EQIPX: Equinox IPM Systematic Macro I

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EQIPX Equinox IPM Systematic Macro I


Profile

EQIPX - Profile

Vitals

  • YTD Return -1.7%
  • 3 Yr Annualized Return 0.4%
  • 5 Yr Annualized Return N/A
  • Net Assets $168 M
  • Holdings in Top 10 84.4%

52 WEEK LOW AND HIGH

$9.70
$9.34
$10.20

Expenses

OPERATING RELATED FEES

  • Expense Ratio 2.09%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 54.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

Closed to new investors as of Dec 18, 2019
  • Standard (Taxable) $200,000,000
  • IRA N/A

Fund Classification

  • Primary Caregory
  • Fund Type Open End Mutual Fund
  • Investment Style Managed Futures

Distributions

  • YTD Total Return -1.7%
  • 3 Yr Annualized Total Return 0.4%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.34%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    Equinox IPM Systematic Macro Fund Class I
  • Fund Family Name
    Equinox
  • Inception Date
    Jul 06, 2015
  • Shares Outstanding
    17068068
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Ajay Dravid

Fund Description

The fund pursues its investment objective by making a combination of investments (i) directly in an actively managed fixed-income portfolio comprised of cash, cash equivalents, securities issued by the U.S. government and money market funds, and (ii) directly, or indirectly through its wholly-owned subsidiary, in a diversified portfolio of futures contracts and futures-related instruments such as forwards and swaps in broadly diversified global markets across three major asset classes: currencies, fixed income and stock indices.


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Categories

Performance

EQIPX - Performance

Return Ranking - Trailing

Period EQIPX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.7% -1.7% 5.5% 100.00%
1 Yr -1.2% -10.0% 59.9% 95.80%
3 Yr 0.4%* -9.4% 12.2% 74.83%
5 Yr N/A* -8.2% 23.8% N/A
10 Yr N/A* -5.5% 11.6% N/A

* Annualized

Return Ranking - Calendar

Period EQIPX Return Category Return Low Category Return High Rank in Category (%)
2019 -1.2% -10.2% 62.6% 94.11%
2018 0.0% -53.1% 2.2% 0.61%
2017 0.9% -9.1% 20.0% 88.83%
2016 0.1% -12.3% 219.0% 84.89%
2015 N/A -29.9% 14.0% N/A

Total Return Ranking - Trailing

Period EQIPX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.7% -1.7% 5.5% 100.00%
1 Yr -1.2% -10.0% 59.9% 95.80%
3 Yr 0.4%* -7.1% 12.2% 85.00%
5 Yr N/A* -8.0% 32.2% N/A
10 Yr N/A* -5.5% 14.1% N/A

* Annualized

Total Return Ranking - Calendar

Period EQIPX Return Category Return Low Category Return High Rank in Category (%)
2019 -1.2% -10.2% 62.6% 94.11%
2018 0.0% -53.1% 3.8% 4.10%
2017 0.9% -6.6% 21.6% 93.91%
2016 5.6% -12.3% 242.1% 40.86%
2015 N/A -29.9% 22.6% N/A

NAV & Total Return History


Holdings

EQIPX - Holdings

Concentration Analysis

EQIPX Category Low Category High EQIPX % Rank
Net Assets 168 M 907 K 14.3 B 56.83%
Number of Holdings 9 5 3699 92.41%
Net Assets in Top 10 272 M -101 M 17.7 B 23.59%
Weighting of Top 10 84.40% 5.6% 1055.7% 30.76%

Top 10 Holdings

  1. United States Treasury Notes 1.5% 24.01%
  2. United States Treasury Notes 2% 21.12%
  3. United States Treasury Notes 1.25% 15.91%
  4. United States Treasury Notes 1.5% 14.37%
  5. United States Treasury Notes 1.63% 6.65%
  6. United States Treasury Notes 2.25% 2.34%

Asset Allocation

Weighting Return Low Return High EQIPX % Rank
Bonds
84.40% 80.04% 1025.08% 88.41%
Cash
15.60% -1000.79% 21.44% 4.83%
Stocks
0.00% -6.36% 110.51% 85.79%
Preferred Stocks
0.00% 0.00% 10.86% 82.34%
Other
0.00% -29.23% 67.70% 83.59%
Convertible Bonds
0.00% 0.00% 50.87% 88.41%

