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Trending ETFs

Name

As of 10/31/2023

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

$5.83

$112 M

32.65%

$1.90

1.99%

Vitals

YTD Return

-12.9%

1 yr return

-14.5%

3 Yr Avg Return

7.2%

5 Yr Avg Return

3.1%

Net Assets

$112 M

Holdings in Top 10

75.7%

52 WEEK LOW AND HIGH

$5.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.99%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 244.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$5,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/31/2023

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

$5.83

$112 M

32.65%

$1.90

1.99%

SPCAX - Profile

Distributions

  • YTD Total Return -12.9%
  • 3 Yr Annualized Total Return 7.2%
  • 5 Yr Annualized Total Return 3.1%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -2.14%
DIVIDENDS
  • Dividend Yield 32.7%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    SilverPepper Commodity Strategies Global Macro Fund
  • Fund Family Name
    INVESTMENT MANAGERS SERIES TRUST
  • Inception Date
    Oct 31, 2013
  • Shares Outstanding
    N/A
  • Share Class
    Adv
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Renee Haugerud

Fund Description

Global Macro is an investment strategy that is defined by its freedom to trade both long and short positions in an array of asset classes and investment instruments located anywhere in the world. The Commodity Strategies Global Macro Fund intends to take full advantage of its investment freedom, but plans to do so based primarily on its Sub-Advisor’s views of commodity prices.

The Advisor and Sub-Advisor (as defined herein) believe that the Commodity Strategies Global Macro Fund is distinguished from other global macro funds by its focus on commodities and the impact that commodity fundamentals (the factors that impact the supply and demand of commodities) have on commodity prices as well as the prices of other asset classes. Regardless of whether the Commodity Strategies Global Macro Fund owns a stock, bond, commodity or currency, the reason for holding that asset will typically be influenced, in some way or another, by the Sub-Advisor’s views of commodity prices and how commodity prices influence other asset prices. Under normal market conditions, the Fund expects to primarily invest in securities and instruments that provide investment exposure to a variety of countries and regions throughout the world, including both developed and emerging markets. The Fund further expects, under normal circumstances, to provide investment exposure to at least three different countries other than the United States. To satisfy its country exposure, the Fund may invest in foreign currencies, sovereign debt, foreign equities and futures contracts that are linked to the performance of commodities, as the commodities underlying the futures contracts in which the Fund invests are produced and consumed throughout the world. Adverse economic, social, political or environmental conditions may affect the production and/or consumption of certain commodities in different countries or regions and, therefore, may have a significant effect on the overall value of such commodities. To the extent the Fund engages in derivative transactions, it may be required to cover its obligations under those transactions.  As a result, the Fund expects that it may hold a significant portion of its assets in U.S. Government securities, short-term debt securities, money market instruments, cash and other cash equivalents to collateralize its derivative transactions.

The day-to-day management of the Commodity Strategies Global Macro Fund is conducted by Galtere Inc. (“Galtere” or the “Sub-Advisor”), which specializes in managing commodity-based global macro investment strategies. To implement the investment strategy for the Commodity Strategies Global Macro Fund, Galtere draws on its experience and expertise in commodity markets to identify market drivers, or trends, which may create favorable investment opportunities for the Commodity Strategies Global Macro Fund. This analysis includes consideration of factors such as geopolitical movements, economic cycles, international production and consumption patterns, demographics, and weather patterns. From this global snapshot, three to five investment themes are typically developed, across which capital is allocated at the Sub-Advisor’s discretion. While these themes are typically long-term, they undergo regular reevaluation. As long as Galtere’s fundamental research continues to support the underlying hypotheses of a theme, the theme may continue to be a driver of specific investments within the Commodity Strategies Global Macro Fund.

