganizations, financial restructurings, or bankruptcy) and securities that are in default. The Fund may engage in active and frequent trading as part of its investment strategies.

The Fund may also use derivatives for both hedging and non-hedging (investment) purposes, although neither the Investment Manager nor any Sub-Advisor is required to hedge any of the Fund’s positions or to use derivatives. The Fund’s derivative investments may include, among other instruments: (i) futures contracts, including futures based on equity or fixed income securities and indices, interest rate/bond futures, currency futures, currency index futures, and options thereon; (ii) swaps, including equity, currency, interest rate, total return and credit default swaps and options thereon; (iii) options, including call options and put options on indices, individual securities, currencies and exchange- traded funds; and (iv) currency forward contracts. These derivatives may be used to enhance Fund returns, increase liquidity, gain exposure to certain instruments or markets in a more efficient or less expensive way and/or hedge risks associated with its other portfolio investments. The results of such transactions may also represent, from time to time, a material component of the Fund’s investment returns. As a result of the Fund’s use of derivatives, the Fund may have economic leverage, which means the sum of the Fund’s investment exposures through its use of derivatives may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time.

The Fund may take long and/or short positions in a wide range of asset classes, including equities, fixed income, commodities and currencies, among others. Long positions benefit from an increase in the price of the underlying instrument or asset class, while short positions benefit from a decrease in that price.

The Investment Manager’s Strategic Overlay seeks to manage the portfolio’s net exposure to the markets by neutralizing, maintaining or augmenting certain market sensitivities, based on the Investment Manager’s assessment of current and anticipated market environments. The Strategic Overlay involves adjusting the Fund's net exposure to certain markets, asset classes and sectors through taking long and short positions in derivatives (such as futures, swaps, currency forwards and options), short-term U.S. government securities, spot foreign exchange, ETFs

and other instruments. The amount of Fund assets allocated to the Strategic Overlay is expected to vary depending on the Investment Manager’s assessment of current and anticipated market conditions and other risk factors.

Investment Management

The Investment Manager is responsible for allocating and re-allocating the Fund’s assets among the Sub-Advisors and/or any investment funds in which the Fund may invest, retaining a portion of the Fund’s assets to manage itself and for cash management. The Investment Manager’s quantitative and qualitative oversight of the Fund’s investment program aims to allocate assets among various strategies and select Sub-Advisors (or the Investment Manager) and/or investment funds that it believes are well-positioned to capture unique investment opportunities while preserving capital.

The Investment Manager typically first allocates the Fund’s assets among various alternative investment strategies and to the Strategic Overlay strategy utilizing a top-down approach, generating the Fund's strategy weightings by taking into account market conditions, risk factors, diversification, liquidity, transparency, and availability of various Sub-Advisors and other investment options, among other things. The Investment Manager typically then allocates the Fund’s assets to specific Sub-Advisors and/or retains a portion of the Fund’s assets to manage itself utilizing a bottom-up approach, selecting Sub-Advisors, the portion of the Fund’s assets it retains to manage directly, and weightings within the Fund's portfolio by taking into account their correlation to various markets and to each other, risk profiles and their return expectations. From time to time, the Fund may have little or no assets allocated to any one particular strategy, Sub-Advisor or retained by the Investment Manager in light of economic or other conditions, as determined by the Investment Manager in its sole discretion.

The Investment Manager intends to allocate the Fund’s assets to Sub-Advisors or retain a portion of the Fund’s assets to manage itself, to implement some or all of the following strategies:

·Long Short Equity Strategies – Long Short Equity Strategies generally seek to produce returns from investments in the equity markets by taking long and short positions in stocks and stock indices (through the use of derivatives or through a short position in an exchange-traded fund (ETF)). These strategies are generally focused on risk-adjusted returns and capitalize on the Sub-Advisor’s views and outlooks for specific equity markets, regions, sectors and securities. Examples of Long Short Equity Strategies include (i) growth focused strategies, (ii) value focused strategies, (iii) market-neutral strategies (e.g., maintaining net exposures between 20% short and 20% long), (iv)

sector-focused strategies (e.g., technology, healthcare, financials) and (v) regionally or country focused strategies (e.g., U.S., Europe, Asia).

·Relative Value Strategies – Relative Value Strategies encompass a wide range of investment techniques that are intended to profit from pricing inefficiencies. These strategies generally involve taking a position in one financial instrument and taking an offsetting position in a related instrument in an attempt to profit from incremental changes in the price differential. Examples of Relative Value Strategies are: (a) credit long short strategies; (b) credit arbitrage; (c) convertible arbitrage; and (d) volatility arbitrage.

