Marketfield I
Fund
MFLDX
Price as of:
$22.10
- $0.04
- 0.18%
Primary Theme
fund company
Name
Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-2.0%
1 yr return
-6.4%
3 Yr Avg Return
15.8%
5 Yr Avg Return
4.8%
Net Assets
$152 M
Holdings in Top 10
39.5%
52 WEEK LOW AND HIGH
$22.1
$19.98
$23.79
Expenses
OPERATING FEES
Expense Ratio 2.24%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 26.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100,000
IRA
$25,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
MFLDX - Profile
Distributions
- YTD Total Return -2.0%
- 3 Yr Annualized Total Return 15.8%
- 5 Yr Annualized Total Return 4.8%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.13%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annually
Fund Details
-
Legal NameCromwell Marketfield Long Short Fund
-
Fund Family NameMarketfield Funds
-
Inception DateJul 31, 2007
-
Shares OutstandingN/A
-
Share ClassInst
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerMichael Aronstein
Fund Description
The Fund seeks capital appreciation while trying to achieve volatility generally lower than that of the broad equity market. Correlation between the Fund and the broad equity market may vary considerably over the course of time.
To achieve the Fund’s investment objective, Marketfield Asset Management LLC, the investment sub-adviser (the “Sub-Adviser”), employs a long/short strategy and allocates the Fund’s assets by primarily investing in equity securities and exchange-traded funds (ETFs), while also investing in fixed-income securities and other investment companies in proportions consistent with the Sub-Adviser’s evaluation of their expected risks and returns. The Fund intends to maintain a net long exposure (the market value of long positions minus the market value of short positions) of approximately 25% to 80% of its net assets. Under normal market conditions, the Fund’s long positions may range from approximately 60% to 95% of its net assets and its short positions may range from approximately 10% to 50% of its net assets.
The Sub-Adviser notes that fixed income securities could potentially provide a source of positive returns during an equity market correction. Additionally, they may provide a specific opportunity during periods that the market’s perception is changing rapidly, and provide superior risk adjusted return opportunities to equity exposure (e.g., the aftermath of the Financial Crisis in 2009 and the Euro crisis in 2012). During times of rapidly rising interest rates or widening credit spreads the implementation of short positions in fixed income may also generate positive returns. It should be noted that due to the lower historic volatility of fixed income compared to equities, the Adviser would typically take a larger position to generate a similar portfolio response.
The Sub-Adviser utilizes its own macro-economic and technical market research to construct the Fund’s portfolio. Generally, long positions are increased during periods in which the Sub-Adviser’s research shows a likelihood of future growth in selected securities, and reduced when the opposite is true. Short positions are utilized both as hedges and to capture specific risks either in the broad equity market or specific portions of the market. The Sub-Adviser generally uses a combination of common stocks and ETFs to generate exposure, with the latter being used to efficiently capture broader exposure either at the sector or geographic (country) level. The Sub-Adviser analyzes the market to determine when allocations to fixed-income securities are appropriate.
The Fund’s equity securities investments may include common and preferred stocks of United States companies of any size. The Fund may take long and short positions in equity securities of foreign companies of any size, including securities issued by corporations located in developing or emerging markets. The amount of Fund assets invested in foreign securities may vary based on market conditions. However, under normal market conditions, the Sub-Adviser expects the Fund may invest up to 50% of the Fund’s net assets in foreign securities, including securities of issuers located in emerging markets. The Sub-Adviser determines the countries considered to be emerging market countries by taking into consideration factors such as the development of a country’s financial and capital markets, inclusion of a country in an index representative of emerging markets, and country classifications used by the World Bank, International Monetary Fund or United Nations. The Fund’s investments in foreign securities may include, but are not limited to, American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”). The Fund’s investments in other investment companies, including ETFs, and derivative type transactions will be considered “foreign” if the underlying assets represented by the investment are determined to have exposure to foreign securities, including emerging market securities.
The Fund will engage in short sales of securities or other derivative type transactions for hedging purposes to profit from an anticipated decline in the price of the securities sold short. For speculation purposes, the Fund may also enter into options, forward contracts, forward foreign currency contracts in positions that it expects to appreciate or decline without regard to other positions in the portfolio.
In addition, the Fund may invest up to 50% of its net assets in equity or fixed-income options, futures contracts and convertible securities and may invest up to 30% of its net assets in interest rate, credit default, index, equity (including total return), and currency exchange rate swap agreements. The Fund may use derivatives either when they offer more attractive risk/rewards than an outright “long” or “short” position. This typically is the case with single name equity securities, ETFs or index options. The Fund may also use derivatives if the instrument is generally only traded in a derivative format, such as certificates of deposit or foreign exchanges. The Sub-Adviser shall manage the Fund so that the Fund will not be deemed to be a “commodity pool” under the Commodity Exchange Act.
