Name
As of 04/17/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
4.0%
1 yr return
18.3%
3 Yr Avg Return
4.6%
5 Yr Avg Return
N/A
Net Assets
$1.56 M
Holdings in Top 10
9.9%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 35.66%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 40.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$20,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/17/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
AXMIX - Profile
Distributions
- YTD Total Return 4.0%
- 3 Yr Annualized Total Return 4.6%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.05%
- Dividend Yield 0.6%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameAcclivity Mid Cap Multi-Style Fund
-
Fund Family NameLifegoal ETFs
-
Inception DateDec 31, 2019
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerSheridan Titman
Fund Description
The Mid Cap Multi-Style Fund employs a quantitatively driven, factor-based investment strategy. Particularly, the Adviser selects, from the U.S. publicly traded stock universe, securities that the Adviser considers to be mid-capitalization stocks.
Under normal market conditions, the Mid Cap Multi-Style Fund is expected to hold approximately 300 different stocks, where no individual issuer represents more than 5% of the portfolio total value. The Adviser defines a mid-capitalization company as any company that is neither in the highest 80% of U.S. aggregate market capitalization nor in the lowest 8% of U.S. aggregate market capitalization. Effectively, this excludes the largest and smallest companies in the market. The market capitalization upper and lower thresholds for a company to be categorized as a mid-capitalization company will thus fluctuate along with market prices. For context, the Adviser, as of the date of this Prospectus, places the mid-capitalization upper threshold at approximately $20.9 billion and the lower threshold at approximately $5.4 billion. These thresholds will change throughout the year as market conditions evolve and prices fluctuate., The strategy aims to invest in a broad and well-diversified basket of securities that are eligible in accordance with the aforementioned requirements. As a non-fundamental policy (i.e., one that can be changed by the Board of Trustees without shareholder approval), under normal market conditions, the Mid Cap Multi-Style Fund will invest at least 80% of its total assets in equity securities of mid-cap companies. The Mid Cap Multi-Style Fund may obtain exposure to equity securities through futures and options on futures contracts. Such derivative investments will be valued at market value rather than notional value, and will not exceed more than 20% of the Mid Cap Multi-Style Fund’s total assets.
The Adviser will use a set of investment factors, which in some peer-reviewed academic journals have been linked to higher expected returns, to over- or underweight securities in the Mid Cap Multi-Style Fund, relative to their market weight. Some of the factors considered include market capitalization, book-to-market, profitability, re-investment of earnings, and momentum. In addition, the Adviser will use a set of investment variables, that the Adviser believes are linked to higher expected returns, during the strategy implementation stage (e.g., trading), to further over- or underweight securities in the Mid Cap Multi-Style Fund, relative to their multi-factor adjusted weight. Some of the variables considered include stock-specific market interest rate in security lending markets, market liquidity, and price reversals. From time to time, the Adviser may consider additional factors or investment variables as deemed appropriate by the investment committee of the Adviser. The Mid Cap Multi-Style Fund is long-only (no shorting) and does not directly use hedging or leverage, although it will use futures for cash management purposes (these instruments may have embedded economic leverage). The Mid Cap Multi-Style Fund will normally invest 5% or less of its total assets in futures, although it can invest up to 20% of its total assets in such instruments.
The Mid Cap Multi-Style Fund will also use futures and options on futures contracts for U.S. equity securities and indices, and exchange-traded-funds (“ETFs”) to adjust market exposure or manage cash needs. Such equity-related futures and options on futures contracts will count towards the Mid Cap Multi-Style Fund’s 80% investment policy and such instruments will be valued at market value rather than notional value.
The Mid Cap Multi-Style Fund may lend its portfolio securities in order to generate additional income for the Mid Cap Multi-Style Fund.
