Large Cap Plus Fund
Investment Objective
Long-term capital appreciation.
Investment Strategy
The VELA Large Cap Plus Fund primarily invests in long and short positions in U.S. large capitalization stocks with a targeted exposure of 80-100% of net assets. The Fund invests in what we believe are undervalued securities and shorting securities that we believe are overvalued or have worse prospects than other investment opportunities. The Fund will also utilize derivatives to generate additional income, attempt to limit the potential risks from short selling, and for downside risk management.
Key Advantages of Investing
Opportunity
The Fund offers exposure to the long-term return opportunity in U.S. equities while offering protection from the downside of overvalued areas of the market.
Disciplined Approach
An actively managed, valuation-centric approach and commitment to a long-term horizon enhances our potential to buy good businesses at compelling valuations.
Experienced Team
Our portfolio managers have decades of experience combining a fundamentally disciplined investment philosophy with tactical short selling, and are supported by a disciplined, nimble research team.
Fund Facts
Ticker:
VELIX
CUSIP:
92262L400
Inception Date:
Sept. 30, 2020
Benchmark:
Russell 1000
Minimum Purchase:
$2,500
Expense Ratio:
1.82%
Period and Annualized Total Returns (%)
As of TBD
| QTD | YTD | 1 Year | Since Inception | |
|---|---|---|---|---|
| Class I | - | - | - | - | Russell 1000 | - | - | - | - |
| S&P 500 | - | - | - | - |
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. Investors may obtain performance data current to the most recent month-end by calling 833-399-1001.
Sector Exposure (%) - Long
As of TBD
| Fund | Index 1 |
|---|
1 Russell 1000 Index
Sector Exposure (%) - Short
As of TBD
| Fund |
|---|
Top Ten Holdings (%)
As of TBD
Current and future portfolio holdings are subject to risk. The security holdings are presented to illustrate examples of the securities that the fund has bought and the diversity of areas in which the funds may invest, and may not be representative of the fund's current or future investments. Portfolio holdings are subject to change and should not be considered investment advice.
Portfolio Statistics
As of 6/30/2022
1Source: FactSet
2Uses weighted market cap of underlying ETF holdings
Risk Statistics (since inception)
As of 6/30/2022
Source: Morningstar
Beta vs. Russell 1000 Index
Investors should carefully consider the investment objectives, risks, and charges and expenses of the fund before investing. The prospectus contains this and other information about the fund, and it should be read carefully before investing. Investors may obtain a copy of the prospectus by calling 833-399-1001.
The fund is distributed by Ultimus Fund Distributors, LLC. (Member FINRA).
Standard Deviation measures the volatility of the Fund’s returns. Beta measures the Fund’s sensitivity to market movements.
Sharpe Ratio uses the Fund’s standard deviation and average excess return over the risk-free rate to determine reward per unit of risk.
Portfolio turnover is the lesser of long purchases plus short sales or long sales plus short covers divided by the average gross value of portfolio securities excluding cash and cash equivalents.
Weighted Average Market Capitalization is a dollar-value measurement of the size of companies in a portfolio or index. In such a weighting scheme, an average figure is derived from the market capitalizations of each company (their market prices multiplied by the number of shares outstanding) multiplied by their weights in the portfolio or index.
Active Management Due to the active management of the Fund the Fund could underperform its benchmark index and/or other funds with similar investment objectives and strategies.
Important Risk Information: An investment in the Fund involves risk, including possible loss of principal. The principal risks of investing in Funds include equity, market, management and non-diversification risks. The market value of a security or instrument may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally.
The Fund uses short selling which incurs significant additional risk. Theoretically, stocks sold short have the risk of unlimited losses.
Prior to 5/1/2022, the Large Cap Plus Fund compared its performance only against the S&P 500 Index. VELA believes the Russell 1000 Index is a more appropriate and accurate index against which to compare the Large Cap Plus Fund’s investment strategies and, therefore, the Russell 1000 Index replaced the S&P 500 Index as the Large Cap Plus Fund’s primary benchmark as of 5/1/2022
The Russell 1000 Index is an unmanaged market capitalization-weighted index comprised of the largest 1,000 companies by market capitalization in the Russell 3000 Index, which is comprised of the 3,000 largest U.S. companies by total market capitalization.
The S&P 500 Index is a composite of 500 of the largest companies in the United States. The S&P 500 Index is unmanaged and does not represent the performance of any particular investment. You cannot invest directly in the S&P 500 Index.