RQSGX — Rqsi Gaa Systematic Global Macro Fund
Data updated: 2023-03-31
RQSGX — Rqsi Gaa Systematic Global Macro Fund. Total Return Allocation · $23.69M AUM · 1.88% expense ratio. Holdings, fees, performance and SEC filings.
RQSGX Fund Overview
RQSGX — Rqsi Gaa Systematic Global Macro Fund is a US mutual fund managed by Advisors' Inner Circle Fund II, categorised as Total Return Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Advisors' Inner Circle Fund II
- Category: Total Return Allocation
- Assets under management: $23.69M
- 1-year return: -5.2%
- Ticker: RQSGX
- SEC CIK: 0000890540
- SEC series ID: S000060897
- Share class ID: C000197724
RQSGX Investment Objective and Strategy
Rqsi Gaa Systematic Global Macro Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Advisors' Inner Circle Fund II.
Investment objective
The RQSI GAA Systematic Global Macro Fund (the Fund) seeks total returns uncorrelated with the broad equity and fixed income markets.
Principal investment strategy
The Fund allocates its assets among three macro or broad asset classes (equities, fixed income and currencies) by taking long and/or short positions in futures contracts based on instruments in each asset class. A futures contract is an agreement between two parties whereby one party agrees to sell and the other party agrees to buy a specified amount of an underlying instrument at an agreed upon price and time. Agreeing to buy the underlying instrument is called buying a futures contract or taking a long position in the contract. Likewise, agreeing to sell the underlying instrument is called selling a futures contract or taking a short position in the contract. As the owner of a long position in a futures contract, the Fund will benefit from an increase in the price of the underlying instrument, and, as the owner of a short position, the Fund will benefit from a decrease in the price of the underlying instrument.
Through its investments in futures contracts, the Fund will principally have exposure to (i) large-cap equity markets, (ii) investment-grade government securities of any maturity, (iii) interest rates and (iv) currencies. Under normal conditions, the Fund will have exposure to the equity markets, government securities, interest rates or currencies of at least three countries, including the United States, and will have exposure to non-U.S. equity markets, government securities, interest rates and currencies (measured on a gross basis) equal to at least 40% (or, if conditions are not favorable, at least 30%) of its total assets. From time to time, the Fund may focus its investments in a particular geographic region, such as Europe or Asia. The Fund purchases and sells futures contracts based on trading and sizing signals generated by a proprietary systematic global asset allocation (GAA) investment model designed by the Adviser that combines various quantitative investment strategies (e.g.
econometric, technical and relative value) to seek to generate returns across asset classes and investment timeframes. The Funds use of futures contracts will have the economic effect of financial leverage. Financial leverage magnifies the exposure to the swings in prices of an instrument underlying a futures contract and results in increased volatility, which means that the Fund will have the potential for greater gains, as well as the potential for greater losses, than if the Fund did not use futures contracts. Leveraging tends to magnify, sometimes significantly, the effect of any increase or decrease in the Funds exposure to an instrument and may cause the Funds net asset value (NAV) to be volatile. A decline in the Funds assets due to losses magnified by futures contracts may require the Fund to liquidate portfolio positions to satisfy its obligations, to meet redemption requests or to meet asset coverage requirements under the Investment Company Act of 1940, as amended (the 1940 Act), when it may not be advantageous to do so.
In order to meet the 1940 Act asset coverage requirements with respect to the use of futures contracts, and earn income, the Fund may hold significant amounts of cash and cash equivalents. When taking into account instruments with a maturity of one year or less at the time of acquisition, the Funds strategy will result in frequent portfolio trading and high portfolio turnover. The Fund is classified as non-diversified, which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.
RQSGX Holdings
Top 6 holdings of Rqsi Gaa Systematic Global Macro Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Aust 10y Bond Fut Dec22 | 13.20% |
| United Kingdom of Great Britain and Northern Ireland | 10.20% |
| Repubblica Italiana | 7.63% |
| Lme Zinc Future Nov 22 (lxx2) | 5.93% |
| Bundesrepublik Deutschland | 4.33% |
| Lme Zinc Future Dec22 | 4.03% |
RQSGX Portfolio Allocation
Asset-class allocation of Rqsi Gaa Systematic Global Macro Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Cash & Equivalents | 87.7% |
| Other | 13.2% |
RQSGX Performance
Total returns for RQSGX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -5.2% |
| 3 years (annualised) | -3.1% |
RQSGX Risk Information
Risk metrics for RQSGX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 12.1%
RQSGX Costs and Fees
RQSGX costs about $188 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.88%
- Gross expense ratio: 2.12%
- Portfolio turnover: 0%
- Brokerage commissions: 156.80 bps of average net assets (SEC N-CEN)
RQSGX Cashflows
Over the 12 months to 2023-01, Rqsi Gaa Systematic Global Macro Fund had net inflows of $56.99M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-01 | $1.19M |
| 2022-12 | $2.47M |
| 2022-11 | $4.31M |
| 2022-10 | $2.35M |
| 2022-09 | $7.90M |
| 2022-08 | $23.50M |
RQSGX Debt Constituents
No individual debt constituents are reported in Rqsi Gaa Systematic Global Macro Fund's latest SEC N-PORT filing.
RQSGX Prospectus and SEC Filings
Official Rqsi Gaa Systematic Global Macro Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-02-28
- Prospectus (485BPOS) — filed 2022-02-28
- Prospectus (485BPOS) — filed 2021-02-26
- Portfolio holdings (N-PORT) — filed 2023-03-31
- Portfolio holdings (N-PORT) — filed 2022-12-29
- Portfolio holdings (N-PORT) — filed 2022-09-27
- Annual census (N-CEN) — filed 2023-01-17
- Annual census (N-CEN) — filed 2022-01-14
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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.