CSFOX — Caravan Frontier Markets Opportunities Fund
Data updated: 2020-12-10
CSFOX — Caravan Frontier Markets Opportunities Fund. Emerging Markets Blend / Core Equity · $9.03M AUM. Holdings, fees, performance and SEC filings.
CSFOX Fund Overview
CSFOX — Caravan Frontier Markets Opportunities Fund is a US mutual fund managed by Forum Funds II, categorised as Emerging Markets 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: Forum Funds II
- Category: Emerging Markets Blend / Core Equity
- Assets under management: $9.03M
- Ticker: CSFOX
- SEC CIK: 0001576367
- SEC series ID: S000057376
- Share class ID: C000183174
CSFOX Investment Objective and Strategy
Caravan Frontier Markets Opportunities Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Forum Funds II.
Investment objective
"The Caravan Frontier Markets Opportunities Fund (the ""Fund"") seeks long term capital appreciation."
Principal investment strategy
"Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in the equity securities of companies located in ""frontier market countries."" This investment strategy may be changed at any time upon 60 days' prior notice to shareholders. The Adviser defines the term ""frontier market"" as (1) those countries included in the MSCI Frontier Emerging Markets Index; or (2) those countries with a weighting of less than 2% of the MSCI Emerging Markets Index; or (3) other countries in the early stages of market development, as specifically set forth below. The MSCI Frontier Emerging Markets Index, the Fund's primary benchmark index, is a float-adjusted market capitalization index that, as of September 30, 2017, consists of indices in 28 frontier economies and is designed to measure equity market performance in global frontier markets, as defined by MSCI.
The MSCI Emerging Markets Index is a float-adjusted market capitalization index that, as of September 30, 2017, consists of indices in 24 emerging economies and is designed to measure equity market performance in global emerging markets, as defined by MSCI. Frontier markets in which the Fund invests may include, among others, Argentina, Azerbaijan, Bahrain, Bangladesh, Belarus, Botswana, Bulgaria, Cambodia, Colombia, Cote d'Ivoire, Croatia, Czech Republic, Ecuador, Egypt, Estonia, Georgia, Ghana, Hungary, Iraq, Jamaica, Jordan, Kazakhstan, Kenya, Latvia, Lebanon, Lithuania, Macedonia, Malawi, Mauritius, Mongolia, Montenegro, Morocco, Mozambique, Namibia, Nigeria, Oman, Pakistan, Panama, Paraguay, Peru, Philippines, Qatar, Romania, Saudi Arabia, Serbia, Slovakia, Slovenia, Sri Lanka, Swaziland, Tanzania, Trinidad & Tobago, Tunisia, Turkey, Turkmenistan, Uganda, Ukraine, United Arab Emirates, Uruguay, Venezuela, Vietnam, Zambia, and Zimbabwe.
The countries that comprise frontier markets may change from time to time. The location of the companies in which the Fund invests will be determined by a company's country of incorporation, by the location of the securities exchange on which its securities are principally traded, or where it derives the majority of its revenues at the time of the Fund's investment. Potential investments will include equities of a broad range of market capitalizations, but given the focus of the investment strategy on frontier market countries, it is anticipated that a significant portion of the Fund's portfolio will be in small and medium-sized companies. The Fund may invest up to 35% of its total assets in securities of companies in any one industry if, at the time of investment, that industry represents 20% or more of the Fund's benchmark index, currently the MSCI Frontier Emerging Markets Index.
The Fund will not invest more than 15% of its net assets in illiquid securities. The equity securities in which the Fund invests may include common stock, preferred stock, securities convertible into common stock, rights, warrants, American Depositary Receipts (""ADRs"") and Global Depositary Receipts (""GDRs""). The Fund may also invest in pooled investment vehicles, including investment companies and exchange-traded funds (""ETFs"") that the Adviser believes provide similar earnings, revenue, or growth potential as the equity securities in which the Fund principally invests. The Fund's investments in such pooled investment vehicles, investment companies, and ETFs will count toward satisfaction of the Fund's 80% policy. The Fund may invest up to 20% of its net assets in the equity securities of companies in emerging and developed markets.
In addition, the Fund may invest a significant portion of the Fund's total assets in cash or cash equivalents if the Adviser's process does not identify other appropriate investments for the Fund. The Fund may utilize various derivative instruments for hedging or efficient portfolio management purposes, but may also use them to increase the Fund's exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may use equity derivatives such as participation notes to achieve investment exposure to frontier market companies. The Fund may also invest directly in foreign currencies, which may be part of a hedging strategy or for speculative purposes. The Adviser may, in its discretion, seek to hedge the currency risk attendant to certain foreign securities positions.
Currency investments may include both cash market transactions, as well as forward contracts and options. The Fund's investments in participation notes will be counted toward satisfaction of the Fund's 80% policy, as such participation notes are expected to have economic characteristics similar to the securities included within that policy."
CSFOX Costs and Fees
CSFOX costs about $135 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.35%
- Gross expense ratio: 2.56%
- Portfolio turnover: 24%
- Brokerage commissions: 44.66 bps of average net assets (SEC N-CEN)
CSFOX Cashflows
Over the 12 months to 2020-06, Caravan Frontier Markets Opportunities Fund had net outflows of $1.24M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-06 | −$317.83K |
| 2020-05 | −$29.24K |
| 2020-04 | −$47.78K |
| 2020-03 | −$459.97K |
| 2020-02 | −$41.43K |
| 2020-01 | −$347.85K |
CSFOX Debt Constituents
No individual debt constituents are reported in Caravan Frontier Markets Opportunities Fund's latest SEC N-PORT filing.
CSFOX Prospectus and SEC Filings
Official Caravan Frontier Markets Opportunities Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-02-07
- Prospectus (485BPOS) — filed 2019-02-12
- Prospectus (485BPOS) — filed 2018-02-12
- Portfolio holdings (N-PORT) — filed 2020-07-28
- Portfolio holdings (N-PORT) — filed 2020-05-27
- Annual census (N-CEN) — filed 2020-12-10
- Annual census (N-CEN) — filed 2019-12-06
- Annual census (N-CEN) — filed 2018-12-07
Related Funds
Other Emerging Markets 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.