Name
As of 04/17/2024Price
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
Vitals
YTD Return
1.1%
1 yr return
-1.3%
3 Yr Avg Return
4.9%
5 Yr Avg Return
4.1%
Net Assets
$920 M
Holdings in Top 10
58.3%
52 WEEK LOW AND HIGH
$9.8
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 2.43%
SALES FEES
Front Load 5.75%
Deferred Load N/A
TRADING FEES
Turnover 66.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/17/2024Price
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
LCSAX - Profile
Distributions
- YTD Total Return 1.1%
- 3 Yr Annualized Total Return 4.9%
- 5 Yr Annualized Total Return 4.1%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -1.31%
- Dividend Yield 1.6%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameLoCorr Long/Short Commodities Strategy Fund
-
Fund Family NameLoCorr Funds
-
Inception DateDec 31, 2011
-
Shares Outstanding3857221
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJon Essen
Fund Description
The Fund seeks to achieve its investment objectives by allocating its assets using two principal strategies:
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•“Commodities” Strategy
•“Fixed Income” Strategy
The Commodities strategy is designed to produce capital appreciation by capturing returns related to the commodities markets by investing primarily in securities of one or more (1) limited partnerships, (2) corporations, (3) limited liability companies and (4) other types of pooled investment vehicles, including commodity pools (collectively, “Underlying Funds”) and derivative instruments, such as swap contracts, structured notes or other securities or derivatives, that provide exposure to the managers of Underlying Funds. Each Underlying Fund invests according to its manager’s sub-strategy, long or short in one or a combination of: (i) futures, (ii) forwards, (iii) options, (iv) spot contracts, or (v) swaps, each of which may be tied to (a) energy resources, (b) metals or (c) agricultural products. These derivative instruments are used as substitutes for commodities and for hedging. To the extent the Fund uses swaps or structured notes under the Commodities strategy, the investments will generally have payments linked to commodity or financial derivatives that are designed to produce returns similar to those of the Underlying Funds and their respective sub-strategies. The Fund does not invest more than 25% of its assets in contracts with any one counterparty. Commodities sub-strategies may include investment styles that rely upon buy and sell signals generated from technical analysis systems such as trend-pattern recognition, as well as from fundamental economic analysis and relative value comparisons. Commodities strategy investments are made without restriction as to the Underlying Fund’s country.
The Fund executes its Commodities strategy primarily by investing up to 25% of its total assets (measured at the time of purchase) in a wholly-owned and controlled subsidiary (the “Subsidiary”). The Subsidiary invests the majority of its assets in one or more Underlying Funds, swap contracts, structured notes and other investments intended to serve as margin or collateral for derivative positions. The Subsidiary is subject to the same investment restrictions as the Fund.
To the extent the Adviser is utilizing derivatives to gain exposure to managers, it is anticipated that the Fund uses a total return swap (the "Swap"), a type of derivative instrument based on a customized index (the "Index") designed to replicate the aggregate returns of the managers selected by the Adviser. The Swap is based on a notional amount agreed upon by the Adviser and the counterparty. The Adviser may add or remove managers from the Swap or adjust the notional exposure between the managers within the Swap. Generally, the fees and expenses of the Swap are based on the notional value. The Index is calculated by the counterparty to the Swap and includes a deduction for fees of the counterparty as well as management and performance fees of the managers. Because the Index is designed to replicate the
returns of managers selected by the Adviser, the performance of the Fund will depend on the ability of the managers to generate returns in excess of the costs of the Index.
The Adviser anticipates that, based upon its analysis of long-term historical returns and volatility of various asset classes, the Fund will allocate approximately 25% of its assets to the Commodities strategy and approximately 75% of its assets to the Fixed Income strategy. However, as market conditions change the portion allocated may be higher or lower.
The Fixed Income strategy is designed to generate interest income and preserve principal by investing primarily in investment grade securities including: (1) obligations issued or guaranteed by the United States Government, its agencies or instrumentalities, (2) securities issued or guaranteed by foreign governments, their political subdivisions or agencies or instrumentalities, (3) bonds, notes, or similar debt obligations issued by U.S. or foreign corporations or special-purpose entities backed by corporate debt obligations, (4) U.S. asset-backed securities (“ABS”), (5) U.S. residential mortgage-backed securities (“MBS”), (6) U.S. commercial mortgage-backed securities (“CMBS”), (7) interest rate-related futures contracts, (8) interest rate-related or credit default-related swap contracts and (9) money market funds. The Fund defines investment grade fixed income securities as those that are rated, at the time purchased, in the top four categories by a rating agency such as Moody’s Investors Service, Inc. (“Moody’s”) or Standard & Poor’s Ratings Services (“S&P”), or, if unrated, determined to be of comparable quality. However, the fixed income portion of the Fund’s portfolio will be invested without restriction as to individual issuer country, type of entity, or capitalization. Futures and swap contracts are used for hedging purposes and as substitutes for fixed income securities. The Fund’s Adviser delegates management of the Fund’s Fixed Income strategy portfolio to a sub-adviser.
