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Trending ETFs

Name

As of 05/27/2022

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

$7.66

$5.08 M

0.00%

$0.00

2.05%

Vitals

YTD Return

-18.2%

1 yr return

-12.9%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$5.08 M

Holdings in Top 10

79.0%

52 WEEK LOW AND HIGH

$7.7
$7.66
$9.69

Expenses

OPERATING FEES

Expense Ratio 2.05%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 0.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$2,500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 05/27/2022

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

$7.66

$5.08 M

0.00%

$0.00

2.05%

TEZIX - Profile

Distributions

  • YTD Total Return -18.2%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -0.87%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    Catalyst/Teza Algorithmic Allocation Fund
  • Fund Family Name
    Catalyst Mutual Funds
  • Inception Date
    Dec 31, 2019
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Reinhold Gebert

Fund Description

The Fund provides exposure to major global asset classes including equity indexes, government bond interest rates, volatility indexes (for example, exposure to Cboe Volatility Index®), foreign currencies and/or commodities, such as energy, precious metals, base metals, agriculturals and grains. The Fund gains exposure to applicable asset classes by investing primarily, either directly or indirectly through its Subsidiary (as described below), in futures contracts. The Fund may also gain exposure to these asset classes by investing in exchange traded funds (“ETFs”). The Fund’s exposure to such asset classes varies based on market conditions and other factors, and in certain circumstances the Fund may not have any exposure to one or more of such asset classes. Investments by the Fund may be made in domestic and foreign markets, including emerging markets. The Fund also holds a large portion of its assets in cash or other cash equivalents, money market mutual funds and other fixed income investments, some or all of which will serve as margin or collateral for the Fund’s investments. Other fixed income investments may include investment grade short- and mid-term fixed income securities, including U.S. federal, state and municipal government securities, corporate bonds and ETFs that provide exposure to investment-grade fixed income securities.

The Fund holds both long and short positions. The Fund’s investment sub-advisor, Teza Capital Management LLC (the “Sub-Advisor”), uses a quantitative and systematic trading strategy based on algorithmic machine learning technology to manage the Fund. Equity index, government bond interest rate and volatility futures, as applicable, are generally held in long positions to achieve the Fund’s long-term target risk exposure. However, based on proprietary risk-scaling tools and in response to market conditions, the strategy can dynamically reduce the Fund’s exposure to such asset classes, and in certain circumstances have short positions in and short exposure to such asset classes. The commodities portion of the strategy invests in long or short positions in commodities futures contracts.

The Sub-Advisor’s trading strategy adjusts the Fund’s positions and risk exposure, generally on a daily basis in response to certain market conditions, and alpha based signals, such as strong positive correlation between stocks and bonds or changes in that correlation. The strategy dynamically adjusts the overall risk exposure of the portfolio based upon the quantitative analysis of contemporaneous asset class correlations derived from pricing data collected by the Sub-Advisor. The Fund’s strategy is intended as improvement upon static risk models which adjust exposures less frequently and, as a result, may deliver less consistent levels of risk exposure.

Target Volatility: The Fund is actively managed to a target range of 13% to 18% annualized volatility, although there is no guarantee that this goal can be met in all market conditions. There is no guarantee that the Fund will successfully achieve or maintain the target volatility level. Volatility is a statistical measure of the magnitude of changes in the Fund’s returns without regard to the direction of the returns. The Fund’s actual volatility level for longer or shorter periods may be materially higher or lower than the target level depending on market conditions, and therefore the Fund’s risk exposure may be materially higher or lower than the level targeted by the Sub-Advisor. As portfolio weights and estimates of volatility and correlations change through time, the Sub-Advisor will increase and decrease the Fund’s gross exposure to underlying assets in order to maintain its target level of portfolio volatility. During periods of extremely high volatility and high correlations, the Fund may have lower exposure to underlying assets to maintain the target level of portfolio volatility. Conversely, during periods of low volatility and low correlations the Fund may require greater exposure to underlying assets to maintain its target level of portfolio volatility.

The Fund’s target volatility level is not a total return performance target – the Fund does not expect, nor does it represent, that its total return performance will be within any specified range. It is possible that the Fund could achieve its target volatility level while having negative performance returns. Also, efforts to achieve and maintain a target volatility level can be expected to limit the Fund’s gains in rising markets, may expose the Fund to costs to which it would otherwise not have been exposed and, if unsuccessful, may result in substantial losses.

