Fund Evaluator:
LoCorr Macro Strategies A (LFMAX)
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Best Performing in Systematic Trend Over the Last Year
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Fund Details
LoCorr Macro Strategies A Overview
LoCorr Macro Strategies A (LFMAX) is an actively managed Alternative Systematic Trend fund. LoCorr Funds launched the fund in 2011.
The investment seeks capital appreciation in rising and falling equity markets with managing volatility as a secondary objective. The fund seeks to achieve its investment objectives by allocating its assets using two principal strategies: "Managed Futures" Strategy and "Fixed Income" Strategy. The Managed Futures strategy is designed to produce capital appreciation by capturing returns related to the commodity and financial markets. The Fixed Income strategy is designed to generate interest income and preserve principal by investing primarily in investment grade securities.
About LoCorr Macro Strategies A (LFMAX)
There are 15 members of the management team with an average tenure of 6.86 years: Adrian Owens (2026), Roy Niederhoffer (2022), Scott Watson (2026), David Gorton (2026), Peter Agrimson (2018), Jon Essen (2011), Michael Mundt (2016), Theodore Olson (2016), Tony Rodriguez (2017), Nikhil Mathur (2026), Michael Soss (2024), Sean Katof (2016), Barry Goodman (2016), Harvey Beker (2016), Grant Smith (2016). 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 ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. LoCorr Macro Strategies A has 7291 securities in its portfolio. The top 10 holdings constitute 87.8% 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.
LoCorr Macro Strategies A is part of the Alternative Strategies global asset class and is within the Alternative fund group. LoCorr Macro Strategies A has 123.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -1.2%. There is 12.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 127.9% (16.3% domestic bond, 111.5% foreign bond and 0.0% convertible bond). LoCorr Macro Strategies A has -35.5% of the portfolio in cash.
Assets Under Management
The fund has $52 million in total assets, which is below the $260 million average for the Systematic Trend 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.
LFMAX 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 LoCorr Macro Strategies A expense ratio is high compared to funds in the Systematic Trend category. LoCorr Macro Strategies A has an expense ratio of 2.00%, which is 1% 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. LoCorr Macro Strategies A has a portfolio turnover rate of 62%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 216% for the Systematic Trend category.
Recently, in the month of July 2026, LoCorr Macro Strategies A returned -1.6%, which earned it a grade of F, as the Systematic Trend category had an average return of -0.0%. 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.
LoCorr Macro Strategies A has a trailing yield of 2.74%, which is above the 2.63% 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.
LoCorr Macro Strategies A Grades
Year to date, the fund has returned 7.6%, 0.4 percentage points better than the category, which translates into a grade of B. The fund has returned 11.4% over the past year (grade of F), 4.4% over the past three years (grade of B) and 4.0% per year over the past five years (grade of C) and 3.3% per year over the past 10 years (grade of C).
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LFMAX 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 |
|
| LFMAX Return (NAV) | -1.6% | -2.3% | 11.4% | 4.4% | 4.0% | 3.3% |
| LFMAX Grade | F | D | F | B | C | C |
| +/- Category | -1.6% | -1.5% | -6.6% | 1.6% | -1.2% | 0.1% |
| Systematic Trend Avg | -0.0% | -0.8% | 18.0% | 2.8% | 5.3% | 3.1% |
| LFMAX Tax Cost Ratio | na | na | 1.2% | 1.2% | 2.0% | 1.7% |
LFMAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LFMAX Return (NAV) | 7.6% | 2.6% | 6.4% | -6.7% | 15.0% | -0.2% | 5.4% | 12.5% | -5.4% | 2.7% | 6.5% |
| LFMAX Grade | B | C | A | D | D | F | C | B | C | C | A |
| +/- Category | 0.4% | -0.5% | 6.0% | -2.9% | -6.5% | -5.0% | 0.3% | 7.2% | 0.0% | -1.8% | 9.9% |
| Systematic Trend Avg | 7.2% | 3.1% | 0.4% | -3.8% | 21.5% | 4.9% | 5.1% | 5.3% | -5.4% | 4.5% | -3.4% |
| Risk Measures | |
| Standard Deviation: | 6.3% |
| Total Risk Index: | 0.51 - Below Average |
| Category Risk Index: | 0.64 - Low |
| Category Risk Grade: | A (7% Rank) |
| Beta: | -0.12 |
| R-Squared: | 6% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 2.7% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1695 Mil |
| Fund Total Assets: | $ 53 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 62% |
Management Team
| Number of Managers: 15 | |||
| Longest Tenure: 15.4 years | |||
| Average Tenure: 6.9 years | |||
| Managers (Year): Essen Jon (2011), Mundt Michael (2016), Olson Theodore (2016), Goodman Barry (2016), Beker Harvey (2016), Smith Grant (2016), Katof Sean (2016), Rodriguez Tony (2017), Agrimson Peter (2018), Niederhoffer Roy (2022), Soss Michael (2024), Watson Scott (2026), Gorton David (2026), Owens Adrian (2026), Mathur Nikhil (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 7291 |
| % in Top 10 Holdings: | 87.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 123.9% |
Portfolio Allocation |
|
| Domestic Stock: | -1.2% |
| Foreign Stock: | 12.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 16.3% |
| Foreign Bond: | 111.5% |
| Convertible Bond: | 0.0% |
| Other: | -3.6% |
| Cash: | -35.5% |
Purchase Information
| Fund Family: | LoCorr Funds |
| Phone Number: | 855-523-8637 |
| Website: | www.LoCorrFunds.com |
| Status: | Open |
| Inception Date: | March 22, 2011 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 5.75% |
| 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 (%): | 2.02% |
| Share Class: | LoCorr Macro Strategies A |
| Min. Subsequent Purchase: | $ 500 |
| Min. Subsequent IRA Purchase: | $ 0 |
