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Trending ETFs

Name

As of 05/31/2023

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

$10.00

$426 M

4.29%

$0.43

0.30%

Vitals

YTD Return

0.0%

1 yr return

0.0%

3 Yr Avg Return

0.0%

5 Yr Avg Return

0.0%

Net Assets

$426 M

Holdings in Top 10

5.2%

52 WEEK LOW AND HIGH

$10.0
$10.00
$10.00

Expenses

OPERATING FEES

Expense Ratio 0.30%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 24.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$10,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 05/31/2023

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

$10.00

$426 M

4.29%

$0.43

0.30%

REPYX - Profile

Distributions

  • YTD Total Return 0.0%
  • 3 Yr Annualized Total Return 0.0%
  • 5 Yr Annualized Total Return 0.0%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.33%
DIVIDENDS
  • Dividend Yield 4.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    AMF AAAMCO Ultrashort Financing Fund
  • Fund Family Name
    AAAMCO
  • Inception Date
    Jun 07, 2017
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Yung Lim

Fund Description

The Fund seeks to achieve its investment objective by investing primarily in a portfolio of repurchase agreements.

Fund Investments

Repurchase agreements, or “repos”, are short term transactions in which the Fund purchases a security and simultaneously agrees to sell it back to the same counterparty at a later date. The difference in the purchase price and the sale price represents the return on the transaction for the Fund. The Fund will always require the counterparty to deliver eligible securities as defined in the repurchase agreement to the Fund with a market value that is greater than the sale price as collateral in exchange for the funds advanced by the Fund at the outset of the transaction. This collateral seeks to provide the Fund protection should the counterparty not perform based on the terms of the repurchase agreement. The percentage difference between the value of the securities received in the transaction and the purchase price is known as the “haircut”. Additionally, the Fund will continue to monitor the market value of the securities collateral to seek to maintain the appropriate haircut. For example, if the market value of the securities collateral declines by more than a pre-determined threshold amount, the Fund will require the counterparty to immediately deliver more eligible securities or cash to maintain the agreed upon haircut.

The Fund may enter into repurchase agreements with a broad variety of counterparties including, but not limited to, financial institutions, broker/dealers, insurance companies, mortgage bankers, real estate investment trusts (REITs), investment companies and private funds. All counterparties must meet the Adviser’s credit guidelines. The Fund will limit the collateral backing repurchase agreements to financial obligations and fixed income securities issued by the U.S. Government and U.S. Government agencies. In addition, the Fund will seek to invest in repurchase agreements consistent with the rules and regulations outlined in the U.S. Code of Federal Regulations by federal banking regulators for national banks and federal credit unions. The Fund’s custodian will hold the securities collateral, although the Fund may engage with a variety of additional qualified custodians for specific transactions when the additional qualified custodian has been approved by the Board of Trustees of the Trust.

The Fund may also enter into dollar roll transactions with approved counterparties. Dollar roll transactions are short term (usually 30 days) financings in which the Fund purchases and simultaneously sells (for a future settlement date) agency mortgage-backed security pools. Dollar rolls are similar to repurchase agreements with the key difference being that the Fund is not required to return the exact same securities that were delivered by the borrower. Instead, the Fund must return similar pools with minimum qualifications usually including the issuer, coupon rate, and original maturity of the pools.

The Fund may invest in reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells a security and agrees to repurchase the same security at a mutually agreed upon date and price reflecting the interest rate effective for the term of the agreement. For purposes of the 1940 Act, a reverse repurchase agreement is considered borrowing by the Fund and, therefore, a form of leverage. Leverage may cause any gains or losses for the Fund to be magnified. The Fund’s investment in reverse repurchase agreements may not exceed 33 1/3% of the Fund’s total assets.

Under normal market conditions, the Fund is allowed to hold up to 10% of its total net assets directly in short-term U.S. Government and U.S. Government agency securities to serve as an additional source of immediate liquidity. These securities will include U.S. Treasury Bills and Notes, government agency discount notes, and other short maturity U.S. Government and U.S. Government agency fixed income and mortgage-backed securities that meet the investment criteria for the Fund. These securities will be held primarily to manage the regular subscriptions and redemptions in the Fund, effectively providing a buffer against net redemptions in the Fund and to provide additional cash should new repurchase agreement opportunities arise.

Under normal market and interest rate conditions, the Fund will target an effective duration less than the duration of a 1-month U.S. Treasury Bill with a maximum duration of a 3-month U.S. Treasury Bill.

The Fund will seek to limit its investments and investment techniques so as to qualify as a permissible investment for nationally chartered banks and federal credit unions under current applicable federal laws and regulations. Nationally chartered banks and federal credit unions should consult with their legal counsel regarding federal laws and regulations applicable to their investment in the Fund. The Fund also encourages state chartered commercial banks to consult their legal counsel regarding whether shares of the Fund are a permissible investment under their state law.

