MAI Funds

MAI Investment Management provides innovative, targeted investment solutions, communication and support to financial advisors and institutions.

MAI Managed Volatility Fund

Performance %

MAI Managed Volatility Fund

Previous Quarter Ending: 03/31/2024

Fund Name3 Mo6 MoCYTD1 Yr3 Yr5 Yr10 YrSince Inception*
MAI Managed Volatility Fund - Institutional2.096.792.099.545.776.655.536.04
S&P 500 Index10.5623.4810.5629.8811.4915.0512.9614.27

*Since Inception Date: 09/23/2010

MAI Managed Volatility Fund

Performance as of: 04/30/2024

Fund Name1 Mo3 Mo6 MoCYTD1 Yr3 Yr5 Yr10 YrSince Inception*
MAI Managed Volatility Fund - Institutional-0.760.475.751.327.395.186.225.395.95
S&P 500 Index-4.084.2920.986.0422.668.0613.1912.4113.83

*Since Inception Date: 09/23/2010

MAI Managed Volatility Fund

Performance as of: 05/24/2024

Fund NameNAV $NAV Change%YTD Return%
MAI Managed Volatility Fund - Institutional14.610.002.86

*Since Inception Date: 09/23/2010

MAI Managed Volatility Fund

Previous Quarter Ending: 03/31/2024

Fund Name3 Mo6 MoCYTD1 Yr3 Yr5 Yr10 YrSince Inception*
MAI Managed Volatility Fund - Investor1.986.671.989.265.516.385.265.73
S&P 500 Index10.5623.4810.5629.8811.4915.0512.9613.75

*Since Inception Date: 12/02/2010

MAI Managed Volatility Fund

Performance as of: 04/30/2024

Fund Name1 Mo3 Mo6 MoCYTD1 Yr3 Yr5 Yr10 YrSince Inception*
MAI Managed Volatility Fund - Investor-0.790.375.541.187.134.925.955.125.63
S&P 500 Index-4.084.2920.986.0422.668.0613.1912.4113.31

*Since Inception Date: 12/02/2010

MAI Managed Volatility Fund

Performance as of: 05/24/2024

Fund NameNAV $NAV Change%YTD Return%
MAI Managed Volatility Fund - Investor15.300.002.72

*Since Inception Date: 12/02/2010

The net expense ratio for Institutional Shares (MAIPX) is 1.01% and the gross expense ratio is 1.06%. The Adviser has contractually agreed to waive its fee and/or reimburse expenses to limit total operating expenses until January 1, 2025. Otherwise, performance displayed would have been lower. Indexes are unmanaged, do not incur management fees, costs and expenses, and cannot be invested in directly.

Performance data quoted represents past performance and is no guarantee of future results. Periods greater than one year are annualized. Returns include operating expenses and reinvested distributions. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Performance shown reflects fee waivers. Without such waivers, total return would be reduced.

The net expense ratio for Investor Shares (DIVPX) is 1.29% and the gross expense ratio is 7.61%. The Adviser has contractually agreed to waive its fee and/or reimburse expenses to limit total operating expenses until January 1, 2024. Otherwise, performance displayed would have been lower. Indexes are unmanaged, do not incur management fees, costs and expenses, and cannot be invested in directly.

Performance data quoted represents past performance and is no guarantee of future results. Periods greater than one year are annualized. Returns include operating expenses and reinvested distributions. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Performance shown reflects fee waivers. Without such waivers, total return would be reduced.

MMAI Invest MAIPX Handout April 2024
Mai Managed Volatility Fund Holdings 32824

The Managed Volatility Strategy aims to:

  •  Enhance risk-adjusted return potential
  •  Deliver alpha* over a full market cycle
  •  Provide access to differentiated return stream opportunities (Variance Risk Premia**)

*Alpha is the arithmetic mean of the excess return of the manager over a risk-adjusted market benchmark
**Variance risk premia represents compensation option sellers earn by providing protection to option buyers. Selling an option is not a bet that realized volatility will decrease; it is a bet that realized volatility will remain below the option’s implied volatility

Active Management

The PM Team actively manages the portfolio based on market conditions and implied volatility levels; not passive, systemic rules.

Focus on Options

Dynamic option portfolio of covered calls and cash-secured puts varies by strike price and expiration date.

Optimized Collateral

Individual stocks and cash (may include T-bills and money market funds) are used to collateralize the option writing; no leverage is utilized.

 

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Morningstar Rating is for the Institutional Class only; other classes may have different performance characteristics.

©2024 Morningstar, Inc. All Rights Reserved. The information herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. The prospectus should be read carefully before investing.

Option risks include, but are not limited to, the possibility of an imperfect correlation between the movement in the options’ prices and that of the securities/indices hedged (or used for cover), which may render a given hedge unable to achieve its objective; possible loss of the premium paid for options; and potential inability to benefit from the appreciation of an underlying security above the exercise price.

An investment in the Fund is subject to risk, including the possible loss of principal amount invested. The Fund may invest in securities issued by smaller and medium-sized companies, which typically involves greater risk than investing in larger, more established companies. Selling Call Options risk occurs if the Fund is required to sell an underlying security and forego gains if the price exceeds the exercise price before expiration date. Selling Put Options risk is that the Fund will incur a loss from the sale of the option and the security’s current market value if selling put options of an underlying security at a market price below the exercise price. Investing in hedging instruments, such as options, may result in losses that are much greater than their original cost. ADRs (American Depositary Receipt) may be subject to international trade, currency, political, regulatory and diplomatic risks. The Fund is also subject to other risks, such as Fixed-Income Securities risk, which are detailed in the Fund’s prospectus.

A call is an option contract giving the owner the right (but not the obligation) to buy a specified amount of an underlying security at a specified price within a specified time. A put is an option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying asset at a set price within a specified time.

The MAI Managed Volatility Fund is distributed by Foreside Fund Services, LLC.

MAIPX MORNINGSTAR RATINGSTM (AS OF 4/30/24)

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MAIPX earned 4 stars for the Morningstar Overall Rating among 232 funds in the U.S.-domiciled Options Trading category, 3 stars for 3-year rating among 232 funds, 3 stars for 5-year rating among 111 funds, and 4 stars for 10-year rating among 35 funds. Ratings are based on risk-adjusted returns

Morningstar assigns MAIPX to its Options Trading category. MAI does not pay to be included in this category or any ranking of funds. MAI does pay Morningstar approximately $17,000 annually for the commercial right to present their proprietary star ratings and category data.

Fund Objectives

Income & long term capital appreciation.

INSTITUTIONAL CLASS

MAIPX

INCEPTION

September 23, 2010

INVESTOR CLASS

DIVPX

INCEPTION

December 2, 2010

We look forward to learning about your investment goals.

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