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Trending ETFs

North Square Trilogy Alternative Return Fund

mutual fund
STTIX
Payout Change
Pending
Price as of:
$10.2 -0.01 -0.1%
primary theme
N/A
STTIX (Mutual Fund)

North Square Trilogy Alternative Return Fund

Payout Change
Pending
Price as of:
$10.2 -0.01 -0.1%
primary theme
N/A
STTIX (Mutual Fund)

North Square Trilogy Alternative Return Fund

Payout Change
Pending
Price as of:
$10.2 -0.01 -0.1%
primary theme
N/A

Name

As of 06/14/2024

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

$10.20

$20.1 M

0.00%

1.93%

Vitals

YTD Return

1.4%

1 yr return

-0.5%

3 Yr Avg Return

-3.3%

5 Yr Avg Return

0.3%

Net Assets

$20.1 M

Holdings in Top 10

67.6%

52 WEEK LOW AND HIGH

$10.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.93%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 11.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/14/2024

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

$10.20

$20.1 M

0.00%

1.93%

STTIX - Profile

Distributions

  • YTD Total Return 1.4%
  • 3 Yr Annualized Total Return -3.3%
  • 5 Yr Annualized Total Return 0.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.84%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    North Square Trilogy Alternative Return Fund
  • Fund Family Name
    North Square
  • Inception Date
    Apr 02, 2012
  • Shares Outstanding
    3239275
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Brad Thompson

Fund Description

In seeking to achieve the Fund’s investment objective, the Adviser has selected NSI Retail Advisors, LLC (the “Sub-Adviser”), an affiliate of, and under common control with, the Adviser, to serve as the Fund’s investment sub-adviser and allocates the Fund’s assets to the Sub-Adviser. The Adviser retains the ability to manage all or a portion of the Fund’s assets directly.

To achieve its investment objective, the Fund combines multiple investment strategies and investment techniques that are designed to generate return and manage risk exposure across varying market conditions. The Fund employs three separate investment styles:

a diversified portfolio of common stocks and/or actively managed or index-based exchange traded funds (“ETFs”), and options selected to provide protection from market declines (the “Equity Position”),
fixed-income securities or ETFs investing in fixed-income securities, and options sold and repurchased to generate net premium income (the “Income Position”), and
index options in an effort to benefit from substantial price changes (up or down) in the markets (the “Market Movement Position”).

In allocating the Fund’s assets, the Sub-Adviser uses a combination of the investment styles described above and may reduce or limit investments in certain assets, asset classes or strategies in order to achieve the desired composition of the Fund’s portfolio. The Sub-Adviser’s approach is designed to manage risk exposure by seeking opportunities for return from varying market conditions. Under normal market conditions, the Fund expects that (i) approximately 30% to 70% of the Fund’s assets will be allocated to the Equity Position, (ii) approximately 30% to 50% of the Fund’s assets will be allocated to the Income Position and (iii) approximately 2% to 30% of the Fund’s assets will be allocated to the Market Movement Position; however, these percentages may vary over time as a result of market conditions and fluctuations.

Under normal market conditions, (i) the market value of the Equity Position’s options that are long positions are not expected to exceed approximately 6% of the Fund’s net assets; (ii) the market value of the Equity Position’s options that are short positions are not expected to exceed approximately 6% of the Fund’s net assets; (iii) the market value of the Income Position’s options are not expected to exceed approximately 12% of the Fund’s net assets; and (iv) the market value of the Market Movement Position’s options are expected to represent approximately 2% to 20% of the Fund’s net assets.

