ABSOLUTE Funds

Absolute Strategies Fund  [ASFIX]

Inception Date:
July 25,2005

Structure:
Open-End Mutual Fund

Ticker:
ASFIX

Share Classes:
I-Share

Fund Administration:
Apex Fund Services

Distributor:
Foreside Fund Services, LLC

The Absolute Strategies Fund – ASFIX

The Absolute Strategies Fund seeks to achieve long-term capital appreciation with an emphasis on absolute returns and low sensitivity to traditional financial market indices. The Fund is made up of external managers and an internal overlay strategy.

The external managers vary their exposures over time in order to manage risk and pursue unique long and short opportunities. Absolute’s overlay is used to adjust the overall sensitivity of the portfolio, which allows the Fund to take advantage of the security selection skill of a wider range of strategy types without taking on all of the market sensitivity.

About the Underlying Strategies

ST. JAMES INVESTMENT COMPANY, LLC was founded in 1999 and is located in Dallas, Texas. St. James is an absolute return-oriented, “best ideas” equity manager whose philosophy focuses on valuation, independent fundamental research, and the view that risk is defined as a permanent loss of capital. Portfolio Manager Robert Mark seeks to make investments in a limited number of businesses that are purchased with a significant margin of safety. St. James utilizes a long term investment horizon and they are willing to be patient and hold cash in the absence of bargains.

Strategy run for the Fund: Opportunistic Equity

MOHICAN FINANCIAL MANAGEMENT has its roots in Cooperstown, NY and is currently located in Wilton, CT. Brothers Eric and Dan Hage founded Mohican in 2002 after working on the convertible bond desks at various Wall Street firms. Their experience encompasses all aspects of the convertibles market – research, sales, proprietary trading and fund management. Mohican’s singular focus is convertible arbitrage.

Strategy run for the Fund: Convertible Arbitrage

KOVITZ INVESTMENT GROUP PARTNERS is an investment and wealth management firm located in Chicago, IL. Kovitz was founded in October 2003 after operating as an independent group within Rothschild Investment Corporation starting in 1997. The firm manages assets with a value approach across a number of equity, fixed-income, and private strategies. The hedged equity strategy utilized by CAPOX is managed by a long-standing team of Mitch Kovitz, Jon Shapiro, and Joel Hirsh.

Strategy run for the Fund: Hedged Equity

Fund Literature

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Intro Presentation

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Prospectus

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Statement of Additional Information (SAI)

Shareholder Reports
Semi-Annual Report – Period Ending 9/30/20
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
Semi-Annual Report – Period Ending 9/30/15
Annual Report – Period Ending 3/31/15
Semi-Annual Report – Period Ending 9/30/14
Annual Report – Period Ending 3/31/14
Semi-Annual Report – Period Ending 9/30/13
Annual Report – Period Ending 3/31/13
Semi-Annual Report – Period Ending 9/30/12

 

Portfolio Commentary

Portfolio Commentary for the Absolute Strategies Fund is provided on a quarterly basis. 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.

“The Fund has performed well given the incredible moves in markets over the past six months and the continued divergence between growth vs value indices. Our hedging and net short position in February and March enabled the Fund to capitalize on volatility and produce a positive return during the peak to trough market crash (Feb 19 to Mar 23)…. We believe having long exposure in under-valued, solid companies vs. short exposure in over-valued growth can provide substantial diversification and unique risk-adjusted performance to an otherwise beta-driven portfolio. The Fund also has a large allocation to convertible arbitrage, which has been a consistent performer and adds balance to our long value, short growth exposure. ” (Beta is the measure of a fund’s relative volatility as compared to the S&P 500 Index which by definition is 1.00) [read all]

