QAWTX — Q3 All-Season Tactical Fund
Data updated: 2026-04-27
QAWTX — Q3 All-Season Tactical Fund. United States Multi-Cap / All-Cap Blend / Core Equity · $19.84M AUM. Holdings, fees, performance and SEC filings.
QAWTX Fund Overview
QAWTX — Q3 All-Season Tactical Fund is a US mutual fund managed by Ultimus Managers Trust, categorised as United States Multi-Cap / All-Cap 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: Ultimus Managers Trust
- Category: United States Multi-Cap / All-Cap Blend / Core Equity
- Assets under management: $19.84M
- 1-year return: -25.4%
- Ticker: QAWTX
- SEC CIK: 0001545440
- SEC series ID: S000067445
- Share class ID: C000216824
QAWTX Investment Objective and Strategy
Q3 All-Season Tactical Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Ultimus Managers Trust.
Investment objective
The Q3 All-Season Tactical Fund (the Tactical Fund) seeks a positive rate of return over a calendar year regardless of market conditions.
Principal investment strategy
Under normal circumstances, the Fund invests primarily in a combination of futures contracts on long-term U.S. Treasuries and the S&P 500 or NASDAQ (Index Futures), and investments, in money market funds, U.S. Treasury securities, and short-term bonds (Fixed Income Investments). The Fund, however, may invest in exchange-traded funds (ETFs) and open-end mutual funds that provide exposure to broad-based U.S. equity securities indices (collectively, with Index Futures, Portfolio Instruments) rather than in Index Futures. Investments by the Fund in mutual funds or ETFs would be determined at the discretion of the Adviser based on several factors, including: market volatility, liquidity of trading vehicles, and trade execution costs. The percentage of the Funds net assets invested in futures contracts may fluctuate over time but under normal circumstances is generally expected to represent less than 10% of the Funds net assets based on mark-to-market values.
However, the Funds notional exposure from derivative instruments may at times equal 100% of the Funds net assets. Under normal circumstances, the balance of the Funds net assets generally will be invested in Fixed Income Investments in an effort to generate income for the Fund. In managing the Fund, the Adviser utilizes a tactical, systematic strategy that relies on a proprietary algorithmic model developed by the Adviser that incorporates trend analysis (the Model). Trend analysis refers to the concept that the market price of a particular equity securities index (Index Market Exposure) will often exhibit autocorrelation. That is, when the index establishes a direction, either up or down, it will tend to maintain that direction for a certain length of time, depending on market conditions.
For example, if the price of a given Index Market Exposure was to increase steadily over several weeks, the Model may signal this to be a buying opportunity for that Index Market Exposure, based on the belief that the price for the Index Market Exposure is likely to continue rising. The Model also incorporates additional quantitative trading indicators that include mean-reversion, relative strength, momentum, moving averages, breakouts, and overbought/oversold conditions. Trend analysis is the primary indicator of a buying opportunity for the Fund, while the additional quantitative trading indicators confirm the existence of a buying opportunity. The additional quantitative trading indicators may be applied at the discretion of Adviser based on its assessment of the prevailing market environment.
The Model generates daily signals (buy or no buy) for a particular Index Market Exposure indicating whether or not, taking into account the existence of a market trending upward or downward on average, a trading opportunity has been identified. The Fund generally exits positions when the Model indicates that the prevailing trend for an Index Market Exposure is likely to reverse, or the volatility of the Index is elevated. When the Models signals prompt the Fund to divest, in whole or in part, from Portfolio Instruments, the Fund will look to other signals, such as mean-reversion, to determine if alternate equity investments are warranted. If no such equity signals trigger, the Fund will evaluate the Treasury bond market to determine if trends exist in that market. If so, the Fund may take long, or inverse positions in Treasury bond instruments.
If the Treasury market is not deemed appropriate for investment, the Fund will invest in money market funds, ultra-short term bond funds or comparable investments (collectively, Defensive Investments) in an effort to preserve capital. The Fund typically invests in Defensive Investments, sometimes for extended periods of time, until the Model indicates buy signals in the equity markets. Trades involving Portfolio Instruments may, at times, be short-term in nature depending on prevailing market conditions, which may involve active and frequent trading and high portfolio turnover. However, certain trades could span longer periods of time, depending on market conditions. At times, the Tactical Funds investments may be indirectly focused on one or more sectors or areas of the economy.
QAWTX Holdings
Top 3 holdings of Q3 All-Season Tactical Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| BondBloxx ETF Trust | 50.77% |
| First American Funds Inc. | 19.69% |
| Chicago Mercantile Exchange | 0.40% |
QAWTX Portfolio Allocation
Asset-class allocation of Q3 All-Season Tactical Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 50.8% |
| Cash & Equivalents | 19.7% |
| Derivatives | 0.4% |
QAWTX Performance
Total returns for QAWTX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -25.4% |
| 3 years (annualised) | 1.4% |
QAWTX Risk Information
Risk metrics for QAWTX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 14.2%
QAWTX Costs and Fees
QAWTX costs about $246 per $10,000 invested per year in fund expenses.
- Net expense ratio: 2.46%
- Gross expense ratio: 3.05%
- Portfolio turnover: 42%
- Brokerage commissions: 1.69 bps of average net assets (SEC N-CEN)
QAWTX Cashflows
Over the 12 months to 2026-02, Q3 All-Season Tactical Fund had net outflows of $26.50M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-02 | −$2.24M |
| 2026-01 | −$2.06M |
| 2025-12 | −$195.18K |
| 2025-11 | −$777.50K |
| 2025-10 | −$1.92M |
| 2025-09 | −$1.44M |
QAWTX Debt Constituents
No individual debt constituents are reported in Q3 All-Season Tactical Fund's latest SEC N-PORT filing.
QAWTX Prospectus and SEC Filings
Official Q3 All-Season Tactical Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-03-27
- Prospectus (485BPOS) — filed 2025-03-28
- Prospectus (485BPOS) — filed 2024-10-15
- Portfolio holdings (N-PORT) — filed 2026-04-27
- Portfolio holdings (N-PORT) — filed 2026-01-28
- Portfolio holdings (N-PORT) — filed 2025-10-29
- Annual census (N-CEN) — filed 2026-02-12
- Annual census (N-CEN) — filed 2025-02-06
Related Funds
Other United States Multi-Cap / All-Cap Blend / Core 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.