The Fund will generally invest as follows:

The Equity Position. The Equity Position is designed to participate in equity markets while moderating volatility. In the Equity Position, the Fund typically invests in a broadly diversified portfolio of U.S. exchange-listed common stocks and American Depositary Receipts (“ADRs”) of companies that the Sub-Adviser believes possess attractive valuation characteristics, and the capability for above-average dividend yield, and/or ETFs that hold such companies. In selecting individual positions, the Sub-Adviser generally considers factors such as profitability, revenue growth, gross margins, debt ratios and other financial characteristics, seeking companies with favorable valuations (generally, prices that are reasonable relative to projected revenues, earnings, and dividends). The Sub-Adviser also looks for companies that possess characteristics that support maintaining market share and earnings power through market cycles and demonstrate the potential to increase dividends or earnings over time. While the Sub-Adviser will typically focus the Equity Position on companies having capitalizations of $5 billion or more, there are no restrictions on market capitalization. The Sub-Adviser may sell a stock from the Equity Position if the Sub-Adviser believes the company’s fundamentals have deteriorated, the company’s dividend or earnings growth has or will decline or the Sub-Adviser otherwise believes that selling the stock is in the Fund’s best interest.

The Sub-Adviser uses an option technique called a “collar” to provide downside risk protection to the Equity Position; however, collars also will limit upside potential. In the Equity Position, the Sub-Adviser generally writes index calls above the current value of the applicable index to seek to generate premium income and use the proceeds to purchase index puts below the current value of the applicable index to seek to reduce the Fund’s exposure to market risk and volatility.

The notional value of the options positions in the Equity Position is not expected to exceed 100% of the expected, aggregate value of the equity securities owned in the Equity Position at the time either option is “in the money” (i.e., when exercising the option would result in a profit). This percentage limitation on the use of options applies at the time an investment is made.

The Income Position. The Income Position is designed to balance the risk of the Equity Position by utilizing a combination of investments in domestic fixed-income investments (e.g., corporate bonds, U.S. government securities, mortgage-backed securities, high yield bonds (commonly known as “junk bonds”) or mutual funds and ETFs that invest in such securities) (collectively, “Fixed Income Instruments”) and the receipt of premiums from selling index options. The primary objective of the Income Position is yield generation, with a secondary emphasis on capital appreciation. While the Sub-Adviser may purchase Fixed Income Instruments of any maturity and credit quality, the Sub-Adviser typically invests in a broad mix of ETFs targeting a specific yield that the Sub-Adviser may adjust from time to time in response to market conditions.

In implementing its options strategy for the Income Position, the Sub-Adviser typically writes put and call options on one or more broad-based U.S. stock indices, receiving premiums from the purchasers of the options. The Sub-Adviser may then repurchase the options prior to their expiration date, giving up appreciation and avoiding depreciation in between the sale of the option and its repurchase. The difference between the premium received from selling the option and the cost of repurchasing the option will determine the gain or loss realized by the Income Position. The options strategy utilized by the Sub-Adviser for the Income Position is intended to provide increased cash flow from premiums, reduce volatility, and provide protection against potential loss when the Fund purchases put and call options on the same indices on which the Fund has written options.

The Sub-Adviser may also use “collars” or collar components to provide downside risk protection to the Income Position; however, collars also will limit upside potential. In the Income Position, the Sub-Adviser generally writes calls on underlying fixed income instruments at or above the current value of the applicable fixed income instrument to seek to generate premium income and may use the proceeds to purchase puts on underlying fixed income instruments below the current value of the applicable fixed income instrument to seek to reduce the Fund’s exposure to market risk and volatility.

The Market Movement Position. The Market Movement Position is designed to benefit from substantial price changes (up or down) in the markets. In executing the strategy for the Market Movement Position, the Sub-Adviser intends to purchase and write options on one or more broad-based U.S. stock indices, such as the Standard & Poor’s 500 Index, or ETFs that replicate or are related to such indices (including, without limitation, indices that measure market volatility). The Sub-Adviser uses a proprietary option allocation model to dynamically adjust the put protection it seeks to employ with the intent to minimize cost to the portfolio while providing potential upside in market downturns. Over time, the indices on which the Fund purchases and sells options may vary based on the Sub-Adviser’s assessment of the availability and liquidity of various listed index options, and the Sub-Adviser’s evaluation of equity market conditions and other factors.

