James Alpha Macro I
Name
As of 08/24/2022Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-1.7%
1 yr return
1.4%
3 Yr Avg Return
5.9%
5 Yr Avg Return
3.8%
Net Assets
$7.85 M
Holdings in Top 10
N/A
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 2.15%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 145.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 08/24/2022Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
GRRIX - Profile
Distributions
- YTD Total Return -1.7%
- 3 Yr Annualized Total Return 5.9%
- 5 Yr Annualized Total Return 3.8%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.87%
- Dividend Yield 11.9%
- Dividend Distribution Frequency Annually
Fund Details
-
Legal NameEasterly Global Macro Fund
-
Fund Family NameSaratoga
-
Inception DateFeb 01, 2011
-
Shares OutstandingN/A
-
Share ClassInst
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerAkos Beleznay
Fund Description
The Fund seeks to achieve its investment objective by attempting to outperform the returns of a variety of macro investment strategies. Macro based strategies aim to exploit macro-economic imbalances across the globe. Macro based strategies may be implemented through a broad range of asset classes including, but not limited to, equities, fixed income, currency and commodities. The Fund will seek to outperform the returns of various macro based investment strategies, such as, among others, systematic diversified, discretionary thematic, active trading, commodity, currency and multi-strategy. Descriptions of these macro based investment strategies are provided below:
1) | Systematic diversified - seeks to identify opportunities in markets exhibiting trending or momentum characteristics across individual instruments or asset classes. Systematic diversified strategies typically employ a quantitative process using mathematical, algorithmic or technical models with little or no influence of individuals responsible for deciding the Fund positions that track this strategy. |
2) | Discretionary thematic - employs a top down analysis of macroeconomic variables. This strategy relies on individuals to evaluate market data, relationships and influences. Discretionary thematic strategies seek exposure to developed and emerging markets and include equity, fixed income and currency investments. Discretionary thematic strategies typically contain contrarian or volatility focused components. |
3) | Active trading - uses active trading methods, typically with high frequency position turnover or leverage. Active trading strategies emphasize rapid market response to new information and high volume turnover in liquid, but volatile, positions. |
4) | Commodity - seeks to identify opportunities in markets exhibiting trending or momentum characteristics across commodity asset classes, and frequently may also include exposure to commodity sensitive equities. Commodity strategies seek exposure to developed and emerging markets and include equity, fixed income and currency investments. Commodity strategies are often implemented using derivatives. |
5) | Currency - seeks to identify opportunities in markets exhibiting trending or momentum characteristics across various currencies, and frequently include exposure to sovereign bonds. Currency strategies seek exposure to currencies in developed and emerging markets and may include equity, fixed income and currency investments. |
6) | Multi-strategy - focuses on the fundamental relationship across geographic areas within and among various asset classes. Multi-strategy strategies employ systematic, quantitative evaluation of macroeconomic variables and employ some combination of systematic diversified, discretionary thematic, active trading, commodity and currency strategies. |
The Fund expects to gain exposure to these investment strategies and asset classes primarily through exchange-traded products, such as exchange-traded funds (ETFs), exchange-traded notes (ETNs) and mutual funds, including affiliated funds. The Fund will also make significant use of swaps and other derivative instruments to gain exposure to one or more asset classes, individual investments or investment strategies, as well as to generate leverage or hedge the Funds exposure to an asset class, individual investment or group of investments. Other derivative instruments that may be utilized by the Fund include options, futures, options on futures and forward contracts. The Fund may also invest directly in equities, fixed income securities and currencies.
The Funds equity exposure may include exposure to both U.S. and non-U.S. common stocks and preferred stocks of any size market capitalization. The Funds fixed income exposure may include exposure to securities issued by governments, government-related entities or public and private companies. The Fund may seek exposure to fixed income instruments that are rated either investment grade or below investment grade (i.e., junk bonds). There are no maturity limitations on the securities held by the Fund. The Fund may establish both long and short positions in equity, fixed income and derivative instruments. The types of swaps in which the Fund may invest include, among others, total return, index, interest rate, credit default and volatility swaps. The Fund may also invest in swaps having payments linked to the returns of indices, individual securities or pooled investment vehicles, including limited partnerships, limited liability companies, offshore corporations and commodity pools (collectively, Underlying Pools). There is no limit on the Funds exposure to foreign companies, foreign governments or foreign currencies, and the Funds foreign exposure may include exposure to emerging markets. The term emerging markets as used herein refers to those countries which the Adviser considers to be emerging market or frontier emerging market countries. Such countries may change over time.