The Fund actively trades its portfolio investments, which may lead to higher transaction costs that may affect the Fund’s performance.

The Fund is classified as “non-diversified” for purposes of the Investment Company Act of 1940 (the “1940 Act”), which means a relatively high percentage of the Fund’s assets may be invested in the securities of a limited number of companies that could be in the same or related economic sectors.

Investments in Subsidiary. The Sub-Advisor executes a portion of the Fund’s strategy by investing up to 25% of its total assets in a wholly owned and controlled subsidiary (the “Subsidiary”). The Subsidiary invests the majority of its assets in commodities and other futures contracts. The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis. The Advisor and Sub-Advisor to the Fund are also advisor and sub-advisor to the Subsidiary.

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TEZIX - Performance

Return Ranking - Trailing

Period TEZIX Return Category Return Low Category Return High Rank in Category (%)
YTD -18.2% -12.5% 16.4% 93.68%
1 Yr -12.9% -3.1% 48.3% 96.28%
3 Yr N/A* 1.6% 26.8% N/A
5 Yr N/A* 0.9% 17.3% N/A
10 Yr N/A* 0.6% 14.2% N/A

* Annualized

Return Ranking - Calendar

Period TEZIX Return Category Return Low Category Return High Rank in Category (%)
2023 1.4% -40.8% 20.6% 61.80%
2022 N/A -21.0% 24.5% N/A
2021 N/A -24.2% 27.8% N/A
2020 N/A -23.1% 11.7% N/A
2019 N/A -100.0% 20.6% N/A

Total Return Ranking - Trailing

Period TEZIX Return Category Return Low Category Return High Rank in Category (%)
YTD -18.2% -12.5% 16.4% 93.68%
1 Yr -12.9% -7.0% 48.3% 93.95%
3 Yr N/A* 0.3% 26.8% N/A
5 Yr N/A* 0.5% 17.3% N/A
10 Yr N/A* 0.6% 14.2% N/A

* Annualized

Total Return Ranking - Calendar

Period TEZIX Return Category Return Low Category Return High Rank in Category (%)
2023 1.4% -40.8% 20.6% 61.80%
2022 N/A -21.0% 24.5% N/A
2021 N/A -24.2% 27.8% N/A
2020 N/A -23.1% 11.7% N/A
2019 N/A -100.0% 23.1% N/A

NAV & Total Return History


TEZIX - Holdings

Concentration Analysis

TEZIX Category Low Category High TEZIX % Rank
Net Assets 5.08 M 1.21 M 113 B 98.45%
Number of Holdings 36 2 11700 79.27%
Net Assets in Top 10 5.13 M -3.57 M 23.1 B 93.16%
Weighting of Top 10 78.95% 9.4% 100.0% 20.33%

Top 10 Holdings

  1. Us Bank Mmda - Usbgfs5 17.00%
  2. Us Bank Mmda - Usbgfs5 17.00%
  3. Us Bank Mmda - Usbgfs5 17.00%
  4. Us Bank Mmda - Usbgfs5 17.00%
  5. Us Bank Mmda - Usbgfs5 17.00%
  6. Us Bank Mmda - Usbgfs5 17.00%
  7. Us Bank Mmda - Usbgfs5 17.00%
  8. Us Bank Mmda - Usbgfs5 17.00%
  9. Us Bank Mmda - Usbgfs5 17.00%
  10. Us Bank Mmda - Usbgfs5 17.00%

Asset Allocation

Weighting Return Low Return High TEZIX % Rank
Bonds
47.59% -2.12% 82.11% 6.20%
Cash
41.37% -162.09% 109.19% 1.07%
Other
8.77% -2.52% 262.09% 8.76%
Convertible Bonds
2.28% 0.00% 29.16% 15.81%
Stocks
0.00% -7.05% 98.07% 98.93%
Preferred Stocks
0.00% 0.00% 13.65% 68.59%

Bond Sector Breakdown

Weighting Return Low Return High TEZIX % Rank
Corporate
51.03% 0.00% 97.97% 17.95%
Cash & Equivalents
45.75% 0.82% 100.00% 19.44%
Government
1.45% 0.00% 93.39% 83.33%
Securitized
1.41% 0.00% 93.56% 62.18%
Derivative
0.33% 0.00% 33.90% 31.41%
Municipal
0.02% 0.00% 31.21% 31.62%

Bond Geographic Breakdown

Weighting Return Low Return High TEZIX % Rank
US
40.23% -72.45% 70.51% 2.99%
Non US
7.36% -25.34% 72.39% 46.58%

TEZIX - Expenses

Operational Fees

TEZIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.05% 0.16% 3.05% 5.81%
Management Fee 1.90% 0.00% 1.90% 99.56%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.70% N/A

Sales Fees

TEZIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

TEZIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 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.

TEZIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 0.00% 0.00% 427.00% 0.49%

TEZIX - Distributions

Dividend Yield Analysis

TEZIX Category Low Category High TEZIX % Rank
Dividend Yield 0.00% 0.00% 4.23% 6.36%

Dividend Distribution Analysis

TEZIX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Quarterly Quarterly

Net Income Ratio Analysis

TEZIX Category Low Category High TEZIX % Rank
Net Income Ratio -0.87% -5.20% 7.33% 98.00%

Capital Gain Distribution Analysis

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

Distributions History

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TEZIX - Fund Manager Analysis

Managers

Reinhold Gebert


Start Date

Tenure

Tenure Rank

Dec 31, 2019

2.33

2.3%

Prior to joining Teza as Chief Operating Officer (COO) and Chief Risk Officer (CRO) in July 2017, Dr. Reinhold W. Gebert served as COO and CRO at Gresham Investment Management, an $8 billion commodities hedge fund in New York, for almost five years. There he was a member of the Executive Committee, the Investment Risk Committees, and the Enterprise Risk Management Committee. Previously, in addition to stints at two successful startups, Gebert was Managing Director and CAO of the wealth management business at Barclays Wealth Americas. Prior to that, he was SVP and CAO of Private Investment Management at Lehman Brothers. He spent four years at McKinsey & Company in their financial services practices. Gebert conducted postdoctoral research and authored numerous articles in superstring theory at the Institute for Advanced Study in Princeton and earned his Ph.D. in theoretical physics from the University of Hamburg. His M.Sc. in Mathematics is from King’s College London and he completed his undergraduate studies in physics at the Technical University of Munich.

Mikhail Malyshev


Start Date

Tenure

Tenure Rank

Dec 31, 2019

2.33

2.3%

Misha has led Teza Group as the CEO since the company’s founding in 2009. He earned his Ph.D. in Astrophysics from Princeton University in 1998. He also holds a M.S. in Theoretical Physics and a B.S. degree summa cum laude in Physics and Mathematics from Moscow Institute of Physics and Technology. Dr. Malyshev worked for Bell Labs conducting scientific research until 2000. From 2000 through early 2003, he worked as a consultant with McKinsey & Company, where he developed substantial experience working for asset management and investment banking clients. Dr. Malyshev joined Citadel Investment Group, L.L.C. in April 2003 as a member of its strategy group. In 2004, he moved to Citadel’s Quantitative Analytics group, where he developed a quantitative trading business. Dr. Malyshev was rapidly promoted to the position of Managing Director and Global Head of High Frequency Trading at Citadel, which he held until he resigned in the winter of 2009. Dr. Malyshev is an avid supporter of education initiatives, and has partnered with organizations that inspire young people, particularly women and minorities, to pursue careers in science, technology, engineering and math. He is currently on the global leadership council of buildOn, an international nonprofit organization that runs youth service after-school programs in United States high schools and builds schools in developing countries.

Matthew Hanna


Start Date

Tenure

Tenure Rank

Sep 01, 2021

0.66

0.7%

Mr. Hanna joined Teza Group as a Portfolio Manager in 2021. From 2017 to 2021, Mr. Hanna was a Portfolio Manager and the Managing Director of ESG Investing for Summit Global Investments. Mr. Hanna was responsible for quantitative investing, risk management, asset allocation, and product development. Mr. Hanna developed and led a global macro hedge fund and was a Portfolio Manager on 6 different mutual funds ranging from global equities to multi asset class allocation. For this work he was named a Rising Star in Mutual Funds by Fund Intelligence. From 2007 to 2017, Mr. Hanna worked at Raymond James where he developed a macro strategy and provided leading research on asset allocation, risk management, and global market analysis on various portfolios. Mr. Hanna earned his M.S. in Finance from the University of Tampa, a M.S. in Applied Economics from the University of North Dakota, and a B.A. from the University of Florida. He is a CFA Charterholder, Certified FRM, and CAIA Charterholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 30.02 6.45 1.0