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Trending ETFs

Name

As of 03/25/2024

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

$11.01

$358 M

3.44%

$0.38

3.09%

Vitals

YTD Return

3.8%

1 yr return

10.4%

3 Yr Avg Return

3.4%

5 Yr Avg Return

4.7%

Net Assets

$358 M

Holdings in Top 10

52.5%

52 WEEK LOW AND HIGH

$11.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 3.09%

SALES FEES

Front Load 5.50%

Deferred Load N/A

TRADING FEES

Turnover 418.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

$250


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/25/2024

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

$11.01

$358 M

3.44%

$0.38

3.09%

PASIX - Profile

Distributions

  • YTD Total Return 3.8%
  • 3 Yr Annualized Total Return 3.4%
  • 5 Yr Annualized Total Return 4.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -1.47%
DIVIDENDS
  • Dividend Yield 3.4%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    PACE Alternative Strategies Investments
  • Fund Family Name
    UBSASSETMT
  • Inception Date
    Apr 10, 2006
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    David Krider

Fund Description

Principal investments

The fund has a broad investment mandate that permits it to use an extensive range of investment strategies and to invest in a wide spectrum of equity, fixed income and derivative investments in pursuing its investment objective. The fund seeks to provide investors a well diversified portfolio intended to provide participation in growing markets over a full market cycle while limiting large losses in more volatile and declining markets. The fund may pursue its investment objective by implementing a broad and diversified array of liquid alternative strategies, including strategies that are not currently employed by the fund.

The fund invests in equity securities of US and non-US companies of various market capitalizations, including common stock, rights, warrants and securities convertible into stocks. The fund also invests in fixed income securities, which are not subject to any credit rating or maturity limitations, issued by companies and government and supranational entities around the world. The fund may invest in emerging as well as developed markets and may invest a significant portion of its assets in the securities of companies in particular economic sectors. The fund may also invest in the securities of other investment companies, including exchange-traded funds ("ETFs"), and in structured securities.

The fund may, but is not required to, invest extensively in exchange-traded or over-the-counter derivative instruments for risk management purposes or to attempt to increase total returns. The derivatives in which the fund invests include options, futures, currency forward and futures agreements and swap agreements (specifically, interest rate swaps and swaps on futures or indices). These derivatives may be used for risk management purposes, such as hedging the fund's security, index, currency, interest rate or other exposure, or otherwise managing the risk profile of the fund. In addition, the derivative instruments listed above may be used to enhance returns; in place of direct investments; to obtain or adjust exposure to certain markets; or to establish net short positions in markets, currencies or securities. Futures on indices and interest rate swaps may also be used to adjust the fund's portfolio duration, or to achieve a negative portfolio duration.

The fund is also permitted to engage in "short-selling." When selling short, the fund will sell a security it does not own at the then-current market price and then borrow the security to deliver to the buyer. The fund is then

obligated to buy the security on a later date so that it can return the security to the lender. Short selling provides opportunities to increase the fund's total returns, but also entails significant potential risks.

The fund engages in frequent trading from time to time and consequently, the fund's investment strategies can result in high portfolio turnover.

Management process

The fund employs a "manager of managers" structure. UBS AM, the fund's manager and primary provider of investment advisory services, directly manages a separate portion of the fund's assets (i.e., it allocates a portion of the fund's assets to other unaffiliated pooled investment vehicles and index futures), and has the ultimate authority, subject to oversight by the fund's board, to oversee the fund's subadvisor(s) and recommend their hiring, termination and replacement, and to allocate assets among itself and the fund's subadvisor(s). The allocation of the fund's assets between subadvisors is designed to achieve long-term capital appreciation while having a low correlation to traditional equity and fixed income asset classes. Subject to approval by the fund's board of trustees, UBS AM may in the future allocate assets to additional or different subadvisors to employ other portfolio management strategies, and changes to current strategies may be made.

UBS AM's investment process begins with subadvisor selection. UBS AM's portfolio management team constructs a list of potential subadvisors based on information primarily from internal sources and the team's collective knowledge of the industry, but also supplemented by external sources. The team then focuses its research on that list to identify a small number of the most attractive candidates. This research includes analyzing the portfolio holdings and/or positioning of a subadvisor's investment strategy to understand whether the allocation of risk and the drivers of alpha are consistent with the subadvisor's investment philosophy and stated strengths. The most attractive sub-set of those subadvisors is then selected for in-depth, on-site due diligence meetings with representatives from the investment, operations and compliance groups within UBS AM. The due diligence information is then synthesized to select the most attractive candidate(s) for the fund, subject to the board's approval.

