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Family Office Fund

JFOSX - S SHARES JFOIX - I SHARES JFOAX - A SHARES JFOCX - C SHARES

Overview

AT A GLANCE
  • $5.8 M

    Portfolio Assets 10-22-2020

  • $10.96 NAV 10-22-2020
  • 2.67%

    Gross Expenses1

  • 1.93%*

    Net Expenses1

  • 803431 287

    CUSIP

  • 6/29/2017

    Inception Date

*The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses until at least March 31, 2020 for I Shares to ensure that net annual operating expenses will not exceed 1.49%, subject to possible recoupment from the Fund in future years.

40%

Top Family Offices Portfolios invest approximately 40% in alternatives.2

55%

55% of Family Offices believe we will enter a recession by 2020 and many are preparing their portfolios.2

370 Family Offices

Partnered with the Family Office Exchange (FOX), the oldest family office organization in the industry serving approximately 370 family offices with average AUM of $500 million.
Scion group consists of 20 of its most sophisticated family offices.

FUND OBJECTIVE

The Fund employs a multi-asset, multi-strategy investment program that seeks to replicate the asset allocation programs of successful family offices. The Fund seeks to deliver total return through capital appreciation and/or income, consistent with a reasonable level of risk, by investing in a diversified portfolio which tracks the asset allocation weightings of successful family offices.

FUND STRATEGY

The Fund utilizes a three-step process for portfolio construction.

Performance


Daily Prices and Returns as of 10/22/2020
Ticker Share Class NAV Chg % POP YTD
JFOSX S 11.11 0.36% 0.18%
JFOIX I 10.96 0.37% -0.09%
JFOAX A 10.92 0.37% 11.59 -0.27%
JFOCX C 10.85 0.37% -0.91%

*Shares of Class S of the Portfolios are available exclusively to investment advisers and broker-dealers that are affiliated with the Manager as a means of implementing asset allocation recommendations for their clients

Inception date for S, I, A, and C Shares was 6/29/2017. Performance data quoted above is historical. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. The Fund’s management has contractually waived a portion of its management fees until March 31, 2020 for I, A, C Shares and March 31, 2021 for S Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 2.63% for S Shares, 2.67% for I Shares, 2.82% for A Shares, and 3.70% for C Shares; total annual operating expenses after the expense reduction/reimbursement are 1.56% for S Shares, 1.93% for I Shares, 2.18% for A Shares, and 2.93% for C Shares. The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least March 31, 2020 for I, A, C Shares and March 31, 2021 for S Shares, to ensure that net annual operating expenses of the fund will not exceed 1.12% for S Shares, 1.49% for I Shares, 1.74% for A Shares, and 2.49% for C Shares, subject to possible recoupment from the Fund in future years. 5.75% is the maximum sales charge on purchases of A shares. For performance information current to the most recent month-end, please call 888.814.8180.


Performance as of 9/30/2019
Ticker Share Class 1 MO YTD 1 YR 3 YR 5 YR Since Inception
JFOSX S -2.52% -2.43% 3.08% 3.09% N/A 3.69%
JFOIX I -2.56% -2.73% 2.63% 2.66% N/A 3.26%
JFOAX A -2.66% -2.92% 2.35% 2.37% N/A 3.00%
JFOCX C -2.67% -3.47% 1.63% 1.62% N/A 2.30%

*Shares of Class S of the Portfolios are available exclusively to investment advisers and broker-dealers that are affiliated with the Manager as a means of implementing asset allocation recommendations for their clients

Inception date for S, I, A, and C Shares was 6/29/2017. Performance data quoted above is historical. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. The Fund’s management has contractually waived a portion of its management fees until March 31, 2020 for I, A, C Shares and March 31, 2021 for S Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 2.63% for S Shares, 2.67% for I Shares, 2.82% for A Shares, and 3.70% for C Shares; total annual operating expenses after the expense reduction/reimbursement are 1.56% for S Shares, 1.93% for I Shares, 2.18% for A Shares, and 2.93% for C Shares. The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least March 31, 2020 for I, A, C Shares and March 31, 2021 for S Shares, to ensure that net annual operating expenses of the fund will not exceed 1.12% for S Shares, 1.49% for I Shares, 1.74% for A Shares, and 2.49% for C Shares, subject to possible recoupment from the Fund in future years. 5.75% is the maximum sales charge on purchases of A shares. For performance information current to the most recent month-end, please call 888.814.8180.

Dividend and Capital Gains Distributions: S Shares (JFOSX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
12/24/2019 11.06 0.0000 0.0000 0.0000 0.1191 0.1191
12/13/2018 9.74 0.0032 0.0297 0.0000 0.1968 0.2297
12/18/2017 10.57 0.0000 0.0018 0.0000 0.0525 0.0543


Dividend and Capital Gains Distributions: I Shares (JFOIX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
12/24/2019 10.95 0.0000 0.0000 0.0000 0.1191 0.1191
12/13/2018 9.66 0.0032 0.0297 0.0000 0.1968 0.2297
12/18/2017 10.56 0.0000 0.0018 0.0000 0.0524 0.0542


Dividend and Capital Gains Distributions: A Shares (JFOAX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
12243/2019 10.93 0.0000 0.0000 0.0000 0.0995 0.0995
12/13/2018 9.65 0.0032 0.0297 0.0000 0.1765 0.2094
12/18/2017 10.56 0.0000 0.0018 0.0000 0.0454 0.0472


Dividend and Capital Gains Distributions: C Shares (JFOCX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
12/24/2019 10.92 0.0000 0.0000 0.0000 0.0102 0.0102
12/13/2018 9.64 0.0032 0.0297 0.0000 0.1159 0.1488
12/18/2017 10.56 0.0000 0.0018 0.0000 0.0229 0.0247

PORTFOLIO MANAGER

Akos Beleznay, Ph.D.

