Abbey Capital Futures Strategy Fund

Our US multi-manager managed futures mutual fund for US investors


Latest Performance     Distributions    
Class I

Performance of Class I (ABYIX)

As of
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Class A

Performance of Class A (ABYAX)

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Class C

Performance of Class C (ABYCX)

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About Managed Futures

The Abbey Capital Futures Strategy Fund (the “Fund”) is an actively managed mutual fund which will seek long-term capital appreciation. Current income is a secondary objective.


Managed futures managers can take long and short positions and trade multiple markets; this gives them the ability to potentially profit from falling and rising markets
There are a range of trading strategies employed by managers including trendfollowing, mean reversion, discretionary macro and value
The drivers of returns for managed futures are different to those of long equity portfolios
Combining managed futures with equities has the potential to create portfolio benefits above those experienced by an equity-only portfolio**

** These benefits may include a lower drawdown and volatility profile and a better risk-adjusted return. However, managed futures may not provide these benefits and these benefits are dependent upon a number of variable factors including market environments. Trading in managed futures is not suitable for all investors given its speculative nature and the high level of risk involved



Reasons To Invest

Portfolio Diversification

    Exposure to an asset class with fundamentally different drivers to equity markets based on exploiting investor behavioural biases Potential for positive returns in falling and rising equity markets ** Fund seeks to produce strong risk to reward profile via a rigorous investment process

Manager Access

    Access to high quality managers in managed futures, foreign exchange and global macro Managers selected and monitored by Abbey Capital, an allocator with over 17 years track record of successful multi-manager investing

Cost Efficiency

    Competitive fee structure No performance fees for Abbey Capital nor underlying managers For further information on Fees & Expenses, click here

Strategy & Market Diversification

    Exposure to a range of trading strategies Strategies executed across bond, equity, commodity and foreign exchange futures markets

** Managed futures may not provide these benefits and these benefits are dependent upon a number of variable factors including market environments. Trading in managed futures is not suitable for all investors given its speculative nature and the high level of risk involved.



Abbey Capital Futures Strategy Fund Performance

Class I
Nav Change $ Daily Return
Class I
Ticker ABYIX
CUSIP 74925K 367
Minimum Investment Amount $1,000,000
Additional Investment Amounts $1,000
Launch Date 1 July 2014
As of:
Class A
Nav Change $ Daily Return
Class A
Ticker ABYAX
CUSIP 74925K 375
Minimum Investment Amount $2,500
Additional Investment Amounts $100
Launch Date 29 August 2014
As of:
Class C
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Class C
Ticker ABYCX
CUSIP 74925K 359
Minimum Investment Amount $2,500
Additional Investment Amounts $100
Launch Date 6 October 2015
As of:
Fund Overview

The Abbey Capital Futures Strategy Fund (the “Fund”) is a multi-manager managed futures strategy with allocations to a diversified set of managed futures strategies. The investment objective of the Fund is to seek long-term capital appreciation with the generating of current income a secondary objective.

The strategy comprises an allocation to managed futures complemented with an actively managed fixed income exposure, achieved in a competitive cost structure. The managed futures allocation is managed by ten leading managed futures managers employing a diversified range of trading strategies applied across multiple markets. Managers are selected by Abbey Capital, a leading multi-manager in managed futures, with a track record of successful allocating dating back to 2000.



Facts & Fees
  • No performance fees
  • No hidden manager fees
  • No hidden swap fees

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on Advisor Class Shares if you invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional, in the section of the Prospectus entitled “Shareholder Information- Sales Charges” and in the section of the Fund’s Statement of Additional Information (“SAI”) entitled “Purchase and Redemption Information – Reducing or Eliminating the Front-End Sales Charge.”


Shareholder Fees (fees paid directly from your investment)

Class I Class A Class C
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) None 5.75% None
Maximum Deferred Sales Charge (Load) None None (1) 1.00% (2)
Maximum Sales Charge (Load) Imposed on Reinvested Dividends None None None
Redemption Fee (as a percentage of amount redeemed, if applicable) None None None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Class I Class A Class C
Management Fees (3)(4) 1.77% 1.77% 1.77%
Distribution and/or Service (12b-1) Fee None 0.25% 1.00%
Other Expenses 0.16% 0.16% 0.16%
Total Annual Fund Operating Expenses 1.93% 2.18% 2.93%
Less: Fee Waivers and/or Expense Reimbursements(5) -0.14% -0.14% -0.14%
Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements(5) 1.79% 2.04% 2.79%

(1) A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Class A Shares made within 12 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more.

