Spectrum Low Volatility Fund

Date
Current Day NAV
1 Day NAV Change
NAV Total Return (YTD)
__PowerAppsId__
06/17/202424.95-0.16%0.51%1

Morningstar™ Rating

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A flexible bond fund that seeks total return and low volatility in all market environments.
The Spectrum Low Volatility Fund invests in an array of global fixed income sectors through liquid products and adjusts sector allocations as necessary using time-tested investment processes. Using liquid investment products allows opportunities to be seized and risk to be mitigated as markets evolve.

Selective Use of Leverage

Active Management of Fixed Income Sectors

Hedge Against Interest Rate Risk

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Most Recent Monthly Commentary Now Available.
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Performance

*Source: Bloomberg Finance, L.P. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Inception date for SVARX: December 16, 2013. Expense Ratio: 2.62%. Past performance is no indication of future results.

Returns

Annual performance at net asset value (all distributions reinvested)

2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
SVARX2.41%1.08%16.45%8.26%-0.99%9.42%24.10%4.10%-4.35%9.68%NOTE: type in annual performance manually
Morningstar LSTA U.S. Leveraged Loan 100 TR Index0.99%-2.75%10.87%3.30%-0.59%10.65%2.84%3.54%-0.70%13.17%
50/50 iBoxx USD Liquid HY Index and Morningstar LSTA Lev Loan 100 TR Index1.56%-3.89%13.09%4.81%-1.04%12.65%3.75%4.01%-5.72%13.03%
*

Annualized total return performance

3/31/2024
SVARX
Morningstar LSTA U.S. Leveraged Loan 100 TR Index
50-50 iBoxx USD Liquid HY Index and Morningstar LSTA U.S. Lev Loan 100 TR Index
__PowerAppsId__
Qtr0.36%1.99%1.63%1
YTD0.36%1.99%1.63%2
1 Year9.52%12.10%11.20%3
3 Year2.73%5.51%3.72%4
5 Year7.12%5.13%4.33%5
Since Inception6.59%4.11%4.08%6
Annualized total return performance
*Indexes updated manually

Inception date for SVARX: December 16, 2013. Expense Ratio: 2.67%

Key Facts

5-Year Calculations of SVARX vs. 50/50 High Yield, Leverage Loan Index

Values
__PowerAppsId__
Date
Size of Fund (mm)221.90103/31/2024
Standard Deviation5.392
Sharpe Ratio0.93
Beta0.54
R-Squared0.655
Up Market Capture81.11%6
Down Market Capture27.35%7

Share Classes

Investor (SVARX)
Asset Class  Fixed Income
Lipper Classification Flexible Portfolio
Benchmark Morningstar LSTA US Lev Loan TR Index
CUSIP 00771F871

Open to New Investors: 

Yes

Statistics & Highlights

Highlights of three-year performance periods (12/16/2013 – 3/31/2024)

Title
Best 3-year return
Best period end date
Worst 3-year return
Worst period end date
Average 3-year return
% of 3-year periods with positive returns
Number of positive 3-year periods
% of 3-year periods with negative returns
Number of negative 3-year periods
__PowerAppsId__
Rolling 3-year periods using quarterly returns (12/16/13 - 3/31/2024)*41.35%12/31/20217.26%09/30/202324.25%100.00%300.00%01

*Based on three-year returns for quarterly rolling periods.

Fees

As of current prospectus

Management Fees

2.15%

Other Expenses

Shareholder Service Expenses†

Remaining Other Expenses‡

0.19%

0.04%

0.15%

Acquired Fund Fees and Expenses

0.28%

Total Gross Expense Ratio

2.62%

† Shareholder Service Expenses may include sub-transfer agent and sub-custodian fees.

‡ The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund and does not include the indirect costs of investing in other investment companies.

