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Trending ETFs

Name

As of 03/26/2024

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

$19.72

$126 M

0.00%

3.15%

Vitals

YTD Return

5.0%

1 yr return

10.2%

3 Yr Avg Return

2.8%

5 Yr Avg Return

3.5%

Net Assets

$126 M

Holdings in Top 10

87.1%

52 WEEK LOW AND HIGH

$19.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 3.15%

SALES FEES

Front Load N/A

Deferred Load 1.00%

TRADING FEES

Turnover 0.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

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

$19.72

$126 M

0.00%

3.15%

RDMCX - Profile

Distributions

  • YTD Total Return 5.0%
  • 3 Yr Annualized Total Return 2.8%
  • 5 Yr Annualized Total Return 3.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -2.95%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Rational/ReSolve Adaptive Asset Allocation Fund
  • Fund Family Name
    Rational Funds
  • Inception Date
    Sep 30, 2016
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Adam Butler

Fund Description

The Fund provides exposure to major global asset classes including equity indexes, fixed income indexes, interest rates, commodities, and currencies. The Fund gains exposure to these asset classes by investing directly or indirectly through its Subsidiary (as described below) in futures contracts. Investments by the Fund may be made in domestic and foreign markets, including emerging markets. The Fund will also hold a large portion of its assets in cash, money market mutual funds, U.S. Treasury Securities, and other cash equivalents, some or all of which will serve as margin or collateral for the Fund’s investments. The Fund’s strategy aims to achieve capital appreciation over the long-term.

The Fund’s trading advisor, ReSolve Asset Management SEZC (Cayman) (the “Trading Advisor”), uses a proprietary methodology to create a portfolio of securities with exposures to a number of characteristics such as, but not limited to: total-return momentum, trends, seasonal patterns, carry measures, mean reversion and others, while simultaneously maximizing diversification based on changing estimates of volatility and correlations across global asset classes. The Fund will take long or short positions in asset classes such as equity index and fixed income asset classes, commodities, currencies, volatility indexes and other alternative asset classes. A premise of the Trading Advisor’s methodology is that return, volatility and correlation are more effectively estimated by observing past returns over horizons of one year or less, rather than using long-term averages. As a result, Fund holdings and weights are regularly adjusted in response to material changes in world markets.

The Trading Advisor’s investment models determine asset allocations based on multi-factor quantitative market information and account for the opportunity to reduce portfolio volatility through diversification. The investment models analyze these factors over a broad time spectrum which may range from several days to multiple years. The Trading Advisor analyzes a number of additional factors in determining how the asset classes are allocated in the portfolio including, but not limited to: intermediate-term profitability of an asset class or market, liquidity of a particular market, desired diversification among markets and asset classes, transaction costs, exchange regulations and depth of market. The allocations are reviewed daily, although changes may occur less frequently.

Target Volatility: The Fund is actively managed to target a 12% annualized volatility, although there is no guarantee that the objective can be met in all market conditions. Volatility is a statistical measure of the magnitude of changes in the Fund’s returns without regard to the direction of the returns. The Fund’s actual volatility level for longer or shorter periods may be materially higher or lower than the target level depending on market conditions, and therefore the Fund’s risk exposure may be materially higher or lower than the level targeted by the Trading Advisor’s investment models. As portfolio weights, and estimates of volatility and correlations change through time, the Fund’s gross exposure to underlying assets will be increased and decreased in order to maintain its target level of portfolio volatility. During periods of extremely high volatility and high correlations the Fund may have lower exposure to underlying assets to maintain the target level of portfolio volatility. Conversely, during periods of low volatility and low correlations the Fund may require greater exposure to underlying assets to maintain its target level of portfolio volatility.

There is no guarantee that the Fund will successfully achieve or maintain the target volatility level. The Fund’s target volatility level is not a total return performance target – the Fund does not expect, nor does it represent, that its total return performance will be within any specified range. It is possible that the Fund could achieve its target volatility level while having negative performance returns. Also, efforts to achieve and maintain a target volatility level can be expected to limit the Fund’s gains in rising markets, may expose the Fund to costs to which it would otherwise not have been exposed and, if unsuccessful, may result in substantial losses.

