Fund Overview
A mutual fund that employs a proprietary "leveraged low beta" methodology to invest in companies in the S&P 500 whose intrinsic share value has diverged significantly from its current market price.

In the Morningstar large value category, COGVX and COGLX received an overall rating of 5 stars (1,148 funds), a 3-year rating of 5 stars (1,148 funds), and 5-year rating of 5 stars (1,094 funds), based on risk-adjusted returns as of 12/31/2022.
Investor Benefits
An alternative multi-factor approach to value stocks based on high return on total assets, high return on market value of equity and low beta.
Employs proprietary ROTA/ROME® methodology to analyze companies whose intrinsic stock value diverges from current market prices.
Potential for enhanced alpha by holding equities with lower beta and applying leverage in efforts to generate higher returns on book value and trade at lower valuations.
Fund Details
Institutional Shares
Ticker: COGVX
CUSIP: 46141T257
Inception Date: 10/3/2016
Distribution Frequency: Annual
Management Fees: 0.65%
Total Operating Expense: 2.17%
Net Expense*: 1.53%
Investor Shares
Ticker: COGLX
CUSIP: 46141T240
Inception Date: 10/3/2016
Distribution Frequency: Annual
Management Fees: 0.65%
Total Operating Expense: 2.42%
Net Expense*: 1.78%
*The Fund’s investment advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund, to ensure that the Fund’s total annual operating expenses do not exceed 0.85% for Institutional Class shares and 1.10% for Investor Class shares of the average daily net assets, effective until March 5, 2023.
Portfolio Manager
Portfolio managers Jonathan Angrist and Brian Machtley manage the AXS Alternative Value Fund and developed ROTA/ROME®. This proprietary stock selection and portfolio construction methodology allows them to focus on a company’s Return on Total Assets (ROTA) and Return on Market Value of Equity (ROME) in order to identify companies that have generated high returns on invested capital and traded at attractive valuations.

Jonathan Angrist

Brian Machtley
There is no assurance that the Fund will achieve its investment objective.
The value of the Fund’s assets will fluctuate as the equity market fluctuates. Different investment styles tend to shift in and out of favor depending upon market and economic conditions, as well as investor sentiment. A fund may outperform or underperform other funds that employ a different investment style, and the stocks selected by the fund manager may not increase in value as predicted.
Value investing is subject to the risk that the market will not recognize a security’s inherent value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and changes in the regulatory environments of foreign countries.
Alpha is the risk-adjusted outperformance or underperformance of the portfolio relative to the stock market. Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. Leverage is an investment strategy of using borrowed money, specifically, the use of various financial instruments or borrowed capital, to increase the potential return of an investment.
The Morningstar Rating™ for funds, or "star rating," is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics.
The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Morningstar Rating is for the I share classes; other classes may have different performance characteristics.
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