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Trending ETFs

Name

As of 02/27/2024

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

$11.03

$1.18 B

0.00%

1.58%

Vitals

YTD Return

3.2%

1 yr return

5.2%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$1.18 B

Holdings in Top 10

17.4%

52 WEEK LOW AND HIGH

$11.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.58%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 45.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$2,500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 02/27/2024

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

$11.03

$1.18 B

0.00%

1.58%

ARBOX - Profile

Distributions

  • YTD Total Return 3.2%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -0.01%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    ABSOLUTE CONVERTIBLE ARBITRAGE FUND
  • Fund Family Name
    Absolute Investment Advisers
  • Inception Date
    May 11, 2021
  • Shares Outstanding
    N/A
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Eric Hage

Fund Description

The Fund invests primarily in a diversified portfolio of convertible securities issued by both U.S. and foreign companies. These convertible securities are typically debt securities or preferred stocks that can be exchanged for, or convert automatically to, common stock. Convertible arbitrage involves purchasing such a portfolio of convertible securities and hedging the equity risk inherent in such securities by selling short the common stock into which the securities may be converted. The Fund’s convertible arbitrage strategy is intended to offer investors the potential for yield and capital appreciation with less risk than traditional equity indices due to the convertible securities being hedged by shorting the underlying common stock.

In so doing, the Fund is designed to provide investors with a potential source of alternative income and returns from investments in interest and dividend-paying convertible securities and trading based on the pricing inefficiencies of the options embedded in the convertible securities.

Although the Fund may invest in securities of issuers of any market capitalization, the Fund expects to invest primarily in small- and mid-capitalization companies. For these purposes, the Fund considers small capitalization companies to be those with a market capitalization of less than $2 billion at the time of investment and mid-capitalization companies to be those with a market capitalization between $2 billion and $10 billion at the time of investment.

The Fund may also invest in below investment grade securities with individual ratings ranging from BB+ to CCC. The weighted average grade of bonds in the Fund’s portfolio is typically below investment grade. Such “junk bonds” typically are rated Bal or below by Moody’s, BB+ or below by S&P or BBB- or below by Fitch. The Fund may purchase unrated securities if, at the time of purchase, Absolute believes that they are of comparable quality to rated securities that the Fund may purchase.

The Fund may invest, long or short, in securities of issuers of any market capitalization in the U.S. or abroad. The securities in which the Fund typically takes a long position include convertible bonds, such as private placement/ restricted and Rule 144A securities and contingent convertible securities (“CoCos”), which are fixed-income instruments that are convertible into equity if a pre-specified trigger event occurs. As part of its convertible arbitrage strategy, the Fund typically invests in short equity positions against a long convertible position of the same issuer, which may include shorting the common stock of such issuer, or shorting certain exposures to non-U.S. issuers obtained through investments in American Depositary Receipts (“ADRs”). The Fund may also invest in pooled investment vehicles, including other registered investment companies and ETFs, and may utilize treasury futures to manage interest rate risk.

The Fund may focus its investments in securities of a particular sector from time to time, including the Information Technology Sector, Healthcare Sector, Consumer Discretionary Sector, or Industrials Sector.

The Fund may engage in active and frequent trading of portfolio securities.

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ARBOX - Performance

Return Ranking - Trailing

Period ARBOX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.2% N/A N/A N/A
1 Yr 5.2% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period ARBOX Return Category Return Low Category Return High Rank in Category (%)
2023 1.6% N/A N/A N/A
2022 -3.9% N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period ARBOX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.2% N/A N/A N/A
1 Yr 5.2% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period ARBOX Return Category Return Low Category Return High Rank in Category (%)
2023 6.0% N/A N/A N/A
2022 -0.8% N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

NAV & Total Return History


ARBOX - Holdings

Concentration Analysis

ARBOX Category Low Category High ARBOX % Rank
Net Assets 1.18 B N/A N/A N/A
Number of Holdings 264 N/A N/A N/A
Net Assets in Top 10 79.7 M N/A N/A N/A
Weighting of Top 10 17.37% N/A N/A N/A

Top 10 Holdings

  1. First American Treasury Obligs X 3.78%
  2. Perficient Inc 1.25% 2.17%
  3. Perficient Inc 1.97%
  4. First Am Treas Obli-X 1.86%
  5. First Am Treas Obli-X 1.86%
  6. First Am Treas Obli-X 1.86%
  7. First Am Treas Obli-X 1.86%
  8. First Am Treas Obli-X 1.86%
  9. First Am Treas Obli-X 1.86%
  10. First Am Treas Obli-X 1.86%

Asset Allocation

Weighting Return Low Return High ARBOX % Rank
Convertible Bonds
94.29% N/A N/A N/A
Cash
48.04% N/A N/A N/A
Preferred Stocks
0.00% N/A N/A N/A
Other
0.00% N/A N/A N/A
Bonds
-0.27% N/A N/A N/A
Stocks
-42.06% N/A N/A N/A

ARBOX - Expenses

Operational Fees

ARBOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.58% N/A N/A N/A
Management Fee 1.00% N/A N/A N/A
12b-1 Fee 0.25% N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

ARBOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

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

ARBOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 45.00% N/A N/A N/A

ARBOX - Distributions

Dividend Yield Analysis

ARBOX Category Low Category High ARBOX % Rank
Dividend Yield 0.00% N/A N/A N/A

Dividend Distribution Analysis

ARBOX Category Low Category High Category Mod
Dividend Distribution Frequency None

Net Income Ratio Analysis

ARBOX Category Low Category High ARBOX % Rank
Net Income Ratio -0.01% N/A N/A N/A

Capital Gain Distribution Analysis

ARBOX Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

View More +

ARBOX - Fund Manager Analysis

Managers

Eric Hage


Start Date

Tenure

Tenure Rank

Aug 14, 2017

4.8

4.8%

Mr. Hage is the Chief Investment Officer of Mohican Financial Management, LLC, is responsible for managing the convertible arbitrage portfolio. Prior to founding Mohican in 2002, Mr. Hage spent several years trading and selling convertible securities for investment banks Citigroup, Bear Stearns and Smith Barney. Mr. Hage received his BS degree from Cornell University and his MBA from Columbia Business School.

Daniel Hage


Start Date

Tenure

Tenure Rank

Dec 31, 2020

1.41

1.4%

aniel Hage Highlights: –7 years of convertible securities experience (2 years in sales, 5 years as broker) –Developed trading ideas for clients through exhaustive review of equity and convertible research –Established strong relationships with institutional traders and convertible arbitrage managers Background: –3/00-5/02: CIBC World Markets –1/98-3/00: Fahnestock & Company –1/95-12/97: Murphy & Durieu –2/90-5/92: Time Warner Education: –University at Albany, MBA –LeMoyne College, B.S. in Business Administration

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A