IPSAX Performance — IPS Strategic Capital Absolute Return Fund, Institutional Class Shares
Data updated: 2026-07-15
IPSAX returned +3.37% year to date and +12.55% over one year to May 2026. Annualised returns are +13.84% over 3 years and +7.05% over 5 years. The fund trailed its US Large Blend category average: $100 invested three years ago grew to $148, against $165 for the category, and to $113 over one year, against $122. Volatility over the past three years was 10.51% a year. In the 12 months to May 2026 the fund lost a net $7.9M, and assets reached $43.20M.
IPSAX Growth of $100
What $100 invested in IPS Strategic Capital Absolute Return Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Large Blend category average over the same months.
| Period | IPSAX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $113 | $122 |
| 3 years (Jun 2023 – May 2026) | $148 | $165 |
| 5 years (Jun 2021 – May 2026) | $141 | $164 |
| Since data start (Mar 2020 – May 2026) | $161 | $227 |
IPSAX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +3.37% |
| 1 year | +12.55% |
| 3 years (annualised) | +13.84% |
| 5 years (annualised) | +7.05% |
IPSAX Annual Returns
Calendar-year total returns of IPS Strategic Capital Absolute Return Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +3.37% |
| 2025 | +9.09% |
| 2024 | +16.98% |
| 2023 | +16.12% |
| 2022 | −15.98% |
| 2021 | +18.23% |
| 2020 (Mar–Dec) | +5.80% |
IPSAX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.1% | −0.6% | −7.6% | +8.6% | +3.5% | — | — | — | — | — | — | — |
| 2025 | +1.5% | −1.0% | −2.8% | −0.2% | +2.8% | +4.1% | +0.9% | +1.1% | +2.8% | +1.9% | −1.4% | −0.7% |
| 2024 | +1.1% | +3.6% | +2.3% | −2.8% | +3.5% | +2.6% | +1.0% | +1.7% | +1.3% | −0.7% | +3.9% | −1.5% |
| 2023 | +2.8% | −1.5% | +2.0% | +0.5% | 0.0% | +4.6% | +2.7% | −1.2% | −3.3% | −1.6% | +6.8% | +3.7% |
| 2022 | −3.9% | −4.2% | +1.2% | −3.5% | +0.2% | −3.4% | +2.3% | −1.4% | −1.8% | −0.7% | +2.9% | −4.7% |
| 2021 | 0.0% | +2.0% | +2.1% | +3.9% | +0.1% | +1.6% | +2.0% | +2.4% | −3.7% | +4.6% | −0.4% | +2.6% |
| 2020 | — | — | −4.2% | +1.7% | +2.1% | −0.5% | +0.9% | +3.9% | −1.2% | −2.9% | +3.5% | +2.8% |
IPSAX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 10.51%
- 3-year Sharpe ratio: 0.89 (vs 4.5% risk-free rate)
- Best month: +8.62% (Apr 2026)
- Worst month: −7.57% (Mar 2026)
IPSAX Fund Flows
Monthly money in and out of IPS Strategic Capital Absolute Return Fund, from SEC Form N-PORT.
- 12-month net flow: −$7.9M
- 12-month gross sales (incl. reinvestments): $15.5M
- Sales ÷ redemptions: 0.66×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $66K | $306K | −$240K |
| Apr 2026 | $189K | $2.5M | −$2.3M |
| Mar 2026 | $2K | $7.7M | −$7.7M |
| Feb 2026 | $5K | $1.7M | −$1.7M |
| Jan 2026 | $6.2M | $580K | $5.7M |
| Dec 2025 | $7.2M | $1.0M | $6.2M |
| Nov 2025 | $368K | $193K | $175K |
| Oct 2025 | $174K | $5.3M | −$5.1M |
| Sep 2025 | $485K | $1.5M | −$1.0M |
| Aug 2025 | $201K | $1.8M | −$1.6M |
| Jul 2025 | $7K | $316K | −$309K |
| Jun 2025 | $528K | $562K | −$34K |
IPSAX Assets Under Management
Net assets of IPS Strategic Capital Absolute Return Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $43.20M |
| 2026-02-28 | $52.49M |
| 2025-11-30 | $49.28M |
| 2025-08-31 | $53.52M |
| 2025-05-31 | $52.22M |
| 2025-02-28 | $55.26M |
| 2024-11-30 | $55.14M |
| 2024-08-31 | $53.14M |
| 2024-05-31 | $51.10M |
| 2024-02-29 | $50.20M |
| 2023-11-30 | $46.85M |
| 2023-08-31 | $46.37M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.