American Independence U.S. Inflation-Protected Fund


Objectives & Strategy

The American Independence U.S. Inflation-Protected Fund’s (the “Fund”) objective is to provide investors with a high level of total return in excess of inflation as may be consistent with the preservation of capital.

Investor Profile

This Fund is intended for investors seeking long-term preservation of capital while invested in U.S. Treasury securities designed to protect against inflation.

Investment Approach

The Fund manager uses a proprietary discipline to identify inefficiencies in the Treasury Inflation Protected Securities ("TIPS") marketplace. The investment process incorporates macro-fundamentals related to the economy and inflation, micro-market and security specific dynamics and valuation tools to determine mispricings and evaluate opportunities.

A “Pure Play” – Focused Opportunity Set
The Fund invests solely in U.S. Treasury securities, cash, and cash equivalents. TIPS are a distinct asset class that aim to provide a long-term hedge against inflation, and can potentially enhance portfolio diversification to traditional financial assets.

Active Management Can Deliver Significant Alpha
The Fund manager actively positions portfolio duration and seeks returns above the benchmark using repeatable trading strategies that incorporate monetary policy, auction dynamics, and inflationary trends. Risk systems are used to monitor and control risk on a trade-by-trade basis.

Tickers and CUSIPs

Share ClassTickerCUSIPFund Number

Portfolio Fundamentals
As of 09/30/2017

Number of Holdings31
Net Assets$303.7 Million
Duration7.99 years
Fund Inception DateJanuary 2, 2001

SEC Yields
As of 09/30/2017

Share ClassSubsidized 30-Day SEC YieldUnsubsidized 30-Day SEC Yield

Duration is a measure of a bond price’s sensitivity to changes in interest rates. Bond or bond funds with a higher duration generally have higher price volatility than those with lower durations.

30-Day SEC Yield and Unsubsidized SEC Yield: The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share as of the date specified. The SEC 30-Day Yield on A Shares at NAV applies only to A Shares purchased at no-load pursuant to the Fund’s policy permitting waiver of the A Share load in certain specified circumstances. Subsidized yields reflect fee waivers in effect. Without such waivers, yields would be reduced. The unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund. Gross expenses do not include any fee waivers or expense reimbursements.


Portfolio Management

The American Independence U.S. Inflation-Protected Fund is managed by Manifold Fund Advisors, LLC (formerly RiskX Investments, LLC). The Fund is sub-advised by BNP Paribas Asset Management USA, Inc. Cedric Scholtes is responsible for the day to day management of the Fund.

BNP Paribas Asset Management USA, Inc. (“BNPPAMUSA”) formerly known as Fischer Francis Trees & Watts, offers a broad range of multi-expertise investments across the majority of mainstream asset classes. BNP Paribas Asset Management’s global organization manages and advises $663 billion in assets (As of December 31, 2012) while in the US, it manages approximately $66 billion in assets and offers a range of asset management and advisory strategies to institutional clients.

Fund Manager Logo Cedric Scholtes, Co-Head Inflation and Chair Rates Committee at BNPPAMUSA, is responsible for the growth and development of Inflation Strategies, and is the lead portfolio manager for US Inflation-Linked Bond portfolios, as well as US Treasury portfolios.  Cedric chairs the Rates Committee, which is composed of specialists from different fixed income product groups, who are charged with generating alpha in sovereign, derivative and inflation markets for implementation across applicable portfolios.  Cedric joined FFTW, a predecessor of BNPPAMUSA, in 2006 as a portfolio manager and is based in New York.

Cedric joined the firm from the Treasury trading desk at Goldman Sachs, where his responsibilities included taking proprietary positions and market-making in index-linked markets, as well as enhancing the desk's analytical capabilities. Prior to working at Goldman Sachs, Cedric spent five years at the Bank of England, two of which were spent on secondment to the Federal Reserve Bank of New York. At the Bank of England, Cedric spent two years in the Foreign Exchange Division, helping to manage the UK Treasury's foreign exchange reserves. Prior to that, he worked as a Research Economist within the Monetary Analysis Division, researching fixed income markets. Cedric has published articles on nominal and inflation-linked debt markets in Bank of England, BIS and IMF periodicals, as well as RiskBooks. 

Cedric has 18 years of investment experience. He holds an MSc in Finance and Economics from Warwick Business School, an MSc in Economics from the London School of Economics, and an MA/BA in Economics from Cambridge University.

General Information

Manifold Fund Advisors, LLC

(866) 410-2006

75 Virginia Road
North White Plains, New York 10603

Fees & Distributions

Shareholder Fees
As of 09/30/2017

(fees paid directly from your investment)

Institutional Class SharesClass A SharesClass C SharesPremier Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)None4.25%NoneNone
Maximum Deferred Sales Charge (Load) (as a percentage of the Net Asset Value purchase)NoneNone1.00% 1None
Redemption FeeNoneNoneNoneNone

1Class C shares will be assessed a 1.00% contingent deferred sales charge if redeemed within one year of date of purchase

Annual Fund Operating Expenses
As of 09/30/2017

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

Institutional Class SharesClass A SharesClass C SharesPremier Class Shares
Net Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements20.32%0.77%1.32%0.47%
Total Annual Fund Operating Expenses0.68%1.13%1.68%0.83%

2Manifold 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 0.32%, 0.77%, 1.32% and 0.47% of the Fund’s average net assets for the Institutional Class shares, Class A shares, Class C shares and Premier Class 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.

Purchase Minimums

Institutional Class SharesClass A SharesClass C SharesPremier Class Shares
Initial Purchase$20,000,000.00$5,000.00$5,000.00$250,000.00
Subsequent Purchase$5,000.00$250.00$250.00$5,000.00

Distribution Schedule

Dividend FrequencyMonthly
Capital GainsAnnually

Capital Gains

(per share distribution)



Important Disclosures

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

Futures Risk. A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an underlying asset, reference rate or index at a specific price at a specific future time. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment and even a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return, and the potential loss from futures contracts can exceed the Fund’s initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time.

Fixed Income Securities Risk. Some of the securities or other investment companies in which a Fund may invest are invested in a broad range of bonds or fixed-income securities. To the extent that a security or other investment company is so invested, the return on, and value of, an investment will fluctuate with changes in interest rates, credit rating and duration.

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 BNP Paribas Asset Management USA, Inc.


Manifold Fund Advisors, LLC is a limited liability company.