    “Our Funds are focused on processes and strategies to create various forms of alpha in both equity and credit markets. Focusing on alpha, whether it be a long-only, neutral or short biased, can assist investors and asset allocators to achieve diversification and can help maintain a prudent assessment of financial market history. Not all market cycles provide a beneficial backdrop for achieving alpha performance, but these strategies do tend to perform best during the most difficult environments for passive, beta-style investments.” [ 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 I-Share (ASFIX) Income  $0.00 Long-Term Capital Gains $0.00
    Short-Term Capital Gains $0.00
    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 I-Share (ASFIX) Income $0.00
    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 I-Share (ASFIX) 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 I-Share (ASFIX) Income $0.00675
    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 I-Share (ASFIX) Income $0.00
    Long-Term Capital Gains $0.00
    Short-Term Capital Gains $0.00
    Class R-Share (ASFAX) Income $0.00
    Long-Term Capital Gains $0.00
    Short-Term Capital Gains $0.00
    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 I-Share (ASFIX) Income $0.00
    Class R-Share (ASFAX) 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 I-Share (ASFIX) Income $0.00
    Long-Term Capital Gains $0.00
    Short-Term Capital Gains $0.00
    Class R-Share (ASFAX) 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 ASFIX Income $0.00
    Class R-Share (ASFAX) Income $0.00
    Class Ex Date Income 6/30/17
    Class Record Date Income 6/29/17
    2016 Distributions
    December – Income & Capital Gains Distributions per share.
    Class Income Long-Term Capital Gains Short-Term Capital Gains
    Class I-Share (ASFIX) Income $0.00
    Long-Term Capital Gains $0.79569
    Short-Term Capital Gains $0.51099
    Class R-Share (ASFAX) Income $0.00
    Long-Term Capital Gains $0.79569
    Short-Term Capital Gains $0.51099
    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 ASFIX Income $0.00
    Class R-Share (ASFAX) Income $0.00
    Class Ex Date Income 6/30/16
    Class Record Date Income 6/29/16
    2015 Distributions
    December – Income & Capital Gains Distributions per share.
    Class Income Long-Term Capital Gains Short-Term Capital Gains
    Class I-Share (ASFIX) Income $0.00
    Long-Term Capital Gains $0.67929
    Short-Term Capital Gains $0.16332
    Class R-Share (ASFAX) Income $0.00
    Long-Term Capital Gains $0.67929
    Short-Term Capital Gains $0.16332
    Class Ex Date Income 12/31/15 Long-Term Capital Gains 12/15/15 Short-Term Capital Gains 12/15/15
    Class Record Date Income 12/30/15 Long-Term Capital Gains 12/14/15 Short-Term Capital Gains 12/14/15

    .

    June – Income Distributions per share
    Class Income
    Class I-Share (ASFIX) Income $0.00
    Class R-Share (ASFAX) Income $0.00
    Class Ex Date Income 6/30/15
    Class Record Date Income 6/29/15
    2014 Distributions
    December – Income & Capital Gains Distributions per share.
    Class Income Long-Term Capital Gains Short-Term Capital Gains
    Class I-Share (ASFIX) Income $0.00
    Long-Term Capital Gains $0.00
    Short-Term Capital Gains $0.00
    Class R-Share (ASFAX) Income $0.00
    Long-Term Capital Gains $0.00
    Short-Term Capital Gains $0.00
    Class Ex Date Income 12/31/14 Long-Term Capital Gains 12/12/14 Short-Term Capital Gains 12/12/14
    Class Record Date Income 12/30/14 Long-Term Capital Gains 12/11/14 Short-Term Capital Gains 12/11/14

    .

    June – Income Distributions per share
    Class Income
    Class I-Share (ASFIX) Income $0.00
    Class R-Share (ASFAX) Income $0.00
    Class Ex Date Income 6/30/14
    Class Record Date Income 6/27/14
    2013 Distributions
    December – Income & Capital Gains Distributions per share.
    Class Income Long-Term Capital Gains Short-Term Capital Gains
    Class I-Share (ASFIX) Income $0.00
    Long-Term Capital Gains $0.00
    Short-Term Capital Gains $0.00
    Class R-Share (ASFAX) Income $0.00
    Long-Term Capital Gains $0.00
    Short-Term Capital Gains $0.00
    Class Ex Date Income 12/31/13 Long-Term Capital Gains 12/12/13 Short-Term Capital Gains 12/12/13
    Class Record Date Income 12/31/13 Long-Term Capital Gains 12/11/13 Short-Term Capital Gains 12/11/13

    .

