CAHIX — Adaptive Hedged High Income Fund
Data updated: 2021-10-26
CAHIX — Adaptive Hedged High Income Fund. Bond · $49.00M AUM · 2.57% expense ratio. Holdings, fees, performance and SEC filings.
CAHIX Fund Overview
CAHIX — Adaptive Hedged High Income Fund is a US mutual fund managed by Starboard Investment Trust, categorised as Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Starboard Investment Trust
- Category: Bond
- Assets under management: $49.00M
- Ticker: CAHIX
- SEC CIK: 0001464413
- SEC series ID: S000038303
- Share class ID: C000118206
CAHIX Investment Objective and Strategy
Adaptive Hedged High Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Starboard Investment Trust.
Investment objective
"The Cavalier Hedged High Income Fund (the ""Fund"") seeks to achieve current income and real return."
Principal investment strategy
"The Fund's portfolio managers seek to achieve the Fund's investment objective of current income and real return by investing other investment companies, including mutual and exchange-traded funds that are registered under the Investment Company Act of 1940, as amended (the ""1940 Act"") and not affiliated with the Fund (""Portfolio Funds"") or making direct investments in portfolio securities based upon institutional research. The Fund may invest in Master Limited Partnerships (""MLPs""), Real Estate Investment Trusts (""REITs""), and Limited Partnerships that the portfolio managers believe will generate income. The Fund is considered ""diversified"" under the 1940 Act. The investments of the Fund and Portfolio Funds will be comprised primarily of fixed income securities, principally consisting of bonds, corporate debt securities, and government securities.
Such investments will frequently include high yield corporate bonds (or ""junk bonds""), and emerging market debt. The Fund will invest a significant amount of its assets in securities that are rated below investment grade at the time of investment. The Fund and Portfolio Funds may invest in fixed income securities of any maturity and any credit rating, including bonds of issuers in default. The Fund and Portfolio Funds may occasionally invest in inverse high yield investments (which attempt to short high yield or ""junk"" bonds) to provide a hedge to the portfolio during negative credit events, such as when an increase in the default rates of any of the U.S. high yield sectors occurs or when there is an increase in the high yield bond spread. A high yield bond spread is the percentage difference in current yields of various classes of high-yield bonds compared to investment-grade corporate bonds or another benchmark bond measure.
The inverse high yield investments that the Fund and Portfolio Funds may invest in are exchange-traded funds (""ETFs"") that provide inverse exposure to high yield or ""junk"" bond markets. The Fund and Portfolio Funds do not have an established average portfolio duration and the average portfolio durations will vary. The Fund and Portfolio Funds will not be limited in their investments by sector criteria. The Portfolio Funds in which the Fund invests will have an investment objective similar to the Fund's or will otherwise hold permitted investments under the Fund's investment policies. Although the Fund principally invests in Portfolio Funds with no sales related expenses or very low sales related expenses, the Fund is not precluded from investing in Portfolio Funds with sales-related expenses, redemption fees, and/or service fees.
The portfolio manager will sell a Portfolio Fund when a more attractive investment opportunity is identified, or the Fund's portfolio needs to be rebalanced. Decisions by the Advisor or Sub-Advisor to sell other portfolio securities will be based upon institutional research. Under certain market conditions such as when corporate bankruptcies are increasing or when corporate fundamentals are decreasing, the Fund may have a relatively high level of portfolio turnover compared to other mutual funds, which may affect the Fund's performance due to higher transaction costs and taxes. Portfolio turnover will not be a limiting factor in making investment decisions."
CAHIX Costs and Fees
CAHIX costs about $257 per $10,000 invested per year in fund expenses.
- Net expense ratio: 2.57%
- Gross expense ratio: 4.67%
- Portfolio turnover: 134%
- Brokerage commissions: 5.62 bps of average net assets (SEC N-CEN)
CAHIX Cashflows
Over the 12 months to 2021-08, Adaptive Hedged High Income Fund had net inflows of $53.75M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2021-08 | $42.48M |
| 2021-07 | −$463.26K |
| 2021-06 | −$40.55K |
| 2021-05 | $518.44K |
| 2021-04 | $1.08M |
| 2021-03 | $1.34M |
CAHIX Debt Constituents
No individual debt constituents are reported in Adaptive Hedged High Income Fund's latest SEC N-PORT filing.
CAHIX Prospectus and SEC Filings
Official Adaptive Hedged High Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-10-13
- Prospectus (485BPOS) — filed 2019-10-03
- Prospectus supplement (497) — filed 2021-09-23
- Portfolio holdings (N-PORT) — filed 2021-10-26
- Portfolio holdings (N-PORT) — filed 2021-07-29
- Portfolio holdings (N-PORT) — filed 2021-04-27
- Annual census (N-CEN) — filed 2021-08-10
- Annual census (N-CEN) — filed 2020-08-13
Related Funds
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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.