To implement specific investments and profile specific long or short trades, all asset classes, such as common stocks, bonds, commodities, and currencies, are considered. Bottom-up fundamental analysis is used to profile the trades. Once the specific investment instrument is chosen that best articulates the theme, then Galtere’s proprietary price-analysis model is used to identify what it believes will be the most advantageous entry and exit prices for that investment. Generally, a combination of long and/or short positions are used to express each theme. Bonds in which the Fund invests will generally be investment grade, of any maturity, and may include, but are not limited to, those of U.S. Government, sovereign and corporate issuers. Investment grade securities are those rated at the time of acquisition Baa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB- or higher by Standard & Poor’s, a division of McGraw Hill Companies Inc. (“S&P”), or Fitch Ratings Ltd. (“Fitch”) or, if unrated by S&P, Moody’s or Fitch, determined by the Fund’s Sub-Advisor to be of comparable credit quality.

The investment approach also places a strong emphasis on risk management. Galtere uses future and options contracts for risk management in an attempt to reduce position-specific risk or volatility. Galtere’s process uses a variety of hedging and other investment techniques that seek to protect capital and attempt to reduce the frequency and severity of loss.

As part of pursuing its investment strategy, the Commodity Strategies Global Macro Fund will invest up to 25% of its total assets in a wholly-owned and controlled subsidiary formed under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary is advised by the Fund’s Advisor and has the same investment objective as the Commodity Strategies Global Macro Fund. The Subsidiary will generally invest in derivatives, including commodity futures, options on commodity futures, or other investments intended to serve as margin or collateral for derivative positions.

The instruments in which the Commodity Strategies Macro Global Fund invests may have payments linked to the performance of commodities. Although the Commodity Strategies Global Macro Fund expects to make these investments principally by investing in the Subsidiary, the Commodity Strategies Global Macro Fund also may invest directly in the same instruments to the extent permitted under the 1940 Act and consistent with its intent to be treated as a “regulated investment company” under the Internal Revenue Code of 1986, as amended (the “Code”). References in this Prospectus to investments by, and activities and risks of, the Commodity Strategies Global Macro Fund may also include investments by, and activities and risks of, the Subsidiary.

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SPCAX - Performance

Return Ranking - Trailing

Period SPCAX Return Category Return Low Category Return High Rank in Category (%)
YTD -12.9% -56.3% 58.3% 94.89%
1 Yr -14.5% -70.0% 59.0% 96.35%
3 Yr 7.2%* -23.7% 317.0% 80.00%
5 Yr 3.1%* -30.2% 130.9% 86.92%
10 Yr -0.3%* -21.6% 46.4% 63.95%

* Annualized

Return Ranking - Calendar

Period SPCAX Return Category Return Low Category Return High Rank in Category (%)
2023 -18.9% -45.7% 2475.6% 83.82%
2022 -1.6% -23.3% 106.7% 65.19%
2021 4.0% -71.9% 295.5% 37.12%
2020 4.3% -31.8% 53.9% 74.05%
2019 -13.0% -42.9% 17.2% 43.36%

Total Return Ranking - Trailing

Period SPCAX Return Category Return Low Category Return High Rank in Category (%)
YTD -12.9% -56.3% 58.3% 94.89%
1 Yr -14.5% -70.0% 59.0% 96.35%
3 Yr 7.2%* -23.7% 317.0% 80.00%
5 Yr 3.1%* -30.2% 130.9% 86.92%
10 Yr -0.3%* -21.6% 46.4% 63.95%

* Annualized

Total Return Ranking - Calendar

Period SPCAX Return Category Return Low Category Return High Rank in Category (%)
2023 3.3% -15.1% 5648.8% 85.29%
2022 22.4% -23.3% 188.1% 74.07%
2021 4.0% -67.8% 296.1% 37.88%
2020 4.3% -31.8% 53.9% 81.68%
2019 -8.2% -28.1% 17.2% 20.35%

NAV & Total Return History


SPCAX - Holdings

Concentration Analysis

SPCAX Category Low Category High SPCAX % Rank
Net Assets 112 M 2.34 M 52.5 B 71.01%
Number of Holdings 160 1 1103 34.29%
Net Assets in Top 10 84.5 M 1.45 M 63.2 B 80.00%
Weighting of Top 10 75.72% 17.1% 169.8% 43.70%

