Gavekal KL Allocation Fund
 

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As of August 30, 2016

 

Morningstar5Star2016

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:
Benchmark:
9/30/2010
Allocation–70% to 85% Equity
Flexible Portfolio
GAVIX/GAVAX
461418659
461418667
1.29%/1.54%
Annually
MSCI ACWI

Performance
(as of 7/31/2016)

As of 6/30/2016, the 1-year, 5-year and since inception annualized total returns for the Gavekal KL Allocation Fund Advisor Class were 7.24%, 9.61% and 9.08% and Institutional Class were 7.53%, 9.92% and 9.39%, respectively. The MSCI All Country World Index’s 1-year, 5-year and since inception annualized total return as of 6/30/2016 were -3.73%, 5.38% and 7.04%. 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.

A redemption fee of 2.00% will be imposed on redemptions or exchanges of share you have owned for 90 days or less.

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 6/30/2016, 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: 380 funds in the last three years, 310 funds in the last five years and 380 funds overall. With respect to these Allocation–70% to 85% Equity funds, Gavekal KL Allocation Fund (GAVAX) received a Morningstar Rating of 5 stars, 5 stars and 5 stars for the three-year, five-year and overall periods, respectively. The Gavekal KL Allocation Fund (GAVIX) received a Morningstar Rating of 5 stars, 5 stars and 5 stars for the three-year, five-year and overall periods, respectively. Past performance is no guarantee of future results.

Risk Metrics
(as of 7/31/2016 - Trailing 5 Years)

Risk Metrics
GAVIX
GAVAX
MSCI All Country World Index
Beta
0.44
0.44
1.00
Alpha (%)
6.99
6.71
0.00
Standard Deviation (%)
7.40
7.36
13.61
Tracking Error (%)
8.71
8.69
0.00
Sharpe Ratio
1.38
1.35
0.53
Treynor Ratio
23.49
22.84
6.54
Correlation (%)
82.00
82.00
100.00
Upside Capture (%)
65.90
65.09
100.00
Downside Capture (%)
28.07
28.76
100.00
Max Drawdown (%)
-6.14
-6.13
-16.06
Active Share
93.48
93.48
0.00

Allocations
(as of 7/31/2016)

Asset Allocations

Asset
Percent
Equity
65.02
Fixed Income
25.53
Cash
9.44

Equity Allocations by Sector

Sector
Percent
Consumer Staples
30.38
Health Care
20.46
Information Technology
19.69
Industrials
14.35
Materials
9.52
Consumer Discretionary
5.60

Equity Allocations by Country

Country
Percent
United States
49.79
Japan
38.89
United Kingdom
5.98
Canada
3.89
Netherlands
1.46

Top 20 Equity Holdings
(as of 7/31/2016)

Company
% Weight in Portfolio
Stanley Black & Decker Inc
2.06
General Mills Inc
1.96
Dover Corp
1.94
PepsiCo Inc
1.92
The Estee Lauder Cos Inc
1.89
Terumo Corp
1.84
Kurita Water Industries Ltd
1.84
Celanese Corp
1.82
Lawson Inc
1.69
Waters Corp
1.60
CGI Group Inc
1.58
Albemarle Corp
1.45
Johnson & Johnson
1.43
Meiji Holdings Co Ltd
1.42
Kirin Holdings Co
1.40
Rockwell Collins Inc
1.39
Nisshin Seifun Group Inc
1.38
Sundrug Co Ltd
1.28
Microchip Technology Inc
1.24
Kao Corp
1.24

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

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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