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Trending ETFs

Name

As of 03/27/2024

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

$12.06

$139 M

0.00%

$0.00

1.78%

Vitals

YTD Return

5.6%

1 yr return

18.4%

3 Yr Avg Return

8.2%

5 Yr Avg Return

8.2%

Net Assets

$139 M

Holdings in Top 10

96.5%

52 WEEK LOW AND HIGH

$12.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.78%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 44.00%

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 03/27/2024

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

$12.06

$139 M

0.00%

$0.00

1.78%

JDIEX - Profile

Distributions

  • YTD Total Return 5.6%
  • 3 Yr Annualized Total Return 8.2%
  • 5 Yr Annualized Total Return 8.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.51%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Easterly Hedged Equity Fund
  • Fund Family Name
    Saratoga
  • Inception Date
    Jul 31, 2015
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    James Ryan

Fund Description

Under normal market conditions, the Fund will seek to achieve its objective by combining a long equity strategy with an options hedging strategy that seeks to provide protection during significant equity market downturns. The long equity strategy seeks to replicate the returns of the S&P 500® Index and to enhance these returns through the use of leverage. The Fund may use swaps to gain exposure to one or more asset classes, individual investments or investment strategies, as well as to generate leverage or hedge the Fund’s exposure to an asset class, individual investment or group of investments. The Fund will achieve exposure to S&P 500® Index companies primarily through exchange-traded funds (“ETFs”), mutual funds, and closed-end funds but may also gain exposure through direct investment in common and preferred stocks.

The Fund’s options hedging strategy seeks to reduce the risk associated with the Fund’s long equity exposure from modest market downturns (e.g., a drop of between 6% and 8% in the value of the S&P 500® Index). Conventional put spreads consist of buying slightly out of the money put options and selling put options that are further out of the money with the same expiration. Typically, the notional value of the put spreads will be larger than the Fund’s exposure from its long equity strategy. The Fund expects primarily to use listed exchange-traded options. When market volatility is high, the Fund may also sell (write) covered call options to generate additional income.

The Fund’s sub-adviser may also seek to enhance the returns of the Fund’s long equity strategy by buying or selling options on ETFs whose strategies seek to minimize volatility (volatility ETFs). This strategy will be used opportunistically to express the Fund’s sub-adviser’s views on whether actual market volatility will be higher or lower than expected volatility. This strategy will include either buying long put or call options on volatility ETFs or employing a covered option spread on volatility ETFs. A covered option spread will consist of buying (or selling) slightly out of the money call or put options and selling (or buying) call or put options that are further out of the money with the same expiration.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. issuers or investments that provide exposure to equity securities of U.S. issuers, and in derivatives and other instruments that have economic characteristics similar to such securities. The Fund may invest in equity securities without regard to market capitalization.

The Fund intends to borrow money from banks to create leverage of up to 30% of the Fund’s assets. The Fund plans to invest the assets obtained through leverage in additional instruments that provide exposure to the S&P 500® Index companies as well as in additional options as part of the Fund’s hedging strategies. The Fund will therefore have long exposure of up to 130% of its assets.

The Fund’s sub-adviser uses proprietary valuation methods and risk measures as well as publicly available data regarding market volatility levels in managing the hedging strategies. The Fund’s sub-adviser considers multiple factors in determining how much leverage to employ and expected market volatility levels, such as premium at risk (i.e., the amount of net option premiums paid in implementing the hedging strategy), the time to expiration of options, the rate that options lose value as they near maturity (known as Theta), the risk of gain or loss resulting from changes in volatility (known as Vega), and the notional exposure of the options relative to the Fund’s long positions. The Fund’s sub-adviser’s proprietary option valuation methods will be used to determine when to use a particular option strategy and when to realize gains on the Fund’s options positions.

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JDIEX - Performance

Return Ranking - Trailing

Period JDIEX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.6% -2.8% 240.8% 49.41%
1 Yr 18.4% -4.3% 140.6% 78.70%
3 Yr 8.2%* -8.3% 18.3% 50.00%
5 Yr 8.2%* -5.0% 17.3% 56.78%
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Return Ranking - Calendar

Period JDIEX Return Category Return Low Category Return High Rank in Category (%)
2023 14.3% -34.1% 904.0% 72.52%
2022 -5.0% -28.6% 438.4% 58.96%
2021 0.5% -93.5% 8.2% 42.07%
2020 -0.5% -38.9% 19.8% 60.47%
2019 9.9% -10.9% 12.8% 47.57%

Total Return Ranking - Trailing

Period JDIEX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.6% -2.7% 244.0% 50.59%
1 Yr 18.4% -4.3% 140.6% 74.78%
3 Yr 8.2%* -8.3% 18.3% 45.51%
5 Yr 8.2%* -5.4% 17.3% 56.78%
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Total Return Ranking - Calendar

