James Alpha Relative Value Fund

C000224283 Fund Overview

James Alpha Relative Value Fund is a US mutual fund managed by James Alpha Funds 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: James Alpha Funds Trust
• Category: Money Market
• Assets under management: $6.77M
• SEC CIK: 0001829774
• SEC series ID: S000070606
• Share class ID: C000224283

C000224283 Investment Objective and Strategy

James Alpha Relative Value Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by James Alpha Funds Trust.

Investment objective

The Fund seeks attractive long-term risk-adjusted returns relative to traditional financial market indices.

Principal investment strategy

The Fund seeks to achieve its investment objective by attempting to outperform the returns of a variety of ?relative value? investment strategies. Relative value investment strategies seek to identify and capitalize on valuation discrepancies between related financial instruments rather than on the direction of the general market. The Fund will seek to outperform the returns of various fixed income relative value strategies, such as, among others, asset-backed, master limited partnership (?MLP?), real estate, convertible arbitrage, corporate and sovereign strategies, as well as volatility investment strategies. The Fund may also seek exposure to volatility as an asset class. This investment strategy seeks to capitalize on discrepancies between implied (estimated) levels of volatility on specific instruments and actual volatility levels.

The Fund may seek long, short, neutral or variable exposure to the direction of implied volatility of various asset classes or rates, such as interest rates. The Fund expects to gain exposure to these asset classes primarily through exchange-traded products such as exchange-traded notes (?ETNs?), exchange-traded funds (?ETFs?) and mutual funds, although the Fund may invest directly in currencies, equities and fixed income securities. The Fund also expects to invest in derivative instruments to gain exposure to one or more asset classes, individual investments or investment strategies. The derivatives instruments that may be utilized by the Fund include options, futures, options on futures, forward contracts and swaps. Derivatives may also be used to generate leverage, seek to profit from the underlying asset?s price fluctuations, or hedge the Fund?s exposure to an asset class, individual investment or group of investments.

The Fund?s fixed income exposure may include exposure to securities issued by governments, government-related entities or public and private companies. The Fund may seek exposure to fixed income securities that are rated below investment grade (i.e., junk bonds). The Fund?s equity exposure may include exposure to both U.S. and non-U.S. common stocks and preferred stocks of any size market capitalization. The types of swaps in which the Fund may invest include, among others, total return, index, interest rate and credit default swaps. The Fund may also invest in swap contracts linked to the returns of indices, individual securities or pooled investment vehicles, including limited partnerships, limited liability companies, offshore corporations and commodity pools (collectively, ?Underlying Pools?).

There is no limit on the Fund?s exposure to foreign companies, foreign governments or foreign currencies, which may include exposure to emerging markets. In constructing the Fund?s investments, the Adviser employs proprietary techniques and models to evaluate the drivers of performance of private funds that utilize relative value investment strategies. The Adviser then identifies investments that it believes have similar drivers of performance to attempt to produce returns that correlate with, but are not identical to, the returns of the private funds tracked by the Adviser. The Adviser then determines the appropriate percentage that each particular investment strategy should represent of the entire Fund and weights the exposure to that investment strategy accordingly. The private fund returns on which the Adviser?s models are based are pulled from various sources and do not represent the returns of the entire private fund universe.

The private fund returns tracked by the Adviser, the factors driving those returns and the percentage weightings assigned by the Adviser to each investment strategy are all expected to change over time. Under normal market conditions, the Fund generally invests in a combination of over 50 ETFs, ETNs, currencies, swaps and other derivatives, and mutual funds. The Fund may invest up to 25% of its total assets in a wholly-owned and controlled Cayman Islands subsidiary (the ?Subsidiary?) to gain exposure to certain commodity-linked investments such as commodity futures, options and swap contracts. The commodity investments will be focused in four sectors of the commodities market: energy, precious metals, industrial metals and agricultural/livestock. The Fund may hold investments with commodity exposure outside of the Subsidiary and, therefore, it is possible the Fund?s exposure to commodities could exceed 25%.

The Subsidiary may also hold cash, money market instruments, including affiliated and unaffiliated money market funds and other fixed income instruments to serve as margin or collateral for the Subsidiary?s derivative positions. Investments in the Subsidiary are intended to provide the Fund with exposure to commodities markets within the limitations of the federal tax requirements that apply to the Fund. The investment policies of the Subsidiary are the same as the investment policies of this sleeve of the Fund. The Subsidiary is subject to substantially the same investment restrictions and limitations, including asset coverage requirements, as are applicable to this sleeve of the Fund and will follow substantially the same compliance policies and procedures as the Fund, to the extent they are applicable.

The Fund will always own 100% of the Subsidiary?s interests.

C000224283 Costs and Fees

C000224283 costs about $231 per $10,000 invested per year in fund expenses.

• Net expense ratio: 2.31%
• Gross expense ratio: 3.27%
• Portfolio turnover: 114%

C000224283 Cashflows

Over the 12 months to 2021-05, James Alpha Relative Value Fund had net inflows of $775.41K, from monthly SEC N-PORT filings.

C000224283 Debt Constituents

No individual debt constituents are reported in James Alpha Relative Value Fund's latest SEC N-PORT filing.

C000224283 Prospectus and SEC Filings

Official James Alpha Relative Value Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2021-04-09
• Prospectus (485BPOS) — filed 2021-02-12
• Portfolio holdings (N-PORT) — filed 2021-07-16

Related Funds

Other Money Market funds tracked on ABC INVEST:

• Emerald Growth Fund (HSPCX)
• Barings Active Short Duration Bond Fund (BXDIX)
• IVA Worldwide Fund (IVWAX)
• Stadion Tactical Growth Fund (ETFDX)
• BBH Partner Fund - Select Short Term Assets (BBSTX)

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.