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Trending ETFs

Name

As of 07/22/2022

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

$4.87

$16.2 M

20.60%

$1.00

2.72%

Vitals

YTD Return

-8.3%

1 yr return

-7.5%

3 Yr Avg Return

-7.9%

5 Yr Avg Return

-5.7%

Net Assets

$16.2 M

Holdings in Top 10

50.5%

52 WEEK LOW AND HIGH

$4.9
$4.87
$6.02

Expenses

OPERATING FEES

Expense Ratio 2.72%

SALES FEES

Front Load N/A

Deferred Load 1.00%

TRADING FEES

Turnover 0.00%

Redemption Fee 1.00%


Min Investment

Standard (Taxable)

$2,500

IRA

$2,500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 07/22/2022

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

$4.87

$16.2 M

20.60%

$1.00

2.72%

MHFCX - Profile

Distributions

  • YTD Total Return -8.3%
  • 3 Yr Annualized Total Return -7.9%
  • 5 Yr Annualized Total Return -5.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -2.48%
DIVIDENDS
  • Dividend Yield 20.6%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    AXS Managed Futures Strategy Fund
  • Fund Family Name
    AXS
  • Inception Date
    Dec 31, 2009
  • Shares Outstanding
    867472
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Rufus Rankin

Fund Description

The Fund pursues its investment objective primarily by investing directly or indirectly through its wholly-owned and controlled subsidiary formed under the laws of the Cayman Islands (the “Subsidiary”), in a combination of (i) Trading Companies that employ the Managed Futures Program of one or more commodity trading advisers (“CTAs”) and/or derivative instruments such as swaps that provide exposure to the such Managed Futures Programs, and (ii) an actively managed fixed-income portfolio. A “Managed Futures Program” generally is a trading program that a CTA uses to guide its investments in futures, forwards, options or spot contracts. Each of these investments may be tied to a particular asset classes; historically these have included commodities, equities, fixed income or foreign currencies. A “Trading Company” is a pooled investment vehicle organized as a limited liability company and operated as a commodity pool. The Fund’s return will be derived principally from changes in the value of securities held in the Fund’s portfolio, and the Fund’s assets consist principally of securities (including shares of the Subsidiary). The Fund’s overall investment program, including management of the assets of the Fund’s Subsidiary is conducted by the Fund’s investment sub-advisor, Ampersand Investment Management LLC (“Ampersand” or the “Sub-Advisor”). The Fund may have exposure to foreign markets, including emerging markets, through investments in the Managed Futures Programs.

Derivative Instruments: The Fund or the Subsidiary may invest directly in a variety of derivative instruments including exchange-traded futures and option contracts, forward contracts (including interbank currencies), swaps and other over the counter (“OTC”) derivatives, or may invest in one or more Managed Futures Programs that utilize such derivative instruments to gain exposure to a wide variety of global markets for currencies, interest rates, stock market indices, energy resources, metals and agricultural products. Derivatives may be used as substitutes for securities, commodity, and currencies and for hedging price risk. In general, a derivative instrument typically involves leverage, i.e., it provides exposure to potential gain or loss from a change in the level of the market price of a security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. Any Managed Futures Program may take a long or short position in such markets. Any investment in derivative instruments may be subject to fees and transaction costs that will negatively impact the Fund’s performance.

To the extent the Fund employs derivatives to gain exposure to Managed Futures Programs, it is anticipated that the Fund will utilize a total return swap (a “Swap”), a type of derivative instrument based on a customized index of Managed Futures Program(s) or a basket of Trading Companies (in each case, a “Reference Program”) designed to replicate the aggregate returns of the Managed Futures Programs selected by the Sub-Advisor. Any Swap will be based on a notional amount agreed upon by the Sub-Advisor and a counterparty. The Sub-Advisor will retain the ability to (i) add or remove Managed Futures Programs from the Reference Program and (ii) adjust the notional exposure between the Managed Futures Programs that comprise the Reference Program. Generally, the fees and expenses of a Swap are based on the notional value of the Swap. The value of a Reference Program typically includes a deduction for fees of the counterparty as well as management and performance fees of the relevant CTAs. Because the Reference Program is designed to replicate the returns of Managed Futures Programs selected by the Adviser, the performance of the Fund will depend on the ability of the relevant CTAs to generate returns in excess of the costs of the relevant Swap(s).

Fixed-Income Securities: The fixed-income securities in which the Fund may invest may be of any credit quality or maturity and may include, without limitation, corporate bonds and other corporate debt securities, securities issued by the U.S. government and its agencies and instrumentalities, money market securities and other interest-bearing instruments or any derivative instrument meant to track the return of any such instrument. The Fund may buy debt securities for liquidity purposes, to serve as collateral related to other Fund investments, or to seek income. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts. The Fund may also invest, without limitation, in money market funds or other investment companies (such as exchange traded funds (“ETFs”)) whose assets are comprised primarily of fixed income securities or that seek to track the composition and/or performance of specific fixed income indexes. These fixed-income securities and other investments may serve as margin and collateral for the derivatives positions of the Fund.

