AXS Market Neutral Fund
Institutional: COGIX Investor: COGMX
Fund Overview
The AXS Market Neutral Fund seeks long-term growth of capital independent of stock market direction. Investors may employ a market neutral strategy to seek to profit from both increasing and decreasing markets while avoiding significant losses.
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 (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-1A), expenses incurred in connection with any merger or reorganization and extraordinary expenses such as litigation expenses) do not exceed 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.
Fund Literature
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.