Longboard

MANAGED FUTURES STRATEGY FUND

WAVIX/WAVEX Documents

(Frequently Used PDFs) Fact Sheet Brochure Commentary Prospectus

Why Consider Managed Futures?

Reduce Risk

Historically, an allocation to managed futures can help stabilize returns by reducing portfolio volatility.

Global Diversification

Managed futures has the potential to produce positive returns by investing in a global portfolio of stocks, bonds, currencies, and commodities.

Historically Low Correlation to the S&P 500

May profit from markets going up or down, potentially producing returns at different times from stocks or bonds.

Seeks Positive Absolute Returns

The primary investment objective of the Longboard Manged Futures Fund (the "Fund") is to seek positive absolute returns.

Who are the Fund's Competitors?

Longboard seeks to outperform the Societe Generale Trend Index ("SG Trend Index"), a benchmark of the 10 largest managed futures managers in the world (avg. assets under management $3.44 billion), in addition to its primary benchmark, the ICE Bank of America Merrill Lynch 3-Month U.S. T-Bill Index.
To be considered for the SG Trend Index, managers must meet the following criteria:
  • Primarily trade futures
  • Broadly diversified across asset classes
  • Industry-recognized trend follower
  • Be open to new investments
  • Report returns daily (net of fees)

Historically Similar Returns TO S&P 500
AND LESS DOWNSIDE RISK THAN S&P 500

Dec. 31, 1999 - Mar. 31, 2019
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

Index performance on this page was sourced from third party sources deemed to be accurate, but is not guaranteed. All index performance is gross of fees and would be lower if presented net of fees, except for the SG Trend Index, which is net of fees. Investors cannot invest directly in the indexes referenced on this page.

HOW HAS THE FUND PERFORMED?

Growth of $10,000
Jun. 27, 2012 - Mar. 31, 2019
Source: Morningstar Direct
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

Index performance on this page was sourced from third party sources deemed to be accurate, but is not guaranteed. All index performance is gross of fees and would be lower if presented net of fees, except for the SG Trend Index, which is net of fees. Investors cannot invest directly in the indexes referenced on this page.

PERFORMANCE

AS OF 3/31/19
*Inception for WAVIX: 6/27/12. Inception for WAVEX: 3/22/13

**Inclusive of maximum sales load of 5.75%.

Past results are not necessarily indicative of future results. There is no guarantee that any investment will achieve its goals and generate profits or avoid losses.

PERFORMANCE DISCLOSURE: The Total Annual Fund Operating Expenses for the Longboard Managed Futures Strategy Fund class I are 2.88%. The Total Annual Fund Operating Expenses for the Longboard Managed Futures Strategy Fund class A are 3.12%. The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. For performance information current to the most recent month-end, please call toll-free 855.294.7540.

Risk Allocation

The Fund seeks to profit from the strongest trends
around the world as they emerge.

CURRENT RISK ALLOCATION1 BY ASSET CLASS

As of 3/31/19
Not all trends last indefinitely. The Fund's risk management system seeks to take profits before removing weakening trends from the portfolio.
Source: Longboard
1The % of Risk is the estimated maximum equity a position could lose, divided by the estimated aggregate equity currently at risk of loss across all positions in the portfolio.

Portfolio holdings are subject to change at any time and should not be considered investment advice.

Past results are not necessarily indicative of future results. There is no guarantee that any investment will achieve its goals and generate profits or avoid losses.

PERFORMANCE DISCLOSURE: The Total Annual Fund Operating Expenses for the Longboard Managed Futures Strategy Fund class I are 2.88%. The Total Annual Fund Operating Expenses for the Longboard Managed Futures Strategy Fund class A are 3.12%. The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. For performance information current to the most recent month-end, please call toll-free 855.294.7540.

TREND STRENGTH

The tables below show the longest and newest trend in each asset class.
AS OF 3/31/19
Source: Longboard

Portfolio

The Fund is broadly diversified across a global portfolio of stock indexes, bonds, currencies, & commodities.

AVERAGE HISTORICAL PORTFOLIO ALLOCATION

Dec. 31, 2013 - Mar. 31, 2019
Portfolio holdings are subject to change at any time and should not be considered investment advice.
Source: Longboard

Performance Year-to-Date (WAVIX)

Gross Returns: Jan. 1, 2018 - Mar. 31, 2019
Source: Longboard
The Fund will tactically adjust as markets change.

The graph above represents the performance attribution of each asset class.

Below is a visualization of how the portfolio has changes the number of investment holdings in each category quarter-over-quarter.

Trailing Net Exposure

STOCK INDEXES

As of Mar. 31, 2019
Source: Longboard

Fixed Income

As of Mar. 31, 2019
Source: Longboard

Commodities

As of Mar. 31, 2019
Source: Longboard

Currencies

As of Mar. 31, 2019
Source: Longboard

Portfolio Information

Class Ticker Inception Date Unitary Fee* CUSIP
A WAVEX 3/22/13 2.87% 66538A430
I WAVIX 6/27/12 2.88% 66538A422
*Total Annual Operating Expenses for the Longboard Managed Futures Strategy Fund are 3.12% and 2.88% for Class A and I, respectively.