Investments in Subsidiary – The Advisor executes a portion of the Fund’s strategy by investing up to 25% of its total assets in a wholly owned and controlled subsidiary (the “Subsidiary”). The Subsidiary invests the majority of its assets in commodities and other futures contracts. The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis. The Subsidiary is RDMF Fund Limited, a Cayman Islands company. The Subsidiary is advised by the Fund’s Advisor, sub-advised by ReSolve Asset Management Inc., and advised by the Fund’s Trading Advisor.

The Fund actively trades its portfolio investments, which may lead to higher transaction costs that may affect the Fund’s performance.

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RDMCX - Performance

Return Ranking - Trailing

Period RDMCX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.0% -73.0% 19.4% 33.33%
1 Yr 10.2% -9.1% 86.9% 79.64%
3 Yr 2.8%* -9.5% 16.2% 77.51%
5 Yr 3.5%* -4.9% 14.4% 6.25%
10 Yr N/A* -0.9% 7.5% 33.33%

* Annualized

Return Ranking - Calendar

Period RDMCX Return Category Return Low Category Return High Rank in Category (%)
2023 -10.3% -22.7% 305.1% 64.81%
2022 -4.3% -9.8% 27.3% 73.39%
2021 -5.0% -20.8% 10.9% 80.89%
2020 -0.3% -12.4% 29.4% 66.34%
2019 2.2% -10.5% 15.8% N/A

Total Return Ranking - Trailing

Period RDMCX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.0% -73.0% 19.4% 33.69%
1 Yr 10.2% -13.4% 86.9% 76.36%
3 Yr 2.8%* -9.5% 16.2% 73.09%
5 Yr 3.5%* -5.3% 14.4% 4.17%
10 Yr N/A* -0.9% 7.5% 33.33%

* Annualized

Total Return Ranking - Calendar

Period RDMCX Return Category Return Low Category Return High Rank in Category (%)
2023 -1.4% -22.7% 305.1% 64.81%
2022 -4.0% -9.8% 27.3% 73.39%
2021 10.2% -20.8% 10.9% 84.44%
2020 -0.3% -8.4% 29.4% 78.22%
2019 17.2% -10.2% 18.0% N/A

NAV & Total Return History


RDMCX - Holdings

Concentration Analysis

RDMCX Category Low Category High RDMCX % Rank
Net Assets 126 M 1.5 M 5.01 B 65.68%
Number of Holdings 68 4 4478 83.75%
Net Assets in Top 10 83.1 M -398 M 2.55 B 46.64%
Weighting of Top 10 87.07% 13.1% 100.0% 12.39%

Top 10 Holdings

  1. B 01/04/24 28.59%
  2. FIRST AM-UT MM-Z 23.45%
  3. B 02/01/24 22.21%
  4. B 03/14/24 11.82%
  5. NEW ZEALAND $ FUT Mar24 0.37%
  6. LONG GILT FUTURE Mar24 0.20%
  7. SPI 200 FUTURES Mar24 0.15%
  8. TOPIX INDX FUTR Mar24 0.12%
  9. GOLD 100 OZ FUTR Feb24 0.10%
  10. COFFEE 'C' FUTURE Mar24 0.06%

Asset Allocation

Weighting Return Low Return High RDMCX % Rank
Bonds
62.62% -326.45% 6347.80% 89.05%
Cash
37.83% -6278.21% 410.43% 4.59%
Stocks
0.00% -3.75% 97.95% 96.47%
Preferred Stocks
0.00% -0.12% 46.97% 76.33%
Convertible Bonds
0.00% 0.00% 87.92% 85.51%
Other
-0.44% -21.53% 148.54% 23.32%

Bond Sector Breakdown

Weighting Return Low Return High RDMCX % Rank
Cash & Equivalents
23.45% 0.27% 100.00% 6.36%
Securitized
0.00% 0.00% 56.83% 82.33%
Corporate
0.00% 0.00% 87.73% 88.69%
Municipal
0.00% 0.00% 27.33% 74.20%
Government
0.00% 0.00% 84.29% 95.76%
Derivative
-0.44% 0.00% 88.81% 45.58%

