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Trending ETFs

Grant Park Multi Alternative Strategies Fund

mutual fund
GPACX
Payout Change
Pending
Price as of:
$10.29 +0.01 +0.1%
primary theme
N/A
GPACX (Mutual Fund)

Grant Park Multi Alternative Strategies Fund

Payout Change
Pending
Price as of:
$10.29 +0.01 +0.1%
primary theme
N/A
GPACX (Mutual Fund)

Grant Park Multi Alternative Strategies Fund

Payout Change
Pending
Price as of:
$10.29 +0.01 +0.1%
primary theme
N/A

Name

As of 05/24/2024

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

$10.29

$412 M

0.98%

$0.10

2.49%

Vitals

YTD Return

2.6%

1 yr return

6.4%

3 Yr Avg Return

0.8%

5 Yr Avg Return

4.4%

Net Assets

$412 M

Holdings in Top 10

63.4%

52 WEEK LOW AND HIGH

$10.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.49%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 39.00%

Redemption Fee 1.00%


Min Investment

Standard (Taxable)

$2,500

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 05/24/2024

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

$10.29

$412 M

0.98%

$0.10

2.49%

GPACX - Profile

Distributions

  • YTD Total Return 2.6%
  • 3 Yr Annualized Total Return 0.8%
  • 5 Yr Annualized Total Return 4.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -1.86%
DIVIDENDS
  • Dividend Yield 1.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Grant Park Multi Alternative Strategies Fund
  • Fund Family Name
    Navigator Funds
  • Inception Date
    Dec 31, 2013
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    John Krautsack

Fund Description

The Fund seeks to achieve its investment objectives by allocating its assets among four independent, underlying strategies. Each strategy seeks to identify profitable opportunities across multiple, liquid foreign and domestic markets. The Fund seeks to achieve its investment objective by implementing aggressive diversification across these markets, coupled with risk management and position hedging strategies, which allows the Fund to seek positive returns while seeking to protect the Fund from unnecessary market risk exposure.

The Fund’s investment adviser, Dearborn Capital Management, LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing primarily in (1) derivatives (including options, futures, forwards, spot contracts and swaps), (2) US equities, (3) open- and closed-end funds and exchange traded funds (“ETFs”) (collectively, “Underlying Funds”), (4) American Depository Receipts (“ADRs”), (5) currencies and (6) domestic and foreign investment grade fixed income instruments of any maturity (including US government bonds and/or other sovereign government bonds). The Fund will invest using futures and/or forwards in combination with ETFs. The Fund may also employ hedging. The Fund invests in all securities without restriction as to issuer capitalization, country or currency in seeking to fulfill the Fund’s investment objective, the Adviser may engage in frequent trading of the Fund’s portfolio securities.

The Adviser believes that each of the following strategies will contribute to the Fund’s long-term capital appreciation and absolute positive returns. The Fund expects to allocate a portion of its assets to each of these strategies; however, the allocation among the strategies will vary and there is no maximum that will be allocated to any particular strategy.

· Commodities Strategy invests in a limited number of global commodity markets on a long or short basis.
· Global Financials Strategy invests in global currency, equity and fixed income markets and may take long or short positions.
· Short-Term Interest Rates Strategy focuses on financial instruments of durations of three years or less and may take long or short positions.
· Upside Capture Strategy is a long-biased strategy investing in a basket of investments across multiple asset classes.

The Fund may execute the commodities portion of its investment strategy, primarily, by investing up to 25% of its total assets in a wholly-owned and controlled Subsidiary (the “Subsidiary”); however, the Fund may also make these investments outside of the Subsidiary. The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis.

Separately, the Adviser will manage the assets not otherwise needed to execute the principal investment strategies in a manner designed to provide the Fund liquidity, to preserve capital and to generate interest income without creating duration-related or liquidity risks. The Fund will primarily invest in investment grade fixed income securities that meet the following criteria: (1) obligations issued or guaranteed by the United States Government, its agencies or instrumentalities, (2) securities issued by foreign governments, their political subdivisions or agencies or instrumentalities, (3) money market funds, certificates of deposit and time deposits issued by domestic banks, foreign branches of domestic banks, foreign subsidiaries of domestic banks, and domestic and foreign branches of foreign banks, (4) participation interests in loans extended by banks to companies, (5) corporate bonds, notes, commercial paper or similar debt obligations, (6) mortgage backed securities, or (7) ETFs that each invests primarily in the preceding types of fixed income securities. The Fund defines investment grade fixed income securities as those that are rated, at the time purchased, in the top four categories by a rating agency such as Moody’s Investors Service, Inc. (“Moody’s”) or Standard & Poor’s Ratings Group (“S&P”), or, if unrated, determined by the adviser to be of comparable quality. The fixed income portion of the Fund’s portfolio will be invested without restriction as to issuer country, type of entity, or capitalization.

