RLLCX — Ryan Labs Long Credit Fund
Data updated: 2021-02-11
RLLCX — Ryan Labs Long Credit Fund. Bond · $91.54M AUM · 0.50% expense ratio. Holdings, fees, performance and SEC filings.
RLLCX Fund Overview
RLLCX — Ryan Labs Long Credit Fund is a US mutual fund managed by Ultimus Managers Trust, categorised as Bond. 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: Bond
- Assets under management: $91.54M
- Ticker: RLLCX
- SEC CIK: 0001545440
- SEC series ID: S000050261
- Share class ID: C000158692
RLLCX Investment Objective and Strategy
Ryan Labs Long Credit Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Ultimus Managers Trust.
Investment objective
"The Ryan Labs Long Credit Fund (the ""Long Credit Fund"") seeks total return, consisting of current income and capital appreciation."
Principal investment strategy
"Under normal circumstances, the Long Credit Fund invests at least 80% of its assets (including the amount of any borrowings for investment purposes) in U.S. dollar-denominated investment-grade debt securities. The Long Credit Fund defines debt securities as: debt securities issued by the U.S. Government and its agencies and instrumentalities; U.S. dollar-denominated debt securities of foreign governments, including their agencies and instrumentalities, and foreign companies; debt securities issued by U.S. companies and other entities (such as the World Bank and the European Bank for Reconstruction and Development); and derivatives and exchange traded funds (""ETFs"") that provide exposure to debt securities. ""Investment grade"" securities are securities that are rated at least Baa3 by Moody's Investor Service, Inc.
(""Moody's""), BBB- by Standard & Poor's Global Ratings (""S&P"") or Fitch, Inc. (""Fitch"") or, if not rated, of equivalent quality in the Adviser's opinion and may be any maturity or yield. Descriptions of the quality ratings of Moody's, S&P, and Fitch are included as Appendix D to the Long Credit Fund's Statement of Additional Information (""SAI""). Debt securities are also known as fixed-income securities. In identifying investment opportunities and constructing the Long Credit Fund's portfolio, the Adviser relies primarily on sector rotation (identifying investments in one or more sectors of the Bloomberg Barclays U.S. Long Credit Index and making periodic changes to those sector investments as appropriate), issuer selection and yield-curve positioning (making investments that allow the Long Credit Fund to benefit from relative investing opportunities along the yield curve).
The Adviser evaluates a security based on its potential to generate income and/or capital appreciation, the creditworthiness of the issuer and features of the security such as its interest rate, yield, maturity, call features, and value relative to other securities. The Adviser also considers local, national and global economic and market conditions, interest rate movements and other relevant factors in allocating the Long Credit Fund's assets among issuers, industry sectors and maturities. The Long Credit Fund will target an average portfolio duration that approximates the portfolio duration of the securities comprising the Bloomberg Barclays U.S. Long Credit Index, as calculated from time to time by the Adviser, which as of December 31, 2017 was 14.07 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates.
The longer a security's duration, the more sensitive it will be to changes in interest rates. The Long Credit Fund will generally use derivatives to provide exposure to the debt securities discussed above in order to hedge certain market or interest rate risks, to provide a substitute for purchasing or selling particular securities or for speculative purposes to increase potential returns. The Long Credit Fund may purchase derivatives on established exchanges or through privately negotiated transactions referred to as over-the-counter (""OTC"") derivatives. These derivatives may include futures (including interest rate futures), swaps (including interest rate, credit default and total return swaps) and options. In addition to directly investing in debt securities, the Long Credit Fund may indirectly invest in debt securities through investments in securities issued by ETFs that invest primarily in debt securities.
The Long Credit Fund may purchase securities issued by any size company or government entity. The Long Credit Fund may purchase securities of any maturity, duration or yield. The Long Credit Fund may invest in private placements and floating rate debt securities which have interest rates that adjust or ""float"" periodically. The Long Credit Fund may purchase securities on a when-issued, delayed delivery or forward commitment basis. The Long Credit Fund will generally sell a security if the Adviser believes that the security is overvalued relative to other securities available for purchase, there is a deterioration in the issuer's financial circumstances or credit rating or that other investments are more attractive, or for other reasons."
RLLCX Costs and Fees
RLLCX costs about $50 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.50%
- Gross expense ratio: 0.79%
- Portfolio turnover: 191%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
RLLCX Cashflows
Over the 12 months to 2020-11, Ryan Labs Long Credit Fund had net outflows of $39.32M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-11 | −$4.72M |
| 2020-10 | $61.83K |
| 2020-09 | $73.28K |
| 2020-08 | −$1.81M |
| 2020-07 | $59.58K |
| 2020-06 | $82.41K |
RLLCX Debt Constituents
No individual debt constituents are reported in Ryan Labs Long Credit Fund's latest SEC N-PORT filing.
RLLCX Prospectus and SEC Filings
Official Ryan Labs Long Credit Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-04-08
- Prospectus (485BPOS) — filed 2019-04-08
- Prospectus (485BPOS) — filed 2018-04-10
- Portfolio holdings (N-PORT) — filed 2021-01-20
- Portfolio holdings (N-PORT) — filed 2020-10-26
- Portfolio holdings (N-PORT) — filed 2020-07-27
- Annual census (N-CEN) — filed 2021-02-11
- Annual census (N-CEN) — filed 2020-02-11
Related Funds
Other Bond 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.