Abbey Capital Futures Strategy Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Abbey Capital Futures Strategy Fund held 1,308 positions with $2.53B in net assets. Its ten largest holdings made up 56.6% of the fund. The ABYAX share class costs 2.04% a year. Over the 12 months to May 2026, ABYAX returned 14.5%, with dividends reinvested. In 2026 Q2 it added 975 new positions and exited 659.
The investment objective of the Abbey Capital Futures Strategy Fund (the Fund) is to seek long-term capital appreciation.
The fund allocates assets between a managed futures strategy and a fixed income strategy, with managed futures exposure achieved through investments in futures, options, forwards, swaps and spot contracts across commodities, financial indices, foreign currencies and equity indices, managed by multiple trading advisers employing trend-following, discretionary macroeconomic, and systematic technical approaches. The fixed income portion invests primarily in investment-grade securities of all durations to generate diversification. The fund is non-diversified, meaning it may invest in fewer securities at any one time than a diversified fund. Commodity exposure is held through wholly-owned offshore subsidiaries to comply with regulated investment company tax rules.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
TREASURY BILL 0.00% · due 2026-10-15 | 9.38% | $237.11M | — |
TREASURY BILL 0.00% · due 2026-08-27 | 8.35% | $211.04M | — |
TREASURY BILL 0.00% · due 2026-08-20 | 6.53% | $165.09M | — |
TREASURY BILL 0.00% · due 2026-10-08 | 6.36% | $160.87M | — |
U.S. Bank Money Market Deposit Account | 5.69% | $143.89M | — |
TREASURY BILL 0.00% · due 2026-10-01 | 5.31% | $134.29M | — |
TREASURY BILL 0.00% · due 2026-11-12 | 3.83% | $96.80M | — |
TREASURY BILL 0.00% · due 2026-11-19 | 3.79% | $95.71M | — |
TREASURY BILL 0.00% · due 2026-09-24 | 3.67% | $92.78M | — |
TREASURY BILL 0.00% · due 2026-10-29 | 3.66% | $92.48M | — |
The 200 largest of 1,308 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 77.92% |
| Cash & short-term | 5.69% |
| Derivatives | 1.15% |
These positions come to 84.75% of net assets. Not everything a fund owns is reported as a holding — uninvested cash is collected at fund level instead — so the total is not expected to reach 100%.
Derivatives are shown at market value, not notional exposure.
How it has done
ABYAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 5.00%. Past returns are a record, not a forecast.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 2.04% | +14.49% | +6.75% | +17.06% | -13.05% | |
| 2.79% | +13.62% | +4.46% | +12.89% | -13.82% | |
| 1.79% | +14.87% | +7.71% | +18.74% | -12.72% |
These classes hold the same portfolio, so the 5.85pp spread over 5 years is the cost difference between them — roughly 1.17pp a year — not a difference in what they own.
Fees & fund details
Abbey Capital Futures Strategy Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Features
- Non-diversified
- Expense ratio, by class
- 1.79% – 2.79%· ABYAX 2.04%
- Portfolio turnover
- 0.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
975 new· the largest 1
659 exited· the largest 1
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
This fund carries a net credit hedge: it would gain roughly 4.0% if credit spreads widened 100bp, where a comparable bond fund would lose.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | -3.69 | -2.51 | -1.02 | -$634.2k | -$258.6k |
| 1 yr | -0.51 | -0.19 | -0.30 | -$47.7k | -$77.0k |
| 5 yr | -0.06 | -0.00 | -0.06 | -$258 | -$14.5k |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's -4.26 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
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