RAAIX Performance — Altegris/AACA Opportunistic Real Estate Fund, Class I
Data updated: 2025-12-01
RAAIX returned −23.82% over one year to Sep 2025. Annualised returns are −4.21% over 3 years and −7.39% over 5 years. The fund trailed its Real Estate Equity category average: $100 invested three years ago grew to $88, against $130 for the category, and to $76 over one year, against $95. Volatility over the past three years was 20.04% a year. In the 12 months to Sep 2025 the fund lost a net $70.8M, and assets reached $36.57M.
RAAIX Growth of $100
What $100 invested in Altegris/AACA Opportunistic Real Estate Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Real Estate Equity category average over the same months.
| Period | RAAIX | Category average |
|---|---|---|
| 1 year (Oct 2024 – Sep 2025) | $76 | $95 |
| 3 years (Oct 2022 – Sep 2025) | $88 | $130 |
| 5 years (Oct 2020 – Sep 2025) | $68 | $136 |
| Since data start (Jul 2019 – Sep 2025) | $86 | $150 |
RAAIX Trailing Returns
Total returns to Sep 2025, from SEC N-PORT.
| Period | Total return |
|---|---|
| 1 year | −23.82% |
| 3 years (annualised) | −4.21% |
| 5 years (annualised) | −7.39% |
RAAIX Annual Returns
Calendar-year total returns of Altegris/AACA Opportunistic Real Estate Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2025 (Jan–Sep) | −21.15% |
| 2024 | +3.18% |
| 2023 | +11.45% |
| 2022 | −40.07% |
| 2021 | +8.84% |
| 2020 | +28.45% |
| 2019 (Jul–Dec) | +13.52% |
RAAIX 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | −2.8% | −3.1% | −15.5% | −3.9% | +3.5% | +1.5% | 0.0% | −2.3% | +0.5% | — | — | — |
| 2024 | −2.0% | +1.6% | +4.9% | −7.4% | +1.1% | +1.8% | +6.7% | −2.1% | +2.9% | −3.0% | +5.3% | −5.4% |
| 2023 | +12.8% | −4.2% | −1.5% | −1.0% | −5.1% | +5.4% | +1.7% | −1.1% | −8.0% | −5.4% | +10.4% | +9.5% |
| 2022 | −12.3% | −5.0% | +5.2% | −5.1% | −6.4% | −8.8% | +8.1% | −5.5% | −14.7% | +0.4% | +6.6% | −9.4% |
| 2021 | −3.3% | +6.2% | −0.4% | +3.8% | +0.5% | +3.7% | −5.2% | +5.8% | −6.5% | +6.6% | −6.9% | +5.8% |
| 2020 | +2.1% | −3.6% | −11.6% | +9.0% | +5.2% | +2.6% | +7.9% | +1.9% | −0.8% | −4.4% | +12.0% | +7.6% |
| 2019 | — | — | — | — | — | — | +3.6% | +5.2% | −0.1% | +0.5% | +2.0% | +1.7% |
RAAIX Risk
Risk measures from monthly returns over Oct 2022 – Sep 2025.
- 3-year volatility (annualised): 20.04%
- 3-year Sharpe ratio: -0.43 (vs 4.5% risk-free rate)
- Best month: +12.76% (Jan 2023)
- Worst month: −15.52% (Mar 2025)
RAAIX Fund Flows
Monthly money in and out of Altegris/AACA Opportunistic Real Estate Fund, from SEC Form N-PORT.
- 12-month net flow: −$70.8M
- 12-month gross sales (incl. reinvestments): $5.8M
- Sales ÷ redemptions: 0.08×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Sep 2025 | $90K | $1.7M | −$1.6M |
| Aug 2025 | $264K | $4.6M | −$4.3M |
| Jul 2025 | $248K | $1.7M | −$1.5M |
| Jun 2025 | $126K | $3.5M | −$3.3M |
| May 2025 | $587K | $5.9M | −$5.3M |
| Apr 2025 | $282K | $12.8M | −$12.5M |
| Mar 2025 | $367K | $11.6M | −$11.3M |
| Feb 2025 | $861K | $13.6M | −$12.7M |
| Jan 2025 | $837K | $1.8M | −$993K |
| Dec 2024 | $1.1M | $4.9M | −$3.8M |
| Nov 2024 | $446K | $5.4M | −$4.9M |
| Oct 2024 | $550K | $9.2M | −$8.7M |
RAAIX Assets Under Management
Net assets of Altegris/AACA Opportunistic Real Estate Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2025-09-30 | $36.57M |
| 2025-06-30 | $44.83M |
| 2025-03-31 | $67.03M |
| 2024-12-31 | $111.23M |
| 2024-09-30 | $133.80M |
| 2024-06-30 | $137.84M |
| 2024-03-31 | $174.29M |
| 2023-12-31 | $176.35M |
| 2023-09-30 | $177.71M |
| 2023-06-30 | $208.34M |
| 2023-03-31 | $243.87M |
| 2022-12-31 | $224.74M |
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.