Rational Real Assets Fund



Fund Objective

The Fund’s investment objective is to seek long-term capital appreciation.

Investment Strategy

The Fund seeks to achieve its investment objective by investing in securities that the Sub-Advisor expects to increase with elevated U.S. inflation or with expectations of higher U.S. inflation.

The Fund primarily invests in the common stock of domestic and foreign companies, including ADRs and REITs, with any market capitalization within sectors and/or asset classes that the Sub-Advisor believes to have a strong positive correlation to inflation, including, but not limited to, real estate, infrastructure, energy, blockchain technology services and commodities.

The Fund may also invest in ETFs to gain exposure to a sector or asset class when obtaining the desired exposure is not available through investment in common stocks or when investment indirectly through an ETF would otherwise be beneficial to the Fund.

Why Should Investors be Concerned with Inflation?

  • Traditional bond asset classes, which have historically been viewed as low risk, are particularly exposed to rising interest rates and inflation.
  • Today’s unprecedented expansionary fiscal and monetary policies to finance spending on the COVID-19 pandemic relief, infrastructure renovation and social benefit programs create potentially new risks for investors.
  • U.S. Debt/GDP is at its highest since World War II.
  • Pent up demand combined with increased personal savings have sent prices for goods and services significantly higher as the U.S. economy reopens from COVID-19 restrictions.

Fund Management

Portfolio Manager

Simon Lack

  • Founder and Managing Partner, SL Advisors, LLC
  • Portfolio Manager since Fund inception
  • Former Managing Director, JPMorgan Global Trading Division
  • Former CEO, JPMorgan Incubator Funds, seeding emerging hedge funds
  • Author of The Hedge Fund Mirage: The Illusion of Big Money and Why It’s Too Good to Be True (January 2012) and Bonds Are Not Forever: The Crisis Facing Fixed Income Investors (September 2013)
Co-Portfolio Manager

Henry Hoffman

  • Former Analyst for PNC Capital Advisors and private equity real estate Analyst for PNC Realty Investors.
  • B.S in Economics and Minor in Chemistry from Duke University

Fund Overview

Data as of: 2024-05-16T00:00:00

Share Class Class A Class C Class I Class A w/ Sales Load
CUSIP 628255382 628255374 628255366 628255382
Inception Date 2021-08-18T00:00:00 2021-08-18T00:00:00 2021-08-18T00:00:00 2021-08-18T00:00:00
As of Date 2024-05-16T00:00:00 2024-05-16T00:00:00 2024-05-16T00:00:00 2024-05-16T00:00:00
Daily NAV 10.9 10.74 10.92 10.9
NAV Change -0.01 -0.02 -0.02 -0.01
% NAV Change -0.09% -0.19% -0.18% -0.09%

Current Fund Performance

Data as of: 2024-05-16T00:00:00

Share Class 1 Month 3 Months 6 Months YTD 1 Year 3 Years Annualized 5 Years Annualized 10 Years Annualized Since Inception Annualized
Class A 4.21% 5.83% 14.38% 6.34% 18.04% N/A N/A N/A 3.87%
Class C 4.07% 5.60% 13.89% 6.02% 17.00% N/A N/A N/A 3.03%
Class I 4.10% 5.81% 14.47% 6.43% 18.30% N/A N/A N/A 4.11%
Class A w/Sales Load -1.80% -0.27% 7.81% 0.18% 11.20% N/A N/A N/A 1.65%

The maximum sales charge for Class “A” Shares is 5.75%. Class “C” Shares held for less than one year are subject to a 1% CDSC. Performance is historic and does not guarantee future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month end performance information or the fund’s prospectus please call 800-253-0412 or visit www.RationalMF.com.

Quarterly Fund Performance

Data as of Quarter End: 2024-03-31T00:00:00

Share Class 1 Month 3 Months 6 Months YTD 1 Year 3 Years Annualized 5 Years Annualized 10 Years Annualized Since Inception Annualized
Class A 4.99% 6.73% 16.38% 6.73% 13.45% N/A N/A N/A 4.20%
Class C 4.96% 6.61% 16.00% 6.61% 12.51% N/A N/A N/A 3.40%
Class I 4.98% 6.82% 16.47% 6.82% 13.71% N/A N/A N/A 4.45%
Class A w/Sales Load -1.09% 0.55% 9.73% 0.55% 6.93% N/A N/A N/A 1.87%

*Inception: 08/18/2021

Fund Expenses

Data as of: 2024-05-16T00:00:00

Share Class Class I Class A Class C Class A w/ Sales Load
Prospectus Gross Expense Ratio (May 1, 2024) 4.69% 4.94% 5.46% 4.94%
Prospectus Net Expense Ratio* (May 1, 2024) 1.27% 1.52% 2.27% 1.52%

* Rational Advisors, Inc., has contractually agreed to waive all or a portion of its management fee and/or reimburse certain operating expenses of the Fund to the extent necessary in order to limit the Total Annual Fund Operating Expenses (but excluding: (i) acquired fund fees and expenses; (ii) brokerage commissions and trading costs; (iii) interest (including borrowing costs and overdraft charges); (iv) taxes; (v) short sale dividends and interest expenses; and (vi) non-routine or extraordinary expenses (such as litigation or reorganizational costs) to not more than 1.19%, 1.44%, and 2.19% of the daily net assets of the Fund’s Institutional, Class A, and Class C shares, respectively, through April 30, 2025.

Past performance is not a guarantee of future results.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Rational Funds. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling (800) 253-0412 or at www.RationalMF.com. The prospectus should be read carefully before investing. The Rational Funds are distributed by Northern Lights Distributors, LLC member FINRA/SIPC. Rational Advisors, Inc. and ReSolve Asset Management Inc. are not affiliated with Northern Lights Distributors, LLC.

Investing in the Fund carries certain risks. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio. Investing in the commodities markets (directly or indirectly) may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions. Derivatives are investments in which the value is "derived" from the value of an underlying asset, reference rate, or index. The value of derivatives may rise or fall more rapidly than other investments. For some derivatives, it is possible to lose more than the amount invested in the derivative. Emerging market securities tend to be more volatile and less liquid than securities traded in developed countries. The Fund is diversified and may invest a greater percentage of its assets in a particular issue and may own fewer securities than other mutual funds.


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