SPEFX — SilverPepper Long/Short Emerging Markets Currency Fund
Data updated: 2023-11-29
SPEFX — SilverPepper Long/Short Emerging Markets Currency Fund. Commodity · $962.01K AUM · 1.85% expense ratio. Holdings, fees, performance and SEC filings.
SPEFX Fund Overview
SPEFX — SilverPepper Long/Short Emerging Markets Currency Fund is a US mutual fund managed by Investment Managers Series Trust, categorised as Commodity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Investment Managers Series Trust
- Category: Commodity
- Assets under management: $962.01K
- 1-year return: -3.8%
- Ticker: SPEFX
- SEC CIK: 0001318342
- SEC series ID: S000074829
- Share class ID: C000233047
SPEFX Investment Objective and Strategy
SilverPepper Long/Short Emerging Markets Currency Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Investment Managers Series Trust.
Investment objective
The primary investment objective of the SilverPepper Long/Short Emerging Markets Currency Fund (the Fund or Long/Short Emerging Markets Currency Fund) is to seek returns that are largely uncorrelated with the returns of the general stock and bond markets. The Fund also seeks positive absolute returns regardless of market conditions.
Principal investment strategy
The Fund seeks to achieve its investment objectives by taking long and short positions in a select number of currencies of emerging market countries. The Fund seeks to uncover specific price patterns in emerging market currencies, and endeavors to generate returns for investors from either changes in the spot prices of such currencies, or from the interest rate differentials between developed countries currencies, primarily the U.S. dollar, and the currencies of emerging market countries. Under normal market conditions, at least 80% of the value of the Long/Short Emerging Markets Currency Funds net assets, including borrowings for investment purposes, if any, will be exposed to currencies of emerging market countries through currency forwards, both deliverable and non-deliverable forwards, futures contracts and other currency transactions, including spot currency transactions.
Emerging market countries are those countries with low- to middle-income economies as classified by the World Bank or included in any of the Morgan Stanley Capital International (MSCI) emerging markets indices. The Funds assets that are not used to purchase currencies and other currency instruments will be invested in investment-grade debt, in particular U.S. Treasuries, with maturities of one year or less and/or money market funds. The Fund seeks returns that are uncorrelated to the movements of the general stock and bond markets. The Fund also seeks to achieve positive absolute returns (i.e., positive returns regardless of market conditions) through any net gains resulting from fluctuations in the values of currencies and any net income derived from owning debt securities. Net losses on currency transactions will reduce positive absolute returns.
The Fund may be exposed to currencies of developed and emerging market countries that, in the opinion of the Funds sub-advisor, Absolute Return Strategies Ltd. (the Sub-Advisor), have liquid currency markets. The Sub-Advisor uses proprietary and systematic price models that analyze the price movements of a select number of emerging markets currencies. These models analyze currency price movements in an attempt to identify price patterns that reflect the price relationships between developed and emerging-market currencies. The Sub-Advisor believes that currencies exhibit price movements and patterns that reflect factors, such as trade flows, capital flows, short- and long-term interest rates, and the supply/demand pressures of such currencies. The Sub-Advisors models use price data in an attempt to identify patterns that reflect significant changes that occur in the price relationships between emerging market and developed market currencies, which may lead to changes in investor behavior.
As the models recognize specific price patterns that identify changes in the price relationships between currency pairs, the models will signal price levels at which emerging-market currencies should be either purchased or sold short. If no identifiable ascending (indicating long investment) or descending (indicating short sales) price pattern exists, the Fund will not take a position (either long or short) in the emerging market currency. The Funds investment exposure to emerging market currencies will fluctuate, and the Fund may incur leverage such that the Funds total notional investment exposure exceeds the Funds net assets. The Sub-Advisor maintains ultimate discretion over the emerging-market currencies that may be eligible for investment, the investment modeling, and all investment-management decision making for the Fund.
The price models may not protect against or capture certain extraordinary or sudden market events, such as government or central bank interventions, currency devaluations or revaluations, capital controls, suspension of convertibility, bank holidays, or shutdowns of the economy, and as a result the models may not be as effective during these periods. During periods of market turbulence, or when the model is unable to identify an appropriate price pattern, the Fund may hold a substantial amount in U.S. cash or U.S. cash equivalents. In addition, the Fund may use various hedging and other strategic transactions, including derivative currency transactions, such as currency forwards and cross currency forwards. The Funds derivative transactions will typically be fully collateralized on a net basis and may cause the Fund to have net short exposure to a particular currency that is not offset by a long position in another currency.
The Fund will invest in debt securities rated investment grade at the time of purchase. Investment-grade debt securities are securities that are rated in one of the four highest rating categories as determined by a nationally recognized statistical rating organization (NRSRO), such as Standard and Poors Ratings Services (S&P), Fitch Ratings (Fitch) or Moodys Investors Service, Inc. (Moodys), or if unrated by S&P, Fitch, Moodys or another NRSRO, determined by the Sub-Advisor, to be of comparable credit quality. Such securities include U.S. government securities, including U.S. Treasuries, and cash equivalents.
SPEFX Performance
Total returns for SPEFX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -3.8% |
SPEFX Risk Information
Risk metrics for SPEFX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 11.4%
SPEFX Costs and Fees
SPEFX costs about $185 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.85%
- Gross expense ratio: 2.01%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
SPEFX Cashflows
Over the 12 months to 2023-09, SilverPepper Long/Short Emerging Markets Currency Fund had net inflows of $1.00M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-09 | $0 |
| 2023-08 | $0 |
| 2023-07 | $0 |
| 2023-06 | $0 |
| 2023-05 | $0 |
| 2023-04 | $0 |
SPEFX Debt Constituents
No individual debt constituents are reported in SilverPepper Long/Short Emerging Markets Currency Fund's latest SEC N-PORT filing.
SPEFX Prospectus and SEC Filings
Official SilverPepper Long/Short Emerging Markets Currency Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
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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.