CAPPX — Canterbury Portfolio Thermostat Fund
Data updated: 2026-09-29
CAPPX — Canterbury Portfolio Thermostat Fund. United States Large Cap Blend / Core Equity · $8.34M AUM. Holdings, fees, performance and SEC filings.
CAPPX Fund Overview
CAPPX — Canterbury Portfolio Thermostat Fund is a US mutual fund managed by Capitol Series Trust, categorised as United States Large Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Capitol Series Trust
- Category: United States Large Cap Blend / Core Equity
- Assets under management: $8.34M
- Ticker: CAPPX
- SEC CIK: 0001587551
- SEC series ID: S000053121
- Share class ID: C000167185
CAPPX Investment Objective and Strategy
Canterbury Portfolio Thermostat Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Capitol Series Trust.
Investment objective
"The investment objective of the Canterbury Portfolio Thermostat Fund (the ""Fund"") is to seek long-term risk-adjusted growth."
Principal investment strategy
"The Fund is designed to pursue risk-adjusted growth by maintaining an efficient portfolio exhibiting lower or decreasing portfolio volatility throughout variable market environments. An efficient portfolio is a portfolio that seeks to match existing market conditions to avoid substantial declines in value and produce long-term growth. The Fund employs a tactical methodology to adjust the portfolio's asset allocation and diversification to the changing market conditions. The Fund will utilize broadly diversified liquid securities traded on major exchanges, primarily exchange traded funds (""ETFs""). The portfolio is structured primarily as a ""fund of funds."" The Fund will invest in any debt, equity, and alternative security deemed appropriate and necessary to improve the portfolio's composition, exposure to which is obtained through the use of ETFs.
The portfolio management team will adjust allocation ranges when investment considerations are identified to warrant such actions to meet the Fund's objectives. The Adviser uses a proprietary comprehensive portfolio management strategy called the Canterbury Portfolio Thermostat (the ""Portfolio Thermostat Strategy"") to manage the Fund's assets. The Portfolio Thermostat Strategy is a systematic, rules-based process designed to manage the asset allocation and diversification of portfolio holdings in order to create and maintain an efficient portfolio. Through the employment of the Portfolio Thermostat Strategy, the Fund will be able to access, through the active management of various investments, asset classes and investment styles to assist in maintaining low and/or decreasing portfolio volatility under varying market conditions.
The Fund may select its portfolio holdings from an expansive universe of securities that would qualify as a ""go anywhere"" strategy. The number of the Fund's holdings, the percentage of Fund assets allocated to each holding and the diversification of the Fund's holdings are based on several factors, such as the current state of the market environment and the availability of asset classes and investment styles required to successfully implement the Portfolio Thermostat Strategy. Overview of the Portfolio Thermostat Strategy The Portfolio Thermostat Strategy is a comprehensive portfolio management process that seeks to maintain low and consistent portfolio volatility throughout all market conditions, through a rules-based methodology which incorporates a group of technical and volatility indicators.
The strategy is broken down into three major steps: (1) Analyze and identify the current macro market environment. A macro market environment refers to whether the global equity markets are bullish, bearish, or transitional. A bullish environment is a period when most stocks are trending higher by displaying a series of higher highs in price and higher lows and generally low or decreasing volatility. A bearish environment is a period when most stocks are in a downtrend, experiencing lower lows in price and lower highs and generally high or increasing volatility. A transitional period refers to when a bull period begins to display certain bearish characteristics, such as increasing volatility and no longer putting in higher highs and higher lows. The same is also true for a bear market that is beginning to display bullish characteristics.
The overall market trend determines portfolio allocation. (2) Classify securities into diverse investment classes. Securities are allocated between two investment categories: the ""Global Equity Market Universe"" (""Global Equities"") and ""Bonds and Alternatives to Global Equities"" (""Bonds and Alternatives""). The strategy classifies its universe of investments, from which it makes its security selection, into these two classes. Securities in the Global Equities tend to correlate with the macro market environment and thus the ""Market State,"" while those classified as Alternatives tend to be less connected, or not connected, to the systematic fluctuations (market specific risk) of global equities (stocks). For example, if the market environment is bullish, the Global Equities class will tend to be bullish as well (have low or decreasing volatility) and Bonds and Alternatives will tend to be either bearish (have high or increasing volatility) or are not directly affected.
