Fund Evaluator:
Fulcrum Diversified Abslt Ret Instl (FARIX)
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Best Performing in Macro Trading Over the Last Year
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Fund Details
Fulcrum Diversified Abslt Ret Instl Overview
Fulcrum Diversified Abslt Ret Instl (FARIX) is an actively managed Alternative Macro Trading fund. Fulcrum launched the fund in 2015.
The investment seeks to achieve long-term absolute returns. The fund aims to hold a diversified portfolio and achieve long-term absolute returns in all market conditions over rolling five-year periods, with lower volatility than equity markets and in excess of inflation. The fund implements its strategy by investing globally either directly, or through derivatives, in a broad range of instruments, including, but not limited to, equity, fixed income, currency, commodity, credit derivative and cash instruments.
About Fulcrum Diversified Abslt Ret Instl (FARIX)
There are 4 members of the management team with an average tenure of 8.78 years: Suhail Shaikh (2015), Gavyn Davies (2015), Andrew Bevan (2015), Fawaz Chaudhry (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Global Aggregate TR Hdg USD index with a weighting of 100% and ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. Fulcrum Diversified Abslt Ret Instl has 933 securities in its portfolio. The top 10 holdings constitute 61.9% 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.
Fulcrum Diversified Abslt Ret Instl is part of the Alternative Strategies global asset class and is within the Alternative fund group. Fulcrum Diversified Abslt Ret Instl has -10.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 9.0%. There is 2.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 26.6% (39.4% domestic bond, -12.8% foreign bond and 0.0% convertible bond). Fulcrum Diversified Abslt Ret Instl has 14.8% of the portfolio in cash.
Assets Under Management
The fund has $150 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.
FARIX 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 Fulcrum Diversified Abslt Ret Instl expense ratio is high compared to funds in the Macro Trading category. Fulcrum Diversified Abslt Ret Instl has an expense ratio of 1.28%, which is 19% lower than its category average, making the fund expense ratio grade a B. 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. Fulcrum Diversified Abslt Ret Instl has a portfolio turnover rate of 113%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 95% for the Macro Trading category.
Recently, in the month of July 2026, Fulcrum Diversified Abslt Ret Instl 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.
Fulcrum Diversified Abslt Ret Instl has a trailing yield of 4.23%, 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.
Fulcrum Diversified Abslt Ret Instl Grades
Year to date, the fund has returned 1.7%, 3.7 percentage points worse than the category, which translates into a grade of F. The fund has returned 10.3% over the past year (grade of B), 8.0% over the past three years (grade of C) and 4.8% per year over the past five years (grade of C) and 4.7% per year over the past 10 years (grade of D).
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FARIX 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 |
|
| FARIX Return (NAV) | -1.5% | -5.0% | 10.3% | 8.0% | 4.8% | 4.7% |
| FARIX Grade | F | F | B | C | C | D |
| +/- Category | -1.8% | -4.8% | 2.1% | 1.5% | -0.1% | -0.2% |
| Macro Trading Avg | 0.3% | -0.2% | 8.3% | 6.5% | 4.9% | 4.8% |
| FARIX Tax Cost Ratio | na | na | 2.4% | 1.5% | 1.6% | 1.6% |
FARIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FARIX Return (NAV) | 1.7% | 13.3% | 7.1% | 0.7% | 2.0% | 4.3% | 9.7% | 6.9% | -1.9% | 1.8% | 0.3% |
| FARIX Grade | F | B | C | F | C | B | A | D | D | F | B |
| +/- Category | -3.7% | 6.7% | 0.7% | -3.7% | -2.4% | 1.5% | 5.2% | -2.0% | -1.4% | -4.9% | 1.1% |
| 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: | 6.9% |
| Total Risk Index: | 0.56 - Below Average |
| Category Risk Index: | 1.03 - Above Average |
| Category Risk Grade: | D (64% Rank) |
| Beta: | 0.28 |
| R-Squared: | 27% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 4.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $315 Mil |
| Fund Total Assets: | $ 150 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 113% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 11.0 years | |||
| Average Tenure: 8.8 years | |||
| Managers (Year): Shaikh Suhail (2015), Davies Gavyn (2015), Bevan Andrew (2015), Chaudhry Fawaz (2024) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 933 |
| % in Top 10 Holdings: | 61.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | -10.4% |
Portfolio Allocation |
|
| Domestic Stock: | 9.0% |
| Foreign Stock: | 2.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 39.4% |
| Foreign Bond: | -12.8% |
| Convertible Bond: | 0.0% |
| Other: | 47.2% |
| Cash: | 14.8% |
Purchase Information
| Fund Family: | Fulcrum |
| Phone Number: | 855-538-5278 |
| Website: |
| Status: | Open |
| Inception Date: | July 31, 2015 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| 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 (%): | 1.28% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.59% |
| Share Class: | Fulcrum Diversified Abslt Ret Spr Instl |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
