The American Independence JAForlines Global Tactical Allocation Fund Class I

celebrates its

3-Year Anniversary with Top 12th percentile Peer Group Ranking based on Risk-Adjusted Return

The Fund's Institutional Share Class ranked 34 among 290 funds in the Morningstar Tactical Allocation Category for the Three-Year period ended September 30, 20161

September 2016 marked the three-year anniversary of the American Independence JAForlines Global Tactical Allocation Fund. Launched on September 20, 2013, the Fund celebrated by ranking in the top 12th percentile of its peer group for the period ended September 30, 2016.1 The Fund is sub-advised by J.A. Forlines, LLC (JAForlines) and provides access to the investment firm’s acclaimed Global Tactical Allocation strategy.2

"As a global macro and tactical manager, we seek to identify tailwinds and anticipate changes within global markets. Rather than align our strategy to a single asset class, we believe a broadly diversified portfolio provides a valuable investment solution to generate risk-adjusted returns in any market environment."

- John Forlines III, Portfolio Manager of the Fund and CEO of JAForlines

The American Independence JAForlines Global Tactical Allocation Fund (the "Fund") utilizes a fundamentally driven, global macro-investment approach with a credit-driven focus to seek long-term capital appreciation with lower than average risk. The Fund invests in three main asset classes — equities, fixed income, and alternatives, including commodities and real estate.

  • The potential to enhance portfolio diversification with a global macro investment strategy

  • A flexible, fundamental approach focused on credit, unconstrained by borders or asset classes

  • Dynamic risk management provides opportunities to adjust a portfolio with changing market conditions

JAForlines Global
Portfolio Manager of the American Independence JAForlines Global Tactical Allocation Fund

has been named

2016 "Strategist of the Year"
by Envestnet, Inc. and Investment Advisor magazine

JAForlines Global was named 2016 "Strategist of the Year" at the 12th annual "SMA Manager & Strategist of the Year" Awards. The award included recognition for the JAForlines' Global Tactical Allocation strategy. The strategy is used in the American Independence JAForlines Global Tactical Allocation Fund.

"We are proud that our partners at JAForlines have been chosen from among more than 90 competing firms for this prestigious award. We are honored to provide JAForlines' flagship strategy in a Manifold Fund Advisors mutual fund."

- John Pileggi, President of the Fund

The awards honor best-in-class portfolio managers and was presented during the 2016 Envestnet Advisor Summit. Investment Advisor will feature all of the winners in its July 2016 issue.

The award process selects a Manager of the Year from among the category winners as a model of investment management excellence.

"Behind any top-performing strategy is a top-performing investment manager"

– Tim Clift, Chief Investment Strategist at Envestnet | PMC

The Global Tactical Allocation strategy:

  1. Is differentiated by a fundamentally-driven, global macro approach to constructing ETF-based portfolios.
  2. Focuses on the credit cycle as the primary driver of returns in three global asset classes — Equities, Fixed-Income, and Alternatives, including commodities and real estate.
  3. Begins with long-term secular investment themes while using a flexible, multi-asset investment approach to dynamically adjust the portfolio's risk profile and tactically position the strategy in anticipation of changes within the global markets.

JAForlines Global Investment Mangement

J.A. Forlines, LLC (JAForlines) is a New York-based investment management company specializing exclusively in separately managed, model account strategies, and mutual fund subadvisory for clients of select independent RIAs, Broker/Dealers and their Registered Representatives. The JAForlines team brings more than 70 years of combined investment experience to its strong relationships with key ETF sponsors, leading research firms, and independent portfolio consultants. JAForlines is a Registered Investment Advisor with the Securities and Exchange Commission.

JAForlines Chairman & CIO John Forlines III

JAForlines Chairman & CIO John Forlines III brings over 25 years of experience as an analyst, investment banker, and portfolio manager. Mr. Forlines is an Executive in Residence in the Department of Economics at Duke where he teaches classes in behavioral finance and decision-making. Mr. Forlines is admitted to the practice of law in the State of New York; before his career as an asset manager, his legal work specialized in structured debt and equity products.

