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Trending ETFs

Name

As of 05/21/2024

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

$13.99

$557 M

2.22%

$0.31

1.43%

Vitals

YTD Return

9.8%

1 yr return

10.9%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$557 M

Holdings in Top 10

49.5%

52 WEEK LOW AND HIGH

$14.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.43%

SALES FEES

Front Load 5.00%

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 05/21/2024

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

$13.99

$557 M

2.22%

$0.31

1.43%

CCPAX - Profile

Distributions

  • YTD Total Return 9.8%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -0.83%
DIVIDENDS
  • Dividend Yield 2.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    FS CHIRON CAPITAL ALLOCATION FUND
  • Fund Family Name
    Chiron Investment Management
  • Inception Date
    Nov 30, 2015
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Ryan Caldwell

Fund Description

The Fund seeks to achieve its objective by allocating its assets among equity, debt, precious metals and cash investments in markets around the globe. Subject to the allocation targets below, the combination of the Fund’s investments will vary from time to time both with respect to the types of securities and markets, in response to changing market and economic trends. In deciding between equity and debt investments, the Fund utilizes a “quantamental” approach, which combines quantitative and fundamental research. The quantitative process identifies opportunities for growth with the fundamental approach identifying changes not captured by the quantitative research, such as regulatory environment and industry dynamics. As markets are not static and go through various stages, the Fund seeks to identify the current stage in each market in which it invests and makes investment decisions accordingly, in order to capitalize on the underlying factors driving that particular market stage. The Fund aims to reduce volatility and risk through diversifying its investment choices across a wide range of industries, sectors and geographic areas.

Under normal market conditions, the Fund intends to allocate its assets within the following ranges:

Equity investments: net exposure of 25-80% of the Fund’s net asset value (“NAV”)

Debt investments: net exposure of 10-55% of the Fund’s NAV

Precious metals investments: net exposure of 0-15% of the Fund’s NAV

The Fund may also invest in cash and cash equivalents, which include U.S. Treasury securities with maturities of three months or less.

The Fund’s net exposure generally equals the notional value of its long positions (i.e., assets purchased and still held) minus the notional value of its short positions (e.g., hedges to its long positions through derivatives).

Equity Investments: Equity securities in which the Fund may invest include common stock issued by companies of any market capitalization (including initial public offerings (“IPOs”)), American Depositary Receipts (“ADRs”), exchange traded funds (“ETFs”) and securities of real estate investment trusts (“REITs”). Chiron Investment Management, LLC (“Chiron” or the “Adviser”), the Fund’s investment adviser, uses a quantamental approach to equity selection. The quantitative process will consider factors, including earnings quality, capital deployment, valuation and market reaction, to determine: which style of equities are attractive (growth (i.e., investing in equity securities of companies that Chiron believes will increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies), value (i.e., focusing on companies with stocks that Chiron believes appear undervalued) or growth at a reasonable price (also known as “GARP,” which is a combination of growth and value styles)) and which particular issues are attractive within each style. Fundamental research then further investigates the particular issues for information and changes that quantitative research cannot capture including management behavior, regulatory environment and industry dynamics. The melding of this process contributes to the decision as to which securities are selected for the Fund and the appropriate weighting each should have within the Fund.

Debt Investments: The Fund may invest in any type of debt security without regard to credit ratings or time to maturity, including corporate bonds, convertible bonds, including contingent convertible bonds, structured notes, credit-linked notes, inflation protected securities, loan assignments and participations, high yield (or “junk”) bonds, distressed securities, mortgage- and asset-backed securities, “to-be-announced” transactions (“TBA Transactions”), and securities issued or guaranteed by the U.S. government or its agencies or instrumentalities with maturities greater than three months, by foreign governments or international agencies or supranational entities. The Fund may also invest in preferred stocks, which are treated as debt securities for purposes of the above ranges. The Fund may invest an unlimited amount of its fixed income assets in high

yield bonds, loan assignments and participations and distressed securities. The debt securities in which the Fund invests may include fixed rate or floating rate debt securities. Chiron also uses a quantamental approach to debt instrument selection. The quantitative process is used to screen for attractive corporate attributes, including earnings quality, capital deployment, valuation and market reaction. Fundamental analysis is then used to judge the relative pricing of debt instruments based on market conditions. Chiron may also seek to invest in sovereign debt securities with different maturities to help change and manage the duration in the Fund’s fixed income portfolio. Chiron uses a fundamental top-down process in evaluating issuers relative to political, economic, socioeconomic and market pricing dynamics.

Precious Metals Investments: The Fund’s precious metals (including, but not limited to, gold, silver and platinum) investments include investments in equity and debt securities of precious metals-based companies (i.e., companies that explore for, extract, process or deal in precious metals) and investments in commodity futures contracts, other commodity-related derivative instruments and ETFs that invest in commodities and commodity-related derivative instruments.