·Event Driven Strategies – Event Driven Strategies generally invest in securities of companies undergoing corporate events. These strategies are generally focused on analyzing the impact of the company-specific or transaction-specific event on security valuations. Examples of such company-specific or transaction-specific events include mergers, acquisitions, transfers of assets, tender offers, exchange offers, recapitalizations, liquidations, divestitures, spin-offs, equity restructurings and reorganizations.

·Global Macro Strategies – Global Macro Strategies generally focus on macro-economic (economy-wide developments such as changes in unemployment, national income, rate of growth, gross domestic product, inflation and price levels) opportunities across numerous markets and investments. Investments may be long or short and are based on the relative value or direction of a market, a currency, an interest rate, a commodity or any macroeconomic variable. Examples of Global Macro Strategies include discretionary (seeking to profit by tactically investing across different asset classes, markets, and investment opportunities through a combination of fundamental market analysis and quantitative modeling) and systematic (seeking to profit by utilizing quantitative models to identify investment opportunities across different asset classes and markets in order to construct a portfolio of investments) macro strategies.

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FASRX - Performance

Return Ranking - Trailing

Period FASRX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.3% -73.0% 19.4% 59.86%
1 Yr 8.8% -9.1% 86.9% 35.27%
3 Yr 0.9%* -9.5% 16.2% 33.73%
5 Yr 2.6%* -4.9% 14.4% 21.97%
10 Yr 2.8%* -0.9% 7.5% N/A

* Annualized

Return Ranking - Calendar

Period FASRX Return Category Return Low Category Return High Rank in Category (%)
2023 2.1% -22.7% 305.1% 14.07%
2022 -10.8% -9.8% 27.3% 36.69%
2021 -1.9% -20.8% 10.9% 23.11%
2020 6.6% -12.4% 29.4% 23.76%
2019 6.5% -10.5% 15.8% 40.84%

Total Return Ranking - Trailing

Period FASRX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.3% -73.0% 19.4% 59.86%
1 Yr 8.8% -13.4% 86.9% 31.64%
3 Yr 0.9%* -9.5% 16.2% 31.73%
5 Yr 2.6%* -5.3% 14.4% 20.63%
10 Yr 2.8%* -0.9% 7.5% N/A

* Annualized

Total Return Ranking - Calendar

Period FASRX Return Category Return Low Category Return High Rank in Category (%)
2023 3.0% -22.7% 305.1% 14.44%
2022 -7.9% -9.8% 27.3% 37.10%
2021 2.9% -20.8% 10.9% 34.22%
2020 7.4% -8.4% 29.4% 29.21%
2019 7.5% -10.2% 18.0% 41.36%

NAV & Total Return History


FASRX - Holdings

Concentration Analysis

FASRX Category Low Category High FASRX % Rank
Net Assets 663 M 1.5 M 5.01 B 13.28%
Number of Holdings 3789 4 4478 6.71%
Net Assets in Top 10 245 M -398 M 2.55 B 31.80%
Weighting of Top 10 35.54% 13.1% 100.0% 92.20%

Top 10 Holdings

  1. Dreyfus Government Cash Management 14.71%
  2. FIDELITY INSTL MMKT GOVT 10.88%
  3. DREYFUS QII GOV CASH 289 5.26%
  4. Seagen Inc 1.07%
  5. Energy Harbor Corp 0.90%
  6. United States Treasury Note/Bond 0.72%
  7. Constellation Energy Corp 0.53%
  8. PPL Corp 0.52%
  9. CRH PLC 0.48%
  10. Vertiv Holdings Co 0.46%

Asset Allocation

Weighting Return Low Return High FASRX % Rank
Cash
60.91% -6278.21% 410.43% 29.33%
Bonds
24.55% -326.45% 6347.80% 53.36%
Stocks
13.92% -3.75% 97.95% 65.72%
Convertible Bonds
13.58% 0.00% 87.92% 3.53%
Other
0.51% -21.53% 148.54% 56.54%
Preferred Stocks
0.12% -0.12% 46.97% 27.92%

Stock Sector Breakdown

Weighting Return Low Return High FASRX % Rank
Technology
17.52% 0.00% 39.58% 14.96%
Healthcare
15.99% 0.00% 45.63% 5.91%
Consumer Cyclical
12.91% 0.00% 29.09% 35.04%
Industrials
12.90% 0.00% 21.45% 35.83%
Financial Services
12.90% 0.00% 59.28% 75.59%
Utilities
9.37% 0.00% 9.23% 35.43%
Communication Services
8.01% 0.00% 21.78% 45.28%
Consumer Defense
4.34% 0.00% 13.62% 73.62%
Basic Materials
3.99% 0.00% 27.46% 46.85%
Energy
1.63% 0.00% 100.00% 86.22%
Real Estate
0.45% 0.00% 51.26% 89.37%

