James Alpha Total Hedge S
Name
As of 06/12/2023Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-0.1%
1 yr return
-1.2%
3 Yr Avg Return
-0.1%
5 Yr Avg Return
-1.2%
Net Assets
$28.1 M
Holdings in Top 10
61.7%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.68%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 127.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 06/12/2023Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
JTHSX - Profile
Distributions
- YTD Total Return -0.1%
- 3 Yr Annualized Total Return -0.1%
- 5 Yr Annualized Total Return -0.6%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.83%
- Dividend Yield 2.7%
- Dividend Distribution Frequency Annually
Fund Details
-
Legal NameEasterly Total Hedge Portfolio
-
Fund Family NameSaratoga
-
Inception DateJun 30, 2017
-
Shares OutstandingN/A
-
Share ClassS
-
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 investment strategies offered by private funds. The private fund investment strategies the returns of which the Fund will seek to outperform include hedged equity, event driven, macro, and relative value strategies. These strategies are described below:
● | A hedged equity investment strategy typically involves establishing both long and short positions in equity or equity-linked instruments. A hedged equity strategy also may seek to manage risk by adopting top-down constraints on leverage, limits on net market exposure, net regional exposure and net sector exposure, position size limits, position stop-loss limits and parameters relating to the number of its positions. The Fund will seek to outperform the returns of various hedged equity investment strategies, such as, among others, equity market neutral, fundamental growth, fundamental value, quantitative directional strategies, short bias, and sectors such as energy, materials, technology and healthcare. |
● | Event driven investment strategies seek to profit from investing in securities of companies on the basis that a specific event or catalyst will affect future pricing. For example, merger arbitrage strategies seek to capitalize on price discrepancies and returns generated by a corporate transaction. Event driven investment strategies may purchase the common stock of a company being acquired and short the common stock of the acquirer in expectation of profiting from the price differential as a result of or in expectation of the consummation of the merger. The Fund will seek to outperform the returns of various event driven investment strategies, such as, among others, activist strategies, credit arbitrage, distressed investing, restructuring strategies and merger arbitrage. |
● | 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, active trading, commodity, currency, discretionary thematic, systematic diversified and multi-strategy. |
● | Relative value strategies seek to identify and capitalize on valuation discrepancies between related financial instruments rather than on the direction of the general market. The Fund will seek to outperform the returns of various fixed income relative value strategies, such as, among others, asset-backed, master limited partnership (MLP), real estate, convertible arbitrage, corporate and sovereign strategies, as well as volatility investment strategies. |
The Fund will seek to outperform the returns of private fund investment strategies by investing in a variety of asset classes, including global equities, global fixed income securities, currencies, commodities and rates, such as interest rates and measures of volatility.
The Fund expects to gain exposure to these asset classes primarily through exchange-traded products such as exchange-traded notes (ETNs), exchange-traded funds (ETFs) and mutual funds, including affiliated funds, although the Fund may invest directly in currencies, equities and fixed income securities. The Fund also expects to invest in derivative instruments to gain exposure to one or more asset classes, individual investments or investment strategies. The derivatives instruments that may be utilized by the Fund include options, futures, options on futures, forward contracts and swaps. Derivatives may also be used to generate leverage, seek to profit from the underlying assets price fluctuations, or hedge the Funds exposure to an asset class, individual investment or group of investments.
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 below investment grade (i.e., junk bonds), particularly in seeking to outperform the returns of certain private fund strategies such as distressed investing. 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, which may include exposure to emerging markets.
In constructing the Funds investments, the Adviser employs proprietary techniques and models to evaluate the drivers of performance of private funds that utilize hedged equity, event driven, macro and relative value 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 Fund 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 private fund universe. The private fund 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 commodity investments will be focused in four sectors of the commodities market: energy, precious metals, industrial metals and agricultural/livestock. 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 this sleeve of the Fund. The Subsidiary is subject to substantially the same investment restrictions and limitations, including asset coverage requirements, as are applicable to this 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.