The Fund is not a money market fund and its share price may fluctuate. The Fund is not required to follow the portfolio quality and risk diversification or other risk limiting provisions required of money market funds pursuant to Rule 2a-7 and does not qualify for the simplified net asset value method of tax accounting. Unlike a money market fund, the Fund is not subject to the risk-limiting conditions of Rule 2a-7 under the Investment Company Act of 1940 with respect to portfolio maturity, quality, diversification, and liquidity. Because of this, the fund may have exposures to these risks that are different from, and in some cases higher than, a money market fund (see the “Principal Risks” section). The Fund expects to enter into repurchase agreements with counterparties, such as broker/dealers, REITs, investment companies and private funds, that are not typically used by money market funds. The Fund may not invest more than 15% of its net assets in illiquid securities. An “illiquid security” is any investment that the Adviser reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Repurchase agreements with a remaining term in excess of seven (7) days are considered illiquid.

Investment Process

The investment process is structured to provide a robust oversight structure for the investment strategies pursued by the Adviser. The Adviser’s portfolio management team is responsible for sourcing borrowers seeking repurchase agreement financing. The Adviser maintains a credit committee (the “Adviser’s Credit Committee”) composed of individuals with extensive backgrounds in evaluating counterparty credit, risk management, analyzing fixed income securities, and structuring repurchase and financing agreements. The Adviser’s Credit Committee is tasked with reviewing the terms under which the Adviser’s portfolio management team may engage the Fund with specific counterparties and includes members that are not part of the portfolio management team. Based on the due diligence deliverables developed by the Adviser’s Credit Committee, the Adviser’s portfolio management team will present counterparties to the Adviser’s Credit Committee for approval.

The Adviser’s Credit Committee will approve all counterparties for repurchase agreements, taking into consideration the creditworthiness of the counterparty as well as the securities used as collateral for the repurchase agreement, the haircut applied to the collateral, and the legal terms and conditions of the legal documents governing the repurchase agreement.

Once a counterparty has been approved and a repurchase agreement funded, the Adviser’s portfolio management team will then be responsible for the oversight of the counterparty and all transactions associated with that counterparty. The Fund’s sub-adviser will develop risk management analytics that will be utilized by the Adviser’s portfolio management team to oversee outstanding repurchase agreements and to seek to insure that the value of the collateral is sufficient according to the terms of each repurchase agreement.

All counterparties will be reviewed regularly at a Credit Committee meeting, which is held at least once every quarter, to confirm that the credit and financial terms under which they were approved remain in place and all outstanding repurchase agreements are reviewed daily to verify that the transaction is properly collateralized. Members of the Fund’s sub-adviser will also present to the Credit Committee to review the compliance with the terms of each repurchase agreement.

For securities purchased in lieu of repurchase agreements, the Adviser’s portfolio management team is responsible for selecting these investments.

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REPYX - Performance

Return Ranking - Trailing

Period REPYX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.0% -4.7% 2.6% 84.55%
1 Yr 0.0% -6.1% 6.9% 26.72%
3 Yr 0.0%* -2.9% 3.7% 15.74%
5 Yr 0.0%* -11.1% 2.6% 19.55%
10 Yr N/A* -5.1% 1.5% N/A

* Annualized

Return Ranking - Calendar

Period REPYX Return Category Return Low Category Return High Rank in Category (%)
2023 0.0% -6.4% 2.3% 13.91%
2022 0.0% -1.6% 21.9% 16.52%
2021 0.0% -21.0% 5.8% 75.00%
2020 0.0% -9.4% 2.6% 79.41%
2019 0.0% -12.9% 6.1% 20.90%

Total Return Ranking - Trailing

Period REPYX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.0% -6.5% 2.6% 84.12%
1 Yr 0.0% -6.1% 6.9% 26.72%
3 Yr 0.0%* -2.9% 3.7% 15.74%
5 Yr 0.0%* -11.1% 2.6% 24.58%
10 Yr N/A* -5.1% 1.5% N/A

* Annualized

Total Return Ranking - Calendar

Period REPYX Return Category Return Low Category Return High Rank in Category (%)
2023 0.0% -6.4% 2.3% 13.91%
2022 0.0% -1.6% 21.9% 16.52%
2021 0.0% -21.0% 5.8% 75.00%
2020 0.0% -9.4% 2.6% 79.41%
2019 0.0% -12.9% 6.1% 29.38%

NAV & Total Return History


REPYX - Holdings

Concentration Analysis

REPYX Category Low Category High REPYX % Rank
Net Assets 426 M 24.5 K 19.8 B 69.83%
Number of Holdings 12 1 3396 95.02%
Net Assets in Top 10 22 M -200 M 16.1 B 73.44%
Weighting of Top 10 5.16% 2.6% 100.0% 97.41%

Top 10 Holdings

  1. Amherst Pierpont 0.50% 9.07%
  2. Amherst Pierpont 0.50% 9.07%
  3. Amherst Pierpont 0.50% 9.07%
  4. Amherst Pierpont 0.50% 9.07%
  5. Amherst Pierpont 0.50% 9.07%
  6. Amherst Pierpont 0.50% 9.07%
  7. Amherst Pierpont 0.50% 9.07%
  8. Amherst Pierpont 0.50% 9.07%
  9. Amherst Pierpont 0.50% 9.07%
  10. Amherst Pierpont 0.50% 9.07%

