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Trending ETFs

First Trust Multi-Strategy Fund

mutual fund
FTMIX
Payout Change
Pending
Price as of:
$24.53 -0.4 -1.6%
primary theme
Municipal Bond
FTMIX (Mutual Fund)

First Trust Multi-Strategy Fund

Payout Change
Pending
Price as of:
$24.53 -0.4 -1.6%
primary theme
Municipal Bond
FTMIX (Mutual Fund)

First Trust Multi-Strategy Fund

Payout Change
Pending
Price as of:
$24.53 -0.4 -1.6%
primary theme
Municipal Bond

Name

As of 12/05/2024

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

$24.53

$551 M

6.02%

$1.50

1.93%

Vitals

YTD Return

6.9%

1 yr return

7.5%

3 Yr Avg Return

3.3%

5 Yr Avg Return

4.1%

Net Assets

$551 M

Holdings in Top 10

88.6%

52 WEEK LOW AND HIGH

$24.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.93%

SALES FEES

Front Load 4.00%

Deferred Load 1.00%

TRADING FEES

Turnover 17.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

$500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/05/2024

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

$24.53

$551 M

6.02%

$1.50

1.93%

FTMIX - Profile

Distributions

  • YTD Total Return 6.9%
  • 3 Yr Annualized Total Return 3.3%
  • 5 Yr Annualized Total Return 4.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.53%
DIVIDENDS
  • Dividend Yield 6.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    First Trust Multi-Strategy Fund
  • Fund Family Name
    INVESTMENT MANAGERS SERIES TRUST II
  • Inception Date
    Apr 30, 2012
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Clark D. Wagner

Fund Description

First Trust Capital Management L.P. (“FTCM” or the “Advisor”), the Fund’s advisor, seeks to achieve the Fund’s investment objective by delegating the management of a portion of Fund assets to a group of experienced investment managers that utilize a variety of investment strategies and styles (the “Sub-Advisors”). The Advisor will also manage a portion of the Fund’s assets directly. When appropriate, the terms “Advisor” or “Advisors” refer to FTCM and the Sub-Advisors. FTCM retains overall supervisory responsibility for the general management and investment of the Fund’s securities portfolio and is responsible for selecting and determining the percentage of Fund assets to allocate to itself and each Sub-Advisor. Each Advisor has complete discretion to invest its portion of the Fund’s assets as it deems appropriate, based on its particular philosophy, style, strategies and views. While each Sub-Advisor is subject to the oversight of the Advisor, the Advisor does not attempt to manage the day-to-day investments of the Sub-Advisors. At certain times, the Advisor may not allocate assets to all of the Sub-Advisors and therefore, certain investment strategies may not be employed.

In seeking to achieve the Fund’s investment objective, the Advisors implement both fundamentally and technically driven strategies. These strategies may include, without limitation, arbitrage and debt securities strategies that invest in different asset classes, securities, and derivative instruments, as discussed below. These strategies seek to target positive absolute returns and may exhibit different degrees of volatility, as well as exposure to equity, fixed income, currency, and interest rate markets. Certain strategies used by the Advisors may include exposure to different market risk factors including, but not limited to, value, growth, dividend yield, market cap and volatility.

Arbitrage.    The typical merger-arbitrage strategies employed by the Advisor seek to generate returns by purchasing the stock of the company being acquired, which is commonly known as the target company (the “target”), at a discount to their expected value upon completion of the acquisition. The size of this discount, known as the arbitrage “spread,” may determine the Fund’s potential profit on such an investment. The Fund may employ a variety of strategies to set the “spread”, particularly in proposed transactions involving stock consideration, including shorting the stock of the company that proposes to acquire the target and/or the use of derivatives involving the purchase and sale of put and call options. The success of the merger-arbitrage strategy largely depends on the overall volume of merger activity, which has

historically been cyclical in nature, and the Advisor’s correct evaluation of the outcome of such merger or acquisition transactions, as the Advisor typically seeks to create a portfolio of uncorrelated investment positions that in the aggregate will benefit from such transaction’s completion. During periods of infrequent merger activity, it may be difficult for the Advisor to identify investment opportunities, and the Fund may hold a substantial amount in cash and cash equivalents.

