SPCAX Performance — SilverPepper Commodity Strategies Global Macro Fund, Advisor Class
Data updated: 2023-11-29
SPCAX returned −16.35% over one year to Sep 2023. The annualised 3-year return is +6.56%. Against its Commodities category average the fund came out ahead over three years but behind over one: $100 invested three years ago grew to $121, against $121 for the category, and to $84 over one year, against $105. Volatility over the past three years was 15.99% a year. In the 12 months to Sep 2023 the fund took in a net $223.7M, and assets reached $66.08M.
SPCAX Growth of $100
What $100 invested in SilverPepper Commodity Strategies Global Macro Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Commodities category average over the same months.
| Period | SPCAX | Category average |
|---|---|---|
| 1 year (Oct 2022 – Sep 2023) | $84 | $105 |
| 3 years (Oct 2020 – Sep 2023) | $121 | $121 |
| Since data start (Jan 2020 – Sep 2023) | $114 | $121 |
SPCAX Trailing Returns
Total returns to Sep 2023, from SEC N-PORT.
| Period | Total return |
|---|---|
| 1 year | −16.35% |
| 3 years (annualised) | +6.56% |
SPCAX Annual Returns
Calendar-year total returns of SilverPepper Commodity Strategies Global Macro Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2023 (Jan–Sep) | −13.30% |
| 2022 | +3.27% |
| 2021 | +22.41% |
| 2020 | +3.97% |
SPCAX 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 | −1.8% | −4.9% | −0.8% | −1.8% | −5.7% | +2.8% | +2.5% | −2.5% | −1.7% | — | — | — |
| 2022 | +8.2% | +4.0% | +8.9% | +2.2% | +0.8% | −10.5% | +1.5% | +1.8% | −8.4% | −2.4% | +4.3% | −5.2% |
| 2021 | +1.0% | +5.6% | −4.7% | +9.5% | +3.1% | +1.0% | +1.8% | −0.1% | +4.3% | +2.3% | −3.8% | +1.3% |
| 2020 | −6.8% | −2.9% | −5.5% | −0.7% | +2.0% | +0.7% | +6.3% | +6.2% | −4.3% | −1.2% | +6.8% | +4.6% |
SPCAX Risk
Risk measures from monthly returns over Oct 2020 – Sep 2023.
- 3-year volatility (annualised): 15.99%
- 3-year Sharpe ratio: 0.13 (vs 4.5% risk-free rate)
- Best month: +9.52% (Apr 2021)
- Worst month: −10.46% (Jun 2022)
SPCAX Fund Flows
Monthly money in and out of SilverPepper Commodity Strategies Global Macro Fund, from SEC Form N-PORT.
- 12-month net flow: $223.7M
- 12-month gross sales (incl. reinvestments): $76.5M
- Sales ÷ redemptions: -0.52×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Sep 2023 | $955K | −$40.2M | $41.1M |
| Aug 2023 | $1.8M | −$4.7M | $6.4M |
| Jul 2023 | $1.7M | −$3.6M | $5.3M |
| Jun 2023 | $1.7M | −$4.7M | $6.3M |
| May 2023 | $1.6M | −$27.0M | $28.6M |
| Apr 2023 | $1.2M | −$3.7M | $4.9M |
| Mar 2023 | $2.8M | −$4.0M | $6.8M |
| Feb 2023 | $3.4M | −$5.1M | $8.5M |
| Jan 2023 | $13.9M | −$7.3M | $21.2M |
| Dec 2022 | $41.0M | −$27.8M | $68.8M |
| Nov 2022 | $3.1M | −$3.3M | $6.5M |
| Oct 2022 | $3.3M | −$16.1M | $19.4M |
SPCAX Assets Under Management
Net assets of SilverPepper Commodity Strategies Global Macro Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2023-09-30 | $66.08M |
| 2023-06-30 | $111.53M |
| 2023-03-31 | $149.18M |
| 2022-12-31 | $156.94M |
| 2022-09-30 | $199.60M |
| 2022-06-30 | $208.45M |
| 2022-03-31 | $215.33M |
| 2021-12-31 | $165.42M |
| 2021-09-30 | $180.88M |
| 2021-06-30 | $166.36M |
| 2021-03-31 | $138.57M |
| 2020-12-31 | $128.09M |
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.