FCAIX — Fiera Capital Diversified Alternatives Fund
Data updated: 2020-09-25
FCAIX — Fiera Capital Diversified Alternatives Fund. Commodity · $49.96M AUM · 2.86% expense ratio. Holdings, fees, performance and SEC filings.
FCAIX Fund Overview
FCAIX — Fiera Capital Diversified Alternatives Fund is a US mutual fund managed by Advisors' Inner Circle Fund III, categorised as Commodity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Advisors' Inner Circle Fund III
- Category: Commodity
- Assets under management: $49.96M
- 1-year return: -3.7%
- Ticker: FCAIX
- SEC CIK: 0001593547
- SEC series ID: S000045830
- Share class ID: C000142865
FCAIX Investment Objective and Strategy
Fiera Capital Diversified Alternatives Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Advisors' Inner Circle Fund III.
Investment objective
"The Fiera Capital Diversified Alternatives Fund (the ""Fund"") seeks to generate consistent returns relative to risk and maintain low correlation to equity and bond markets."
Principal investment strategy
"In pursuing the Fund's investment objective, the Adviser employs a ""multi-manager"" approach, whereby it selects sub-advisers (""Sub-Advisers"") to manage portions of the Fund's assets pursuant to various alternative investment strategies. Fund assets not allocated to Sub-Advisers are managed directly by the Adviser pursuant to alternative investment strategies, including through investments in unregistered (i.e., hedge) funds. When allocating assets among strategies and Sub-Advisers, the Adviser generally uses a proprietary ""risk budgeting"" process that assigns a risk allocation to each strategy and Sub-Adviser based on, among other things, the volatilities and price relationships of each strategy's or Sub-Adviser's holdings relative to other strategies or Sub-Advisers. The Adviser may reallocate Fund assets when a strategy's or Sub-Adviser's risk allocation varies from its target.
The principal strategies that may be employed by the Fund include: Global Macro: Global macro strategies may be long, short or neutral and seek to profit from movements in broad asset classes. Global macro strategies may utilize a fundamental approach ( i.e. , base investment decisions on an assessment of the valuation factors that drive asset class pricing), a ""CTA"" or technical approach ( i.e. , base investment decisions on a statistical analysis of past price and volume patterns), or a combination of both. The asset class universe traded for such strategies is typically within highly liquid and marketable securities. Relative Value: Relative value strategies seek to profit from price differences between related assets. These strategies may have limited market exposure, or may be market neutral with respect to overall positioning.
Relative value strategies may utilize a fundamental approach ( i.e. , based upon a qualitative assessment of value between assets or securities), a quantitative approach ( e.g., systematically-driven equity market neutral strategies), or a combination of both. Equity Trading: Equity-based strategies encompass a wide range of investment programs, and may include long-biased (strategies that are expected to have a consistent level of long market exposure over time), long/short (strategies that seek to profit from both increases and decreases in security prices), event driven (strategies which seek to take advantage of corporate events such as mergers, restructurings, spin-offs and others), sector-specialist (strategies which specialize in certain market sectors such as technology, financials, biotech, and others), and other strategies which seek to trade price discrepancies in stocks based upon their perceived value based on fundamental, technical, or other factors.
Strategies may trade stocks globally, including within the emerging markets. Tactical Trading: Tactical trading strategies seek to profit from trade opportunities that are not captured by the above categories. These strategies have market exposure that may vary among long, short and neutral (strategies that take long and short positions in order to hedge certain market risks). The investment approach is opportunistic and may utilize a variety of fundamental and quantitative inputs to make trading decisions, including the analysis of investor flows and behavior. Potential sources of return may be rooted in investor behavioral biases, mispricings inherent in market microstructure, and risk premia from factors such as growth, inflation, liquidity and tail risk. The Fund principally invests in common stocks of domestic and foreign issuers of any market capitalization, investment grade fixed income securities of any maturity or duration, futures contracts, foreign exchange futures, and commodity-linked derivatives.
The Fund may invest in derivatives to generate positive returns, for hedging or risk management purposes, to limit volatility and to provide exposure to an instrument without directly purchasing it. The Fund also may engage in short sales. As of the date of this Prospectus, the Fund's assets were allocated as follows: Investment Adviser Investment Strategy Fiera Capital Inc. Relative Value Tactical Trading Acadian Asset Management LLC Equity Trading (Long/Short) Karya Capital Management LP Global Macro (Discretionary) Mizuho Alternative Investments, LLC Global Macro (Systematic) Tactical Trading Up to 10% of the Fund's assets may be invested in unregistered ( i.e. , hedge) funds. Due to its investment strategy, the Fund may buy and sell securities frequently."
FCAIX Performance
Total returns for FCAIX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -3.7% |
FCAIX Risk Information
Risk metrics for FCAIX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 4.5%
FCAIX Costs and Fees
FCAIX costs about $286 per $10,000 invested per year in fund expenses.
- Net expense ratio: 2.86%
- Gross expense ratio: 3.24%
- Portfolio turnover: 259%
- Brokerage commissions: 19.65 bps of average net assets (SEC N-CEN)
FCAIX Cashflows
Over the 12 months to 2020-07, Fiera Capital Diversified Alternatives Fund had net outflows of $605.93K, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-07 | $9.33K |
| 2020-06 | $122.48K |
| 2020-05 | $150 |
| 2020-04 | $26 |
| 2020-03 | $85 |
| 2020-02 | $551 |
FCAIX Debt Constituents
No individual debt constituents are reported in Fiera Capital Diversified Alternatives Fund's latest SEC N-PORT filing.
FCAIX Prospectus and SEC Filings
Official Fiera Capital Diversified Alternatives Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-03-17
- Prospectus (485BPOS) — filed 2019-03-19
- Prospectus (485BPOS) — filed 2018-03-20
- Portfolio holdings (N-PORT) — filed 2020-09-25
- Portfolio holdings (N-PORT) — filed 2020-06-26
- Portfolio holdings (N-PORT) — filed 2020-03-31
- Annual census (N-CEN) — filed 2020-01-14
- Annual census (N-CEN) — filed 2019-01-14
Related Funds
Other Commodity 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.