IFUNX — IRON Strategic Income Fund
Data updated: 2021-05-26
IFUNX — IRON Strategic Income Fund. Money Market · $23.31M AUM · 1.42% expense ratio · 8.2% 1-yr return. Holdings, fees, performance and SEC filings.
IFUNX Fund Overview
IFUNX — IRON Strategic Income Fund is a US mutual fund managed by Unified 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: Unified Series Trust
- Category: Money Market
- Assets under management: $23.31M
- 1-year return: 8.2%
- Ticker: IFUNX
- SEC CIK: 0001199046
- SEC series ID: S000012822
- Share class ID: C000034668
IFUNX Investment Objective and Strategy
IRON Strategic Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Unified Series Trust.
Investment objective
The investment objective of the IRON Strategic Income Fund (the “Strategic Income Fund” or the “Fund”) is to maximize total return. Total return is comprised of both income and capital appreciation.
Principal investment strategy
The Strategic Income Fund seeks to attain its investment objective by strategically adjusting the portfolios market exposure, typically to fixed income markets, including high yield securities (commonly known as junk bonds), convertible bonds and cash. The Funds Adviser, IRON Financial, LLC (the Adviser), employs a top down approach that includes a review of fundamental and quantitative factors to determine the desired economic exposure at any given time. This total return approach strives to earn interest income on securities held in the Funds portfolio and to generate capital appreciation through strategic adjustments of the Funds assets. At the same time, the Adviser focuses on limiting downside risk in weaker market environments. When the Adviser concludes that the risk/reward relationship is unfavorable in certain fixed income markets, the Adviser will take necessary steps to adjust the Funds market exposure.
The Adviser has the ability to reduce the Funds market exposure by following one or more of these actions: (1) selling portfolio securities and thereby increasing the Funds cash position; (2) hedging the Funds exposure to the fixed income markets (including high yield markets) through the use of derivatives including credit default swaps and/or futures contracts; or (3) selling portfolio securities and using some or all of the proceeds to purchase other investments, including but not limited to investment grade bonds, treasuries, or derivatives such as credit default swaps or treasury futures. The Funds Adviser may sell a security to manage risk and/or if it identifies another investment it believes will outperform a current position. In addition, the Adviser analyzes shifts in the yield curve as well as dislocations in the pricing of various securities in order to find investment opportunities.
The Funds Adviser conducts an ongoing analysis of the overall economic environment by reviewing factors including, but not limited to: (i) money flows, (ii) inflation and interest rate environments, (iii) health of securitization markets, (iv) delinquencies, default and recovery rates of debt markets, (v) The Conference Board Leading Economic Index for leading economic indicators, (vi) monetary policy, and (vii) sovereign debt and currency movements. With regard to high yield markets, the Funds Adviser will routinely examine new issuances, fund flows, corporate balance sheets, earnings and cash flows, credit quality, default rates, and supply/demand. Similarly, the Funds Adviser monitors a number of key movements among a variety of markets. These include, but are not limited to, prices, spreads, yields, dollar-weighted volume of trading, momentum, and volatility.
Additionally, long and short exposure instruments are evaluated based on relative value, cost, liquidity and diversification. Under normal market conditions, the Fund invests primarily in fixed income securities, including high yield securities that are rated below investment-grade, cash, and fixed income related derivatives. The Fund may invest in these securities directly or through investments in other investment companies (including open-end funds, money market funds, and exchange-traded funds (ETFs)) that invest in a broad range of debt securities and derivative instruments. The Fund and underlying funds may invest in different types of fixed income, variable and floating rate debt securities of any quality or maturity including but not limited to bonds, corporate debt, foreign corporate and sovereign debt securities, loans, notes, mortgage-backed securities, restricted securities, municipal securities, government securities, convertible and preferred securities, swaps, swaptions, futures, options and options on futures.
The Fund may invest up to 15% of its net assets (at the time of purchase) in illiquid securities. The Fund may engage in repurchase agreements and securities lending with broker-dealers and other financial institutions to earn income. Derivative instruments traded directly by the Fund may include credit default swaps, total return swaps, swaptions, credit and equity option contracts, futures contracts and options on futures contracts and foreign currency transactions. The Fund and underlying funds in which it invests may use derivative instruments for any purpose consistent with their investment objectives, including hedging or managing risk, obtaining market exposure, or ensuring that the Funds portfolio maintains sufficient liquidity to meet potential redemptions by Fund shareholders. For example, the Fund may enter into a credit default swap to hedge the credit risk of its portfolio or to increase the portfolios credit exposure.
Options may be used to hedge or obtain exposure to a security or market. Treasury futures contracts and options thereon may be used to adjust the duration of the Funds portfolio and/or exposure to various parts of the yield curve. The Fund may invest in derivatives subject only to limits imposed on mutual funds under applicable federal securities laws. Derivative transactions may have leverage in their terms. The Fund may also invest in securities convertible into common stocks, equity securities or securities with a value based on equity securities. These securities may include common stocks of U.S. or foreign companies of any market capitalization including, but not limited to, small- and mid-cap companies and companies operating in developed or emerging countries. The selection process includes quantitative methodologies combined with fundamental, relative value and liquidity analysis.
The Fund also may engage in short sales. For example, equity securities of the issuer of a bond held by the Fund may be sold short as an alternative hedge to selling the underlying bond.
IFUNX Performance
Total returns for IFUNX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 8.2% |
IFUNX Risk Information
Risk metrics for IFUNX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 3.6%
IFUNX Costs and Fees
IFUNX costs about $142 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.42%
- Gross expense ratio: 1.42%
- Portfolio turnover: 448%
- Brokerage commissions: 5.64 bps of average net assets (SEC N-CEN)
IFUNX Cashflows
Over the 12 months to 2021-03, IRON Strategic Income Fund had net outflows of $15.59M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2021-03 | −$10.54M |
| 2021-02 | −$1.56M |
| 2021-01 | −$175.29K |
| 2020-12 | −$809.90K |
| 2020-11 | −$399.61K |
| 2020-10 | −$527.74K |
IFUNX Debt Constituents
No individual debt constituents are reported in IRON Strategic Income Fund's latest SEC N-PORT filing.
IFUNX Prospectus and SEC Filings
Official IRON Strategic Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2021-01-27
- Prospectus (485BPOS) — filed 2020-02-11
- Prospectus (485BPOS) — filed 2019-02-04
- Portfolio holdings (N-PORT) — filed 2021-05-26
- Portfolio holdings (N-PORT) — filed 2021-02-26
- Portfolio holdings (N-PORT) — filed 2020-11-24
- Annual census (N-CEN) — filed 2020-12-09
- Annual census (N-CEN) — filed 2019-12-09
Related Funds
Other Money Market 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.