American Independence Large Cap Growth Fund

Overview

Objectives & Strategy

The primary objective of the American Independence Large Cap Growth Fund (the “Fund”) is long-term capital appreciation.

Tickers and CUSIPs

Share ClassTickerCUSIPFund Number
InstitutionalLGNIX0267621612645
ALGNAX0267621532646
CLGNCX0267621792647

Portfolio Fundamentals
As of 12/31/2016

Number of Holdings42
Average Market Cap$28,575 Million
Net Assets$10.0 Million
Price to Earnings Ratio22.95
Price to Book Ratio3.82
Turnover117%
Fund Inception DateJuly 13, 2015

Investment Approach

The Fund seeks long-term capital appreciation by investing at least 80% of its assets in common stocks of large-cap U.S. companies, at the time of purchase. A large cap company is defined as a company that has a market capitalization found within the Russell 1000® Index (between $2.43 billion and $751 billion at the time of its most recent reconstitution on May 29, 2015) at the time of purchase. The size of the companies in the Russell 1000® Index will change with market conditions. While the Fund’s investments will consist primarily of domestic securities, the Fund may also invest its net assets in sponsored or unsponsored depositary receipts and securities of foreign companies that are traded on U.S. stock exchanges.

Under normal market conditions, the Fund:

  • Will invest at least 80% of the Fund’s net assets, plus any borrowings for investment purposes, in U.S. large-cap companies.
  • May invest up to 20% of the Fund’s net assets, plus any borrowing in equity securities of foreign issuers, through Depositary Receipts and similar investments that are traded on a stock exchange. Depositary receipts are issued by a bank that purchases shares of a non-U.S. company and issues shares based on the foreign holdings. Unsponsored depositary receipts are organized independently, without the cooperation of the issuer of the underlying securities. Types of depositary receipts include American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs trade on a U.S. exchange and thus are subject to registration and disclosure requirements under the Securities Act of 1933 and Securities Exchange Act of 1934, each as amended, and GDRs trade on the London Stock Exchange.
  • May invest up to 20% of the Fund’s net assets, plus any borrowings for investment purposes, in mid-cap companies.
  • May invest up to 10% of its total assets in the securities of one company.

The Fund is non-diversified meaning that it may invest a significant percentage of its assets in the securities of one issuer and focus on a particular market sector. The Fund may invest up to 10% of its total assets in the securities of one company. The Fund may also engage in frequent and active trading as part of its principal investment strategy.

Price to Book Ratio compares the market value of a portfolio’s stocks to the stocks’ book value.

Price to Earnings Ratio is the ratio of a company’s share price to its earnings per share.

Managers

Portfolio Management

The American Independence Large Cap Growth Fund is managed by RiskX Investments, LLC (formerly known as American Independence Financial Services, LLC).

General Information


RiskX Investments, LLC

(844) 747-5292

1345 Avenue of the Americas, 2nd Floor,
New York, NY 10105

Fees & Distributions

Shareholder Fees
As of 12/31/2016

(fees paid directly from your investment)

Institutional Class SharesClass A SharesClass C Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)None5.75%None
Maximum Deferred Sales Charge (Load) (as a percentage of the Net Asset Value purchase)NoneNone1.00% 1
Redemption FeeNoneNoneNone

1Class C shares will be assessed a 1.00% contingent deferred sales charge if redeemed within one year of date of purchase

Annual Fund Operating Expenses
As of 12/31/2016

(expenses that you pay each year as a percentage of the value of your investment)

Institutional Class SharesClass A SharesClass C Shares
Net Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements21.09%1.47%2.09%
Total Annual Fund Operating Expenses3.69%4.07%4.69%

2RiskX Investments, LLC (formerly American Independence Financial Services, LLC) (“RiskX Investments” or the “Adviser”) has contractually agreed to reduce the management fee and reimburse expenses until March 1, 2017 in order to keep the Total Annual Fund Operating Expenses to 1.09%, 1.47% and 2.09% of the Fund’s average net assets for Institutional Class Shares, Class A Shares and Class C 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 of Trustees.

