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Trending ETFs

Acclivity Small Cap Value Fund

mutual fund
AXVNX
Payout Change
Pending
Price as of:
$19.29 -0.09 -0.46%
primary theme
U.S. Small-Cap Value Equity
share class
AXVNX (Mutual Fund)

Acclivity Small Cap Value Fund

Payout Change
Pending
Price as of:
$19.29 -0.09 -0.46%
primary theme
U.S. Small-Cap Value Equity
share class
AXVNX (Mutual Fund)

Acclivity Small Cap Value Fund

Payout Change
Pending
Price as of:
$19.29 -0.09 -0.46%
primary theme
U.S. Small-Cap Value Equity
share class

Name

As of 05/20/2024

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

$19.29

$27.9 M

0.53%

$0.10

1.88%

Vitals

YTD Return

2.2%

1 yr return

26.9%

3 Yr Avg Return

7.9%

5 Yr Avg Return

13.9%

Net Assets

$27.9 M

Holdings in Top 10

9.6%

52 WEEK LOW AND HIGH

$19.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.88%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 60.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$5,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 05/20/2024

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

$19.29

$27.9 M

0.53%

$0.10

1.88%

AXVNX - Profile

Distributions

  • YTD Total Return 2.2%
  • 3 Yr Annualized Total Return 7.9%
  • 5 Yr Annualized Total Return 13.9%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.28%
DIVIDENDS
  • Dividend Yield 0.5%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Acclivity Small Cap Value Fund
  • Fund Family Name
    Acclivity
  • Inception Date
    Dec 31, 2018
  • Shares Outstanding
    N/A
  • Share Class
    N
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Vito Sciaraffia

Fund Description

The Small Cap Value Fund employs a quantitatively driven, factor-based investment strategy. Particularly, the Adviser selects, from the U.S. publicly traded stock universe, securities that the Adviser considers to be small capitalization value stocks.

Under normal market conditions, the Small Cap Value Fund is expected to hold approximately 600 different stocks, where no individual issuer represents more than 5% of the portfolio total value. The Adviser defines a small capitalization value company as any company that simultaneously meets the following two requirements: (i) be in the lowest 8% of U.S. aggregate market capitalization; and (ii) exhibit a low market value relative to its book value. Thus, the market capitalization threshold for a company to be categorized as a small capitalization company will fluctuate along with market prices. For context, the Adviser, as of the date of this Prospectus, places the small capitalization upper threshold at approximately $7.9 billion and the lower threshold at approximately $10 million. These thresholds will change throughout the year as market conditions evolve and prices fluctuate. The strategy aims to invest in a broad and well-diversified basket of securities that are eligible in accordance with the aforementioned requirements. As a non-fundamental policy (i.e., one that can be changed by the Board of Trustees without shareholder approval), under normal market conditions, the Small Cap Value Fund will invest at least 80% of its total assets in equity securities of small cap U.S. companies. The Small Cap Value Fund may obtain exposure to equity securities through futures and options on futures contracts. Such derivative investments will be valued at market value rather than notional value and will not exceed more than 20% of the Small Cap Value Fund’s total assets.

The Adviser will use a set of investment factors, which in some peer-reviewed academic journals have been linked to higher expected returns, to over- or underweight securities in the Small Cap Value Fund, relative to their market weight. Some of the factors considered include market capitalization, book-to-market, profitability, re-investment of earnings, and momentum. In addition, the Adviser will use a set of investment variables, that the Adviser believes are linked to higher expected returns, during the strategy implementation stage (e.g., trading), to further over- or underweight securities in the Small Cap Value Fund, relative to their multi-factor adjusted weight. Some of the variables considered include stock-specific market interest rate in security lending markets, market liquidity, and price reversals. From time to time, the Adviser may consider additional factors or investment variables as deemed appropriate by the investment committee of the Adviser. The Small Cap Value Fund is long-only (no shorting) and does not directly use hedging or leverage, although it will use futures for cash management purposes (these instruments may have embedded economic leverage). The Small Cap Value Fund will normally invest 5% or less of its total assets in futures, although it can invest up to 20% of its total assets in such instruments.

The Small Cap Value Fund will also use futures and options on futures contracts for U.S. equity securities and indices, and exchange-traded-funds (“ETFs”) to adjust market exposure or manage cash needs. Such equity-related futures and options on futures contracts will count towards the Small Cap Value Fund’s 80% investment policy and such instruments will be valued at market value rather than notional value.

The Small Cap Value Fund may lend its portfolio securities in order to generate additional income for the Small Cap Value Fund.

