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Trending ETFs

Name

As of 11/29/2023

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

KL Allocation Fund

GAVAX | Fund

$11.00

$35 M

0.00%

$0.00

1.60%

Vitals

YTD Return

3.1%

1 yr return

-1.5%

3 Yr Avg Return

-5.4%

5 Yr Avg Return

2.4%

Net Assets

$35 M

Holdings in Top 10

62.8%

52 WEEK LOW AND HIGH

$11.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.60%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 140.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 11/29/2023

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

KL Allocation Fund

GAVAX | Fund

$11.00

$35 M

0.00%

$0.00

1.60%

GAVAX - Profile

Distributions

  • YTD Total Return 3.1%
  • 3 Yr Annualized Total Return -5.4%
  • 5 Yr Annualized Total Return 2.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.31%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    KL Allocation Fund
  • Fund Family Name
    INVESTMENT MANAGERS SERIES TRUST
  • Inception Date
    Sep 30, 2010
  • Shares Outstanding
    N/A
  • Share Class
    Adv
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Steven Vannelli

Fund Description

The Fund employs an allocation strategy by investing in three asset classes: equity, fixed income and cash or cash equivalents. The Fund may also invest in exchange-traded funds (“ETFs”) that invest in equity securities, fixed income securities, and money market instruments. The proportion the Fund invests in each asset class at any given time depends on analysis of market factors, including economic growth, inflation, credit spreads and relative valuations, by Knowledge Leaders Capital, LLC (the “Advisor”), the Fund’s advisor. At any point, the Fund’s investment in any of the asset classes could be underweight or overweight relative to the following target allocations, based on the Advisor’s discretion. Allocation percentages are measured at the time of purchase. The Fund may invest in securities of U.S. and foreign issuers.

Asset Class Target Allocation Percentage
Equity Securities and Equity ETFs 10% to 90%
Fixed Income Securities and Fixed Income ETFs 10% to 90%
Cash or Cash Equivalents and Money Market ETFs 0% to 80%

Equity Securities

In selecting the Fund’s equity investments, the Advisor focuses on equity securities of U.S. and foreign companies with market capitalizations of over $500 million that the Advisor considers to be “knowledge leader” companies. The Fund may invest in stocks of companies in all industry groups and geographic locations, although the Fund may have a significant portion of its assets invested in the securities of companies in one or a few countries or regions.

The Advisor considers knowledge leaders to be companies that have demonstrated histories of successfully employing their research and development and have built competitive advantages using their own firm-specific resources such as proprietary knowledge, intellectual property or a unique distribution mechanism. Based on academic research, the Advisor believes the market is generally inefficient at valuing such high growth companies because traditional financial data overlooks hidden value in such companies’ assets. The Advisor seeks to identify knowledge leaders through a proprietary, quantitative process. First, the Advisor employs a quantitative screen designed to identify those companies that exceed specific criteria which demonstrate innovation intensity, profitability and financial stability. The Advisor then uses proprietary financial models to re-calculate financial data, and considers other factors, including valuation and quality, and uses technical analysis to seek to identify undervalued companies for investment by the Fund. The Fund may also invest in ETFs that invest in equity securities. ETFs are investment companies that invest in portfolios of securities designed to track particular market segments or indices, the shares of which are bought and sold on securities exchanges.

The Fund may invest in securities of companies engaged in the precious metals industry and in financial instruments that provide exposure to precious metals. Investments related to precious metals are considered speculative and are affected by a variety of worldwide economic, financial and political factors.

Fixed Income Securities and Fixed Income ETFs

The Fund also invests in ETFs that primarily invest in fixed income securities and in alternative ETFs that invest in government, municipal, corporate and mortgage-related fixed income securities In selecting these investments, the Advisor considers various factors, including opportunities for appreciation, income and diversification. The fixed income ETFs in which the Fund invests may invest in fixed income investments of any maturity and credit quality. The Fund may also invest in U.S. Government securities and other fixed income securities of any maturity and credit quality including high yield securities, commonly referred to as “junk bonds,” that are rated below investment grade by a nationally recognized statistical rating organization such as Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s, a division of McGraw Hill Companies Inc. (“S&P”) or Fitch Ratings Ltd. (“Fitch”) (or if unrated, are determined by the Advisor to be of comparable credit quality).

Cash or Cash Equivalents

The Fund’s investment in cash equivalents may include money market funds, money market instruments and repurchase agreements. The Fund may also invest in ETFs that invest in money market instruments. The money market instruments in which the Fund may invest include: obligations of the U.S. Government, its agencies or instrumentalities; commercial paper rated A-1 or higher by S&P or Prime-1 by Moody’s; and certificates of deposit, bankers’ acceptances and bank time deposits issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation.

The Advisor’s sell discipline seeks to limit downside volatility and provide capital preservation. The Fund may sell a position for various reasons, including: 1) to allocate capital to a new idea, 2) if a company no longer meets the criteria of a knowledge leader, or the Advisor’s other investment-related criteria, 3) to reduce stock specific risk, or 4) to raise cash to meet redemption requests.

