Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
6.9%
1 yr return
16.6%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$62 M
Holdings in Top 10
70.4%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.41%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$10,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
FORTX - Profile
Distributions
- YTD Total Return 6.9%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency Annually
- Net Income Ratio N/A
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameAbraham Fortress Fund
-
Fund Family NameINVESTMENT MANAGERS SERIES TRUST II
-
Inception DateJul 26, 2018
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerSalem Abraham
Fund Description
In pursuing the Fund’s investment objective, Abraham Trading Company (the “Advisor”) seeks to create a balanced portfolio by allocating investments among various asset classes in an attempt to protect and grow Fund capital. Generally, the Fund attempts to invest its net assets in a balanced portfolio consisting of a combination of:
(i) | Stocks: 40-60% exposure in equities comprised of stocks of issuers of any market capitalization in the United States, and/or outside of the United States, and derivative instruments such as futures, options or swaps on equity securities or equity indices; |
(ii) | Bonds: 10-30% in fixed income securities (generally with greater than five years of remaining maturity at time of purchase) issued by the U.S. Government, other sovereign bonds, and any investment grade bonds; and |
(iii) | Diversifying Strategies: 10-30% in a diversified portfolio of trading strategies/programs managed by one or more trading advisors, including the Advisor (the “Diversifying Strategies”) through investments in securities or derivatives (such as futures, swaps, or options) either directly or indirectly through Abraham Fortress Fund Ltd., a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Also, as part of the Diversifying Strategies, the Fund through the Subsidiary will generally have a 0-15% long gold exposure through commodity linked derivatives and/or exchange-traded funds (“ETFs”). |
The Fund generally intends to invest in the list of investments shown above. However, the Fund has the flexibility to be invested in any combination of the asset classes described above or elsewhere in this prospectus of any percentage based on the Advisor’s assessment of current economic conditions and investment opportunities, subject to compliance with the Investment Company Act of 1940, as amended (the “1940 Act”), and any other applicable regulations.
The Fund may gain exposure to an asset class through investments in ETFs and other mutual funds. The Fund may also invest in equity securities of non-U.S. issuers either directly or through the use of American and Global Depositary Receipts (“ADRs” or “GDRs”, respectively). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. GDRs have the same qualities as ADRs, except that they may be traded in several international trading markets.
The Advisor expects to implement its Diversifying Strategies through accessing a broad variety of trading strategies/programs that seek to generate positive returns over time and, in the Advisor’s view, usually (although not always) have low correlations to the returns of equities and fixed income markets. This generally involves investing directly, or indirectly through the Subsidiary, in derivative instruments such as one or more total return swaps and/or options, each based on a customized index (an “Index”) designed to replicate the aggregate returns of the trading strategies of one or more trading advisors. A trading advisor may use various types of securities or derivatives investments in its trading programs, such as futures, options, forwards, and swap contracts. Each of these investments may be tied to a particular asset class: commodities, equities, fixed income, or foreign currencies. Also, the Fund or the Subsidiary may invest directly in securities, futures, options, forwards, and swap contracts.
The Fund intends to obtain exposure to the commodities markets through investments in the Subsidiary. Generally, the Subsidiary will primarily invest directly or indirectly in commodity-linked derivatives (including commodity futures, options, and swap contracts). As part of the Diversifying Strategies, the Fund and the Subsidiary may also invest in U.S. government securities, money market funds, and/or other investments intended to serve as margin or collateral for its derivative positions. Through investing in the Subsidiary, the Fund, will among other things, be able to gain exposure to the commodities markets within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. Applicable federal tax requirements generally limit the degree to which the Fund may invest in the Subsidiary to an amount not exceeding 25% of its total assets.
To the extent they are applicable to the investment activities of the Subsidiary, the Subsidiary will be subject to the same investment restrictions and limitations (on an aggregate basis with the Fund), and follow the same compliance policies and procedures, as the Fund. Unlike the Fund, the Subsidiary may invest without limitation in commodity-linked derivative instruments (including commodity futures), however, the Subsidiary will comply (on an aggregate basis with the Fund) with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives (including commodity futures) that are applicable to the Fund’s transactions in derivatives. Investments in the Subsidiary are intended to provide the Fund with exposure to futures contracts and commodities in a manner consistent with the limitations of the federal tax requirements that apply to the Fund. Unlike the Fund, the Subsidiary will not seek to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Fund is the sole shareholder of the Subsidiary and does not expect shares of the Subsidiary to be offered or sold to other investors.
