Fund Evaluator:
Invenomic Investor (BIVRX)
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Best Performing in Long-Short Equity Over the Last Year
| 30.7% | Boston Partners Long/Short Equity Inv (BPLEX) |
| 22.7% | ABR 50/50 Volatility Investor (ABRJX) |
| 19.8% | ABR 75/25 Volatility Investor (VOLJX) |
| 19.7% | Gator Capital L/S Fd (GATRX) |
| 18.4% | Cromwell Long Short Investor (MFADX) |
Fund Details
Invenomic Investor Overview
Invenomic Investor (BIVRX) is an actively managed Nontraditional Equity Long-Short Equity fund. Invenomic launched the fund in 2017.
The investment seeks long term capital appreciation. The fund invests primarily in both long and short positions in equity securities principally traded in United States markets. Under normal market conditions, the Sub-Adviser seeks to be fully invested in the long portfolio (greater than 80%), while allowing the size of the short portfolio to fluctuate based on the market opportunity. The fund may invest in equity securities of any type and across all market capitalizations. It may invest in securities of companies operating less than three years ("unseasoned issuers") and in initial public offerings of securities ("IPO").
About Invenomic Investor (BIVRX)
There are 2 members of the management team with an average tenure of 9.04 years: Ali Motamed (2017), Benjamin Deschaine (2017). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P Composite 1500 (TR) USD index with a weighting of 100%. Invenomic Investor has 290 securities in its portfolio. The top 10 holdings constitute 31.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Invenomic Investor is part of the Equity global asset class and is within the Nontraditional Equity fund group. Invenomic Investor has 2.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 16.6%. There is 2.1% 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). Invenomic Investor has 81.3% of the portfolio in cash.
Assets Under Management
The fund has $26 million in total assets, which is below the $342 million average for the Long-Short Equity 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.
BIVRX 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 Invenomic Investor expense ratio is high compared to funds in the Long-Short Equity category. Invenomic Investor has an expense ratio of 3.30%, which is 50% higher than its category average, making the fund expense ratio grade a F. 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. Invenomic Investor has a portfolio turnover rate of 197%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 287% for the Long-Short Equity category.
Recently, in the month of June 2026, Invenomic Investor returned -6.4%, which earned it a grade of F, as the Long-Short Equity category had an average return of -0.3%. 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.
Invenomic Investor has a trailing yield of 2.35%, which is above the 1.21% category average. The fund normally distributes its income annually and its capital gains 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.
Invenomic Investor Grades
Year to date, the fund has returned -17.6%, 22.7 percentage points worse than the category, which translates into a grade of F. The fund has returned -11.4% over the past year (grade of F), -5.6% over the past three years (grade of F) and 9.9% per year over the past five years (grade of B).
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BIVRX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BIVRX Return (NAV) | -6.4% | -20.5% | -11.4% | -5.6% | 9.9% | na |
| BIVRX Grade | F | F | F | F | B | na |
| +/- Category | -6.1% | -26.3% | -23.5% | -17.2% | 1.4% | na |
| Long-Short Equity Avg | -0.3% | 5.7% | 12.1% | 11.6% | 8.5% | 8.0% |
| BIVRX Tax Cost Ratio | na | na | 0.8% | 3.1% | 4.6% | na |
BIVRX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BIVRX Return (NAV) | -17.6% | 4.4% | -9.0% | 16.2% | 49.5% | 61.2% | 11.2% | 11.3% | 3.4% | na | na |
| BIVRX Grade | F | D | F | B | A | A | B | C | A | na | na |
| +/- Category | -22.7% | -7.1% | -22.4% | 3.2% | 53.3% | 40.0% | 5.3% | -1.9% | 11.4% | na | na |
| Long-Short Equity Avg | 5.1% | 11.4% | 13.4% | 13.0% | -3.8% | 21.2% | 5.8% | 13.3% | -7.9% | 11.6% | 7.3% |
| Risk Measures | |
| Standard Deviation: | 15.0% |
| Total Risk Index: | 1.23 - Above Average |
| Category Risk Index: | 1.47 - High |
| Category Risk Grade: | F (91% Rank) |
| Beta: | -0.47 |
| R-Squared: | 17% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 2.4% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $545 Mil |
| Fund Total Assets: | $ 26 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 197% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 9.0 years | |||
| Average Tenure: 9.0 years | |||
| Managers (Year): Motamed Ali (2017), Deschaine Benjamin (2017) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 290 |
| % in Top 10 Holdings: | 31.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.1% |
Portfolio Allocation |
|
| Domestic Stock: | 16.6% |
| Foreign Stock: | 2.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 81.3% |
Purchase Information
| Fund Family: | Invenomic |
| Phone Number: | 855-466-3406 |
| Website: | www.ascentiafunds.com |
| Status: | Closed |
| Inception Date: | June 19, 2017 |
| 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: | 1.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 3.30% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.19% |
| Share Class: | Invenomic Institutional |
| Min. Subsequent Purchase: | $ 500 |
| Min. Subsequent IRA Purchase: | $ 50 |
