INCSX — James Alpha Hedged High Income Portfolio

Data updated: 2021-04-28

INCSX — James Alpha Hedged High Income Portfolio. Europe Small Cap Value Equity · $24.56M AUM. Holdings, fees, performance and SEC filings.

INCSX Fund Overview

INCSX — James Alpha Hedged High Income Portfolio is a US mutual fund managed by Saratoga Advantage Trust, categorised as Europe Small Cap Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

Type: US mutual fund
Manager: Saratoga Advantage Trust
Category: Europe Small Cap Value Equity
Assets under management: $24.56M
1-year return: 7.2%
Ticker: INCSX
SEC CIK: 0000924628
SEC series ID: S000053933
Share class ID: C000188366

INCSX Investment Objective and Strategy

James Alpha Hedged High Income Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Saratoga Advantage Trust.

Investment objective

The primary investment objective of the Portfolio is to seek to provide high current income.

Principal investment strategy

The Portfolio will seek to achieve its investment objectives by investing, under normal market conditions, primarily all of its assets in fixed income and fixed income-related securities, using a combination of long-short, long-only, short-only and hedging strategies. Fixed income securities in which the Portfolio will invest are anticipated to generally consist of U.S. and foreign fixed income and fixed income-related securities of varying maturities and credit quality. The Portfolio may invest in securities of any grade including those that are rated below investment grade at the time of purchase (commonly referred to as high-yield or junk securities) including those bonds rated lower thanBBB-by Standard& Poors Ratings Services and Fitch, Inc. or Baa3 by Moodys Investors Services, Inc.).

These include, among others, corporate bonds and bank loans, asset-backed securities and mortgage-backed securities, U.S. government securities, non U.S. sovereign debt securities, and preferred securities. Fixed income-related securities include, but are not limited to, closed-end funds and derivative instruments, including options; financial futures; swaps, including credit default swaps; options on futures and swaps; and forward foreign currency contracts, that seek to provide the same or similar economic exposure as a physical investment in the above securities. The below-investment grade fixed income securities in which the Portfolio may invest are considered speculative with respect to the issuers capacity to pay interest and repay principal. Hedging strategies may be used by the Portfolio in an attempt to preserve capital and mitigate risk, by hedging against changes in the price of other securities held by the Portfolio, and may involve purchasing put options, selling debt or equity securities short or writing covered call options.

Derivative instruments may also be used for investment purposes, and for currency and interest rate hedging purposes. The Portfolio seeks to achieve its investment objectives by investing its assets in a combination of distinct investment strategies managed by different sub-advisers and, in some cases, by the Manager. The Manager is responsible for selecting and allocating assets among the Portfolios investment strategies. The Manager is also responsible for selecting and overseeing one or more sub-advisers to manage each investment strategy. Not all of the sub-advisers listed for the Portfolio may be actively managing assets for the Portfolio at all times. The Manager also has discretion to manage directly all or a portion of such investment strategies. The principal investment strategies that may be employed by the Portfolio include the following: Senior Loan Floating Rate Strategy .

The senior loan floating rate strategy concentrates on investment opportunities in senior-secured and second-lien loans and bonds. Short Duration High Yield Strategy . The short duration high yield strategy seeks to generate uncorrelated returns through stable income and reduced volatility. The portfolio managers seek to identify short-maturity high yield bonds in smaller, less-followed companies, hedged primarily with an exchange-traded fund (ETF) that tracks the Russell 2000 Index, which has exhibited a strong correlation to high yield credit spreads, to attempt to further dampen volatility during market corrections. The strategy is diversified across 3545 high yield bonds. The short position will range between 10 percent to 30 percent of the nominal value of the strategy during periods of normal market conditions and may increase to 50 percent during periods of high volatility.

Relative Value Long/Short Debt Strategy . The relative value long/short debt strategy seeks to take advantage of perceived discrepancies in the market prices of certain fixed income securities, as well as certain convertible bond, closed-end fund, and derivative securities. The strategy is primarily focused within the corporate credit, securitized credit, and agency and non-agency mortgage-backed securities sectors. It invests in both investment and non-investment grade bonds. Proprietary research tools include credit spread analysis, which is based on, among other things, a proprietary credit default methodology, mortgage prepayment forecasting and credit option-adjusted spread analysis. Risk-Adjusted Long/Short Debt Strategy . The risk-adjusted long/short debt strategy seeks to take advantage of credit rating upgrades and downgrades offering attractive returns while seeking to minimize interest rate and currency risks.

During stressed market environments, the strategy actively manages its long core positions with corresponding hedges to preserve capital, while seeking to profit from individual credit deteriorations on the short side. The strategy is primarily focused on investments in U.S. and European fixed income securities, and may establish long and short positions in a variety of derivative and other instruments for risk management and investment purposes. Under normal market conditions, the strategy may establish short interest rate positions to manage interest rate risk. The strategy will employ leverage through investments in derivative instruments and through establishing short hedging positions in Treasury bills and other fixed income or equity securities. The strategy seeks to invest in securities with ratings from B to BBB by Standard and Poors Financial Services LLC, but may invest in securities of any credit rating, including below-investment grade fixed income securities.

The strategy uses proprietary models for security selection in combination with fundamental analysis. One or more of the above strategies may be achieved through investments in ETFs and other exchange-traded products, and other registered investment companies instead of direct investments. The Managers investment process is based on a consultative four step approach: 1) Asset Allocation Defining objectives and constraints, determining asset classes, and determining strategic weightings based on objectives and constraints; 2) Manager Research Sourcing and vetting investment managers; 3) Risk Management Identifying, characterizing, and assessing portfolio risks, and suggesting ways to reduce risk; and 4) Portfolio Construction Constructing the portfolio by incorporating input from all three of the above.

The Portfolios investments in the types of securities described in this Prospectus vary from time to time and, at any time, the Portfolio may not be invested in all types of securities described in this Prospectus. The Portfolio may also invest in securities and other investments not described in this Prospectus, but which are described in the Statement of Additional Information. Any percentage limitations with respect to assets of the Portfolio are applied at the time of purchase.

INCSX Performance

Total returns for INCSX (as of 2026-10-01), from SEC filings.

Period	Total return
1 year	7.2%

INCSX Risk Information

Risk metrics for INCSX, derived from monthly returns in SEC filings.

1-year volatility (annualised): 13.1%

INCSX Costs and Fees

INCSX costs about $191 per $10,000 invested per year in fund expenses.

Net expense ratio: 1.91%
Gross expense ratio: 3.12%
Portfolio turnover: 277%
Brokerage commissions: 6.11 bps of average net assets (SEC N-CEN)

INCSX Cashflows

Over the 12 months to 2021-02, James Alpha Hedged High Income Portfolio had net inflows of $32.70M, from monthly SEC N-PORT filings.

Month	Net flow
2021-02	$2.48M
2021-01	$3.32M
2020-12	$2.21M
2020-11	$1.19M
2020-10	$2.10M
2020-09	$1.73M

INCSX Debt Constituents

No individual debt constituents are reported in James Alpha Hedged High Income Portfolio's latest SEC N-PORT filing.

INCSX Prospectus and SEC Filings

Official James Alpha Hedged High Income Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Europe Small Cap Value 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.