FSDDX — FS Event Driven Fund
Data updated: 2020-11-27
FSDDX — FS Event Driven Fund. Money Market · $1.95M AUM · 1.70% expense ratio · -2.3% 1-yr return. Holdings, fees, performance and SEC filings.
FSDDX Fund Overview
FSDDX — FS Event Driven Fund is a US mutual fund managed by FS Series Trust, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: FS Series Trust
- Category: Money Market
- Assets under management: $1.95M
- 1-year return: -2.3%
- Ticker: FSDDX
- SEC CIK: 0001691167
- SEC series ID: S000063701
- Share class ID: C000206496
FSDDX Investment Objective and Strategy
FS Event Driven Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by FS Series Trust.
Investment objective
FS Event Driven Fund (the Fund) seeks to provide capital appreciation.
Principal investment strategy
The Fund seeks to achieve its investment objective by primarily investing in securities that FS Fund Advisor, LLC (FS or the Adviser) expects to be influenced by an event or catalyst, such as information around the earnings cycle (press releases, earnings calls, regulatory filings, and insider transactions), mergers and acquisitions, spinoffs and split-offs, financial or strategic restructurings, management changes, synergistic acquisitions, as well as other transformative events. The intended goal of the Fund is to profit when the price of a security changes to reflect more accurately the likelihood and potential impact of the occurrence, or non-occurrence, of the event. The Fund seeks to achieve its investment objective by using a quantitative approach to predict the impact of the events or information.
These models may employ pattern recognition techniques commonly referred to as machine learning and use non-traditional datasets commonly referred to as big data to generate trading signals. Big data refers to extremely large data sets that may be processed through professional techniques and technology and analyzed computationally to reveal patterns, trends and associations. The Fund will typically use a systematic, rules-based approach to identify and select securities. Under normal circumstances, the Fund invests a portion of its net assets (plus any borrowings for investment purposes) in equity securities and related derivative instruments with similar economic characteristics. The Fund expects to maintain long and short positions primarily through the use of swap agreements and other derivative instruments, although the Fund may also take long and short positions directly.
At times, the Fund may have significant short positions in equity securities and equity-related instruments, up to 100% of the Funds assets. The Adviser typically will manage all or a portion of the Funds assets by purchasing and selling equity shares directly, or through the use of equity derivatives (described below). The Fund may also allocate up to 100% of the assets of the Fund among one or more alternative beta providers (Alternative Beta Providers) that offer the Fund exposure to the returns of particular investment strategies (Alternative Beta Strategies). An Alternative Beta Provider is a financial institution that serves as a counterparty to the Fund in a total return swap (or similar instruments or other arrangements) that offers exposure to the returns of a specified underlying asset.
In a typical total return swap (or similar instrument) transaction with an Alternative Beta Provider, the Fund agrees to pay a fixed or variable interest rate to the Alternative Beta Provider in exchange for return earned on a specified underlying asset. Alternative Beta Providers are swap (or similar instrument) counterparties, not sub-advisers. Alternative Beta Providers in particular may offer cost advantages over traditional alternative asset managers. The strategies employed by the use of Alternative Beta Providers are referred to in this Prospectus as Alternative Investment Strategies. In general, Alternative Beta Strategies seek to identify and capitalize upon market inefficiencies and market behavioral biases (or risk premia). Alternative Beta Strategies typically have less correlation to traditional equity and fixed income markets than traditional investment strategies.
The Fund generally seeks to obtain exposure to Alternative Investment Strategies in a cost-efficient manner, particularly as compared to private investment vehicles that have historically been used to access alternative investment strategies. Alternative Beta Strategies may include historical trend (seeking to benefit from the historical tendency of securities with certain characteristics to outperform others), carry and curve, low beta, value and volatility premium and momentum strategies (which emphasize investing in securities that have better recent performance compared to other securities). The Adviser may also manage all or a portion of the Funds assets directly. The Fund normally invests in both U.S. and non-U.S. securities, including securities of issuers located in developing countries.
Non-U.S. securities may be denominated in either U.S. dollars or foreign currencies. The Fund may invest in securities of issuers of any market capitalization. The Funds investment in equity securities may include common stock, preferred stock, securities convertible into common stock, non-convertible preferred stock and depositary receipts. The Fund may gain exposure to equity securities through derivatives. The Fund may invest in fixed-income securities and related derivative instruments with similar economic characteristics. The Funds investment in fixed-income securities may include fixed and floating rate corporate bonds. The Fund may invest in debt securities of any credit quality, as determined by Fund management, which may include high yield securities (commonly called junk bonds).
The Fund may invest in derivatives, including but not limited to, total return and credit default swaps, contracts for difference, structured investments (including structured notes), futures, options, indexed and inverse securities and foreign exchange transactions, for hedging purposes, as well as to enhance the return on its portfolio investments. There is no limit to the Funds ability to invest in derivatives, except as may be limited by requirements of the Investment Company Act of 1940, as amended (the 1940 Act), and at times the Fund may utilize derivatives to a significant extent, up to 100% of the Funds non-cash related exposure. When consistent with the Funds investment objective, the Funds investments may include short-term investments such as cash and cash equivalents, U.S. Government and agency securities, money market funds (including funds that may be affiliated with or sponsored or managed by FS), commercial paper, certificates of deposit and other bank deposits and bankers acceptances.
The Fund may invest in securities of companies without an identified catalyst to hedge unwanted exposures to an industry or the market as a whole. The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies. Although the Fund intends to normally invest in Alternative Investment Strategies, it retains the flexibility to allocate as little as none or as much as all of its capital to particular Alternative Beta Providers. The Fund is considered non-diversified, which means that the percentage of its assets that may be invested in the securities of a single issuer is not limited by the 1940 Act.
FSDDX Performance
Total returns for FSDDX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -2.3% |
FSDDX Risk Information
Risk metrics for FSDDX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 7.1%
FSDDX Costs and Fees
FSDDX costs about $170 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.70%
- Gross expense ratio: 9.52%
- Portfolio turnover: 0%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
FSDDX Cashflows
Over the 12 months to 2020-09, FS Event Driven Fund had net inflows of $0, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-09 | $0 |
| 2020-08 | $0 |
| 2020-07 | $0 |
| 2020-06 | $0 |
| 2020-05 | $0 |
| 2020-04 | $0 |
FSDDX Debt Constituents
No individual debt constituents are reported in FS Event Driven Fund's latest SEC N-PORT filing.
FSDDX Prospectus and SEC Filings
Official FS Event Driven Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-05-21
- Prospectus (485BPOS) — filed 2019-05-21
- Prospectus (485BPOS) — filed 2019-01-09
- Portfolio holdings (N-PORT) — filed 2020-11-27
- Portfolio holdings (N-PORT) — filed 2020-08-26
- Portfolio holdings (N-PORT) — filed 2020-05-29
- Annual census (N-CEN) — filed 2020-03-13
- Annual census (N-CEN) — filed 2019-03-15
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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.