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Guggenheim Managed Futures Strategy Fund
mutual fund
RYIFX
Payout Change
Pending
Price as of:
$20.66
-0.12
-0.58%
primary theme
N/A
share class
RYIFX (Mutual Fund)
Guggenheim Managed Futures Strategy Fund
Payout Change
Pending
Price as of:
$20.66
-0.12
-0.58%
primary theme
N/A
share class
RYIFX (Mutual Fund)
Guggenheim Managed Futures Strategy Fund
Payout Change
Pending
Price as of:
$20.66
-0.12
-0.58%
primary theme
N/A
share class
Name
As of 12/27/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
1.6%
1 yr return
1.6%
3 Yr Avg Return
6.4%
5 Yr Avg Return
4.8%
Net Assets
$73.7 M
Holdings in Top 10
101.1%
52 WEEK LOW AND HIGH
$20.8
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.64%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 27.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/27/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
RYIFX - Profile
Distributions
- YTD Total Return 1.6%
- 3 Yr Annualized Total Return 6.4%
- 5 Yr Annualized Total Return 4.8%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.73%
- Dividend Yield 5.2%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameGuggenheim Managed Futures Strategy Fund
-
Fund Family NameGuggenheim
-
Inception DateMay 04, 2010
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMichael Byrum
Fund Description
The Fund seeks to achieve absolute returns. The Fund intends to invest in multiple proprietary and third-party investment strategies that seek to identify and profit from upcoming movements in any combination of global fixed income, currency, commodity, or equity markets.The strategies may be quantitative or fundamental in nature and may use market data and macroeconomic analysis to determine positions. The proprietary strategies may range from broad strategies that seek to provide exposure to all markets to focused strategies that seek to provide exposure to a single asset class, sector, or market.The Fund generally will take a long position in a particular asset class, sector or market that the Advisor expects to rise in value and generally will take a short position in a particular asset class, sector or market that the Advisor expects to fall in value. The Fund also may take a long position in a particular asset class, sector or market that the Advisor expects to fall in value and also may take a short position in a particular asset class, sector, or market that the Advisor expects to rise in value to manage the risk of the Fund’s positions and strategies.The Advisor sets both the long-term strategic weights across individual strategies, or group of strategies, as well as short-term tactical weightings, which may deviate from long-term strategic weights due to short-term market risks or opportunities. The Advisor will employ both quantitative and qualitative methods to assess and manage the level of risk and to seek to improve returns of the Fund over time. The Advisor in its discretion may establish long positions in excess of its short positions, and short positions in excess of its long positions; however, the Fund’s short positions will be fully covered consistent with applicable law at all times.The estimated risk of each position as measured by volatility, relative strengths of signals, certain macroeconomic views of the Advisor, and other factors, may be used to determine the relative size of positions. Risk-management strategies may be employed and seek to manage risk, improve returns over time, and mitigate declines in the market price of the Fund.The Fund will seek to implement its investment strategies by investing in: commodity, currency, equity, fixed income and other futures, forwards, options, and options on futures; exchange-traded funds (“ETFs”); other pooled investment vehicles that provide exposure to the commodity, currency, equity and fixed income futures markets; commodity, currency, and financial-linked instruments, such as swap agreements; exchange-traded notes (“ETNs”); and common stock. Certain of the ETFs and pooled investment vehicles in which the Fund may invest are managed and serviced by the Advisor and/or its affiliates. The Fund may purchase and sell options and futures contracts and swap agreements. Certain of the Fund's investments may expose the Fund to the risks of investing in emerging market countries.Investments in derivative instruments, such as futures, options, and forward contracts and swap agreements, have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Fund’s exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Fund’s portfolio. The value of the Fund’s portfolio is likely to experience greater volatility over short-term periods. While such financial leverage has the potential to produce greater gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage imposed by the Investment Company Act of 1940 (the “1940 Act”), satisfy margin or collateral requirements, or meet redemption requests. The Fund’s use of derivatives and the leveraged investment exposure created by such use are expected to be significant.The Fund’s derivatives investments will be used both to obtain exposure to the commodity, currency, equity, and fixed income markets and to manage