Adviser’s Investment Process

The Adviser, in concert with the sub-adviser, will pursue the Fund’s investment objective, in part, by utilizing its core investment and risk management process. The Adviser’s research team combines quantitative and qualitative research in the development of the overall fund strategies to be tactically executed by the sub-adviser. The Adviser monitors the overall fund performance to ensure the underlying investment processes are executed within pre-established investment and risk management objectives. The Adviser has overall supervisory responsibilities for the general management and investment of the Fund’s portfolio.

In implementing the Fund’s strategy, the Adviser, through the sub-adviser, will use extensive quantitative and economic analysis amongst other forms of analysis to assess securities and investments that span the global market place. The sub-adviser’s quantitative analysis utilizes historical market price data to identify potentially profitable trading opportunities.

Delegation of Portfolio Management to Sub-Adviser

The Adviser delegates elements of management of the Fund’s portfolio, including the selection of a portion of the Fund’s investments, to the sub-adviser. The Adviser retains responsibility for various aspects of the Fund’s management including setting the Fund’s overall investment strategies, monitoring and evaluating the performance of the sub-adviser, implementing procedures to ensure the sub-adviser complies with the Fund’s investment policies and restrictions. The Adviser is responsible for ongoing performance evaluation and monitoring of the sub-adviser.

Risk Management

The Adviser performs extensive, daily due diligence to ensure the sub-adviser is executing the agreed-upon investment strategies within the established guidelines, which allows the Adviser to remain vigilant in its defense against the risks inherent in the Fund. The Adviser and sub-adviser have implemented a multi-tiered risk management overlay within each strategy and across the collection of strategies.

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GPACX - Performance

Return Ranking - Trailing

Period GPACX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.6% -73.0% 19.4% 32.62%
1 Yr 6.4% -9.1% 86.9% 62.91%
3 Yr 0.8%* -9.5% 16.2% 22.49%
5 Yr 4.4%* -4.9% 14.4% 39.91%
10 Yr 3.8%* -0.9% 7.5% N/A

* Annualized

Return Ranking - Calendar

Period GPACX Return Category Return Low Category Return High Rank in Category (%)
2023 1.9% -22.7% 305.1% 12.96%
2022 -4.7% -9.8% 27.3% 82.66%
2021 -5.2% -20.8% 10.9% 76.44%
2020 6.8% -12.4% 29.4% 8.91%
2019 0.3% -10.5% 15.8% 72.77%

Total Return Ranking - Trailing

Period GPACX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.6% -73.0% 19.4% 32.97%
1 Yr 6.4% -13.4% 86.9% 58.91%
3 Yr 0.8%* -9.5% 16.2% 20.88%
5 Yr 4.4%* -5.3% 14.4% 36.32%
10 Yr 3.8%* -0.9% 7.5% N/A

* Annualized

Total Return Ranking - Calendar

Period GPACX Return Category Return Low Category Return High Rank in Category (%)
2023 3.0% -22.7% 305.1% 13.33%
2022 -2.9% -9.8% 27.3% 83.06%
2021 4.9% -20.8% 10.9% 72.00%
2020 8.1% -8.4% 29.4% 9.90%
2019 13.1% -10.2% 18.0% 71.73%

NAV & Total Return History


GPACX - Holdings

Concentration Analysis

GPACX Category Low Category High GPACX % Rank
Net Assets 412 M 1.5 M 5.01 B 33.21%
Number of Holdings 101 4 4478 73.85%
Net Assets in Top 10 290 M -398 M 2.55 B 24.73%
Weighting of Top 10 63.45% 13.1% 100.0% 54.59%

Top 10 Holdings

  1. MSILF-GOVT-INST 37.68%
  2. B 01/30/24 5.45%
  3. B 01/18/24 3.27%
  4. FHLB 0 3/4 02/25/28 2.94%
  5. FHLB 1 07/21/26 2.86%
  6. FNMA 0.85 06/30/26 2.61%
  7. FFCB 0.2 02/16/24 2.17%
  8. B 03/26/24 2.16%
  9. B 04/02/24 2.16%
  10. B 05/30/24 2.14%

Asset Allocation

Weighting Return Low Return High GPACX % Rank
Bonds
51.60% -326.45% 6347.80% 16.61%
Cash
40.47% -6278.21% 410.43% 39.22%
Stocks
4.03% -3.75% 97.95% 88.34%
Other
3.89% -21.53% 148.54% 37.10%
Convertible Bonds
1.05% 0.00% 87.92% 55.48%
Preferred Stocks
0.00% -0.12% 46.97% 47.35%

