Rational Equity Armor Fund
Name
As of 04/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
2.9%
1 yr return
12.0%
3 Yr Avg Return
0.2%
5 Yr Avg Return
5.2%
Net Assets
$32.5 M
Holdings in Top 10
42.0%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.48%
SALES FEES
Front Load 4.75%
Deferred Load N/A
TRADING FEES
Turnover 239.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
HDCAX - Profile
Distributions
- YTD Total Return 2.9%
- 3 Yr Annualized Total Return 0.2%
- 5 Yr Annualized Total Return 5.2%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.55%
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameRational Equity Armor Fund
-
Fund Family NameRational Funds
-
Inception DateFeb 22, 2016
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerBrian Stutland
Fund Description
The Fund seeks to achieve its investment objective by investing primarily in common stock of dividend paying companies included within the S&P 500 Index. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of borrowings for investment purposes, in equity securities. The Fund seeks to hedge the majority of its stock exposure by investing up to 20% of its assets in futures contracts on the Cboe Volatility Index (the VIX Index) (VIX Futures) or other similar volatility-related futures contracts, such as on the SPIKES Volatility Index (the SPIKES Index) (SPIKES Futures), and in cash and cash equivalents, including U.S. Treasury obligations, as a hedge against the common stock held in the Funds portfolio.
Equity Armor Investments, LLC, the investment sub-advisor of the Fund (the Sub-Advisor), uses a rules-based quantitative strategy to create a portfolio primarily composed of common stock of dividend paying companies (including real estate investment trusts (REITs)) that it believes offer the best return potential and low volatility under the current economic environment. Stocks are selected based on a proprietary model comprised of the following factors: (i) domestic factors such as unemployment rate, corporate cash flow, housing starts, auto sales, and new durable goods; (ii) monetary factors; (iii) interest rates; (iv) various index levels including gold index, energy prices, consumer price index; and (v) international factors such as euro exchange rates, FTSE 100, Tokyo stock exchange, and agricultural exports. The goal of the strategy is to select those companies with prices that (i) are primarily driven by the economy rather than company-specific information; (ii) are neutral or suitable in the current economy; (iii) do not exhibit excessive reaction to economic changes; and (iv) have decreased in value in lesser amounts historically than the S&P 500 Index during periods of declines in the S&P 500 Index. The Funds sector allocation shall not exceed approximately three times the sectors weight in the S&P 500 Index, and the Funds allocation to any sector shall not exceed approximately 40% of the Funds assets at the time of investing. The Funds sector allocation is assessed and rebalanced, if necessary, on a quarterly basis. The Funds sector allocation process does not focus on any particular sectors.
The Fund invests in volatility futures contracts utilizing the EAVOL trading strategy, a strategy that seeks to correlate to Equity Armor Investments VOL365 Index (EAVOL). The EAVOL trading strategy is constructed pursuant to a rules-based volatility analysis that identifies investments that present the least potential for time decay (i.e., the decline in the value of a contract over the passage of time), while maintaining the highest correlation to near-term volatility futures price movement each day. The Fund primarily invests in VIX and SPIKES Futures or other similar volatility-related products and seeks to achieve high correlation to the return of the EAVOL Trading Strategy for this component of the Funds portfolio. Historically, volatility futures contracts tend to negatively correlate to equity price movement. Therefore, the EAVOL Trading Strategy may appreciate during times of downward equity prices or when implied volatility expectations of equities rise. Likewise, when equity prices appreciate or implied volatility expectations decline, the EAVOL Trading Strategy is likely to decline in value. Volatility analysis includes the study of price, momentum, future curves, as well as recurring price patterns. The components of the EAVOL Trading Strategy are adjusted on a daily basis. The Fund adjusts the weighting of the EAVOL Trading Strategy relative to its equity position on a daily basis as well.
The Sub-Advisor may also choose to trade securities related to the VIX Index, such as S&P 500 Index futures, options on S&P 500 Index futures and VIX and/or SPIKES Index options, in order to achieve the volatility overlay to the Funds equity exposure, if the Sub-Advisor determines that these securities provide greater access to volatility and, at such time, the total EAVOL Trading Strategy. The use of such S&P 500 Index futures and options thereon will typically be used in adverse market conditions where the VIX Index is above 30, which is roughly two times its historical average price.
The Funds volatility hedging strategy aims to minimize possible losses that are common in stock indexes so that investors might be able to ride-out market swings in pursuit of their long-term investment objectives. However, the volatility overlay has an associated cost. Given the negative correlation between equity price movements and the EAVOL Trading Strategy described above, the strategy may result in a reduction in the Funds return. The Funds strategy has no annualized target for the level of volatility it seeks to achieve under normal circumstances. There may be times that the Sub-Advisor determines not to implement the Funds volatility hedging strategy.