Bond Geographic Breakdown

Weighting Return Low Return High RDMCX % Rank
US
62.62% -126.19% 6311.18% 92.23%
Non US
0.00% -382.37% 121.02% 81.98%

RDMCX - Expenses

Operational Fees

RDMCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 3.15% 0.29% 31.15% 14.03%
Management Fee 1.75% 0.00% 2.50% 89.40%
12b-1 Fee 1.00% 0.00% 1.00% 93.24%
Administrative Fee N/A 0.01% 0.30% N/A

Sales Fees

RDMCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load 1.00% 1.00% 5.00% 75.76%

Trading Fees

RDMCX 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.

RDMCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 0.00% 0.00% 491.00% 4.84%

RDMCX - Distributions

Dividend Yield Analysis

RDMCX Category Low Category High RDMCX % Rank
Dividend Yield 0.00% 0.00% 4.56% 69.26%

Dividend Distribution Analysis

RDMCX Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Quarterly Annually

Net Income Ratio Analysis

RDMCX Category Low Category High RDMCX % Rank
Net Income Ratio -2.95% -2.51% 6.83% 100.00%

Capital Gain Distribution Analysis

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

Distributions History

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RDMCX - Fund Manager Analysis

Managers

Adam Butler


Start Date

Tenure

Tenure Rank

Feb 27, 2018

4.26

4.3%

Adam Butler CFA, CAIA, Mr. Butler is a Co-Founder, Chief Executive Officer, Chief Investment Officer, Ultimate Designated Person, and Portfolio Manager of ReSolve. He has 16 years of experience in investment management, including 12 years as a Portfolio Manager, and holds both CFA and CAIA charters. Prior to co-founding the ReSolve Asset Management Inc in September 2015, Mr. Butler was a Portfolio Manager at Dundee Private Wealth from 2014 to 2015; Portfolio Manager at Macquarie Private Wealth (Canada) from 2011 to 2014; Portfolio Manager at Richardson GMP’s flagship Toronto branch from 2005 to 2011; and Investment Advisor at BMO Nesbitt Burns from 1994 to 2001.

Rodrigo Gordillo


Start Date

Tenure

Tenure Rank

Feb 27, 2018

4.26

4.3%

Rodrigo Gordillo CIM®, Mr. Gordillo is a Co-Founder, President, Secretary, and Portfolio Manager of ReSolve.He has 13 years of experience in investment management. Prior to co-founding the ReSolve Asset Management Inc. in September 2015, Mr. Gordillo was a Portfolio Manager at Dundee Private Wealth from 2014 to 2015; Portfolio Manager at Macquarie Private Wealth (Canada) from 2011 to 2014; Investment Advisor at Macquarie Private Wealth (Canada) from 2006 to 2011. Mr. Gordillo is a Chartered Investment Manager®

Andrew Butler


Start Date

Tenure

Tenure Rank

Apr 01, 2021

1.16

1.2%

Andrew Butler has been Portfolio Manager of ReSolve since 2020. Mr. Butler joined ReSolve in 2014 as a Quantitative Analyst and was promoted to Head of Quant Research in 2015. He is responsible for quantitative research efforts and systems deployment. He has expertise in machine learning modeling. Andrew has earned an Honours B.Sc. in Applied Mathematics & Physics, Memorial University, and a M.A. in Applied Mathematics & Statistics Financial Engineering Major at York University. Andrew is currently a PHD candidate at the University of Toronto, Department of Mechanical & Industrial Engineering. He is a CFA Charterholder.

Michael Philbrick


Start Date

Tenure

Tenure Rank

Apr 01, 2021

1.16

1.2%

Mike is President of ReSolve Asset Management Inc. He has over 20 years of experience in investment management, including 6 years as a Portfolio Manager, and is a Chartered Investment Manager and Accredited Investment Fiduciary. He is responsible for investment decisions, coaching, and strategic leadership, and has co-authored several whitepapers. Mike spent time at Nesbitt Burns and as a Branch Manager at Scotia McLeod before being recruited to Richardson GMP’s flagship Toronto branch in 2005.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.02 17.37 4.48 1.67