Fund Evaluator:
Knights of Columbus Long/Short Eq I (KCEIX)
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Best Performing in Long-Short Equity Over the Last Year
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| 16.6% | ABR 75/25 Volatility Investor (VOLJX) |
| 16.0% | Boston Partners Long/Short Rsrch Inv (BPRRX) |
Fund Details
Knights of Columbus Long/Short Eq I Overview
Knights of Columbus Long/Short Eq I (KCEIX) is an actively managed Nontraditional Equity Long-Short Equity fund. Knights of Columbus Asset Advisors launched the fund in 2019.
The investment seeks long-term capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in long and short positions in equity securities. The equity securities in which the fund invests are primarily common stocks of large-capitalization U.S. companies and derivatives with economic characteristics similar to such securities. It takes long and short positions in equity securities.
About Knights of Columbus Long/Short Eq I (KCEIX)
There are 3 members of the management team with an average tenure of 6.09 years: Matthew Malgari (2019), Sanjeev Bhojraj (2019), Nathan Przybylo (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US 1000 TR USD index with a weighting of 100% and HFRX Equity Market Neutral USD index with a weighting of 100%. Knights of Columbus Long/Short Eq I has 114 securities in its portfolio. The top 10 holdings constitute 70.0% 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.
Knights of Columbus Long/Short Eq I is part of the Equity global asset class and is within the Nontraditional Equity fund group. Knights of Columbus Long/Short Eq I has 6.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 68.4%. There is 2.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 7.2% (3.6% domestic bond, 3.7% foreign bond and 0.0% convertible bond). Knights of Columbus Long/Short Eq I has 21.9% of the portfolio in cash.
Assets Under Management
The fund has $302 million in total assets, which is below the $352 million average for the Long-Short Equity 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.
KCEIX 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 Knights of Columbus Long/Short Eq I expense ratio is high compared to funds in the Long-Short Equity category. Knights of Columbus Long/Short Eq I has an expense ratio of 1.98%, which is 10% lower than its category average, making the fund expense ratio grade a C. 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. Knights of Columbus Long/Short Eq I has a portfolio turnover rate of 110%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 287% for the Long-Short Equity category.
Recently, in the month of July 2026, Knights of Columbus Long/Short Eq I returned 3.2%, which earned it a grade of B, as the Long-Short Equity category had an average return of 2.6%. 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.
Knights of Columbus Long/Short Eq I has a trailing yield of 1.48%, which is above the 1.15% category average. The fund normally distributes its income quarterly.
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.
Knights of Columbus Long/Short Eq I Grades
Year to date, the fund has returned 11.2%, 3.8 percentage points better than the category, which translates into a grade of B. The fund has returned 16.8% over the past year (grade of B), 11.3% over the past three years (grade of C) and 10.5% per year over the past five years (grade of B).
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KCEIX 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 |
|
| KCEIX Return (NAV) | 3.2% | 7.1% | 16.8% | 11.3% | 10.5% | na |
| KCEIX Grade | B | A | B | C | B | na |
| +/- Category | 0.6% | 3.5% | 2.7% | -0.6% | 1.7% | na |
| Long-Short Equity Avg | 2.6% | 3.6% | 14.1% | 11.9% | 8.8% | 7.9% |
| KCEIX Tax Cost Ratio | na | na | 0.7% | 0.8% | 1.1% | na |
KCEIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| KCEIX Return (NAV) | 11.2% | 5.5% | 15.1% | 2.8% | 10.4% | 16.7% | -11.1% | na | na | na | na |
| KCEIX Grade | B | D | B | F | A | C | F | na | na | na | na |
| +/- Category | 3.8% | -5.9% | 1.7% | -10.2% | 14.2% | -4.4% | -16.9% | na | na | na | na |
| Long-Short Equity Avg | 7.5% | 11.4% | 13.4% | 13.0% | -3.8% | 21.2% | 5.8% | 13.3% | -7.9% | 11.6% | 7.3% |
| Risk Measures | |
| Standard Deviation: | 4.4% |
| Total Risk Index: | 0.36 - Low |
| Category Risk Index: | 0.41 - Low |
| Category Risk Grade: | A (1% Rank) |
| Beta: | 0.14 |
| R-Squared: | 16% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na Limited Sensitivity |
| Yield: | 1.5% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | |
| Total Assets: | $302 Mil |
| Fund Total Assets: | $ 303 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 110% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 6.8 years | |||
| Average Tenure: 6.1 years | |||
| Managers (Year): Malgari Matthew (2019), Bhojraj Sanjeev (2019), Przybylo Nathan (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 114 |
| % in Top 10 Holdings: | 70.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.3% |
Portfolio Allocation |
|
| Domestic Stock: | 68.4% |
| Foreign Stock: | 2.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 3.6% |
| Foreign Bond: | 3.7% |
| Convertible Bond: | 0.0% |
| Other: | -0.1% |
| Cash: | 21.9% |
Purchase Information
| Fund Family: | Knights of Columbus Asset Advisors |
| Phone Number: | 844-523-8637 |
| Website: |
| Status: | Open |
| Inception Date: | December 2, 2019 |
| Min. Initial Purchase: | $25,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.98% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.19% |
| Share Class: | Knights of Columbus Long/Short Eq I |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 0 |