risk and limit exposure created by certain of the Fund’s investments. Certain of the Fund’s derivatives investments may be traded in the over-the-counter (“OTC”) market. The Fund also intends to enter into short sales and invest in short positions of certain investments.The Fund expects, under normal circumstances, to buy debt securities to collateralize its derivatives investments, for liquidity purposes, or to enhance yield. The Fund may hold a diversified portfolio of fixed instruments of varying maturities, but that have an average duration of less than one year. In particular, the Fund may hold, without limitation, government money market instruments, such as U.S. Treasury securities and U.S. government agency discount notes and bonds with maturities of two years or less. In addition, the Fund may invest, without limitation, in bank obligations, which may include certificates of deposit, commercial paper, asset-backed commercial paper, unsecured bank promissory notes, bank loans, bankers’ acceptances, and time deposits. The Fund also may invest, without limitation, in other short-term instruments, such as loan participations, commercial paper, and repurchase agreements. The Fund will enter into repurchase agreements only with counterparties that are deemed to present acceptable credit risks. Bank obligations may be issued or backed by U.S. banks or be U.S. dollar-denominated obligations issued or guaranteed by foreign banks.The Fund may invest, without limitation, in U.S. dollar-denominated investment grade debt securities, and may invest no more than 20% of assets in high yield securities, which are debt securities that are rated below investment grade by nationally recognized statistical rating organizations, or are unrated securities that the Advisor believes are of comparable quality. The Fund also may invest, without limitation, in mortgage-backed securities or in other asset-backed securities, including to-be-announced transactions. The Fund may invest, without limitation, in U.S. dollar-denominated debt securities of foreign issuers, including emerging market issuers, and may invest up to 10% of its assets in sovereign and corporate debt securities denominated in foreign currencies. The Advisor may attempt, but is not obligated, to reduce foreign currency exchange rate risk by entering into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date (“forward contracts”). The Fund also may invest up to 25% of its assets in municipal securities.The Fund may invest a portion of its assets, and at times, a substantial portion of its assets, in other short-term fixed income investment companies advised by the Advisor, or an affiliate of the Advisor, for various purposes, including for liquidity management purposes (e.g., to increase yield on liquid investments used to collateralize derivatives positions) or when such investment companies present a more cost-effective investment option than direct investments in the underlying securities. Investments in these investment companies will significantly increase the portfolio’s exposure to certain other asset categories, including: (i) a broad range of high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization or, if unrated, determined by the Advisor to be of comparable quality (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) collateralized loan obligations (“CLOs”), other asset-backed securities (including mortgage-backed securities) and similarly structured debt investments; and (iv) other short-term fixed income securities. Such investments will expose the Fund to the risks of these asset categories and increases or decreases in the value of these investments may cause the Fund to deviate from its investment objective.Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in “managed futures.” For these purposes, managed futures are investments in commodity, currency, equity, and fixed income futures, and financial-linked instruments, as well as other instruments that in combination have economic characteristics similar or equivalent to those of commodity, currency, equity, and fixed income futures contracts. This is a non-fundamental policy that can be changed by the Fund upon 60 days’ prior notice to shareholders.The Fund may invest up to 25% of its total assets in a wholly-owned and controlled Cayman Islands subsidiary (the “Subsidiary”) as measured at the end of every quarter of the Fund's taxable year. The Subsidiary is advised by the Advisor and has the same investment objective as the Fund. Unlike the Fund, however, the Subsidiary may invest to a greater extent in commodity-linked derivative instruments. The Subsidiary’s investments in such instruments are subject to limits on leverage imposed by the 1940 Act. The Fund’s investment in the Subsidiary is expected to provide the Fund with an effective means of obtaining exposure (long or short) to the investment returns of global commodities markets.Because the Fund seeks to gain exposure to the commodity,currency, equity, and fixed income markets, the Fund, from time to time, may have significant indirect exposure through its derivatives investments to one or more of those markets or sectors comprising those markets.