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AXVNX - Performance

Return Ranking - Trailing

Period AXVNX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% -7.5% 17.1% 79.91%
1 Yr 26.9% 2.3% 48.0% 12.10%
3 Yr 7.9%* -14.0% 67.9% 8.39%
5 Yr 13.9%* -2.9% 49.9% 8.25%
10 Yr N/A* -3.2% 27.2% N/A

* Annualized

Return Ranking - Calendar

Period AXVNX Return Category Return Low Category Return High Rank in Category (%)
2023 21.6% -6.0% 33.6% 4.35%
2022 -8.2% -36.7% 212.9% 8.64%
2021 36.7% -62.0% 147.6% 8.67%
2020 5.3% -24.8% 31.3% 25.93%
2019 17.5% -21.7% 34.0% 61.14%

Total Return Ranking - Trailing

Period AXVNX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% -7.5% 17.1% 79.91%
1 Yr 26.9% 2.3% 48.0% 12.10%
3 Yr 7.9%* -14.0% 67.9% 8.39%
5 Yr 13.9%* -2.9% 49.9% 8.25%
10 Yr N/A* -3.2% 27.2% N/A

* Annualized

Total Return Ranking - Calendar

Period AXVNX Return Category Return Low Category Return High Rank in Category (%)
2023 22.3% 1.8% 35.4% 11.90%
2022 -4.3% -36.7% 250.0% 11.45%
2021 38.4% -3.0% 157.9% 10.36%
2020 7.4% -13.5% 33.4% 26.17%
2019 18.3% -1.5% 34.3% 91.45%

NAV & Total Return History


AXVNX - Holdings

Concentration Analysis

AXVNX Category Low Category High AXVNX % Rank
Net Assets 27.9 M 2.13 M 52.9 B 91.10%
Number of Holdings 627 10 1578 6.16%
Net Assets in Top 10 2.69 M 180 K 3.01 B 95.66%
Weighting of Top 10 9.65% 5.2% 88.4% 91.53%

Top 10 Holdings

  1. FIRST AM-TR OB-X 1.46%
  2. PBF ENERGY INC-A 1.07%
  3. MURPHY OIL CORP 1.05%
  4. US STEEL CORP 0.91%
  5. GENWORTH FINANCI 0.90%
  6. MGIC INVT CORP 0.89%
  7. SOUTHWESTRN ENGY 0.87%
  8. RADIAN GROUP INC 0.84%
  9. KOHLS CORP 0.84%
  10. MERITAGE HOMES C 0.83%

Asset Allocation

Weighting Return Low Return High AXVNX % Rank
Stocks
99.88% 1.79% 104.11% 5.48%
Cash
1.46% 0.00% 42.88% 50.46%
Preferred Stocks
0.00% 0.00% 2.62% 40.87%
Other
0.00% -1.78% 40.01% 55.02%
Convertible Bonds
0.00% 0.00% 2.63% 37.96%
Bonds
0.00% 0.00% 73.18% 39.50%

Stock Sector Breakdown

Weighting Return Low Return High AXVNX % Rank
Financial Services
25.22% 0.00% 35.71% 37.38%
Industrials
14.64% 0.65% 48.61% 70.79%
Consumer Cyclical
13.40% 0.00% 51.62% 33.18%
Technology
12.73% 0.00% 34.03% 16.82%
Energy
11.18% 0.00% 29.42% 17.99%
Healthcare
7.28% 0.00% 25.76% 34.58%
Consumer Defense
5.84% 0.00% 13.22% 18.46%
Basic Materials
5.11% 0.00% 67.30% 47.66%
Communication Services
3.42% 0.00% 24.90% 28.27%
Real Estate
1.17% 0.00% 44.41% 89.02%
Utilities
0.00% 0.00% 13.86% 88.79%

Stock Geographic Breakdown

Weighting Return Low Return High AXVNX % Rank
US
99.88% 1.79% 104.11% 4.11%
Non US
0.00% 0.00% 67.90% 54.34%

AXVNX - Expenses

Operational Fees

AXVNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.88% 0.05% 37.04% 15.75%
Management Fee 0.39% 0.00% 1.50% 6.86%
12b-1 Fee 0.25% 0.00% 1.00% 43.82%
Administrative Fee N/A 0.01% 0.35% N/A

Sales Fees

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

Trading Fees

AXVNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 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.

AXVNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 60.00% 7.00% 252.00% 62.04%

AXVNX - Distributions

Dividend Yield Analysis

AXVNX Category Low Category High AXVNX % Rank
Dividend Yield 0.53% 0.00% 14.14% 79.22%

Dividend Distribution Analysis

AXVNX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Quarterly Annual

Net Income Ratio Analysis

AXVNX Category Low Category High AXVNX % Rank
Net Income Ratio 1.28% -1.43% 4.13% 9.11%

Capital Gain Distribution Analysis

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

Distributions History

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AXVNX - Fund Manager Analysis

