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Name

As of 11/28/2023

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

KARNER BLUE BIODIVERSITY IMPACT FUND

KAIBX | Fund

$11.57

$10.3 M

0.43%

$0.05

3.06%

Vitals

YTD Return

6.1%

1 yr return

-0.4%

3 Yr Avg Return

2.8%

5 Yr Avg Return

N/A

Net Assets

$10.3 M

Holdings in Top 10

26.0%

52 WEEK LOW AND HIGH

$11.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 3.06%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 55.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$2,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/28/2023

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

KARNER BLUE BIODIVERSITY IMPACT FUND

KAIBX | Fund

$11.57

$10.3 M

0.43%

$0.05

3.06%

KAIBX - Profile

Distributions

  • YTD Total Return 6.1%
  • 3 Yr Annualized Total Return 2.8%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.20%
DIVIDENDS
  • Dividend Yield 0.4%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    KARNER BLUE BIODIVERSITY IMPACT FUND
  • Fund Family Name
    Karner Blue Capital
  • Inception Date
    Sep 17, 2019
  • Shares Outstanding
    N/A
  • Share Class
    Y
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Andrew Niebler

Fund Description

The Fund seeks to achieve its investment objective by investing in a diversified portfolio primarily comprised of mid-cap, large-cap and mega-cap equity securities and American Depositary Receipts (“ADRs”) of companies that, based on the Adviser’s proprietary research, are leaders in their industries with respect to biodiversity conservation, climate change mitigation and environmental stewardship. The Fund defines mid-cap securities as those with market capitalizations between $2 billion and $10 billion, large-cap securities as those between $10 billion and $100 billion, and mega-cap securities as those over $100 billion.

The Adviser’s strategy to achieve the Fund’s investment objective involves peer-relative evaluations of companies that operate in industries with significant exposure to the five key drivers of biodiversity loss, which are (i) changes in land, sea and ocean use, (ii) climate change, (iii) pollution, (iv) direct exploitation of species and other natural resources, and (v) invasive and introduced species. Under normal market conditions, the Adviser generally seeks to invest at least 65% of the Fund’s assets in companies operating in industries that the Adviser believes have significant biodiversity impacts (“Primary Industries”), and up to 35% of its assets in companies operating in other industries (“Secondary Industries”) where the Adviser believes a company is engaged in activities that significantly contribute to biodiversity conservation. The Fund reallocates its portfolio at least semi-annually, and in between each reallocation, general trading activity and market fluctuations may result in deviations from these thresholds.

The Adviser considers a number of business activities when identifying Primary Industries, which may include, but are not limited to, the following:

1)

Manufacturing or distributing products that use animals, animal products or animal product substitutes during the production process, and the Adviser’s assessment of the relative performance of companies engaged in these activities;
2)

Conducting research or scientific investigations involving animals, animal products or animal product substitutes, and the Adviser’s assessment of the relative performance of companies engaged in these activities;
3)

Providing services, including, without limitation, entertainment and travel and leisure services, that have biodiversity impacts, and the Adviser’s assessment of the relative performance of companies engaged in these activities.;
4)

Having business operations that are significantly linked to the sustainability of animal habitats through activities such as natural resources use and certain commodities-related activity such as mining, waste management and environmental emissions, and the Adviser’s assessment of the relative performance of companies engaged in these activities.; or

5)

Businesses that generally seek to promote biodiversity conservation by developing or offering products or services that would benefit animals or improve public opinion about animals.

The Fund may also purchase small- and micro-cap equity securities and emerging market securities. The Fund defines small-cap securities as those with market capitalizations between $300 million and $2 billion, and micro-cap securities as those under $300 million. The Fund defines emerging market securities as those that provide exposure to companies that are domiciled in any country included in the Morningstar Emerging Market Index. The Fund may also lend securities.

The Fund generally will sell securities when the Adviser believes other opportunities are more attractive, when the biodiversity conservation practices of a company ebb in comparison to those of its peers, or when the Adviser believes the business practices or policies of a company are no longer consistent with the Fund’s biodiversity-focused criteria.

Read More

KAIBX - Performance

Return Ranking - Trailing

Period KAIBX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.1% -35.6% 29.2% 46.20%
1 Yr -0.4% 17.3% 252.4% 53.86%
3 Yr 2.8%* -3.5% 34.6% N/A
5 Yr N/A* 0.1% 32.7% N/A
10 Yr N/A* -6.9% 18.3% N/A

* Annualized

Return Ranking - Calendar

Period KAIBX Return Category Return Low Category Return High Rank in Category (%)
2022 -17.0% -24.3% 957.1% 32.15%
2021 3.8% -38.3% 47.1% N/A
2020 17.2% -54.2% 0.6% N/A
2019 N/A -76.0% 54.1% N/A
2018 N/A -26.1% 47.8% N/A

Total Return Ranking - Trailing

Period KAIBX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.1% -35.6% 29.2% 47.09%
1 Yr -0.4% 11.4% 252.4% 49.32%
3 Yr 2.8%* -3.5% 34.6% N/A
5 Yr N/A* 0.1% 32.7% N/A
10 Yr N/A* -6.9% 18.3% N/A

