Waycross Long/Short Equity Fund

C000154924 Fund Overview

Waycross Long/Short Equity Fund is a US mutual fund managed by Ultimus Managers Trust, categorised as United States Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Ultimus Managers Trust
• Category: United States Blend / Core Equity
• Assets under management: $75.17M
• SEC CIK: 0001545440
• SEC series ID: S000049135
• Share class ID: C000154924

C000154924 Investment Objective and Strategy

Waycross Long/Short Equity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Ultimus Managers Trust.

Investment objective

"The Waycross Long/Short Equity Fund (the ""Fund"") seeks long-term capital appreciation"

Principal investment strategy

"The Fund pursues its investment objective by investing under normal circumstances in long and short equity positions. The Fund's long positions are purchased with the intended goal of benefitting from rising valuations. The Fund's short positions are purchased with the intended goal of benefitting from declining valuations or as a hedge against long positions. When the Fund takes a long position in a security, it purchases the security outright. When the Fund takes a short position, it sells a security it does not own at the current market price by borrowing the security. The Fund then hopes to be able to replace the borrowed security by purchasing the security later at a price lower than the price at which it sold the security short. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities traded in the U.S.

This investment policy may be changed without shareholder approval upon at least 60 days' prior written notice to shareholders. The Fund's long positions will principally consist of a portfolio of common stocks of mid-capitalization and large-capitalization companies with low valuations based on the Adviser's proprietary analysis. The Adviser defines mid-capitalization companies as companies with a total market capitalization of between $1 billion and $10 billion at the time of purchase and large-capitalization companies as companies with a total market capitalization of $10 billion or more at the time of purchase. For the Fund's long holdings, the Adviser generates a focus universe of investment candidates of approximately 300 companies traded in the U.S. The Adviser typically starts with the 500 companies that make up the S&P 500 Index plus 30 to 50 other companies where the Adviser thinks an opportunity to add value exists.

The Adviser then creates the focus universe from among companies with market capitalizations over $1 billion by using a proprietary screening process that analyzes market sectors to determine the 300 securities that exhibit, in the Adviser's opinion, the greatest likelihood of performance divergence; i.e., the widest margin between the top performing and the bottom performing companies. The Adviser rigorously analyzes each investment candidate, evaluating company-specific metrics (""key factors"") the Adviser deems most likely to affect annual earnings, and then ranks the companies based on the Adviser's assessment of these key factors. Key factors are defined by the Adviser to be the most critical drivers, in the Adviser's opinion to a company's annual earnings estimates; for example, foot traffic at a restaurant, units sold for a tech product company, or operating cost for an industrial company.

The Adviser then employs its proprietary earnings models to determine price target ranges for each stock in the focus universe. Following further analysis, the Adviser buys stocks for the Fund's portfolio that it determines to have improving key factors that are available at reasonable valuations. The Fund will generally establish short positions in common stocks of mid-capitalization and large-capitalization companies. The Fund will typically sell short securities based on the following criteria: 1) to seek to take advantage of companies the Adviser has identified as overvalued; 2) when the Adviser determines that a company's key factors are weakening; and/or 3) to hedge market exposures from the Fund's long positions. The Adviser will typically identify securities to sell short during the process of generating the focus universe of investment candidates.

The Adviser will generally sell a long position when there is a material adverse change in the issuer's key factors and will generally cover a short position when there is a material positive change in the issuer's key factors. A short position is covered by purchasing a security to replace, or ""cover"", the security that was borrowed and sold. Additionally, the Adviser sets a target price for each security in the Fund's portfolio that is updated periodically (normally at least quarterly) and when a security reaches or exceeds its target price, the Adviser's strategy typically requires that the security be sold. A security position may also be sold when the Adviser believes other investment opportunities are more attractive or that the security is unlikely to benefit from current business, market or economic conditions if a long position, or the company's prospects have improved in the case of a short position.

The Fund may engage in frequent and active trading of securities as part of its principal investment strategy. It is expected that the Fund will generally maintain a net long exposure (i.e., the market value of the Fund's long positions minus the market value of the Fund's short positions) of at most 60% under normal market conditions; however the Adviser seeks to target a net long exposure of approximately 50% over a full market cycle."

C000154924 Costs and Fees

C000154924 costs about $271 per $10,000 invested per year in fund expenses.

• Net expense ratio: 2.71%
• Gross expense ratio: 2.71%
• Portfolio turnover: 37%
• Brokerage commissions: 5.25 bps of average net assets (SEC N-CEN)

C000154924 Cashflows

Over the 12 months to 2020-08, Waycross Long/Short Equity Fund had net inflows of $8.03M, from monthly SEC N-PORT filings.

C000154924 Debt Constituents

No individual debt constituents are reported in Waycross Long/Short Equity Fund's latest SEC N-PORT filing.

C000154924 Prospectus and SEC Filings

Official Waycross Long/Short Equity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-07-17
• Prospectus (485BPOS) — filed 2018-07-17
• Prospectus supplement (497) — filed 2020-03-12
• Portfolio holdings (N-PORT) — filed 2020-10-26
• Portfolio holdings (N-PORT) — filed 2020-07-27
• Annual census (N-CEN) — filed 2020-05-13
• Annual census (N-CEN) — filed 2019-05-09

Related Funds

Other United States Blend / Core Equity funds tracked on ABC INVEST:

• International Small Company Portfolio (DFISX)
• iShares Preferred and Income Securities ETF (PFF)
• Guggenheim Macro Opportunities Fund (GIOAX)
• Emerging Markets Portfolio (DFEMX)
• Eaton Vance Global Macro Absolute Return Advantage Fund (EGRAX)

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.