Fund Facts

# of Holdings

53

Net AUM

$136.9M

Primary Benchmark

S&P 500 Index

Oldest Share Class Inception

7/31/2007

Taking a Global Macro Perspective

Marketfield Asset Management takes a global macro perspective based on the Portfolio Managers' decades of investment management experience following global trends. The Portfolio Managers have a long history of anticipating and responding appropriately, as macroeconomic conditions evolve throughout cycles.

A Focus on Risk and Return

With an actively managed, flexible approach, the Fund invests in equity securities, fixed-income instruments, commodities, futures, options, and other investment companies, including ETFs. Additionally, the Fund may engage in short sales of securities to profit from an anticipated decline in the price of the security sold short for up to 50% of the Fund's net assets.

The Fund seeks long-term growth of capital above that of the broad equity market over a full market cycle, with volatility that is lower than that of the broad equity market.

Reasons to Invest

  1. 1

    A Top-Down Macro View

    Through a thorough assessment of macroeconomic and business conditions, investments most affected by large scale, external economic forces are identified.
  2. 2

    Flexible Long/Short Strategy

    Long positions are intended to benefit from global trends while short positions are used opportunistically where fundamentals are deteriorating or tactically to reduce volatility.
  3. 3

    Global Diversification

    As a complement to a core equity portfolio, investors can participate in global equity markets with potentially lower volatility.

Fund Performance (%)

As of 1/31/24

Class MTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception
Institutional Class -0.68 -0.68 -2.22 3.73 7.45 2.14 5.12
Investor Class -0.74 -0.74 -2.49 3.47 7.19 1.89 3.03
S&P 500 Index 1.68 1.68 20.82 10.99 14.30 12.62 9.74

As of 12/31/23

Class QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception
Institutional Class 1.33 -0.10 -0.10 3.79 8.55 2.10 5.19
Investor Class 1.31 -0.34 -0.34 3.53 8.28 1.86 3.12
S&P 500 Index 11.69 26.29 26.29 10.00 15.69 12.03 9.68

Expense Ratios (gross/net): Institutional 2.25%/2.06%, Investor 2.50%/2.31%

Cromwell Investment Advisors has agreed to waive its management fees and/or reimburse Fund expenses to ensure that Total Annual Fund Operating Expenses through at least 4/30/24. Please refer to the prospectus for detailed information.

Inception dates for the Institutional Class and Investor Class shares are 7/31/07 and 10/5/12, respectively. Index return since the inception of the Institutional Class on 7/31/07.

Hypothetical Growth of $10,000 As of 12/31/23

Value of $10,000 invested between 12/31/2022 and 12/31/2023

Share Class Value
Institutional Class (MFLDX) $9,990

Value of $10,000 invested between 12/31/2020 and 12/31/2023

Share Class Value
Institutional Class (MFLDX) $11,182

Value of $10,000 invested between 12/31/2018 and 12/31/2023

Share Class Value
Institutional Class (MFLDX) $15,071

Value of $10,000 invested between 12/31/2013 and 12/31/2023

Share Class Value
Institutional Class (MFLDX) $12,312

Value of $10,000 invested between 7/31/2007 and 12/31/2023

Share Class Value
Institutional Class (MFLDX) $22,965

The Fund’s Investment Manager has contractually agreed to limit fund operating expenses through 3/14/24. Please refer to the prospectus for detailed information.

This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund the number years ago as indicated. It assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance.

The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the 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. For performance information through the most recent month end please call 855.625.7333.

During the past 10 years, the Fund was a series of different registered investment companies. The Fund launched on 7/31/07 as a series of Trust for Professional Managers (TPM). The Fund reorganized into the MainStay Marketfield Fund as a series of Mainstay Funds Trust on 10/5/12. On 4/8/16, the Fund reorganized back into the Marketfield Fund (the Predecessor Fund) as part of TPM where it remained until 3/14/22, when it reorganized into the Fund. The Fund has adopted the performance and financial history of the Predecessor Fund. Performance information shown prior to the close of business on 3/14/22, is that of the Predecessor Fund. Performance figures for Investor Class shares are those of the former Class A shares, unadjusted. The returns reflect the imposition of the Class A sales load. Going forward, Investor Class shares will have no sales load. The former Class A shares include the historical performance of the Single Class of shares offered by the Fund from 7/31/07 to 10/5/12, and were adjusted to reflect differences in fees and expenses. Performance figures for Institutional Class shares are those of the former Class I shares, unadjusted. The former Class I shares include the historical performance of the Single Class of shares offered by the Fund from 7/31/07 to 10/5/12. The Predecessor Fund had the same investment objectives, strategies and portfolio management team as the Fund as of the date of the reorganization.

Risk Characteristics As of 12/31/23

Item 3 Yr 5 Yr 10 Yr
Beta 0.43 0.58 0.55
Standard Deviation 10.78 13.11 10.96
Downside Capture 45 56 61

Information shown for Institutional Class. Benchmark: S&P 500 Index

Portfolio As of 12/31/23

Geographic Exposure (%)

Holding Long Short Net
U.S. 68.1 27.9 40.2
Japan 9.5 0.0 9.5
Canada 4.6 2.8 1.8
Europe 3.2 4.6 -1.4
U.K. 2.9 0.0 2.9
Australia 1.7 0.0 1.7
Other 1.5 0.0 1.5
Emerging Markets 1.1 0.0 1.1

Sector Net Exposure (%)

Sector Exposure
Materials 25.1
Industrials 21.5
Energy 19.8
Consumer Discretionary 15.6
Health Care 3.2
Consumer Staples 3.1
Real Estate 1.4
Utilities 0.0
Communication Services 0.0
Country Index -4.6
Information Technology -5.6
Financials -22.2

Country Index includes ETFs and Emerging Markets

Excludes cash.