To view the original press release on PR Newswire, visit:

1The American Independence JAForlines Global Tactical Allocation Fund Class I received a 4-Star rating for the 3-year period ending September 30, 2016 among 289 funds. Morningstar Peer Group Ranking is the Institutional Class only; other classes may have different performance characteristics. The Overall Morningstar Rating for a fund is derived from a weighted average of the risk-adjusted returns associated with its three-, five-, and ten-year (if applicable) Morningstar rating metrics. For each fund with at least three-year history, Morningstar calculates a Morningstar Rating Risk-Adjusted Return measure that accounts for variations in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar rating is for the Institutional Class only; other classes may have different performance characteristics. One year peer group ranking is among 355 funds in the Tactical Allocation Category.

2JAForlines Global was awarded the SMA Manager of the Year for the Strategist category. This is the 12th annual award ceremony and the second year for the strategist category. Envestnet | PMC presented 11 SMA Manager of the Year awards. The categories were Large Cap US Equity, Small and Mid-Cap US Equity, International or Global Equity, Fixed Income, Strategist, Impact, Specialty, and Overall Manager of the Year. Each category has one winner, with the exception of Large Cap US Equity and Small and Mid-Cap US Equity, which has 2 winners. JAForlines Global was only considered in the strategist category and this was the first year they were considered.

The award was based on composite performance and not representative of the performance of any single client. Each individual client experience was dependent on a number of factors and it should not be assumed that the receipt of this award implies or is representative of any client experience or approval of JAForlines. Additionally, there is no assurance that favorable performance will be experienced in the future. Full composite performance information is available upon request.

The award finalists and winners were chosen using the systematic, proprietary, and multi-factor evaluation methodology developed by Envestnet | PMC's Premium Research Solutions, a leading source of investment manager due diligence and research applications for advisors. Its evaluation framework considers performance, firm profile, customer service, investment process and style, composite, tax efficiency, and other quantitative and qualitative criteria.

JAForlines Global was eligible for this award since their portfolios are reported through PMC's PrimaGuide research application, they manage more than $200 million in assets, and their management team has more than 3 years of experience. JAForlines Global did not pay a fee to be included in the SMA awards.

Important Disclosures

All investments involve risk including the loss of principal. By investing in ETFs, an investor will indirectly bear the fees and expenses charged by the ETFs in addition to other fees and expenses an investor will incur by investing in the American Independence JAForlines Global Tactical Allocation Fund (the "Fund"), such as advisory, brokerage commissions and custody.

Investing in the Funds involves risk. Equity securities are more volatile and carry more risk than other forms of investments. The Funds may invest in small and mid-cap securities which are more volatile than large cap stocks. Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value. Investments in fixed income securities are subject to interest rate risks. The principal value of a bond falls when interest rates rise and rises when interest rates fall. During periods of rising interest rates, the value of a bond investment is at greater risk than during periods of stable or falling rates.

General ETF Risk. The cost to a shareholder of investing in the Fund may be higher than the cost of investing directly in ETF shares and may be higher than other mutual funds that invest directly in equities. You will indirectly bear fees and expenses charged by the ETFs in addition to the Funds direct fees and expenses.

Foreign Securities Risk. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/developing markets or smaller capital markets.

Tracking Error Risk. ETFs typically trade on securities exchanges and their shares may, at times, trade at a premium or discount to their net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held.

Emerging Markets Risk. The Fund may invest in foreign securities that may include securities of companies located in developing or emerging markets, which entail additional risks, including: less social, political and economic stability; smaller securities markets and lower trading volume, which may result in less liquidity and greater price volatility; national policies that may restrict securities investment opportunities, including restrictions on investments in issuers or industries, or expropriation or confiscation of assets or property; and less developed legal structures governing private or foreign investment.

Commodities Risk. Investments in commodities, such as gold, or in commodity-linked instruments, will subject the American Independence JAForlines Global Tactical Allocation Fund's portfolio to volatility that may also deviate from price movements in equity and fixed income securities.

For a complete list of fund risks, please see the prospectuses.

For more complete information on the Rx Funds and American Independence 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. Please read the prospectus carefully before investing. 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 Fund's prospectus or summary prospectus.

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


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