KL Allocation Fund
Name
As of 11/29/2023Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
3.1%
1 yr return
-1.5%
3 Yr Avg Return
-5.4%
5 Yr Avg Return
2.4%
Net Assets
$35 M
Holdings in Top 10
62.8%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.60%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 140.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/29/2023Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
GAVAX - Profile
Distributions
- YTD Total Return 3.1%
- 3 Yr Annualized Total Return -5.4%
- 5 Yr Annualized Total Return 2.4%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.31%
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
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Legal NameKL Allocation Fund
-
Fund Family NameINVESTMENT MANAGERS SERIES TRUST
-
Inception DateSep 30, 2010
-
Shares OutstandingN/A
-
Share ClassAdv
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerSteven Vannelli
Fund Description
The Fund employs an allocation strategy by investing in three asset classes: equity, fixed income and cash or cash equivalents. The Fund may also invest in exchange-traded funds (“ETFs”) that invest in equity securities, fixed income securities, and money market instruments. The proportion the Fund invests in each asset class at any given time depends on analysis of market factors, including economic growth, inflation, credit spreads and relative valuations, by Knowledge Leaders Capital, LLC (the “Advisor”), the Fund’s advisor. At any point, the Fund’s investment in any of the asset classes could be underweight or overweight relative to the following target allocations, based on the Advisor’s discretion. Allocation percentages are measured at the time of purchase. The Fund may invest in securities of U.S. and foreign issuers.
Asset Class | Target Allocation Percentage |
Equity Securities and Equity ETFs | 10% to 90% |
Fixed Income Securities and Fixed Income ETFs | 10% to 90% |
Cash or Cash Equivalents and Money Market ETFs | 0% to 80% |
Equity Securities
In selecting the Fund’s equity investments, the Advisor focuses on equity securities of U.S. and foreign companies with market capitalizations of over $500 million that the Advisor considers to be “knowledge leader” companies. The Fund may invest in stocks of companies in all industry groups and geographic locations, although the Fund may have a significant portion of its assets invested in the securities of companies in one or a few countries or regions.
The Advisor considers knowledge leaders to be companies that have demonstrated histories of successfully employing their research and development and have built competitive advantages using their own firm-specific resources such as proprietary knowledge, intellectual property or a unique distribution mechanism. Based on academic research, the Advisor believes the market is generally inefficient at valuing such high growth companies because traditional financial data overlooks hidden value in such companies’ assets. The Advisor seeks to identify knowledge leaders through a proprietary, quantitative process. First, the Advisor employs a quantitative screen designed to identify those companies that exceed specific criteria which demonstrate innovation intensity, profitability and financial stability. The Advisor then uses proprietary financial models to re-calculate financial data, and considers other factors, including valuation and quality, and uses technical analysis to seek to identify undervalued companies for investment by the Fund. The Fund may also invest in ETFs that invest in equity securities. ETFs are investment companies that invest in portfolios of securities designed to track particular market segments or indices, the shares of which are bought and sold on securities exchanges.
The Fund may invest in securities of companies engaged in the precious metals industry and in financial instruments that provide exposure to precious metals. Investments related to precious metals are considered speculative and are affected by a variety of worldwide economic, financial and political factors.
Fixed Income Securities and Fixed Income ETFs
The Fund also invests in ETFs that primarily invest in fixed income securities and in alternative ETFs that invest in government, municipal, corporate and mortgage-related fixed income securities In selecting these investments, the Advisor considers various factors, including opportunities for appreciation, income and diversification. The fixed income ETFs in which the Fund invests may invest in fixed income investments of any maturity and credit quality. The Fund may also invest in U.S. Government securities and other fixed income securities of any maturity and credit quality including high yield securities, commonly referred to as “junk bonds,” that are rated below investment grade by a nationally recognized statistical rating organization such as Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s, a division of McGraw Hill Companies Inc. (“S&P”) or Fitch Ratings Ltd. (“Fitch”) (or if unrated, are determined by the Advisor to be of comparable credit quality).
Cash or Cash Equivalents
The Fund’s investment in cash equivalents may include money market funds, money market instruments and repurchase agreements. The Fund may also invest in ETFs that invest in money market instruments. The money market instruments in which the Fund may invest include: obligations of the U.S. Government, its agencies or instrumentalities; commercial paper rated A-1 or higher by S&P or Prime-1 by Moody’s; and certificates of deposit, bankers’ acceptances and bank time deposits issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation.
The Advisor’s sell discipline seeks to limit downside volatility and provide capital preservation. The Fund may sell a position for various reasons, including: 1) to allocate capital to a new idea, 2) if a company no longer meets the criteria of a knowledge leader, or the Advisor’s other investment-related criteria, 3) to reduce stock specific risk, or 4) to raise cash to meet redemption requests.