Top 10 Holdings

  1. United States Treasury Bill 71.22%
  2. UMB MONEY MARKET FIDUCIARY / 0.78%
  3. SOYBEAN OIL FUTURE AUG 2023 / 0.75%
  4. WHEAT FUTURE OPTN Aug23P 745 0.69%
  5. CORN FUTURE OPTN Aug23P 555 0.62%
  6. KC WHEAT FUT OPT Aug23P 860 0.55%
  7. COFFEE 'C' FUT OP Aug23P 175 0.33%
  8. WTI CRUDE Week OptJul23C 67.75 0.29%
  9. COFFEE 'C' FUT OP Aug23P 167.5 0.26%
  10. WTI CRUDE Week OptJun23C 68 0.24%

Asset Allocation

Weighting Return Low Return High SPCAX % Rank
Bonds
71.22% 0.00% 100.25% 16.43%
Cash
29.78% 0.00% 103.72% 44.20%
Stocks
0.00% 0.00% 56.88% 84.29%
Preferred Stocks
0.00% 0.00% 0.06% 81.16%
Convertible Bonds
0.00% 0.00% 3.89% 89.05%
Other
-1.00% -47.59% 100.00% 90.58%

Bond Sector Breakdown

Weighting Return Low Return High SPCAX % Rank
Cash & Equivalents
0.78% 0.00% 100.00% 86.40%
Securitized
0.00% 0.00% 36.61% 89.52%
Corporate
0.00% 0.00% 42.72% 89.52%
Municipal
0.00% 0.00% 1.45% 79.84%
Government
0.00% 0.00% 100.00% 96.77%
Derivative
-1.00% -6.93% 99.87% 76.80%

Bond Geographic Breakdown

Weighting Return Low Return High SPCAX % Rank
US
71.22% 0.00% 96.46% 15.94%
Non US
0.00% 0.00% 21.42% 83.33%

SPCAX - Expenses

Operational Fees

SPCAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.99% 0.21% 4.07% 13.51%
Management Fee 1.50% 0.00% 1.75% 95.86%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.45% 42.55%

Sales Fees

SPCAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 4.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

SPCAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A 52.63%

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.

SPCAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 244.00% 0.00% 244.00% 98.99%

SPCAX - Distributions

Dividend Yield Analysis

SPCAX Category Low Category High SPCAX % Rank
Dividend Yield 32.65% 0.00% 33.38% 2.47%

Dividend Distribution Analysis

SPCAX Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Annually Annually

Net Income Ratio Analysis

SPCAX Category Low Category High SPCAX % Rank
Net Income Ratio -2.14% -55.71% 52.26% 97.08%

Capital Gain Distribution Analysis

SPCAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

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SPCAX - Fund Manager Analysis

Managers

Renee Haugerud


Start Date

Tenure

Tenure Rank

Oct 31, 2013

8.59

8.6%

Renee Haugerud is the Founder, Chief Investment Officer and Managing Principal of Galtere. Ms. Haugerud began trading in the global financial and commodity markets beginning in 1981 for Cargill Inc., an agriculture and food company. Her interests in the relationship between financial markets and geopolitics led to her first international posting in Geneva, Switzerland, where she ultimately served as Cargill’s Foreign Exchange Trading Manager. Additionally, she further developed her expertise in a long range of securities by assuming the positions of Manager of the US Fixed Income trading desk, Minneapolis, MN; Financial Division Manager at the Melbourne Australia Office; board membership of Cargill Australia, and finally Vice President/Structural Trading Manager in Cargill’s headquarters in Minneapolis. Following her years at Cargill, Ms. Haugerud spent two years in Hong Kong as the Head of Proprietary Trading for Natwest in their Global Financial Markets division. She then returned to the United States as the Financial Trading Manager for Hunter Douglas N.A. in New York. Ms. Haugerud received her B.S. degree with Honors in Forest Resource Management from the University of Montana in 1980.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.33 17.03 5.78 11.51