FSNHX — Silk Invest New Horizons Frontier Fund
Data updated: 2024-05-30
FSNHX — Silk Invest New Horizons Frontier Fund. Emerging Markets Mid Cap Blend / Core Industrials Equity. Holdings, fees, performance and SEC filings.
FSNHX Fund Overview
FSNHX — Silk Invest New Horizons Frontier Fund is a US mutual fund managed by Unified Series Trust, categorised as Emerging Markets Mid Cap Blend / Core Industrials Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Unified Series Trust
- Category: Emerging Markets Mid Cap Blend / Core Industrials Equity
- Assets under management: $13.76M
- 1-year return: 2.1%
- Ticker: FSNHX
- SEC CIK: 0001199046
- SEC series ID: S000061426
- Share class ID: C000198925
FSNHX Investment Objective and Strategy
Silk Invest New Horizons Frontier Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Unified Series Trust.
Investment objective
Investment Objective. The investment objective of the Silk Invest New Horizons Frontier Fund (the Fund) is capital appreciation.
Principal investment strategy
Principal Investment Strategy. Under normal market conditions the Fund will invest at least 80% of its net assets in securities of issuers located in frontier markets, or whose primary operations or principal trading markets are in frontier markets, and depositary receipts (including American Depositary Receipts) of such issuers. Frontier markets are a subset of emerging markets, representing countries that generally have smaller economies or less developed capital markets than traditional emerging market countries. In general, frontier market countries are currently considered by the Funds adviser, Silk Invest Limited (the Adviser), to be those countries included in at least one of the following frontier markets indices: MSCI Frontier Markets Index, Russell Frontier Index, FTSE Frontier Index or S&P Frontier BMI Index.
These countries typically are located in Central and Eastern Europe, Africa, the Middle East, Asia and Central and South America. The Adviser currently considers the following countries, among others, to be frontier market countries: ? Central and Eastern Europe: Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Latvia, Lithuania, Macedonia, Montenegro, Romania, Serbia, Slovakia, Slovenia, Turkey, and Ukraine ? Africa: Botswana, Cote dIvoire, Egypt, Ghana, Kenya, Malawi, Mauritius, Morocco, Mozambique, Namibia, Nigeria, South Africa, Swaziland, Tanzania, Tunisia, Uganda, Zambia, and Zimbabwe ? Middle East: Bahrain, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, and United Arab Emirates ? Asia: Azerbaijan, Bangladesh, Cambodia, Indonesia, Kazakhstan, Mongolia, Pakistan, Philippines, Sri Lanka, Thailand, Turkmenistan, Vietnam ?
Central and South America: Argentina, Chile, Colombia, Ecuador, Jamaica, Panama, Paraguay, Peru, Trinidad and Tobago, Uruguay, Venezuela The Adviser may make adjustments to the list of frontier market countries from time to time based on economic criteria, market changes, or other factors. The Fund may invest a portion of its assets in investments that are economically tied to traditional emerging market countries. The Fund will predominantly invest in equity securities. The Fund may invest in companies of any market capitalization. The Funds exposure to certain frontier markets typically will be effected through participation notes (P-Notes), which are equity-linked derivatives issued by banks or broker-dealers that are designed to replicate the performance of certain issuers. The Fund will have significant investments in the financial services and telecommunications services sectors.
The Adviser makes investment decisions, predominantly within a defined country universe and liquidity parameters, based on a combination of qualitative and quantitative factors, including macroeconomic factors (such as the overall economy and industry conditions) and company-specific factors (such as management quality). The Adviser may sell securities which no longer meet its investment criteria, to secure gains, limit losses or redeploy assets to more promising opportunities.
FSNHX Holdings
Top 10 holdings of Silk Invest New Horizons Frontier Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Douja Promotion Addoha | 5.77% |
| Kaspi.Kz JSC | 4.71% |
| Kcb Group PLC | 4.46% |
| Emaar Properties PJSC | 4.23% |
| United Bank for Africa PLC | 4.16% |
| Brac Bank PLC | 4.15% |
| Access Holdings PLC | 4.09% |
| Zenith Bank Plc | 3.73% |
| Vndirect Securitie | 3.25% |
| Safaricom Public Limited Company | 3.20% |
FSNHX Portfolio Allocation
Asset-class allocation of Silk Invest New Horizons Frontier Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 96.1% |
| Cash & Equivalents | 2.9% |
FSNHX Performance
Total returns for FSNHX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 2.1% |
| 3 years (annualised) | -1.2% |
FSNHX Risk Information
Risk metrics for FSNHX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 20.9%
FSNHX Costs and Fees
FSNHX costs about $205 per $10,000 invested per year in fund expenses.
- Net expense ratio: 2.05%
- Gross expense ratio: 3.07%
- Portfolio turnover: 27%
- Brokerage commissions: 11.75 bps of average net assets (SEC N-CEN)
FSNHX Cashflows
Over the 12 months to 2024-03, Silk Invest New Horizons Frontier Fund had net inflows of $247.19K, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-03 | $3.36K |
| 2024-02 | $0 |
| 2024-01 | $0 |
| 2023-12 | $252.88K |
| 2023-11 | $0 |
| 2023-10 | −$8.11K |
FSNHX Debt Constituents
No individual debt constituents are reported in Silk Invest New Horizons Frontier Fund's latest SEC N-PORT filing.
FSNHX Prospectus and SEC Filings
Official Silk Invest New Horizons Frontier Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-10-27
- Prospectus (485BPOS) — filed 2022-10-27
- Prospectus (485BPOS) — filed 2021-10-27
- Portfolio holdings (N-PORT) — filed 2024-05-30
- Portfolio holdings (N-PORT) — filed 2024-02-28
- Portfolio holdings (N-PORT) — filed 2023-11-28
- Annual census (N-CEN) — filed 2023-09-05
- Annual census (N-CEN) — filed 2022-09-02
Related Funds
Other Emerging Markets Mid Cap Blend / Core Industrials 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.