    June – Income Distributions per share
    Class Income
    Class I-Share (ASFIX) Income $0.00
    Class R-Share (ASFAX) Income $0.00
    Class Ex Date Income 6/29/13
    Class Record Date Income 6/27/13
    2012 Distributions
    December – Income & Capital Gains Distributions per share.
    Class Income Long-Term Capital Gains Short-Term Capital Gains
    Class I-Share (ASFIX) Income $0.00
    Long-Term Capital Gains $0.00
    Short-Term Capital Gains $0.00
    Class R-Share (ASFAX) Income $0.00
    Long-Term Capital Gains $0.00
    Short-Term Capital Gains $0.00
    Class Ex Date Income 12/31/12 Long-Term Capital Gains 12/13/12 Short-Term Capital Gains 12/13/12
    Class Record Date Income 12/31/12 Long-Term Capital Gains 12/12/12 Short-Term Capital Gains 12/12/12

    .

    June – Income Distributions per share
    Class Income
    Class I-Share (ASFIX) Income $0.00
    Class R-Share (ASFAX) Income $0.00
    Class Ex Date Income 6/29/12
    Class Record Date Income 6/28/12
    2011 Distributions
    December – Income & Capital Gains Distributions per share.
    Class Income Long-Term Capital Gains Short-Term Capital Gains
    Class I-Share (ASFIX) Income $0.00316
    Long-Term Capital Gains $0.05035
    Short-Term Capital Gains $0.00
    Class R-Share (ASFAX) Income $0.00
    Long-Term Capital Gains $0.05035
    Short-Term Capital Gains $0.00
    Class Ex Date Income 12/30/11 Long-Term Capital Gains 12/13/11 Short-Term Capital Gains 12/13/11
    Class Record Date Income 12/29/11 Long-Term Capital Gains 12/12/11 Short-Term Capital Gains 12/12/11

    .

    June – Income Distributions per share
    Class Income
    Class I-Share (ASFIX) Income $0.01857
    Class R-Share (ASFAX) Income $0.00
    Class Ex Date Income 6/30/11
    Class Record Date Income 6/29/11
    2010 Distributions
    December – Income & Capital Gains Distributions per share.
    Class Income Long-Term Capital Gains Short-Term Capital Gains
    Class I-Share (ASFIX) Income $0.02984
    Long-Term Capital Gains $0.00
    Short-Term Capital Gains $0.00
    Class R-Share (ASFAX) Income $0.00907
    Long-Term Capital Gains $0.00
    Short-Term Capital Gains $0.00
    Class Ex Date Income 12/31/10 Long-Term Capital Gains 12/9/10 Short-Term Capital Gains 12/9/10
    Class Record Date Income 12/30/10 Long-Term Capital Gains 12/8/10 Short-Term Capital Gains 12/8/10

    .

    June – Income Distributions per share
    Class Income
    Class I-Share (ASFIX) Income $0.01469
    Class R-Share (ASFAX) Income $0.00
    Class Ex Date Income 6/30/10
    Class Record Date Income 6/29/10
    2009 Distributions
    December – Income & Capital Gains Distributions per share.
    Class Income Long-Term Capital Gains Short-Term Capital Gains
    Class I-Share (ASFIX) Income $0.00
    Long-Term Capital Gains $1.56
    Short-Term Capital Gains 0.00359
    Class R-Share (ASFAX) Income $0.00
    Long-Term Capital Gains $1.56
    Short-Term Capital Gains 0.00359
    Class Ex Date Income 12/31/09 Long-Term Capital Gains 12/10/09 Short-Term Capital Gains 12/10/09
    Class Record Date Income 12/30/09 Long-Term Capital Gains 12/9/09 Short-Term Capital Gains 12/9/09

    .

