GAVAX — KL Allocation Fund
Data updated: 2024-04-29
GAVAX — KL Allocation Fund. Alternative · $25.08M AUM · 1.53% expense ratio · -0.4% 1-yr return. Holdings, fees, performance and SEC filings.
GAVAX Fund Overview
GAVAX — KL Allocation Fund is a US mutual fund managed by Investment Managers Series Trust, categorised as Alternative. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Investment Managers Series Trust
- Category: Alternative
- Assets under management: $25.08M
- 1-year return: -0.4%
- Ticker: GAVAX
- SEC CIK: 0001318342
- SEC series ID: S000030105
- Share class ID: C000092455
GAVAX Investment Objective and Strategy
KL Allocation Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Investment Managers Series Trust.
Investment objective
The investment objective of the KL Allocation Fund (the Fund) is to seek long-term capital appreciation with an emphasis on capital preservation.
Principal investment strategy
The Fund employs an allocation strategy by investing in three asset classes: equity, fixed income and cash or cash equivalents. The proportion the Fund invests in each asset class at any given time depends on analysis of market factors, including economic growth, inflation, credit spreads and relative valuations, by Knowledge Leaders Capital, LLC (the Advisor), the Funds advisor. At any point, the Funds investment in any of the asset classes could be underweight or overweight relative to the following target allocations, based on the Advisors discretion. Allocation percentages are measured at the time of purchase. The Fund may invest in securities of U.S. and foreign issuers. Under normal circumstances, the Funds investments in securities of foreign issuers will represent between 40% and 100% of the Funds portfolio.
Asset Class Target Allocation Percentage Equity Securities 10% to 90% Fixed Income Securities and Fixed Income ETFs 10% to 90% Cash or Cash Equivalents 0% to 30% Equity Securities In selecting the Funds equity investments, the Advisor focuses on equity securities of U.S. and foreign companies with market capitalizations of over $500 million that the Advisor considers to be knowledge leader companies. The Fund may invest in stocks of companies in all industry groups and geographic locations, although the Fund may have a significant portion of its assets invested in the securities of companies in one or a few countries or regions. The Advisor considers knowledge leaders to be companies that have demonstrated histories of successfully employing their research and development and have built competitive advantages using their own firm-specific resources such as proprietary knowledge, intellectual property or a unique distribution mechanism.
Based on academic research, the Advisor believes the market is generally inefficient at valuing such high growth companies because traditional financial data overlooks hidden value in such companies assets. The Advisor seeks to identify knowledge leaders through a proprietary, quantitative process. First, the Advisor employs a quantitative screen designed to identify those companies that exceed specific criteria which demonstrate innovation intensity, profitability and financial stability. The Advisor then uses proprietary financial models to re-calculate financial data, and considers other factors, including valuation and quality, and uses technical analysis to seek to identify undervalued companies for investment by the Fund. The Fund may also invest in exchange-traded funds (ETFs) that invest in equity securities.
ETFs are investment companies that invest in portfolios of securities designed to track particular market segments or indices, the shares of which are bought and sold on securities exchanges. The Fund may invest in securities of companies engaged in the precious metals industry and in financial instruments that provide exposure to precious metals. Investments related to precious metals are considered speculative and are affected by a variety of worldwide economic, financial and political factors. Fixed Income Securities and Fixed Income ETFs The Fund also invests in ETFs that primarily invest in fixed income securities and in alternative ETFs that invest in government, municipal, corporate and mortgage-related fixed income securities. In selecting these investments the Advisor considers various factors, including opportunities for appreciation, income and diversification.
The fixed income ETFs in which the Fund invests may invest in fixed income investments of any maturity and credit quality. The Fund may also invest in U.S. Government securities and other fixed income securities of any maturity and credit quality including high yield securities, commonly referred to as junk bonds, that are rated below investment grade by a nationally recognized statistical rating organization such as Moodys Investors Service, Inc. (Moodys), Standard & Poors, a division of McGraw Hill Companies Inc. (S&P) or Fitch Ratings Ltd. (Fitch) (or if unrated, are determined by the Advisor to be of comparable credit quality). Cash or Cash Equivalents The Funds investment in cash equivalents may include money market funds, money market instruments and repurchase agreements. The Fund may also invest in ETFs that invest in money market instruments.
The money market instruments in which the Fund may invest include: obligations of the U.S. Government, its agencies or instrumentalities; commercial paper rated A-1 or higher by S&P or Prime-1 by Moodys; and certificates of deposit, bankers acceptances and bank time deposits issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation. The Advisors sell discipline seeks to limit downside volatility and provide capital preservation. The Fund may sell a position for various reasons, including: 1) to allocate capital to a new idea, 2) if a company no longer meets the criteria of a knowledge leader, or the Advisors other investment-related criteria, 3) to reduce stock specific risk, or 4) to raise cash to meet redemption requests.
GAVAX Holdings
Top 10 holdings of KL Allocation Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| US Treasury 3 Month Bill ETF | 17.72% |
| WisdomTree Floating Rate Treas | 17.66% |
| BondBloxx Bloomberg Six Month | 8.39% |
| Fidelity Government Portfolio | 2.79% |
| Asics Corp | 2.39% |
| Simpson Manufacturing Co Inc | 2.28% |
| Eaton Corp PLC | 2.26% |
| CSW Industrials Inc | 2.24% |
| Ingersoll Rand Inc | 2.22% |
| Parker-Hannifin Corp | 2.15% |
GAVAX Portfolio Allocation
Asset-class allocation of KL Allocation Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 48.2% |
| Other | 43.8% |
| Cash & Equivalents | 2.8% |
GAVAX Performance
Total returns for GAVAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -0.4% |
| 3 years (annualised) | -5.0% |
GAVAX Risk Information
Risk metrics for GAVAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 9.4%
GAVAX Costs and Fees
GAVAX costs about $153 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.53%
- Gross expense ratio: 1.60%
- Portfolio turnover: 220%
- Brokerage commissions: 30.07 bps of average net assets (SEC N-CEN)
GAVAX Cashflows
Over the 12 months to 2024-02, KL Allocation Fund had net inflows of $100.91M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-02 | $971.79K |
| 2024-01 | $1.30M |
| 2023-12 | $81.27M |
| 2023-11 | $5.44M |
| 2023-10 | $1.75M |
| 2023-09 | $1.66M |
GAVAX Debt Constituents
No individual debt constituents are reported in KL Allocation Fund's latest SEC N-PORT filing.
GAVAX Prospectus and SEC Filings
Official KL Allocation Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-12-27
- Prospectus (485BPOS) — filed 2021-12-28
- Prospectus supplement (497) — filed 2023-01-05
- Portfolio holdings (N-PORT) — filed 2024-04-29
- Portfolio holdings (N-PORT) — filed 2024-01-25
- Portfolio holdings (N-PORT) — filed 2023-10-23
- Annual census (N-CEN) — filed 2023-11-13
- Annual census (N-CEN) — filed 2022-11-09
Related Funds
Other Alternative 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.