KL Allocation Fund
 

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As of 5/26/2017

 

Investment Objective: To seek long-term capital appreciation with an emphasis on capital preservation. 
Investment Strategy: The Fund employs an allocation strategy, moving between equities, fixed income and cash depending on market factors. Equity investments are selected from an index of companies the investment team identifies as Knowledge Leaders.
A Knowledge Leaders Strategy: The strategy seeks to transform the Knowledge Effect into portfolio alpha. The investment process aims to capture this market inefficiency using a proprietary methodology which capitalizes corporate knowledge investments, measures firm performance on a knowledge-adjusted basis, and selects investments in Knowledge Leader companies on the basis of knowledge intensity.
3 Ways to Use the Fund: May help investors improve
• Portfolio performance • Portfolio efficiency • Downside protection

Key Facts

Inception Date:
Morningstar Category:
Lipper Category:
I-share/A-share:
I-share CUSIP:
A-share CUSIP:
Net Expense Ratio:
Distribution Frequency:
Benchmark:
9/30/2010
Allocation–70% to 85% Equity
Flexible Portfolio
GAVIX/GAVAX
461418659
461418667
1.22%/1.47%
Annually
MSCI ACWI

Performance
(as of 4/30/2017)

As of 3/31/2017, the 1-year, 5-year and since inception annualized total returns for the KL Allocation Fund Advisor Class were 4.63%, 7.21% and 8.04% and Institutional Class were 4.88%, 7.46% and 8.33%, respectively. The MSCI All Country World Index’s 1-year, 5-year and since inception annualized total return as of 3/31/2017 were 15.04%, 8.37% and 8.36%. The total annual operating expenses of the Fund are 1.46% and 1.21% and net expenses are 1.47% and 1.22% for the Advisor and Institutional Classes, respectively. The inception date for the KL Allocation Fund is 09/30/10.

The performance data quoted here represents past performance. Past performance is no guarantee of 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 information quoted. To obtain performance information current to the most recent month-end please call 888.998.9890 or visit our website at www.KnowledgeLeadersFunds.com.

The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses do not exceed 1.50% and 1.25% of the average daily net assets for Advisor Class and Institutional Class shares of the Fund, respectively. This agreement is in effect until December 31, 2017. The Fund’s advisor is permitted to seek reimbursement from the Fund of fees waived for a period of three years from the date of the waiver or payment.

Past performance is no guarantee of future results. Ratings may reflect fee waivers in effect; in their absence, ratings may have been lower. Ratings for other share classes may vary. As of 3/31/2017, the KL Allocation Fund (GAVIX) was rated against the following numbers of U.S.-domiciled Allocation- 70% to 85% Equity Funds over the following time periods: 347 funds in the last three years, 286 funds in the last five years and 347 funds overall. With respect to these Allocation – 70% to 85% Equity Funds, the KL Allocation Fund (GAVIX) received a Morningstar Rating of 4 stars, 3 stars and 3 stars for the three-year, five-year and overall periods, respectively.

Risk Metrics
(as of 4/30/2017 - Trailing 5 Years)

Risk Metrics
GAVIX
GAVAX
MSCI All Country World Index
Beta
0.53
0.53
1.00
Alpha (%)
2.85
2.62
0.00
Standard Deviation (%)
7.31
7.29
11.04
Tracking Error (%)
6.82
6.82
0.00
Sharpe Ratio
1.04
1.01
0.82
Treynor Ratio
14.46
13.99
8.80
Correlation (%)
80.00
80.00
100.00
Upside Capture (%)
61.34
60.46
100.00
Downside Capture (%)
41.46
42.18
100.00
Max Drawdown (%)
-6.31
-6.39
-13.45
Active Share
93.88
93.88
0.00

Allocations
(as of 4/30/2017)

Asset Allocations

Asset
Percent
Equity
72.58
Fixed Income
21.64
Cash
5.78

Equity Allocations by Sector

Sector
Percent
Industrials
23.07
Energy
19.72
Information Technology
17.95
Materials
16.63
Health Care
15.01
Consumer Staples
4.58
Consumer Discretionary
3.03

Equity Allocations by Country

Country
Percent
United States
42.82
Japan
21.60
United Kingdom
6.80
Hong Kong
5.98
Sweden
5.09
Australia
3.20
Norway
3.15
Canada
2.45
Finland
1.83
Germany
1.82
France
1.60
Switzerland
1.53
Brazil
1.14
South Africa
0.98

Top 20 Equity Holdings
(as of 4/30/2017)

Company
% Weight in Portfolio
Antofagasta Plc
1.78%
Sandvik AB
1.44%
Adobe Systems Inc
1.42%
Elekta AB
1.39%
Waters Corp
1.36%
Rolls-Royce Holdings Plc
1.34%
Yaskawa Electric Corp
1.34%
Statoil ASA
1.34%
National Oilwell Varco Inc
1.33%
Metso Oyj
1.33%
Siemens AG
1.32%
Tsumura & Co
1.30%
Alphabet Inc
1.28%
Ingersoll-Rand Plc
1.28%
Schlumberger Ltd
1.25%
Stanley Black & Decker Inc
1.23%
Becton Dickinson & Co
1.23%
Microsoft Corp
1.23%
Komatsu Ltd
1.23%
Dow Chemical Co
1.21%

PDF View Entire Portfolio Holdings

Fund Materials & Commentary

A complete guide to the fund, its strategy and performancedownload

Everything you need to know to invest
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Worried about a Market Correction?
GAVIX Ranks #1 for Lowest Max Drawdown Since Inception as of 4/30/2017

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Update and outlook from the portfolio manager
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Archives

Investment Strategy

keimagessemi-1The KL Allocation Fund is a Knowledge Leaders investment product. The Knowledge Leaders Strategy seeks to transform the Knowledge Effect into portfolio alpha.

Read about the foundations of our strategy and download research at www.KnowledgeLeadersCapital.com.

See Terms and Conditions

Please consider the Fund’s investment objectives, risks, charges and expenses before investing. The prospectus or summary prospectus that contains this and other information about the Fund, is available by calling 888.998.9890 and should be read carefully.

The value of the securities held by the Fund will change due to general market and economic conditions and industry perceptions. Investments in non-US issuers may involve unique risks. Currency fluctuation, adverse political, economic or social developments could undermine the value of the Fund’s investments. The securities of mid-cap companies may be subject to more abrupt or erratic market movements and may have lower trading volumes. Many of the risks with respect to foreign investments are more pronounced for investments in issuers in developing or emerging market countries. An investment in a fund that is less diversified across countries or geographic regions is generally riskier than an investment in a more geographically diversified fund.

Portfolio composition will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as recommendations by the Fund, its Advisor or Distributor.  The blended benchmark is comprised 60% of the MSCI All Country World Index and 40% of the Barclays US Treasury Bond Index.  Percentages are allocated to equity invested. 

The KL Allocation Fund is distributed by IMST Distributors, LLC. 

© 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Morningstar Rating™
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

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