The Fund actively trades its portfolio investments, which may lead to higher transaction costs that may affect the Funds performance.
HDCAX - Performance
Return Ranking - Trailing
Period | HDCAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.9% | -2.9% | 12.7% | 87.76% |
1 Yr | 12.0% | -8.4% | 34.4% | 79.05% |
3 Yr | 0.2%* | -3.7% | 30.2% | 98.54% |
5 Yr | 5.2%* | -1.4% | 43.5% | 97.59% |
10 Yr | N/A* | 1.2% | 24.6% | 99.90% |
* Annualized
Return Ranking - Calendar
Period | HDCAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.5% | -24.9% | 46.1% | 71.81% |
2022 | -11.4% | -64.7% | 4.6% | 43.43% |
2021 | 13.0% | -44.2% | 57.5% | 65.90% |
2020 | 14.7% | -23.2% | 285.0% | 1.88% |
2019 | 5.5% | -21.4% | 48.5% | 96.51% |
Total Return Ranking - Trailing
Period | HDCAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.9% | -2.9% | 12.7% | 87.76% |
1 Yr | 12.0% | -8.4% | 34.4% | 79.05% |
3 Yr | 0.2%* | -3.7% | 30.2% | 98.54% |
5 Yr | 5.2%* | -1.4% | 43.5% | 97.59% |
10 Yr | N/A* | 1.2% | 24.6% | 99.90% |
* Annualized
Total Return Ranking - Calendar
Period | HDCAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.6% | -15.9% | 46.7% | 95.42% |
2022 | -10.9% | -42.0% | 8.5% | 88.03% |
2021 | 14.0% | 3.6% | 129.7% | 99.26% |
2020 | 15.7% | -22.6% | 304.8% | 3.29% |
2019 | 11.0% | -12.7% | 52.1% | 99.32% |
NAV & Total Return History
HDCAX - Holdings
Concentration Analysis
HDCAX | Category Low | Category High | HDCAX % Rank | |
---|---|---|---|---|
Net Assets | 32.5 M | 1.09 M | 163 B | 92.62% |
Number of Holdings | 84 | 2 | 1689 | 45.52% |
Net Assets in Top 10 | 17.5 M | 420 K | 33.9 B | 89.21% |
Weighting of Top 10 | 42.01% | 4.8% | 99.9% | 11.07% |
Top 10 Holdings
- MICROSOFT CORP 4.74%
- ISHARES SP 500 VALUE ETF 4.66%
- SPDR PORT SP 500 VALUE 4.65%
- VANGUARD SP VAL 4.65%
- APPLE INC 4.42%
- BERKSHIRE HATH-B 4.36%
- BERKSHIRE HATH-A 3.91%
- FIDELITY VALUE FACTOR ETF 3.78%
- META PLATFORMS-A 3.56%
- AMAZON.COM INC 3.26%
Asset Allocation
Weighting | Return Low | Return High | HDCAX % Rank | |
---|---|---|---|---|
Stocks | 90.80% | 1.86% | 108.42% | 95.39% |
Cash | 8.99% | -0.79% | 38.18% | 1.91% |
Other | 0.21% | -3.53% | 39.72% | 18.97% |
Preferred Stocks | 0.00% | 0.00% | 13.88% | 69.19% |
Convertible Bonds | 0.00% | 0.00% | 3.66% | 67.63% |
Bonds | 0.00% | -0.71% | 73.23% | 68.41% |
Stock Sector Breakdown
Weighting | Return Low | Return High | HDCAX % Rank | |
---|---|---|---|---|
Industrials | 18.77% | 0.00% | 42.76% | 4.03% |
Financial Services | 16.86% | 0.00% | 58.05% | 74.76% |
Healthcare | 12.38% | 0.00% | 30.08% | 88.87% |
Consumer Defense | 10.37% | 0.00% | 34.10% | 27.08% |
Technology | 9.71% | 0.00% | 54.02% | 58.90% |
Energy | 8.05% | 0.00% | 54.00% | 44.17% |
Real Estate | 7.32% | 0.00% | 90.54% | 6.40% |
Communication Services | 5.40% | 0.00% | 26.58% | 55.65% |
Consumer Cyclical | 4.79% | 0.00% | 22.74% | 71.17% |
Basic Materials | 3.80% | 0.00% | 21.69% | 40.23% |
Utilities | 2.55% | 0.00% | 27.04% | 75.64% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | HDCAX % Rank | |
---|---|---|---|---|
US | 90.80% | 1.86% | 108.42% | 87.03% |
Non US | 0.00% | 0.00% | 27.89% | 77.89% |
HDCAX - Expenses
Operational Fees
HDCAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.48% | 0.03% | 14.82% | 19.56% |
Management Fee | 0.75% | 0.00% | 1.50% | 85.73% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 47.06% |
Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
HDCAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 4.75% | 1.00% | 5.75% | 88.20% |
Deferred Load | N/A | 0.95% | 5.00% | N/A |
Trading Fees
HDCAX 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.
HDCAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 239.00% | 0.00% | 488.00% | 98.38% |
HDCAX - Distributions
Dividend Yield Analysis
HDCAX | Category Low | Category High | HDCAX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 37.13% | 97.91% |
Dividend Distribution Analysis
HDCAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annual | Quarterly | Annual |
Net Income Ratio Analysis
HDCAX | Category Low | Category High | HDCAX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.55% | -1.51% | 4.28% | 87.12% |
Capital Gain Distribution Analysis
HDCAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 31, 2023 | $0.004 | OrdinaryDividend |
Feb 28, 2023 | $0.004 | OrdinaryDividend |
Nov 30, 2022 | $0.006 | OrdinaryDividend |
Oct 31, 2022 | $0.001 | OrdinaryDividend |
Sep 30, 2022 | $0.000 | OrdinaryDividend |
Aug 31, 2022 | $0.010 | OrdinaryDividend |
Jul 29, 2022 | $0.003 | OrdinaryDividend |
Jun 30, 2022 | $0.003 | OrdinaryDividend |
May 31, 2022 | $0.009 | OrdinaryDividend |
Mar 31, 2022 | $0.009 | OrdinaryDividend |
Feb 28, 2022 | $0.006 | OrdinaryDividend |
Nov 29, 2021 | $0.007 | OrdinaryDividend |
Oct 28, 2021 | $0.007 | OrdinaryDividend |
Sep 29, 2021 | $0.007 | OrdinaryDividend |
Aug 30, 2021 | $0.009 | OrdinaryDividend |
Jul 29, 2021 | $0.007 | OrdinaryDividend |
Jun 29, 2021 | $0.009 | OrdinaryDividend |
May 27, 2021 | $0.011 | OrdinaryDividend |
Apr 29, 2021 | $0.009 | OrdinaryDividend |
Mar 30, 2021 | $0.007 | OrdinaryDividend |
Feb 25, 2021 | $0.006 | OrdinaryDividend |
Jan 28, 2021 | $0.004 | OrdinaryDividend |
Dec 30, 2020 | $0.037 | OrdinaryDividend |
Nov 27, 2020 | $0.005 | OrdinaryDividend |
Oct 29, 2020 | $0.008 | OrdinaryDividend |
Sep 29, 2020 | $0.006 | OrdinaryDividend |
Aug 28, 2020 | $0.006 | OrdinaryDividend |
Jul 30, 2020 | $0.007 | OrdinaryDividend |
Dec 30, 2019 | $0.121 | OrdinaryDividend |
Nov 27, 2019 | $0.014 | OrdinaryDividend |
Oct 30, 2019 | $0.016 | OrdinaryDividend |
Sep 27, 2019 | $0.025 | OrdinaryDividend |
Aug 29, 2019 | $0.016 | OrdinaryDividend |
Jul 30, 2019 | $0.032 | OrdinaryDividend |
Jun 27, 2019 | $0.028 | OrdinaryDividend |
May 30, 2019 | $0.026 | OrdinaryDividend |
Apr 29, 2019 | $0.022 | OrdinaryDividend |
Mar 28, 2019 | $0.021 | OrdinaryDividend |
Feb 27, 2019 | $0.020 | OrdinaryDividend |
Jan 30, 2019 | $0.013 | OrdinaryDividend |
Dec 28, 2018 | $0.196 | OrdinaryDividend |
Nov 29, 2018 | $0.041 | OrdinaryDividend |
Oct 30, 2018 | $0.030 | OrdinaryDividend |
Sep 27, 2018 | $0.030 | OrdinaryDividend |
Aug 30, 2018 | $0.035 | OrdinaryDividend |
Jul 30, 2018 | $0.027 | OrdinaryDividend |
Jun 28, 2018 | $0.028 | OrdinaryDividend |
May 30, 2018 | $0.031 | OrdinaryDividend |
Apr 27, 2018 | $0.014 | OrdinaryDividend |
Mar 28, 2018 | $0.030 | OrdinaryDividend |
Feb 27, 2018 | $0.030 | OrdinaryDividend |
Jan 30, 2018 | $0.005 | OrdinaryDividend |
Dec 28, 2017 | $0.158 | OrdinaryDividend |
Nov 29, 2017 | $0.041 | OrdinaryDividend |
Oct 30, 2017 | $0.030 | OrdinaryDividend |
Sep 28, 2017 | $0.022 | OrdinaryDividend |
Aug 30, 2017 | $0.018 | OrdinaryDividend |
Jul 28, 2017 | $0.035 | OrdinaryDividend |
Jun 29, 2017 | $0.026 | OrdinaryDividend |
May 30, 2017 | $0.014 | OrdinaryDividend |
Apr 27, 2017 | $0.026 | OrdinaryDividend |
Mar 30, 2017 | $0.043 | OrdinaryDividend |
Feb 27, 2017 | $0.014 | OrdinaryDividend |
