Fund Evaluator:
Mast Managed Futures Strategy I (CSAIX)
Follow This Fund
Best Performing in Systematic Trend Over the Last Year
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Fund Details
Mast Managed Futures Strategy I Overview
Mast Managed Futures Strategy I (CSAIX) is an actively managed Alternative Systematic Trend fund. Mast Investments launched the fund in 2012.
The investment seeks to achieve positive absolute returns that have a low correlation to the returns of broad stock and bond markets. The fund advisor seeks diverse exposure to macro trading opportunities such as significant price trends, both up and down, across asset classes, geographies and time horizons. The fund may take long and/or short positions in asset classes, and the fund’s advisor dynamically adjusts its exposure to individual asset classes utilizing trend-following and macro trading approaches. The fund is non-diversified.
About Mast Managed Futures Strategy I (CSAIX)
There are 1 members of the management team with an average tenure of 10.71 years: Yung-Shin Kung (2015). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and Credit Suisse Mgd Futures Liquid TR USD index with a weighting of 100%. Mast Managed Futures Strategy I has 34 securities in its portfolio. The top 10 holdings constitute 47.0% 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.
Mast Managed Futures Strategy I is part of the Alternative Strategies global asset class and is within the Alternative fund group. Mast Managed Futures Strategy I has 24.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 4.9%. There is 7.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 40.7% (24.0% domestic bond, 16.7% foreign bond and 0.0% convertible bond). Mast Managed Futures Strategy I has 46.8% of the portfolio in cash.
Assets Under Management
The fund has $62 million in total assets, which is below the $260 million average for the Systematic Trend 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.
CSAIX 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 Mast Managed Futures Strategy I expense ratio is high compared to funds in the Systematic Trend category. Mast Managed Futures Strategy I has an expense ratio of 1.30%, which is 36% lower than its category average, making the fund expense ratio grade a A. 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 Mast Managed Futures Strategy I. By way of comparison, the average portfolio turnover is 216% for the Systematic Trend category.
Recently, in the month of July 2026, Mast Managed Futures Strategy I returned -1.0%, which earned it a grade of D, as the Systematic Trend category had an average return of -0.0%. 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.
Mast Managed Futures Strategy I has a trailing yield of 3.01%, which is above the 2.63% category average. The fund normally distributes its income quarterly 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.
Mast Managed Futures Strategy I Grades
Year to date, the fund has returned 2.5%, 4.7 percentage points worse than the category, which translates into a grade of F. The fund has returned 10.9% over the past year (grade of F), -3.3% over the past three years (grade of F) and 0.4% per year over the past five years (grade of F) and 0.1% per year over the past 10 years (grade of F).
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CSAIX 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 |
|
| CSAIX Return (NAV) | -1.0% | -2.2% | 10.9% | -3.3% | 0.4% | 0.1% |
| CSAIX Grade | D | D | F | F | F | F |
| +/- Category | -1.0% | -1.4% | -7.1% | -6.1% | -4.9% | -3.0% |
| Systematic Trend Avg | -0.0% | -0.8% | 18.0% | 2.8% | 5.3% | 3.1% |
| CSAIX Tax Cost Ratio | na | na | 1.2% | 1.0% | 2.3% | 1.3% |
CSAIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CSAIX Return (NAV) | 2.5% | -5.2% | -5.6% | -6.2% | 21.4% | 7.5% | 1.9% | -4.4% | -4.0% | -1.5% | 3.8% |
| CSAIX Grade | F | F | F | D | B | A | D | F | B | F | A |
| +/- Category | -4.7% | -8.3% | -6.0% | -2.4% | -0.2% | 2.6% | -3.2% | -9.7% | 1.3% | -5.9% | 7.2% |
| Systematic Trend Avg | 7.2% | 3.1% | 0.4% | -3.8% | 21.5% | 4.9% | 5.1% | 5.3% | -5.4% | 4.5% | -3.4% |
| Risk Measures | |
| Standard Deviation: | 10.0% |
| Total Risk Index: | 0.81 - Average |
| Category Risk Index: | 1.01 - Above Average |
| Category Risk Grade: | D (69% Rank) |
| Beta: | 0.10 |
| R-Squared: | 1% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 3.0% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $63 Mil |
| Fund Total Assets: | $ 63 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 0% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 10.7 years | |||
| Average Tenure: 10.7 years | |||
| Managers (Year): Kung Yung-Shin (2015) | |||
Portfolio Composition (as of 9/30/24)
| # of Holdings: | 34 |
| % in Top 10 Holdings: | 47.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 24.2% |
Portfolio Allocation |
|
| Domestic Stock: | 4.9% |
| Foreign Stock: | 7.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 24.0% |
| Foreign Bond: | 16.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.1% |
| Cash: | 46.8% |
Purchase Information
| Fund Family: | Mast Investments |
| Phone Number: | 833-829-0010 |
| Website: | www.fpafunds.com |
| Status: | Open |
| Inception Date: | September 28, 2012 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $100,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.30% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.02% |
| Share Class: | Mast Managed Futures Strategy I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