Under normal market conditions, the Fund’s investments in fixed-income securities which may be of any maturation or duration, consist of investment grade corporate bonds and debentures, mortgage-backed and asset-backed securities, United States Treasury obligations, municipal securities, obligations issued by the U.S. Government and its agencies or instrumentalities and convertible securities. The Fund may also invest in fixed income securities of foreign issuers and governments (including issuers in emerging markets). The Fund may invest up to 30% of its net assets in fixed-income securities that are below investment grade. Below investment grade securities are generally securities that receive low ratings from independent rating agencies, such as securities rated lower than BBB- by Standard & Poor’s Ratings Services (“S&P”) and Baa3 by Moody’s Investors Service, Inc. (“Moody’s”), or if unrated, are
determined to be of equivalent quality by the Sub-Adviser. If independent rating agencies assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. These investments may include securities of varying maturities, durations and ratings, including securities that have been rated below investment grade by an independent rating agency, commonly referred to as “junk bonds” or “high yield bonds.” Securities that are rated below investment grade by an independent rating agency are commonly referred to as “high yield debt” or “junk bonds.”
When reviewing investment opportunities for the Fund, the Sub-Adviser considers various factors, including macroeconomic conditions, corporate earnings at a macroeconomic level, anticipated inflation and interest rates, consumer risk and its perception of the outlook of the capital markets as a whole. A macroeconomic strategy focuses on broad trends and is generally distinguished from a strategy that focuses on the prospects of particular companies or issuers. The Sub-Adviser may allocate the Fund’s investments between equity and fixed-income securities at its discretion, without limitation.
Security selection for the Fund is driven by the Sub-Adviser’s top-down analysis of economic issues, the Sub-Adviser’s perception of investor sentiment and investment flows. Once the Sub-Adviser has identified a theme that is expected to either benefit or disadvantage a specific sector or country, it seeks to implement an investment strategy that is appropriate for the Fund. In some cases, the Sub-Adviser may utilize a sector- or country-specific ETF that offers exposure to a broad range of securities. In other situations, the Sub-Adviser may select a single issue that is perceived by the Sub-Adviser to be particularly germane to a specific concern or a small group of issues with characteristics that match the goal of creating portfolio exposure to a macroeconomic theme. The Sub-Adviser may select growth stocks or value stocks and may choose to invest in real estate investment trusts (REITs) as it deems appropriate.
The Sub-Adviser may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Fund or when the security is deemed less attractive relative to another security on a return/risk basis. The Sub-Adviser may also sell or reduce a position in a security if it sees the investment theme failing to materialize.
MFLDX - Performance
Return Ranking - Trailing
| Period | MFLDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -2.0% | -11.7% | 17.0% | 77.20% |
| 1 Yr | -6.4% | -27.2% | 22.0% | 35.08% |
| 3 Yr | 15.8%* | -19.9% | 23.4% | 4.65% |
| 5 Yr | 4.8%* | -13.4% | 13.1% | 5.73% |
| 10 Yr | N/A* | -7.3% | 11.5% | 70.77% |
* Annualized
Return Ranking - Calendar
| Period | MFLDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | 2.4% | -54.0% | 40.9% | 12.43% |
| 2021 | 4.2% | -22.5% | 24.1% | 35.59% |
| 2020 | 6.3% | -19.4% | 24.1% | 20.00% |
| 2019 | 2.8% | -8.4% | 12.9% | 34.57% |
| 2018 | -2.8% | -14.0% | 7.1% | 80.39% |
Total Return Ranking - Trailing
| Period | MFLDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -2.0% | -25.0% | 17.0% | 77.20% |
| 1 Yr | -6.4% | -27.2% | 22.0% | 35.08% |
| 3 Yr | 15.8%* | -19.9% | 23.4% | 4.65% |
| 5 Yr | 4.8%* | -13.2% | 14.1% | 5.73% |
| 10 Yr | N/A* | -6.9% | 11.5% | 67.69% |
* Annualized
Total Return Ranking - Calendar
| Period | MFLDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | 2.4% | -54.0% | 40.9% | 12.97% |
| 2021 | 4.2% | -22.5% | 24.1% | 35.59% |
| 2020 | 6.3% | -19.4% | 24.1% | 20.00% |
| 2019 | 2.8% | -8.4% | 12.9% | 34.57% |
| 2018 | -2.8% | -14.0% | 15.9% | 81.70% |
NAV & Total Return History
MFLDX - Holdings
Concentration Analysis