Generally, the Market Movement Position favors establishing debit option spreads of varying strike prices and maturities by simultaneously selling and purchasing options on the same underlying instrument having the same expiration date. The options the Market Movement Position buys and sells are typically settled in cash rather than by delivery of securities and reflect price fluctuations in a group of securities or segments of the securities market. The Sub-Adviser may also purchase alternative instruments that the Sub-Adviser believes will approximate the performance that could be achieved by establishing debit option spreads when the Sub-Adviser believes comparable results can be achieved at a lower cost than buying options directly. These alternative instruments include options on indexes, options on futures, options on ETFs and ETFs.

In general, the Fund will not purchase or sell futures contracts or related options unless either (i) the futures contracts or options thereon are purchased for “bona fide hedging” purposes (as defined under regulations promulgated by the U.S. Commodity Futures Trading Commission (“CFTC”)); or (ii) if purchased for other purposes, (A) the sum of the amounts of initial margin deposits on the Fund’s existing futures and premiums required to establish non-hedging positions, less the amount by which any such options positions are “in-the- money” (as defined under CFTC regulations) would not exceed 5% of the liquidation value of the Fund’s total assets, or (B) the aggregate net notional value of commodity futures, commodity options contracts, or swaps positions, determined at the time the most recent position was established, does not exceed 100 percent of the liquidation value of the of the Fund’s total assets.

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STTIX - Performance

Return Ranking - Trailing

Period STTIX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.4% -73.0% 19.4% 40.14%
1 Yr -0.5% -9.1% 86.9% 65.09%
3 Yr -3.3%* -9.5% 16.2% 42.97%
5 Yr 0.3%* -4.9% 14.4% 41.70%
10 Yr 0.7%* -0.9% 7.5% N/A

* Annualized

Return Ranking - Calendar

Period STTIX Return Category Return Low Category Return High Rank in Category (%)
2023 -3.9% -22.7% 305.1% 20.37%
2022 -11.4% -9.8% 27.3% 75.00%
2021 4.0% -20.8% 10.9% 71.11%
2020 6.1% -12.4% 29.4% 44.06%
2019 1.7% -10.5% 15.8% 8.90%

Total Return Ranking - Trailing

Period STTIX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.4% -73.0% 19.4% 40.14%
1 Yr -0.5% -13.4% 86.9% 59.64%
3 Yr -3.3%* -9.5% 16.2% 39.76%
5 Yr 0.3%* -5.3% 14.4% 37.67%
10 Yr 0.7%* -0.9% 7.5% N/A

* Annualized

Total Return Ranking - Calendar

Period STTIX Return Category Return Low Category Return High Rank in Category (%)
2023 -1.9% -22.7% 305.1% 20.74%
2022 -10.5% -9.8% 27.3% 75.00%
2021 4.5% -20.8% 10.9% 75.56%
2020 7.2% -8.4% 29.4% 60.40%
2019 2.7% -10.2% 18.0% 12.04%

NAV & Total Return History


STTIX - Holdings

Concentration Analysis

STTIX Category Low Category High STTIX % Rank
Net Assets 20.1 M 1.5 M 5.01 B 70.85%
Number of Holdings 77 4 4478 70.67%
Net Assets in Top 10 13.6 M -398 M 2.55 B 61.84%
Weighting of Top 10 67.63% 13.1% 100.0% 46.33%

Top 10 Holdings

  1. SPDR Portfolio Intermediate Term Corporate Bd ETF 16.93%
  2. SPDR Portfolio Short Term Corporate Bond ETF 10.07%
  3. iShares MBS ETF 9.69%
  4. VanEck Vectors Fallen Angel High Yield Bond ETF 4.83%
  5. SPDR Portfolio Long Term Corporate Bond ETF 4.77%
  6. S P 500 Index Call @ 4750 December 2024 4.56%
  7. iShares Core Dividend Growth ETF 4.53%
  8. Vanguard Dividend Appreciation ETF 4.47%
  9. Schwab U.S. Dividend Equity ETF 4.28%
  10. Microsoft Corp. 3.50%