GAVAX - Performance
Return Ranking - Trailing
Period | GAVAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.1% | -14.4% | 47.2% | 68.80% |
1 Yr | -1.5% | -17.2% | 39.5% | 79.06% |
3 Yr | -5.4%* | -22.9% | 11.4% | 96.55% |
5 Yr | 2.4%* | -12.5% | 16.6% | 72.17% |
10 Yr | 2.9%* | -5.4% | 7.8% | 65.94% |
* Annualized
Return Ranking - Calendar
Period | GAVAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -19.1% | -48.5% | 0.1% | 68.38% |
2022 | -8.8% | -19.0% | 48.3% | 91.85% |
2021 | 11.1% | -16.5% | 52.8% | 18.64% |
2020 | 5.9% | -8.5% | 27.3% | 79.53% |
2019 | -18.0% | -29.6% | 1.6% | 88.44% |
Total Return Ranking - Trailing
Period | GAVAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.1% | -14.4% | 47.2% | 68.80% |
1 Yr | -1.5% | -17.2% | 39.5% | 79.06% |
3 Yr | -5.4%* | -22.9% | 11.4% | 96.55% |
5 Yr | 2.4%* | -12.5% | 16.6% | 72.17% |
10 Yr | 2.9%* | -5.4% | 7.8% | 65.94% |
* Annualized
Total Return Ranking - Calendar
Period | GAVAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -19.1% | -48.5% | 4.6% | 85.04% |
2022 | -0.6% | -14.2% | 48.3% | 93.13% |
2021 | 20.7% | -11.7% | 77.4% | 14.09% |
2020 | 14.9% | -3.9% | 30.2% | 46.51% |
2019 | -12.5% | -28.0% | 2.6% | 92.96% |
NAV & Total Return History
GAVAX - Holdings
Concentration Analysis
GAVAX | Category Low | Category High | GAVAX % Rank | |
---|---|---|---|---|
Net Assets | 35 M | 1.67 M | 13.2 B | 82.20% |
Number of Holdings | 47 | 2 | 1893 | 51.27% |
Net Assets in Top 10 | 23.7 M | -12.6 M | 10.1 B | 80.51% |
Weighting of Top 10 | 62.78% | -61.8% | 108.5% | 63.56% |
Top 10 Holdings
- Fidelity Government Portfolio - Class Institutional 15.82%
- iShares Treasury Floating Rate Bond ETF 11.78%
- U.S. Treasury 3 Month Bill Etf - Class USD INC 11.77%
- WisdomTree Floating Rate Treasury Fund 11.72%
- BondBloxx Bloomberg Six Month Target Duration U.S. Treasury ETF 5.56%
- Asics Corp. 1.35%
- Kuraray Co., Ltd. 1.26%
- Eaton Corp. PLC 1.20%
- CSW Industrials, Inc. 1.16%
- Simpson Manufacturing Co., Inc. 1.16%
Asset Allocation
Weighting | Return Low | Return High | GAVAX % Rank | |
---|---|---|---|---|
Stocks | 43.73% | 0.00% | 135.63% | 79.66% |
Cash | 15.84% | -33.22% | 170.99% | 28.39% |
Preferred Stocks | 0.00% | 0.00% | 5.36% | 77.12% |
Other | 0.00% | -153.73% | 149.98% | 58.47% |
Convertible Bonds | 0.00% | 0.00% | 8.92% | 88.56% |
Bonds | 0.00% | 0.00% | 106.59% | 83.47% |
Stock Sector Breakdown
Weighting | Return Low | Return High | GAVAX % Rank | |
---|---|---|---|---|
Energy | 30.88% | 0.00% | 60.89% | 6.93% |
Healthcare | 23.43% | 0.00% | 38.63% | 7.43% |
Industrials | 17.16% | 0.00% | 23.85% | 5.45% |
Basic Materials | 10.27% | 0.00% | 56.73% | 7.43% |
Financial Services | 5.91% | 0.00% | 98.22% | 83.66% |
Technology | 5.54% | 0.00% | 85.77% | 84.65% |
Consumer Cyclical | 4.19% | 0.00% | 25.83% | 71.29% |
Consumer Defense | 2.62% | 0.00% | 37.51% | 82.18% |
Utilities | 0.00% | 0.00% | 91.12% | 97.03% |
Real Estate | 0.00% | 0.00% | 99.45% | 99.01% |
Communication Services | 0.00% | 0.00% | 21.61% | 97.03% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | GAVAX % Rank | |
---|---|---|---|---|
US | 27.53% | 0.00% | 135.63% | 78.39% |
Non US | 16.20% | -1.94% | 44.47% | 11.44% |
GAVAX - Expenses
Operational Fees
GAVAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.60% | 0.49% | 5.48% | 57.20% |
Management Fee | 0.90% | 0.00% | 1.50% | 56.78% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 58.33% |
Administrative Fee | N/A | 0.05% | 0.70% | 18.52% |
Sales Fees
GAVAX 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% | 1.00% | N/A |
Trading Fees
GAVAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.50% | 2.00% | 64.29% |
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.
GAVAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 140.00% | 1.75% | 441.00% | 61.26% |
GAVAX - Distributions
Dividend Yield Analysis
GAVAX | Category Low | Category High | GAVAX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 12.66% | 78.72% |
Dividend Distribution Analysis
GAVAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annual | Quarterly | Annual |
Net Income Ratio Analysis
GAVAX | Category Low | Category High | GAVAX % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.31% | -2.01% | 13.72% | 71.61% |
Capital Gain Distribution Analysis
GAVAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 04, 2019 | $1.112 | OrdinaryDividend |
Dec 04, 2017 | $0.036 | OrdinaryDividend |
Dec 02, 2016 | $0.038 | OrdinaryDividend |
Dec 09, 2014 | $0.039 | OrdinaryDividend |
GAVAX - Fund Manager Analysis
Managers
Steven Vannelli
Start Date
Tenure
Tenure Rank
Sep 30, 2010
11.67
11.7%
Steven Vannelli is Founder and CEO of Knowledge Leaders Capital and Chief Investment Officer of the Knowledge Leaders Strategy. He oversees investment strategy, asset allocation and security selection. Steve leads development on the firm’s analysis of intangible capital, studying how it affects corporate profitability and wealth creation. His work is the core of the firm’s investment methodology, which is based on a novel approach to accounting for intangible capital. Steve has been an equity analyst and portfolio manager for more than 20 years. Previously, he served for 10 years at Denver-based money management firm Alexander Capital, most recently as Head of Equities. Steve holds a bachelor’s degree in finance from the University of Denver and is a CFA charterholder.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.07 | 33.83 | 6.58 | 13.0 |