Special Purpose Acquisition Companies.    FTCM may also invest Fund assets in stock, warrants, and other securities of special purpose acquisition companies or similar special purpose entities (collectively, “SPACs”), which are collective investment structures that pool funds in order to seek potential acquisition opportunities. In selecting SPACs for investment, FTCM analyzes the attractiveness of the SPAC through the life of the SPAC from IPO to liquidation. FTCM evaluates pre- and post-merger announcements, the potential rate of return, the length of time until the proposed transaction closes or SPAC liquidates, and the potential risk to the Fund in the event the proposed acquisition/liquidation does not close on time and is extended. SPACs provide the opportunity for public shareholders to have some or all of their shares redeemed by the SPAC in connection with certain corporate events, such as an amendment to its charter or an acquisition. The Fund may sell its investments in SPACs at any time, but generally looks to sell/redeem prior to the completion of the acquisition or liquidation.

Secured Options.    Vest Financial, LLC (“Vest”), one of the Fund’s current sub-advisors, under normal market circumstances, uses option writing strategies in an effort to obtain option premiums and reduce risk. Vest utilizes buy-write (covered call) and/or cash-secured put option strategies on index exchange-traded funds (“ETFs”), indices, and/or individual securities held by the Fund. Covered call and cash-secured put options are intended to reduce volatility, earn option premiums and provide more stable returns. Selling call options reduces the risk of owning securities by the receipt of the option premiums and selling put options reduces the purchase price of the underlying securities, but both strategies limit the opportunity to profit from an increase in the market value of the underlying security in exchange for up-front cash at the time of selling the call or put option. Vest’s strategy is referred to as “Secured Options” because the call and put options it writes will be covered by the Fund owning the security or ETF underlying the option, holding an offsetting option, segregating cash or other liquid assets at not less than the full value of the option or the exercise price, and/or using other permitted coverage methods. At any given time, the Fund’s assets may be subject to only calls or only puts, or a combination of both strategies. To the extent that the Fund’s assets are only subject to puts, in order to secure the puts, the assets will consist of cash, cash equivalents, or an offsetting set of options that have risk and return characteristics similar to cash equivalents. In that event, there may be few, if any, securities held by the Fund. To the extent that the Fund’s assets are only subject to covered calls on an index, the Fund may hold index ETFs instead of individual securities that replicate the movement of the index, in addition to the other permitted coverage methods.

Debt Securities.    Palmer Square Capital Management, LLC (“Palmer Square”), one of the Fund’s current sub-advisors, under normal market circumstances, invests primarily in debt securities or income-producing securities. Palmer Square will invest in securities of any maturity and credit quality, including securities rated below investment grade and unrated securities. Investment grade securities are those rated in the Baa3 or higher categories by Moody’s Investors Service, Inc. (“Moody’s”), or in the BBB- or higher categories by Standard & Poor’s, a division of McGraw Hill Companies Inc. (“S&P”), or Fitch Ratings Ltd. (“Fitch”) or, if unrated by Moody’s, S&P, Fitch, or another Nationally Recognized Statistical Rating Organization (“NRSRO”), determined by Palmer Square to be of comparable credit quality. Securities rated below investment grade, such as high yield securities, generally have higher yields and higher risks than investment grade securities. High yield securities, commonly referred to as “junk bonds”, are rated below investment grade by at least one of Moody’s, S&P or Fitch (or if unrated, determined by Palmer Square to be of comparable credit quality high yield securities). The Fund may invest in collateralized debt obligations, including collateralized loan obligations (“CLOs”), and other similarly structured securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The loans generate cash flow that is allocated among one or more classes of securities (“tranches”) that vary in risk and yield. The most senior tranche has the best credit quality and the lowest yield compared to the other tranches. The equity tranche has the highest potential yield but also has the greatest risk. The Fund may invest in any tranche of a CLO. In pursuing the Fund’s investment objectives, Palmer Square uses a blend of top-down analysis, which includes macro analysis, cross-asset relative value analysis, and sector monitoring, and bottom-up analysis, which involves individual issuer and management analysis and security/transaction evaluation that seeks to identify debt securities that Palmer Square believes can provide highly competitive rate yields and total return over the long term with relatively mitigated credit risk.

General.    The Fund invests, both long and short, in a wide range of U.S. and non-U.S. publicly traded securities including, but not limited to, equity securities, fixed-income securities, currencies and derivatives. The Fund’s allocation to these various security types and various asset classes will vary over time in response to changing market opportunities. The Fund may:

     Invest without limit in equity securities of issuers of any market capitalization including common stocks, and American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”);

     Invest in shares of other registered investment companies and ETFs;

     Invest without limit in foreign securities, including up to 50% of its net assets in securities of issuers located in emerging markets. The Advisor defines issuers located in emerging markets as those companies that have a majority of their assets located in, or derive a majority of their revenues from, emerging market countries;

     Invest up to 80% of its net assets in fixed income securities of any maturity, including corporate bonds, debt issued by the U.S. government and its agencies and exchange-traded notes (“ETNs”). Such fixed income investments may include high-yield or “junk” bonds and may be of any maturity;

