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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

$12.65

$17.2 M

1.30%

$0.16

4.51%

Vitals

YTD Return

5.1%

1 yr return

5.3%

3 Yr Avg Return

8.0%

5 Yr Avg Return

4.5%

Net Assets

$17.2 M

Holdings in Top 10

19.3%

52 WEEK LOW AND HIGH

$12.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 4.51%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$100,000

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

$12.65

$17.2 M

1.30%

$0.16

4.51%

COGIX - Profile

Distributions

  • YTD Total Return 5.1%
  • 3 Yr Annualized Total Return 8.0%
  • 5 Yr Annualized Total Return 4.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -1.42%
DIVIDENDS
  • Dividend Yield 1.3%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    AXS Market Neutral Fund
  • Fund Family Name
    Cognios
  • Inception Date
    Dec 31, 2012
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Brian Machtley

Fund Description

The Fund seeks to achieve its investment objective by balancing “long” and “short” positions. To do this, the Fund will buy (take long positions in) equity securities of U.S. companies that the Fund’s sub-advisor, Quantitative Value Technologies, LLC d/b/a Cognios Capital (“Cognios Capital” or the “Sub-Advisor”) believes are undervalued and more likely to appreciate and, at the same time, borrow and then sell (take short positions in) equity securities of U.S. companies that the Sub-Advisor believes are likely to underperform the long positions over time. The Fund generally seeks to purchase and sell short common stock of companies that are constituents of the S&P 500® Index. The Fund may invest across different industries and sectors. The Fund may also invest in the securities of issuers of any size.

When the Fund takes a long position, it purchases a stock outright. The Fund increases in value when the market price of the stock exceeds the cost per share to acquire the stock. In addition, the Fund will earn dividend income when dividends are paid on stocks owned by the Fund. When the Fund takes a short position, it sells at the current market price a stock it does not own but has borrowed in anticipation that the market price of the stock will decline or underperform the positions in the long portfolio. To complete, or close out, the short sale transaction, the Fund buys the same stock in the market at a later date and returns it to the lender. The Fund will make money if the market price of the borrowed stock goes down further than the borrowing costs, including dividend expenses when stocks held short pay dividends, and the Fund is able to replace the borrowed stock. While it is not guaranteed, the Sub-Advisor expects that dividend income will exceed dividend expense on an annual basis. Alternatively, if the price of the stock goes up after the short sale and before the short position is closed, the Fund will lose money on that position because it will have to pay more to replace the borrowed stock than the Fund received when the Fund sold the stock short.

Under normal circumstances, the Fund intends to generally remain “market neutral” on a “Beta-adjusted basis.” As used here, Beta is a statistical measure of the sensitivity of a company’s stock price to the movement of a broad stock market index. For the Fund, the Sub-Advisor considers a company’s stock price Beta relative to the S&P 500® Index. A Beta of 1.0 means a stock generally moves up and down in proportion to the movement of the stock market. A Beta greater than 1.0 means a stock generally moves up and down more than the movement of the stock market. A Beta less

than 1.0 means that a stock generally moves up and down less than the movement of the stock market. “Beta-adjusted market neutral” means that the Sub-Advisor will attempt to offset 100% of the Fund’s long exposure to the Beta of the broad stock market (i.e., the up and down movements of the S&P 500® Index) by sizing the short positions based on the relative Betas of the long positions compared to the short positions. For example, when the Betas of the short positions are higher than the Betas of the long positions, fewer dollars of short positions are needed to offset the Betas of the long portfolio. In this case, the Fund will be “net long” on a dollar basis (i.e., more dollars invested in the long positions than in the short positions), but will still be “market neutral” on a Beta-adjusted basis. A “Beta-adjusted market neutral” strategy typically seeks to derive total returns strictly from stock picking Alpha, with none of the return over time coming from the general up and down movement of the broader stock market (described further below). Over time, since the Fund is Beta-adjusted market neutral, the Fund’s total return is expected to be largely independent of the positive or negative total returns of the broad stock market.

An actively managed stock portfolio’s gross investment return is generally driven by three factors: (i) the overall stock market’s return (i.e., in the Fund’s case, the overall stock market’s return is measured using the S&P 500® Total Return Index, the Fund’s benchmark); (ii) the sensitivity of the portfolio to changes in prices in the overall stock market (i.e., the portfolio’s Beta relative to the stock market); and (iii) the Sub-Advisor’s ability to do better or worse than what would be predicted by multiplying the market’s return by the portfolio’s Beta (i.e., (i) times (ii) above). This last component (iii) is called Alpha and is the risk-adjusted (i.e., Beta-adjusted) outperformance or underperformance of the portfolio relative to the stock market. Since the Fund has generally attempted to hedge all of the overall market’s returns on a Beta-adjusted basis through its short positions, all of the Fund’s net return is expected to be solely the Alpha generated by the Sub-Advisor, less all of the Fund’s fees and expenses. Positive Alpha can be generated if the stocks selected for the long portfolio exceed the performance of the S&P 500® Total Return Index and/or if the stocks selected for the short portfolio underperform the S&P 500® Total Return Index, less all of the Fund’s fees and expenses.