Stock Sector Breakdown

Weighting Return Low Return High GPACX % Rank
Technology
16.92% 0.00% 39.58% 61.02%
Real Estate
15.44% 0.00% 51.26% 9.84%
Financial Services
13.66% 0.00% 59.28% 64.96%
Industrials
10.65% 0.00% 21.45% 30.71%
Consumer Cyclical
10.62% 0.00% 29.09% 40.94%
Healthcare
10.22% 0.00% 45.63% 40.16%
Communication Services
6.40% 0.00% 21.78% 64.57%
Consumer Defense
5.42% 0.00% 13.62% 50.39%
Basic Materials
4.29% 0.00% 27.46% 47.64%
Energy
3.68% 0.00% 100.00% 43.31%
Utilities
2.70% 0.00% 9.23% 53.54%

Stock Geographic Breakdown

Weighting Return Low Return High GPACX % Rank
US
4.03% -8.85% 91.88% 85.16%
Non US
0.00% -19.62% 42.11% 75.27%

Bond Sector Breakdown

Weighting Return Low Return High GPACX % Rank
Government
48.98% 0.00% 84.29% 12.72%
Cash & Equivalents
37.68% 0.27% 100.00% 58.30%
Corporate
9.01% 0.00% 87.73% 28.98%
Derivative
3.44% 0.00% 88.81% 77.03%
Securitized
0.74% 0.00% 56.83% 41.34%
Municipal
0.00% 0.00% 27.33% 29.33%

Bond Geographic Breakdown

Weighting Return Low Return High GPACX % Rank
US
51.60% -126.19% 6311.18% 13.43%
Non US
0.00% -382.37% 121.02% 60.42%

GPACX - Expenses

Operational Fees

GPACX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.49% 0.29% 31.15% 28.42%
Management Fee 1.18% 0.00% 2.50% 62.19%
12b-1 Fee 1.00% 0.00% 1.00% 80.41%
Administrative Fee N/A 0.01% 0.30% N/A

Sales Fees

GPACX 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

GPACX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 2.00% 36.36%

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.

GPACX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 39.00% 0.00% 491.00% 24.60%

GPACX - Distributions

Dividend Yield Analysis

GPACX Category Low Category High GPACX % Rank
Dividend Yield 0.98% 0.00% 4.56% 13.78%

Dividend Distribution Analysis

GPACX Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Quarterly Annually

Net Income Ratio Analysis

GPACX Category Low Category High GPACX % Rank
Net Income Ratio -1.86% -2.51% 6.83% 12.95%

Capital Gain Distribution Analysis

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

Distributions History

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GPACX - Fund Manager Analysis

Managers

John Krautsack


Start Date

Tenure

Tenure Rank

Dec 31, 2013

8.42

8.4%

Mr. Krautsack is Chairman and Portfolio Manager at EMC Capital Advisors, LLC. Mr. Krautsack directs all investment activity at EMC.Mr. Krautsack started his career in the futures industry in 1985 as an assistant to a prominent S&P 500 trader at the Chicago Mercantile Exchange. From 1989 to 1995, he managed trading operations for De Angelis Trading/Crown Capital Management, JPD Enterprises and ALH Capital. He joined EMC in 1995, overseeing trading and managing the portfolio until he assumed the role of Chairman in 2013.

David Kavanagh


Start Date

Tenure

Tenure Rank

Dec 31, 2013

8.42

8.4%

Mr. Kavanagh has been the President and founder of Dearborn Capital Management, LLC since 1989. Mr. Kavanagh is responsible for overseeing all operations and activities of the firm. Mr. Kavanagh is the President and Chair of the Investment Committee and is responsible for all day-to-day investment decisions for the Fund, including: (i) development of alternative asset strategies; (ii) final screening and selection of financial instruments; (iii) negotiation of the terms of each investment (including those of managed accounts and over-the-counter derivatives); (iv) asset allocation among selected investment vehicles or derivative instruments; and (v) risk monitoring and risk management. From 1983 to 2005, Mr. Kavanagh was a member in good standing of the Chicago Board of Trade. Between 1983 and 1998, Mr. Kavanagh was an institutional salesman in the financial futures area on behalf of Conti Commodity Services, Inc., a futures commission merchant acquired by Refco in 1984 and, subsequently, for Refco, which was also a futures commission merchant. His client base included large hedge funds and financial institutions clients in the financial futures area. Commencing in 1998, Mr. Kavanagh also became president, a principal and an associated person of Dearborn Capital Brokers Ltd., a registered, independent introducing broker and, in 1999, also becoming a registered commodity pool operator. Mr. Kavanagh is the majority owner of Dearborn Capital Management, LLC. He received an MBA from the University of Notre Dame and also received a B.S. in business administration from John Carroll University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.02 17.37 4.48 1.67