Fund Ratings

 

The Fund received a 5-Star Overall Morningstar Rating as of 5/31/2024. Spectrum Low Volatility Fund (SVARX) was rated against the following numbers of U.S.-domiciled Nontraditional Bond funds over the following periods: 279 funds in the last three years, 249 in the last five years and 176 in the last ten years. With respect to these Nontraditional Bond fundsSpectrum Low Volatility Fund received a 5-Star rating overall, a 4-Star rating for 3 years, a 5-Star rating for 5 years and a 5-Star rating for 10 years. Past performance is no guarantee of future results. No compensation given for ratings.

Portfolio Managers

 

RALPH DOUDERA

CHRIS HENDRIX, CMT

MARY COLLINS

Literature

 

Product Overview

Monthly Commentary

Fund Fact Sheet

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted and assumes the reimbursement of any dividend and/or capital gains distributions. To obtain performance data current to most recent month-end, please call toll free 1‑888-572-8868.

© 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustments for the sales load.  The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Morningstar Rating is for the Service share class only; other classes may have different performance characteristics.

Consider these risks before investing: Bond risk, derivatives risk, emerging market risk, foreign investment risk, junk bond risk, leverage risk, management risk, market risk, mutual fund and ETF risk, short position risk, small and medium capitalization risk, and turnover risk. There is no guarantee the fund will achieve its investment objective. You can lose money by investing in the fund. Please carefully review the prospectus for detailed information about these risks.

Morningstar LSTA US Leveraged Loan 100 TR Index: The Morningstar LSTA US Leveraged Loan 100 Index is designed to measure the performance of the 100 largest facilities in the US leveraged loan market. Index constituents are market-value weighted, subject to a single loan facility weight cap of 2%.

*50/50 iBoxx USD Liquid High Yield TR Index/Morningstar LSTA US Leveraged Loan 100 TR Index: This benchmark gives 50% weight to the iBoxx USD Liquid High Yield TR Index and 50% weight to the Morningstar Leveraged Loan Index. iBoxx USD Liquid High Yield TR  Index benchmark measures the USD denominated, sub-investment grade, corporate bond market. The index includes bonds with minimum 1 year to maturity, minimum amount outstanding of USD 400 mil. Bond types include fixed-coupon, step-up, bonds with sinking funds, medium term notes, callable and puttable bonds. Morningstar Leveraged Loan Index is designed to measure the performance of the 100 largest facilities in the US leveraged loan market. Index constituents are market-value weighted, subject to a single loan facility weight cap of 2%.

Portfolio statistics are based on 5 year calculations from Morningstar, FastTrack Data, and Bloomberg Finance, L.P.

Standard Deviation: is also known as historical volatility and is used by investors as a gauge for the amount of expected volatility. It is a measure of the dispersion of a set of data from its mean. Sharpe Ratio: a risk-adjusted measure calculated by dividing a fund’s annualized excess returns over the risk-free rate by its annualized standard deviation. The higher the Sharpe ratio, the better the fund’s historical risk-adjusted performance. Beta: a statistic that measures volatility of the fund, as compared to that of the overall market. The market’s beta is set at 1; a higher beta than 1 is considered to be more volatile than the market, while a beta lower than 1 is considered to be less volatile. R-Squared: a measurement of how closely a fund’s performance correlates with an index. It can range between 0 and 1. An r-squared of 1 indicates perfect correlation, while 0 indicates no correlation. Up Market Capture: a statistical measure of an investment manager’s overall performance in  up markets. The up market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index rose. Down Market Capture: a statistical measure of an investment manager’s overall performance in down markets. The down market capture ratio is used to evaluate how well or poorly an investment manager performed relative to an index during periods when that index has dropped.

Distributor: Ceros Financial Services, Inc.

Ceros Financial Services, Inc. (Member FINRA/SIPC) has no affiliation with Spectrum Financial, Inc., the Fund subadvisor. Advisors Preferred LLC is the Fund’s advisor and a commonly held affiliate of Ceros.

To view the Fund’s prospectus, please click on the link at the top of this fund page or use your login to access Fund materials. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. Ultimus Fund Solutions LLC serves as transfer agent to the Fund and is not affiliated with the advisor, subadvisor or distributor.