Asset Allocation

Weighting Return Low Return High STTIX % Rank
Stocks
97.08% -3.75% 97.95% 17.31%
Cash
1.88% -6278.21% 410.43% 77.39%
Convertible Bonds
1.88% 0.00% 87.92% 22.26%
Other
1.04% -21.53% 148.54% 75.97%
Preferred Stocks
0.00% -0.12% 46.97% 53.36%
Bonds
0.00% -326.45% 6347.80% 31.10%

Stock Sector Breakdown

Weighting Return Low Return High STTIX % Rank
Technology
23.55% 0.00% 39.58% 34.25%
Healthcare
17.48% 0.00% 45.63% 16.93%
Financial Services
14.52% 0.00% 59.28% 58.66%
Industrials
12.01% 0.00% 21.45% 19.69%
Consumer Defense
11.30% 0.00% 13.62% 1.18%
Consumer Cyclical
8.93% 0.00% 29.09% 77.56%
Utilities
5.15% 0.00% 9.23% 11.81%
Communication Services
3.44% 0.00% 21.78% 85.04%
Energy
1.51% 0.00% 100.00% 78.35%
Basic Materials
1.24% 0.00% 27.46% 88.19%
Real Estate
0.87% 0.00% 51.26% 86.22%

Stock Geographic Breakdown

Weighting Return Low Return High STTIX % Rank
US
97.08% -8.85% 91.88% 10.95%
Non US
0.00% -19.62% 42.11% 73.14%

STTIX - Expenses

Operational Fees

STTIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.93% 0.29% 31.15% 58.63%
Management Fee 1.25% 0.00% 2.50% 70.67%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.30% 31.15%

Sales Fees

STTIX 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

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

STTIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 11.00% 0.00% 491.00% 15.73%

STTIX - Distributions

Dividend Yield Analysis

STTIX Category Low Category High STTIX % Rank
Dividend Yield 0.00% 0.00% 4.56% 28.27%

Dividend Distribution Analysis

STTIX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Quarterly Annually

Net Income Ratio Analysis

STTIX Category Low Category High STTIX % Rank
Net Income Ratio 0.84% -2.51% 6.83% 21.58%

Capital Gain Distribution Analysis

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

Distributions History

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STTIX - Fund Manager Analysis

Managers

Brad Thompson


Start Date

Tenure

Tenure Rank

Apr 02, 2012

10.17

10.2%

Prior to joining NSI Retail in 2021, Mr. Thompson served as Chief Investment Officer of the Stadion and has been a Portfolio Manager and an officer of the Stadion, serving in a supervisory role for portfolio management operations since 2006. Brad Thompson joined Stadion in 2006, bringing 20+ years of financial analysis, investment management, and fund management experience with him to Stadion, where he manages the Stadion Portfolio Management team. Prior to joining Stadion, Brad served as the Chief Investment Officer and Chief Financial Analyst for Global Capital Advisors. Brad has a Bachelor of Business Administration Degree in Finance from the University of Georgia, and also holds the Chartered Financial Analyst designation. Brad is a member of the CFA Institute and the Bermuda Society of Financial Analysts and also holds the Chartered Retirement Plan Specialist Designation. Brad has served on the board of the Executive Leadership Council for the American Cancer Society and on the Board of Trustees for the University of Georgia Terry College of Business Student Managed Investment Fund

Clayton Wilkin


Start Date

Tenure

Tenure Rank

Sep 30, 2019

2.67

2.7%

Clayton Wilkin, CFA. Prior to joining NSI Retail in 2021, Mr. Wilkin was a Portfolio Manager for Stadion Money Management and has served as a Portfolio Management Analyst, among other duties, since 2013. He has a Bachelor of Business Administration Degree in Finance from the University of Georgia and also holds the Chartered Financial Analyst designation.

Tenure Analysis

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