Fund Evaluator:

Longboard I Overview

Longboard I (LONGX) is an actively managed Nontraditional Equity Equity Hedged fund. Longboard launched the fund in 2015.

The investment seeks long-term capital appreciation. The fund pursues its investment objective using three principal strategies: an Equity Strategy, a Futures Strategy and a Fixed Income Strategy. Under normal market conditions, the fund’s assets are allocated among the three strategies according to the fund’s asset allocation model which, consistent with the fund’s benchmark, the Morningstar Moderate Target Risk Index, targets exposures generally equivalent to 60% stocks/40% bonds although exposures may vary at the Adviser’s discretion.

About Longboard I (LONGX)

There are 2 members of the management team with an average tenure of 9.91 years: Cole Wilcox (2015), Sarah Baldwin (2018). 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%. Longboard I has 904 securities in its portfolio. The top 10 holdings constitute 11.1% 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.

Longboard I is part of the Equity global asset class and is within the Nontraditional Equity fund group. Longboard I has 2.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 78.7%. There is 2.0% 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 0.0% convertible bond). Longboard I has 19.3% of the portfolio in cash.

Assets Under Management

The fund has $108 million in total assets, which is below the $433 million average for the Equity Hedged 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.

LONGX 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 Longboard I expense ratio is high compared to funds in the Equity Hedged category. Longboard I has an expense ratio of 1.99%, which is 44% 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. Longboard I has a portfolio turnover rate of 116%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 71% for the Equity Hedged category.

Recently, in the month of August 2026, Longboard I returned -1.7%, which earned it a grade of F, as the Equity Hedged category had an average return of 1.4%. 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.

Longboard I has a trailing yield of 0.00%, which is below the 0.95% 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.

Longboard I Grades

Year to date, the fund has returned 11.2%, 4.3 percentage points better than the category, which translates into a grade of A. The fund has returned 11.1% over the past year (grade of C), 10.4% over the past three years (grade of D) and 4.1% per year over the past five years (grade of F) and 8.7% per year over the past 10 years (grade of A).

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