AI International Fund


Objectives & Strategy

The AI International Fund’s (the “Fund”) investment objective is to provide investors with long-term capital appreciation.

Investor Profile

This Fund is intended for investors seeking long-term growth of capital while invested in a Fund that primarily invests in equity securities of issuers based outside of the United States.

Investment Approach

The Fund manager uses a proprietary discipline to identify foreign companies whose stocks exhibit favorable characteristics that may be rewarded by market preferences.

Markets Dynamically Adjust to Reward Certain Characteristics
The Fund manager uses a multi-factor model to forecast the expected market payoff of a combination of fundamental and technical characteristics.

Invest where the Market Reaps Rewards… not where it Doesn’t
Measures that include price, growth, and profitability, as well as macroeconomic, momentum, and risk metrics are used to construct a portfolio the manager believes to have a favorable risk/reward profile and that exhibits characteristics currently driving market returns.

Tickers and CUSIPs

Share ClassTickerCUSIPFund Number

Portfolio Fundamentals
As of 06/30/2017

Number of Holdings319
Average Market Cap$11,415 Million
Net Assets$35.8 Million
Price to Earnings Ratio14.91
Price to Book Ratio1.57
Fund Inception DateNovember 1, 1995

Price to Book Ratio compares the market value of a portfolio’s stocks to the stocks’ book value.

Price to Earnings Ratio is the ratio of a company’s share price to its earnings per share.


Portfolio Management

The AI International Fund is managed by Manifold Fund Advisors, LLC (formerly known as RiskX Investments, LLC). The Fund is subadvised by Manifold Partners, LLC.

Manifold Partners, LLC (“Manifold”) is a San Francisco-based multi-strategy portfolio management firm specializing in quantitative investment methodologies. Manifold’s primary method of security analysis is statistical in nature. Founded in 2012, Manifold is a Delaware limited liability company and serves as investment adviser to private investment funds. The firm also provides sub-advisory services to Funds and similar offerings managed by other investment advisers.

Fund Manager Logo Jim Creighton is Chief Investment Officer of Manifold and Head of Manifold Cluster Analysis. Mr. Creighton was the founder of Creighton Capital Management in 2004 and has more than 35 years of investment experience. He served as the Global Chief Investment Officer at three of the world’s largest global investment management firms: Barclays Global Investors, Deutsche Asset Management and Northern Trust Asset Management. At Trafalgar Capital Management he worked with Nobel Laureate Harry Markowitz to develop minimum variance strategies for Canadian equities. Mr. Creighton began his career in the financial industry in 1971 as an actuary with Maritime Life in Nova Scotia, Canada.

Nic Wherry is a Portfolio Manager at Manifold and works as an Associate Portfolio Manager in the Global Equity Portfolio Management Group. Mr. Wherry is responsible for analytical and support functions for Manifold and has over seven years’ experience in systematic global equities. Before Manifold, Mr. Wherry was a systems analyst at StraighThrough Inc. in Canada, specializing in code related to portfolio management and middle office software. Mr. Wherry gained his B.S. in Physics from NYU in 2004.

General Information

Manifold Fund Advisors, LLC

(844) 747-5292

1345 Avenue of the Americas, 2nd Floor,
New York, NY 10105

Fees & Distributions

Shareholder Fees
As of 06/30/2017

(fees paid directly from your investment)

Institutional Class SharesClass A Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)None5.75%
Maximum Deferred Sales Charge (Load) (as a percentage of the Net Asset Value purchase)NoneNone
Redemption FeeNoneNone

Annual Fund Operating Expenses
As of 06/30/2017

(expenses that you pay each year as a percentage of the value of your investment)

Institutional Class SharesClass A Shares
Net Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements10.95%1.45%
Total Annual Fund Operating Expenses1.34%1.84%

1Manifold Fund Advisors, LLC (“Manifold Fund Advisors” or the “Adviser”) has contractually agreed to reduce the management fee and reimburse expenses until March 1, 2018 in order to keep the Net Annual Fund Operating Expenses at 0.95% and 1.45% of the Fund’s average net assets for the Institutional Class shares and the Class A shares, respectively. The contractual expense limitation does not apply to any taxes, brokerage commissions, interest on borrowings, acquired fund fees, extraordinary expenses, or short sale dividend and interest expenses. The Adviser is permitted to seek reimbursement from the Fund, subject to limitations, for fees it waived and Fund expenses it paid in any fiscal year of the Fund over the following three fiscal years, as long as the reimbursement does not cause the Fund’s operating expenses to exceed the expense limitation. The expense limitation may be terminated only by approval of the Board of Trustees.

Purchase Minimums

Institutional Class SharesClass A Shares
Initial Purchase$3,000,000.00$5,000.00
Subsequent Purchase$5,000.00$250.00

Distribution Schedule

Dividend FrequencyAnnually
Capital GainsAnnually

Capital Gains

(per share distribution)



Portfolio Statistics
As of 06/30/2017 | Trailing Five Years

Standard Deviation11.46%
Sharpe Ratio0.65

Month-end Performance
As of 06/30/2017

NameNAV1 MonthYTD1 Year3 Year5 Year10 YearSince Inception2
Institutional Class Shares$11.84-0.25%12.98%17.03%0.56%6.94%0.47%6.32%
Class A Shares (NAV)$11.51-0.26%12.62%16.34%0.06%6.41%-0.03%5.79%
Class A Shares (w/ 5.75% max load)$12.21-5.96%6.18%9.61%-1.90%5.15%-0.62%5.50%
MSCI ACWI ex USA Index--0.31%14.10%20.45%0.80%7.22%1.13%--
MSCI EAFE Index---0.18%13.81%20.27%1.15%8.69%1.03%--

Quarter-end Performance
As of 06/30/2017

NameQTRYTD1 Year3 Year5 Year10 YearSince Inception2
Institutional Class Shares5.06%12.98%17.03%0.56%6.94%0.47%6.32%
Class A Shares (NAV)4.83%12.62%16.34%0.06%6.41%-0.03%5.79%
Class A Shares (w/ 5.75% max load)-1.20%6.18%9.61%-1.90%5.15%-0.62%5.50%
MSCI ACWI ex USA Index5.78%14.10%20.45%0.80%7.22%1.13%--
MSCI EAFE Index6.12%13.81%20.27%1.15%8.69%1.03%--

2Since November 1, 1995 Inception

During certain of the periods shown in the performance table above, the adviser waived a portion of its management fee and capped the total operating expenses of the Fund. Absent such expense cap and fee waiver, the Fund would have had a higher expense ratio and lower performance. The expense ratio is per the most recent prospectus dated March 1, 2017. The expense ratio is net of a contractual expense cap of 0.95% for Institutional share and 1.45% for A share classes through March 1, 2018.

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month-end, please call 866.410.2006 or visit the Product Performance pages of this website.

The MSCI All Country World Index ex U.S. (the “MSCI ACWI ex U.S.”) is a free, float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. The MSCI ACWI ex U.S. Index does not incur fees and expenses and is not available for purchase.

Prior to February 24, 2014, the Fund’s benchmark was the Morgan Stanley Capital International Europe, Australia and Far East (‘‘MSCI EAFE’’) Index. The benchmark changed to match the investment strategy of the new Sub-Adviser.

The MSCI EAFE Index is an arithmetic, market value-weighted average of over 900 securities listed on the stock exchanges of countries in Europe, Australasia, and the Far East. The MSCI EAFE Index does not incur fees and expenses and is not available for purchase.

Portfolio Statistics source: Zephyr StyleADVISOR.

Alpha measures a fund’s risk-adjusted performance independent of benchmark performance.

Beta is a measure of a fund’s volatility in comparison to a market benchmark: a Beta of less than 1 indicates a fund is less volatile than the market, while a Beta of greater than 1 indicates a fund is more volatile than the market.

R-Squared measures the portion of a fund’s movement that is explained by the broad market’s movements.

