Fund Evaluator:
Abbey Capital Multi Asset I (MAFIX)
Follow This Fund
Best Performing in Multi-Asset Overlay Over the Last Year
| 29.6% | AQR Trend Total Return Class N (QNZNX) |
| 28.8% | AQR CVX Fusion N (QCFNX) |
| 28.3% | Standpoint Multi-Asset Investor (REMIX) |
| 27.8% | Catalyst/Aspect Enhanced Multi-Asset I (CASIX) |
| 26.6% | AMG Systematica Trend-Enhanced Markets N (STMBX) |
Fund Details
Abbey Capital Multi Asset I Overview
Abbey Capital Multi Asset I (MAFIX) is an actively managed Alternative Multi-Asset Overlay fund. Abbey Capital launched the fund in 2018.
The investment seeks long-term capital appreciation; current income is a secondary objective. The adviser allocates the fund's assets among a "Managed Futures" strategy, a "Long U.S. Equity" strategy and a "Fixed Income" strategy. The Managed Futures strategy will be achieved by the fund investing in managed futures investments. The Long U.S. Equity strategy will be achieved by the adviser targeting an allocation of approximately 50% of the fund's total assets in a portfolio of one or more U.S. equity index futures. The fund is non-diversified.
About Abbey Capital Multi Asset I (MAFIX)
There are 2 members of the management team with an average tenure of 4.45 years: Anthony Gannon (2018), John Twomey (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Abbey Capital Multi Asset I has 220 securities in its portfolio. The top 10 holdings constitute 88.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Abbey Capital Multi Asset I is part of the Alternative Strategies global asset class and is within the Alternative fund group. Abbey Capital Multi Asset I has -52.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 66.3%. There is 3.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is -106.5% (-50.7% domestic bond, -55.7% foreign bond and 0.0% convertible bond). Abbey Capital Multi Asset I has 112.7% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $369 million average for the Multi-Asset Overlay 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.
MAFIX 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 Abbey Capital Multi Asset I expense ratio is high compared to funds in the Multi-Asset Overlay category. Abbey Capital Multi Asset I has an expense ratio of 1.80%, which is 49% lower than its category average, making the fund expense ratio grade a A. 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. A portfolio turnover rate cannot be currently calculated for Abbey Capital Multi Asset I. By way of comparison, the average portfolio turnover is 155% for the Multi-Asset Overlay category.
Recently, in the month of July 2026, Abbey Capital Multi Asset I returned -1.2%, which earned it a grade of D, as the Multi-Asset Overlay category had an average return of 0.1%. 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.
Abbey Capital Multi Asset I has a trailing yield of 1.69%, which is above the 0.87% 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.
Abbey Capital Multi Asset I Grades
Year to date, the fund has returned 8.7%, 0.4 percentage points better than the category, which translates into a grade of C. The fund has returned 23.8% over the past year (grade of B), 8.0% over the past three years (grade of F) and 7.5% per year over the past five years (grade of B).
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 Abbey Capital Multi Asset I, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
MAFIX 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 |
|
| MAFIX Return (NAV) | -1.2% | -0.2% | 23.8% | 8.0% | 7.5% | na |
| MAFIX Grade | D | F | B | F | B | na |
| +/- Category | -1.3% | -2.2% | 1.4% | -4.5% | 1.5% | na |
| Multi-Asset Overlay Avg | 0.1% | 2.0% | 22.4% | 12.6% | 6.0% | 7.5% |
| MAFIX Tax Cost Ratio | na | na | 3.7% | 2.2% | 2.3% | na |
MAFIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MAFIX Return (NAV) | 8.7% | 8.4% | 9.0% | 5.0% | 4.1% | 14.6% | 24.9% | 21.6% | na | na | na |
| MAFIX Grade | C | B | F | C | B | D | A | A | na | na | na |
| +/- Category | 0.4% | -0.9% | -5.9% | -4.8% | 6.5% | -3.8% | 17.0% | 3.1% | na | na | na |
| Multi-Asset Overlay Avg | 8.2% | 9.3% | 14.9% | 9.8% | -2.4% | 18.4% | 7.9% | 18.5% | -4.9% | 11.9% | 14.2% |
| Risk Measures | |
| Standard Deviation: | 11.0% |
| Total Risk Index: | 0.90 - Average |
| Category Risk Index: | 0.88 - Above Average |
| Category Risk Grade: | D (74% Rank) |
| Beta: | 0.60 |
| R-Squared: | 46% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.7% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1028 Mil |
| Fund Total Assets: | $1,007 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 0% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 8.3 years | |||
| Average Tenure: 4.4 years | |||
| Managers (Year): Gannon Anthony (2018), Twomey John (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 220 |
| % in Top 10 Holdings: | 88.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | -52.4% |
Portfolio Allocation |
|
| Domestic Stock: | 66.3% |
| Foreign Stock: | 3.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | -50.7% |
| Foreign Bond: | -55.7% |
| Convertible Bond: | 0.0% |
| Other: | 24.2% |
| Cash: | 112.7% |
Purchase Information
| Fund Family: | Abbey Capital |
| Phone Number: | 844-261-6484 |
| Website: | www.rbbfund.com |
| Status: | Open |
| Inception Date: | April 11, 2018 |
| 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 (%): | 1.80% ( Rating : High ) |
| Category Average Expense Ratio (%): | 3.52% |
| Share Class: | Abbey Capital Multi Asset I |
| Min. Subsequent Purchase: | $1,000 |
| Min. Subsequent IRA Purchase: | $ 0 |