     Invest up to 60% of its net assets in CLOs. Such CLOs may hold loans of any credit quality, including loans rated below investment grade;

     Invest up to 85% of its net assets in derivatives including structured products, options, futures (including commodities futures), forward currency contracts and swaps, including credit-default swaps. These derivative instruments may be used for investment purposes or to modify or hedge the Fund’s exposure to a particular investment market related risk, as well as to manage the volatility of the Fund;

     Invest up to 60% of its net assets in currencies and forward currency contracts;

     Utilize leverage (by borrowing against a line of credit for investment purposes) of up to 10% of the Fund’s total assets as part of the portfolio management process;

     Invest a significant portion of its assets in the securities of companies in the same sector of the market; and

     Sell securities short with respect to 100% of its net assets. A short sale is the sale by the Fund of a security which it does not own in anticipation of purchasing the same security in the future at a lower price to close the short position.

For either investment or hedging purposes, or to manage the volatility of the Fund, the Advisors may invest substantially in a broad range of the derivatives instruments described above, particularly futures contracts. The Advisors may be highly dependent on the use of futures and other derivative instruments, and to the extent that they become unavailable, this may limit an Advisor from fully implementing its investment strategy.

There is no one ideal mix of these investment strategies and techniques; rather, the Advisors seek to allocate the Fund’s resources among the various strategies and techniques in response to changing market opportunities.

FTCM expects that the Fund will actively trade portfolio securities and will have a portfolio turnover significantly in excess of 100% on an annual basis.

The Advisors invest in the securities described above when they believe the securities have a strong appreciation potential (long investing, or actually owning a security) or potential to decline in value (short investing, or borrowing a security from a broker and selling it, with the understanding that it must later be bought back and returned to the broker).

The Fund sells (or closes a position in) a security when the Advisor or a Sub-Advisor determines that a particular security has achieved its investment expectations or the reasons for maintaining that position are no longer valid, including: (1) if the Advisor’s or Sub-Advisor’s view of the business fundamentals or management of the underlying company changes; (2) if the Advisor or Sub-Advisor believes a more attractive investment opportunity is found; (3) if general market conditions trigger a change in the Advisor’s or Sub-Advisor’s assessment criteria; or (4) for other portfolio management reasons, including to raise cash to meet redemption requests.

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FTMIX - Performance

Return Ranking - Trailing

Period FTMIX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.9% -4.7% 38.6% 0.81%
1 Yr 7.5% -2.4% 46.4% 1.68%
3 Yr 3.3%* -10.3% 6.8% 0.14%
5 Yr 4.1%* -6.5% 1104.9% 1.96%
10 Yr N/A* -0.9% 249.0% 1.69%

* Annualized

Return Ranking - Calendar

Period FTMIX Return Category Return Low Category Return High Rank in Category (%)
2023 2.3% -1.4% 41.0% 64.98%
2022 -9.5% -39.7% 0.3% 30.38%
2021 1.9% -5.6% 6.9% 3.16%
2020 -2.5% -2.6% 310.0% 99.79%
2019 4.8% 0.0% 26.0% 16.92%

Total Return Ranking - Trailing

Period FTMIX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.9% -4.7% 38.6% 0.81%
1 Yr 7.5% -2.4% 46.4% 1.68%
3 Yr 3.3%* -10.3% 6.8% 0.14%
5 Yr 4.1%* -6.5% 1104.9% 1.96%
10 Yr N/A* -0.9% 249.0% 1.69%

* Annualized

Total Return Ranking - Calendar

Period FTMIX Return Category Return Low Category Return High Rank in Category (%)
2023 8.1% -1.3% 41.0% 5.25%
2022 -5.1% -39.7% 1.1% 14.40%
2021 7.2% -4.8% 23761504.0% 1.03%
2020 2.6% -1.5% 17057.9% 82.98%
2019 13.2% 0.2% 3514.6% 0.65%

NAV & Total Return History


FTMIX - Holdings

Concentration Analysis

FTMIX Category Low Category High FTMIX % Rank
Net Assets 551 M 3.22 M 71.9 B 45.23%
Number of Holdings 293 4 13418 40.63%
Net Assets in Top 10 470 M -317 M 3.09 B 5.98%
Weighting of Top 10 88.60% 1.8% 100.3% 0.60%