(2) The CDSC applies to redemptions of Class C Shares made within 12 months of purchase and will be assessed on an amount equal to the lesser of the offering price at the time of purchase of the shares redeemed and the net asset value of the shares redeemed at the time of redemption.

(3) Management Fees have been restated to reflect current expenses. Prior to February 28, 2017, the management fee was 1.97%.

(4) Management Fees include advisory fees paid to both Abbey Capital Limited (the “Adviser”) and one or more trading advisers (the “Trading Advisers”). There are no performance fees charged by the Adviser or Trading Advisers either at the Fund or at any wholly-owned subsidiary of the Fund.

(5) The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit Total Annual Fund Operating Expenses (excluding certain items discussed below) to 1.79%, 2.04% and 2.79% of the Fund’s average daily net assets attributable to Class I Shares, Class A Shares and Class C Shares, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total Annual Fund Operating Expenses to exceed 1.79%, 2.04% or 2.79%, as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2018 for Class I Shares, Class A Shares and Class C Shares, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. (the “Company”). If at any time the Fund’s Total Annual Fund Operating Expenses (not including acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) for a year are less than 1.79%, 2.04% or 2.79%, as applicable, the Adviser may recoup any waived or reimbursed amounts from the Fund within three years from the date on which such waiver or reimbursement was made by the Adviser, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

Performance

As of * Class I
 
 
Class A *
(Pro forma 1 Jul 14 – 29 Aug 14)
Class A with max. load *
(Pro forma 1 Jul 14 – 29 Aug 14)
Class C ⁺
(Pro forma 1 Jul 14 – 6 Oct 15)
NAV $11.07 $11.01 $11.68 $10.89
NAV Daily Change +$0.02 +$0.01 +$0.01 +$0.02
% Daily +0.18% +0.09% -5.66% +0.18%
% Month To Date +0.73% +0.64% -5.17% +0.65%
% Quarter To Date +0.73% +0.64% -5.17% +0.65%
% Year To Date -4.73% -4.92% -10.41% -5.30%
% Inception To Date ** +4.10% +3.82% +1.85% +3.09%


As of 30 September 2018 Class I
 
 
Class A *
(Pro forma 1 Jul 14 – 29 Aug 14)
Class A with max. load *
(Pro forma 1 Jul 14 – 29 Aug 14)
Class C ⁺
(Pro forma 1 Jul 14 – 6 Oct 15)
% Quarter To Date +1.25% +1.26% -4.58% +1.01%
% Year To Date -2.41% -2.60% -8.16% -3.16%
% 1 Year +2.63% +2.37% -3.52% +1.66%
% 3 Year** -2.25% -2.49% -4.39% -3.19%
% Inception To Date ** +3.52% +3.28% +1.85% +2.52%

** Calculated on an annualised basis.

Distributions

Distributions 2018

For the final 2018 distributions please click here.

 

Documentation
Documents Download Link
Summary Prospectus Download
Prospectus Download
Statement of Additional Information Download
Information Statement Download
Performance Report Q3 2018 Download
Fact Sheet Q3 September 2018 Download
Month-End Positioning November 2018 Download
Annual Report Download
Semi-Annual Report Download
Abbey Capital Futures Strategy Fund Distribution 2018 Download
XBRL File
XBRL - Visit http://xbrl.sec.gov/ for more information on XBRL Download
Application Forms
Investor Application Download
IRA Investor Application Download
Entity Investor Application Download
Press Releases
Abbey Capital Futures Strategy Fund Celebrates 3-Year Anniversary Download
Abbey Capital Futures Strategy Fund Announces Reduction in Management Fees Download
January 2016 Abbey Capital Futures Strategy Fund Surpasses $300m in AUM Download
September 2015 Abbey Capital Futures Strategy Fund Surpasses $250m in AUM Download
March 2015 Abbey Capital Futures Strategy Fund Surpasses $100m in AUM Download
July 2014 Abbey Capital Futures Strategy Fund Launch Download

For assistance call 1-844-261-6484 from 8 a.m. to 6 p.m. Eastern time, Monday through Friday. Send completed account application via overnight mail to Abbey Capital Futures Strategy Fund, c/o U.S. Bancorp Fund Services, LLC (or USBFS), 615 East Michigan Street, 3rd Floor, Milwaukee WI, 53202-5207 or via regular mail to Abbey Capital Futures Strategy Fund, c/o U.S. Bancorp Fund Services, LLC (or USBFS), P.O. Box 701, Milwaukee WI, 53201-0701.