The Fund seeks to achieve its secondary investment objective primarily by (1) diversifying the Commodities strategy investments among sub-strategies that are not expected to have returns that are highly correlated to each other or the commodities markets and (2) by selecting Fixed Income strategy investments that are short-term to medium-term interest income-generating securities (those with maturities or average lives of less than 10 years) that are expected to be less volatile than the commodities markets in general and that are not expected to have returns that are highly correlated to the commodities markets or the Commodities strategy.
The Adviser, on behalf of itself and on behalf of the Fund and other Funds it advises or may advise in the future that are each a series of LoCorr Investment Trust, was granted an exemptive order from the U.S. Securities Exchange Commission (the "SEC") that permits the Adviser, with Board of Trustees approval, to enter into or amend sub-advisory agreements with sub-advisers without obtaining shareholder approval. Shareholders will be notified within 90 days of the engagement of an additional sub-adviser or sub-advisers to manage a portion of the Fund's portfolio.
ADVISER’S INVESTMENT PROCESS
The Adviser will pursue the Fund’s investment objectives, in part, by utilizing its investment and risk management process.
•Underlying Fund selection by the Adviser, or including an Underlying Fund in a derivative investment designed to replicate the returns of an Underlying Fund, represents the result of quantitative and qualitative reviews that identify Underlying Funds and their managers chosen for their alternative investment market niche (investments other than stocks and bonds), historical performance, management accessibility, commitment, investment strategy, as well as process and methodology. Using this selection process, the Adviser believes it can identify Underlying Funds with above-average expected returns and lower-than-average volatility.
•Risk Management represents the ongoing attention to the historical return performance of each Underlying Fund as well as the interaction or correlation of returns between Underlying Funds. Using this risk management process, the adviser believes the Fund, over time, will not be highly correlated to the commodities markets and will provide the potential for reducing volatility in investors’ portfolios.
The Adviser buys securities that it believes offer above-average expected returns and lower-than-average volatility and sells them when it believes they have reached their target price, to adjust asset allocation or when more attractive investments are available.
SUB-ADVISER’S INVESTMENT PROCESS
Nuveen Asset Management, LLC (“Nuveen”) serves as the Fund’s sub-adviser for its Fixed Income Strategy. The sub-adviser selects securities using a “bottom-up” approach that begins with fundamental analysis. The portfolio construction process emphasizes income generation with risk control by focusing on broad diversification across issuer and sector. The sub-adviser is typically strategically over-weighted in non-Treasury sectors. Portfolios are diversified among agency, corporate bonds, mortgage-backed, commercial mortgage-backed, asset-backed, supranational, sovereign, and municipal securities. The sub-adviser may select futures and swaps to hedge interest rate and credit risks and as substitutes for securities when it believes derivatives provide a better return profile or when specific securities are temporarily unavailable. The sub-adviser may sell securities and derivatives to adjust interest rate risk, adjust credit risk, when a price target is reached, or when a security’s or derivative’s price outlook is deteriorating.
LCSAX - Performance
Return Ranking - Trailing
| Period | LCSAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 1.1% | -7.4% | 14.6% | 54.26% |
| 1 Yr | -1.3% | -16.1% | 36.5% | 88.17% |
| 3 Yr | 4.9%* | -7.9% | 13.3% | 24.72% |
| 5 Yr | 4.1%* | -5.3% | 10.0% | 16.87% |
| 10 Yr | 7.0%* | -2.4% | 4.3% | N/A |
* Annualized
Return Ranking - Calendar
| Period | LCSAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -4.9% | -16.4% | 12.9% | 9.68% |
| 2022 | -4.5% | -9.3% | 17.5% | 88.04% |
| 2021 | 7.0% | -25.8% | 2.2% | 4.65% |
| 2020 | 6.8% | -5.1% | 21.0% | 28.95% |
| 2019 | -6.5% | -20.3% | 4.6% | 54.93% |
Total Return Ranking - Trailing
| Period | LCSAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 1.1% | -7.4% | 14.6% | 54.26% |
| 1 Yr | -1.3% | -20.3% | 36.5% | 90.32% |
| 3 Yr | 4.9%* | -9.0% | 11.1% | 35.96% |
| 5 Yr | 4.1%* | -5.7% | 8.7% | 30.12% |
| 10 Yr | 7.0%* | -2.4% | 4.3% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | LCSAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -3.3% | -16.4% | 12.9% | 9.68% |
| 2022 | 5.8% | -9.3% | 17.5% | 88.04% |
| 2021 | 14.5% | -20.3% | 2.5% | 9.30% |
| 2020 | 9.7% | -5.1% | 21.0% | 28.95% |
| 2019 | -6.2% | -20.3% | 6.7% | 52.11% |
NAV & Total Return History
LCSAX - Holdings
Concentration Analysis
| LCSAX | Category Low | Category High | LCSAX % Rank | |
|---|---|---|---|---|
| Net Assets | 920 M | 2.12 M | 1.74 B | 26.60% |
| Number of Holdings | 209 | 3 | 876 | 25.53% |
| Net Assets in Top 10 | 537 M | -100 M | 2.04 B | 26.60% |
| Weighting of Top 10 | 58.29% | 20.3% | 94.0% | 79.63% |
Top 10 Holdings
- GALAXY COMMODITY POLARIS FUND 12.88%
- United States Treasury Bill 9.10%
- United States Treasury Bill 6.68%
- United States Treasury Bill 6.63%
- United States Treasury Bill 6.57%
- LCLSCSDB FUND LIMITED 5.78%
- US BANK MMDA - USBGFS 9 3.32%
- United States Treasury Bill 2.63%
- United States Treasury Note/Bond 2.37%
- United States Treasury Note/Bond 2.34%
Asset Allocation
| Weighting | Return Low | Return High | LCSAX % Rank | |
|---|---|---|---|---|
| Bonds | 67.06% | -50.36% | 717.59% | 32.98% |
| Stocks | 12.88% | -1.78% | 72.26% | 88.30% |
| Cash | 9.75% | -687.11% | 117.03% | 65.96% |
| Other | 4.54% | 0.00% | 58.63% | 57.45% |
| Convertible Bonds | 1.66% | 0.00% | 2.27% | 12.77% |
| Preferred Stocks | 0.00% | 0.00% | 0.13% | 55.32% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | LCSAX % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 4.63% | N/A |
| Technology | 0.00% | 0.00% | 45.08% | N/A |
| Real Estate | 0.00% | 0.27% | 99.97% | N/A |
| Industrials | 0.00% | 0.00% | 17.73% | N/A |
| Healthcare | 0.00% | 0.00% | 16.51% | N/A |
| Financial Services | 0.00% | 0.00% | 30.46% | N/A |
| Energy | 0.00% | 0.00% | 6.41% | N/A |
| Communication Services | 0.00% | 0.03% | 20.13% | N/A |
| Consumer Defense | 0.00% | 0.00% | 14.38% | N/A |
| Consumer Cyclical | 0.00% | 0.00% | 21.37% | N/A |
| Basic Materials | 0.00% | 0.00% | 12.01% | N/A |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | LCSAX % Rank | |
|---|---|---|---|---|
| US | 12.88% | -5.85% | 56.89% | 72.34% |
| Non US | 0.00% | 0.00% | 40.59% | 82.98% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | LCSAX % Rank | |
|---|---|---|---|---|
| Government | 35.47% | 0.00% | 82.10% | 35.11% |
| Securitized | 23.28% | 0.00% | 64.73% | 10.64% |
| Corporate | 23.20% | 0.00% | 31.20% | 6.38% |
| Cash & Equivalents | 3.32% | 1.07% | 100.00% | 90.43% |
| Municipal | 0.54% | 0.00% | 6.83% | 6.38% |
| Derivative | 0.00% | 0.00% | 63.99% | 88.30% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | LCSAX % Rank | |
|---|---|---|---|---|
| US | 67.06% | -169.44% | 233.08% | 13.83% |
| Non US | 0.00% | -77.11% | 655.95% | 38.30% |
LCSAX - Expenses
Operational Fees
| LCSAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 2.43% | 0.75% | 12.88% | 45.16% |
| Management Fee | 1.50% | 0.65% | 2.99% | 75.53% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 45.90% |
| Administrative Fee | N/A | 0.09% | 0.45% | 52.41% |
Sales Fees
| LCSAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 5.75% | 3.50% | 5.75% | 31.82% |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| LCSAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 1.00% | 84.21% |
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.
| LCSAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 66.00% | 0.00% | 198.00% | 68.57% |
LCSAX - Distributions
Dividend Yield Analysis
| LCSAX | Category Low | Category High | LCSAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 1.63% | 0.00% | 0.00% | 50.00% |
Dividend Distribution Analysis
| LCSAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annually | Quarterly | Annually |
Net Income Ratio Analysis
| LCSAX | Category Low | Category High | LCSAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -1.31% | -3.14% | 1.55% | 56.99% |
Capital Gain Distribution Analysis
| LCSAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 08, 2023 | $0.159 | OrdinaryDividend |
| Dec 08, 2022 | $1.091 | OrdinaryDividend |
| Dec 08, 2021 | $0.741 | OrdinaryDividend |
| Dec 06, 2019 | $0.022 | OrdinaryDividend |
| Dec 07, 2018 | $1.221 | OrdinaryDividend |
| Dec 08, 2017 | $0.002 | OrdinaryDividend |
| Dec 09, 2016 | $0.267 | OrdinaryDividend |
| Dec 09, 2015 | $0.706 | OrdinaryDividend |
| Dec 05, 2014 | $0.838 | OrdinaryDividend |
LCSAX - Fund Manager Analysis
Managers
Jon Essen
Start Date
Tenure
Tenure Rank
Dec 30, 2011
10.42
10.4%
Mr. Essen has served as Chief Financial Officer of the Adviser since it was founded in November 2010. Mr. Essen also serves as Senior Vice President and Chief Financial Officer of Octavus Group, LLC, and as a Registered Representative of LoCorr Distributors, LLC, positions both held since April 2008. Mr. Essen also began serving as Principal and Chief Compliance Officer of LoCorr Distributors, LLC in September 2008. Mr. Essen also served as Chief Operating Officer of the Adviser and affiliates from 2008 to 2016. Previously, Mr. Essen served as Chief Operating Officer of a commercial finance enterprise from May 2002 to April 2008. Additionally, Mr. Essen was Chief Financial Officer of Jundt Associates, Inc. from 1998 to 2002.
Sean Katof
Start Date
Tenure
Tenure Rank
Mar 28, 2016
6.18
6.2%
Sean Katof, CFA, has served as Senior Vice President and Portfolio Manager for the Funds since 2016. Prior to joining LoCorr, Mr. Katof served as Director of Capital Markets at SLOCUM, an institutional consulting firm, from 2005 to 2015. Prior to joining SLOCUM, Mr. Katof served as Portfolio Manager at Devenir Investment Advisors where he managed the Industry Leaders Core Equity portfolio from 2004 to 2005. Prior to that, Mr. Katof was a Vice President and Portfolio Manager at INVESCO Funds Group where he worked from 1994 to 2003. Mr. Katof received his B.S. in Business Administration with an emphasis in Finance from the University of Colorado at Boulder and an M.S. in Finance from the University of Colorado at Denver. Mr. Katof holds the Chartered Financial Analyst (“CFA”) and Chartered Alternative Investment Analyst (“CAIA”) designations.
Tony Rodriguez
Start Date
Tenure
Tenure Rank
May 01, 2017
5.08
5.1%
Tony Rodriguez, Portfolio Manager. Mr. Rodriguez joined Nuveen in 2002 and serves as co-head of fixed income. Mr. Rodriguez served as a head of global corporate bonds for Credit Suisse Asset Management and managing director and head of corporate bonds for Prudential Global Asset Management. He received a B.A. in economics from Lafayette College and an M.B.A. in finance from New York University
Peter Agrimson
Start Date
Tenure
Tenure Rank
May 01, 2018
4.08
4.1%
Peter is a portfolio manager for Nuveen’s global fixed income team and the lead portfolio of the Short Duration Multi-Sector strategy and related institutional portfolios. Prior to his current role, he was a member of the securitized debt sector team, responsible for trading mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities. Peter also performed credit analysis and surveillance for the firm’s mortgage backed securities and asset-backed securities portfolios. Before joining the firm in 2008, he served as credit analyst at Long Lake Partners, LLC, where he performed credit analysis for the company’s structured products portfolio. Peter graduated with a B.S. in Finance from Northern Illinois University. He holds the CFA® designation and is a member of the CFA® Institute.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.16 | 14.09 | 5.41 | 5.06 |