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GAVAX - Performance

Return Ranking - Trailing

Period GAVAX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.1% -14.4% 47.2% 68.80%
1 Yr -1.5% -17.2% 39.5% 79.06%
3 Yr -5.4%* -22.9% 11.4% 96.55%
5 Yr 2.4%* -12.5% 16.6% 72.17%
10 Yr 2.9%* -5.4% 7.8% 65.94%

* Annualized

Return Ranking - Calendar

Period GAVAX Return Category Return Low Category Return High Rank in Category (%)
2023 -19.1% -48.5% 0.1% 68.38%
2022 -8.8% -19.0% 48.3% 91.85%
2021 11.1% -16.5% 52.8% 18.64%
2020 5.9% -8.5% 27.3% 79.53%
2019 -18.0% -29.6% 1.6% 88.44%

Total Return Ranking - Trailing

Period GAVAX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.1% -14.4% 47.2% 68.80%
1 Yr -1.5% -17.2% 39.5% 79.06%
3 Yr -5.4%* -22.9% 11.4% 96.55%
5 Yr 2.4%* -12.5% 16.6% 72.17%
10 Yr 2.9%* -5.4% 7.8% 65.94%

* Annualized

Total Return Ranking - Calendar

Period GAVAX Return Category Return Low Category Return High Rank in Category (%)
2023 -19.1% -48.5% 4.6% 85.04%
2022 -0.6% -14.2% 48.3% 93.13%
2021 20.7% -11.7% 77.4% 14.09%
2020 14.9% -3.9% 30.2% 46.51%
2019 -12.5% -28.0% 2.6% 92.96%

NAV & Total Return History


GAVAX - Holdings

Concentration Analysis

GAVAX Category Low Category High GAVAX % Rank
Net Assets 35 M 1.67 M 13.2 B 82.20%
Number of Holdings 47 2 1893 51.27%
Net Assets in Top 10 23.7 M -12.6 M 10.1 B 80.51%
Weighting of Top 10 62.78% -61.8% 108.5% 63.56%

Top 10 Holdings

  1. Fidelity Government Portfolio - Class Institutional 15.82%
  2. iShares Treasury Floating Rate Bond ETF 11.78%
  3. U.S. Treasury 3 Month Bill Etf - Class USD INC 11.77%
  4. WisdomTree Floating Rate Treasury Fund 11.72%
  5. BondBloxx Bloomberg Six Month Target Duration U.S. Treasury ETF 5.56%
  6. Asics Corp. 1.35%
  7. Kuraray Co., Ltd. 1.26%
  8. Eaton Corp. PLC 1.20%
  9. CSW Industrials, Inc. 1.16%
  10. Simpson Manufacturing Co., Inc. 1.16%

Asset Allocation

Weighting Return Low Return High GAVAX % Rank
Stocks
43.73% 0.00% 135.63% 79.66%
Cash
15.84% -33.22% 170.99% 28.39%
Preferred Stocks
0.00% 0.00% 5.36% 77.12%
Other
0.00% -153.73% 149.98% 58.47%
Convertible Bonds
0.00% 0.00% 8.92% 88.56%
Bonds
0.00% 0.00% 106.59% 83.47%

Stock Sector Breakdown

Weighting Return Low Return High GAVAX % Rank
Energy
30.88% 0.00% 60.89% 6.93%
Healthcare
23.43% 0.00% 38.63% 7.43%
Industrials
17.16% 0.00% 23.85% 5.45%
Basic Materials
10.27% 0.00% 56.73% 7.43%
Financial Services
5.91% 0.00% 98.22% 83.66%
Technology
5.54% 0.00% 85.77% 84.65%
Consumer Cyclical
4.19% 0.00% 25.83% 71.29%
Consumer Defense
2.62% 0.00% 37.51% 82.18%
Utilities
0.00% 0.00% 91.12% 97.03%
Real Estate
0.00% 0.00% 99.45% 99.01%
Communication Services
0.00% 0.00% 21.61% 97.03%

Stock Geographic Breakdown

Weighting Return Low Return High GAVAX % Rank
US
27.53% 0.00% 135.63% 78.39%
Non US
16.20% -1.94% 44.47% 11.44%

GAVAX - Expenses

Operational Fees

GAVAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.60% 0.49% 5.48% 57.20%
Management Fee 0.90% 0.00% 1.50% 56.78%
12b-1 Fee 0.25% 0.00% 1.00% 58.33%
Administrative Fee N/A 0.05% 0.70% 18.52%

Sales Fees

GAVAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

GAVAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% 64.29%

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.

GAVAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 140.00% 1.75% 441.00% 61.26%

GAVAX - Distributions

Dividend Yield Analysis

GAVAX Category Low Category High GAVAX % Rank
Dividend Yield 0.00% 0.00% 12.66% 78.72%

Dividend Distribution Analysis

GAVAX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Quarterly Annual

Net Income Ratio Analysis

GAVAX Category Low Category High GAVAX % Rank
Net Income Ratio -0.31% -2.01% 13.72% 71.61%

Capital Gain Distribution Analysis

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

Distributions History

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GAVAX - Fund Manager Analysis

Managers

Steven Vannelli


Start Date

Tenure

Tenure Rank

Sep 30, 2010

11.67

11.7%

Steven Vannelli is Founder and CEO of Knowledge Leaders Capital and Chief Investment Officer of the Knowledge Leaders Strategy. He oversees investment strategy, asset allocation and security selection. Steve leads development on the firm’s analysis of intangible capital, studying how it affects corporate profitability and wealth creation. His work is the core of the firm’s investment methodology, which is based on a novel approach to accounting for intangible capital. Steve has been an equity analyst and portfolio manager for more than 20 years. Previously, he served for 10 years at Denver-based money management firm Alexander Capital, most recently as Head of Equities. Steve holds a bachelor’s degree in finance from the University of Denver and is a CFA charterholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 33.83 6.58 13.0