Stock Geographic Breakdown

Weighting Return Low Return High FASRX % Rank
US
11.56% -8.85% 91.88% 60.78%
Non US
2.36% -19.62% 42.11% 44.17%

Bond Sector Breakdown

Weighting Return Low Return High FASRX % Rank
Corporate
33.55% 0.00% 87.73% 20.85%
Cash & Equivalents
30.85% 0.27% 100.00% 40.28%
Government
10.74% 0.00% 84.29% 69.61%
Securitized
9.81% 0.00% 56.83% 24.73%
Derivative
0.51% 0.00% 88.81% 94.70%
Municipal
0.02% 0.00% 27.33% 10.25%

Bond Geographic Breakdown

Weighting Return Low Return High FASRX % Rank
US
19.99% -126.19% 6311.18% 74.56%
Non US
4.55% -382.37% 121.02% 26.15%

FASRX - Expenses

Operational Fees

FASRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.35% 0.29% 31.15% 35.61%
Management Fee 1.70% 0.00% 2.50% 94.35%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.01% 0.30% 79.45%

Sales Fees

FASRX 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

FASRX 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.

FASRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 236.64% 0.00% 491.00% 88.31%

FASRX - Distributions

Dividend Yield Analysis

FASRX Category Low Category High FASRX % Rank
Dividend Yield 0.82% 0.00% 4.56% 83.04%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

FASRX Category Low Category High FASRX % Rank
Net Income Ratio -0.35% -2.51% 6.83% 65.11%

Capital Gain Distribution Analysis

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

Distributions History

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FASRX - Fund Manager Analysis

Managers

Brooks Ritchey


Start Date

Tenure

Tenure Rank

Oct 01, 2014

7.67

7.7%

Brooks Ritchey is a senior managing director and head of portfolio construction for K2 Advisors. In this role, he manages absolute return, multi-asset, and risk overlay portfolios. He is member of the alternatives executive committee, Japan investment committee, and K2 Advisors guideline committee. Since 1987, Mr. Ritchey has managed multi-asset mutual fund and hedge fund portfolios while located in New York and Paris, France during his employment with organizations including Steinhardt Partners, Citibank, Finch Asset Management, Paribas, AIG, and ING. Mr. Ritchey joined K2 Advisors in 2005.

Robert Christian


Start Date

Tenure

Tenure Rank

Oct 01, 2014

7.67

7.7%

Robert Christian is a senior managing director and Head of Investment Research. He joined K2 Advisors in May 2010.From 1990 to 1995 Mr. Christian worked as a global strategist and proprietary trader at Chase Manhattan Futures Corporation. In 1995, he founded Modoc Capital focusing on short-term futures trading. In 1997 Modoc entered into a joint venture with Stonebrook Capital Management LLC as a portfolio manager and researcher. From 1998 to 2003 Mr. Christian worked at Graham Capital Management LP as a portfolio manager and researcher of quantitative based trading strategies.

Anthony Zanolla


Start Date

Tenure

Tenure Rank

Oct 01, 2018

3.67

3.7%

Anthony Zanolla, CFA, Senior Vice President and Portfolio Manager, joined K2 in October 2014. Mr. Zanolla began his investment career in 1994 at Bankers Trust where he worked on the Business Risk team executing risk management and business process reengineering projects for senior management and the board of directors. Mr. Zanolla joined Citibank in 1996 as a portfolio manager managing global equity and balanced investment mandates for institutions, non-profit entities and ultra high net worth individuals. In 2000 he was recruited to join Scudder Kemper Investments as a Vice President in the Venture Capital unit working on the development of a private client asset management and advisory platform. In 2001 Mr. Zanolla left Scudder to join former Citigroup colleagues as a Founding Partner and Equity Analyst at Norquest Capital, a Global Equity L/S hedge fund, where he was responsible for investments in the TMT, Industrials, Transportation, and Service sectors. He joined Allianz Hedge Fund Partners in 2002 where he was a member of the investment committee and strategy head responsible for global long-short equity, event driven, distressed and commodity trading advisors. He was also responsible for top down analysis and development if the Firm's global equity outlook. Mr. Zanolla left Allianz in October 2005 to join Northern Trust as co portfolio manager of the Hedge Fund group. In 2007 he was promoted to SVP and Portfolio Manager responsible for manager identification, research and selection, monitoring and portfolio construction for both fund of funds and custom portfolios. Mr. Zanolla graduated from Bernard M Baruch College in January 1994 with a B.B.A. in Accounting. He earned the CFA designation in 1999 and holds a NFA Series 3 license.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.02 17.37 4.48 1.67