AXMIX - Performance
Return Ranking - Trailing
| Period | AXMIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.0% | -13.8% | 16.2% | 15.38% |
| 1 Yr | 18.3% | -8.5% | 39.8% | 15.38% |
| 3 Yr | 4.6%* | -22.4% | 14.9% | 22.38% |
| 5 Yr | N/A* | -1.8% | 19.7% | N/A |
| 10 Yr | N/A* | 1.9% | 12.6% | N/A |
* Annualized
Return Ranking - Calendar
| Period | AXMIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 15.7% | -12.9% | 28.8% | 27.35% |
| 2022 | -12.7% | -52.6% | 20.1% | 10.03% |
| 2021 | 21.3% | -43.8% | 32.4% | 22.16% |
| 2020 | N/A | -10.6% | 82.1% | N/A |
| 2019 | N/A | -8.5% | 37.5% | N/A |
Total Return Ranking - Trailing
| Period | AXMIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.0% | -13.8% | 16.2% | 15.38% |
| 1 Yr | 18.3% | -8.5% | 39.8% | 15.38% |
| 3 Yr | 4.6%* | -22.4% | 14.9% | 22.38% |
| 5 Yr | N/A* | -1.8% | 19.7% | N/A |
| 10 Yr | N/A* | 1.9% | 12.6% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | AXMIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 16.4% | 1.2% | 31.3% | 42.82% |
| 2022 | -10.0% | -45.7% | 21.1% | 11.98% |
| 2021 | 21.3% | -30.2% | 52.8% | 74.72% |
| 2020 | N/A | -8.4% | 84.3% | N/A |
| 2019 | N/A | 1.0% | 43.4% | N/A |
NAV & Total Return History
AXMIX - Holdings
Concentration Analysis
| AXMIX | Category Low | Category High | AXMIX % Rank | |
|---|---|---|---|---|
| Net Assets | 1.56 M | 728 K | 160 B | 99.73% |
| Number of Holdings | 361 | 1 | 2609 | 22.22% |
| Net Assets in Top 10 | 155 K | 155 K | 11.7 B | 100.00% |
| Weighting of Top 10 | 9.93% | 3.4% | 100.0% | 79.89% |
Top 10 Holdings
- NEWS CORP-CL A 1.14%
- SOUTHWEST AIR 1.13%
- FIDELITY NATIONA 1.11%
- LOEWS CORP 1.05%
- REGIONS FINANCIA 0.97%
- HF SINCLAIR CORP 0.96%
- CINCINNATI FIN 0.93%
- BUILDERS FIRSTSO 0.92%
- SNAP-ON INC 0.87%
- VISTRA CORP 0.86%
Asset Allocation
| Weighting | Return Low | Return High | AXMIX % Rank | |
|---|---|---|---|---|
| Stocks | 100.00% | 14.60% | 104.46% | 4.61% |
| Preferred Stocks | 0.00% | 0.00% | 14.30% | 98.92% |
| Other | 0.00% | -1.04% | 23.02% | 93.22% |
| Convertible Bonds | 0.00% | 0.00% | 1.78% | 98.92% |
| Cash | 0.00% | 0.00% | 30.96% | 100.00% |
| Bonds | 0.00% | 0.00% | 62.14% | 98.92% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | AXMIX % Rank | |
|---|---|---|---|---|
| Financial Services | 19.39% | 0.00% | 46.10% | 11.14% |
| Consumer Cyclical | 16.21% | 2.49% | 46.48% | 13.59% |
| Industrials | 15.12% | 0.00% | 45.89% | 64.67% |
| Technology | 15.00% | 0.00% | 40.65% | 55.16% |
| Energy | 7.74% | 0.00% | 58.13% | 19.02% |
| Basic Materials | 7.68% | 0.00% | 16.35% | 11.14% |
| Healthcare | 7.39% | 0.00% | 24.06% | 86.14% |
| Utilities | 4.68% | 0.00% | 18.97% | 34.78% |
| Consumer Defense | 3.70% | 0.00% | 32.18% | 67.39% |
| Communication Services | 2.65% | 0.00% | 30.98% | 47.83% |
| Real Estate | 0.44% | 0.00% | 25.82% | 90.22% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | AXMIX % Rank | |
|---|---|---|---|---|
| US | 100.00% | 14.60% | 104.46% | 2.98% |
| Non US | 0.00% | 0.00% | 19.95% | 99.19% |
AXMIX - Expenses
Operational Fees
| AXMIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 35.66% | 0.03% | 35.91% | 0.55% |
| Management Fee | 0.35% | 0.00% | 1.50% | 20.44% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 24.43% |
| Administrative Fee | N/A | 0.01% | 0.30% | N/A |
Sales Fees
| AXMIX 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% | 4.00% | N/A |
Trading Fees
| AXMIX 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.
| AXMIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 40.00% | 0.00% | 304.00% | 46.06% |
AXMIX - Distributions
Dividend Yield Analysis
| AXMIX | Category Low | Category High | AXMIX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.58% | 0.00% | 31.05% | 66.94% |
Dividend Distribution Analysis
| AXMIX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Annual | Quarterly | Annual |
Net Income Ratio Analysis
| AXMIX | Category Low | Category High | AXMIX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.05% | -2.06% | 3.38% | 16.35% |
Capital Gain Distribution Analysis
| AXMIX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 07, 2023 | $0.083 | OrdinaryDividend |
| Dec 08, 2022 | $0.372 | OrdinaryDividend |
AXMIX - Fund Manager Analysis
Managers
Sheridan Titman
Start Date
Tenure
Tenure Rank
Dec 31, 2019
2.42
2.4%
Dr. Titman is one of the pioneers of modern finance. His impact on the field is ubiquitous; he has published several textbooks and over 100 articles in the leading academic and practitioner journals. These articles, which have been recognized by a number of awards, have been cited over 70,000 times. Dr. Titman has served as President of the Western Finance Association (WFA), the American Finance Association (AFA) and the American Real Estate and Urban Economics Associations (AREUEA). He has also served on the boards of the WFA and the AFA, as well as on the boards of the Asian Pacific Finance Association and the Financial Management Association. In addition to his academic work, Dr. Titman has consulted for asset management firms and served as a special assistant to the Assistant Secretary of the Treasury for Economic Policy. Dr. Titman is currently a Professor of Finance at the McCombs School of Business at The University of Texas at Austin. He has also served as a Professor at UCLA, Boston College, and the Hong Kong University of Science and Technology where he was one of the founding professors. He is also a research associate at both the National Bureau of Economic Research and the Asian Bureau of Finance and Economic Research and is a special term professor at the Shanghai Advanced Institute of Finance. Through his research, Dr. Titman has changed the way Investment Managers design and manage their portfolios. Some of his most notable contributions are his insights about momentum in the cross-section of equity returns, which constitutes an important part of the toolkit that quantitative asset managers use worldwide.
