Fund Evaluator:
Absolute Flexible Instl (FLXIX)
Follow This Fund
Best Performing in Convertibles Over the Last Year
| 23.1% | Fidelity Advisor Convertible Secs Z (FIQVX) |
| 23.0% | Fidelity Convertible Securities (FCVSX) |
| 21.8% | Harbor Ares Systematic Cnvrt Scs Ins (HACSX) |
| 21.4% | Harbor Ares Systematic Cnvrt Scs Inv (HICSX) |
| 20.2% | Invesco Convertible Securities Y (CNSDX) |
Fund Details
Absolute Flexible Instl Overview
Absolute Flexible Instl (FLXIX) is an actively managed Allocation Convertibles fund. Absolute Strategies launched the fund in 2022.
The investment seeks to achieve positive absolute returns over the long-term with low volatility when compared to traditional market indices. The fund invests primarily in a diversified portfolio of convertible securities issued by both U.S. and foreign companies. These convertible securities are typically debt securities or preferred stocks that can be exchanged for, or convert automatically to, common stock. The fund may invest, long or short, in securities of issuers of any market capitalization in the U.S. or abroad.
About Absolute Flexible Instl (FLXIX)
There are 2 members of the management team with an average tenure of 4.17 years: Eric Hage (2022), Daniel Hage (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and S&P 500 (TR) (1970) index with a weighting of 100%. Absolute Flexible Instl has 61 securities in its portfolio. The top 10 holdings constitute 39.7% 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.
Absolute Flexible Instl is part of the Hybrid Securities global asset class and is within the Allocation fund group. Absolute Flexible Instl has -2.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -23.2%. There is -2.5% 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 95.5% convertible bond). Absolute Flexible Instl has 30.2% of the portfolio in cash.
Assets Under Management
The fund has $34 million in total assets, which is below the $212 million average for the Convertibles 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.
FLXIX 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 Absolute Flexible Instl expense ratio is high compared to funds in the Convertibles category. Absolute Flexible Instl has an expense ratio of 1.51%, which is 36% 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. Absolute Flexible Instl has a portfolio turnover rate of 73%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 109% for the Convertibles category.
Recently, in the month of August 2026, Absolute Flexible Instl returned 0.0%, which earned it a grade of D, as the Convertibles category had an average return of 0.4%. 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.
Absolute Flexible Instl has a trailing yield of 2.27%, which is above the 1.71% category average. The fund normally distributes its income semi-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.
Absolute Flexible Instl Grades
Year to date, the fund has returned 8.2%, 5.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 12.9% over the past year (grade of F) and 10.6% over the past three years (grade of F).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Absolute Flexible Instl, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
FLXIX 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 |
|
| FLXIX Return (NAV) | 0.0% | 0.3% | 12.9% | 10.6% | na | na |
| FLXIX Grade | D | A | F | F | na | na |
| +/- Category | -0.4% | 4.0% | -6.4% | -4.4% | na | na |
| Convertibles Avg | 0.4% | -3.7% | 19.3% | 14.9% | 5.4% | 10.7% |
| FLXIX Tax Cost Ratio | na | na | 1.9% | 2.1% | na | na |
FLXIX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FLXIX Return (NAV) | 8.2% | 12.1% | 9.2% | 5.1% | na | na | na | na | na | na | na |
| FLXIX Grade | F | F | D | F | na | na | na | na | na | na | na |
| +/- Category | -5.2% | -4.1% | -2.0% | -3.6% | na | na | na | na | na | na | na |
| Convertibles Avg | 13.5% | 16.1% | 11.2% | 8.7% | -17.8% | 4.9% | 42.4% | 22.9% | -1.6% | 13.8% | 8.1% |
| Risk Measures | |
| Standard Deviation: | 3.4% |
| Total Risk Index: | 0.28 - Low |
| Category Risk Index: | 0.30 - Low |
| Category Risk Grade: | A (1% Rank) |
| Beta: | 0.26 |
| R-Squared: | 48% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 2.3% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $34 Mil |
| Fund Total Assets: | $ 35 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 73% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.2 years | |||
| Average Tenure: 4.2 years | |||
| Managers (Year): Hage Eric (2022), Hage Daniel (2022) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 61 |
| % in Top 10 Holdings: | 39.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | -2.5% |
Portfolio Allocation |
|
| Domestic Stock: | -23.2% |
| Foreign Stock: | -2.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 95.5% |
| Other: | 0.0% |
| Cash: | 30.2% |
Purchase Information
| Fund Family: | Absolute Strategies |
| Phone Number: | 888-992-2765 |
| Website: |
| Status: | Open |
| Inception Date: | June 30, 2022 |
| Min. Initial Purchase: | $25,000 |
| Min. Initial IRA Purchase: | $25,000 |
| 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 (%): | 1.51% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.11% |
| Share Class: | Absolute Flexible Instl |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