Subsidiary: Applicable federal tax requirements generally limit the degree to which the Fund may invest in the Subsidiary, which has the same investment objective of the Fund, to an amount not exceeding 25% of its total assets at each quarter end of the Fund’s fiscal year. Investments in the Subsidiary are intended to provide the Fund with exposure to futures contracts and commodities in a manner consistent with the limitations of the federal tax requirements that apply to the Fund. To the extent they are applicable to the investment activities of the Subsidiary, the Subsidiary is subject to the same investment restrictions and limitations and follows the same compliance policies and procedures as the Fund. Unlike the Fund, the Subsidiary will not seek to qualify as a regulated investment company under Sub-chapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

Ampersand employs a multi-step process to select and allocate across Managed Futures Programs that are consistent with the Fund’s investment objective:

Screening. Ampersand uses proprietary and commercial databases to identify a universe of Managed Futures Programs that may be suitable for investment by the Subsidiary. These programs are quantitatively screened primarily based on their historic performance data (i.e., return streams and volatility over selected time frames). Other criteria are also used to screen programs, including length of track record and assets under management.

Analysis and Selection. Ampersand further analyzes the pre-screened Managed Futures Programs by examining both qualitative and quantitative factors. The qualitative factors include the business backgrounds of the principals, the trading strategies used, and the depth of the CTA’s research department. Quantitative analyses include a variety of financial and statistical measures that are used to better comprehend and categorize the program trading strategies.

All Managed Futures Programs selected for inclusion into the portfolio undergo rigorous due diligence reviews before receiving an allocation. Due diligence reviews include site visits, track record verification, and background checks of the firm and principals.

Portfolio Design. Ampersand invests the assets of the Subsidiary with the aim of providing exposure to a portfolio of complementary Managed Futures Programs that is consistent with the Fund’s investment objective. Ampersand seeks to moderate portfolio risk by diversifying the Fund’s exposure to futures contracts and other derivative instruments across: (i) trading methodologies (e.g., trend following, countertrend, spread, technical, fundamental); (ii) trading time horizons; and (iii) sectors and markets (currencies, interest rates, stock market indices, energy resources, metals and agricultural products). The relative weightings and overall exposure to Managed Futures Programs in the portfolio are adjusted periodically.

Risk Management. Ampersand monitors the trading and performance of the Managed Futures Programs in the portfolio with the aims of identifying and mitigating unusual risks. Some of the factors monitored are margin usage, daily volatility, and equity drawdowns. Responses to extraordinary trading patterns or increased risk may include consultation with the CTA to determine the cause of the condition, partial redemption of allocated assets, or complete withdrawal from the trading program.

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MHFCX - Performance

Return Ranking - Trailing

Period MHFCX Return Category Return Low Category Return High Rank in Category (%)
YTD -8.3% -7.4% 14.6% 100.00%
1 Yr -7.5% -16.1% 36.5% 93.55%
3 Yr -7.9%* -7.9% 13.3% 96.63%
5 Yr -5.7%* -5.3% 10.0% 100.00%
10 Yr -2.4%* -2.4% 4.3% 85.71%

* Annualized

Return Ranking - Calendar

Period MHFCX Return Category Return Low Category Return High Rank in Category (%)
2023 -13.1% -16.4% 12.9% 100.00%
2022 -16.4% -9.3% 17.5% 76.09%
2021 -4.7% -25.8% 2.2% 17.44%
2020 -1.3% -5.1% 21.0% 100.00%
2019 -5.1% -20.3% 4.6% 15.49%

Total Return Ranking - Trailing

Period MHFCX Return Category Return Low Category Return High Rank in Category (%)
YTD -8.3% -7.4% 14.6% 100.00%
1 Yr -8.4% -20.3% 36.5% 92.47%
3 Yr -7.9%* -9.0% 11.1% 94.38%
5 Yr -5.7%* -5.7% 8.7% 98.80%
10 Yr -2.4%* -2.4% 4.3% 78.57%

* Annualized

Total Return Ranking - Calendar

Period MHFCX Return Category Return Low Category Return High Rank in Category (%)
2023 -13.1% -16.4% 12.9% 100.00%
2022 -16.4% -9.3% 17.5% 76.09%
2021 -4.7% -20.3% 2.5% 17.44%
2020 -1.3% -5.1% 21.0% 100.00%
2019 -5.1% -20.3% 6.7% 11.27%

NAV & Total Return History


MHFCX - Holdings

Concentration Analysis

MHFCX Category Low Category High MHFCX % Rank
Net Assets 16.2 M 2.12 M 1.74 B 65.96%
Number of Holdings 8 3 876 86.17%
Net Assets in Top 10 2.82 M -100 M 2.04 B 58.51%
Weighting of Top 10 50.49% 20.3% 94.0% 70.37%

