PAOIX — Preserver Alternative Opportunities Fund
Data updated: 2023-07-31
PAOIX — Preserver Alternative Opportunities Fund. Developed ex-US Real Estate · $11.39M AUM. Holdings, fees, performance and SEC filings.
PAOIX Fund Overview
PAOIX — Preserver Alternative Opportunities Fund is a US mutual fund managed by Capitol Series Trust, categorised as Developed ex-US Real Estate. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Capitol Series Trust
- Category: Developed ex-US Real Estate
- Assets under management: $11.39M
- 1-year return: -23.6%
- Ticker: PAOIX
- SEC CIK: 0001587551
- SEC series ID: S000051554
- Share class ID: C000162236
PAOIX Investment Objective and Strategy
Preserver Alternative Opportunities Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Capitol Series Trust.
Investment objective
The investment objective of the Preserver Alternative Opportunities Fund (the “Fund”) is to seek current income and capital appreciation with low volatility compared to the major equity and fixed income markets.
Principal investment strategy
The Fund pursues its investment objective by principally investing in equity and fixed income securities pursuant to a variety of alternative investment strategies employed by Preserver Partners, LLC (the Adviser). In addition to the employment of alternative investment strategies, the Adviser may employ a long-only strategy involving the purchase of equity and fixed income securities that the Adviser believes are undervalued based on traditional fundamental analysis. At no time, however, will the long-only strategy be the only strategy employed to manage the Funds assets. Permissible Investments. Equity Securities. The equity securities in which the Fund primarily invests are common and preferred stock of U.S. issuers, similar securities issued by foreign issuers, American Depositary Receipts or ADRs relating to foreign issuers as well as the exchange-traded (including NASDAQ traded) common securities of master limited partnerships (each an MLP), business development companies (each a BDC) and real estate investment trusts (each a REIT) (collectively, Equity Securities).
The Fund may invest in the Equity Securities of companies of all sizes. Fixed Income Securities. The fixed income securities in which the Fund primarily invests are mortgage-backed securities (collateralized mortgage obligations, commercial mortgage-backed securities, residential mortgage-backed securities), corporate debt obligations, and asset-backed securities (collateralized loan obligations (each a CLO)) and loan participations) issued by U.S. issuers as well as U.S. government securities (Fixed Income Securities and collectively with Equity Securities, Securities). The Fund may invest in fixed or variable rate Fixed Income Securities across the credit and maturity spectrum including junk bonds which are Fixed Income Securities that are not rated in the top four rating categories of a nationally recognized statistical rating organization (Investment Grade Securities) or are unrated and not deemed to be of comparable quality to Investment Grade Securities by the Adviser.
Alternative Investment Strategies and Long-Only Investing. Alternative investment strategies are investment strategies that are not intended to correlate with the performance of the general equity and bond markets. The alternative investment strategies that the Adviser principally employs to manage the Funds portfolio are described in the following table. The alternative strategies included in the table are organized alphabetically and the order in which they are presented is not representative of the allocation of Fund assets to any one strategy. Alternative Investment Strategies. Event Driven Strategy Seeks to capitalize on the effect of events on the value of Equity and/or Fixed Income Securities by purchasing those securities whose value is expected to increase due to an anticipated event.
Securities subject to this strategy may include Equity and Fixed Income Securities of distressed companies (e.g., companies whose Securities are available at a reduced price but are expected to be worth more after emergence from bankruptcy or upon liquidation) and companies subject to potential mergers as well as companies initiating spin offs, restructurings and recapitalizations. Structured Credit Strategy Involves the purchase of residential and commercial mortgage-backed securities, corporate debt obligations, loan participations and CLOs (collectively, Structured Credit Securities) that the Adviser believes are undervalued. Tactical Trading Strategy Attempts to capitalize on increases in the values of Equity and/or Fixed Income Securities in response to economic and political changes such as changes in interest rates, exchange rates, liquidity and political leadership.
Fundamental Long-Only Strategy. In addition to the alternative investment strategies discussed above, the Adviser may employ a fundamental long-only strategy involving the purchase of Equity and Fixed Income Securities that the Adviser believes are undervalued based on traditional fundamental analysis. Traditional fundamental analysis includes the assessment of market-based factors such as the condition of the overall economy and industry-related economic data as well as issuer-specific factors such as financial condition, management and product/service offerings. Pursuant to this strategy, the Adviser may also invest Fund assets in U.S. Treasury securities or maintain a portion of Fund assets in cash to hedge/provide protection against a decline in the value of equity securities and/or the credit risk associated with fixed income securities held in the Funds portfolio.
Pooled Investment Vehicles. The Adviser may implement the alternative investment strategies described above by investing the Funds assets in the common securities of exchange-traded closed-end funds and exchange-traded funds (each an ETF) registered under the Investment Company Act of 1940, as amended (the 1940 Act), and the common securities issued by hedge funds, private investment funds exempt from registration as an investment company under the 1940 Act (each a, Private Fund). Illiquid Securities. The Fund limits its investment in illiquid securities to 15% of the Funds net assets. The Fund intends to treat the CLOs, loan participations and Private Funds in which it invests as illiquid for purposes of the Funds limitation on illiquid investments. Investment Process. The Adviser looks for long-term return potential over a full market cycle similar to that of the S&P 500 Index.
A full market cycle is a peak-to peak period that includes a recession and a price decline of at least 20% from the previous market peak, followed by a rebound that establishes a new, higher peak. The Adviser also searches for Equity and/or Fixed Income Securities with current income potential of greater than 2-3% for equity-focused strategies and greater than 6% for other strategies, lower volatility as compared to equity and fixed income markets, and liquidity.
PAOIX Performance
Total returns for PAOIX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -23.6% |
| 3 years (annualised) | -17.8% |
PAOIX Risk Information
Risk metrics for PAOIX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 14.8%
PAOIX Costs and Fees
PAOIX costs about $141 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.41%
- Gross expense ratio: 1.57%
- Portfolio turnover: 81%
- Brokerage commissions: 2.44 bps of average net assets (SEC N-CEN)
PAOIX Cashflows
Over the 12 months to 2023-05, Preserver Alternative Opportunities Fund had net outflows of $12.84M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-05 | −$566.83K |
| 2023-04 | −$705.26K |
| 2023-03 | −$1.18M |
| 2023-02 | −$390.04K |
| 2023-01 | −$1.69M |
| 2022-12 | $309.75K |
PAOIX Debt Constituents
No individual debt constituents are reported in Preserver Alternative Opportunities Fund's latest SEC N-PORT filing.
PAOIX Prospectus and SEC Filings
Official Preserver Alternative Opportunities Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2021-12-29
- Prospectus (485BPOS) — filed 2021-01-14
- Prospectus supplement (497) — filed 2023-01-03
- Portfolio holdings (N-PORT) — filed 2023-07-31
- Portfolio holdings (N-PORT) — filed 2023-04-26
- Portfolio holdings (N-PORT) — filed 2023-01-27
- Annual census (N-CEN) — filed 2022-11-14
- Annual census (N-CEN) — filed 2021-11-12
Related Funds
Other Developed ex-US Real Estate 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.