The fund seeks positive absolute returns. The fund applies a process-driven approach that blends proprietary quantitative techniques with disciplined oversight in an effort to deliver positive absolute returns by allocating to a highly diverse set of strategies across all major asset classes. The fund’s investment strategies include, among others, those that are Fundamental, which focus on price and relative price determinants such as measures of carry (i.e., the yield differences between one instrument and another) and appraisal of fair value, and Tactical, which focus on market structure and the behavior of market agents including lead-lag effects (i.e., time dependent correlation structures), liquidity provisioning and buffering, and positioning dynamics (i.e., exposure patterns or sensitivities) in nature. The fund employs macroeconomic and probabilistic modeling to guide its allocation decisions and select investments by explicitly considering how the evolution of markets and the behavior of market participants impact the performance and interaction of strategies.
Manteio Multialternative Strategy Fund
Overview
Investment Objective
Reasons to Consider Investing
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Leadership
Yung-Shin Kung, is a Partner in Manteio and Head & CIO of Mast Investments1. Mr. Kung is an industry pioneer in the development and management of liquid alternative investment strategies. In 2024, he founded [MAST Advisers] to absorb UBS Asset Management’s Quantitative Investment Strategies department.
At UBS and, before that, at Credit Suisse, he was a Managing Director and Head & CIO of the Quantitative Investment Strategies department. He joined Credit Suisse from Merrill Lynch, where he was a Director in the Financial Products Group from 2006-2009.
Prior to his time at Merrill Lynch, Mr. Kung spent eight years at Credit Suisse First Boston in several areas including structured debt capital markets, technology investment banking, and alternative investments. Mr. Kung began his career at Credit Suisse First Boston in 1997. He served on the Advisory Board of the Rutgers Big Data in San Francisco Certificate Program and is a member of the University of Chicago’s Leaders in Philanthropy. Mr. Kung holds a B.A. in Economics from the University of Chicago, where he was elected Phi Beta Kappa, and fulfilled the college’s requirements for a B.A. in Statistics.
1 Mast Investments refers to Manteio Scalable Technologies, LLC, the investment advisor to the Fund.
Fund Details
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Advisor
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Manteio Scalable Technologies LLC
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Custodian
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UMB Bank, N.A.
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Inception Date
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3/29/2012
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Fund Structure
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Open Ended Investment Company
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Fund Strategy
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Multialternative
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Management Fee
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1.04% (confirm)
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Net Expense Ratio Disclosure:
The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses do not exceed 1.10% and 0.85% of the average daily net assets of Class A shares and Class I shares, respectively, of the Fund through November 22, 2026. This agreement may be terminated before that date only by the Trust’s Board of Trustees. This limit excludes any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses, professional fees related to services for the collection of foreign tax reclaims, expenses incurred in connection with any merger or reorganization, and extraordinary expenses (such as litigation expenses). The Fund’s advisor is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made by the advisor to the Fund for a period ending three years after the date of the waiver or payment. Such reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation in effect at the time such fees were waived or payments made, or (b) the expense limitation in effect at the time of the reimbursement. The net expense ratio is applicable to investors.
Performance
Share Class A
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Daily Prices
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Chart of Performance
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Performance MTD, QTD, and YTD
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Dividend Distributions
Share Class C
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Daily Prices
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Chart of Performance
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Performance MTD, QTD, and YTD
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Dividend Distributions
Share Class I
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Daily Prices
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Chart of Performance
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Performance MTD, QTD, and YTD
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Dividend Distributions
Risk Considerations
Risk is inherent in all investing and you could lose money by investing in the Fund. A summary description of certain principal risks of investing in the Fund is set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. The principal risks described below reflect the aggregate operations of the Fund and its Subsidiary.
Arbitrage or fundamental risk: Employing arbitrage and alternative strategies has the risk that anticipated opportunities do not play out as planned, resulting in potentially reduced returns or losses to the fund as it unwinds failed trades.
Below investment grade securities risk: Below investment grade securities are regarded as being predominantly speculative as to the issuer’s ability to make payments of principal and interest.
Commodity exposure risks: Exposure to the commodities markets may subject the fund to greater volatility than investments in traditional securities.
Credit risk: The issuer of a security or the counterparty to a contract, including derivatives contracts, may default or otherwise become unable to honor a financial obligation.
Derivatives risk: The fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of risks such as commodity exposure risks, interest rate risk, market risk and credit.
Exchange-traded notes risk: ETNs are a type of unsecured, unsubordinated debt security that have characteristics and risks similar to those of fixed income securities and trade on a major exchange similar to shares of exchange-traded funds (“ETFs”).
Fixed income risk: The market value of fixed income investments, and financial instruments related to those fixed income investments, will change in response to interest rate changes and other factors, such as changes in the effective maturities and credit ratings of fixed income investments.
Foreign securities risk: A fund that has exposure to investments outside the U.S. carries additional risks that include Currency Risk, Information Risk and Political Risk.
Forwards risk: Forwards are not exchange-traded and therefore no clearinghouse or exchange stands ready to meet the obligations of the contracts.