In managing the fund and overseeing the fund's subadvisor(s), UBS AM views its research process as an ongoing one, as the team continually seeks to confirm a subadvisor's investment thesis over the appropriate investment horizon. In general, UBS AM leverages its research and market knowledge to construct funds with exposure to various subadvisors that are expected, in combination, to produce the desired overall fund characteristics. UBS AM's ongoing monitoring and risk management process incorporates daily, weekly, monthly,

quarterly and annual responsibilities designed to monitor the drivers of fund risk and performance at the subadvisor level and at the overall fund level. Through this process, UBS AM may adjust a fund's positioning by altering its allocation weights across subadvisors within the fund and/or by changing the specific subadvisors within the fund.

The main strategies of UBS AM and the subadvisors include:

•  An "opportunistic strategy" in which UBS AM allocates a portion of the fund's assets primarily to unaffiliated actively- and passively-managed pooled investment vehicles that UBS AM believes are suitable for return generation, risk management or both.

•  A "long/short global equity" strategy in which the subadvisor buys securities "long" that the subadvisor believes will out-perform the market, and sells securities "short" that the subadvisor believes will underperform the market.

•  A "global unconstrained multi-strategy" strategy that identifies and pursues diverse strategies across asset classes, sectors, currencies, interest rates, inflation and volatility that are expected to work well together whether markets are rising or falling.

•  An "absolute return equity market neutral" strategy that aims to earn a positive absolute and attractive risk-adjusted return while demonstrating low correlation with, and lower volatility than, traditional long-only investment portfolios.

•  A "long/short US, small cap equity" strategy in which the subadvisor primarily buys securities of US small capitalization companies "long" that the subadvisor believes will out-perform the market, and sells securities of US small capitalization companies "short" that the subadvisor believes will underperform the market.

•  A "relative value strategy" that seeks to generate risk-adjusted returns that are uncorrelated to the equity or credit markets by isolating opportunities in the convertible bond, high yield and listed options markets.

•  A "merger arbitrage strategy" that seeks to achieve absolute returns utilizing a rule-based approach to investing.

•  A "long/short global equity" strategy focused on renewable energy and the associated supply chain in which the subadvisor seeks to achieve absolute returns by buying primarily publicly traded equity securities "long" that the subadvisor believes will out-perform the market and selling primarily publicly traded equity securities "short" that the subadvisor believes will underperform the market.

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PASIX - Performance

Return Ranking - Trailing

Period PASIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.8% -73.0% 19.4% 52.33%
1 Yr 10.4% -9.1% 86.9% 37.82%
3 Yr 3.4%* -9.5% 16.2% 44.98%
5 Yr 4.7%* -4.9% 14.4% 60.99%
10 Yr 2.8%* -0.9% 7.5% 40.43%

* Annualized

Return Ranking - Calendar

Period PASIX Return Category Return Low Category Return High Rank in Category (%)
2023 1.5% -22.7% 305.1% 25.93%
2022 -2.3% -9.8% 27.3% 38.31%
2021 -3.7% -20.8% 10.9% 72.44%
2020 4.4% -12.4% 29.4% 50.99%
2019 6.1% -10.5% 15.8% 61.78%

Total Return Ranking - Trailing

Period PASIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.8% -73.0% 19.4% 52.33%
1 Yr 10.4% -13.4% 86.9% 54.55%
3 Yr 3.4%* -9.5% 16.2% 68.27%
5 Yr 4.7%* -5.3% 14.4% 73.54%
10 Yr 2.8%* -0.9% 7.5% 53.19%

* Annualized

Total Return Ranking - Calendar

Period PASIX Return Category Return Low Category Return High Rank in Category (%)
2023 5.2% -22.7% 305.1% 26.30%
2022 0.0% -9.8% 27.3% 38.71%
2021 2.6% -20.8% 10.9% 76.89%
2020 9.5% -8.4% 29.4% 67.33%
2019 6.1% -10.2% 18.0% 73.82%

