Key stats
About AGF U.S. Market Neutral Anti-Beta Fund
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Inception date
Sep 13, 2011
Structure
Open-Ended Fund
Dividend treatment
Distributes
Distribution tax treatment
Ordinary income
Income tax type
Capital Gains
Max ST capital gains rate
39.60%
Max LT capital gains rate
20.00%
Primary advisor
AGF Investments LLC
Distributor
Foreside Fund Services LLC
BTAL actively manages its portfolio of stocks through a market neutral strategy. The fund targets the top 1,000 by market-cap, including REITs, in the Dow Jones U.S. Index. The fund`s market neutral approach aims to offset nominal long and short positions. BTAL ranks stocks in each sector by beta, and individual stocks get equal weight within their sectors. Overall, long low beta and short high beta might be expected to negatively correlate to equities despite the equal dollar offsetting exposure. While BTAL uses swaps at times, it typically takes direct short positions in stocks rather than relying solely on derivatives for short exposure. Therefore, the fund reports short interest costs in its expense ratio, something that purely swaps-based long-short funds don`t have to do, although short interest expense hits the bottom line in either case. Prior to Feb. 14, 2022, the fund tracked the Dow Jones U.S. Thematic Market Neutral Low Beta Index following the same strategies.
Classification
Returns
1 month | 3 months | Year to date | 1 year | 3 years | 5 years | |
---|---|---|---|---|---|---|
Price performance | — | — | — | — | — | — |
NAV total return | — | — | — | — | — | — |
What's in the fund
Exposure type
Cash
Stocks77.02%
Finance9.84%
Technology Services6.74%
Consumer Non-Durables3.18%
Consumer Services2.72%
Process Industries2.49%
Health Technology2.45%
Electronic Technology2.43%
Utilities1.98%
Producer Manufacturing1.94%
Transportation1.89%
Health Services1.44%
Industrial Services1.32%
Distribution Services1.32%
Communications1.12%
Energy Minerals1.09%
Retail Trade1.02%
Commercial Services0.86%
Consumer Durables0.22%
Bonds, Cash & Other22.98%
Cash97.79%
Miscellaneous−74.80%
Top 10 holdings
Dividends
Dividend payout history