Fund Evaluator:
Alpha Fiduciary Quantitative Strat (AFQSX)
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Best Performing in Tactical Allocation Over the Last Year
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Fund Details
Alpha Fiduciary Quantitative Strat Overview
Alpha Fiduciary Quantitative Strat (AFQSX) is an actively managed Allocation Tactical Allocation fund. Alpha Fiduciary launched the fund in 2019.
The investment seeks long-term capital appreciation. The fund seeks to achieve its investment objective by investing primarily in a portfolio of exchange-traded funds ("ETFs") and equity index futures. It implements a quantitative trend-following strategy by generally holding long positions in S&P 500® Index ETF(s) and equity index futures that provide either long and/or short exposure to the equity markets. The adviser's quantitative strategy seeks to identify price trends in the equity markets as indicated by the S&P 500® reference index. It is non-diversified.
About Alpha Fiduciary Quantitative Strat (AFQSX)
There are 2 members of the management team with an average tenure of 6.59 years: Arthur Doglione (2019), Curtis Anderson (2019). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Alpha Fiduciary Quantitative Strat has 3 securities in its portfolio. The top 10 holdings constitute 79.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Alpha Fiduciary Quantitative Strat is part of the Allocation global asset class and is within the Allocation fund group. Alpha Fiduciary Quantitative Strat has 0.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 78.8%. There is 0.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Alpha Fiduciary Quantitative Strat has 20.8% of the portfolio in cash.
Assets Under Management
The fund has $23 million in total assets, which is below the $222 million average for the Tactical Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
AFQSX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Alpha Fiduciary Quantitative Strat expense ratio is high compared to funds in the Tactical Allocation category. Alpha Fiduciary Quantitative Strat has an expense ratio of 1.73%, which is 2% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. A portfolio turnover rate cannot be currently calculated for Alpha Fiduciary Quantitative Strat. By way of comparison, the average portfolio turnover is 196% for the Tactical Allocation category.
Recently, in the month of July 2026, Alpha Fiduciary Quantitative Strat returned -0.1%, which earned it a grade of B, as the Tactical Allocation category had an average return of -0.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Alpha Fiduciary Quantitative Strat has a trailing yield of 0.00%, which is below the 2.86% category average. The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Alpha Fiduciary Quantitative Strat Grades
Year to date, the fund has returned 12.4%, 4.0 percentage points better than the category, which translates into a grade of A. The fund has returned 21.9% over the past year (grade of A), 6.5% over the past three years (grade of F) and 2.0% per year over the past five years (grade of F).
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AFQSX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AFQSX Return (NAV) | -0.1% | 6.0% | 21.9% | 6.5% | 2.0% | na |
| AFQSX Grade | B | A | A | F | F | na |
| +/- Category | 0.8% | 4.5% | 5.7% | -4.1% | -3.3% | na |
| Tactical Allocation Avg | -0.9% | 1.5% | 16.2% | 10.6% | 5.3% | 6.3% |
| AFQSX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
AFQSX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AFQSX Return (NAV) | 12.4% | 3.8% | 5.8% | 2.1% | -22.2% | 44.6% | -23.8% | na | na | na | na |
| AFQSX Grade | A | F | D | F | F | A | F | na | na | na | na |
| +/- Category | 4.0% | -8.9% | -3.1% | -8.7% | -9.1% | 31.9% | -34.0% | na | na | na | na |
| Tactical Allocation Avg | 8.4% | 12.7% | 8.9% | 10.8% | -13.1% | 12.7% | 10.2% | 13.5% | -6.2% | 13.2% | 5.6% |
| Risk Measures | |
| Standard Deviation: | 10.5% |
| Total Risk Index: | 0.86 - Average |
| Category Risk Index: | 1.03 - Above Average |
| Category Risk Grade: | D (65% Rank) |
| Beta: | 0.37 |
| R-Squared: | 11% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $23 Mil |
| Fund Total Assets: | $ 24 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 0% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 6.6 years | |||
| Average Tenure: 6.6 years | |||
| Managers (Year): Doglione Arthur (2019), Anderson Curtis (2019) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 3 |
| % in Top 10 Holdings: | 79.4% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.4% |
Portfolio Allocation |
|
| Domestic Stock: | 78.8% |
| Foreign Stock: | 0.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 20.8% |
Purchase Information
| Fund Family: | Alpha Fiduciary |
| Phone Number: | 888-266-3996 |
| Website: |
| Status: | Open |
| Inception Date: | December 31, 2019 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.73% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.76% |
| Share Class: | Alpha Fiduciary Quantitative Strat |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
