Absolute Capital Opportunities Fund [CAPOX]
December 20,2015
Structure:
Open-End Mutual Fund
Ticker:
CAPOX
Share Classes:
I-Share
Shareholder Servicing & Fund Administration:
Apex Fund Services
Distributor: Foreside Fund Services, LLC
The Absolute Capital Opportunities Fund – CAPOX
Absolute Capital Opportunities Fund seeks to achieve long-term capital appreciation with a lower sensitivity to traditional financial market indices such as the Standard & Poor’s 500® Index. The Fund uses a flexible approach to value investing and seeks to generate returns from multiple sources. The manager varies the Fund’s net exposures (long and short) and utilizes tail-risk hedging to potentially benefit from volatility.
About the Subadviser
Mitchell A. Kovitz, CFA
Industry start: 1989
Firm start: 2003
Education: University of Illinois at Urbana –Champaign, BS; University of Illinois, MST
Mark Rosland
Title – Principal, Portfolio Manager
Industry start – 2001
Firm start – 2003
Education – University of Iowa, BA
Joel D. Hirsh, CFA
Industry Start: 2004
Firm Start: 2006
Education: University Of Michigan, BA
Fund Literature
Prospectus
Statement of Additional Information (SAI)
Additional Resources:
CAPOX Financial Advisor Introduction:
(email request –financial professional use only)
2019 – Portfolio Manager Interview by The Prudent Speculator
Shareholder Reports
Absolute Funds Information Statement – 9/17/20
Annual Report – Period Ending 3/31/20
Semi-Annual Report – Period Ending 9/30/19
Annual Report – Period Ending 3/31/19
Semi-Annual Report – Period Ending 9/30/18
Annual Report – Period Ending 3/31/18
Semi-Annual Report – Period Ending 9/30/17
Annual Report – Period Ending 3/31/17
Semi-Annual Report – Period Ending 9/30/16
Annual Report – Period Ending 3/31/16
PORTFOLIO COMMENTARY
Portfolio Commentary for the Absolute Capital Opportunities Fund is provided on a quarterly basis and can be found below along with other “discussion” articles that are relevant to the Fund. Additional information can be found within the shareholder letters in the Annual and Semi-Annual Reports. If you are a financial adviser and would like to be added to our e-mail distribution list, contact us by e-mail.
“We believe the Fund has a distinct advantage in using deep, fundamental, stock-specific research that aims to create a portfolio of 35 or so high-quality companies and to exploit opportunities readily available in the options market. We believe this combination of a stock portfolio wrapped in a hedging overlay create a superior payoff profile to what can be achieved with a typical 60/40 mix of stocks and bonds.” [read all]
“Our investment approach is to be flexible with net exposures over time. The Fund’s positioning is adjusted based on an ongoing assessment of favorable returns relative to the amount of risk assumed. In this regard, the Fund has been running with net exposure closely resembling a market neutral strategy for the past several years… …In terms of the Fund’s risk structure, the persistence of an environment defined by low interest rates and low implied volatility continues to provide attractive, cost-effective opportunities to hedge against both downside risk and upside risk.” [read all]
“We believe the discrepancy between CAPOX and its peer group comes down to a fundamental difference in our process. We believe the most effective way to protect downside is by actively hedging, by combining that process with our bottom up research, and by structuring the Fund to potentially have an attractive payoff profile in market movement both up and down. The Fund can earn a return either via stock selection, relative stock selection, changes in volatility, or direct hedges based on broad based market movement. In other words, having multiple opportunities for gains.” [read all]
Fund Distribution Information
The Fund distributes income semi-annually in June and December and distributes long and short-term capital gains in December. This page will be updated with distribution amounts when the data becomes available.
2020 Distributions
December – Income & Capital Gains Distributions per share. | |||||||
Class | Income | Long-Term Capital Gains | Short-Term Capital Gains | ||||
Class | CAPOX | Income | $0.00 | Long-Term Capital Gains | $0.03483 |
Short-Term Capital Gains | $1.91918 |
---|---|---|---|---|---|---|---|
Class | Ex Date | Income | 12/31/20 | Long-Term Capital Gains | 12/10/20 | Short-Term Capital Gains | 12/10/20 |
Class | Record Date | Income | 12/30/20 | Long-Term Capital Gains | 12/11/20 | Short-Term Capital Gains | 12/11/20 |
.
June – Income Distributions per share | |||
Class | Income | ||
Class | CAPOX | Income | $0.00493 |
---|---|---|---|
Class | Ex Date | Income | 6/30/20 |
Class | Record Date | Income | 6/29/20 |
2019 Distributions
December – Income & Capital Gains Distributions per share. |
|||||||
Class | Income | Long-Term Capital Gains | Short-Term Capital Gains | ||||
Class | CAPOX | Income | $0.00 |
Long-Term Capital Gains | $0.00 | Short-Term Capital Gains | $0.00 |
---|---|---|---|---|---|---|---|
Class | Ex Date | Income | 12/31/19 | Long-Term Capital Gains | 12/13/19 | Short-Term Capital Gains | 12/13/19 |
Class | Record Date | Income | 12/30/19 | Long-Term Capital Gains | 12/12/19 | Short-Term Capital Gains | 12/12/19 |
.