Vito Sciaraffia
Start Date
Tenure
Tenure Rank
Dec 31, 2019
2.42
2.4%
Vito Sciaraffia serves as Chief Investment Officer of Innealta Capital, LLC. In addition, Dr. Sciaraffia served as Chief Investment Officer of Innealta Capital, a division of AFAM Capital Inc., since October 1st, 2015 to July 31st, 2018. In his Chief Investment Officer role, Dr. Sciaraffia is responsible for ensuring prudent management of all client assets, designing quantitative strategies, and leading the research activities of the investment team. His professional experience focuses heavily on the quantitative evaluation of equity securities and financial markets. Also, Dr. Sciaraffia is actively involved with clients through conference presentations, training activities, webinars, and written market commentaries. Dr. Sciaraffia has been in the financial industry since 2004. His previous work experience includes: Senior Researcher on the Strategy Research Team at Dimensional Fund Advisors, from May 2013 to June 2015, where he conducted empirical asset pricing research, wrote research papers, enhanced the design of investment strategies, and collaborated with their marketing and sales departments by delivering technical presentations to various clients and Academic in the Finance Department at the McCombs School of Business at the University of Texas at Austin from January 2012 to May 2013 and January 2017 to present, where he focuses his research on empirical asset pricing and has taught the core Investment Management course and the Quantitative Investment Strategies course for graduate students. In addition, Dr. Sciaraffia has served as a Management Associate in the Investment Banking Division at Citigroup, member of the Market Risk Team at JP Morgan, and consultant to multiple private and public organizations. Dr. Sciaraffia earned his PhD in Business Administration from the Haas School of Business at the University of California, Berkeley. In addition, he has an MA in Mathematics with an emphasis in stochastic processes and an MS in Business from the University of California, Berkeley, an MBA and an MS in Finance from the University of Chile, and a BS in Economics and Management from the Catholic University of Chile.
Glenn Freed
Start Date
Tenure
Tenure Rank
Dec 31, 2019
2.42
2.4%
Glenn S. Freed holds a PhD in accounting from The Leventhal School of Accounting, The Marshall School of Business at the University of Southern California and a BS with high honors in accounting from the University of Florida. He has more than 15 years of experience in investment management. Prior to joining the Vericimetry Advisors LLC, Dr. Freed worked from 2000 to 2010, as a Vice President, for an investment management firm involved in quantitative investment research, analysis and portfolio construction. Dr. Freed is part of the team responsible for the research, design and implementation of Innealta Capital, LLC investment strategies. Also, Dr. Freed provides oversight of the marketing initiatives and interacting with clients. Dr. Freed has over 30 years of work experience in asset management, wealth management, tax advising, tax and accounting research and education. Before joining Acclivity Investment Research, Dr. Freed held senior positions at several financial services companies: Chief Investment Officer at LourdMurray; Chief Executive Officer and Chief Investment Officer at Vericimetry Advisors; and Vice President at Dimensional Fund Advisors. Previously, Dr. Freed was Associate Dean of the Leventhal School of Accounting and Academic Director of the Master of Business Taxation Program at the University of Southern California.
Yuxing Zhang
Start Date
Tenure
Tenure Rank
Mar 31, 2021
1.17
1.2%
Yuxing Zhang, FRM, is a Portfolio Manager and Quantitative Research Analyst of Innealta Capital, joined Innealta Capital 2017. Mr. Zhang is part of our quantitative and implementation team, which is responsible for the day-to-day data management, portfolio implementation and ongoing enhancement of our models and systems. Mr. Zhang received a B.S. degree in Applied Mathematics and a B.A in Economics from the Southwestern University of Finance and Economics in 2014 and a M.S. in Financial Mathematics from the University of Chicago in 2016.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.25 | 38.44 | 7.24 | 5.78 |