Bond Sector Breakdown

Weighting Return Low Return High EQIPX % Rank
Government
84.40% -0.16% 263.38% 9.79%
Cash & Equivalents
15.60% -221.24% 51.46% 16.28%
Derivative
0.00% -6.01% 59.88% 86.76%
Securitized
0.00% 0.00% 89.51% 86.07%
Corporate
0.00% 0.00% 120.52% 97.52%
Municipal
0.00% 0.00% 55.86% 81.52%

Bond Geographic Breakdown

Weighting Return Low Return High EQIPX % Rank
US
84.40% -30.83% 1120.91% 14.90%
Non US
0.00% -95.83% 193.82% 96.69%

Expenses

EQIPX - Expenses

Operational Fees

EQIPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.09% 0.01% 241.89% 22.11%
Management Fee 1.68% 0.00% 2.50% 98.48%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

EQIPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.75% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

EQIPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.75% 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.

EQIPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 54.00% 0.00% 2053.00% 38.91%

Distributions

EQIPX - Distributions

Dividend Yield Analysis

EQIPX Category Low Category High EQIPX % Rank
Dividend Yield 0.00% 0.00% 10.79% 90.34%

Dividend Distribution Analysis

EQIPX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Semi-Annually Annually

Net Income Ratio Analysis

EQIPX Category Low Category High EQIPX % Rank
Net Income Ratio 0.34% -1.27% 8.91% 89.57%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

EQIPX - Fund Manager Analysis

Managers

Ajay Dravid


Start Date

Tenure

Tenure Rank

Jul 06, 2015

4.49

4.5%

Dr. Ajay Dravid is the Chief Investment Officer of the Adviser and has been in this role since November 2014. Since 2011, Dr. Dravid has also served as the Managing Director of Portfolio Strategy for Equinox Fund Management, LLC, (“Equinox Funds”) an affiliate of the Adviser. As a co-portfolio manager of Equinox’s mutual funds, Dr. Dravid is involved in day-to-day portfolio and risk management, as well as in developing and structuring new products. Prior to joining Equinox Funds, Dr. Dravid was a consultant and a member of the Executive Committee of Equinox Frontier Funds. From 2004 to 2006, he was President of Saranac Capital Management. From 1996 to 2004, he was a Director and then a Managing Director at Salomon Brothers and Citigroup, where he helped to build and manage the hedge fund business and platforms. He was a co-portfolio manager for the Multi-Strategy Arbitrage funds, a quantitative analyst for Equity Long-Short funds, and the head of the Risk Committee. He was also involved in the structuring and marketing of funds and in client services. From 1993 to 1996, Dr. Dravid was a Vice President in the Asset Allocation Research Group of Salomon Brothers. Prior to this, he was an Assistant Professor of Finance at the Wharton School. Dr. Dravid has published numerous papers in leading academic and practitioner journals including Journal of Finance, Journal of Financial Economics, and Journal of Derivatives. Dr. Dravid received a BSc in Physics from the University of Poona (India), an MA in Physics from SUNY at Stony Brook, an MBA in Finance and Marketing from the University of Rochester, and a PhD in Finance from the Graduate School of Business at Stanford University. He holds a securities license Series 7 and CFTC/NFA Series 3 registration.

Rufus Rankin


Start Date

Tenure

Tenure Rank

Jul 06, 2015

4.49

4.5%

Dr. Rufus Rankin is the Director of Research for Equinox Institutional Asset Management, LP and has been in this role since November 2014. Since 2011, Dr. Rankin has also served as Director of Portfolio Management for Equinox Fund Management, LLC, an affiliate of the Equinox Institutional Asset Management, LP. Dr. Rankin works on the conception, development and implementation of new products and distribution strategies for investment products managed by Equinox Funds, a role that requires daily contact with and evaluation of CTAs, and other alternative investment managers. He is a co-portfolio manager of the firm’s mutual funds. Prior to his current role, he was Product Development Manager at Solon Capital, LLC, an affiliate of the Adviser. Before then, he performed sales at SEI from August 2005 to February 2009, and was previously at Morgan Stanley from September 2004 to August 2005. Dr. Rankin holds a BA in Philosophy and a Masters in International Studies from North Carolina State University and a Doctorate of Business Administration from Grenoble Ecole de Management. His doctoral dissertation focused on statistical methods of enhancing multi-manager and multi-asset portfolio diversification, with an emphasis on portfolios of CTAs and Hedge Funds.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 29.02 5.86 10.34