Purchase Minimums

Institutional Class SharesClass A SharesClass C Shares
Initial Purchase$3,000,000.00$5,000.00$5,000.00
Subsequent Purchase$5,000.00$250.00$250.00

Distribution Schedule

Dividend FrequencyAnnually
Capital GainsAnnually

Capital Gains

(per share distribution)

PayableShort-TermLong-Term
12/11/2015NoneNone
12/19/2014NoneNone
12/13/2013NoneNone

Performance

Month-end Performance
As of 01/31/2017

NameNAV1 MonthYTD1 YearSince Inception3
Institutional Class Shares$9.622.89%2.89%13.21%-2.43%
Class A Shares (NAV)$9.562.80%2.80%12.60%-2.86%
Class A Shares (w/ 5.75% max load)$10.14-3.14%-3.14%6.10%-6.49%
Class C Shares (w/ 1.00% max CDSC)$9.481.82%1.82%10.92%-3.38%
Russell 1000® Growth--3.37%3.37%17.23%--
S&P 500 Index--1.90%1.90%20.04%--

Quarter-end Performance
As of 12/31/2016

NameQTRYTD1 YearSince Inception3
Institutional Class Shares-1.23%3.81%3.81%-4.44%
Class A Shares (NAV)-1.38%3.33%3.33%-4.82%
Class A Shares (w/ 5.75% max load)-7.09%-2.62%-2.62%-8.58%
Class C Shares (w/ 1.00% max CDSC)-2.48%1.67%1.67%-5.38%
Russell 1000® Growth1.01%7.08%7.08%--
S&P 500 Index3.82%11.96%11.96%--

3Since July 13, 2015 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 February 29, 2016. The expense ratio is net of a contractual expense cap of 1.09% for the Institutional share, 1.47% for the A share, and 2.09% for the C share classes through March 1, 2017.

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 S&P 500 Index has been widely regarded as the best single gauge of the large cap U.S. equities market since the index was first published in 1957. The index is not available for purchase.

The Russell 1000® Growth Index. An unmanaged index which measures the performance of those Russell 1000® companies with higher price-to-book ratios and higher forecasted growth values. Unlike the American Independence and Rx Funds, the index do not incur fees and expenses and is not available for purchase.

Composition

Sector Weightings
As of 12/31/2016

Information Technology27.50%
Consumer Staples13.74%
Industrials12.86%
Consumer Discretionary10.92%
Health Care9.84%
Utilities9.54%
Materials6.82%
Financials4.88%
Cash Equivalents2.40%
Telecommunication Services1.50%

Top 10 Holdings
As of 12/31/2016

NVIDIA Corp.6.62%
Ulta Salon, Cosmetics & Fragrance, Inc.3.79%
Lockheed Martin Corp.3.26%
Vantiv, Inc., Class A3.16%
Broadcom Ltd.3.14%
Digital Realty Trust Inc3.13%
SCANA Corp.2.95%
Constellation Brands, Inc., Class A2.88%
Avery Dennison Corp.2.75%
Consolidated Edison, Inc.2.73%
Percent in Top 1034.41%

Portfolio holdings are subject to change.

Literature

Important Disclosures

Information found on this site is directed to U.S. Investors. 

Mid-Cap Securities Risk. The prices of securities of mid-cap companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large-cap companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession.

Growth Stock Risk. If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.

Foreign Securities Risks. Investing in foreign securities (including ADRs and GDRs) subjects the Fund 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. In addition, investments in foreign securities involve certain inherent risks, including the following:

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.

Foreign Currency Risk. Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall. Currency rates in foreign countries may fluctuate significantly over short periods of time.

Non-Diversified Fund Risk. The Fund is “non-diversified” under the 1940 Act, and therefore is not required to meet certain diversification requirements under federal laws. The Fund may invest a greater percentage of its assets in the securities of an issuer. However, a decline in the value of a single investment could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

For more complete information on the American Independence and Rx 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.

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE.

RiskX Investments, LLC is a limited liability company.