Gavekal KL Allocation Fund
 

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As of December 2, 2016

 

Investment Objective: To seek long-term capital appreciation with an emphasis on capital preservation. 
Investment Strategy: The Fund employs an allocation strategy, moving between equities, fixed income and cash depending on market factors. Equity investments are selected from an index of companies the investment team identifies as Knowledge Leaders.
A Knowledge Leaders Strategy: Gavekal’s strategy seeks to transform the Knowledge Effect into portfolio alpha. The investment process aims to capture this market inefficiency using a proprietary methodology which capitalizes corporate knowledge investments, measures firm performance on a knowledge-adjusted basis, and selects investments in Knowledge Leader companies on the basis of knowledge intensity.
3 Ways to Use the Fund: May help investors improve
• Portfolio performance • Portfolio efficiency • Downside protection

Key Facts

Inception Date:
Morningstar Category:
Lipper Category:
I-share/A-share:
I-share CUSIP:
A-share CUSIP:
Net Expense Ratio:
Distribution Frequency:
Capital Gains:
Benchmark:
9/30/2010
Allocation–70% to 85% Equity
Flexible Portfolio
GAVIX/GAVAX
461418659
461418667
1.29%/1.54%
Annually
Estimated 2016
MSCI ACWI

Performance
(as of 10/31/2016)

As of 9/30/2016, the 1-year, 5-year and since inception annualized total returns for the Gavekal KL Allocation Fund Advisor Class were 14.12%, 10.77% and 9.13% and Institutional Class were 14.43%, 11.07% and 9.44%, respectively. The MSCI All Country World Index’s 1-year, 5-year and since inception annualized total return as of 9/30/2016 were 11.96%, 10.63% and 7.66%. The total annual operating expenses of the Fund are 1.48% and 1.23% and net expenses are 1.54% and 1.29% for the Advisor and Institutional Classes, respectively. The inception date for the Gavekal KL Allocation Fund is 09/30/10.

The performance data quoted here represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end please call 888.998.9890 or visit our website at www.Gavekalfunds.com.

The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses do not exceed 1.50% and 1.25% of the average daily net assets for Advisor Class and Institutional Class shares of the Fund, respectively. This agreement is in effect until December 31, 2016. The Fund’s advisor is permitted to seek reimbursement from the Fund of fees waived for a period of three years from the date of the waiver or payment.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. As of 9/30/2016, the Gavekal KL Allocation Fund (GAVIX; GAVAX) was rated against the following numbers of U.S.-domiciled Allocation–70% to 85% Equity funds over the following time periods: 382 funds in the last three years, 309 funds in the last five years and 382 funds overall. With respect to these Allocation–70% to 85% Equity funds, Gavekal KL Allocation Fund (GAVAX) received a Morningstar Rating of 5 stars, 4 stars and 4 stars for the three-year, five-year and overall periods, respectively. The Gavekal KL Allocation Fund (GAVIX) received a Morningstar Rating of 5 stars, 4 stars and 4 stars for the three-year, five-year and overall periods, respectively. Past performance is no guarantee of future results.

Risk Metrics
(as of 10/31/2016 - Trailing 5 Years)

Risk Metrics
GAVIX
GAVAX
MSCI All Country World Index
Beta
0.52
0.52
1.00
Alpha (%)
4.83
4.55
0.00
Standard Deviation (%)
7.33
7.30
11.50
Tracking Error (%)
6.95
6.93
0.00
Sharpe Ratio
1.25
1.21
0.72
Treynor Ratio
17.80
17.23
7.93
Correlation (%)
82.00
82.00
100.00
Upside Capture (%)
67.69
66.80
100.00
Downside Capture (%)
36.72
37.65
100.00
Max Drawdown (%)
-6.14
-6.13
-13.45
Active Share
93.41
93.41
0.00

Allocations
(as of 10/31/2016)

Asset Allocations

Asset
Percent
Equity
62.23
Fixed Income
21.90
Cash
15.86

Equity Allocations by Sector

Sector
Percent
Health Care
25.28
Information Technology
20.90
Consumer Staples
19.48
Industrials
18.71
Consumer Discretionary
9.39
Materials
4.66
Energy
1.57

Equity Allocations by Country

Country
Percent
United States
44.93
Japan
35.79
United Kingdom
7.56
Sweden
5.04
Finland
2.51
Canada
1.62
Netherlands
1.32
France
1.25

Top 20 Equity Holdings
(as of 10/31/2016)

Company
% Weight in Portfolio
Stryker Corp
1.04
CR Bard Inc
1.02
Rockwell Collins Inc
1.02
General Mills Inc
1.01
Baxter Intl Inc
1.01
Celanese Corp
1.01
J.M. Smucker Co
1.01
CGI Group Inc
1.01
The Estee Lauder Cos Inc
1.01
Intuit
1.01
Laboratory Corp
1.00
Cisco Systems Inc
1.00
Varian Medical Systems Inc
1.00
Nvidia Corp
1.00
Ansys Inc
1.00
Adobe Systems Inc
1.00
Becton Dickinson & Co
1.00
Ingersoll-Rand Plc
1.00
Johnson & Johnson
1.00
Microchip Technology Inc
1.00

PDF View Entire Portfolio Holdings

Fund Materials & Commentary

A complete guide to the fund, its strategy and performancedownload

Everything you need to know to invest
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Update and outlook from the portfolio manager
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Recent news on the fund
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Archives

Investment Strategy

keimagessemi-1The Gavekal KL Allocation Fund is a Knowledge Leaders investment product. The Knowledge Leaders Strategy seeks to transform the Knowledge Effect into portfolio alpha. 

Read about the foundations of our strategy and download research at www.gavekalcapital.com.

See Terms and Conditions

Please consider the Fund’s investment objectives, risks, charges and expenses before investing. The prospectus or summary prospectus that contains this and other information about the Fund, is available by calling 888.998.9890 and should be read carefully.

The value of the securities held by the Fund will change due to general market and economic conditions and industry perceptions. Investments in non-US issuers may involve unique risks. Currency fluctuation, adverse political, economic or social developments could undermine the value of the Fund’s investments. The securities of mid-cap companies may be subject to more abrupt or erratic market movements and may have lower trading volumes. Many of the risks with respect to foreign investments are more pronounced for investments in issuers in developing or emerging market countries. An investment in a fund that is less diversified across countries or geographic regions is generally riskier than an investment in a more geographically diversified fund.

Portfolio composition will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as recommendations by the Fund, its Advisor or Distributor.  The blended benchmark is comprised 60% of the MSCI All Country World Index and 40% of the Barclays US Treasury Bond Index.  Percentages are allocated to equity invested. 

The Gavekal KL Allocation Fund is distributed by IMST Distributors, LLC. 

© 2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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