The Fund will be liquidated on or about April 26, 2024, and shareholders may redeem their shares until the Liquidation Date. See Prospectus for details.
Fund Overview
Offers a core alternative investment in an actively managed mutual fund with the ability to invest globally in a wide variety of asset classes and strategies.
Investor Benefits
Opportunity set includes equity, fixed income, commodities, REITs, currencies, alternatives, bonds, ETFs, options, futures and swaps.
Dynamic allocation allows for rotation into more attractive sectors and strategies as market conditions change.
Seeks to generate returns that are less correlated to the overall direction of markets in an effort to mitigate downside.
Fund Details
I Shares
Ticker: KCMIX
CUSIP: 46141T455
Inception Date: 3/20/2017
Distribution Frequency: Annual
Management Fees: 1.00%
Total Operating Expense: 2.34%
Net Expense*: 1.66%
Investor Class Shares
Ticker: KCMTX
CUSIP: 46141T448
Inception Date: 8/4/2008
Distribution Frequency: Annual
Management Fees: 1.00%
Total Operating Expense: 2.59%
Net Expense*: 1.83%
*The Fund’s investment advisor has contractually agreed to waive its fees and/or absorb expenses of the Fund to ensure that the Fund’s total annual operating expenses do not exceed on an annual basis 1.51% for Class I and 1.68% for the Investor Class of the Fund’s average daily net assets effective until 1/31/2025. The Institutional share class does not contain a 12b-1 fee, whereas the Investor Class does. The expense ratio will drop accordingly as AUM increases. Please see the prospectus for more information.
Fund News
There is no assurance that the Fund will achieve its investment objective.
The Fund may invest in small, less well-known companies, which may be subject to more erratic market movements than large cap stocks; foreign securities, which are subject to currency fluctuations and political uncertainty; and derivative securities, which may carry market, credit and liquidity risks. The Fund may also engage in short selling activities, which are more risky than long positions because the potential loss on a short sale is unlimited. The Fund may use leveraging and/or hedging techniques that could fail if changes in the value of the derivative do not correlate with the securities being hedged. These risks may result in greater share price volatility.
Risks of futures contracts may arise from an imperfect correlation between movements in the price of the instruments and the price of the underlying securities. The Fund’s use of futures contracts exposes the Fund to leverage risk because of small margin requirements relative to futures contract value. Swap transactions may alter the Fund’s exposure to long-term or short-term interest rates, foreign currency values, corporate borrowing rates, or other factors such as security prices or inflation rates and also may alter the Fund’s volatility. Selling covered calls limits the upside potential of the underlying security. Selling put options may require the Fund to purchase the underlying securities during periods of declining prices. Premiums paid to purchase options lose value over time and may be lost entirely, if the option expires before it is feasible to be exercised. The protection from selling puts is limited to the strike price minus the premium paid. Investing in REITs involves risks similar to those associated with investing in small capitalization companies. Generally, fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall. Exposure to the commodities markets (including financial futures markets) may subject the Fund to greater volatility.