Absolute Flexible Fund
Data updated: 2023-08-28
C000236408 — Absolute Flexible Fund. Developed ex-US Equity · $25.51M AUM · 1.51% expense ratio. Holdings, fees, performance and SEC filings.
C000236408 Fund Overview
Absolute Flexible Fund is a US mutual fund managed by Forum Funds, categorised as Developed ex-US Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Forum Funds
- Category: Developed ex-US Equity
- Assets under management: $25.51M
- 1-year return: 7.3%
- SEC CIK: 0000315774
- SEC series ID: S000076481
- Share class ID: C000236408
C000236408 Investment Objective and Strategy
Absolute Flexible Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Forum Funds.
Investment objective
The Absolute Flexible Fund (the Fund) seeks to achieve positive absolute returns over the long-term with low volatility when compared to traditional market indices.
Principal investment strategy
The Fund invests primarily in a diversified portfolio of convertible securities issued by both U.S. and foreign companies. These convertible securities are typically debt securities or preferred stocks that can be exchanged for, or convert automatically to, common stock. The Funds strategy generally involves purchasing such a portfolio of convertible securities and, at times, hedging all or a portion of the equity risk inherent in such securities by selling short the common stock into which the securities may be converted. The stock short is referred to as an equity hedge. The Funds strategy differs from most convertible arbitrage strategies in that the Fund may own convertible securities outright (unhedged) or with a partial equity hedge (arbitraged), by selling the same companys underlying common stock short.
The degree of hedging with respect to a particular investment, if any, will depend on the equity sensitivity desired by the Fund's Adviser at that particular time based on market conditions. The Funds strategy is intended to offer investors the potential for yield and capital appreciation if the underlying common stock moves higher, with lower volatility than traditional equity indices. Although the Fund may invest in securities of issuers of any market capitalization, the Fund expects to invest primarily in small- and mid-capitalization companies. For these purposes, the Fund considers small capitalization companies to be those with a market capitalization of less than $2 billion at the time of investment and mid-capitalization companies to be those with a market capitalization between $2 billion and $10 billion at the time of investment.
The Fund may also invest in below investment grade securities with individual ratings ranging from BB+ to CCC. The weighted average grade of bonds in the Funds portfolio is typically below investment grade. Such junk bonds typically are rated Ba1 or below by Moodys, BB+ or below by S&P or BBB- or below by Fitch. The Fund may purchase unrated securities if, at the time of purchase, the Adviser believes that they are of comparable quality to rated securities that the Fund may purchase. The Fund may invest, long or short, in securities of issuers of any market capitalization in the U.S. or abroad. The securities in which the Fund typically takes a long position include convertible bonds, such as private placement/ restricted and Rule 144A securities and contingent convertible securities (CoCos), which are fixed-income instruments that are convertible into equity if a pre-specified trigger event occurs.
As part of its strategy, the Fund may invest in short equity positions against a long convertible position of the same issuer, which may include shorting the common stock of such issuer, or shorting certain exposures to non-U.S. issuers obtained through investments in American Depositary Receipts (ADRs). The Fund may also invest in pooled investment vehicles, including other registered investment companies and ETFs, and may utilize treasury futures to manage interest rate risk. Although the Adviser currently manages the Funds portfolio directly, it may determine to execute the Funds strategy through one or more subadvisers (Subadvisers). The Fund may engage in active and frequent trading of portfolio securities.
C000236408 Holdings
Top 10 holdings of Absolute Flexible Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| First American Treasury Obligations Fund | 18.08% |
| Helix Energy Solutions | 5.04% |
| Five9, Inc. | 4.51% |
| Accuray, Inc. | 4.15% |
| Alteryx, Inc. | 4.04% |
| Coupa Software, Inc. | 3.98% |
| Techtarget, Inc. | 3.85% |
| Bentley Systems | 3.76% |
| Magnite, Inc. | 3.74% |
| Petiq, Inc. | 3.66% |
C000236408 Portfolio Allocation
Asset-class allocation of Absolute Flexible Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 79.3% |
| Cash & Equivalents | 18.1% |
C000236408 Performance
Total returns for C000236408 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 7.3% |
C000236408 Risk Information
Risk metrics for C000236408, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 4.1%
C000236408 Costs and Fees
C000236408 costs about $151 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.51%
- Gross expense ratio: 2.45%
- Portfolio turnover: 21%
- Brokerage commissions: 1.02 bps of average net assets (SEC N-CEN)
C000236408 Cashflows
Over the 12 months to 2023-06, Absolute Flexible Fund had net inflows of $25.01M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-06 | $4.22M |
| 2023-05 | $5.10K |
| 2023-04 | $0 |
| 2023-03 | $0 |
| 2023-02 | $0 |
| 2023-01 | $354.16K |
C000236408 Debt Constituents
Largest debt holdings of Absolute Flexible Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Helix Energy Solutions | 5.04% |
| Five9, Inc. | 4.51% |
| Accuray, Inc. | 4.15% |
| Alteryx, Inc. | 4.04% |
| Coupa Software, Inc. | 3.98% |
| Techtarget, Inc. | 3.85% |
| Bentley Systems | 3.76% |
| Magnite, Inc. | 3.74% |
| Petiq, Inc. | 3.66% |
| Cryoport, Inc. | 3.64% |
C000236408 Prospectus and SEC Filings
Official Absolute Flexible Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
Related Funds
Other Developed ex-US Equity 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.