Investment objective & strategy
As of Oct. 27, 2025 · prospectusObjective. Long-term capital appreciation.
Strategy. The Fund seeks to achieve its investment objective through investments in: (i) domestic equity securities of any market capitalization; (ii) investment companies (mutual funds, closed-end funds and ETFs), sometimes referred to in this Prospectus as ?Underlying Funds;? including investment companies that use leverage and (iii) cash and cash equivalents and put and call options. The Adviser (as defined below) uses the HCM BuyLine (?HCM-BuyLine ?), its proprietary quantitative investment model, to determine when the Fund should be in or out of the market. The HCM-BuyLine uses trend analysis to help identify the broad trend in the equity market. When the trend is down, the Adviser reduces the Fund?s exposure to equities, and, when the trend is up, the Adviser increases … The Fund seeks to achieve its investment objective through investments in: (i) domestic equity securities of any market capitalization; (ii) investment companies (mutual funds, closed-end funds and ETFs), sometimes referred to in this Prospectus as ?Underlying Funds;? including investment companies that use leverage and (iii) cash and cash equivalents and put and call options. The Adviser (as defined below) uses the HCM BuyLine (?HCM-BuyLine ?), its proprietary quantitative investment model, to determine when the Fund should be in or out of the market. The HCM-BuyLine uses trend analysis to help identify the broad trend in the equity market. When the trend is down, the Adviser reduces the Fund?s exposure to equities, and, when the trend is up, the Adviser increases the Fund?s exposure to equities. The Adviser uses its discretion to make tactical allocations and determine how much the Fund will be in or out of the market based on the strength of the trend identified by the HCM-BuyLine . When the Fund is out of the market, it invests in cash and cash equivalents and/or put options to hedge the portfolio?s equity securities and to reduce volatility. Put options generally have an inverse relationship to the underlying security on which the option is held. When the Fund in in the market, it invests in equity securities and/or call options. Call options generally have a direct relationship to the underlying security on which the option is held. The Fund may be invested from 0-100% in cash and cash equivalents and/or put and call options and 0-100% in equities depending on the strength of the trend identified by the HCM-BuyLine . To respond to adverse market, economic, political or other conditions, the Adviser may temporarily hold more cash and cash equivalents than indicated by the HCM-BuyLine . The Fund invests in equity securities of companies in sectors selected by the HCM-BuyLine , which indicates which sectors are outperforming other sectors at any given time based on the Adviser?s proprietary strength criteria. The Fund is heavily growth oriented and designed to maximize returns through investing in any combination of sectors, asset classes, and sub-sectors as determined by the HCM-BuyLine .
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| iShares Trust ISHARES 0-3 MONTH TREASURY BOND ETF | SGOV | $413.26M | 23.03% |
| STATE STREET SPDR BLOOMBERG 1-3 MONTH T-BILL ETF MUTUAL FUND | BIL | $413.23M | 23.03% |
| OPTION | QQQ | $319.87M | 17.82% |
| VANGUARD MEGA CAP GROWTH ETF CL ETF SHARES USD INC 0.00000000 | MGK | $167.08M | 9.31% |
| BBH SWEEP VEHICLE | — | $105.99M | 5.91% |
| Fundstrat Granny Shots US Large Cap ETF | GRNY | $93.18M | 5.19% |
| VANGUARD GRW ETF | VUG | $63.00M | 3.51% |
| Vanguard Small-Cap Growth ETF | VBK | $55.37M | 3.09% |
| V/E SEMICONDUCT | SMH | $54.02M | 3.01% |
| iShares Semiconductor ETF | SOXX | $53.70M | 2.99% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| HCM Multi-Asset Plus Fund · HCMEX, HCMKX, HCMLX | 66% | 1.39% |
| HCM Sector Plus Fund · HCMNX, HCMWX, HCMPX, HCMQX, HCMZX | 47% | 1.72% |
| HCM Dynamic Income Fund · HCMFX, HCMBX, HCMUX | 46% | 1.97% |
Advisers
| Firm | Role |
|---|---|
| Howard Capital Management, Inc. | Adviser |
Footnotes
- Expense ratio as of October 27, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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