Fund Evaluator:
Efficient Enhanced Multi-Asset I (EFFIX)
Follow This Fund
Best Performing in Multistrategy Over the Last Year
| 38.5% | AQR Alternative Risk Premia N (QRPNX) |
| 24.4% | AQR Style Premia Alternative N (QSPNX) |
| 14.3% | AQR Diversifying Strategies N (QDSNX) |
| 13.9% | Goldman Sachs Multi-Strategy Alts Inv (GIMMX) |
| 12.7% | Blackstone Alternative Multi-Strategy Y (BXMYX) |
Fund Details
Efficient Enhanced Multi-Asset I Overview
Efficient Enhanced Multi-Asset I (EFFIX) is an actively managed Alternative Multistrategy fund. Efficient Capital Management launched the fund in 2024.
The investment seeks capital appreciation in both rising and falling equity markets. The Adviser pursues the fund’s investment objective utilizing its Enhanced Multi-Asset Strategy, a tactical asset allocation strategy. The strategy allocates fund assets to various sub-advisers each of which will execute a multi-asset investment strategy and/or a managed futures trend-based investment strategy.
About Efficient Enhanced Multi-Asset I (EFFIX)
There are 28 members of the management team with an average tenure of 1.03 years: John Liew (2025), Anthony Todd (2025), Martin Lueck (2025), Ronald Stahl (2025), Patrick Welton (2025), Philippe Lüdi (2025), Grant Jaffarian (2025), Chad Martinson (2024), Alexander Healy (2025), Andrea Frazzini (2025), John Dempsey (2025), Jordan Brooks (2025), John Huss (2025), Carsten Schmitz (2025), Simon Judes (2025), John Perry (2025), Kathryn Kaminski (2025), Michael Pomada (2025), Lorent Meksi (2024), Andrew Brumbach (2024), Bryan Kelly (2025), Max Xu (2025), Christopher Reeve (2025), Jack Haberfield (2025), Tansu Demirbilek (2025), Alexis Blair (2025), Razvan Remsing (2025), Clifford Asness (2025). Management tenure is more important for actively managed funds than passive index funds.
Efficient Enhanced Multi-Asset I has 3251 securities in its portfolio. The top 10 holdings constitute 131.0% 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.
Efficient Enhanced Multi-Asset I is part of the Alternative Strategies global asset class and is within the Alternative fund group. Efficient Enhanced Multi-Asset I has 86.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 5.1%. There is 27.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 30.4% (-27.8% domestic bond, 58.2% foreign bond and 0.0% convertible bond). Efficient Enhanced Multi-Asset I has 2.6% of the portfolio in cash.
Assets Under Management
The fund has $95 million in total assets, which is below the $539 million average for the Multistrategy 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.
EFFIX 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 Efficient Enhanced Multi-Asset I expense ratio is high compared to funds in the Multistrategy category. Efficient Enhanced Multi-Asset I has an expense ratio of 2.00%, which is 4% lower 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. Efficient Enhanced Multi-Asset I has a portfolio turnover rate of 86%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 230% for the Multistrategy category.
Recently, in the month of August 2026, Efficient Enhanced Multi-Asset I returned 4.4%, which earned it a grade of A, as the Multistrategy category had an average return of 1.1%. 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.
Efficient Enhanced Multi-Asset I has a trailing yield of 0.55%, which is below the 3.03% 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.
Efficient Enhanced Multi-Asset I Grades
Year to date, the fund has returned 13.7%, 6.9 percentage points better than the category, which translates into a grade of A. The fund has returned 22.9% over the past year (grade of A).
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EFFIX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| EFFIX Return (NAV) | 4.4% | 1.7% | 22.9% | na | na | na |
| EFFIX Grade | A | C | A | na | na | na |
| +/- Category | 3.3% | -0.2% | 11.9% | na | na | na |
| Multistrategy Avg | 1.1% | 1.9% | 11.0% | 8.0% | 5.5% | 3.8% |
| EFFIX Tax Cost Ratio | na | na | 0.3% | na | na | na |
EFFIX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| EFFIX Return (NAV) | 13.7% | 1.7% | na | na | na | na | na | na | na | na | na |
| EFFIX Grade | A | F | na | na | na | na | na | na | na | na | na |
| +/- Category | 6.9% | -6.5% | na | na | na | na | na | na | na | na | na |
| Multistrategy Avg | 6.9% | 8.2% | 6.1% | 6.4% | -0.4% | 6.2% | 2.0% | 7.0% | -4.9% | 5.0% | 2.0% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.6% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $95 Mil |
| Fund Total Assets: | $ 95 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 86% |
Management Team
| Number of Managers: 28 | |||
| Longest Tenure: 1.9 years | |||
| Average Tenure: 1.0 years | |||
| Managers (Year): Martinson Chad (2024), Meksi Lorent (2024), Brumbach Andrew (2024), Demirbilek Tansu (2025), Healy Alexander (2025), Lüdi Philippe (2025), Kaminski Kathryn (2025), Pomada Michael (2025), Jaffarian Grant (2025), Liew John (2025), Todd Anthony (2025), Lueck Martin (2025), Stahl Ronald (2025), Welton Patrick (2025), Frazzini Andrea (2025), Dempsey John (2025), Brooks Jordan (2025), Huss John (2025), Schmitz Carsten (2025), Judes Simon (2025), Perry John (2025), Blair Alexis (2025), Remsing Razvan (2025), Asness Clifford (2025), Kelly Bryan (2025), Xu Max (2025), Reeve Christopher (2025), Haberfield Jack (2025) | |||
Portfolio Composition (as of 2/28/25)
| # of Holdings: | 3251 |
| % in Top 10 Holdings: | 131.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 86.1% |
Portfolio Allocation |
|
| Domestic Stock: | 5.1% |
| Foreign Stock: | 27.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | -27.8% |
| Foreign Bond: | 58.2% |
| Convertible Bond: | 0.0% |
| Other: | 34.0% |
| Cash: | 2.6% |
Purchase Information
| Fund Family: | Efficient Capital Management |
| Phone Number: | 833-398-0599 |
| Website: |
| Status: | Open |
| Inception Date: | September 30, 2024 |
| 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 (%): | 2.00% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.08% |
| Share Class: | Efficient Enhanced Multi-Asset I |
| Min. Subsequent Purchase: | $ 500 |
| Min. Subsequent IRA Purchase: | $ 500 |
