Morningstar

Fulcrum Diversified Absolute Return Fund Institutional Class FARIX

Morningstar Medalist Rating
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  • NAV / 1-Day Return $9.82  /  −0.41 %
  • Fund Size $336.6M
  • Adjusted Expense Ratio 1.280%
  • Net Expense Ratio 1.270%
  • Fee Level: Distribution Average
  • Share Class Type Institutional
  • Morningstar Category Macro Trading
  • Alternative Style Box (Funds) High/Medium
  • Minimum Initial Investment $1M
  • Investment Status Open
  • TTM Yield 4.30%
  • Turnover Ratio 106%
NAV and 1-Day Return as of

Morningstar’s Analysis FARIX

Will FARIX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable FARIX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the FARIX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of FARIX’s parent organization’s priorities and whether they’re in line with investors’ interests.

A complex strategy with solid credentials and some challenges.

Principal Francesco Paganelli

Francesco Paganelli

Principal

Summary

Fulcrum retains strengths in a demanding sector where many peers have failed to even survive the test of time, but numerous uncertainties give us pause. Persistent instability in the team behind Fulcrum Diversified Absolute Return remains a key watchpoint, but the group has strong leadership in its expert chief investment officer. That said, the complex and continuously evolving process warrants caution, in our view.

by Francesco Paganelli
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Portfolio Holdings FARIX

More FARIX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 33.0
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Currency Contract - Usd

15.30 65M
Derivative

Recv Msfdrus I Trs 07/03/

10.07 43M
—

Fulcrum Equities Cfc

9.39 40M
—

Us Dollars

8.30 35M
Cash and Equivalents

United States Treasury Bills 0%

4.33 19M
Government

United States Treasury Bills 0%

4.23 18M
Government

United States Treasury Bills 0%

4.03 17M
Government

United States Treasury Bills 0%

3.66 16M
Government

Xrjpflc1

3.66 16M
—

Gsisi266 Index

3.65 16M
—

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