Managers

Vito Sciaraffia


Start Date

Tenure

Tenure Rank

Dec 31, 2018

3.42

3.4%

Vito Sciaraffia serves as Chief Investment Officer of Innealta Capital, LLC. In addition, Dr. Sciaraffia served as Chief Investment Officer of Innealta Capital, a division of AFAM Capital Inc., since October 1st, 2015 to July 31st, 2018. In his Chief Investment Officer role, Dr. Sciaraffia is responsible for ensuring prudent management of all client assets, designing quantitative strategies, and leading the research activities of the investment team. His professional experience focuses heavily on the quantitative evaluation of equity securities and financial markets. Also, Dr. Sciaraffia is actively involved with clients through conference presentations, training activities, webinars, and written market commentaries. Dr. Sciaraffia has been in the financial industry since 2004. His previous work experience includes: Senior Researcher on the Strategy Research Team at Dimensional Fund Advisors, from May 2013 to June 2015, where he conducted empirical asset pricing research, wrote research papers, enhanced the design of investment strategies, and collaborated with their marketing and sales departments by delivering technical presentations to various clients and Academic in the Finance Department at the McCombs School of Business at the University of Texas at Austin from January 2012 to May 2013 and January 2017 to present, where he focuses his research on empirical asset pricing and has taught the core Investment Management course and the Quantitative Investment Strategies course for graduate students. In addition, Dr. Sciaraffia has served as a Management Associate in the Investment Banking Division at Citigroup, member of the Market Risk Team at JP Morgan, and consultant to multiple private and public organizations. Dr. Sciaraffia earned his PhD in Business Administration from the Haas School of Business at the University of California, Berkeley. In addition, he has an MA in Mathematics with an emphasis in stochastic processes and an MS in Business from the University of California, Berkeley, an MBA and an MS in Finance from the University of Chile, and a BS in Economics and Management from the Catholic University of Chile.

Sheridan Titman


Start Date

Tenure

Tenure Rank

Dec 31, 2018

3.42

3.4%

Dr. Titman is one of the pioneers of modern finance. His impact on the field is ubiquitous; he has published several textbooks and over 100 articles in the leading academic and practitioner journals. These articles, which have been recognized by a number of awards, have been cited over 70,000 times. Dr. Titman has served as President of the Western Finance Association (WFA), the American Finance Association (AFA) and the American Real Estate and Urban Economics Associations (AREUEA). He has also served on the boards of the WFA and the AFA, as well as on the boards of the Asian Pacific Finance Association and the Financial Management Association. In addition to his academic work, Dr. Titman has consulted for asset management firms and served as a special assistant to the Assistant Secretary of the Treasury for Economic Policy. Dr. Titman is currently a Professor of Finance at the McCombs School of Business at The University of Texas at Austin. He has also served as a Professor at UCLA, Boston College, and the Hong Kong University of Science and Technology where he was one of the founding professors. He is also a research associate at both the National Bureau of Economic Research and the Asian Bureau of Finance and Economic Research and is a special term professor at the Shanghai Advanced Institute of Finance. Through his research, Dr. Titman has changed the way Investment Managers design and manage their portfolios. Some of his most notable contributions are his insights about momentum in the cross-section of equity returns, which constitutes an important part of the toolkit that quantitative asset managers use worldwide.

Glenn Freed


Start Date

Tenure

Tenure Rank

Dec 31, 2019

2.42

2.4%

Glenn S. Freed holds a PhD in accounting from The Leventhal School of Accounting, The Marshall School of Business at the University of Southern California and a BS with high honors in accounting from the University of Florida. He has more than 15 years of experience in investment management. Prior to joining the Vericimetry Advisors LLC, Dr. Freed worked from 2000 to 2010, as a Vice President, for an investment management firm involved in quantitative investment research, analysis and portfolio construction. Dr. Freed is part of the team responsible for the research, design and implementation of Innealta Capital, LLC investment strategies. Also, Dr. Freed provides oversight of the marketing initiatives and interacting with clients. Dr. Freed has over 30 years of work experience in asset management, wealth management, tax advising, tax and accounting research and education. Before joining Acclivity Investment Research, Dr. Freed held senior positions at several financial services companies: Chief Investment Officer at LourdMurray; Chief Executive Officer and Chief Investment Officer at Vericimetry Advisors; and Vice President at Dimensional Fund Advisors. Previously, Dr. Freed was Associate Dean of the Leventhal School of Accounting and Academic Director of the Master of Business Taxation Program at the University of Southern California.

Yuxing Zhang


Start Date

Tenure

Tenure Rank

Mar 31, 2021

1.17

1.2%

Yuxing Zhang, FRM, is a Portfolio Manager and Quantitative Research Analyst of Innealta Capital, joined Innealta Capital 2017. Mr. Zhang is part of our quantitative and implementation team, which is responsible for the day-to-day data management, portfolio implementation and ongoing enhancement of our models and systems. Mr. Zhang received a B.S. degree in Applied Mathematics and a B.A in Economics from the Southwestern University of Finance and Economics in 2014 and a M.S. in Financial Mathematics from the University of Chicago in 2016.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 37.45 8.2 3.58