Fund Evaluator:

Waycross Managed Risk Equity Fund Overview

Waycross Managed Risk Equity Fund (WAYEX) is an actively managed Nontraditional Equity Long-Short Equity fund. Waycross launched the fund in 2015.

The investment seeks long-term capital appreciation with a secondary emphasis on reducing portfolio risk and volatility relative to the S&P 500® Index. The fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities traded in the United States. The fund seeks to achieve lower risk and volatility by constructing a portfolio of long and short equity positions.

About Waycross Managed Risk Equity Fund (WAYEX)

There are 5 members of the management team with an average tenure of 5.25 years: Benjamin Thomas (2015), Sean Ketcherside (2024), James Moore (2024), Evan Ferreby (2026), John Ferreby (2017). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and S&P 500 / Treasury Bill TR USD index with a weighting of 100%. Waycross Managed Risk Equity Fund has 95 securities in its portfolio. The top 10 holdings constitute 37.9% 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.

Waycross Managed Risk Equity Fund is part of the Equity global asset class and is within the Nontraditional Equity fund group. Waycross Managed Risk Equity Fund has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 49.1%. There is 0.0% 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). Waycross Managed Risk Equity Fund has 50.9% of the portfolio in cash.

Assets Under Management

The fund has $108 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.

WAYEX 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 Waycross Managed Risk Equity Fund expense ratio is high compared to funds in the Long-Short Equity category. Waycross Managed Risk Equity Fund has an expense ratio of 2.25%, which is 3% 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. Waycross Managed Risk Equity Fund has a portfolio turnover rate of 42%, 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, Waycross Managed Risk Equity Fund returned -0.8%, which earned it a grade of D, 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.

Waycross Managed Risk Equity Fund has a trailing yield of 0.43%, which is below the 1.15% 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.

Waycross Managed Risk Equity Fund Grades

Year to date, the fund has returned -0.6%, 8.0 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.9% over the past year (grade of F), 10.8% over the past three years (grade of C) and 6.9% per year over the past five years (grade of C) and 8.8% per year over the past 10 years (grade of B).

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