Kensington Asset Management

Managed Income Fund

Strives to provide investors the potential to participate in rising markets, while avoiding times of market decline and/or volatility.

Objective

The Kensington Managed Income Fund (the “Fund” or “KAMIX”) seeks total return which consists of income and capital appreciation.

Why Invest

  • Risk-Managed Approach to Fixed Income: Fund is designed to help investors participate actively in fixed income markets while aiming to reduce the risk of drawdown.
  • Lower Correlation & Diversification: By dynamically adjusting credit quality and duration in response to market conditions, the Fund has exhibited lower correlations with traditional benchmarks – potentially enhancing overall portfolio diversification and improving risk-adjusted returns.
  • Tactical Expertise: Backed by over three decades of experience in data-driven investing.

Overview

KAMIX is a tactical allocation fund that alternates between fixed income and cash.

  • Rising Markets

    Risk-On
    High Yielding Fixed Income Securities

  • Declining/Volatile Markets

    Risk-Off
    U.S. Treasuries and Cash Equivalents

Daily Change

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Yields & Distributions

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Key Facts

Fees & Expenses

1The Adviser has contractually agreed to waive its management fee and pay Fund expenses through 4/30/2025.

Risk Characteristics

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Total Returns (%)

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*Inception date: May 28, 2019. Fund Expenses Ratio: 1.52%.
Returns greater than 1 year are annualized.

Growth of $10,000

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The growth of $10,000 chart shows a hypothetical $10,000 buy-and-hold investment in the fund since inception, with reinvested dividends and capital gains, reflecting applicable fees and expenses.

Investors may not invest in an index directly, unlike the Fund’s returns, an index does not reflect any fees and expenses.

Materials

Fund Literature

Regulatory Documents

Risk Definitions

Key principal investment risks include, but are not limited to:

  • Management Risk: The Adviser’s reliance on its proprietary trend-following model and asset judgments may be incorrect, potentially failing to achieve desired results.
  • High-Yield Bond Risk: High-yield or “junk” bonds are speculative, lower-quality securities with a higher risk of default. If they default or undergo reorganization, they may become worthless and are illiquid.
  • Fixed-Income Securities Risk: Fixed-income securities face interest rate risk, credit risk, liquidity risk, prepayment risk, extension risk, and duration risk. These factors can cause volatility and impact performance.
  • Loans Risk: The market for loans, including bank loans and loan participations, may be illiquid, making them difficult to sell. These investments expose investors to credit risk from both the financial institution and the borrower, with bank loans often settling on a delayed basis, potentially delaying sale proceeds.
  • Market Risk: Investment market risks, influenced by economic growth, market conditions, interest rates, and political events, affect asset values. Unexpected events like war, terrorism, financial disruptions, natural disasters, pandemics, and recessions can significantly impact investments and market liquidity, causing investor fear and economic instability.
  • Underlying Funds Risk: Investments in underlying funds can lead to duplicated fees and expenses. Each fund has specific risks based on its strategy, and its manager may not always succeed. ETF shares might trade at prices different from their net asset value and incur additional trading costs, potentially affecting performance. Market demand can impact the ability to liquidate holdings optimally.
  • Derivatives Risk: Derivatives involve leverage, leading to potential gains or losses greater than the initial investment, with value fluctuations that may not perfectly correlate with the market. Futures contracts carry risks like imperfect correlation, lack of liquidity, and unanticipated market movements. Credit default swaps are difficult to value and highly susceptible to liquidity and credit risk. Options are speculative and can result in the loss of the premium paid if the underlying asset’s price does not move favorably.
  • Non-Diversification Risk: Non-diversified investments may allocate more than 5% of total assets to one or more issuers, including non-diversified underlying funds. This can make performance more sensitive to single economic, business, political, or regulatory events compared to diversified investments.
  • Turnover Risk: Higher portfolio turnover can lead to increased transactional and brokerage costs. Turnover rates may significantly exceed 100% annually.
  • US Government Securities Risk: Investments in obligations issued by US government agencies or instrumentalities may not be backed by the US government. If the issuer defaults and the government chooses not to provide financial support, recovery of the investment may not be possible.
  • Models and Data Risk: Investment exposure relies heavily on proprietary quantitative models and third-party data. Incorrect or incomplete models and data can lead to suboptimal investment decisions. Predictive models carry inherent risks, such as incorrect forecasts and unexpected results in low-probability scenarios, potentially causing losses.

For a complete list of potential investment risks associated with this Fund, please refer to its Prospectus.

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Diversification does not ensure profit or loss.

Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end please call 866.303.8623.

An investor should consider the investment objectives, risks, and charges and expenses of the fund carefully before investing. A prospectus and a summary prospectus which contains this and other information about the fund may be obtained by visiting here. The prospectus and the summary prospectus should be read carefully before investing.

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Contact Kensington Asset Management

877.891.1222
[email protected]

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Investing involves risk. Principal loss is possible. Past performance is no guarantee of future results. There are no guarantee that an investment strategy or diversification will generate a profit or prevent a loss.

This website is for informational purposes only and should not be construed as a solicitation to buy or sell, or to invest in any investment product or strategy. Investing in securities markets involves risk and the degree of risk varies by the type of investment or strategy. For a complete list of the risks associated with each of our Strategies, please review the Strategy Brochure and Factsheet. Materials such as blog posts, newsletters or commentary may contain information deemed to be correct and appropriate at a given time but may not reflect our current views or opinions due to changing market conditions. No information provided on this website should be viewed as, or used as a substitute for individualized investment advice.

Advisory services offered through Kensington Asset Management, LLC.

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