INMNX — Altegris/AACA Real Estate Income Fund

INMNX Fund Overview

INMNX — Altegris/AACA Real Estate Income Fund is a US mutual fund managed by Northern Lights Fund Trust, categorised as Emerging Markets Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Northern Lights Fund Trust
• Category: Emerging Markets Blend / Core Equity
• Assets under management: $195.78K
• Ticker: INMNX
• SEC CIK: 0001314414
• SEC series ID: S000061934
• Share class ID: C000200673

INMNX Investment Objective and Strategy

Altegris/AACA Real Estate Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Northern Lights Fund Trust.

Investment objective

The Fund seeks to maximize current income with potential for capital appreciation.

Principal investment strategy

Under normal circumstances, the Fund invests at least 80% of its net assets (defined as net assets plus the amount of any borrowing for investment purposes) in income producing securities of real estate companies and real estate related companies (collectively real estate companies) (80% investment policy). Investments in these issuers are expected to primarily consist of preferred stock, as well as convertible preferred stock, debt obligations and other senior securities. In pursuing its investment objective, the Fund may invest in the following types of securities of U.S., foreign and emerging market real estate and real estate related companies: equity, American Depositary Receipts (ADRs), preferred stock and convertible preferred stock of any capitalization equity derivatives debt obligations, including convertible debt obligations, of any maturity or credit quality, including those rated below investment grade (high yield securities or junk bonds) rights and warrants to purchase equity securities For purposes of the 80% investment policy, the Fund defines real estate companies as those that derive a significant portion of their revenues from the ownership, construction, development, financing, leasing, management and/or sale of commercial, industrial or residential real estate, companies that have a significant portion of their assets invested in these types of real estate related companies, including, for example, real estate investment trusts (REITs), or companies that may not participate directly in real estate, but which may present an attractive investment opportunity based on the inherent value of their real estate holdings or exposure, or provide sales, leasing or other strategic services to real estate companies.

The Fund defines real estate related companies as those in industries related to real estate, such as lodging and gaming, housing, land development and real estate finance and services. Real estate and real estate related companies may include high growth companies that allocate significant capital to research and product development. The Fund considers emerging market countries to be those represented in the MSCI Emerging Markets Index. Below investment grade debt securities are those rated below Baa3 by Moodys Investors Service or equivalently by another nationally recognized statistical rating organization (NRSRO). The Fund concentrates investments in the real estate industry, meaning that under normal circumstances, it invests over 25% of its assets in real estate industry securities. In addition, the Fund may engage in transactions for the purpose of hedging against changes in the price of other Fund portfolio securities, such as purchasing put options or writing covered call options.

Such defensive or hedged positions may also include investments in equity securities of real estate as well as non-real estate companies. Additionally, the Fund may employ leverage by borrowing from banks in an amount of up to 33% of the Funds assets (defined as net assets plus borrowing for investment purposes). Altegris Advisors, L.L.C. (the Adviser) is the investment adviser to the Fund and provides investment advisory and management services, including the selection and monitoring of the sub-adviser to the Fund. The Adviser has selected American Assets Capital Advisers, LLC to sub-advise the Fund. The sub-adviser will evaluate investments for the Fund based on a process-driven methodology focused on an issuers dividend yield and corporate performance metrics (i.e. income, cash flow, debt levels, and asset quality).

The Fund will primarily invest in companies that the sub-adviser believes offer attractive yields with the potential for long-term capital appreciation. The Fund is non-diversified for purposes of the Investment Company Act of 1940, as amended (1940 Act), which means that the Fund may invest more than 5% of its total assets in the securities of one or more issuers and therefore have its investments focused in fewer securities at any one time than a diversified fund. The Fund may engage in frequent trading of the Funds portfolio securities.

INMNX Costs and Fees

INMNX costs about $130 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.30%
• Gross expense ratio: 1.35%
• Portfolio turnover: 154%
• Brokerage commissions: 31.40 bps of average net assets (SEC N-CEN)

INMNX Cashflows

Over the 12 months to 2019-09, Altegris/AACA Real Estate Income Fund had net inflows of $110.03K, from monthly SEC N-PORT filings.

INMNX Debt Constituents

No individual debt constituents are reported in Altegris/AACA Real Estate Income Fund's latest SEC N-PORT filing.

INMNX Prospectus and SEC Filings

Official Altegris/AACA Real Estate Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2019-05-01
• Prospectus (485BPOS) — filed 2018-06-08
• Prospectus supplement (497) — filed 2018-07-12
• Portfolio holdings (N-PORT) — filed 2019-11-27
• Annual census (N-CEN) — filed 2019-03-18

Related Funds

Other Emerging Markets Blend / Core Equity funds tracked on ABC INVEST:

• Strategic Advisers Fidelity Emerging Markets Fund (FGOMX)
• iShares MSCI South Korea ETF (EWY)
• Strategic Advisers Emerging Markets Fund (FSAMX)
• iShares MSCI Taiwan ETF (EWT)
• iShares MSCI Brazil ETF (EWZ)

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.