Asset Allocation

Weighting Return Low Return High REPYX % Rank
Cash
100.00% -24.02% 100.00% 0.41%
Stocks
0.00% 0.00% 3.35% 21.99%
Preferred Stocks
0.00% 0.00% 0.00% 17.43%
Other
0.00% -10.38% 3.22% 24.48%
Convertible Bonds
0.00% 0.00% 15.25% 80.91%
Bonds
0.00% 0.00% 123.41% 97.93%

REPYX - Expenses

Operational Fees

REPYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.30% 0.03% 4.12% 62.34%
Management Fee 0.30% 0.00% 1.19% 63.64%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.40% N/A

Sales Fees

REPYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.50% 5.75% N/A
Deferred Load N/A 0.25% 1.00% N/A

Trading Fees

REPYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 1.00% 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.

REPYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 24.00% 0.00% 369.54% 8.46%

REPYX - Distributions

Dividend Yield Analysis

REPYX Category Low Category High REPYX % Rank
Dividend Yield 4.29% 0.00% 4.70% 32.78%

Dividend Distribution Analysis

REPYX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

REPYX Category Low Category High REPYX % Rank
Net Income Ratio 0.33% -1.30% 14.86% 62.93%

Capital Gain Distribution Analysis

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

Distributions History

View More +

REPYX - Fund Manager Analysis

Managers

Yung Lim


Start Date

Tenure

Tenure Rank

Jun 07, 2017

4.98

5.0%

Mr. Lim serves as Chief Executive Officer and Co-Chief Investment Officer of FolioBeyond since December 2017. Mr. Lim also co-founded and serves as Managing Partner of Treesdale Partners, LLC, a fixed income fund of hedge funds, since 2002. Lim co-founded Treesdale Partners, LLC in 2002 and hold the position of Managing Partner. He founded Pedestal in 1997 and served as CEO and Chairman. Lim was also a senior consultant for Andrew Davidson & Co from July 1992 to February 1997. Lim also worked with Merrill Lynch from 1987 to 1992 and served as vice president of risk management. He holds a MBA from The University of Chicago Booth School of Business and BS in Electrical Engineering from the California Institute of Technology.

Sean Kelleher


Start Date

Tenure

Tenure Rank

Jun 07, 2017

4.98

5.0%

Mr. Kelleher, President, Chief Investment Strategist (Fixed Income) and Senior Portfolio Manager of the Adviser, joined the Adviser’s fixed income management team in 2009. In 2008, prior to joining the Adviser’s fixed income management team, Mr. Kelleher worked with M2Capital LLC to develop a distressed bank acquisition and asset management strategy. From 1999 to 2007, Mr. Kelleher worked as a senior vice president and portfolio manager for AllianceBernstein LP. He managed the firm’s mortgage and asset-backed investments as well as its mortgage hedge fund business and structured their securities arbitrage conduit and term financing facilities. He was a member of the firm’s six person Fixed Income Investment Committee. Prior to this, Mr. Kelleher managed the Passthrough Trading Desk at Deutsche Bank and Nomura Securities International and co-managed the CMO Trading Desk at Merrill Lynch. He founded Merrill Lynch’s efforts in mortgage-based interest rate swaps and started his career in risk management. Mr. Kelleher is a Chartered Financial Analyst and earned his Bachelor of Science in Finance from the McIntire School of Commerce at the University of Virginia.

Maggie Bautista


Start Date

Tenure

Tenure Rank

Jun 07, 2017

4.98

5.0%

Ms Bautista, Assistant Vice President and Portfolio Manager of Shay Assets Management, Inc, joined the Shay Assets Management, Inc’s fixed income management team as an Assistant Portfolio Manager in 2006 and as a Portfolio Manager in 2009. From 1991 to 2006, Ms. Bautista served as a portfolio administrator for Shay Assets Management, Inc. Prior to joining Shay Financial Services, Inc. in 1986, Ms. Bautista worked for Harris Bank in Chicago, Illinois.

John Williams


Start Date

Tenure

Tenure Rank

May 31, 2020

2.0

2.0%

Mr. Williams, Senior Portfolio Manager of Austin Atlantic Asset Management, joined Austin Atlantic Asset Management’s fixed income management team in 2020. He currently manages Cash Management Services offering, working closely with clients to implement yield enhancement strategies for their cash and securities collateral portfolios. From 2012 to 2019, Mr. Williams worked as a Senior Vice President with HSBC’s Futures Commission Merchant . He established and led the unit’s portfolio management/treasury program, actively investing client cash balances in short duration fixed income securities and repurchase transactions. Prior to this, Mr. Williams joined the Salomon Brothers/Citigroup Repo Finance Desk in 1996 and during the subsequent 16 years his roles included new product design, launch and management of the firm’s portfolio-based margining program, and leading the risk function for the Global Prime Finance division. He began his career with Chase Asset Management’s fixed income team. Mr. Williams earned his Bachelor of Science degree in Finance from Lehigh University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 32.44 6.54 7.92