TOPS Target Range Portfolio
Data updated: 2024-05-30
C000231259 — TOPS Target Range Portfolio. Alternative · $10.98M AUM · 1.05% expense ratio · 14.2% 1-yr return. Holdings, fees, performance and SEC filings.
C000231259 Fund Overview
TOPS Target Range Portfolio is a US mutual fund managed by Northern Lights Variable Trust, categorised as Alternative. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Northern Lights Variable Trust
- Category: Alternative
- Assets under management: $10.98M
- 1-year return: 14.2%
- SEC CIK: 0001352621
- SEC series ID: S000072660
- Share class ID: C000231259
C000231259 Investment Objective and Strategy
TOPS Target Range Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Northern Lights Variable Trust.
Investment objective
The Portfolio seeks to provide capital appreciation,
Principal investment strategy
In pursuing its investment objectives, the Portfolio seeks to follow the methodology of the adviser?s proprietary TOPS Global Target Range Index (the ?Index?). However, the Portfolio is an actively managed strategy. The Portfolio?s returns are expected to be similar to the returns of the Index but will not match the Index?s returns due to the amount and timing of assets that flow in and out of the Portfolio and the Portfolio?s fees and expenses. The Index tracks the performance of a collateralized call spread strategy, which consists of (1) buying long call options and selling short call options on a portfolio of four exchange traded funds (?ETFs?) that track the performance of large- and mid-capitalization companies in the United States, developed market countries and emerging markets countries, respectively, consisting of the SPDR S&P 500 ETF Trust (?SPY?), iShares Russell 2000 ETF (?IWM?), iShares MSCI EAFE ETF (?EFA?) and iShares MSCI Emerging Markets ETF (?EEM?)(collectively, the ?Underlying ETFs?); and (2) cash collateral.
The target exposure of the Index, excluding cash collateral as described below, is: SPY (50%), IWM (20%), EFA (20%) and EEM (10%) though the Fund?s exposures may differ from time to time due to market movements and cash flows in and out of the Fund. In order to understand the Portfolio?s strategy and risks, it is important to understand the strategies and risks of the Underlying ETFs. See ?Additional Information on the Portfolio?s Principal Investment Strategies and Related Risks? for a discussion of the principal investment strategies of the Underlying ETFs. Due to changes in the Index and/or discretionary changes by the Adviser, the target exposure among the Underlying ETFs may change over time. Each January the Index selects call options with a target expiration date of approximately one year.
The long call options have a strike price that is approximately 85% of the current market price of the Underlying ETF at the time of purchase, and the short call options have a strike price that is approximately 115% of the current market price of the Underlying ETF at the time of sale. The Adviser maintains the ability to restrike underlying call spread positions more frequently than the TOPS Global Equity Target Range Index. Restriking underlying positions more frequently than the Index may cause different payoff profiles for underlying positions than those of the Index. Under normal conditions, approximately 80-85% of the Portfolio?s assets are expected to be invested in the cash collateral component upon the annual roll date in January. As the value of the options fluctuate, the percentage of overall fund value represented by the cash collateral component will fluctuate as well.
The cash collateral component of the Portfolio not invested in long and short call options on Underlying ETFs may be invested in fixed-income securities, including corporate bonds and other corporate debt securities, asset-backed securities, securities issued by the U.S. government or its agencies and instrumentalities, securities issued by non-U.S. governments or their agencies and instrumentalities, money market securities and funds, fixed income ETFs, other interest-bearing instruments, and cash. The Portfolio may invest in fixed income securities of any maturity and credit quality, including securities rated below investment grade (?junk bonds?). The Portfolio is classified as ?non-diversified? under the Investment Company Act of 1940, as amended (the ?1940 Act?). There is no guarantee that the Portfolio will successfully provide a target range of return in relation to an Underlying ETF or that the Portfolio will meet its investment objectives.
C000231259 Holdings
Top 1 holdings of TOPS Target Range Portfolio by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Money Market Obligations Trust | 48.65% |
C000231259 Portfolio Allocation
Asset-class allocation of TOPS Target Range Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Cash & Equivalents | 48.6% |
| Derivatives | 24.5% |
C000231259 Performance
Total returns for C000231259 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 14.2% |
| 3 years (annualised) | -0.7% |
C000231259 Risk Information
Risk metrics for C000231259, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 11.4%
C000231259 Costs and Fees
C000231259 costs about $105 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.05%
- Gross expense ratio: 1.05%
- Portfolio turnover: 46%
- Brokerage commissions: 7.44 bps of average net assets (SEC N-CEN)
C000231259 Cashflows
Over the 12 months to 2024-03, TOPS Target Range Portfolio had net outflows of $6.89M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-03 | −$4.74M |
| 2024-02 | −$1.68M |
| 2024-01 | −$1.40M |
| 2023-12 | $79.93K |
| 2023-11 | $157.05K |
| 2023-10 | $23.75K |
C000231259 Debt Constituents
No individual debt constituents are reported in TOPS Target Range Portfolio's latest SEC N-PORT filing.
C000231259 Prospectus and SEC Filings
Official TOPS Target Range Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-04-24
- Prospectus (485BPOS) — filed 2022-04-20
- Prospectus (485BPOS) — filed 2021-08-17
- Portfolio holdings (N-PORT) — filed 2024-05-30
- Portfolio holdings (N-PORT) — filed 2024-02-27
- Portfolio holdings (N-PORT) — filed 2023-11-29
- Annual census (N-CEN) — filed 2024-03-15
- Annual census (N-CEN) — filed 2023-03-15
Related Funds
Other Alternative 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.