By employing this long/short Beta-adjusted market neutral investment strategy, the Fund seeks to limit its volatility relative to movements in the overall stock market and limit downside risk during market declines. The Fund may achieve a gain if the securities in its long portfolio outperform the securities in its short portfolio, each taken as a whole, even if the short positions generate a loss, as long as the loss in the short portfolio does not exceed the gain in the long portfolio. Conversely, the Fund may incur a loss if the securities in its short portfolio outperform the securities in its long portfolio. The Sub-Advisor attempts to achieve returns for the Fund that at least exceed the return on short-term fixed-income securities, with the broader goal of generating attractive risk-adjusted total returns compared to the S&P 500® Total Return Index.

The Fund may use borrowings or short sales for investment purposes (i.e., leverage). The Fund’s use of short positions will add financial leverage that is similar to borrowing money for investment purposes. In determining when and to what extent to employ leverage, the Sub-Advisor will consider factors such as the relative risks and returns expected from the portfolio as a whole and the costs of such transactions. Borrowings may be structured as secured or unsecured loans and may have fixed or variable interest rates. The Fund may borrow or use short sales (i.e., leverage) to the maximum extent permitted by the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund will use leverage when the Sub-Advisor believes the return from the additional investments will be greater than the costs associated with the borrowing. The Fund may at times hold long and short positions that in the aggregate exceed the value of its net assets (i.e., so that the Fund is effectively leveraged).

The Sub-Advisor selects securities for purchase or short sale using its proprietary ROTA/ROME® selection and portfolio construction methodology. ROTA/ROME® focuses on a company’s Return on Total Assets (“ROTA”) and Return on Market Value of Equity (“ROME”) in order to identify companies whose per share intrinsic value has diverged significantly from the current market price of its stock.

ROTA, or Return on Total Assets, measures the profits that a company has earned on the capital invested in the business. The portfolio managers believe that companies with higher ROTAs are more attractive investment opportunities than companies with lower ROTAs because a business that has a high ROTA and can maintain that high ROTA over long periods of time most likely has some sort of competitive advantage in the marketplace that gives it an edge over its competition.

ROME, or Return on Market Value of Equity, divides a company’s profits by its current stock price. This “profit yield” is similar in concept to a bond’s “yield.” Like a bond yield, a higher ROME yield generally means that a company’s stock price is lower and cheaper. Similarly, a low ROME yield means the company’s stock price is higher and thus more expensive than that of other companies.

The Sub-Advisor uses these two metrics together to determine if a particular company is an attractive business (i.e., ROTA) and whether that company’s stock is cheap or expensive (i.e., ROME).

The Sub-Advisor will periodically reconstitute and rebalance the Fund’s portfolio according to its quantitative investment strategy, which may result in significant portfolio turnover. A higher rate of portfolio turnover increases transaction expenses, which may negatively affect the Fund’s performance. High portfolio turnover also may result in the realization of substantial net short-term capital gains, which, when distributed, are taxable to shareholders as ordinary income.

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COGIX - Performance

Return Ranking - Trailing

Period COGIX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.1% -11.6% 15.8% 86.00%
1 Yr 5.3% -33.0% 41.7% 80.58%
3 Yr 8.0%* -10.5% 13.4% 69.39%
5 Yr 4.5%* -4.8% 11.1% 72.29%
10 Yr N/A* -4.6% 7.6% N/A

* Annualized

Return Ranking - Calendar

Period COGIX Return Category Return Low Category Return High Rank in Category (%)
2023 -1.6% -31.7% 23.2% 69.39%
2022 10.5% -20.7% 10.7% 58.76%
2021 11.2% -12.4% 14.7% N/A
2020 -4.4% -13.2% 12.9% N/A
2019 -0.7% -11.7% 7.9% N/A

Total Return Ranking - Trailing

Period COGIX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.1% -11.7% 15.8% 87.00%
1 Yr 5.3% -33.0% 41.7% 79.61%
3 Yr 8.0%* -10.5% 13.4% 69.39%
5 Yr 4.5%* -4.8% 11.1% 71.08%
10 Yr N/A* -4.6% 7.6% N/A

* Annualized

Total Return Ranking - Calendar

Period COGIX Return Category Return Low Category Return High Rank in Category (%)
2023 -0.3% -31.7% 23.2% 69.39%
2022 10.5% -20.7% 10.7% 58.76%
2021 11.2% -12.4% 14.7% N/A
2020 -4.4% -12.7% 12.9% N/A
2019 -0.7% -11.5% 13.2% N/A

