SPABX Performance — SilverPepper Merger Arbitrage Fund, Advisor Class
Data updated: 2023-11-29
SPABX returned +5.49% over one year to Sep 2023. The annualised 3-year return is +3.97%. Against its Commodities category average the fund came out behind over three years but ahead over one: $100 invested three years ago grew to $112, against $121 for the category, and to $105 over one year, against $105. Volatility over the past three years was 1.92% a year. In the 12 months to Sep 2023 the fund took in a net $9.1M, and assets reached $16.51M.
SPABX Growth of $100
What $100 invested in SilverPepper Merger Arbitrage Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Commodities category average over the same months.
| Period | SPABX | Category average |
|---|---|---|
| 1 year (Oct 2022 – Sep 2023) | $105 | $105 |
| 3 years (Oct 2020 – Sep 2023) | $112 | $121 |
| Since data start (Jan 2020 – Sep 2023) | $105 | $121 |
SPABX Trailing Returns
Total returns to Sep 2023, from SEC N-PORT.
| Period | Total return |
|---|---|
| 1 year | +5.49% |
| 3 years (annualised) | +3.97% |
SPABX Annual Returns
Calendar-year total returns of SilverPepper Merger Arbitrage Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2023 (Jan–Sep) | +4.06% |
| 2022 | +2.21% |
| 2021 | +5.04% |
| 2020 | −5.93% |
SPABX 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | +0.2% | +0.5% | −0.3% | +0.5% | −0.8% | +1.7% | +0.2% | +1.4% | +0.5% | — | — | — |
| 2022 | −0.6% | +0.4% | +0.6% | −0.3% | +0.5% | −0.1% | +0.5% | +0.6% | −0.7% | +1.2% | 0.0% | +0.2% |
| 2021 | +0.1% | −0.4% | +0.4% | +0.9% | +0.8% | +0.2% | +1.1% | +0.5% | +0.6% | −0.2% | +0.6% | +0.5% |
| 2020 | −0.3% | −0.4% | −7.7% | +3.1% | −1.8% | −0.1% | −0.1% | +0.5% | +0.5% | +0.5% | +0.1% | 0.0% |
SPABX Risk
Risk measures from monthly returns over Oct 2020 – Sep 2023.
- 3-year volatility (annualised): 1.92%
- 3-year Sharpe ratio: -0.28 (vs 4.5% risk-free rate)
- Best month: +1.71% (Jun 2023)
- Worst month: −0.80% (May 2023)
SPABX Fund Flows
Monthly money in and out of SilverPepper Merger Arbitrage Fund, from SEC Form N-PORT.
- 12-month net flow: $9.1M
- 12-month gross sales (incl. reinvestments): $5.0M
- Sales ÷ redemptions: -1.20×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Sep 2023 | $1.1M | −$149K | $1.2M |
| Aug 2023 | $73K | −$10K | $83K |
| Jul 2023 | $135K | −$212K | $347K |
| Jun 2023 | $160K | −$124K | $284K |
| May 2023 | $68K | −$1.5M | $1.6M |
| Apr 2023 | $34K | −$441K | $474K |
| Mar 2023 | $347K | −$218K | $565K |
| Feb 2023 | $238K | −$1.1M | $1.3M |
| Jan 2023 | $1.3M | −$197K | $1.5M |
| Dec 2022 | $609K | −$61K | $670K |
| Nov 2022 | $496K | −$22K | $518K |
| Oct 2022 | $453K | −$89K | $542K |
SPABX Assets Under Management
Net assets of SilverPepper Merger Arbitrage Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2023-09-30 | $16.51M |
| 2023-06-30 | $15.26M |
| 2023-03-31 | $16.89M |
| 2022-12-31 | $16.45M |
| 2022-09-30 | $14.85M |
| 2022-06-30 | $10.60M |
| 2022-03-31 | $10.03M |
| 2021-12-31 | $10.48M |
| 2021-09-30 | $10.62M |
| 2021-06-30 | $13.54M |
| 2021-03-31 | $15.77M |
| 2020-12-31 | $16.55M |
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.