Gavekal KL Allocation Fund

 

GAVIX (I-share) 14.41
GAVAX (A-share) 14.28
Tue, Jul 28, 2015, 4:18AM EDT - U.S. Markets open in 5 hrs 12 mins

PDF  Fact Sheet 

PDF  Presentation

 

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:
CUSIP:
Net Expense Ratio:
Distribution Frequency:
Benchmark: 

9/30/2010
Aggressive Allocation
Flexible Portfolio
GAVIX/GAVAX
461418659
1.28%/1.53%
Annually
MSCI ACWI

 

Performance
(as of 6/30/2015)

 

As of 6/30/2015, the 1-year and since inception annualized total returns for the Gavekal KL Allocation Fund Advisor Class were 5.68% and 9.47% and Institutional Class were 5.90% and 9.78%, respectively. The MSCI All Country World Index’s 1-year and since inception annualized total return as of 6/30/2015 were 0.71% and 9.46%. The total annual operating expenses of the Fund are 1.48% and 1.23% and net expenses are 1.53% and 1.28% 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 March 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.

Effective March 31, 2015, the Advisor changed the Fund’s primary benchmark from the MSCI World Index to the MSCI All Country World Index in connection with a change in the Fund’s principal strategies. The Advisor believes the MSCI All Country World Index is a better measure of the Fund’s performance.

Risk Metrics
(as of 6/30/2015 - Trailing 4 Years)

Risk Metrics
GAVIX
GAVAX
MSCI All Country
World Index
Active Share
92.81
92.81
0.00
Beta
0.41
0.41
1.00
Alpha (%)
6.83
6.54
0.00
Standard Deviation (%)
6.88
6.85
13.11
Tracking Error (%)
8.88
8.86
0.00
Sharpe Ratio
1.52
1.48
0.59
Treynor Ratio
25.64
24.86
7.73
Correlation (%)
78.00
78.00
100.00
Upside Capture (%)
63.93
63.14
100.00
Downside Capture (%)
26.93
27.82
100.00
Max Drawdown (%)
-3.32
-3.34
-17.42

Allocations
(as of 6/30/2015)

Asset Allocations

Asset
Percent
Equity
79.54
Fixed Income
12.73
Cash
7.63

Equity Allocations by Sector

Sector
Percent
Health Care
37.49
Information Technology
33.04
Consumer Staples
18.77
Consumer Discretionary
6.87
Materials
2.60
Industrials
1.24

Equity Allocations by Country

Country
Percent
United States
57.46
Japan
35.45
Switzerland
3.56
United Kingdom
2.38
France
1.16

Top 20 Equity Holdings
(as of 6/30/2015)

    Top 20 Equity Holdings
 Percent
Citrix Systems Inc
2.15
Shiseido Co Ltd
1.88
Eli Lilly & Co
1.74
MEIJI Holdings Co Ltd
1.68
Terumo Corp
1.56
Nitori Holdings Co Ltd
1.55
Laboratory Corp of America Holdings
1.55
TDK Corp
1.54
Henry Schein Inc
1.53
Abbott Laboratories
1.53
Becton Dickinson and Co
1.52
Quest Diagnostics Inc
1.51
Shimamura Co Ltd
1.51
Kao Corp
1.50
CR Bard Inc
1.50
Intuit Inc
1.49
Bristol-Myers Squibb Co
1.49
Astellas Pharma Inc
1.46
Medtronic PLC
1.45
Zimmer Biomet Holdings Inc
1.45

PDF View Entire Portfolio Holdings

Commentary
Quarterly Update: "Innovation Boom"

YouTube

PDF 1Q2015 Slides: Innovation Boom  |  Archives

Investor Resources

XBRL – March 2015

For more information about XBRL (eXtensible Business Reporting Language) and a free XBRL reader, click here.

See Terms and Conditions

On March 31, 2015, the Fund’s name changed from Gavekal Knowledge Leaders Fund, to the Gavekal KL Allocation Fund. The investment objective and principal investment strategies have also changed. Further information regarding these matters is provided in the Fund’s revised Summary Prospectus, Prospectus and Statement of Additional Information dated March 31, 2015. 

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 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.