NAV & Total Return History


COGIX - Holdings

Concentration Analysis

COGIX Category Low Category High COGIX % Rank
Net Assets 17.2 M 105 K 12.6 B 83.65%
Number of Holdings 226 5 2526 52.88%
Net Assets in Top 10 3.46 M -619 M 6.53 B 81.73%
Weighting of Top 10 19.33% 7.6% 96.1% 85.37%

Top 10 Holdings

  1. Cigna Group 2.03%
  2. Vertex Pharmaceuticals, Inc. 2.02%
  3. Incyte Corp. 1.99%
  4. Public Storage - REIT 1.98%
  5. Veralto Corp. 1.91%
  6. Costco Wholesale Corp. 1.91%
  7. CVS Health Corp. 1.88%
  8. FactSet Research Systems, Inc. 1.88%
  9. Lamb Weston Holdings, Inc. 1.87%
  10. J M Smucker Co. 1.87%

Asset Allocation

Weighting Return Low Return High COGIX % Rank
Cash
57.66% -225.56% 102.75% 34.62%
Stocks
54.88% -57.09% 325.56% 30.77%
Preferred Stocks
0.00% 0.00% 5.67% 50.96%
Other
0.00% -11.90% 43.69% 56.73%
Convertible Bonds
0.00% 0.00% 95.47% 61.54%
Bonds
0.00% -1.04% 63.30% 62.50%

Stock Sector Breakdown

Weighting Return Low Return High COGIX % Rank
Consumer Defense
27.11% 0.00% 30.58% 2.15%
Healthcare
25.52% 0.00% 27.28% 8.60%
Financial Services
19.16% 0.00% 98.37% 49.46%
Technology
8.36% 0.00% 100.00% 68.82%
Industrials
6.77% 0.00% 27.58% 66.67%
Communication Services
3.64% 0.00% 33.72% 54.84%
Consumer Cyclical
3.58% 0.00% 29.06% 74.19%
Utilities
2.89% 0.00% 66.28% 19.35%
Energy
1.60% 0.00% 53.30% 50.54%
Real Estate
1.38% 0.00% 93.91% 52.69%
Basic Materials
0.00% 0.00% 42.74% 92.47%

Stock Geographic Breakdown

Weighting Return Low Return High COGIX % Rank
US
54.88% -55.82% 325.56% 28.85%
Non US
0.00% -7.09% 86.98% 74.04%

COGIX - Expenses

Operational Fees

COGIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 4.51% 0.73% 9.52% 6.80%
Management Fee 1.40% 0.13% 1.65% 88.46%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.06% 0.40% N/A

Sales Fees

COGIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.75% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

COGIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

COGIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 30.00% 483.00% 40.45%

COGIX - Distributions

Dividend Yield Analysis

COGIX Category Low Category High COGIX % Rank
Dividend Yield 1.30% 0.00% 0.75% 32.69%

Dividend Distribution Analysis

COGIX Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Quarterly Annually

Net Income Ratio Analysis

COGIX Category Low Category High COGIX % Rank
Net Income Ratio -1.42% -2.49% 4.20% 75.73%

Capital Gain Distribution Analysis

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

Distributions History

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COGIX - Fund Manager Analysis

Managers

Brian Machtley


Start Date

Tenure

Tenure Rank

Dec 31, 2012

9.42

9.4%

Mr. Machtley is a co-founder of Quantitative Value Technologies, LLC (d/b/a Cognios Capital). Prior to Quantitative Technologies, he was a co-founder and portfolio manager at Cognios Capital, LLC (founded in 2008) and was its Executive Vice President. Mr. Machtley was also a Managing Director at Brandmeyer Enterprises, a Single Family Office (from 2010-2019). Prior to this, Mr. Machtley was a Senior Analyst at Helzberg Angrist Capital, LLC, an investment manager (from 2007 – 2008), an Associate Portfolio Manager at the Discovery Group, a hedge fund company (from 2003 – 2007), and an Analyst at Houlihan Lokey, a global investment bank (from 2001 – 2003). Mr. Machtley received his B.S. in Business Administration with majors in Finance and Economics from Drake University.

Jonathan Angrist


Start Date

Tenure

Tenure Rank

Dec 31, 2012

9.42

9.4%

Prior to co-founding Cognios Capital, Mr. Angrist was a Co-Owner of and Portfolio Manager at Helzberg Angrist Capital (“HAC”), the predecessor firm to Cognios. HAC was an alternative asset investment firm specializing in deep value, long/short equity hedge fund management. Prior to HAC, Mr. Angrist was a Portfolio Manager for a mutual fund company, The Buffalo Funds, where he launched and managed the Buffalo Micro Cap Fund. Mr. Angrist also served as a Principal with the private equity firm Harvest Partners, Inc. in New York City. Prior to that he was a senior consultant for a leading, independent management consulting firm. Mr. Angrist’s educational background includes an MBA and a B.S. (Summa Cum Laude and Phi Beta Kappa) from Tulane University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 30.59 6.3 9.42