Fund Overview
The fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing primarily in other U.S. fixed income ETFs (“Underlying U.S. Fixed Income Funds”). Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowing for investment purposes) directly or indirectly in U.S. fixed income securities. The Fund operates as a “fund of funds” and allocates its assets among Underlying U.S. Fixed Income Funds that invest in a variety of fixed income sectors, including, but not limited to, U.S. Treasuries and other debt securities issued by the U.S. Government and its agencies and instrumentalities, corporate bonds, mortgage-backed and asset-backed securities, municipal bonds, high-yield bonds and private credit offerings.
The Fund may also invest at times in other ETFs that provide exposure to emerging market debt securities (together with Underlying U.S. Fixed Income Funds, “Underlying Funds”). The Fund may invest in fixed income securities of any credit quality and any maturity.
The Fund’s investment strategy is designed to provide core fixed income exposure while seeking to outperform traditional broad-based fixed income benchmarks through active management. The Fund targets a diversified allocation to Underlying Funds representing key sectors of the fixed income market, with adjustments made to reflect current market conditions, credit risk, and interest rate dynamics. The Fund’s active management approach seeks to optimize risk-adjusted returns over a full market cycle.
Background Information
- AGGA’s portfolio management team has two plus decades of managing macroeconomic based, active strategies focused on managing risk and have built a foundation on understanding key economic and financial market dynamics and when these opportunities may exist
- Rebalanced monthly
- Utilizing 3rd party ETFs as building blocks to allow for quick shifts in exposures efficiently and with minimized trading friction
- Run in partnership with Beacon Capital Management, a team of experienced fixed income portfolio managers, Bryan Novak, Jan Eckstein, John Osier, and Pedro Regalado, 14 year composite track record in active, tactical income strategy investing
Fund Objective
Fund Documents
NAV and Market Price
NAV is the sum of all assets less any liabilities, divided by the number of shares outstanding.
Fund Details
Why Invest in AGGA?
- Traditional core benchmarks do not reflect the dynamic nature of the fixed income markets, with credit and duration exposures generally in a tight target range
- Macro economic and financial market conditions are extremely influential in how these factors behave through cycles.
- For high quality bond positions, declining interest rates will generally benefit these positions, while rate hike cycles typically hurt these positions.
- Lower rated credit portfolios are more economically sensitive. They generally perform better when financial market conditions are looser and the economy is stable to improving, while declining growth environments and recessions are generally not as good for the bonds.
- Understanding the interplay between credit and duration and the factors effecting their movement can provide valuable tools for fixed income investors, managing risk and seeking opportunities where they exist, complimenting traditional passive core fixed income.
- Beacon’s two plus decades of managing macroeconomic based, active strategies focused on managing risk have built a foundation on understanding key economic and financial market dynamics and when these opportunities may exist
Historical Performance
Month-End Performance
Quarter-End Performance
Performance data quoted represents past performance and is no guarantee of future results. 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. For the most recent month-end performance, please call 215.330.4476 or visit the Fund’s website at astoriaadvisorsetfs.com.
Historical Premium / Discount