Jan 30, 2017 | $0.002 | OrdinaryDividend |
Dec 29, 2016 | $0.040 | OrdinaryDividend |
Nov 29, 2016 | $0.007 | OrdinaryDividend |
Oct 28, 2016 | $0.016 | OrdinaryDividend |
Sep 29, 2016 | $0.036 | OrdinaryDividend |
Aug 30, 2016 | $0.015 | OrdinaryDividend |
Jul 28, 2016 | $0.014 | OrdinaryDividend |
Jun 28, 2016 | $0.017 | OrdinaryDividend |
May 27, 2016 | $0.020 | OrdinaryDividend |
Apr 27, 2016 | $0.013 | OrdinaryDividend |
Mar 30, 2016 | $0.027 | OrdinaryDividend |
Feb 26, 2016 | $0.030 | OrdinaryDividend |
HDCAX - Fund Manager Analysis
Managers
Brian Stutland
Start Date
Tenure
Tenure Rank
Dec 13, 2019
2.47
2.5%
Brian Stutland, Managing Partner, Chief Investment Officer and Chief Compliance Officer of Equity Armor since 2011, has served as the Fund’s Lead Portfolio Manager since 2019. He is also a Member of Tremis, LLC, a Cryptocurrency mining and trading operations firm, since 2017 and a Member of Equity Armor Advisers, LLC, Macro Growth Advisers, LLC, and Lone Star Equity Armor Advisors, LLC since 2016. Prior to founding Equity Armor in 2011, Mr. Stutland was the Managing Member and Floor Trader of Stutland Equities, LLC (2005 to 2011) .Prior to starting Stutland Equities, LLC in 2005, and while studying for his Masters degree, Brian Stutland became a trader with LETCO, one of the principal trading groups on the Chicago Board Options Exchange (“CBOE”), where he managed portfolio positions and made options markets for blue chip and Internet stocks. Mr. Stutland established his own floor trading business in 2002, trading an entire portfolio of stocks as a proprietary market making CBOE Member. After forming Stutland Equities, he pioneered the shift to electronic options trading, becoming one of the first Remote Market Makers on the CBOE. By 2006, he continued to trail blaze as one of the first traders to assume positions in VIX Volatility futures and options. He graduated Cum Laude in 1997 from the University of Michigan with a B.S.E. in Chemical Engineering and later received a M.S.E. in Biomedical Engineering from the University of Michigan in 1999.
Afshin Rahbari
Start Date
Tenure
Tenure Rank
Dec 13, 2019
2.47
2.5%
Luke Rahbari, a Member and Portfolio Manager of Equity Armor since 2011, has served as a Portfolio Manager of the Fund since 2019. He is also a Member of Tremis, LLC, a Cryptocurrency mining and trading operations firm, since 2017 and a Member of Equity Armor Advisers, LLC, Macro Growth Advisers, LLC, and Lone Star Equity Armor Advisors, LLC since 2016. Prior to founding Equity Armor in 2011, Mr. Rahbari served as an Asset Manager of Peachtree Asset Management (2007 to 2011), worked on the Institutional Equity Derivatives Desk of Toronto Dominion Bank (2002-2006) and was a Floor Trader, Market Maker, Specialist Registered Options of LETCO Trading (1994 to 2002). Mr. Rahbari earned his Bachelor of Business Administration from Eastern Michigan University and a Masters of Business Administration from the University of Chicago, Graduate School of Business.
Joseph Tigay
Start Date
Tenure
Tenure Rank
Dec 13, 2019
2.47
2.5%
Joseph Tigay, Chief Trading Officer and a Portfolio Manager, will serve as the Portfolio Managers of the Fund and will be primarily responsible for the day-to-day management of the Fund’s portfolio.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.05 | 86.59 | 8.07 | 16.42 |