In addition, the Fund or the Subsidiary may invest directly in a variety of derivative instruments including, but not limited to, exchange-traded futures and option contracts, forward contracts, swaps and other over the counter (“OTC”) derivatives.
FORTX - Performance
Return Ranking - Trailing
Period | FORTX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 6.9% | -0.9% | 26.1% | 6.99% |
1 Yr | 16.6% | -5.9% | 45.8% | 51.75% |
3 Yr | N/A* | -5.8% | 8.6% | 8.52% |
5 Yr | N/A* | -4.1% | 15.9% | N/A |
10 Yr | N/A* | 0.7% | 10.9% | 49.90% |
* Annualized
Return Ranking - Calendar
Period | FORTX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 8.4% | -12.2% | 23.9% | 66.57% |
2022 | N/A | -34.7% | 2.8% | N/A |
2021 | N/A | -11.9% | 18.1% | N/A |
2020 | N/A | -20.9% | 39.7% | N/A |
2019 | N/A | 0.8% | 25.7% | N/A |
Total Return Ranking - Trailing
Period | FORTX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 6.9% | -0.9% | 26.1% | 6.99% |
1 Yr | 16.6% | -5.9% | 45.8% | 51.75% |
3 Yr | N/A* | -5.8% | 8.6% | 7.92% |
5 Yr | N/A* | -4.1% | 15.9% | N/A |
10 Yr | N/A* | 0.7% | 10.9% | 84.24% |
* Annualized
Total Return Ranking - Calendar
Period | FORTX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 10.5% | -12.2% | 26.8% | 82.72% |
2022 | N/A | -29.0% | 10.9% | N/A |
2021 | N/A | -3.0% | 24.2% | N/A |
2020 | N/A | -19.5% | 40.6% | N/A |
2019 | N/A | 4.4% | 32.7% | N/A |
NAV & Total Return History
FORTX - Holdings
Concentration Analysis
FORTX | Category Low | Category High | FORTX % Rank | |
---|---|---|---|---|
Net Assets | 62 M | 733 K | 195 B | 88.57% |
Number of Holdings | 238 | 2 | 15716 | 33.98% |
Net Assets in Top 10 | 43.6 M | 618 K | 62.8 B | 82.11% |
Weighting of Top 10 | 70.38% | 11.4% | 118.9% | 44.24% |
Top 10 Holdings
- United States Treasury Bill 15.68%
- United States Treasury Bill 15.08%
- United States Treasury Bill 10.38%
- United States Treasury Note 5.09%
- United States Treasury Note 5.06%
- United States Treasury Note 5.03%
- United States Treasury Note 4.94%
- United States Treasury Bill 4.44%
- United States Treasury Bill 2.58%
- Apple, Inc. 2.09%
Asset Allocation
Weighting | Return Low | Return High | FORTX % Rank | |
---|---|---|---|---|
Bonds | 75.36% | 0.00% | 77.27% | 1.11% |
Stocks | 27.35% | 0.00% | 103.09% | 92.79% |
Cash | 0.05% | -10.21% | 100.00% | 86.13% |
Preferred Stocks | 0.00% | 0.00% | 23.88% | 63.94% |
Convertible Bonds | 0.00% | 0.00% | 23.84% | 94.83% |
Other | -3.07% | -41.62% | 117.44% | 99.86% |
Stock Sector Breakdown
Weighting | Return Low | Return High | FORTX % Rank | |
---|---|---|---|---|
Technology | 22.94% | 0.00% | 44.21% | 22.41% |
Utilities | 16.77% | 0.00% | 99.55% | 2.66% |
Healthcare | 11.79% | 0.00% | 29.35% | 79.83% |
Financial Services | 11.66% | 0.00% | 38.77% | 88.80% |
Consumer Cyclical | 10.35% | 0.00% | 19.36% | 44.26% |
Communication Services | 9.36% | 0.00% | 38.10% | 13.17% |
Industrials | 6.07% | 0.00% | 24.37% | 94.26% |
Consumer Defense | 5.87% | 0.00% | 15.14% | 75.49% |
Energy | 2.47% | 0.00% | 85.65% | 88.66% |
Real Estate | 1.36% | 0.00% | 65.01% | 86.97% |
Basic Materials | 1.36% | 0.00% | 33.35% | 89.22% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | FORTX % Rank | |
---|---|---|---|---|
US | 27.35% | 0.00% | 103.09% | 91.54% |
Non US | 0.00% | 0.00% | 38.68% | 65.46% |
Bond Sector Breakdown
Weighting | Return Low | Return High | FORTX % Rank | |
---|---|---|---|---|
Government | 95.77% | 0.00% | 97.26% | 0.70% |
Cash & Equivalents | 0.00% | 0.00% | 100.00% | 75.73% |
Securitized | 0.00% | 0.00% | 92.13% | 94.69% |
Corporate | 0.00% | 0.00% | 98.21% | 98.18% |
Municipal | 0.00% | 0.00% | 24.80% | 83.38% |
Derivative | -3.07% | -3.07% | 46.02% | 100.00% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | FORTX % Rank | |