Period JDIEX Return Category Return Low Category Return High Rank in Category (%)
2023 14.6% -34.1% 904.0% 72.52%
2022 -2.7% -5.9% 438.4% 59.54%
2021 11.3% -81.2% 8.2% 4.14%
2020 7.2% -29.0% 19.8% 68.22%
2019 12.1% -10.9% 12.8% 61.17%

NAV & Total Return History


JDIEX - Holdings

Concentration Analysis

JDIEX Category Low Category High JDIEX % Rank
Net Assets 139 M 25 17.4 B 71.16%
Number of Holdings 11 2 508 57.25%
Net Assets in Top 10 128 M -6.66 M 5.12 B 51.53%
Weighting of Top 10 96.51% 11.3% 100.0% 8.67%

Top 10 Holdings

  1. SPDR SP 500 ETF 90.08%
  2. BBH SWEEP VEHICLE 4.88%
  3. SPY BULLET SWAP 0.71%
  4. SPXW US 12/29/23 P4470 0.62%
  5. SPY BULLET SWAP B 0.33%
  6. SPXW US 12/22/23 P4470 0.27%
  7. SPY BULLET SWAP 0.21%
  8. SPXW US 12/22/23 P4250 -0.06%
  9. SPXW US 12/29/23 P4240 -0.15%
  10. SPY US 12/01/23 C445 -0.39%

Asset Allocation

Weighting Return Low Return High JDIEX % Rank
Stocks
90.08% -3.92% 100.76% 80.92%
Cash
8.86% -0.76% 100.29% 23.66%
Preferred Stocks
0.00% 0.00% 3.08% 71.37%
Convertible Bonds
0.00% 0.00% 20.91% 71.76%
Bonds
0.00% 0.00% 97.96% 72.52%
Other
-0.19% 0.00% 45.92% 2.67%

Stock Sector Breakdown

Weighting Return Low Return High JDIEX % Rank
Technology
24.69% 0.00% 44.43% 25.21%
Healthcare
14.29% 0.00% 25.91% 42.02%
Financial Services
13.16% 0.00% 29.60% 43.70%
Consumer Cyclical
11.22% 0.00% 19.02% 61.34%
Communication Services
8.64% 0.00% 21.22% 26.89%
Industrials
8.27% 1.41% 43.91% 61.34%
Consumer Defense
7.33% 0.00% 22.87% 73.95%
Energy
4.17% 0.00% 69.54% 39.50%
Real Estate
2.92% 0.00% 9.74% 65.97%
Utilities
2.87% 0.00% 13.35% 73.11%
Basic Materials
2.44% 0.00% 60.58% 64.71%

Stock Geographic Breakdown

Weighting Return Low Return High JDIEX % Rank
US
90.08% -3.89% 100.00% 70.23%
Non US
0.00% -2.17% 99.33% 77.10%

JDIEX - Expenses

Operational Fees

JDIEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.78% 0.20% 6.78% 20.99%
Management Fee 1.20% 0.20% 1.75% 90.30%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.02% 0.28% 69.39%

Sales Fees

JDIEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 4.75% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

JDIEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 45.83%

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.

JDIEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 44.00% 0.00% 456.80% 93.30%

JDIEX - Distributions

Dividend Yield Analysis

JDIEX Category Low Category High JDIEX % Rank
Dividend Yield 0.00% 0.00% 3.76% 73.23%

Dividend Distribution Analysis

JDIEX Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Monthly Annually

Net Income Ratio Analysis

JDIEX Category Low Category High JDIEX % Rank
Net Income Ratio -0.51% -2.54% 14.24% 91.80%

Capital Gain Distribution Analysis

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

Distributions History

View More +

JDIEX - Fund Manager Analysis

Managers

James Ryan


Start Date

Tenure

Tenure Rank

Jul 31, 2015

6.84

6.8%

James Ryan is the Director of Strategy Development at EAB Investment Group, LLC. Previously, Mr. Ryan co-founded RB Derivatives LP, a quantitative equity trading firm. In 1990, Mr. Ryan co-founded Heard Trading, LLC. Heard Trading, LLC specialized in proprietary option trading and ETF arbitrage.

Edward Boll


Start Date

Tenure

Tenure Rank

Jul 31, 2015

6.84

6.8%

Edward Boll is the Founder, Chief Executive Officer, and Director of Portfolio Management of EAB Investment Group, LLC, prior to which he was the co-Founder of DC Trading Partners, LLC; a senior portfolio manager at Goldman Sachs SLK Hull Derivatives Group; and Founder of TFM Investment Group, New York Division.

William Visconto


Start Date

Tenure

Tenure Rank

Jul 31, 2015

6.84

6.8%

William Visconto is the Founder, President and Director of Risk Management at EAB Investment Group, LLC. Previously, Mr. Visconto was Head Volatility Trader at McGowan Investors LLC; co-Founder of Volare Capital; and Head of Portfolio Management and Trading Floor Operations for PFTC Advisors and PFTC Trading.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 19.77 3.61 5.67