Fund Evaluator:
Campbell Systematic Macro A (EBSAX)
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Best Performing in Macro Trading Over the Last Year
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Fund Details
Campbell Systematic Macro A Overview
Campbell Systematic Macro A (EBSAX) is an actively managed Alternative Macro Trading fund. Campbell & Company launched the fund in 2013.
The investment seeks capital appreciation over the medium to long-term. The fund pursues its investment objective by (i) investing its assets pursuant to the Campbell Systematic Macro Program (ii) allocating up to 25% of its total assets in its wholly-owned subsidiary, Campbell Systematic Macro Offshore Limited (the "Subsidiary"), which is organized under the acts of the Cayman Islands and employs the Adviser's Campbell Systematic Macro Program, and (iii) allocating the remainder of its assets directly in a portfolio of investment grade securities for cash management purposes. It is non-diversified.
About Campbell Systematic Macro A (EBSAX)
There are 3 members of the management team with an average tenure of 6.31 years: Kevin Cole (2017), John Radle (2021), Grace Lo (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and SG CTA PR USD index with a weighting of 100%. Campbell Systematic Macro A has 957 securities in its portfolio. The top 10 holdings constitute 165.2% 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.
Campbell Systematic Macro A is part of the Alternative Strategies global asset class and is within the Alternative fund group. Campbell Systematic Macro A has -125.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -31.0%. There is 4.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is -160.3% (-30.5% domestic bond, -129.8% foreign bond and 0.0% convertible bond). Campbell Systematic Macro A has 273.2% of the portfolio in cash.
Assets Under Management
The fund has $48 million in total assets, which is below the $296 million average for the Macro Trading 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.
EBSAX 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 Campbell Systematic Macro A expense ratio is high compared to funds in the Macro Trading category. Campbell Systematic Macro A has an expense ratio of 2.00%, which is 26% higher than its category average, making the fund expense ratio grade a D. 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 Campbell Systematic Macro A. By way of comparison, the average portfolio turnover is 95% for the Macro Trading category.
Recently, in the month of July 2026, Campbell Systematic Macro A returned -1.5%, which earned it a grade of F, as the Macro Trading 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.
Campbell Systematic Macro A has a trailing yield of 2.84%, which is above the 1.90% 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.
Campbell Systematic Macro A Grades
Year to date, the fund has returned 5.8%, 0.4 percentage points better than the category, which translates into a grade of B. The fund has returned 4.7% over the past year (grade of D), 4.0% over the past three years (grade of D) and 7.7% per year over the past five years (grade of A) and 4.7% per year over the past 10 years (grade of D).
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EBSAX 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 |
|
| EBSAX Return (NAV) | -1.5% | -3.7% | 4.7% | 4.0% | 7.7% | 4.7% |
| EBSAX Grade | F | F | D | D | A | D |
| +/- Category | -1.8% | -3.5% | -3.6% | -2.4% | 2.8% | -0.1% |
| Macro Trading Avg | 0.3% | -0.2% | 8.3% | 6.5% | 4.9% | 4.8% |
| EBSAX Tax Cost Ratio | na | na | 1.2% | 0.9% | 2.0% | 2.0% |
EBSAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| EBSAX Return (NAV) | 5.8% | -1.3% | 11.3% | -2.1% | 30.6% | 8.9% | 3.1% | 11.5% | -7.2% | 3.8% | -11.6% |
| EBSAX Grade | B | F | A | F | A | A | C | C | F | F | F |
| +/- Category | 0.4% | -8.0% | 4.8% | -6.5% | 26.2% | 6.1% | -1.3% | 2.6% | -6.7% | -2.8% | -10.8% |
| Macro Trading Avg | 5.4% | 6.6% | 6.5% | 4.4% | 4.4% | 2.8% | 4.4% | 8.9% | -0.5% | 6.7% | -0.8% |
| Risk Measures | |
| Standard Deviation: | 7.4% |
| Total Risk Index: | 0.60 - Below Average |
| Category Risk Index: | 1.11 - Above Average |
| Category Risk Grade: | D (69% Rank) |
| Beta: | -0.07 |
| R-Squared: | 1% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 2.8% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $2166 Mil |
| Fund Total Assets: | $ 49 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 0% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 9.0 years | |||
| Average Tenure: 6.3 years | |||
| Managers (Year): Cole Kevin (2017), Radle John (2021), Lo Grace (2021) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 957 |
| % in Top 10 Holdings: | 165.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | -125.9% |
Portfolio Allocation |
|
| Domestic Stock: | -31.0% |
| Foreign Stock: | 4.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | -30.5% |
| Foreign Bond: | -129.8% |
| Convertible Bond: | 0.0% |
| Other: | 14.2% |
| Cash: | 273.2% |
Purchase Information
| Fund Family: | Campbell & Company |
| Phone Number: | 844-261-6488 |
| Website: | www.rbbfund.com |
| Status: | Open |
| Inception Date: | March 4, 2013 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 3.50% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 2.00% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.59% |
| Share Class: | Campbell Systematic Macro I |
| Min. Subsequent Purchase: | $ 500 |
| Min. Subsequent IRA Purchase: | $ 0 |