---|---|---|---|---|
US | 75.36% | 0.00% | 77.27% | 1.11% |
Non US | 0.00% | 0.00% | 14.17% | 59.22% |
FORTX - Expenses
Operational Fees
FORTX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.41% | 0.03% | 17.63% | 26.07% |
Management Fee | 0.50% | 0.00% | 1.83% | 56.61% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.83% | N/A |
Sales Fees
FORTX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.25% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
FORTX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.00% | 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.
FORTX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 343.00% | N/A |
FORTX - Distributions
Dividend Yield Analysis
FORTX | Category Low | Category High | FORTX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 15.61% | 62.95% |
Dividend Distribution Analysis
FORTX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annual | Monthly | Annual |
Net Income Ratio Analysis
FORTX | Category Low | Category High | FORTX % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | -2.34% | 19.41% | N/A |
Capital Gain Distribution Analysis
FORTX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Monthly | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 27, 2023 | $0.184 | OrdinaryDividend |
Dec 28, 2022 | $0.682 | OrdinaryDividend |
Dec 29, 2021 | $0.163 | OrdinaryDividend |
Dec 28, 2012 | $0.013 | ExtraDividend |
Dec 17, 2012 | $0.008 | OrdinaryDividend |
Dec 21, 2009 | $0.017 | OrdinaryDividend |
Dec 22, 2008 | $0.011 | OrdinaryDividend |
FORTX - Fund Manager Analysis
Managers
Salem Abraham
Start Date
Tenure
Tenure Rank
Jul 02, 2018
3.92
3.9%
Salem Abraham began his investing career as a futures trader while still in college, using quantitative models to trade global futures markets beginning in August of 1987. He began managing money in January 1988 and incorporated Abraham Trading Company in 1990. He is the President of Abraham Trading Company. Throughout his career, Mr. Abraham has managed investments in stocks, bonds, options, derivatives, and private equity. He has held full membership seats at both the Chicago Mercantile Exchange and the Chicago Board of Trade. Mr. Abraham has served on nonprofit investment boards for over 25 years. From 1995 to 2014, he served on the Amarillo Area Foundation Investment Committee. From 2004 to September 2021, he served on the St. Jude Children’s Research Hospital Investment Committee. He has assisted with both large and small nonprofit endowments, with portfolios ranging from $1 million to over $7 billion in assets. The strategy for the Abraham Fortress Fund, LP was substantially similar to the strategy used to manage Mr. Abraham's portion of the Pickens-Abraham Foundation, which he started with T. Boone Pickens in 2008. Mr. Abraham has been featured in Michael Covel’s books The Complete TurtleTrader and Trend Following. He has also appeared in Bloomberg Markets, Absolute Return, Barron's, The New York Times, and Institutional Investor. Mr. Abraham graduated cum laude from the University of Notre Dame in December of 1987 with a bachelor’s degree in finance.
Larry Smith
Start Date
Tenure
Tenure Rank
Jul 02, 2018
3.92
3.9%
Larry S. Smith, Director of Research since 2005, joined Abraham Trading Company in 1995. As Director of Research, Mr. Smith is responsible for strategy research, and risk modeling and oversees the daily implementation of the Fund’s strategy. Mr. Smith received a B.B.A. degree in Finance from West Texas A&M University. Mr. Smith is registered with the CFTC as an associated person of Abraham Trading Company and is a member of the National Futures Association.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 34.51 | 6.33 | 2.41 |