NAV & Total Return History


PASIX - Holdings

Concentration Analysis

PASIX Category Low Category High PASIX % Rank
Net Assets 358 M 1.5 M 5.01 B 30.63%
Number of Holdings 1403 4 4478 50.53%
Net Assets in Top 10 185 M -398 M 2.55 B 54.42%
Weighting of Top 10 52.50% 13.1% 100.0% 81.19%

Top 10 Holdings

  1. State Street Institutional US Government Money Market Fund 30.92%
  2. Carillon Reams Unconstrained Bond Fund 4.85%
  3. Virtus AlphaSimplex Managed Futures Strategy Fund 3.87%
  4. Palo Alto Networks, Inc. 3.87%
  5. Royal Caribbean Cruises Ltd. 3.53%
  6. AQR Style Premia Alternative Fund 1.45%
  7. Cinemark Holdings, Inc. 1.02%
  8. Bloomin' Brands, Inc. 1.02%
  9. CRH PLC 1.00%
  10. FirstEnergy Corp. 0.98%

Asset Allocation

Weighting Return Low Return High PASIX % Rank
Cash
63.96% -6278.21% 410.43% 22.97%
Stocks
23.69% -3.75% 97.95% 15.90%
Bonds
12.24% -326.45% 6347.80% 91.52%
Other
0.10% -21.53% 148.54% 98.94%
Preferred Stocks
0.00% -0.12% 46.97% 73.50%
Convertible Bonds
0.00% 0.00% 87.92% 82.33%

Stock Sector Breakdown

Weighting Return Low Return High PASIX % Rank
Technology
17.06% 0.00% 39.58% 78.35%
Industrials
17.05% 0.00% 21.45% 1.57%
Healthcare
13.56% 0.00% 45.63% 39.37%
Consumer Cyclical
12.60% 0.00% 29.09% 5.51%
Consumer Defense
8.68% 0.00% 13.62% 18.50%
Financial Services
7.02% 0.00% 59.28% 96.85%
Communication Services
6.61% 0.00% 21.78% 35.43%
Real Estate
6.37% 0.00% 51.26% 52.76%
Basic Materials
4.43% 0.00% 27.46% 61.02%
Utilities
3.80% 0.00% 9.23% 66.93%
Energy
2.82% 0.00% 100.00% 62.60%

Stock Geographic Breakdown

Weighting Return Low Return High PASIX % Rank
US
20.02% -8.85% 91.88% 20.85%
Non US
3.67% -19.62% 42.11% 20.85%

Bond Sector Breakdown

Weighting Return Low Return High PASIX % Rank
Cash & Equivalents
30.81% 0.27% 100.00% 1.06%
Government
8.49% 0.00% 84.29% 94.35%
Derivative
0.10% 0.00% 88.81% 92.58%
Securitized
0.00% 0.00% 56.83% 79.15%
Corporate
0.00% 0.00% 87.73% 86.93%
Municipal
0.00% 0.00% 27.33% 68.55%

Bond Geographic Breakdown

Weighting Return Low Return High PASIX % Rank
US
12.09% -126.19% 6311.18% 97.53%
Non US
0.15% -382.37% 121.02% 80.92%

PASIX - Expenses

Operational Fees

PASIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 3.09% 0.29% 31.15% 20.86%
Management Fee 1.30% 0.00% 2.50% 76.33%
12b-1 Fee 0.25% 0.00% 1.00% 50.68%
Administrative Fee 0.10% 0.01% 0.30% 46.58%

Sales Fees

PASIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 5.50% 2.50% 5.75% 61.54%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

PASIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 40.00%

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.

PASIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 418.00% 0.00% 491.00% 99.60%

PASIX - Distributions

Dividend Yield Analysis

PASIX Category Low Category High PASIX % Rank
Dividend Yield 3.44% 0.00% 4.56% 60.78%

Dividend Distribution Analysis

PASIX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Quarterly Annually

Net Income Ratio Analysis

PASIX Category Low Category High PASIX % Rank
Net Income Ratio -1.47% -2.51% 6.83% 84.89%

Capital Gain Distribution Analysis

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

Distributions History

View More +

PASIX - Fund Manager Analysis

Managers

David Krider


Start Date

Tenure

Tenure Rank

Apr 03, 2006

16.17

16.2%

David Krider is a portfolio manager for the Systematic Edge team at Allspring Global Investments. He is responsible for the ongoing research and development of global equity-based investment strategies as well as the day-to-day trading of global portfolios. David joined Allspring from its predecessor firm, Wells Fargo Asset Management (WFAM). Prior to WFAM, David was founder and chief technology officer of Visualize, Inc., a firm that specializes in financial visualization and analytic software. He was a research associate at First Quadrant before leaving to start his own firm. David earned a bachelor’s degree in economics and computer science from the California Institute of Technology. He has earned the right to use the Chartered Financial Analyst® (CFA®) designation.