The Fund has no geographic limits on where its investments may be located. Under normal market conditions, the Fund may allocate a substantial portion of its assets to non-U.S. securities, including a net exposure up to 25% of the Fund’s NAV in emerging market issuers. An emerging market country is any country determined by Chiron to have an emerging market economy. Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products than more developed countries. The Fund also may invest in non-U.S. currencies, cash equivalents or bank deposits. The Fund may invest in A-Shares of companies based in the People’s Republic of China (“PRC”) that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai – Hong Kong and Shenzhen – Hong Kong Stock Connect programs (“Stock Connect”). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in the PRC.

The Fund may use derivatives, including options, futures, swaps and currency forward contracts, to attempt to both increase the return of the Fund and hedge (protect) the value of the Fund’s assets. The Fund may use options to create long or short equity exposure without investing directly in equity securities, while it may

use futures to create long or short equity, fixed income, or U.S. Treasury exposure without investing directly in equity, fixed income or U.S. Treasury securities. The Fund may also use swaps to create long or short exposure without investing directly in the underlying assets. The Fund’s investments in swaps may, from time to time, be significant. As well, the Fund may use currency forwards to increase or decrease exposure to a given currency.

The Fund may seek to gain exposure to certain markets, including precious metals and other commodity markets, in whole or in part, through investments in the Chiron Capital Allocation Fund Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary, unlike the Fund, may have significant exposure to commodities through investments in commodity futures contracts, other commodity-related derivative instruments and pooled investment vehicles that invest in commodities and commodity-related derivative instruments (collectively, “Commodity-Related Investments”). The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by Chiron.

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CCPAX - Performance

Return Ranking - Trailing

Period CCPAX Return Category Return Low Category Return High Rank in Category (%)
YTD 9.8% -23.7% 16.4% 67.38%
1 Yr 10.9% -8.9% 48.3% 98.93%
3 Yr N/A* -2.2% 16.4% 19.60%
5 Yr N/A* -0.7% 13.4% 56.54%
10 Yr N/A* 0.9% 11.8% N/A

* Annualized

Return Ranking - Calendar

Period CCPAX Return Category Return Low Category Return High Rank in Category (%)
2023 -0.4% -40.8% 20.6% N/A
2022 N/A -21.0% 24.5% N/A
2021 N/A -24.2% 27.8% 0.51%
2020 N/A -23.1% 11.7% 1.00%
2019 N/A -100.0% 20.6% 97.82%

Total Return Ranking - Trailing

Period CCPAX Return Category Return Low Category Return High Rank in Category (%)
YTD 9.8% -23.7% 16.4% 66.31%
1 Yr 10.9% -12.8% 48.3% 100.00%
3 Yr N/A* -3.4% 16.4% 41.27%
5 Yr N/A* -1.1% 13.4% 77.80%
10 Yr N/A* 0.9% 11.8% N/A

* Annualized

Total Return Ranking - Calendar

Period CCPAX Return Category Return Low Category Return High Rank in Category (%)
2023 1.6% -40.8% 20.6% N/A
2022 N/A -21.0% 24.5% N/A
2021 N/A -24.2% 27.8% 0.51%
2020 N/A -23.1% 11.7% 1.24%
2019 N/A -2.9% 23.1% 99.18%

NAV & Total Return History


CCPAX - Holdings

Concentration Analysis

CCPAX Category Low Category High CCPAX % Rank
Net Assets 557 M 1.12 M 110 B 36.93%
Number of Holdings 114 2 10961 69.73%
Net Assets in Top 10 259 M -31.7 M 22 B 31.52%
Weighting of Top 10 49.48% 10.8% 100.0% 35.48%

Top 10 Holdings

  1. US 2YR NOTE (CBT) MAR24 FINANCIAL COMMODITY FUTURE. 12.83%
  2. BROWN BROTHERS HARRIMAN SWEEP INTEREST 9.57%
  3. TREASURY BILL 0.000000% 02/29/2024 7.87%
  4. ANHEUSER-BUSCH INBEV SA/NV COMMON STOCK 3.88%
  5. JONAH ENERGY ABS I LLC JONAH 2022-1 A1 2.87%
  6. ELEVANCE HEALTH INC COMMON STOCK 2.71%
  7. GOLD 100 OZ FUTR APR24 PHYSICAL COMMODITY FUTURE. 2.65%
  8. DEUTSCHE TELEKOM AG-REG COMMON STOCK 2.48%
  9. MITSUBISHI UFJ FINANCIAL GRO COMMON STOCK 2.33%
  10. MICROSOFT CORP COMMON STOCK 2.29%

Asset Allocation

Weighting Return Low Return High CCPAX % Rank
Stocks
73.33% -45.72% 98.42% 20.67%
Other
16.51% -1.25% 197.12% 36.53%
Bonds
16.36% -39.76% 93.84% 56.16%
Cash
9.92% -97.12% 185.58% 72.03%
Convertible Bonds
1.92% 0.00% 25.49% 22.76%
Preferred Stocks
0.00% -0.03% 14.00% 68.06%

