|
The Active Income Program seeks to produce yields and income similar to an investment in bonds while attempting to protect capital from fluctuations that negatively affect the value of a portfolio. Fixed income and dividend-yielding equity ETFs will be the primary investments, however, the portfolio may also include exposure to other non-correlating asset classes. The program attempts to reduce the impact of challenging credit conditions by actively shifting the portfolio along the yield curve based on macroeconomic factors designed to produce returns similar to bonds and bond funds but with lower risk and volatility.
|
| |
| The Astor Active Income Program uses an active approach to fixed income investing, based on Astor Asset Management's macroeconomic investment philosophy. Fixed income and dividend-yielding equity ETFs will be the primary investments, however, the portfolio may also include exposure to other non-correlating asset classes. The portfolio seeks to achieve low volatility and minimal principal risk and to provide an attractive current yield commensurate to that of intermediate-term Treasury bonds. |
|
|
|
|
| |
 | Tactical approach based on macroeconomic fundamentals and yield curve analysis designed to provide investors with yield |
| Adds value through diversification of credit risk levels and durations |
| Attempts to reduce the impact of volatile credit conditions |
| May invest in equity and other non-fixed income asset classes to complement the portfolio's overall fixed income bias |
| Active management strategy that attempts to generate returns during any market environment |
|
|
|
|
| |
| |
YTD |
1 YEAR |
Average
Since Inception |
| Active Income Program |
-0.43% |
2.96% |
2.68% |
| Barclays Capital US Aggregate Bond Index |
0.30% |
7.71% |
7.15% |
|
|
| As of 3/31/2012 |
|
| The stated results are net of fees. Please refer to important disclosure information below for additional information concerning these results. |
|
|
|
|
|
| |
|
As of 3/31/12
The stated results are net of fees. Please refer to important disclosure information below for additional information concerning these results.
|
|
|
|
|
| |
Since Inception (February 28, 2011)
| Dividend Yield |
2.54% |
| Average Effective Duration |
4.81 |
| Average Credit Quality |
AA+ |
| Standard Deviation |
2.24% |
| Maximum Drawdown |
-0.87% |
|
|
| As of 3/31/2012 |
|
|
Average Credit Quality: A measure of a debt issuer's ability to meet interest and principal payment obligations as denoted by letter designations assigned by credit rating agencies, calculated as the average quality of the fixed income portion of the portfolio only based on Standard & Poor's rating scale.
Average Effective Duration: The change in value (expressed in years) that a fixed income investment will experience from a one percent change in interest rates, calculated as the average effective duration of the fixed income portion of the portfolio only. Effective duration accounts for potential changes in cash flows when calculating the duration of bonds with embedded options.
Dividend Yield: The income return on an investment, calculated as the sum of dividends and interest income received over the preceding twelve-month period expressed as a percentage of the current value of the portfolio.
Maximum Drawdown: A drawdown is any losing period during an investment record. It is defined as the percent retrenchment from an equity peak to an equity valley. Maximum drawdown is simply the largest percentage drawdown that has occurred since inception, based on monthly returns.
Standard Deviation: A statistical measure of the historical volatility of a mutual fund or portfolio, computed using monthly returns since inception and presented as an annualized figure. More generally, a measure of the extent to which numbers are spread around their average.
|
|
|
|
|
| |
|
As of 3/31/12
Cash: An investment in highly liquid assets in the form of legal tender and money market investments or an investment in a mutual fund or exchange-traded fund that invests primarily in these types of investments.
Intermediate-Term Treasury: An investment in a mutual fund or exchange-traded fund that invests primarily in debt obligations of the United States government, specifically Treasury Notes which have a maturities of between three and ten years.
Investment Grade: An investment in a mutual fund or exchange-traded fund that invests primarily in the category of debt instruments which are rated above a certain level by the major credit rating agencies due to their increased likelihood of meeting payment obligations. (For Moody's rating scale this generally means bonds rated Baa and higher and for Standard & Poor's, bonds rated BBB and higher.)
Short-Term Treasury: An investment in a mutual fund or exchange-traded fund that invests primarily in debt obligations of the United States government, specifically Treasury Bills and Treasury Notes which have a maturity of between one and three years.
|
|
|
|
Non-correlating asset classes: Specific categories of the market which generally move in smaller magnitude and/or the opposite direction of the overall market and of each other over successive daily, weekly or monthly time periods.
Yield curve: The comparison of interest rates for fixed income products with different maturity dates, commonly plotted on a chart with yield on the y-axis and maturity on the x-axis.
Principal risk: The risk that an investment's value will be less than the beginning (principal) amount.
Volatility: The degree of movement that an investment experiences, commonly measured by using standard deviation.
- Astor Asset Management LLC ("Astor") is defined for GIPS purposes as a registered investment advisor with the U.S. Securities and Exchange Commission and a wholly-owned, indirect subsidiary of Knight Capital Group, Inc. (NYSE Euronext: KCG).
- The Active Income Composite is an actively managed strategy designed to produce income and to generate long-term capital appreciation that exclusively uses exchange-traded funds (ETFs). The Composite invests primarily in fixed income securities and dividend-yielding equities but will invest across asset classes, including equity, fixed income, commodities and currencies. The strategy may employ the use of unleveraged inverse exchange-traded funds, designed to track a single multiple of the daily inverse performance of a given index.
- The benchmark is the Barclays Capital U.S. Aggregate Bond Index. The performance of the Barclays Capital U.S. Aggregate Bond Index is shown for comparison because Astor uses index instruments tied to these products. Although the program invest in securities which may invest in assets besides fixed income securities and may invest in assets that move inversely with fixed income, the performance of the Barclays Capital U.S. Aggregate is presented because it is a widely used benchmark and indicator of bond market performance. Barclays Capital U.S. Aggregate annual returns are calculated using Barclays Capital U.S. Aggregate cash quarterly prices with dividends reinvested. The Barclays Capital U.S. Aggregate Bond is comprised of approximately 6,000 publicly traded bonds including U.S. Government, mortgage-backed, corporate and Yankee bonds with an average maturity of approximately 10 years. An investment cannot be made directly into an index.
- Valuations are computed and performance is reported in U.S. dollars. All performance results are inclusive of reinvestment of dividends.
- Net-of-fee returns are presented after the deduction of any and all transaction costs as well as advisory fees. Information about the fee schedule applicable to prospective investors is available within the firm's ADV Part 2.
- All information contained herein is for informational purposes only. This is not a solicitation to offer investment advice in any state where it would be unlawful. There is no assurance that the programs will produce profitable returns or that any account will have results similar to that of the composite. Past performance is not a guarantee of future results. You may lose money. Factors impacting client returns include individual client risk tolerance, restrictions a client may place on the account, investment objectives, choice of broker/dealers or custodians, as well as other factors. Any particular client's account performance may differ from the program results due to, among other things, commission, timing of order entry, or the manner in which the trades are executed. The investment return and principal value of an investment will fluctuate and an investor's equity, when liquidated, may be worth more or less than the original cost.
Astor Asset Management LLC claims compliance with the Global Investment Performance Standards (GIPSŪ). To receive a list of composite descriptions of Astor Asset Management and/or a presentation that complies with the GIPS standards, contact Astor Asset Management at (800) 899-8230 or write to Astor Asset Management, 111 S. Wacker Drive, Suite 3910, Chicago, Illinois 60606 or .
There is no guarantee that the Astor investment programs or funds will achieve their objectives, generate positive returns, or avoid losses.
|
