IQDAX — Infinity Q Diversified Alpha Fund

IQDAX Fund Overview

IQDAX — Infinity Q Diversified Alpha Fund is a US mutual fund managed by Trust for Advised Portfolios, categorised as Commodity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Trust for Advised Portfolios
• Category: Commodity
• Assets under management: $1.71B
• Ticker: IQDAX
• SEC CIK: 0001261788
• SEC series ID: S000046414
• Share class ID: C000145051

IQDAX Investment Objective and Strategy

Infinity Q Diversified Alpha Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Trust for Advised Portfolios.

Investment objective

The Infinity Q Diversified Alpha Fund (the Fund) seeks to generate positive absolute returns.

Principal investment strategy

The Fund pursues its investment objective by aiming to provide exposure to several strategies often referred to as alternative or absolute return strategies. Absolute return strategies seek to produce positive performance in both positive and negative environments for equities, fixed income, and credit markets. Utilizing a diversified portfolio of instruments, the Fund seeks exposure to the following strategies: Volatility, Equity Long/Short, Relative Value and Global Macro. Through exposure to these strategies, the Fund attempts to generate positive absolute returns over time. The Fund implements these strategies by investing globally (including in emerging markets) either directly in, or through total return swaps on, a broad range of instruments, including, but not limited to, equities, bonds (including but not limited to high-yield or junk bonds), currencies, commodities, MLPs, credit derivatives, convertible securities, futures, forwards, options, including complex options such as barrier options, and swaps.

The Fund may also invest up to 25% of its assets in a subsidiary that is invested in these types of derivative instruments (the Subsidiary) as described further below. The Fund has no limits with respect to the credit rating, maturity or duration of the debt securities in which it may invest. The Adviser relies heavily on proprietary quantitative models and information as well as data supplied by third parties (Models and Data). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Funds investments. In most cases, the Funds quantitative models are the determinative factor in making investment decisions. In some cases, at the portfolio managers discretion, market risk exposure may be reduced through hedging.

The Fund is generally intended to have a low average correlation and beta to the equity, fixed income, and credit markets. Beta is a measure of the systematic risk of a security or portfolio in comparison to the market as a whole. The excess return generated by the Fund beyond the return attributable to equity, fixed income, and credit markets is alpha. The Fund generally intends to generate the majority of its performance through alpha. The Adviser will attempt to mitigate risk through diversification of holdings and through active monitoring of volatility, counterparties and other risk measures. There is no assurance, however, that the Fund will achieve its investment objective. As discussed above, the Fund provides exposure to several absolute return strategies through a single registered investment company.

The Fund currently intends to have exposure to each of these strategies; however, it may vary its level of allocation among these strategies depending on market conditions, including reducing the exposure to any strategy to zero. The Adviser believes that, based on a comprehensive analysis of the key drivers of return from these strategies (which are traditionally made available through hedge funds), it can capture a meaningful portion of the return that these strategies can be expected to provide. The Fund is generally intended to have a low correlation to the equity, fixed income, and credit markets. The Fund may add additional strategies from time to time, but currently pursues its investment objective by following the four primary strategies discussed in greater detail below: Volatility : The Volatility Strategy provides long and short exposure to a diversified portfolio of derivatives across equities, currencies, bonds, interest rates, and commodities markets.

The Fund invests long positions in derivatives it expects to increase in value and short sells derivatives it expects to decrease in value. Derivatives are instruments that derive their value from the performance of an underlying security or index. These instruments include index options (vanilla and exotic), volatility and variance swaps, correlation swaps, credit default swaps, swaptions, and total return swaps. Equity Long/Short : The Equity Long/Short Strategy provides long and short exposure to a diversified portfolio of equities which involves investing long in equities the Adviser expects to increase in value and short selling equities the Adviser expects to decrease in value. When taking a short position, the Fund may sell an instrument that it does not own and would then borrow an instrument to meet its settlement obligations.

The Fund may also take long and short positions in options, futures, forwards or swaps. Relative Value : The Relative Value Strategy seeks to generate profit by simultaneously investing directly in and taking short positions ( i.e., going long and short) in highly correlated securities ( e.g. , long front-month WTI oil futures and short third-month WTI oil futures). The Fund goes long and short in securities across equities, currencies, bonds, interest rates, and commodities markets. The Strategy typically has a short-term holding period, which causes high portfolio turnover. Global Macro : The Global Macro Strategy seeks to profit by forecasting price movements based on changing macroeconomic conditions and the impact of economic events across a broad spectrum of assets. The Strategy provides long and short exposure to equities, currencies, bonds, interest rates, and commodities markets.

The Funds strategies may result in frequent portfolio trading and high portfolio turnover (greater than 100%). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. Higher portfolio turnover rates generate capital gains that must be distributed to shareholders and could increase brokerage commission costs. To the extent that the Fund experiences an increase in brokerage commissions due to a higher portfolio turnover rate, the performance of the Fund could be negatively impacted by the increased expenses incurred by the Fund. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Funds performance. The Adviser is a commodity pool operator (CPO) with respect to the Fund and is registered with and regulated by the Commodity Futures Trading Commission (CFTC).

As discussed above, the Fund may invest up to 25% of its total assets in the Subsidiary which is wholly-owned by the Fund and is organized under the laws of the Cayman Islands. The Subsidiary pursues the same investment objective as the Fund. The Subsidiary invests primarily in commodity index swaps and other commodity-linked derivative instruments, and it may also invest in financial futures, option and swap contracts, fixed income securities, pooled investment vehicles, including those that are not registered pursuant to the Investment Company Act of 1940, as amended (the 1940 Act), as well as other investments intended to serve as margin or collateral for the Subsidiarys derivative positions. The Fund invests in the Subsidiary with the intent of gaining exposure to the commodities markets while meeting the requirements applicable to regulated investment companies under U.S.

federal income tax laws. Unlike the Fund, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Funds transactions in derivatives.

IQDAX Costs and Fees

IQDAX costs about $246 per $10,000 invested per year in fund expenses.

• Net expense ratio: 2.46%
• Gross expense ratio: 2.55%
• Portfolio turnover: 100%
• Brokerage commissions: 88.26 bps of average net assets (SEC N-CEN)

IQDAX Cashflows

Over the 12 months to 2020-11, Infinity Q Diversified Alpha Fund had net inflows of $1.30B, from monthly SEC N-PORT filings.

IQDAX Debt Constituents

No individual debt constituents are reported in Infinity Q Diversified Alpha Fund's latest SEC N-PORT filing.

IQDAX Prospectus and SEC Filings

Official Infinity Q Diversified Alpha Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-01-03
• Prospectus (485BPOS) — filed 2019-01-03
• Prospectus supplement (497) — filed 2018-02-12
• Portfolio holdings (N-PORT) — filed 2021-01-29
• Portfolio holdings (N-PORT) — filed 2020-10-30
• Portfolio holdings (N-PORT) — filed 2020-07-30
• Annual census (N-CEN) — filed 2020-11-13
• Annual census (N-CEN) — filed 2019-11-13

Related Funds

Other Commodity funds tracked on ABC INVEST:

• VanEck Vectors Gold Miners ETF (GDX)
• VanEck Vectors Junior Gold Miners ETF (GDXJ)
• Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC)
• PIMCO CommoditiesPLUS Strategy Fund (PCLAX)
• First Eagle Gold Fund (SGGDX)

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.