AXS Market Neutral Fund

Institutional: COGIX     Investor: COGMX

Fund Overview

A market neutral investment that buys stocks expected to perform well and short sells stocks expected to underperform, with a focus on large U.S. companies in the S&P 500.

Investor Benefits

Seeks to profit from the spread between its long and short positions to deliver attractive market neutral returns with lower volatility.

Employs proprietary ROTA/ROME® methodology to analyze underlying business economics and valuations to identify companies whose intrinsic value diverges from current stock prices.

Offers true portfolio diversification by seeking return streams uncorrelated to equities and fixed income with the potential to perform in up or down markets.

Fund Details

Institutional Shares

Ticker: COGIX
CUSIP: 46141T232
Inception Date: 12/31/2012
Distribution Frequency: Annual
Management Fees: 1.40%
Total Annual Operating Expense1: 4.51% 
Net Expense1,2: 3.70%
Capped Fee/Expenses2: 1.45%

Investor Shares

Ticker: COGMX
CUSIP: 46141T224
Inception Date: 12/31/2012
Distribution Frequency: Annual
Management Fees: 1.40%
Total Annual Operating Expense1: 4.76%
Net Expense1,2: 3.95%
Capped Fee/Expenses2: 1.70%

1 Includes dividend expense on securities sold short, borrowing costs and brokerage expenses totaling 2.18%.

2 The Fund’s investment advisor has contractually agreed to reduce its fees and/or absorb certain expenses of the Fund, to ensure that the Fund’s total annual operating expenses do not exceed on an annual basis 1.45% for the Institutional class and 1.70% for the Investor class of the Fund’s average daily net assets, effective until 1/31/2025.

Portfolio Manager

Portfolio managers Jonathan Angrist and Brian Machtley manage the AXS Market Neutral 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 headshot bw

Jonathan Angrist

Brian Machtley headshot bw

Brian Machtley

Fund News

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, although the beta-adjusted market neutral focus of the Fund should reduce the effect of general market fluctuations on the valuation of the Fund as a whole. Utilization of leverage, such as borrowings and shorting positions, involves certain risks to the Fund’s shareholders, including potential for higher volatility of the net asset value (“NAV”) of the Fund’s shares and the relatively greater effect of portfolio holdings on the NAV of the shares. The Fund may not always be able to close out a short position on favorable terms. Short sales involve the risk that the Fund will incur a loss by subsequently buying a security at a higher price than the price at which it sold the security short.

Long is the buying of a security such as a stock, commodity or currency with the expectation that the asset will rise in value. All market indices are unmanaged. Short is a sale that is completed by the delivery of a security borrowed by the seller. Short sellers assume they will be able to buy the stock at a lower amount than the price at which they sold short.