The reverse would be true if the market environment is bearish. The Fund's universe of investments is created to be as representative as possible of major style indices, geographic regions, individual countries, market sectors, and industries within market sectors. When compiling the universe, the strategy seeks to cover the broadest possible range of securities/ETFs available, while avoiding duplication of categories already included, and thus would have high correlation with other included ETFs. The Fund managers will, at their discretion, add or remove any securities to or from the Fund's universe of investments deemed to be appropriate to potentially meet the Fund's objectives. Any ETF or mutual fund that uses ""leverage"" to create more volatility (such as a 2x1 or 3x1) for the purpose of creating a ""multiplier effect"" has been determined to be inappropriate for meeting the Fund's objectives and will not be included in the universe of potential holdings.
ETFs or mutual funds that use various derivatives, sometimes referred to as leverage, may be included in the universe of potential holdings as long as the ETF or mutual fund does not exceed a 1x1 relationship to the underlying index or asset class. (3) Optimize the combination of securities that collectively will help achieve an efficient portfolio with low or decreasing volatility in the current market environment. This is done through the following steps: (a) For each investment class, securities are identified for purchase or sale through a two-step ""rating"" and then ""ranking"" process. Each security is rated as either a Buy, Hold, or Sell. The rating is determined by three technical factors: (i) long-term factors based on various moving averages (which identify long-term trends, momentum, areas of support or resistance), (ii) short-term factors based on short-term moving averages, relative strength, and volume, and (iii) volatility factors that identify change in volatility, the velocity of the change, and the direction.
A Buy or Sell rating is triggered when the algorithmic combination of these three factors indicate either low or decreasing volatility (Buy) or high or increasing volatility (Sell). (b) Securities are then ranked against each other, using a technical indicator, based on their relative strength, which is weighted according to their volatility. For example, if one security has twice as much volatility as another, then that security's relative strength would be reduced by half to convert relative strength ranking to a risk-adjusted basis. Both the rating and ranking of a security is dependent upon the market environment. Just as the market will go through bull (of low or decreasing volatility) and bear (of high or increasing volatility) markets, securities will also go through bull and bear periods.
The rating and ranking system is responsive to the changes in a security's volatility, and is designed to determine not only which securities are appropriate or inappropriate for maintaining low portfolio volatility (through its rating) but also which are mostly likely to perform most strongly in the given environment (through its ranking)."
CAPPX Holdings
Top 10 holdings of Canterbury Portfolio Thermostat Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Micron Technology, Inc. | 8.44% |
| Caterpillar, Inc. | 7.28% |
| Select Sector Spdr Trust (the) | 6.94% |
| Invesco Exchange Traded Fund Trust | 6.12% |
| Analog Devices, Inc. | 5.95% |
| Select Sector Spdr Trust (the) | 5.68% |
| Select Sector Spdr Trust (the) | 5.61% |
| Ishares Trust | 5.51% |
| Select Sector Spdr Trust (the) | 5.50% |
| Ishares, Inc. | 5.30% |
CAPPX Portfolio Allocation
Asset-class allocation of Canterbury Portfolio Thermostat Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 98.3% |
| Cash & Equivalents | 2.0% |
CAPPX Performance
Total returns for CAPPX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | -3.8% |
| 1 year | -3.5% |
| 3 years (annualised) | -13.5% |
| 5 years (annualised) | -17.9% |
CAPPX Risk Information
Risk metrics for CAPPX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 14.2%
CAPPX Costs and Fees
CAPPX costs about $462 per $10,000 invested per year in fund expenses.
- Net expense ratio: 4.62%
- Gross expense ratio: 4.62%
- Portfolio turnover: 59%
- Brokerage commissions: 54.61 bps of average net assets (SEC N-CEN)
CAPPX Cashflows
Over the 12 months to 2026-04, Canterbury Portfolio Thermostat Fund had net outflows of $488.98K, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-04 | −$22.98K |
| 2026-03 | −$106.80K |
| 2026-02 | −$198.94K |
| 2026-01 | $14.86K |
| 2025-12 | −$96.38K |
| 2025-11 | −$65.13K |
CAPPX Debt Constituents
No individual debt constituents are reported in Canterbury Portfolio Thermostat Fund's latest SEC N-PORT filing.
CAPPX Prospectus and SEC Filings
Official Canterbury Portfolio Thermostat Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-08-28
- Prospectus (485BPOS) — filed 2025-08-27
- Prospectus supplement (497) — filed 2024-10-01
- Portfolio holdings (N-PORT) — filed 2026-09-29
- Portfolio holdings (N-PORT) — filed 2026-06-29
- Portfolio holdings (N-PORT) — filed 2026-04-01
- Annual census (N-CEN) — filed 2025-07-07
- Annual census (N-CEN) — filed 2024-07-08
Related Funds
Other United States Large Cap Blend / Core 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.