BTAL

AGFiQ U.S. Market Neutral Anti-Beta Fund
*Unless otherwise stated, data provided by FactSet.

BTAL Fund Description

BTAL tracks an equal-weighted index that takes long positions in low beta US stocks offset by short positions in high beta US stocks.

BTAL Factset Analytics Insight

BTAL follows an index that invests in long low-beta stocks and short high-beta names. The underlying index, targets the top 1,000 by market cap, including REITs, in the Dow Jones U.S. Index. The fund’s market neutral approach aims to fully offset nominal long and short positions. BTAL ranks stocks in each sector by beta and individual stocks get equal weight within their sectors. Overall, long low beta, short high beta might be expected to produce negative correlation to equities despite the equal dollar offsetting exposure. True market neutral exposure isn’t cheap, with borrowing costs and dividends working against the fund. While BTAL uses swaps at times, it typically takes direct short positions in stocks, rather than relying solely on derivatives for short exposure. The fund therefore reports short interest costs in its expense ratio something that purely swaps-based long-short funds don’t have to do, although short interest expense hits the bottom line in either case.

PERFORMANCE [as of 07/23/21] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
BTAL 1.53% 0.23% -9.54% -29.89% -4.27% -4.81% --
BTAL (NAV) 2.54% 1.15% -9.49% -29.28% -4.10% -4.78% --
N/A -- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

BTAL Summary Data

AGF
AGFiQ
09/13/11
Open-Ended Fund
2.11%
$101.76M
$627.73K
0.31%

BTAL Portfolio Data

Long/Short Equity
1.01%
N/A
403

BTAL Index Data

Equal
Beta
N/A

BTAL Portfolio Management

2.11%
--
--
--

BTAL Tax Exposures

20.00% / 39.60%
--
Ordinary income
No

BTAL Fund Structure

Open-Ended Fund
Yes
No
-- / --
N/A
N/A
Low
Daily

BTAL Factset Analytics Block Liquidity

As of 07/26/21
5
4
3
2
1

This measurement shows how easy it is to trade a $1 million USD block of BTAL. BTAL is rated a N/A out of 5.

BTAL Tradability

36,849
$627.73K
25,020
$427.00K
0.31%
$0.05
-0.09%
0.81% / -1.21%
None
100.00%
50,000
0.50
0.17%
--
0
$17.30
N/A

BTAL Asset Allocation

Short
Long
Net
--
--

0.00%

--
--

0.00%

--
--

0.00%

--
--

0.00%

BTAL Top 5 Holdings Long

94.91%
1.92%

BTAL Top 5 Holdings Short

-81.65%

BTAL Performance Statistics

-29.28%
2.10%
-14.52%
-0.11
-0.12
-2.18
16.53

BTAL Correlations (Daily Returns 12 Mo)

-0.39
0.16
-0.30