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RYIFX - Performance
Return Ranking - Trailing
| Period | RYIFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 1.6% | -7.4% | 14.6% | 64.89% |
| 1 Yr | 1.6% | -16.1% | 36.5% | 60.22% |
| 3 Yr | 6.4%* | -7.9% | 13.3% | 57.30% |
| 5 Yr | 4.8%* | -5.3% | 10.0% | 67.47% |
| 10 Yr | 1.4%* | -2.4% | 4.3% | 67.86% |
* Annualized
Return Ranking - Calendar
| Period | RYIFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 2.7% | -16.4% | 12.9% | 73.12% |
| 2022 | 9.6% | -9.3% | 17.5% | 14.13% |
| 2021 | 2.9% | -25.8% | 2.2% | 45.35% |
| 2020 | -5.0% | -5.1% | 21.0% | 42.11% |
| 2019 | 7.4% | -20.3% | 4.6% | 95.77% |
Total Return Ranking - Trailing
| Period | RYIFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 1.6% | -7.4% | 14.6% | 64.89% |
| 1 Yr | 1.6% | -20.3% | 36.5% | 55.91% |
| 3 Yr | 6.4%* | -9.0% | 11.1% | 55.06% |
| 5 Yr | 4.8%* | -5.7% | 8.7% | 66.27% |
| 10 Yr | 1.4%* | -2.4% | 4.3% | 64.29% |
* Annualized
Total Return Ranking - Calendar
| Period | RYIFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 4.0% | -16.4% | 12.9% | 73.12% |
| 2022 | 15.0% | -9.3% | 17.5% | 14.13% |
| 2021 | 2.9% | -20.3% | 2.5% | 46.51% |
| 2020 | 2.3% | -5.1% | 21.0% | 50.00% |
| 2019 | 7.4% | -20.3% | 6.7% | 95.77% |
NAV & Total Return History
RYIFX - Holdings
Concentration Analysis
| RYIFX | Category Low | Category High | RYIFX % Rank | |
|---|---|---|---|---|
| Net Assets | 73.7 M | 2.12 M | 1.74 B | 76.60% |
| Number of Holdings | 101 | 3 | 876 | 53.19% |
| Net Assets in Top 10 | 36.4 M | -100 M | 2.04 B | 75.53% |
| Weighting of Top 10 | 101.06% | 20.3% | 94.0% | 66.67% |
Top 10 Holdings
- U.S. Treasury Bills 29.28%
- J.P. Morgan Securities LLC 19.59%
- Guggenheim Strategy Fund III 16.27%
- BofA Securities, Inc. 16.18%
- Guggenheim Strategy Fund II 11.50%
- Guggenheim Ultra Short Duration Fund - Institutional Class 7.17%
- SP/TSX 60 IX Index Futures Contracts 0.37%
- SP 500 Index Mini Futures Contracts 0.26%
- Copper Futures Contracts 0.26%
- British Pound Futures Contracts 0.17%
Asset Allocation
| Weighting | Return Low | Return High | RYIFX % Rank | |
|---|---|---|---|---|
| Other | 37.33% | 0.00% | 58.63% | 12.77% |
| Stocks | 34.95% | -1.78% | 72.26% | 68.09% |
| Bonds | 29.28% | -50.36% | 717.59% | 68.09% |
| Convertible Bonds | 0.09% | 0.00% | 2.27% | 25.53% |
| Preferred Stocks | 0.00% | 0.00% | 0.13% | 69.15% |
| Cash | 0.00% | -687.11% | 117.03% | 41.49% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | RYIFX % Rank | |
|---|---|---|---|---|
| Financial Services | 27.55% | 0.00% | 30.46% | 85.94% |
| Basic Materials | 13.23% | 0.00% | 12.01% | 75.00% |
| Technology | 12.15% | 0.00% | 45.08% | 15.63% |
| Energy | 9.06% | 0.00% | 6.41% | 85.94% |
| Industrials | 8.35% | 0.00% | 17.73% | 76.56% |
| Consumer Cyclical | 7.33% | 0.00% | 21.37% | 32.81% |
| Communication Services | 6.98% | 0.03% | 20.13% | 15.63% |
| Healthcare | 5.75% | 0.00% | 16.51% | 42.19% |
| Consumer Defense | 4.38% | 0.00% | 14.38% | 79.69% |
| Real Estate | 2.83% | 0.27% | 99.97% | 84.38% |
| Utilities | 2.39% | 0.00% | 4.63% | 65.63% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | RYIFX % Rank | |
|---|---|---|---|---|
| US | 34.95% | -5.85% | 56.89% | 41.49% |
| Non US | 0.00% | 0.00% | 40.59% | 65.96% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | RYIFX % Rank | |
|---|---|---|---|---|
| Securitized | 9.64% | 0.00% | 64.73% | 17.02% |
| Corporate | 7.62% | 0.00% | 31.20% | 20.21% |
| Government | 6.85% | 0.00% | 82.10% | 81.91% |
| Derivative | 1.56% | 0.00% | 63.99% | 59.57% |
| Municipal | 0.01% | 0.00% | 6.83% | 10.64% |
| Cash & Equivalents | 0.00% | 1.07% | 100.00% | 20.21% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | RYIFX % Rank | |
|---|---|---|---|---|
| US | 29.28% | -169.44% | 233.08% | 64.89% |
| Non US | 0.00% | -77.11% | 655.95% | 42.55% |
RYIFX - Expenses
Operational Fees
| RYIFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.64% | 0.75% | 12.88% | 72.04% |
| Management Fee | 1.04% | 0.65% | 2.99% | 13.83% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | 0.25% | 0.09% | 0.45% | 83.33% |
Sales Fees
| RYIFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| RYIFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 1.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| RYIFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 27.00% | 0.00% | 198.00% | 82.86% |
RYIFX - Distributions
Dividend Yield Analysis
| RYIFX | Category Low | Category High | RYIFX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 5.19% | 0.00% | 0.00% | 64.89% |
Dividend Distribution Analysis
| RYIFX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annually | Quarterly | Annually |
Net Income Ratio Analysis
| RYIFX | Category Low | Category High | RYIFX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.73% | -3.14% | 1.55% | 41.94% |
Capital Gain Distribution Analysis
| RYIFX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 17, 2024 | $1.062 | OrdinaryDividend |
| Dec 14, 2023 | $0.268 | OrdinaryDividend |
| Dec 14, 2022 | $1.017 | OrdinaryDividend |
| Dec 15, 2020 | $1.401 | OrdinaryDividend |
| Dec 13, 2017 | $0.902 | OrdinaryDividend |
| Dec 08, 2016 | $0.970 | OrdinaryDividend |
| Dec 10, 2015 | $0.622 | OrdinaryDividend |
| Dec 11, 2014 | $0.280 | OrdinaryDividend |
RYIFX - Fund Manager Analysis
Managers
Michael Byrum
Start Date
Tenure
Tenure Rank
Mar 02, 2007
15.26
15.3%
Michael P. Byrum, CFA, Senior Vice President—Mr. Byrum has been associated with the Security Investors since 1993. Mr. Byrum was the inaugural portfolio manager for many of the Rydex products, including the Rydex leveraged and inverse funds, sector fund lineup and alternative investment portfolios. Today, Mr. Byrum continues to play an instrumental role in product development and investment strategy at Guggenheim Investments and oversees the trading, research and portfolio management activities of the quantitative strategies team, which focuses on target beta, alternative and asset allocation strategies. He is the chairman of the Investment Strategy Committee and is a member of the Risk Management Committee and Credit Review Committee. Prior to joining the Security Investors， Mr. Byrum served in a brokerage capacity with Money Management Associates, the registered investment advisor to Rushmore Funds, Inc. He earned a B.S. in finance from the Miami University of Ohio. He also has earned the right to use the Chartered Financial Analyst® designation and is a member of the CFA Institute and the CFA Society of Washington.
Ryan Harder
Start Date
Tenure
Tenure Rank
Mar 14, 2008
14.22
14.2%
Ryan A. Harder, CFA, Managing Director and Portfolio Manager of Security Investors. Mr. Harder joined the Investment Manager in 2010.He also joined Rydex Investments in 2004 as an assistant portfolio manager, was promoted to portfolio manager in 2005 and has served in his current capacity since 2008. Prior to joining Rydex Investments, he served in various capacities with WestLB Asset Management, including as an assistant portfolio manager, and worked in risk management at CIBC World Markets.He holds a B.A. in Economics from Brock University in Ontario, Canada and a Master of Science in International Securities, Investment and Banking from the ICMA Centre at the University of Reading in the U.K. Harder holds the Chartered Financial Analyst designation.
John Marchelya
Start Date
Tenure
Tenure Rank
Mar 31, 2022
0.17
0.2%
John Marchelya, Ph.D., Director and Senior Research Analyst. Mr. Marchelya has co-managed the Managed Futures Strategy Fund since March 2022. As a senior research analyst, Mr. Marchelya works within the quantitative team to develop new strategies for alternative investments and asset allocation. Prior to joining Guggenheim Investments in 2011, Mr. Marchelya served as a senior researcher and portfolio manager at Campbell and Company, a Commodities Trading Advisor (CTA) in Baltimore, MD, where he worked for 12 years. Mr. Marchelya holds a Ph.D. in Operations Research from Johns Hopkins University, M.S. in Engineering-Economic Systems from Stanford University, and a B.S. in Engineering from the University of Illinois at Urbana-Champaign.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.16 | 14.09 | 5.41 | 5.06 |