Stock Sector Breakdown

Weighting Return Low Return High CCPAX % Rank
Technology
24.63% 0.00% 39.48% 29.30%
Industrials
17.57% 0.09% 32.39% 10.83%
Financial Services
13.85% 0.00% 30.34% 53.50%
Consumer Cyclical
13.50% 0.00% 20.84% 15.29%
Basic Materials
8.45% 0.00% 60.23% 36.52%
Healthcare
8.36% 0.00% 30.30% 70.49%
Energy
7.79% 0.00% 38.61% 27.39%
Communication Services
5.52% 0.00% 28.59% 5.73%
Consumer Defense
0.33% 0.00% 31.85% 61.57%
Utilities
0.00% 0.00% 40.29% 94.90%
Real Estate
0.00% 0.00% 90.14% 90.23%

Stock Geographic Breakdown

Weighting Return Low Return High CCPAX % Rank
US
44.30% -4.82% 95.75% 19.00%
Non US
29.03% -46.69% 57.06% 44.68%

Bond Sector Breakdown

Weighting Return Low Return High CCPAX % Rank
Government
48.31% 0.00% 98.64% 2.30%
Corporate
23.23% 0.00% 99.90% 78.91%
Derivative
16.51% 0.00% 41.88% 48.85%
Cash & Equivalents
9.92% 0.10% 100.00% 63.05%
Securitized
0.00% 0.00% 83.28% 73.28%
Municipal
0.00% 0.00% 31.28% 35.70%

Bond Geographic Breakdown

Weighting Return Low Return High CCPAX % Rank
US
16.36% -177.12% 87.76% 53.44%
Non US
0.00% -39.00% 137.36% 49.06%

CCPAX - Expenses

Operational Fees

CCPAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.43% 0.16% 2.71% 21.92%
Management Fee 0.95% 0.00% 1.70% 92.93%
12b-1 Fee 0.25% 0.00% 1.00% 15.54%
Administrative Fee N/A 0.01% 0.70% N/A

Sales Fees

CCPAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 5.00% 0.00% 5.75% 58.62%
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

CCPAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 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.

CCPAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 441.00% 96.32%

CCPAX - Distributions

Dividend Yield Analysis

CCPAX Category Low Category High CCPAX % Rank
Dividend Yield 2.22% 0.00% 10.92% 20.58%

Dividend Distribution Analysis

CCPAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

CCPAX Category Low Category High CCPAX % Rank
Net Income Ratio -0.83% -5.20% 6.33% 98.47%

Capital Gain Distribution Analysis

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

Distributions History

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CCPAX - Fund Manager Analysis

Managers

Ryan Caldwell


Start Date

Tenure

Tenure Rank

Nov 30, 2015

6.5

6.5%

Ryan Caldwell serves as partner ,CIO and lead portfolio manager since 2015 at Chiron. Mr. Caldwell joined WRIMCO in July 2000 as an economic analyst. In January 2003 he was appointed an investment analyst, and in June 2005 was named assistant portfolio manager for the Fund, as well as two other funds managed by WRIMCO or IICO. Mr. Caldwell is Senior Vice President of IICO and WRIMCO, Vice President of the Trust, and Vice President of and portfolio manager for other investment companies for which WRIMCO serves as investment manager.

Brian Cho


Start Date

Tenure

Tenure Rank

Nov 30, 2015

6.5

6.5%

Mr. Cho is a fundamental portfolio manager at Causeway. He joined the firm in September 2013 and has been a portfolio member since January 2021. His current responsibilities include coverage of companies in the technology and communication services sectors. From 2011 to 2013, Mr. Cho was a vice president at BofA-ML Equity Research, covering the IT hardware and supply chain sector. From 2007 to 2011, he worked as an associate at Goldman Sachs Equity Research covering the same sector. From 2006 to 2007, he worked as an analyst at Morgan Stanley Equity Research covering the internet and interactive software sector. Prior to that, he worked as an analyst at PA Consulting Group in the financial services practice. Mr. Cho earned a BSc in management science from Massachusetts Institute of Technology.

Scott Sullivan


Start Date

Tenure

Tenure Rank

Feb 28, 2019

3.25

3.3%

Scott Sullivan, Portfolio Manager, joined Chiron in 2018 and serves as co-portfolio manager. Previously, Mr. Sullivan worked as a portfolio manager for Ivy Investments/Waddell & Reed for 11 years, where he gained experience with both global multi-asset and small cap equity portfolios. He was Vice President of IICO and Vice President of portfolio manager for another investment company for which IICO serves as investment manager. Mr. Sullivan joined Waddell & Reed in 2007 as an equity investment analyst. He has served as Assistant Vice President and assistant portfolio manager for other investment companies managed by IICO since 2014. He earned a BA in Economics from Tufts University, and holds an MBA with an emphasis in Applied Security Analysis from the University of Wisconsin-Madison.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.03 30.27 6.52 9.25