Harindra de Silva


Start Date

Tenure

Tenure Rank

Apr 03, 2006

16.17

16.2%

Harindra (Harin) de Silva is a portfolio manager for the Systematic Edge team at Allspring Global Investments. He joined Allspring from its predecessor firm, Wells Fargo Asset Management (WFAM). Before WFAM, Harin was a principal at Analysis Group, Inc., where he was responsible for providing economic research services to institutional investors, including investment managers, large pension funds, and endowments. He focuses on the ongoing research effort for equity and factor-based asset allocation strategies. Harin earned a bachelor’s degree in mechanical engineering from the University of Manchester Institute of Science and Technology, a master’s degree in business administration with an emphasis in finance, a master’s degree in econometrics from the University of Rochester, and a Ph.D. in finance from the University of California, Irvine. He has earned the right to use the Chartered Financial Analyst® (CFA®) designation.

Mabel Lung


Start Date

Tenure

Tenure Rank

Dec 31, 2006

15.42

15.4%

• Mabel has been an integral member in portfolio management of Multi-Asset and Multi-Component Portfolios since 2000 when UBS Asset Management launched the UBS Multi-Asset Managed Accounts Program. • Recognizing the importance of after-tax investment results to US private clients, Mabel led her team to launch Personalized Tax Management in 2011 as a tax overlay investment service to multi-asset portfolios. • Mabel has significant experience in manager selection, overseeing $30 billion of assets for institutional and private clients globally through open architecture of best-in-class managers in liquid strategies, combined with a keen focus on risk-aware and holistic portfolio construction. • Mabel joined the firm in 1984, after her graduate study in business administration and has held various positions in finance, treasury, strategic and business planning, prior to joining the asset management division of the firm in 1995. • Prior to business school, she was a corporate finance analyst at an investment banking firm.

Fred Lee


Start Date

Tenure

Tenure Rank

Dec 31, 2009

12.42

12.4%

Fred Lee, CFA, as the Head of Portfolio Construction & Quantitative Research within the MMS team since January 2009, oversees the portfolio construction process in determining the specific allocations to individual managers. He also leads the team responsible for the quantitative assessment of managers. Mr. Lee is located in the London office of UBS AM, which he joined in 2006 as a Risk Analyst where he provided risk assessment and monitoring for all client portfolios and enhanced proprietary risk models. Prior to joining UBS AM, Mr. Lee worked as a consultant for MSCI Barra providing advice to large investment managers across Europe on the interpretation and use of risk models and analytics.

Gina Toth


Start Date

Tenure

Tenure Rank

Mar 31, 2013

9.17

9.2%

Gina Toth, CFA, is a Portfolio Manager within the MMS team at UBS AM, focusing on fixed income and multi-asset investment strategies, including liquid alternatives. She is part of the team responsible for manager due diligence and selection, portfolio construction, risk management, investment oversight, and performance of multi-asset strategies. Ms. Toth joined the firm in March 2013. Previously, she worked at AllianceBernstein as a Senior Portfolio Manager in New York and Sydney, specializing in multi-asset portfolios, asset allocation and custom solutions for the institutional, high-net worth and retail channels, encompassing both traditional and non-traditional asset classes. She also spent 14 years in New York and London as a fixed income portfolio manager for US and global portfolios.

Peter Fitzgerald


Start Date

Tenure

Tenure Rank

May 09, 2016

6.06

6.1%

Peter leads our global Multi-asset & Macro investment team and is responsible for the team’s strategic direction. Additionally, he is a portfolio manager of the AIMS Target Return fund. Peter is also chair of the Asset Allocation Committee. Peter began his career at Old Mutual in 1995 before joining BNP Wealth Management’s Multi-asset team. He has extensive international experience having worked in Asia, Latin America and Europe.Peter holds a postgraduate diploma in Education from Trinity College Dublin and a degree in European studies from the University of Cork. He is also a CFA® charterholder.