Futures contracts risk: The price volatility of futures contracts historically has been greater than that for traditional securities such as stocks and bonds.
Interest rate risk: Changes in interest rates may cause a decline in the market value of an investment. Leveraging risk: The Fund may invest in certain derivatives that provide leveraged exposure.
Market risk: The market value of a security may fluctuate, sometimes rapidly and unpredictably. Non-diversified status: The fund is considered a non-diversified investment company under the 1940 Act and is permitted to invest a greater proportion of its assets in the securities of a smaller number of issuers.
Options risk: A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived and well-executed options program may be adversely affected by market behavior or unexpected events. Successful options strategies may require the anticipation of future movements in securities prices, interest rates and other economic factors. No assurances can be given that UBS’s judgment in this respect will be correct. When the fund purchases options, it risks losing all or part of the cash paid for the options. Because option premiums paid or received by the fund indirectly are small in relation to the market value of the investments underlying the options, buying and selling put and call options can be more speculative than investing directly in securities.
Portfolio turnover risk: The fund expects to engage in frequent trading of derivatives.
Risk is inherent in all investing and you could lose money by investing in the Fund. A summary description of certain principal risks of investing in the Fund is set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. The principal risks described below reflect the aggregate operations of the Fund and its Subsidiary.
Arbitrage or fundamental risk: Employing arbitrage and alternative strategies has the risk that anticipated opportunities do not play out as planned, resulting in potentially reduced returns or losses to the fund as it unwinds failed trades.
Below investment grade securities risk: Below investment grade securities are regarded as being predominantly speculative as to the issuer’s ability to make payments of principal and interest.
Commodity exposure risks: Exposure to the commodities markets may subject the fund to greater volatility than investments in traditional securities.
Credit risk: The issuer of a security or the counterparty to a contract, including derivatives contracts, may default or otherwise become unable to honor a financial obligation.
Derivatives risk: The fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of risks such as commodity exposure risks, interest rate risk, market risk and credit.
Exchange-traded notes risk: ETNs are a type of unsecured, unsubordinated debt security that have characteristics and risks similar to those of fixed income securities and trade on a major exchange similar to shares of exchange-traded funds (“ETFs”).
Fixed income risk: The market value of fixed income investments, and financial instruments related to those fixed income investments, will change in response to interest rate changes and other factors, such as changes in the effective maturities and credit ratings of fixed income investments.
Foreign securities risk: A fund that has exposure to investments outside the U.S. carries additional risks that include Currency Risk, Information Risk and Political Risk.
Forwards risk: Forwards are not exchange-traded and therefore no clearinghouse or exchange stands ready to meet the obligations of the contracts.
Futures contracts risk: The price volatility of futures contracts historically has been greater than that for traditional securities such as stocks and bonds.
Interest rate risk: Changes in interest rates may cause a decline in the market value of an investment. Leveraging risk: The Fund may invest in certain derivatives that provide leveraged exposure.
Market risk: The market value of a security may fluctuate, sometimes rapidly and unpredictably. Non-diversified status: The fund is considered a non-diversified investment company under the 1940 Act and is permitted to invest a greater proportion of its assets in the securities of a smaller number of issuers.
Options risk: A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived and well-executed options program may be adversely affected by market behavior or unexpected events. Successful options strategies may require the anticipation of future movements in securities prices, interest rates and other economic factors. No assurances can be given that UBS’s judgment in this respect will be correct. When the fund purchases options, it risks losing all or part of the cash paid for the options. Because option premiums paid or received by the fund indirectly are small in relation to the market value of the investments underlying the options, buying and selling put and call options can be more speculative than investing directly in securities.
Portfolio turnover risk: The fund expects to engage in frequent trading of derivatives.
Daily Prices
Chart of Performance
The chart illustrates the net performance of a hypothetical investment made in the Fund since inception and assumes reinvestment of capital gains and distributions. The hypothetical example is for illustrative purposes only and does not represent the returns of any particular investment.
Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Performance information current to the most recent month-end is available by calling (+1 551-325-0413) or at https://www.mast-funds.com. The performance shown is net of fees and expenses and reflects the reinvestment of dividends and capital gains.
Performance MTD, QTD, and YTD
Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Performance information current to the most recent month-end is available by calling (+1 551-325-0413) or at https://www.mast-funds.com. Performance shown is net of fees and expenses and reflects the reinvestment of dividends and capital gains.
Chart of Performance
The chart illustrates the net performance of a hypothetical investment made in the Fund since inception and assumes reinvestment of capital gains and distributions. The hypothetical example is for illustrative purposes only and does not represent the returns of any particular investment.
Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Performance information current to the most recent month-end is available by calling (+1 551-325-0413) or at https://www.mast-funds.com. The performance shown is net of fees and expenses and reflects the reinvestment of dividends and capital gains.
Performance MTD, QTD, and YTD
Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Performance information current to the most recent month-end is available by calling (+1 551-325-0413) or at https://www.mast-funds.com. Performance shown is net of fees and expenses and reflects the reinvestment of dividends and capital gains.
Resources
Fund Articles
Financial Reporting
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