In constructing the Funds investments, the Adviser employs proprietary techniques and models to evaluate the drivers of performance of private funds that utilize systematic diversified, discretionary thematic, active trading, commodity, currency and multi-strategy strategies. The Adviser then identifies investments that it believes have similar drivers of performance to attempt to produce returns that correlate with, but are not identical to, the returns of the private funds tracked by the Adviser. The Adviser then determines the appropriate percentage that each particular investment strategy should represent of the entire Adviser and weights the exposure to that investment strategy accordingly. The private fund returns on which the Advisers models are based are pulled from various sources and do not represent the returns of the entire universe of private funds that utilize macro strategies. The private funds returns tracked by the Adviser, the factors driving those returns and the percentage weightings assigned by the Adviser to each investment strategy are all expected to change over time.
The Fund may invest up to 25% of its total assets in a wholly-owned and controlled Cayman Islands subsidiary (the Subsidiary) to gain exposure to certain commodity-linked investments such as commodity futures, options and swap contracts. The Fund may hold investments with commodity exposure outside of the Subsidiary and, therefore it is possible the Funds exposure to commodities could exceed 25%. The Subsidiary may also hold cash, money market instruments, including affiliated and unaffiliated money market funds and other fixed income instruments to serve as margin or collateral for the Subsidiarys derivative positions.
Investments in the Subsidiary are intended to provide the Fund with exposure to commodities markets within the limitations of the federal tax requirements that apply to the Fund. The investment policies of the Subsidiary are the same as the investment policies of the commodity strategies sleeve of the Fund. The Subsidiary is subject to substantially the same investment restrictions and limitations, including asset coverage requirements, as are applicable to the commodity strategies sleeve of the Fund and will follow substantially the same compliance policies and procedures as the Fund, to the extent they are applicable. The Fund owns 100% of the Subsidiarys interests.
The derivatives held by the Fund will fluctuate from time to time but collectively could represent economic exposure as high as or higher than 50% of the total assets of the Fund. Accordingly, the Fund and the Subsidiary may maintain a substantial amount of their assets in cash and cash equivalents as required margin for futures contracts, as required segregation under Securities and Exchange Commission (SEC) rules and to collateralize swap exposure.
The Fund may also invest in ETFs, ETNs or mutual funds that invest in swaps and other derivatives to a significant degree but will not be required to segregate Fund assets in connection with these investments.
GRRIX - Performance
Return Ranking - Trailing
Period | GRRIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.7% | -7.4% | 14.6% | 55.32% |
1 Yr | 1.4% | -16.1% | 36.5% | 8.60% |
3 Yr | 5.9%* | -7.9% | 13.3% | 38.20% |
5 Yr | 3.8%* | -5.3% | 10.0% | 40.96% |
10 Yr | 1.2%* | -2.4% | 4.3% | 46.43% |
* Annualized
Return Ranking - Calendar
Period | GRRIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -6.4% | -16.4% | 12.9% | 43.01% |
2022 | 3.6% | -9.3% | 17.5% | 31.52% |
2021 | 0.7% | -25.8% | 2.2% | 31.40% |
2020 | -3.7% | -5.1% | 21.0% | 64.47% |
2019 | 1.0% | -20.3% | 4.6% | 63.38% |
Total Return Ranking - Trailing
Period | GRRIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.7% | -7.4% | 14.6% | 55.32% |
1 Yr | 1.4% | -20.3% | 36.5% | 7.53% |
3 Yr | 5.9%* | -9.0% | 11.1% | 31.46% |
5 Yr | 3.8%* | -5.7% | 8.7% | 37.35% |
10 Yr | 1.2%* | -2.4% | 4.3% | 46.43% |
* Annualized
Total Return Ranking - Calendar
Period | GRRIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -6.4% | -16.4% | 12.9% | 43.01% |
2022 | 3.6% | -9.3% | 17.5% | 31.52% |
2021 | 0.7% | -20.3% | 2.5% | 31.40% |
2020 | -3.7% | -5.1% | 21.0% | 73.68% |
2019 | 1.0% | -20.3% | 6.7% | 73.24% |
NAV & Total Return History
GRRIX - Holdings
Concentration Analysis
GRRIX | Category Low | Category High | GRRIX % Rank | |
---|---|---|---|---|
Net Assets | 7.85 M | 2.12 M | 1.74 B | 92.55% |
Number of Holdings | 76 | 3 | 876 | 61.70% |
Net Assets in Top 10 | 16 M | -100 M | 2.04 B | 67.02% |
