Morningstar

Fulcrum Diversified Absolute Return Fund Super Institutional Class FARYX

Morningstar Medalist Rating
Medalist Rating as of | See Fulcrum Investment Hub
  • NAV / 1-Day Return 10.11  /  −0.20 %
  • Total Assets 317.1M
  • Adj. Expense Ratio
    1.200%
  • Expense Ratio 1.130%
  • Distribution Fee Level Below Average
  • Share Class Type Institutional
  • Category Macro Trading
  • Investment Style Large Blend
  • Min. Initial Investment 25M
  • Status Open
  • TTM Yield 4.21%
  • Turnover 113%

USD | NAV as of Jul 21, 2026 | 1-Day Return as of Jul 21, 2026, 12:55 AM GMT+0

Morningstar’s Analysis FARYX

Will FARYX 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 FARYX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the FARYX 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 FARYX’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 FARYX

More FARYX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 42.0
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Us Dollars

18.58 56M
Cash and Equivalents

Recv Msfdrus I Trs 07/03/

14.34 44M
—

Currency Contract - Usd

14.06 43M
Derivative

Fulcrum Equities Cfc

10.61 32M
—

United States Treasury Bills 0%

5.60 17M
Government

United States Treasury Bills 0%

4.97 15M
Government

Gsisi266 Index

4.85 15M
—

Xrjpflc1

4.79 15M
—

United States Treasury Bills 0%

4.33 13M
Government

United States Treasury Bills 0%

4.32 13M
Government

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