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Trending ETFs

Name

As of 01/16/2024

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

$10.97

$281 M

0.00%

0.48%

Vitals

YTD Return

N/A

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$281 M

Holdings in Top 10

53.5%

52 WEEK LOW AND HIGH

$11.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.48%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 95.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$500

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 01/16/2024

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

$10.97

$281 M

0.00%

0.48%

ADISX - Profile

Distributions

  • YTD Total Return N/A
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -4.06%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Aperture Discover Equity Fund
  • Fund Family Name
    Aperture Investors
  • Inception Date
    Dec 30, 2019
  • Shares Outstanding
    34107180
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Brad McGill

Fund Description

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders.

The equity securities in which the Fund primarily invests are common stocks of North American companies, including initial public offerings (“IPOs”). For purposes of the Fund’s 80% investment policy, however, equity securities also include exchange-traded funds (“ETFs”) and derivatives with economic characteristics similar to equity securities. The Fund may invest in both small capitalization companies and medium capitalization companies, and may invest in companies located in both the U.S. and non-U.S. developed market countries. The Fund may invest in derivatives, including swaps, to create long or short exposure without investing directly in the underlying assets, increase

the return of the Fund and/or hedge (protect) the value of the Fund’s assets.

The Fund seeks to achieve its objective primarily by taking long and short positions in equity securities of companies that the Adviser believes are undergoing transformational change. The Fund takes long positions in equity securities of companies that the Adviser believes are high quality companies with attractive valuations that are undergoing positive, fundamental changes. Examples of positive, fundamental changes may include: new management, technology initiatives, new product development, cost reduction, operational efficiencies and/or acquisitions/divestitures. The Adviser believes that these types of changes can be transformational in their ability to accelerate revenue growth, operating income, cash flow and/or return of invested capital for a company. The Fund takes short positions in equity securities of companies that the Adviser believes are companies with unattractive valuations that are experiencing deteriorating fundamentals and/or structural challenges. Examples of deteriorating fundamentals may include: slowing revenue growth, contracting margins, declining market share and/or deteriorating returns. Examples of structural challenges may include: inflexible structure, entrenched management, competitive threats and/or weak pricing power.

While the Fund’s primary goal is to generate excess returns, the Adviser seeks to assess the financial risks and opportunities presented by certain environmental, social and governance (“ESG”) factors in accordance with the Adviser’s Responsible Investment and ESG Policy (the “ESG Policy”). In managing the Fund, the Adviser may consider one or more ESG factors alongside other, non-ESG factors in its investment decisions, but such ESG factors are generally no more significant than other factors in the investment selection process, such that (except with respect to the exclusionary screens described elsewhere) ESG factors may not be determinative in deciding to include or exclude any particular investment in the Fund’s portfolio. Even when ESG factors are considered, investments presenting significant ESG-related risks may be purchased and retained by the Fund because considerable discretion is given to the investment team in weighing ESG factors along with other factors in making investment decisions. In addition, the Fund employs an exclusionary screen that prohibits investment in certain types of investments, specifically producers of certain types of weapons and munitions (e.g. landmines). If reliable ESG information regarding a particular investment is not readily available to the Adviser from its regular sources and in certain other situations (including, but not limited to, with respect to (a) investments of a de minimis size when

compared to the total size of the Fund’s portfolio and (b) investments intended to be held only for a short period of time), the Adviser may not consider ESG factors when making portfolio decisions with respect to such investment.

When the Fund takes a long position, the Fund purchases a security outright and will benefit from an increase in the price of the security. Similarly, when the Fund takes a long position through a derivative instrument, it will benefit from an increase in the price of the underlying instrument. When the Fund takes a short position, the Fund borrows the security from a third party and sells it at the then current market price. The Fund is then obligated to buy the security on a later date so that it can return the security to the lender. When the Fund takes a short position, it will benefit from a decrease in the price of the security and will incur a loss if the price of the security increases between the time it is sold and when the Fund replaces the borrowed security. Similarly, when the Fund takes a short position through a derivative instrument, it will benefit from a decrease in the price of the underlying instrument and will incur a loss if the price of the underlying instrument increases. The Fund may reinvest the proceeds of its short sales by taking additional long positions, thus allowing the Fund to maintain long positions in excess of 100% of its net assets.

Under normal circumstances, the Fund intends to hold long positions in securities for long periods (typically over two years).

The Fund is classified as “non-diversified,” which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.

Due to its investment strategy, the Fund may buy and sell securities frequently.

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ADISX - Performance

Return Ranking - Trailing

Period ADISX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -7.3% 1.2% 98.64%
1 Yr N/A -16.8% 36.7% 85.64%
3 Yr N/A* -21.2% 61.2% 41.61%
5 Yr N/A* -3.6% 46.4% N/A
10 Yr N/A* -0.1% 23.7% N/A

* Annualized

Return Ranking - Calendar

Period ADISX Return Category Return Low Category Return High Rank in Category (%)
2023 18.5% -20.5% 54.6% 23.25%
2022 -38.2% -82.1% 32.2% 84.23%
2021 1.8% -90.6% 300.1% 27.10%
2020 N/A -63.0% 127.9% N/A
2019 N/A -7.7% 42.9% N/A

Total Return Ranking - Trailing

Period ADISX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -7.3% 1.2% 98.64%
1 Yr N/A -16.8% 36.7% 85.64%
3 Yr N/A* -21.2% 61.2% 41.61%
5 Yr N/A* -3.6% 46.4% N/A
10 Yr N/A* -0.1% 23.7% N/A

