Elements International Small Cap Portfolio

Data updated: 2020-10-21

C000211207 — Elements International Small Cap Portfolio. Money Market · $89.94M AUM · 0.83% expense ratio. Holdings, fees, performance and SEC filings.

C000211207 Fund Overview

Elements International Small Cap Portfolio is a US mutual fund managed by Stone Ridge Trust, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

Type: US mutual fund
Manager: Stone Ridge Trust
Category: Money Market
Assets under management: $89.94M
1-year return: 7.0%
SEC CIK: 0001559992
SEC series ID: S000056601
Share class ID: C000211207

C000211207 Investment Objective and Strategy

Elements International Small Cap Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Stone Ridge Trust.

Investment objective

The Elements International Small Cap Portfolio’s (the “Portfolio”) investment objective is to seek long-term capital appreciation.

Principal investment strategy

The Portfolio seeks to capture the equity risk premium by investing in a broad and diverse group of securities of small capitalization companies associated with countries, other than the United States, with developed markets. The equity risk premium is positive if investment returns for equity securities exceed the risk-free rate, on average and over time. The risk-free rate is the rate of return that can be earned on high quality, short-term government debt securities. There can be no assurance that the equity risk premium will be positive for the Portfolios investments at any time or on average and over time. The Portfolio is constructed from a market capitalization-weighted portfolio of operating companies associated with developed market countries, other than the United States, that the Adviser has designated as approved markets and that the Adviser determines to be small capitalization companies as defined below.

The Adviser may set country or region weights for particular countries or regions, in which case market capitalization weighting will occur based on the relative market capitalization of companies within each such country or region. This market capitalization-weighted portfolio is referred to as the Universe of International Small Cap Companies. See Investment Objectives, Strategies and Risks More Information Regarding Investment Strategies Approved Markets below. Market capitalization weighting means that, in general, the higher the relative market capitalization (number of outstanding shares multiplied by the market price per share) of a particular company, the greater its representation in the Universe of International Small Cap Companies. The representation of an eligible company in the Universe of International Small Cap Companies may also be adjusted by the Adviser for free float.

Adjustment for free float modifies market capitalization weighting to exclude, in whole or in part, the share capital of a company that is not freely available for trading in the public equity markets, such as, for example, shares held by certain strategic investors (e.g., governments, controlling shareholders and management), treasury shares or shares subject to foreign ownership restrictions. After determining the Universe of International Small Cap Companies, the Adviser adjusts the allocation of the Portfolio to increase the Portfolios exposure to companies that exhibit certain properties, generally referred to as factors, that the Adviser believes may contribute to a positive equity risk premium. These factors currently include small size, value, momentum or quality. The Adviser may also adjust the representation of an eligible company or country in the Portfolio, or exclude a company or country, after considering such other factors as the Adviser determines to be appropriate from time to time, and may in the future cease to make such adjustments for any or all of small size, value, momentum or quality.

Under normal circumstances, the Portfolio invests at least 80% of the value of its net assets (plus the amount of any borrowings for investment purposes) in securities of small capitalization companies in the particular markets in which it invests, either directly or indirectly (e.g., through derivatives). See Name Policies. Within the approved markets, the Adviser first ranks eligible companies listed on selected exchanges based on the companies market capitalizations. The Adviser then defines the maximum market capitalization of a small company that may be purchased by the Portfolio with respect to each country or region. As of August 31, 2018, the largest company that is within the Advisers definition of small capitalization companies had a market capitalization of $8.8 billion. This amount may vary by country or region, and will fluctuate over time.

Under normal circumstances, the Portfolio invests at least 40% of its assets in three or more non-U.S. countries. The Portfolio invests significantly in common stocks, either directly or indirectly, including through derivative instruments such as equity index futures contracts or options on equity index futures contracts, equity swaps or equity index swaps, or equity options or equity index options. The Portfolio may gain exposure to companies associated with approved markets by investing in securities in the form of depositary receipts, which may be listed or traded outside the issuers domicile country. The Portfolio also uses derivatives for hedging purposes, to maintain liquidity or to earn an enhanced return. In addition, the Portfolio enters into securities lending transactions and may enter into similar transactions such as reverse repurchase transactions with its portfolio securities to generate additional income.

The Portfolio may invest in small companies that are considered mid-cap, small-cap or micro-cap companies. A portion of the Portfolios assets may be held in cash or cash-equivalent investments, including, but not limited to, money market funds. The Portfolio may also invest in exchange-traded funds or other pooled investment vehicles. The Adviser may consider the tax consequences of the Portfolios investment strategy, but there is no assurance that the Portfolio will be successfully managed in a tax-advantaged manner.

C000211207 Performance

Total returns for C000211207 (as of 2026-10-01), from SEC filings.

Period	Total return
1 year	7.0%

C000211207 Risk Information

Risk metrics for C000211207, derived from monthly returns in SEC filings.

1-year volatility (annualised): 26.2%

C000211207 Costs and Fees

C000211207 costs about $83 per $10,000 invested per year in fund expenses.

Net expense ratio: 0.83%
Gross expense ratio: 0.83%
Portfolio turnover: 52%
Brokerage commissions: 2.27 bps of average net assets (SEC N-CEN)

C000211207 Cashflows

Over the 12 months to 2020-08, Elements International Small Cap Portfolio had net inflows of $429.19M, from monthly SEC N-PORT filings.

Month	Net flow
2020-08	$92.71M
2020-07	$5.68M
2020-06	$7.15M
2020-05	$12.74M
2020-04	$49.86M
2020-03	$109.46M

C000211207 Debt Constituents

No individual debt constituents are reported in Elements International Small Cap Portfolio's latest SEC N-PORT filing.

C000211207 Prospectus and SEC Filings

Official Elements International Small Cap Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Money Market 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.