Top 10 Holdings

  1. Axs Managed Futures Strategy Fund Ltd 23.46%
  2. Axs Managed Futures Strategy Fund Ltd 23.46%
  3. Axs Managed Futures Strategy Fund Ltd 23.46%
  4. Axs Managed Futures Strategy Fund Ltd 23.46%
  5. Axs Managed Futures Strategy Fund Ltd 23.46%
  6. Axs Managed Futures Strategy Fund Ltd 23.46%
  7. Axs Managed Futures Strategy Fund Ltd 23.46%
  8. Axs Managed Futures Strategy Fund Ltd 23.46%
  9. Axs Managed Futures Strategy Fund Ltd 23.46%
  10. Axs Managed Futures Strategy Fund Ltd 23.46%

Asset Allocation

Weighting Return Low Return High MHFCX % Rank
Stocks
0.00% -1.78% 72.26% 90.43%
Preferred Stocks
0.00% 0.00% 0.13% 73.40%
Other
0.00% 0.00% 58.63% 5.32%
Convertible Bonds
0.00% 0.00% 2.27% 75.53%
Cash
0.00% -687.11% 117.03% 51.06%
Bonds
0.00% -50.36% 717.59% 71.28%

MHFCX - Expenses

Operational Fees

MHFCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.72% 0.75% 12.88% 19.35%
Management Fee 1.45% 0.65% 2.99% 63.83%
12b-1 Fee 1.00% 0.00% 1.00% 91.80%
Administrative Fee N/A 0.09% 0.45% 33.33%

Sales Fees

MHFCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load 1.00% 1.00% 5.00% 70.59%

Trading Fees

MHFCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 1.00% 58.33%

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.

MHFCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 0.00% 0.00% 198.00% 40.00%

MHFCX - Distributions

Dividend Yield Analysis

MHFCX Category Low Category High MHFCX % Rank
Dividend Yield 20.60% 0.00% 0.00% 71.28%

Dividend Distribution Analysis

MHFCX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Quarterly Annually

Net Income Ratio Analysis

MHFCX Category Low Category High MHFCX % Rank
Net Income Ratio -2.48% -3.14% 1.55% 88.17%

Capital Gain Distribution Analysis

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

Distributions History

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MHFCX - Fund Manager Analysis

Managers

Rufus Rankin


Start Date

Tenure

Tenure Rank

Oct 31, 2011

10.59

10.6%

Dr. Rufus Rankin is the Director of Research for Equinox Institutional Asset Management, LP and has been in this role since November 2014. Since 2011, Dr. Rankin has also served as Director of Portfolio Management for Equinox Fund Management, LLC, an affiliate of the Equinox Institutional Asset Management, LP. Dr. Rankin works on the conception, development and implementation of new products and distribution strategies for investment products managed by Equinox Funds, a role that requires daily contact with and evaluation of CTAs, and other alternative investment managers. He is a co-portfolio manager of the firm’s mutual funds. Prior to his current role, he was Product Development Manager at Solon Capital, LLC, an affiliate of the Adviser. Before then, he performed sales at SEI from August 2005 to February 2009, and was previously at Morgan Stanley from September 2004 to August 2005. Dr. Rankin holds a BA in Philosophy and a Masters in International Studies from North Carolina State University and a Doctorate of Business Administration from Grenoble Ecole de Management. His doctoral dissertation focused on statistical methods of enhancing multi-manager and multi-asset portfolio diversification, with an emphasis on portfolios of CTAs and Hedge Funds.

Ajay Dravid


Start Date

Tenure

Tenure Rank

Oct 31, 2011

10.59

10.6%

Dr. Ajay Dravid is the Chief Investment Officer of the Adviser and has been in this role since November 2014. Since 2011, Dr. Dravid has also served as the Managing Director of Portfolio Strategy for Equinox Fund Management, LLC, (“Equinox Funds”) an affiliate of the Adviser. As a co-portfolio manager of Equinox’s mutual funds, Dr. Dravid is involved in day-to-day portfolio and risk management, as well as in developing and structuring new products. Prior to joining Equinox Funds, Dr. Dravid was a consultant and a member of the Executive Committee of Equinox Frontier Funds. From 2004 to 2006, he was President of Saranac Capital Management. From 1996 to 2004, he was a Director and then a Managing Director at Salomon Brothers and Citigroup, where he helped to build and manage the hedge fund business and platforms. He was a co-portfolio manager for the Multi-Strategy Arbitrage funds, a quantitative analyst for Equity Long-Short funds, and the head of the Risk Committee. He was also involved in the structuring and marketing of funds and in client services. From 1993 to 1996, Dr. Dravid was a Vice President in the Asset Allocation Research Group of Salomon Brothers. Prior to this, he was an Assistant Professor of Finance at the Wharton School. Dr. Dravid has published numerous papers in leading academic and practitioner journals including Journal of Finance, Journal of Financial Economics, and Journal of Derivatives. Dr. Dravid received a BSc in Physics from the University of Poona (India), an MA in Physics from SUNY at Stony Brook, an MBA in Finance and Marketing from the University of Rochester, and a PhD in Finance from the Graduate School of Business at Stanford University. He holds a securities license Series 7 and CFTC/NFA Series 3 registration.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.16 14.09 5.41 5.06