Redemption requirements are detailed in the Redemption of Fund Shares section of the prospectus. For questions regarding redeeming shares, please contact Shareholder Services at 1-844-261-6484.

Shares of the Fund are offered only by a current prospectus and are intended solely for persons to whom shares of the US registered funds may be sold. The site shall not constitute an offer to sell or the solicitation of an offer to buy not shall there be any sale of shares of the Fund in ay jurisdiction in which such offer, solicitation or sale would be unlawful.

Sub Advisors

 

Altis Partners (Jersey) Limited (“Altis”)

Altis is a Jersey-based diversified purely systematic long-term trend following manager. The Altis Emerald Futures Program trades over 100 futures markets, using a combination of trend following and counter-trend systems based solely on price inputs. The strategy has a relatively high exposure to commodities. Multiple indicators are applied to all instruments in the portfolio, focusing on directional movement, volatility changes and market excesses.

 

Aspect Capital Limited (“Aspect”)

Aspect Capital Limited is a London-based investment manager which was founded in 1997. The firm applies a systematic and research driven approach to investment management. The Core Diversified strategy is a medium-term, momentum based investment process applying Aspect’s core trendfollowing models across a set of highly liquid futures and FX markets.

 

Cantab Capital Partners, LLP (“Cantab”)

Cantab is a UK-based systematic manager, founded in 2006. Cantab’s investment approach is based on combining multiple return streams across two broadly non correlated sources of return: momentum and value. The portfolio is diversified across multiple timeframes and markets. It trades over a 100 different markets with exposure to G10 and emerging-market currencies, commodities, fixed income markets and equity indices.

 

Eclipse Capital Management, Inc (“Eclipse”)

Eclipse is a systematic global macro quantitative-based manager in St. Louis, Missouri. The Eclipse Emerald Futures Strategy takes a systematic, multi-model approach to trading. The program uses a core allocation to trendfollowing, complemented with allocations to fundamental and mean reversion models, to construct a portfolio based on the aggregate positioning.

 

Episteme Capital Partners (UK) LLP (“Episteme”)

Episteme is a London and New York based investment manager. The firm runs several systematic global macro and event driven strategies in futures, foreign exchange (“FX”) and equity markets. The Episteme Emerald Program is a quantitative systematic macro program, which blends fundamental and technical strategies implemented through a diversified set of futures and FX markets.

 

Graham Capital Management L.P. (“Graham”)

Graham is a Connecticut based macro-oriented alternative investment firm founded in 1994. Graham focuses on macro-oriented investment strategies in the global fixed income, currency, commodity and equity markets. Graham’s Tactical Trend Strategy is a quantitative trading system driven by trend-following models. The program signals buy and sell orders based on a number of factors, including price, volatility, and length of time a position has been held in the portfolio, and employs sophisticated techniques to gradually enter and exit positions over the course of a trend in order to maximize profit opportunities.

 

P/E Global, LLC (“P/E”)

P/E is a Boston-based manager founded in 1995. The P/E Emerald Futures Program is systematic and analyses financial and macroeconomic fundamental data on a daily basis, with a focus on risk and yield information. A Bayesian approach is used to determine dominant factors in major FX markets, forecast returns and determine trading positions.

 

Revolution Capital Management, LLC (“Revolution”)

Revolution is a Denver, Colorado-based manager founded in 2004. The Revolution Emerald Futures Program follows a 100% systematic short- and medium-term trading strategy, combining counter-trend and trend reversion models. Trading takes place in a diversified set of markets, including commodity, equity, currency, bond and short-term interest rate sectors.