    June – Income Distributions per share
    Class Income
    Class I-Share (ASFIX) Income $0.06200
    Class R-Share (ASFAX) Income $0.04629
    Class Ex Date Income 6/30/09
    Class Record Date Income 6/29/09
    2008 Distributions
    December – Income & Capital Gains Distributions per share.
    Class Income Long-Term Capital Gains Short-Term Capital Gains
    Class I-Share (ASFIX) Income $0.04928 Long-Term Capital Gains $0.10194 Short-Term Capital Gains $0.25210
    Class R-Share (ASFAX) Income $0.02990 Long-Term Capital Gains $0.10194 Short-Term Capital Gains $0.25210

    .

    June – Income Distributions per share
    Class Income
    Class I-Share (ASFIX) Income $0.02702
    Class R-Share (ASFAX) Income $0.00644
    2007 Distributions
    December – Income & Capital Gains Distributions per share.
    Class Income Long-Term Capital Gains Short-Term Capital Gains
    Class I-Share (ASFIX) Income $0.07299
    Long-Term Capital Gains $0.00
    Short-Term Capital Gains $0.00
    Class R-Share (ASFAX) Income $0.02742
    Long-Term Capital Gains $0.00
    Short-Term Capital Gains $0.00

    .

    June – Income Distributions per share
    Class Income
    Class I-Share (ASFIX) Income $0.07320
    Class R-Share (ASFAX) Income $0.05515
    2006 Distributions
    December – Income & Capital Gains Distributions per share.
    Class Income Long-Term Capital Gains Short-Term Capital Gains
    Class I-Share (ASFIX) Income $0.12441
    Long-Term Capital Gains $0.00016
    Short-Term Capital Gains $0.00
    Class R-Share (ASFAX) Income $0.10418
    Long-Term Capital Gains $0.0002
    Short-Term Capital Gains $0.00

    .

    June – Income Distributions per share
    Class Income
    Class I-Share (ASFIX) Income $0.09216
    Class R-Share (ASFAX) Income $0.06774

    Investing in the Fund

    Purchasing Through a Financial Adviser:
    The Absolute Strategies 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 Strategies Fund Application
    Absolute Strategies Fund IRA Application
    Absolute Strategies Fund IRA Transfer Form

    Fund Risks & Disclosure

    Since the Fund utilizes a multi-manager strategy with multiple sub-advisers, it may be exposed to varying forms of risk. 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.

    The Fund may invest in small- and medium-sized companies, which involves greater risk than investing in larger, more established companies such as increased volatility of earnings and prospects, higher failure rates, and limited markets, product lines or financial resources. The Fund may invest in foreign or emerging markets securities, which involves special risks, including the volatility of currency exchange rates and, in some cases, limited geographic focus, political and economic instability, and relatively illiquid markets.

    The Fund may invest in debt securities which are subject to interest rate risk. An increase in interest rates typically causes a fall in the value of the debt securities in which the Fund may invest. The Fund may also invest in high yield, lower rated (junk) bonds which involve a greater degree of risk and price fluctuation than investment grade bonds in return for higher yield potential. The Fund’s distressed debt strategy may involve a substantial degree of risk, including investments in sub-prime mortgage securities.

    The Fund may purchase securities of companies in initial public offerings. Special risks associated with these securities may include a limited number of shares available for trading, unseasoned trading, lack of investor knowledge of the company and limited operating history. The Fund may leverage transactions, which includes selling securities short as well as borrowing for other than temporary or emergency purposes. Leverage creates the risk of magnified capital losses. The Fund may also invest in derivatives which can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. The Fund may invest in options and futures which are subject to special risks and may not fully protect the Fund against declines in the value of its stocks. In addition, an option writing strategy limits the upside profit potential normally associated with stocks. Futures trading is very speculative, largely due to the traditional volatility of futures prices.