The Fund seeks long-term capital appreciation by tracking a rules-based Conservative Asset Growth factor model, before the placeholder expense ratio and trading costs.
| Item | Value |
|---|---|
| Ticker (pseudo) | FASC |
| CUSIP | Not applicable (hypothetical model portfolio) |
| Listing exchange | Not listed (hypothetical) |
| Underlying model | Conservative Asset Growth factor (Consumer Cyclical only) |
| Placeholder expense ratio | 0.45% |
| Placeholder inception date | 2021-03-22 |
| Number of holdings (long leg) | 60 |
| Weighting | Cap-weighted |
| Rebalance frequency | Monthly |
| Holdings as of | November 2026 |
The following performance is HYPOTHETICAL and BACKTESTED — it was calculated by applying the model to historical data with the benefit of hindsight, is gross of the placeholder expense ratio and trading costs, and does not represent the results of any actual account. Past (hypothetical) performance does not guarantee or predict future results.
| Year | Hypothetical Total Return |
|---|---|
| 2017 | -4.63% |
| 2018 | -17.15% |
| 2019 | -12.24% |
| 2020 | -7.19% |
| 2021 | 9.40% |
| 2022 | 77.94% |
| 2023 | -38.57% |
| 2024 | -12.71% |
| 2025 | 0.92% |
| 2026 | -2.09% |
| Period | Hypothetical Avg. Annual Total Return |
|---|---|
| 1 Year | -2.95% |
| 3 Years | -4.25% |
| 5 Years | 0.94% |
| 10 Years | -4.23% |
| Since Model Inception (full sample) | -0.61% |
| # | Ticker | Company | Sector | Weight | Market Value |
|---|---|---|---|---|---|
| 1 | SBUX | STARBUCKS CORP | Consumer Cyclical | 38.50% | $38,496,708 |
| 2 | LVS | LAS VEGAS SANDS CORP | Consumer Cyclical | 7.76% | $7,763,637 |
| 3 | IP | INTERNATIONAL PAPER CO | Consumer Cyclical | 5.66% | $5,659,038 |
| 4 | H | HYATT HOTELS CORP | Consumer Cyclical | 5.50% | $5,504,423 |
| 5 | NVR | NVR INC | Consumer Cyclical | 4.84% | $4,843,241 |
| 6 | FLUT | FLUTTER ENTERTAINMENT PLC | Consumer Cyclical | 4.49% | $4,487,070 |
| 7 | CART | INSTACART (MAPLEBEAR INC) | Consumer Cyclical | 4.36% | $4,356,698 |
| 8 | BWA | BORGWARNER INC | Consumer Cyclical | 3.22% | $3,223,738 |
| 9 | MGM | MGM RESORTS INTERNATIONAL | Consumer Cyclical | 2.65% | $2,647,781 |
| 10 | VFC | V F CORP | Consumer Cyclical | 2.48% | $2,482,336 |
| Sector | Weight | # Holdings |
|---|---|---|
| Consumer Cyclical | 100.00% | 60 |
| Characteristic | Value |
|---|---|
| Sharpe ratio (full sample) | 0.06 |
| Annualized volatility | 19.27% |
| Maximum drawdown | -63.72% |
| Average monthly turnover | 15.38% |
| Out-of-sample Sharpe (2019-26) | 0.04 |
DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE.