Name
As of 04/25/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
5.5%
1 yr return
16.4%
3 Yr Avg Return
0.6%
5 Yr Avg Return
9.7%
Net Assets
$92.7 M
Holdings in Top 10
14.4%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.99%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 0.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$10,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/25/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
LONGX - Profile
Distributions
- YTD Total Return 5.5%
- 3 Yr Annualized Total Return 0.6%
- 5 Yr Annualized Total Return 9.7%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -1.97%
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameLongboard Fund
-
Fund Family NameLifegoal ETFs
-
Inception DateMar 20, 2015
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerCole Wilcox
Fund Description
The Fund pursues its investment objective using three principal strategies: an Equity Strategy, a Futures Strategy and a Fixed Income Strategy. Under normal market conditions, the Fund’s assets are allocated among the three strategies according to the Fund’s asset allocation model which, consistent with the Fund’s benchmark, the Morningstar Moderate Target Risk Index, targets risk levels generally equivalent to 60% stocks/40% bonds although exposures may vary at the Adviser’s discretion. Under normal market conditions, the typical Notional Exposure allocation range (as a percent of the Fund’s total assets) is 40%-90% to the Equity Strategy. and 0%-10% to the Futures Strategy. Assets allocated to the Equity or Futures Strategy not used to purchase or provide collateral for derivative instruments, such as swaps or futures contracts, but required to cover the exposure of such instruments, may, in turn, be invested pursuant to the Fixed Income Strategy to generate additional income on cash balances, which, together with Fund assets directly allocated to such strategy, typically results in 10%-90% of Fund assets invested pursuant to the Fixed Income Strategy. These asset allocation ranges are targets. The Adviser has discretion to reallocate the Fund’s assets among the strategies and allowable investments described below. Additionally, as a result of market gains or losses, the percentage of the Fund’s assets invested in each strategy at any given time may be different from the asset allocation target ranges shown above.
Equity Strategy. Under normal market conditions, the Fund pursues its investment objective by investing in domestic equity securities and equity-related derivative instruments. The Fund defines equity securities as (1) common stocks, (2) preferred stocks, (3) stock warrants, (4) stock rights, (5) debt securities that are convertible into stock, (6) American depository receipts, (7) exchange-traded limited partnerships, (8) exchange-traded funds (“ETFs”), and (9) real estate investment trusts (“REITs”) (“Equity Instruments”). Equity -related derivative instruments are investments that provide exposure to the performance of Equity Instruments, including total return swaps on a basket of Equity Securities managed by the Adviser, equity swaps (both single-name and index swaps) and similar pooled investment vehicles (collectively, “Equity Derivative Instruments” and together with Equity Instruments, “Instruments”). The Fund may obtain up to 100% of its exposure to Equity Securities through Equity Derivative Instruments.
The Fund will seek positive long-term capital appreciation through the use of a risk managed equity strategy. The Fund, when taking a “long” equity position, will purchase a security that will benefit from an increase in the price of that security. When taking a “short” equity position, the Fund borrows the security from a third party and sells it at the then current market price. A “short” equity position will benefit from a decrease in price of the security and will lose value if the price of the security increases. Similarly, the Fund may also take “long” and “short” positions in an Equity Derivative Instrument. Simultaneously engaging in long investing and short selling is designed to reduce the net exposure of the overall portfolio to general market movements. The Fund may allocate up to 100% of its assets to the Equity Strategy.
The Fund invests in the securities of, and/or derivatives instruments providing exposure to, issuers of any capitalization and in any style including individual company issuers, sector ETFs, index ETFs & commodity linked ETFs. Short positions may be taken in Equity Derivative Instruments, including but not limited to, futures and/or ETFs that represent equity indices, including, but not limited to the S&P 500 (large cap), S&P 400 (mid cap), and Russell 2000 (small cap) indices. The Adviser seeks to reduce risk by using rules based active risk control investment strategies and hedging comprised of the use of stop losses on positions, holding cash or short positions in index futures contracts or ETFs. The degree to which the long portfolio is hedged is governed by factors such as targeted risk level, target beta exposures, the number of security positions in the portfolio and market volatility.
Futures Strategy. The Futures Strategy employs a trend following strategy (identifying opportunities as prices trend up and down) similar in general concept to the Morningstar systematic trend category 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 (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.
While the Fund typically invests 0 to 10% of its total assets pursuant to the Futures Strategy, the Fund may invest up to 30% of its assets (whether directly or through the Subsidiary) pursuant to the Futures Strategy. In furtherance of the Futures Strategy, the Fund may invest up to 25% of its total assets in the Subsidiary. Assets in the Fund’s Subsidiary will be invested in commodity related derivatives. The Fund may also invest directly in such instruments and certain financial related derivatives. 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 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. Under normal market conditions, the Adviser generally allocates the Fund’s assets not invested in derivative instruments, such as swaps or futures contracts, pursuant to the Equity or Futures strategies, or used as margin, to the Fixed Income Strategy in order to generate interest income by capturing the yield on excess cash. The Fixed Income Strategy is designed to generate absolute returns from interest income with less volatility than equity markets by investing primarily in (i) 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; and (ii) cash and cash equivalents. 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 is diversified.
LONGX - Performance
Return Ranking - Trailing
Period | LONGX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.5% | -8.0% | 16.6% | 37.50% |
1 Yr | 16.4% | -13.6% | 39.1% | 39.88% |
3 Yr | 0.6%* | -20.7% | 27.0% | 66.22% |
5 Yr | 9.7%* | -4.3% | 25.4% | 8.89% |
10 Yr | N/A* | -4.1% | 10.1% | N/A |
* Annualized
Return Ranking - Calendar
Period | LONGX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -0.1% | -17.3% | 43.8% | 77.38% |
2022 | -19.1% | -54.0% | 17.4% | 85.62% |
2021 | 11.9% | -40.0% | 54.1% | 34.69% |
2020 | 27.7% | -47.6% | 88.4% | 8.51% |
2019 | 13.8% | -20.3% | 62.6% | 21.05% |
Total Return Ranking - Trailing
Period | LONGX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.5% | -8.0% | 16.6% | 37.50% |
1 Yr | 16.4% | -13.6% | 39.1% | 39.88% |
3 Yr | 0.6%* | -20.7% | 27.0% | 66.22% |
5 Yr | 9.7%* | -4.3% | 25.4% | 8.89% |
10 Yr | N/A* | -4.1% | 10.1% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | LONGX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 5.6% | -14.5% | 43.8% | 64.29% |
2022 | -13.2% | -54.0% | 50.3% | 76.47% |
2021 | 13.9% | -40.0% | 61.6% | 49.66% |
2020 | 27.7% | -29.9% | 91.0% | 9.93% |
2019 | 13.8% | -17.9% | 79.4% | 34.59% |
NAV & Total Return History
LONGX - Holdings
Concentration Analysis
LONGX | Category Low | Category High | LONGX % Rank | |
---|---|---|---|---|
Net Assets | 92.7 M | 1.08 M | 6.67 B | 46.75% |
Number of Holdings | 449 | 3 | 1788 | 8.43% |
Net Assets in Top 10 | 12.8 M | 474 K | 2.09 B | 83.13% |
Weighting of Top 10 | 14.36% | 0.4% | 182.8% | 95.78% |
Top 10 Holdings
- B 02/01/24 11.09%
- CBOE GLOBAL MARK 0.42%
- BWX TECHNOLOGIES 0.37%
- OLD REPUB INTL 0.37%
- MARSH MCLENNAN 0.36%
- VERISK ANALYTI 0.36%
- BOOZ ALLEN HAMIL 0.36%
- CASEY'S GENERAL 0.35%
- COPART INC 0.34%
- BELLRING BRANDS 0.34%
Asset Allocation
Weighting | Return Low | Return High | LONGX % Rank | |
---|---|---|---|---|
Stocks | 83.83% | 0.00% | 102.24% | 25.30% |
Bonds | 11.09% | 0.00% | 178.67% | 15.66% |
Cash | 5.08% | 0.00% | 102.08% | 84.34% |
Preferred Stocks | 0.00% | 0.00% | 8.29% | 14.46% |
Other | 0.00% | -45.12% | 99.51% | 48.80% |
Convertible Bonds | 0.00% | -0.02% | 4.48% | 16.88% |
Stock Sector Breakdown
Weighting | Return Low | Return High | LONGX % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 21.71% | N/A |
Technology | 0.00% | 0.00% | 43.24% | N/A |
Real Estate | 0.00% | 0.00% | 10.93% | N/A |
Industrials | 0.00% | 0.00% | 31.93% | N/A |
Healthcare | 0.00% | 0.00% | 100.00% | N/A |
Financial Services | 0.00% | 0.00% | 83.83% | N/A |
Energy | 0.00% | 0.00% | 32.57% | N/A |
Communication Services | 0.00% | 0.00% | 32.32% | N/A |
Consumer Defense | 0.00% | 0.00% | 33.38% | N/A |
Consumer Cyclical | 0.00% | 0.00% | 88.83% | N/A |
Basic Materials | 0.00% | 0.00% | 28.58% | N/A |
Stock Geographic Breakdown
Weighting | Return Low | Return High | LONGX % Rank | |
---|---|---|---|---|
US | 83.83% | 0.00% | 102.24% | 24.10% |
Non US | 0.00% | -3.09% | 67.69% | 27.11% |
Bond Sector Breakdown
Weighting | Return Low | Return High | LONGX % Rank | |
---|---|---|---|---|
Derivative | 0.00% | -45.12% | 99.51% | 46.39% |
Cash & Equivalents | 0.00% | 0.00% | 100.00% | 86.75% |
Securitized | 0.00% | 0.00% | 13.59% | 18.87% |
Corporate | 0.00% | 0.00% | 99.80% | 27.04% |
Municipal | 0.00% | 0.00% | 0.07% | 17.61% |
Government | 0.00% | 0.00% | 58.54% | 35.22% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | LONGX % Rank | |
---|---|---|---|---|
US | 11.09% | 0.00% | 178.67% | 15.66% |
Non US | 0.00% | 0.00% | 12.28% | 14.46% |
LONGX - Expenses
Operational Fees
LONGX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.99% | 0.42% | 8.51% | 57.40% |
Management Fee | 1.99% | 0.00% | 2.50% | 95.86% |
12b-1 Fee | 0.00% | 0.00% | 1.00% | 3.19% |
Administrative Fee | N/A | 0.03% | 1.54% | N/A |
Sales Fees
LONGX 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% | 4.00% | N/A |
Trading Fees
LONGX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.50% | 2.00% | 84.38% |
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.
LONGX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 0.00% | 0.00% | 479.00% | 0.76% |
LONGX - Distributions
Dividend Yield Analysis
LONGX | Category Low | Category High | LONGX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 27.27% | 25.00% |
Dividend Distribution Analysis
LONGX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annually | Quarterly | Annual |
Net Income Ratio Analysis
LONGX | Category Low | Category High | LONGX % Rank | |
---|---|---|---|---|
Net Income Ratio | -1.97% | -3.33% | 2.16% | 91.02% |
Capital Gain Distribution Analysis
LONGX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Sep 07, 2023 | $0.218 | OrdinaryDividend |
Jun 05, 2023 | $0.212 | OrdinaryDividend |
Dec 06, 2022 | $0.235 | OrdinaryDividend |
Sep 07, 2022 | $0.235 | OrdinaryDividend |
Jun 03, 2022 | $0.249 | OrdinaryDividend |
Mar 04, 2022 | $0.263 | OrdinaryDividend |
Dec 06, 2021 | $0.274 | OrdinaryDividend |
Dec 07, 2018 | $0.303 | OrdinaryDividend |
Dec 08, 2017 | $29.213 | OrdinaryDividend |
Dec 05, 2016 | $7.703 | OrdinaryDividend |
Dec 01, 2015 | $0.218 | OrdinaryDividend |
LONGX - Fund Manager Analysis
Managers
Cole Wilcox
Start Date
Tenure
Tenure Rank
Mar 16, 2015
7.21
7.2%
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 |
---|---|---|---|
0.07 | 23.55 | 6.07 | 7.93 |