JTHSX - Performance
Return Ranking - Trailing
Period | JTHSX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -0.1% | -73.0% | 19.4% | 20.43% |
1 Yr | -1.2% | -9.1% | 86.9% | 6.91% |
3 Yr | -0.1%* | -9.5% | 16.2% | 14.46% |
5 Yr | -1.2%* | -4.9% | 14.4% | N/A |
10 Yr | N/A* | -0.9% | 7.5% | N/A |
* Annualized
Return Ranking - Calendar
Period | JTHSX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -12.7% | -22.7% | 305.1% | 5.19% |
2022 | 0.1% | -9.8% | 27.3% | 24.19% |
2021 | 3.2% | -20.8% | 10.9% | 75.11% |
2020 | 2.0% | -12.4% | 29.4% | N/A |
2019 | -1.7% | -10.5% | 15.8% | N/A |
Total Return Ranking - Trailing
Period | JTHSX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -0.1% | -73.0% | 19.4% | 20.43% |
1 Yr | -1.2% | -13.4% | 86.9% | 5.45% |
3 Yr | -0.1%* | -9.5% | 16.2% | 12.45% |
5 Yr | -0.6%* | -5.3% | 14.4% | N/A |
10 Yr | N/A* | -0.9% | 7.5% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | JTHSX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -12.7% | -22.7% | 305.1% | 5.56% |
2022 | 0.1% | -9.8% | 27.3% | 24.60% |
2021 | 3.2% | -20.8% | 10.9% | 59.11% |
2020 | 2.0% | -8.4% | 29.4% | N/A |
2019 | -1.2% | -10.2% | 18.0% | N/A |
NAV & Total Return History
JTHSX - Holdings
Concentration Analysis
JTHSX | Category Low | Category High | JTHSX % Rank | |
---|---|---|---|---|
Net Assets | 28.1 M | 1.5 M | 5.01 B | 94.10% |
Number of Holdings | 217 | 4 | 4478 | 60.07% |
Net Assets in Top 10 | 22.7 M | -398 M | 2.55 B | 89.75% |
Weighting of Top 10 | 61.71% | 13.1% | 100.0% | 78.44% |
Top 10 Holdings
- Db Swap 3305 17.55%
- Db Swap 3305 17.55%
- Db Swap 3305 17.55%
- Db Swap 3305 17.55%
- Db Swap 3305 17.55%
- Db Swap 3305 17.55%
- Db Swap 3305 17.55%
- Db Swap 3305 17.55%
- Db Swap 3305 17.55%
- Db Swap 3305 17.55%
Asset Allocation
Weighting | Return Low | Return High | JTHSX % Rank | |
---|---|---|---|---|
Stocks | 43.95% | -3.75% | 97.95% | 28.62% |
Other | 43.58% | -21.53% | 148.54% | 16.96% |
Bonds | 35.12% | -326.45% | 6347.80% | 39.93% |
Convertible Bonds | 2.67% | 0.00% | 87.92% | 15.55% |
Preferred Stocks | 1.02% | -0.12% | 46.97% | 4.59% |
Cash | -26.36% | -6278.21% | 410.43% | 75.97% |
Stock Sector Breakdown
Weighting | Return Low | Return High | JTHSX % Rank | |
---|---|---|---|---|
Financial Services | 16.75% | 0.00% | 59.28% | 42.52% |
Healthcare | 15.15% | 0.00% | 45.63% | 15.35% |
Technology | 14.57% | 0.00% | 39.58% | 48.03% |
Consumer Cyclical | 10.45% | 0.00% | 29.09% | 39.37% |
Industrials | 10.19% | 0.00% | 21.45% | 44.49% |
Energy | 6.76% | 0.00% | 100.00% | 18.90% |
Communication Services | 6.47% | 0.00% | 21.78% | 71.65% |
Real Estate | 6.05% | 0.00% | 51.26% | 34.65% |
Basic Materials | 5.95% | 0.00% | 27.46% | 42.13% |
Consumer Defense | 4.67% | 0.00% | 13.62% | 63.39% |
Utilities | 3.00% | 0.00% | 9.23% | 62.60% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | JTHSX % Rank | |
---|---|---|---|---|
US | 27.99% | -8.85% | 91.88% | 31.45% |
Non US | 15.96% | -19.62% | 42.11% | 24.03% |
Bond Sector Breakdown
Weighting | Return Low | Return High | JTHSX % Rank | |
---|---|---|---|---|
Corporate | 38.81% | 0.00% | 87.73% | 8.48% |
Cash & Equivalents | 23.85% | 0.27% | 100.00% | 74.20% |
Securitized | 17.21% | 0.00% | 56.83% | 21.91% |
Derivative | 12.06% | 0.00% | 88.81% | 27.56% |
Government | 7.06% | 0.00% | 84.29% | 55.48% |
Municipal | 1.02% | 0.00% | 27.33% | 6.36% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | JTHSX % Rank | |
---|---|---|---|---|
US | 24.20% | -126.19% | 6311.18% | 46.64% |
Non US | 10.92% | -382.37% | 121.02% | 22.61% |
JTHSX - Expenses
Operational Fees
JTHSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.68% | 0.29% | 31.15% | 35.97% |
Management Fee | 1.00% | 0.00% | 2.50% | 49.47% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | 0.15% | 0.01% | 0.30% | 68.49% |
Sales Fees
JTHSX 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% | 5.00% | N/A |
Trading Fees
JTHSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | 75.00% |
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.
JTHSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 127.00% | 0.00% | 491.00% | 43.55% |
JTHSX - Distributions
Dividend Yield Analysis
JTHSX | Category Low | Category High | JTHSX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.70% | 0.00% | 4.56% | 51.94% |
Dividend Distribution Analysis
JTHSX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annually | Annually | Quarterly | Annually |
Net Income Ratio Analysis
JTHSX | Category Low | Category High | JTHSX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.83% | -2.51% | 6.83% | 8.27% |
Capital Gain Distribution Analysis
JTHSX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 24, 2019 | $0.395 | OrdinaryDividend |
Dec 13, 2018 | $0.170 | OrdinaryDividend |
JTHSX - Fund Manager Analysis
Managers
Akos Beleznay
Start Date
Tenure
Tenure Rank
Jun 30, 2017
4.92
4.9%
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 |
---|---|---|---|
0.02 | 17.37 | 4.48 | 1.67 |