 

Trigon Investment Advisors, LLC (“Trigon”)

Trigon is a New York-based manager trading systematic and discretionary alternative investment strategies. The Trigon Emerald Futures Strategy combines a discretionary macro program and a systematic FX program. The discretionary macro program takes positions based on fundamental macroeconomic analysis across financial and commodity markets. The FX program combines short-term and medium-term price based systems designed to capture price movements across global FX markets.

 

Tudor Investment Corporation (“Tudor”)

Tudor is a Connecticut-based investment manager. The firm runs multiple strategies including but not limited to discretionary global macro, event driven and quantitative investment and trading strategies. The Tudor Emerald Momentum program trades a systematic trend following strategy across a broad range of global futures markets.

 

Welton Investment Partners LLC (“Welton”)

Welton Investment Partners LLC is a California-based investment manager whose predecessor was originally formed in 1988. The Welton Trend program seeks to harness recurrent market opportunities by utilizing systematic, research driven, medium and long-term trendfollowing models across a broad range of diversified global futures markets.

Risk Consideration

Risk Considerations

Mutual Fund investing involves risk including the possible loss of principal value. The Fund’s investment activities involve a significant degree of risk and material losses may occur. The Fund may invest in derivatives, (futures, options, swaps) and commodities. Investing in managed futures may not be suitable for all investors given its speculative nature and the high level of risk involved. The Fund is appropriate only for investors who can understand and bear the risks associated with product.

Exposure to commodities markets and commodity-linked derivatives may subject the Fund to greater volatility affected by industry-related factors, value, supply and demand, governmental policies, weather, economic and political factors

To the extent that the investment advisor misjudges current market conditions, the Fund’s volatility may be amplified by its use of short sales and derivatives, and by its ability to select Sub-Advisers to allocate assets.

Short sales by a Fund theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Derivatives may be more sensitive to changes in market conditions and may amplify risks. Derivatives are subject to the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty to the derivative instruments and the risk of loss due to changes in interest rates. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and may reduce its returns. Leverage may increase the risk of loss and cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the NAV of the Fund generally to decline faster than it would otherwise.

The Fund invests in the securities of foreign and emerging markets which are subject to currency fluctuation, political instability, social and economic risks. In particular, emerging and frontier markets may be more volatile and less liquid than more developed markets and therefore may involve greater risks.

In order to qualify as a Registered Investment Company (RIC), the Fund must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. If the Fund was to fail to qualify as a RIC and became subject to federal income tax or if there were changes in the laws of the United States and/or the Cayman Islands, this could adversely affect the Fund and shareholders of the Fund would be subject to diminished returns. Please refer to the prospectus and SAI for more information on tax risks.

Fixed income securities that the fund may invest are subject to credit risk, prepayment risk and interest rate risk so that as interest rates rise the value of bond prices will decline.

The Fund is non-diversified which means it may be invested in a limited number of issuers and susceptible to any economic, political and regulatory events than a more diversified fund.

The Fund may invest in derivatives (futures, options, swaps) and commodities. Investing in managed futures may not be suitable for all investors given its speculative nature and the high level of risk involved. The Fund is appropriate only for investors who can understand and bear the risks associated with product. Click here for further risk considerations.

Investors should consider the investment objectives, risks, charges and expenses of the Abbey Capital Futures Strategy Fund carefully before investing. A prospectus with this and other information about the fund including returns current to most recent month-end may be obtained by calling (US Toll Free) 1-844-261-6484, international callers call + 1-414-203-9540, or by clicking here. The prospectus should be read carefully before investing. The Abbey Capital Futures Strategy Fund is distributed by Quasar Distributors, LLC.

* Class A performance prior to 29 August 2014 is the performance of Class I , adjusted for the Class A expense ratio. There is a maximum sales charge (load) imposed on purchases (as a percentage of offering price) of 5.75% in Class A. Please refer to the prospectus for further information on expenses and fees.

⁺ Class C performance prior to 6 October 2015 is the performance of Class I, adjusted for the Class C expense ratio. Please refer to the prospectus for further information on expenses and fees.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance would have been lower without fee waivers in effect.

The Total Expense Ratio for Class I is 1.93%, for Class A is 2.18% and for Class C is 2.93%. The Net Expense Ratio for Class I is 1.79%, for Class A is 2.04% and for Class C is 2.79%. The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses until 31 December, 2018.