| MFLDX | Category Low | Category High | MFLDX % Rank | |
|---|---|---|---|---|
| Net Assets | 152 M | 818 K | 5.18 B | 35.05% |
| Number of Holdings | 49 | 3 | 2670 | 67.74% |
| Net Assets in Top 10 | 23.1 M | -175 M | 1.1 B | 48.92% |
| Weighting of Top 10 | 39.50% | 1.5% | 100.0% | 45.86% |
Top 10 Holdings
- Costco Wholesale Corp 4.84%
- Keyence Corp 4.33%
- Keyence Corp 4.33%
- Keyence Corp 4.33%
- Keyence Corp 4.33%
- Keyence Corp 4.33%
- Keyence Corp 4.33%
- Keyence Corp 4.33%
- Keyence Corp 4.33%
- Keyence Corp 4.33%
Asset Allocation
| Weighting | Return Low | Return High | MFLDX % Rank | |
|---|---|---|---|---|
| Stocks | 63.52% | -2.90% | 119.13% | 47.06% |
| Cash | 36.48% | -67.46% | 106.99% | 47.57% |
| Preferred Stocks | 0.00% | 0.00% | 7.60% | 64.32% |
| Other | 0.00% | -35.22% | 39.56% | 68.11% |
| Convertible Bonds | 0.00% | -0.02% | 4.68% | 63.78% |
| Bonds | 0.00% | -48.31% | 152.17% | 67.91% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | MFLDX % Rank | |
|---|---|---|---|---|
| Basic Materials | 28.58% | 0.00% | 28.58% | 1.21% |
| Industrials | 25.12% | 0.00% | 31.93% | 3.64% |
| Energy | 21.10% | 0.00% | 32.57% | 1.82% |
| Consumer Cyclical | 6.84% | 0.00% | 88.83% | 83.64% |
| Consumer Defense | 4.73% | 0.00% | 33.38% | 67.88% |
| Technology | 4.71% | 0.00% | 43.24% | 90.91% |
| Financial Services | 3.73% | 0.00% | 83.83% | 91.52% |
| Real Estate | 2.57% | 0.00% | 10.93% | 38.79% |
| Healthcare | 1.50% | 0.00% | 100.00% | 98.18% |
| Communication Services | 0.61% | 0.00% | 32.32% | 93.94% |
| Utilities | 0.52% | 0.00% | 21.71% | 73.33% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | MFLDX % Rank | |
|---|---|---|---|---|
| US | 35.72% | -24.26% | 116.70% | 71.89% |
| Non US | 27.80% | -43.01% | 97.78% | 7.03% |
MFLDX - Expenses
Operational Fees
| MFLDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 2.24% | 0.40% | 11.46% | 35.90% |
| Management Fee | 1.40% | 0.00% | 2.50% | 72.82% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.03% | 1.54% | N/A |
Sales Fees
| MFLDX 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% | 4.00% | N/A |
Trading Fees
| MFLDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.50% | 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.
| MFLDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 26.00% | 0.00% | 479.00% | 17.48% |
MFLDX - Distributions
Dividend Yield Analysis
| MFLDX | Category Low | Category High | MFLDX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 11.11% | 70.77% |
Dividend Distribution Analysis
| MFLDX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annually | Annually | Monthly | Annually |
Net Income Ratio Analysis
| MFLDX | Category Low | Category High | MFLDX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.13% | -3.33% | 2.88% | 18.85% |
Capital Gain Distribution Analysis
| MFLDX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
MFLDX - Fund Manager Analysis
Managers
Michael Aronstein
Start Date
Tenure
Tenure Rank
Jul 31, 2007
14.84
14.8%
Michael C. Aronstein is President, Chief Investment Officer and a co-founding partner of Marketfield Asset Management, LLC (and its predecessor firm, which was created in 2007). Mr. Aronstein began his investment career in 1979 at Merrill Lynch, eventually becoming Manager of Global Investment Strategy before departing in 1987 to join Comstock Partners. Mr. Aronstein was the President of Comstock Partners for six years. In 1993, Mr. Aronstein founded West Course Capital, a discretionary commodity management firm. From 2001 to 2004, Mr. Aronstein was Chief Investment Strategist for Preservation Group, a provider of independent macroeconomic and strategic research to professional investors. In 2004, he joined Oscar Gruss & Son Incorporated and served as Chief Investment Strategist until 2012. Mr. Aronstein graduated from Yale College with a Bachelor of Arts in 1974.
Michael Shaoul
Start Date
Tenure
Tenure Rank
Apr 08, 2016
6.15
6.2%
Michael Shaoul, Ph.D. is Chairman, Chief Executive Officer and a co-founding partner of Marketfield Asset Management LLC (and its predecesor firm, which was created in 2007). In 1996 Mr. Shaoul joined Oscar Gruss & Son Incorporated. He became its Chief Executive Officer in 2001 and held this position until 2014. He is Treasurer of American Friends of Tel Aviv University and a member of the Board of North American Friends of Manchester University. He was awarded a Ph.D. in Accounting and Finance from the University of Manchester (UK) in 1992.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.07 | 23.55 | 5.99 | 7.93 |