The American Independence Carret Core Plus Fund’s (the “Fund”) investment objective is to provide investors with a competitive total return.
The Fund invests primarily in intermediate-term, investment-grade bonds, and may also invest in International Fixed-Income securities amd High-Yield bonds.
This Fund is intended for investors with a time horizon of at least 12 months, seeking total return from an intermediate term fixed-income fund.
The Fund manager seeks to generate a high level of current income, from a conservative, core portfolio of investment grade bonds, as well as international and high- yield securities.
Broad Bond Market Diversification
Portfolio construction combines fundamental economic and credit research with duration management. The Fund’s average duration range may be +/- 20% of the benchmark.
Monthly Income at the ‘Right Price’
The strategy seeks to exploit spread relationships, and identify undervalued sectors and securities for investment, while maintaining a high-quality, liquid portfolio.
|Share Class||Ticker||CUSIP||Fund Number|
|Number of Holdings||94|
|Net Assets||$50.5 Million|
|Fund Inception Date||January 21, 1997|
|Share Class||Subsidized 30-Day SEC Yield||Unsubsidized 30-Day SEC Yield|
Duration is a measure of a bond price’s sensitivity to changes in interest rates. Bond or bond funds with a higher duration generally have higher price volatility than those with lower durations.
30-Day SEC Yield and Unsubsidized SEC Yield: The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share as of the date specified. The SEC 30-Day Yield on A Shares at NAV applies only to A Shares purchased at no-load pursuant to the Fund’s policy permitting waiver of the A Share load in certain specified circumstances. Subsidized yields reflect fee waivers in effect. Without such waivers, yields would be reduced. The unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund. Gross expenses do not include any fee waivers or expense reimbursements.
The American Independence Carret Core Plus Fund is managed by RiskX Investments, LLC (formerly known as American Independence Financial Services, LLC). The Fund is sub-advised by Carret Asset Management, LLC (“Carret”).
Carret Asset Management, LLC (“Carret”) is an independent investment advisor headquartered in New York City offering active investment-grade fixed-income management, a long-term track record, and a team-based investment decision-making process. Founded in 1963, Carret manages in excess of $2.4 billion in assets for wealth mangers, financial advisors, corporate relationships, select institutions, mutual fund companies, non-profit organizations and high-net-worth individuals and families.
Jason R. Graybill, CFA, has been a Senior Managing Director and Senior Portfolio Manager at Carret since May of 2008. From January 1995 through May 2008, he was a Managing Director and Senior Portfolio Manager at Abner, Herrman & Brock, LLC. Mr. Graybill graduated from Towson University in 1992, with a B.S. in Business Administration and from University of Baltimore with an M.S. in Finance in 1994. He has been a Chartered Financial Analyst (CFA®) since 1998.
Neil D. Klein has been a Senior Managing Director and Senior Portfolio Manager of Carret since May of 2008. From July 2005 through May 2008, he was a Senior Portfolio Manager at Abner, Herrman & Brock, LLC. Mr. Klein graduated from Pennsylvania State University in 1987, with a B.S. in AgriBusiness Management and received his M.B.A. from Temple University, Fox School of Business.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute
RiskX Investments, LLC
1345 Avenue of the Americas, 2nd Floor,
New York, NY 10105
|Institutional Class Shares||Class A Shares|
|Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)||None||4.25%|
|Maximum Deferred Sales Charge (Load) (as a percentage of the Net Asset Value purchase)||None||None|
1RiskX Investments, LLC (“RiskX Investments” or the “Adviser”) has contractually agreed to reduce the management fee and reimburse expenses until March 1, 2018 in order to keep the Net Annual Fund Operating Expenses at 0.45% and 0.80% of the Fund’s average net assets for the Institutional Class shares and Class A shares, respectively. The contractual expense limitation does not apply to any taxes, brokerage commissions, interest on borrowings, acquired fund fees, extraordinary expenses, or short sale dividend and interest expenses. The Adviser is permitted to seek reimbursement from the Fund, subject to limitations, for fees it waived and Fund expenses it paid in any fiscal year of the Fund over the following three fiscal years, as long as the reimbursement does not cause the Fund’s operating expenses to exceed the expense limitation. The expense limitation may be terminated only by approval of the Board.
|Name||NAV||1 Month||YTD||1 Year||3 Year||5 Year||10 Year||Since Inception2|
|Institutional Class Shares||$10.75||0.04%||0.78%||1.45%||2.69%||2.58%||4.61%||5.04%|
|Class A Shares (NAV)||$10.83||0.01%||0.69%||1.20%||2.34%||2.23%||4.35%||4.83%|
|Class A Shares (w/ 4.25% max load)||$11.31||-4.23%||-3.58%||-3.12%||0.86%||1.36%||3.90%||4.61%|
|Barclays Aggregate Bond Index||--||-0.05%||0.82%||0.44%||2.68%||2.34%||4.27%||--|
|Name||QTR||YTD||1 Year||3 Year||5 Year||10 Year||Since Inception2|
|Institutional Class Shares||0.78%||0.78%||1.45%||2.69%||2.58%||4.61%||5.04%|
|Class A Shares (NAV)||0.69%||0.69%||1.20%||2.34%||2.23%||4.35%||4.83%|
|Class A Shares (w/ 4.25% max load)||-3.58%||-3.58%||-3.12%||0.86%||1.36%||3.90%||4.61%|
|Barclays Aggregate Bond Index||0.82%||0.82%||0.44%||2.68%||2.34%||4.27%||--|
2Since January 21, 1997 Inception
During certain of the periods shown in the performance table above, the adviser waived a portion of its management fee and capped the total operating expenses of the Fund. Absent such expense cap and fee waiver, the Fund would have had a higher expense ratio and lower performance. The expense ratio is per the most recent prospectus dated March 1, 2017. The net expense ratio is net of a contractual expense cap of 0.45% for Institutional share and 0.80% for A share classes, through March 1, 2018.