Top 10 Holdings

  1. SPX 09/30/24 C4500 09/24 4500.0 CAL / 34.03%
  2. SPX 12/31/24 C5000 12/24 5000.0 CAL / 23.73%
  3. MSILF Government Portfolio - Class Institutional 15.07%
  4. SPX 12/31/24 P6000 12/24 6000.0 PUT / 7.18%
  5. Avangrid, Inc. 1.95%
  6. Marathon Oil Corp. 1.58%
  7. Squarespace, Inc. 1.38%
  8. Stericycle, Inc. 1.37%
  9. Smartsheet, Inc. - Class A 1.34%
  10. Kellanova 0.96%

Asset Allocation

Weighting Return Low Return High FTMIX % Rank
Other
53.54% -3.69% 53.54% 0.07%
Bonds
31.96% 0.00% 150.86% 99.13%
Stocks
21.65% 0.00% 99.78% 0.94%
Cash
14.35% -50.86% 44.62% 1.34%
Preferred Stocks
0.00% 0.00% 0.07% 69.04%
Convertible Bonds
0.00% 0.00% 0.93% 68.51%

Stock Sector Breakdown

Weighting Return Low Return High FTMIX % Rank
Utilities
0.00% 0.00% 0.00% N/A
Technology
0.00% 0.00% 0.00% N/A
Real Estate
0.00% 0.00% 0.00% N/A
Industrials
0.00% 0.00% 100.00% N/A
Healthcare
0.00% 0.00% 0.00% N/A
Financial Services
0.00% 0.00% 0.00% N/A
Energy
0.00% 0.00% 0.00% N/A
Communication Services
0.00% 0.00% 100.00% N/A
Consumer Defense
0.00% 0.00% 0.00% N/A
Consumer Cyclical
0.00% 0.00% 100.00% N/A
Basic Materials
0.00% 0.00% 0.00% N/A

Stock Geographic Breakdown

Weighting Return Low Return High FTMIX % Rank
US
20.84% 0.00% 99.78% 0.94%
Non US
0.82% 0.00% 10.22% 0.27%

Bond Sector Breakdown

Weighting Return Low Return High FTMIX % Rank
Municipal
95.76% 44.39% 100.00% 75.93%
Derivative
53.54% -3.69% 53.54% 0.07%
Cash & Equivalents
14.35% 0.00% 44.41% 1.28%
Securitized
0.00% 0.00% 5.93% 68.44%
Corporate
0.00% 0.00% 9.41% 74.58%
Government
0.00% 0.00% 52.02% 71.41%

Bond Geographic Breakdown

Weighting Return Low Return High FTMIX % Rank
US
31.96% 0.00% 142.23% 99.13%
Non US
0.00% 0.00% 23.89% 71.19%

FTMIX - Expenses

Operational Fees

FTMIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.93% 0.01% 8.02% 2.42%
Management Fee 1.20% 0.00% 1.20% 100.00%
12b-1 Fee 0.30% 0.00% 1.00% 63.96%
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

FTMIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 4.00% 0.50% 4.75% 36.78%
Deferred Load 1.00% 0.25% 5.00% 73.08%

Trading Fees

FTMIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% 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.

FTMIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 17.00% 0.00% 283.00% 48.90%

FTMIX - Distributions

Dividend Yield Analysis

FTMIX Category Low Category High FTMIX % Rank
Dividend Yield 6.02% 0.00% 14.51% 0.13%

Dividend Distribution Analysis

FTMIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

FTMIX Category Low Category High FTMIX % Rank
Net Income Ratio 3.53% -0.53% 5.33% 4.49%

Capital Gain Distribution Analysis

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

Distributions History

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FTMIX - Fund Manager Analysis

Managers

Clark D. Wagner


Start Date

Tenure

Tenure Rank

Jul 01, 1991

27.44

27.4%

Clark D. Wagner is the Chief Investment Officer of FIMCO and served as President of FIMCO from 2016-2018 and also served as Director of Fixed Income from 2001-2016. He has served as the Portfolio Manager since 1995. He also serves as Co-Portfolio Manager . He also serves as a Portfolio Manager and Co-Portfolio Manager for certain other First Investors Funds and has been a Portfolio Manager with FIMCO since 1991.

Patrick M. Tucci


Start Date

Tenure

Tenure Rank

May 13, 2016

2.55

2.6%

Patrick Tucci joined FIMCO in 2016 as Co-Portfolio Manager for the Tax Exempt Funds. Prior to FIMCO, Patrick was the President and Founder of Harbor Hills Investment Management Co which focused on portfolio management and financial planning. He has previously been a Portfolio Manager and Trader fir tax exempt bond funds at Dexia Credit Local and MBIA Capital Management Corp. Patrick joined the financial markets in 1993. Patrick received a Bachelor of Business Administration degree in Finance from Villanova University and he is a CFA Chartholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58