(Chief Investment Officer, James Alpha Advisors)

Dr. Beleznay serves as Chief Investment Officer for James Alpha Advisors and is a member of the James Alpha Investment Committee and responsible for manager research and asset allocation amongst the James Alpha suite of managers and funds.

Dr. Beleznay has been successfully allocating capital to hedge funds for over 15 years. Prior to joining James Alpha, he was the Chief Investment Officer at Riverside, the asset management arm of HFR (Hedge Fund Research, Inc.) managing over $1 billion of fund of hedge fund products. Before Riverside, Dr. Beleznay served as the Chief Investment Officer at Commerce Asset Management and CSG Asset Management with responsibility for managing funds of hedge funds and a hedge fund index replication product. He also served as the Director of Consulting Research for Equitas Capital Advisors, LLC from 2002 to 2010 and the Chief Investment Officer of Equitas Evergreen Fund LP, a fund of hedge funds with $300 million in assets, from 2003 to 2010.

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Dr. Beleznay serves as Chief Investment Officer for James Alpha Advisors and is a member of the James Alpha Investment Committee and responsible for manager research and asset allocation amongst the James Alpha suite of managers and funds.

Dr. Beleznay has been successfully allocating capital to hedge funds for over 15 years. Prior to joining James Alpha, he was the Chief Investment Officer at Riverside, the asset management arm of HFR (Hedge Fund Research, Inc.) managing over $1 billion of fund of hedge fund products. Before Riverside, Dr. Beleznay served as the Chief Investment Officer at Commerce Asset Management and CSG Asset Management with responsibility for managing funds of hedge funds and a hedge fund index replication product. He also served as the Director of Consulting Research for Equitas Capital Advisors, LLC from 2002 to 2010 and the Chief Investment Officer of Equitas Evergreen Fund LP, a fund of hedge funds with $300 million in assets, from 2003 to 2010.

Mr. Beleznay has a PhD degree in Physics from Eotvos Lorand University, Hungary and an MBA from Tulane University.

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Documents

Title Release Date Download PDF
First Quarter Fact Sheet March 31, 2020 Download
Fourth Quarter Fact Sheet December 31, 2019 Download
Third Quarter Fact Sheet September 30, 2019 Download
Prospectus March 29, 2019 Download
Semi Annual Report May 31, 2018 Download

Risks

There is no assurance that the portfolio will achieve its investment objective.

Exposure to the commodities markets and/or a particular sector of the commodities markets, may subject the Portfolio to greater volatility than investments in traditional securities, such as stocks and bonds. The commodities markets may fluctuate widely based on a variety of factors. There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. The dollar value of the Portfolio’s foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded. Derivative instruments involve risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

Countries with emerging markets also may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues. The Portfolio is subject to risks associated with investing in equity securities, including market risk, issuer risk, price volatility risks and market trends risk. ETF’s are subject to specific risks, depending on the nature of the underlying strategy of the fund. These risks could include liquidity risk, sector risk, as well as risks associated with fixed income securities, real estate investments, and commodities, to name a few. Investments in foreign securities could subject the Fund to greater risks including, currency fluctuation, economic conditions, and different governmental and accounting standards. The Portfolio may invest in instruments that provide exposure to alternative investment strategies, including hedge fund strategies.

The Fund may invest in high yield securities, also known as “junk bonds.” High yield securities provide greater income and opportunity for gain, but entail greater risk of loss of principal. In general, the price of a fixed income security falls when interest rates rise. The use of leverage by the Fund or an Underlying Fund, such as borrowing money to purchase securities or the use of derivatives, will indirectly cause the Fund to incur additional expenses and magnify the Fund’s gains or losses. The investment techniques and risk analysis used by the Portfolio’s portfolio managers may not produce the desired results. Investments in lesser-known, small and medium capitalization companies may be more vulnerable than larger, more established organizations.

The Portfolio may invest in mortgage-backed securities which have different risk characteristics than traditional debt securities. The risks the Portfolio may face when investing in instruments that have exposure to private equity-related investments include the risk that the private equity companies do not survive. The Portfolio does not invest in real estate directly, but because the Portfolio may invest in REITs and publicly traded real estate and real estate-related securities, its portfolio will be impacted by the performance of the real estate market and may experience more volatility and be exposed to greater risk than a portfolio that does not make such investments. The Portfolio intends to treat the income it derives from commodity-linked notes as qualifying income based a number of private letter rulings provided to third-parties not associated with the Portfolio. However, the Portfolio has not received such a private letter ruling, and the Portfolio is not able to rely on private letter rulings issued to other taxpayers. If the IRS were to change its position with respect to the conclusions reached in these private letter rulings the income and gains from the Portfolio’s investment in the commodity-linked notes might be nonqualifying income.

1Inception date for S, I, A, and C Shares was 6/29/2017. Performance data quoted above is historical. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. The Fund’s management has contractually waived a portion of its management fees until March 31, 2020 for I, A, C Shares and March 31, 2021 for S Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 2.63% for S Shares, 2.67% for I Shares, 2.82% for A Shares, and 3.70% for C Shares; total annual operating expenses after the expense reduction/reimbursement are 1.56% for S Shares, 1.93% for I Shares, 2.18% for A Shares, and 2.93% for C Shares. The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least March 31, 2020 for I, A, C Shares and March 31, 2021 for S Shares, to ensure that net annual operating expenses of the fund will not exceed 1.12% for S Shares, 1.49% for I Shares, 1.74% for A Shares, and 2.49% for C Shares, subject to possible recoupment from the Fund in future years. 5.75% is the maximum sales charge on purchases of A shares. For performance information current to the most recent month-end, please call 888.814.8180.

2UBS, 2019. The Family Office Report.