Performance data quoted represents past performance. Past performance does not guarantee 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 data quoted. To obtain performance information current to the most recent month-end, please call 866.410.2006 or visit the Product Performance pages of this website.
The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index of investment-grade U.S. dollar-denominated fixed income securities of domestic issuers having a maturity greater than one year. The index does not incur fees and expenses and is not available for purchase.
Portfolio Statistics source: Zephyr StyleADVISOR.
Alpha measures a fund’s risk-adjusted performance independent of benchmark performance.
Beta is a measure of a fund’s volatility in comparison to a market benchmark: a Beta of less than 1 indicates a fund is less volatile than the market, while a Beta of greater than 1 indicates a fund is more volatile than the market.
R-Squared measures the portion of a fund’s movement that is explained by the broad market’s movements.
Standard Deviation measures a fund’s performance volatility based on the spread of its returns around its average return.
Sharpe Ratio measures risk-adjusted returns using excess return and standard deviation to determine a fund’s reward per unit of risk taken. A higher sharpe ratio indicates better historical risk-adjusted performance.
|U.S. Government Agency Pass-Through Securities||26.86%|
|Collateralized Mortgage Obligations||3.83%|
|U.S. Treasury Obligations||3.04%|
|Commercial Mortgage-Backed Securities||1.58%|
|Mortgage Derivatives - IO STRIPS||0.06%|
|U.S. Treasury/ U.S. Government Agency||29.90%|
|Freddie Mac Gold Pool,4.00%,11/01/45||4.16%|
|Fannie Mae Pool,3.00%,7/01/43||4.16%|
|Freddie Mac Gold Pool,3.50%,10/01/43||3.71%|
|Freddie Mac Gold Pool,3.50%,9/01/42||3.02%|
|Fannie Mae Pool,4.00%,11/01/45||2.83%|
|Fannie Mae Pool,3.50%,3/01/45||2.41%|
|WFRBS Commercial Mortgage Trust,4.31%,8/15/45||1.77%|
|Dollar Tree, Inc.,5.75%,3/01/23||1.74%|
|General Motors Co.,4.88%,10/02/23||1.69%|
|Percent in Top 10||27.29%|
Portfolio holdings are subject to change.
3The Credit Ratings shown are provided by a nationally recognized ratings organization (the lower of S&P, Moody's, or Fitch). Bond ratings of AAA to BBB- (Aaa to Baa3 as rated by Moody's) reflect investment grade quality. Bond ratings below BBB- / Baa3 are below-investment grade quality.
Information found on this site is directed to U.S. Investors.
Fixed Income Securities Risk. Some of the securities or other investment companies in which a Fund may invest are invested in a broad range of bonds or fixed-income securities. To the extent that a security or other investment company is so invested, the return on, and value of, an investment will fluctuate with changes in interest rates, credit rating and duration.
Foreign Securities Risks. Investments in foreign securities involve certain inherent risks, including the following:
Foreign Investment. A Fund that invests in foreign securities is subject to risks such as fluctuation in currency exchange rates, market illiquidity, price volatility, high trading costs, difficulties in settlement, regulations on stock exchanges, limits on foreign ownership, less stringent accounting, reporting and disclosure requirements, limited legal recourse and other considerations. In the past, equity and debt instruments of foreign markets have had more frequent and larger price changes than those of U.S. markets. The willingness and ability of sovereign issuers to pay principal and interest on government securities depends on various economic factors, including the issuers’ balance of payments, overall debt level, and cash flow from tax or other revenues.
Political and Economic Factors. Individual foreign economies of certain countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency, diversification and balance of payments position. The internal politics of certain foreign countries may not be as stable as those of the U.S. Government. Certain foreign countries participate to a significant degree, through ownership interest or regulation, in their respective economies. Action by these governments could include restrictions on foreign investment, nationalization, expropriation of goods or imposition of taxes, and could have a significant effect on market prices of securities and payment of interest. The economies of many foreign countries are heavily dependent upon international trade and are accordingly affected by the trade policies and economic conditions of their trading partners. Enactment by these trading partners of protectionist trade legislation could have a significant adverse effect upon the securities markets of such countries.
Currency Fluctuations. A Fund may invest in securities denominated in foreign currencies. Accordingly, a change in the value of any such currency against the U.S. dollar will result in a corresponding change in the U.S. dollar value of the securities’ assets denominated in that currency. Such changes will also affect the securities’ income. The value of the security may also be affected significantly by currency restrictions and exchange control regulations enacted from time to time.
High-Yield Securities Risk. Lower rated securities are subject to greater risk of loss of income and principal than higher rated securities and may have a higher incidence of default than higher-rated securities. The prices of lower rated securities are likely to be more sensitive to adverse economic changes or individual corporate developments than higher rated securities.
For more complete information on the American Independence Funds, you can obtain a prospectus containing complete information for the Funds by calling 866.410.2006 or by downloading them from this web site. You should consider the Fund’s investment objectives, risks, charges and expenses carefully before you invest or send money. Information about these and other important subjects is in the Funds’ prospectus. The prospectus and, if available, the summary prospectus, should be read carefully before investing.
Shares of the American Independence Funds are distributed by Matrix 360 Distributors, LLC, which is not affiliated with RiskX Investments, LLC and Carret Asset Management, LLC.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE.
RiskX Investments, LLC is a limited liability company.
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