* Annualized

Total Return Ranking - Calendar

Period KAIBX Return Category Return Low Category Return High Rank in Category (%)
2022 -15.0% -24.3% 957.1% 32.15%
2021 15.1% -33.1% 47.1% N/A
2020 18.5% -44.4% 1.8% N/A
2019 N/A -6.5% 54.1% N/A
2018 N/A -14.4% 47.8% N/A

NAV & Total Return History

KAIBX - Holdings

Concentration Analysis

KAIBX Category Low Category High KAIBX % Rank
Net Assets 10.3 M 199 K 133 B 95.07%
Number of Holdings 59 1 9075 46.37%
Net Assets in Top 10 2.79 M -18 M 37.6 B 96.26%
Weighting of Top 10 26.02% 9.1% 100.0% 88.79%

Top 10 Holdings

  1. Microsoft Corporation 3.04%
  2. Blue Bird Corporation 2.94%
  3. Carrier Global Corporation 2.83%
  4. UBS Group AG 2.78%
  5. Panasonic Corporation ADR 2.73%
  6. Alphabet, Inc. Class A 2.66%
  7. Array Technologies, Inc. 2.32%
  8. Novo Nordisk A/S ADR 2.25%
  9. Enphase Energy, Inc. 2.24%
  10. MP Materials Corp. 2.23%

Asset Allocation

Weighting Return Low Return High KAIBX % Rank
Stocks 		97.32% 61.84% 125.47% 96.81%
Cash 		2.68% -174.70% 23.12% 2.31%
Preferred Stocks 		0.00% -0.01% 5.28% 51.10%
Other 		0.00% -13.98% 19.14% 55.51%
Convertible Bonds 		0.00% 0.00% 4.46% 45.48%
Bonds 		0.00% -1.50% 161.67% 47.69%

Stock Sector Breakdown

Weighting Return Low Return High KAIBX % Rank
Technology 		21.81% 0.00% 49.87% 79.07%
Industrials 		18.02% 0.00% 44.06% 11.45%
Basic Materials 		14.67% 0.00% 38.60% 1.10%
Financial Services 		10.03% 0.00% 38.42% 80.62%
Healthcare 		9.59% 0.00% 35.42% 54.63%
Consumer Defense 		7.60% 0.00% 73.28% 21.81%
Consumer Cyclical 		6.06% 0.00% 40.94% 68.06%
Real Estate 		5.67% 0.00% 39.48% 84.58%
Communication Services 		4.38% 0.00% 57.66% 91.19%
Utilities 		2.19% 0.00% 29.12% 36.12%
Energy 		0.00% 0.00% 21.15% 16.52%

Stock Geographic Breakdown

Weighting Return Low Return High KAIBX % Rank
US 		97.32% 0.13% 103.82% 64.98%
Non US 		0.00% 0.58% 99.46% 71.37%

KAIBX - Expenses

Operational Fees

KAIBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 3.06% 0.01% 44.27% 4.10%
Management Fee 0.80% 0.00% 1.82% 72.76%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.01% 0.01% 0.76% 2.93%

Sales Fees

KAIBX 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

KAIBX 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.

KAIBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 55.00% 0.00% 395.00% N/A

KAIBX - Distributions

Dividend Yield Analysis

KAIBX Category Low Category High KAIBX % Rank
Dividend Yield 0.43% 0.00% 3.26% 44.97%

Dividend Distribution Analysis

KAIBX Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Annually Annually

Net Income Ratio Analysis

KAIBX Category Low Category High KAIBX % Rank
Net Income Ratio 1.20% -4.27% 12.65% 27.27%

Capital Gain Distribution Analysis

KAIBX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Annually Annually

Distributions History

View More +

KAIBX - Fund Manager Analysis

Managers

Andrew Niebler

Start Date

Tenure

Tenure Rank

Sep 17, 2019

2.7

2.7%

Andrew K. Niebler is a co-founder of the Adviser and has been its Executive Vice President, General Counsel, and Chief Compliance Officer since it commenced operations as an investment adviser in 2018. From January 2006, through June 2019, Mr. Niebler served in progressively more senior roles within the legal department of Calvert Investments, Inc., including General Counsel and Senior Vice President from January 2017 through June 2019. He is also an Executive Vice President of the Karner Blue Center for a Humane Economy, Inc. He graduated from Princeton University and Georgetown University Law Center.

Vicki Benjamin

Start Date

Tenure

Tenure Rank

Sep 17, 2019

2.7

2.7%

Vicki L. Benjamin is a co-founder of the Adviser and has been its Chief Executive Officer since it commenced operations as an investment adviser in 2018. Ms. Benjamin was a partner at KPMG from September 2005 until February 2015, when she joined Calvert Investments, Inc. as its Chief Financial Officer. Since January 2017 she has served as the President of Calvert Investments, Inc. Ms. Benjamin is also an Executive Vice President of the Karner Blue Center for a Humane Economy, Inc. She received an M.B.A. from Bentley University McCallum Graduate School of Business.

Robert Baumbach

Start Date

Tenure

Tenure Rank

Sep 28, 2020

1.67

1.7%

Robert Baumbach, CFA, served as a consultant to the Investment Committee of the Adviser from November 2019 through September 2020 when he became a Portfolio Manager for the Adviser and to the Fund. Prior to Mr. Baumbach’s consultant role, he was retired after having served as a Senior Vice President and Equity Research Analyst at Putnam Investments and a Managing Director and Portfolio Manager at Babson Capital Management.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.01 35.82 6.24 1.25

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