Standard Deviation measures a fund’s performance volatility based on the spread of its returns around its average return.

Sharpe Ratio measures risk-adjusted returns using excess return and standard deviation to determine a fund’s reward per unit of risk taken. A higher sharpe ratio indicates better historical risk-adjusted performance.


Sector Weightings
As of 06/30/2017

United Kingdom12.83%
United States9.40%
Hong Kong5.77%

Top 10 Holdings
As of 06/30/2017

iShares MSCI South Korea Capped ETF3.26%
iShares MSCI Taiwan Capped ETF2.60%
iShares Latin America 40 ETF2.11%
Cie de Saint-Gobain1.66%
Cie Generale d'Optique Essilor International SA1.56%
Volkswagen AG1.54%
Total SA1.51%
Pernod-Ricard SA1.38%
Allianz SE1.33%
Percent in Top 1018.68%

Portfolio holdings are subject to change.


Important Disclosures

Information found on this site is directed to U.S. Investors. 

Derivatives Risk. Derivatives may be riskier than other types of investments and may increase the volatility of a Fund. Derivatives may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed a Fund’s original investment. Many derivatives create leverage thereby causing a Fund to be more volatile than it would be if it had not used derivatives. Derivatives expose a Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, derivatives expose a Fund to risks of mispricing or improper valuation.

Foreign Securities Risks. Investments in foreign securities involve certain inherent risks, including the following:

Foreign Investment. A Fund that invests in foreign securities is subject to risks such as fluctuation in currency exchange rates, market illiquidity, price volatility, high trading costs, difficulties in settlement, regulations on stock exchanges, limits on foreign ownership, less stringent accounting, reporting and disclosure requirements, limited legal recourse and other considerations. In the past, equity and debt instruments of foreign markets have had more frequent and larger price changes than those of U.S. markets. The willingness and ability of sovereign issuers to pay principal and interest on government securities depends on various economic factors, including the issuers’ balance of payments, overall debt level, and cash flow from tax or other revenues.

Political and Economic Factors. Individual foreign economies of certain countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency, diversification and balance of payments position. The internal politics of certain foreign countries may not be as stable as those of the U.S. Government. Certain foreign countries participate to a significant degree, through ownership interest or regulation, in their respective economies. Action by these governments could include restrictions on foreign investment, nationalization, expropriation of goods or imposition of taxes, and could have a significant effect on market prices of securities and payment of interest. The economies of many foreign countries are heavily dependent upon international trade and are accordingly affected by the trade policies and economic conditions of their trading partners. Enactment by these trading partners of protectionist trade legislation could have a significant adverse effect upon the securities markets of such countries.

Currency Fluctuations. A Fund may invest in securities denominated in foreign currencies. Accordingly, a change in the value of any such currency against the U.S. dollar will result in a corresponding change in the U.S. dollar value of the securities’ assets denominated in that currency. Such changes will also affect the securities’ income. The value of the security may also be affected significantly by currency restrictions and exchange control regulations enacted from time to time.

High Portfolio Turnover Rate Risk. High portfolio turnover rates could generate capital gains that must be distributed to shareholders as short-term capital gains taxed at ordinary income rates (currently as high as 39.6%) and could increase brokerage commission costs. To the extent that a Fund experiences an increase in brokerage commissions due to a higher turnover rate, the performance of the Fund could be negatively impacted by the increased expenses incurred by the Fund.

For more complete information on the American Independence Funds and AI Funds, you can obtain a prospectus containing complete information for the Funds by calling 866.410.2006 or by downloading them from this web site. You should consider the Fund’s investment objectives, risks, charges and expenses carefully before you invest or send money. Information about these and other important subjects is in the Funds’ prospectus. The prospectus and, if available, the summary prospectus, should be read carefully before investing.

Shares of the American Independence Funds and AI Funds are distributed by Matrix 360 Distributors, LLC, which is not affiliated with Manifold Fund Advisors, LLC and Manifold Partners, LLC.


Manifold Fund Advisors, LLC is a limited liability company.