Jeppe Ladekarl


Start Date

Tenure

Tenure Rank

Jul 31, 2016

5.84

5.8%

Jeppe Ladekarl is a co-Chief Investment Officer and Partner of First Quadrant. Prior to joining the firm in 2009, he was the Principal Portfolio Manager for the currency and GTAA portfolios managed by the World Bank Pension and Endowments Department. He also managed the team that allocates funds to external GTAA and active currency managers, and was responsible for the internally managed global macro strategy. Mr. Ladekarl also worked in the World Bank's Financial Sector Operations and Policy group conducting financial sector policy research and providing advice to emerging market governments on financial sector issues. Before joining the World Bank, Mr. Ladekarl was a Special Advisor at the Danish Central Bank holding various positions in the Monetary Policy and Capital Markets Departments. Mr. Ladekarl has published on various debt management, ALM, mortgage bonds, currency, emerging markets and international portfolio investment topics. He holds a MSc in economics from the University of Copenhagen.

Mark Friedman


Start Date

Tenure

Tenure Rank

Feb 14, 2020

2.29

2.3%

Mark Friedman is recognized for his distinguished career of over twenty five years in the alternative investment industry. Mr. Friedman founded DLD Asset Management, LP in May 2013, where he serves as the Chief Investment Officer and Founder. Prior to launching DLD, Mr. Friedman briefly served as the Director of Trading and Operations at Touradji Capital Management. Prior to joining Touradji Capital, Mr. Friedman co-founded AM Investment Partners, LLC and co-ran the business from July 2001 through December 2011. AM was a multi-arbitrage strategy hedge fund operating in New York City and Hong Kong. Mr. Friedman’s primary role was to serve as Chief Investment Officer for all investment strategies. AM prided itself on a slow and steady growth providing outsized risk adjusted returns and peaking in assets under management at just over $1 billion. Prior to co-founding AM, he served as Director and Head of Deutsche Bank’s U.S. Convertible Trading desk in New York City from September 1997 through July 2001. At Deutsche Bank, he was recognized for consistently achieving strong returns while managing the risks associated with a multi-billion dollar convertible arbitrage portfolio. Mr. Friedman additionally served as Vice President with SBC Warburg in London trading South East Asian equity derivatives and convertibles. From May 1992 through August 1994, Mr. Friedman began his career as a Specialist and Market Maker trading U.S. equity options on the American Stock Exchange for O’Connor and Associates. Mr. Friedman holds a Bachelor of Arts degree in Economics and International Business from New York University, Stern School of Business.

David Kelly


Start Date

Tenure

Tenure Rank

May 31, 2021

1.0

1.0%

David Kelly is a portfolio manager for Americas House View Portfolios for UBS AM. Mr. Kelly is responsible for managing portfolios offered to UBS Financial Services clients that are aligned with UBS Financial Services House Views. He is a voting member of the Managed Account Solutions Investment Committee. Prior to joining UBS AM in May 2021, Mr. Kelly was a portfolio manager in the Investment Management group of UBS Financial Services, where he was responsible for strategy selection, portfolio construction and management of the multi-managed strategies. Mr. Kelly was a voting member of the Investment Management Investment Committee and was a member of the Investment Management Research Committee. Prior to joining UBS in 2004, Mr. Kelly worked at Merrill Lynch for 15 years where he served in a variety of municipal and taxable fixed income capacities, including private client sales, municipal new issue marketing and fixed income portfolio construction.

Ian Pizer


Start Date

Tenure

Tenure Rank

May 31, 2021

1.0

1.0%

Ian has a longstanding association with the AIMS franchise and played a key role in its growth after joining Aviva Investors in 2014, particularly as portfolio manager on AIMS Target Return and in developing the House View as head of investment strategy. Prior to joining us, Ian spent over ten years at Standard Life Investments, where he was Investment Director, Multi-Asset Investing and managed the Global Absolute Return Strtaegies (GARS) fund and the Absolute Return Bond Strategy fund. Ian has a PhD in Mathematical Logic from Bristol University and is also a CFA® charterholder.

Tenure Analysis

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