Weighting of Top 10 | N/A | 20.3% | 94.0% | 44.44% |
Top 10 Holdings
- Db Swap 3092 113.53%
- Db Swap 3092 113.53%
- Db Swap 3092 113.53%
- Db Swap 3092 113.53%
- Db Swap 3092 113.53%
- Db Swap 3092 113.53%
- Db Swap 3092 113.53%
- Db Swap 3092 113.53%
- Db Swap 3092 113.53%
- Db Swap 3092 113.53%
Asset Allocation
Weighting | Return Low | Return High | GRRIX % Rank | |
---|---|---|---|---|
Other | 165.70% | 0.00% | 58.63% | 7.45% |
Bonds | 36.26% | -50.36% | 717.59% | 45.74% |
Stocks | 17.29% | -1.78% | 72.26% | 55.32% |
Convertible Bonds | 0.25% | 0.00% | 2.27% | 26.60% |
Preferred Stocks | 0.07% | 0.00% | 0.13% | 1.06% |
Cash | -119.58% | -687.11% | 117.03% | 61.70% |
Stock Sector Breakdown
Weighting | Return Low | Return High | GRRIX % Rank | |
---|---|---|---|---|
Basic Materials | 15.79% | 0.00% | 12.01% | 1.56% |
Financial Services | 14.52% | 0.00% | 30.46% | 40.63% |
Technology | 14.51% | 0.00% | 45.08% | 84.38% |
Consumer Cyclical | 8.79% | 0.00% | 21.37% | 84.38% |
Industrials | 8.70% | 0.00% | 17.73% | 18.75% |
Healthcare | 8.55% | 0.00% | 16.51% | 48.44% |
Energy | 6.38% | 0.00% | 6.41% | 34.38% |
Real Estate | 6.26% | 0.27% | 99.97% | 21.88% |
Consumer Defense | 6.06% | 0.00% | 14.38% | 26.56% |
Utilities | 5.43% | 0.00% | 4.63% | 31.25% |
Communication Services | 5.01% | 0.03% | 20.13% | 70.31% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | GRRIX % Rank | |
---|---|---|---|---|
US | 12.23% | -5.85% | 56.89% | 32.98% |
Non US | 5.06% | 0.00% | 40.59% | 45.74% |
Bond Sector Breakdown
Weighting | Return Low | Return High | GRRIX % Rank | |
---|---|---|---|---|
Cash & Equivalents | 35.06% | 1.07% | 100.00% | 54.26% |
Securitized | 24.53% | 0.00% | 64.73% | 11.70% |
Corporate | 16.53% | 0.00% | 31.20% | 11.70% |
Government | 14.00% | 0.00% | 82.10% | 60.64% |
Derivative | 9.86% | 0.00% | 63.99% | 35.11% |
Municipal | 0.02% | 0.00% | 6.83% | 23.40% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | GRRIX % Rank | |
---|---|---|---|---|
US | 26.86% | -169.44% | 233.08% | 56.38% |
Non US | 9.40% | -77.11% | 655.95% | 29.79% |
GRRIX - Expenses
Operational Fees
GRRIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.15% | 0.75% | 12.88% | 25.81% |
Management Fee | 1.10% | 0.65% | 2.99% | 41.49% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | 0.15% | 0.09% | 0.45% | 44.44% |
Sales Fees
GRRIX 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
GRRIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 1.00% | 5.56% |
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.
GRRIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 145.00% | 0.00% | 198.00% | 84.29% |
GRRIX - Distributions
Dividend Yield Analysis
GRRIX | Category Low | Category High | GRRIX % Rank | |
---|---|---|---|---|
Dividend Yield | 11.95% | 0.00% | 0.00% | 8.51% |
Dividend Distribution Analysis
GRRIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annually | Annually | Quarterly | Annually |
Net Income Ratio Analysis
GRRIX | Category Low | Category High | GRRIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.87% | -3.14% | 1.55% | 5.38% |
Capital Gain Distribution Analysis
GRRIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 28, 2021 | $1.023 | OrdinaryDividend |
Dec 24, 2019 | $0.777 | OrdinaryDividend |
Dec 21, 2015 | $0.226 | OrdinaryDividend |
Dec 19, 2013 | $0.069 | OrdinaryDividend |
Dec 19, 2012 | $0.138 | OrdinaryDividend |
Dec 21, 2011 | $0.045 | OrdinaryDividend |
GRRIX - Fund Manager Analysis
Managers
Akos Beleznay
Start Date
Tenure
Tenure Rank
Aug 04, 2016
5.82
5.8%
Akos Beleznay serves as Chief Investment Officer of James Alpha Advisors, LLC and is responsible for managing research and asset allocation for the firm. Prior to joining James Alpha Advisors, LLC, Mr. Beleznay was the Chief Investment Officer at Riverside, the asset management arm of HFR (Hedge Fund Research, Inc.) managing over one billion dollars of fund of hedge fund products. Before Riverside, Mr. Beleznay served as the Chief Investment Officer at Commerce Asset Management and CSG Asset Management with responsibility for managing funds of hedge funds and a hedge fund index replication product. Mr. Beleznay also served as the Director of Consulting Research for Equitas Capital Advisors, LLC from 2002 to 2010 and the Chief Investment Officer of Equitas Evergreen Fund LP, a fund of hedge funds with $300 million in assets, from 2003 to 2010. Mr. Beleznay has a PhD degree in Physics from Eotvos Lorand University, Hungary and an MBA from Tulane University.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.16 | 14.09 | 5.41 | 5.06 |