June – Income Distributions per share | |||
Class | Income | ||
Class | CAPOX | Income | $0.00 |
---|---|---|---|
Class | Ex Date | Income | 6/28/19 |
Class | Record Date | Income | 6/27/19 |
2018 Distributions
December – Income & Capital Gains Distributions per share. |
|||||||
Class | Income | Long-Term Capital Gains | Short-Term Capital Gains | ||||
Class | CAPOX | Income | $0.00 |
Long-Term Capital Gains | $0.32174 |
Short-Term Capital Gains | $0.44766 |
---|---|---|---|---|---|---|---|
Class | Ex Date | Income | 12/31/18 | Long-Term Capital Gains | 12/14/18 | Short-Term Capital Gains | 12/14/18 |
Class | Record Date | Income | 12/28/18 | Long-Term Capital Gains | 12/13/18 | Short-Term Capital Gains | 12/13/18 |
.
June – Income Distributions per share | |||
Class | Income | ||
Class | CAPOX | Income | $0.00 |
---|---|---|---|
Class | Ex Date | Income | 6/29/18 |
Class | Record Date | Income | 6/28/18 |
2017 Distributions
December – Income & Capital Gains Distributions per share. |
|||||||
Class | Income | Long-Term Capital Gains | Short-Term Capital Gains | ||||
Class | CAPOX | Income | $0.00 |
Long-Term Capital Gains | $0.00 |
Short-Term Capital Gains | $0.00 |
---|---|---|---|---|---|---|---|
Class | Ex Date | Income | 12/29/17 | Long-Term Capital Gains | 12/15/17 | Short-Term Capital Gains | 12/15/17 |
Class | Record Date | Income | 12/28/17 | Long-Term Capital Gains | 12/14/17 | Short-Term Capital Gains | 12/14/17 |
.
June – Income Distributions per share | |||
Class | Income | ||
Class | CAPOX | Income | $0.00 |
---|---|---|---|
Class | Ex Date | Income | 6/29/18 |
Class | Record Date | Income | 6/28/18 |
2016 Distributions
December – Income & Capital Gains Distributions per share. |
|||||||
Class | Income | Long-Term Capital Gains | Short-Term Capital Gains | ||||
Class | CAPOX | Income | $0.00 |
Long-Term Capital Gains | $0.00 |
Short-Term Capital Gains | $0.00 |
---|---|---|---|---|---|---|---|
Class | Ex Date | Income | 12/30/16 | Long-Term Capital Gains | 12/15/16 | Short-Term Capital Gains | 12/15/16 |
Class | Record Date | Income | 12/29/16 | Long-Term Capital Gains | 12/14/16 | Short-Term Capital Gains | 12/14/16 |
.
June – Income Distributions per share | |||
Class | Income | ||
Class | CAPOX | Income | $0.00 |
---|---|---|---|
Class | Ex Date | Income | 6/30/16 |
Class | Record Date | Income | 6/29/16 |
Investing in the Fund
Purchasing Through a Financial Adviser:
The Absolute Convertible Arbitrage Fund may serve as an important piece of a diversified portfolio. We encourage investors to consult their financial advisers for guidance on asset allocation and the role of the Fund. Financial Advisers should contact us directly for information on the Fund and how it may be purchased.
Go to Contact Information Page
Direct Investment in the Fund:
Investors may purchase the Fund directly from the Fund using the applications below. Please complete the applications and follow the purchasing instructions. For additional information, please call the Fund’s shareholder servicing department at 1-888-99-ABSOLUTE
Absolute Convertible Arbitrage Fund Application
Absolute Convertible Arbitrage Fund IRA Application
Absolute Convertible Arbitrage Fund IRA Transfer Form
Fund Risks & Disclosure
Past performance does not guarantee future results. The Fund’s net asset value and investment return will fluctuate based upon changes in the value of its portfolio securities. There is no assurance that the Fund will achieve its investment objective, and an investment in the Fund is not by itself a complete or balanced investment program. For a complete description of the Fund’s principal investment risks please refer to the prospectus.
Asset allocation decisions may not always be correct and may adversely affect Fund performance. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on a convertible security’s investment value. Debt securities have interest rate, inflation and credit risks and are subject to prepayment and default risk. High yield and junk securities involve greater risk and tend to be more sensitive to economic conditions and credit risk. Short sales may be considered speculative and it may be difficult to purchase securities to meet delivery obligations. The Fund may leverage transactions which include selling securities short as well as borrowing for other than temporary or emergency purposes. Leverage creates the risk of magnified capital losses. Diversification does not prevent loss or enhance returns. Foreign investments present additional risk due to currency fluctuations, economic and political factors, government regulations, differences in accounting standards and other factors. Investments in emerging markets involve even greater risks. Small, mid and large cap stocks are subject to substantial risks such as market, business, size volatility, management experience, product diversification, financial resource, competitive strength, liquidity, and potential to fall out of favor that may cause their prices to fluctuate over time, sometimes rapidly and unpredictably. The Fund is actively managed and may experience high turnover. This may cause higher fees, expenses and taxes, which could detract from Fund performance. The Fund is new and has a limited history of operations.
These views are subject to change at any time based on market and other conditions, and Absolute Investment Advisers disclaims any responsibility to update such views. No forecasts can be guaranteed. These views may not be relied upon as investment advice or as an indication of trading intent on behalf of any Absolute Investment Advised investment product.
The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. It is not possible to invest directly in an index.