CCA Aggressive Return Fund

Data updated: 2020-09-30

C000192847 — CCA Aggressive Return Fund. Emerging Markets Real Estate · $28.16M AUM · 1.09% expense ratio. Holdings, fees, performance and SEC filings.

C000192847 Fund Overview

CCA Aggressive Return Fund is a US mutual fund managed by MSS Series Trust, categorised as Emerging Markets Real Estate. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

Type: US mutual fund
Manager: MSS Series Trust
Category: Emerging Markets Real Estate
Assets under management: $28.16M
SEC CIK: 0001368578
SEC series ID: S000058786
Share class ID: C000192847

C000192847 Investment Objective and Strategy

CCA Aggressive Return Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by MSS Series Trust.

Investment objective

The Fund seeks to provide long-term total return.

Principal investment strategy

The Fund attempts to capture the performance of the riskier portion (those with highest expected return sensitivity) of the domestic and international equity and fixed income markets by employing an investment approach designed to focus on those securities that have the highest expected return sensitivity, as determined by the Funds adviser, Checchi Capital Advisers, LLC (CCA). For purposes of determining risk, expected return sensitivity of a security is CCAs estimation of the volatility of the security relative to the volatility of the global equity and fixed income markets. CCA uses a proprietary scoring algorithm to rank the worlds investable equity and fixed income securities by expected return sensitivity. CCA considers an equity security to be investable if the security is publicly traded and has a market capitalization of $50 million or more.

CCA considers a fixed income security to be investable if the security is rated CCC or higher by S&P or Caa2 or higher by Moodys. CCAs proprietary algorithm uses fundamental and technical variables to score each security. CCA periodically scores and ranks the securities in its universe of the worlds investable equity and fixed income securities, and divides the universe into market value deciles by score. CCA manages the Fund to closely approximate the key characteristics of the top decile (i.e., the 10% of the worlds securities by market value that provide the highest expected return sensitivity based on the score). For this purpose, CCA invests in a sampling of securities that, in the aggregate, are selected to provide performance that corresponds generally to the performance of the top decile.

The securities in the top decile will change from time to time. Every month, CCA conducts its periodic scoring and ranking of the universe and modifies the Funds holdings accordingly. CCA determines which securities to purchase or sell for the Fund each month based upon these rankings. The mix between equity and fixed income securities is expected to vary significantly from time to time, and it is possible for the Fund to be 100% invested in either asset class at any time. It is likely that a substantial portion (25% or more) of the Funds equity investments will consist of securities of companies with smaller market capitalizations (including mid cap, small cap and micro-cap securities) in developed and emerging countries and that a substantial portion of the Funds fixed income securities will consist of securities rated below investment grade (BB+ or lower by S&P and Ba1 or lower by Moodys), or so called junk bonds, of companies in developed and emerging market countries.

From time to time a portion of the Funds equity investments may also be focused in a particular industry sector or sectors, such as technology or real estate, including real estate investment trusts (REITs). The Fund may also invest in exchange traded funds (ETFs) to gain exposure to a geographic or other sector of the markets if CCA deems it is more efficient to do so than to invest in individual securities. The Fund may borrow money from banks to help manage Fund inflows and outflows, such as to avoid having to sell portfolio investments in order to meet net redemptions. The Fund also may borrow money from banks to make additional portfolio investments when the adviser believes market conditions are appropriate. Borrowing money to make additional portfolio investments would be for speculative purposes.

The Fund may borrow an amount equal to as much as one-third of the value of its total assets (which includes the amount borrowed).

C000192847 Costs and Fees

C000192847 costs about $109 per $10,000 invested per year in fund expenses.

Net expense ratio: 1.09%
Gross expense ratio: 1.47%
Portfolio turnover: 474%
Brokerage commissions: 20.80 bps of average net assets (SEC N-CEN)

C000192847 Cashflows

Over the 12 months to 2020-08, CCA Aggressive Return Fund had net outflows of $4.07M, from monthly SEC N-PORT filings.

Month	Net flow
2020-08	−$122.13K
2020-07	−$3.00M
2020-06	$14.32K
2020-05	−$354.04K
2020-04	$37.93K
2020-03	−$642.80K

C000192847 Debt Constituents

No individual debt constituents are reported in CCA Aggressive Return Fund's latest SEC N-PORT filing.

C000192847 Prospectus and SEC Filings

Official CCA Aggressive Return Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Emerging Markets Real Estate 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.