ACVQX — AC Alternatives Market Neutral Value Fund

Data updated: 2022-02-22

ACVQX — AC Alternatives Market Neutral Value Fund. Commodity · $36.50M AUM · 4.03% expense ratio. Holdings, fees, performance and SEC filings.

ACVQX Fund Overview

ACVQX — AC Alternatives Market Neutral Value Fund is a US mutual fund managed by American Century Capital Portfolios INC, categorised as Commodity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

Type: US mutual fund
Manager: American Century Capital Portfolios INC
Category: Commodity
Assets under management: $36.50M
1-year return: -1.8%
Ticker: ACVQX
SEC CIK: 0000908186
SEC series ID: S000034235
Share class ID: C000105521

ACVQX Investment Objective and Strategy

AC Alternatives Market Neutral Value Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by American Century Capital Portfolios INC.

Investment objective

The fund seeks long-term capital growth, independent of equity market conditions.

Principal investment strategy

The portfolio managers use a value investment strategy to construct the portfolio for the fund. The portfolio managers buy, or take long positions in, equity securities they have identified as undervalued. They take short positions in equity securities that they have identified as overvalued. A short position arises when the fund sells a security it does not own but has borrowed in anticipation that the market price of the security will decline. To close out the short sale, the fund buys the same stock in the market and returns it to the lender. If the market price in fact declines, the fund can replace the borrowed security at a lower price and capture the value represented by the difference between the higher sale price and the lower replacement price. The funds investment process is designed to maintain approximately equal dollar amounts invested in long and short positions at all times.

By employing this market neutral strategy, the fund seeks to limit market risk (the effects of general market movements on the funds performance). A market neutral strategy seeks to limit the funds volatility relative to the market. As a result of this strategy, the portfolios price movements are not expected to correlate with the markets price movements. In selecting stocks for the funds long portfolio, the portfolio managers look for companies of all sizes whose stock prices may not reflect the companies values. The managers attempt to purchase the stocks of these undervalued companies and hold each stock until the price has increased to, or is higher than, a level the managers believe more accurately reflects the fair value of the company. The portfolio managers use the same fundamental investment strategy to identify stocks that they believe are overvalued, which will make up the funds short positions.

In addition, the fund may take long or short positions in exchange traded funds or other securities that provide exposure to market or sector indices, underlying commodities or commodity indices the portfolio managers have identified as undervalued (for the long portfolio) or overvalued (for the short portfolio). The portfolio managers may also engage in capital structure arbitrage investment strategies. The fund may invest a portion of its assets in foreign securities when these securities meet the portfolio managers standards of selection. The portfolio managers may sell stocks from the funds long portfolio if they believe a stock no longer meets their valuation criteria, a stocks risk parameters outweigh its return opportunity, more attractive alternatives are identified or specific events alter a stocks prospects.

Similarly, the portfolio managers may close out a short sale when they feel that a stock has moved closer to its fair value, and the company is no longer sufficiently overvalued to create an attractive short position. Under normal market conditions, the fund intends to keep its assets invested primarily in U.S. equity securities. However, the fund may invest a portion of its assets in foreign securities. In addition, there may be times when the fund holds a significant portion of its assets in cash or cash equivalents. The fund may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies. This may cause higher transaction costs and may affect performance. It may also result in the realization and distribution of capital gains.

ACVQX Performance

Total returns for ACVQX (as of 2026-10-01), from SEC filings.

Period	Total return
1 year	-1.8%
3 years (annualised)	-2.3%

ACVQX Risk Information

Risk metrics for ACVQX, derived from monthly returns in SEC filings.

1-year volatility (annualised): 1.3%

ACVQX Costs and Fees

ACVQX costs about $403 per $10,000 invested per year in fund expenses.

Net expense ratio: 4.03%
Gross expense ratio: 4.03%
Portfolio turnover: 299%
Brokerage commissions: 5.82 bps of average net assets (SEC N-CEN)

ACVQX Cashflows

Over the 12 months to 2021-12, AC Alternatives Market Neutral Value Fund had net outflows of $20.35M, from monthly SEC N-PORT filings.

Month	Net flow
2021-12	−$189.68K
2021-11	−$297.08K
2021-10	−$121.40K
2021-09	−$3.08M
2021-08	−$5.78M
2021-07	−$266.35K

ACVQX Debt Constituents

No individual debt constituents are reported in AC Alternatives Market Neutral Value Fund's latest SEC N-PORT filing.

ACVQX Prospectus and SEC Filings

Official AC Alternatives Market Neutral Value Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Commodity funds tracked on ABC INVEST:

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.