* Annualized

Total Return Ranking - Calendar

Period ADISX Return Category Return Low Category Return High Rank in Category (%)
2023 18.5% -19.0% 136.8% 32.31%
2022 -34.5% -59.9% 44.3% 79.90%
2021 28.9% -22.7% 411.9% 4.55%
2020 N/A 1.5% 150.8% N/A
2019 N/A 5.5% 55.3% N/A

NAV & Total Return History


ADISX - Holdings

Concentration Analysis

ADISX Category Low Category High ADISX % Rank
Net Assets 281 M 183 K 28.5 B 66.39%
Number of Holdings 44 7 1188 91.39%
Net Assets in Top 10 150 M 56.1 K 2.37 B 44.26%
Weighting of Top 10 53.51% 0.2% 100.1% 5.75%

Top 10 Holdings

  1. BRUNSWICK CORP COMMON STOCK 5.99%
  2. FEDERAL SIGNAL CORP COMMON STOCK 5.90%
  3. BOOT BARN HOLDINGS INC COMMON STOCK 5.53%
  4. Atkore Inc COMMON STOCK 5.36%
  5. TREASURY BILL 0.000000% 12/07/2023 5.28%
  6. DOUBLEVERIFY HOLDINGS INC COMMON STOCK 5.23%
  7. NEW YORK TIMES CO-A COMMON STOCK 5.20%
  8. ENPRO INDUSTRIES INC COMMON STOCK 5.12%
  9. DESCARTES SYSTEMS GRP/THE COMMON STOCK 5.04%
  10. TREX COMPANY INC COMMON STOCK 4.87%

Asset Allocation

Weighting Return Low Return High ADISX % Rank
Stocks
91.80% 0.96% 102.34% 95.95%
Bonds
5.28% 0.00% 5.28% 0.34%
Cash
2.07% 0.00% 99.04% 54.73%
Other
0.84% -0.07% 4.87% 16.55%
Preferred Stocks
0.00% 0.00% 4.08% 99.66%
Convertible Bonds
0.00% 0.00% 1.57% 99.66%

Stock Sector Breakdown

Weighting Return Low Return High ADISX % Rank
Consumer Cyclical
40.68% 0.00% 40.68% 0.34%
Industrials
27.89% 0.00% 36.64% 3.89%
Technology
20.81% 2.91% 75.51% 79.39%
Basic Materials
3.07% 0.00% 9.24% 36.99%
Communication Services
2.58% 0.00% 15.31% 45.27%
Healthcare
1.89% 0.00% 47.90% 99.16%
Financial Services
1.32% 0.00% 42.95% 97.97%
Real Estate
0.77% 0.00% 15.31% 67.74%
Energy
0.41% 0.00% 55.49% 72.13%
Consumer Defense
0.35% 0.00% 13.56% 96.11%
Utilities
0.24% 0.00% 5.57% 30.91%

Stock Geographic Breakdown

Weighting Return Low Return High ADISX % Rank
US
82.38% 0.96% 102.34% 97.47%
Non US
9.42% 0.00% 61.65% 3.38%

Bond Sector Breakdown

Weighting Return Low Return High ADISX % Rank
Government
17.26% 0.00% 17.26% 0.36%
Derivative
0.84% -0.07% 0.84% 0.34%
Cash & Equivalents
0.00% 0.00% 100.00% 99.66%
Securitized
0.00% 0.00% 0.02% 99.64%
Corporate
0.00% 0.00% 100.00% 99.64%
Municipal
0.00% 0.00% 0.00% 99.64%

Bond Geographic Breakdown

Weighting Return Low Return High ADISX % Rank
US
5.28% 0.00% 5.28% 0.34%
Non US
0.00% 0.00% 0.03% 99.66%

ADISX - Expenses

Operational Fees

ADISX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.48% 0.05% 13.86% 96.79%
Management Fee 0.25% 0.05% 1.62% 3.89%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.40% N/A

Sales Fees

ADISX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

ADISX 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.

ADISX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 95.00% 3.00% 439.00% 71.23%

ADISX - Distributions

Dividend Yield Analysis

ADISX Category Low Category High ADISX % Rank
Dividend Yield 0.00% 0.00% 2.32% 98.14%

Dividend Distribution Analysis

ADISX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Annual Annual

Net Income Ratio Analysis

ADISX Category Low Category High ADISX % Rank
Net Income Ratio -4.06% -4.08% 1.10% 99.83%

Capital Gain Distribution Analysis

ADISX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Annually Annually

Distributions History

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ADISX - Fund Manager Analysis

Managers

Brad McGill


Start Date

Tenure

Tenure Rank

Dec 30, 2019

2.42

2.4%

Brad McGill serves as the sole Portfolio Manager of the Discover Equity Fund. Prior to joining the Adviser in October 2019, Mr. McGill was a Portfolio Manager at Diker Management LLC from January 2016 to March 2019. Prior to that, he was a Partner and Senior Analyst at Daruma Capital Management from November 2006 to October 2015. Prior to joining Daruma, Brad was Vice President and Portfolio Manager at Lehman Brothers’ Equity Strategies group, a long/short fund where he managed a market neutral strategy. Earlier in his career, Brad was a Senior Analyst at Banc of America Securities (F/K/A Montgomery Securities) where he was recognized for his consumer sector research, and began his career as a Research Associate in quantitative and fundamental equity research at Smith Barney. He graduated from Lehigh University with a BS in Finance in 1994.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 30.44 9.04 5.25