SilverPepper Merger Arbitrage Fund (SPAIX)
Under normal circumstances, the fund invests primarily in equity securities of U.S. and Canadian issuers, which may include American Depository Receipts ("ADRs"). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. Under normal market conditions, it will primarily invest using merger arbitrage strategies.
Fund Info
| ISIN | US46141P7353 |
|---|---|
| CUSIP | 46141P735 |
| Issuer | SilverPepper |
| Inception Date | Oct 30, 2013 |
| Category | Event Driven |
| Min. Investment | $5,000 |
| Asset Class | Alternatives |
Expense Ratio
SPAIX has a high expense ratio of 1.99%, indicating higher-than-average management fees.
Share Price Chart
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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in SilverPepper Merger Arbitrage Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
Returns By Period
| Period | Return | Benchmark |
|---|---|---|
| Year-To-Date | N/A | 5.21% |
| 1 month | N/A | -4.30% |
| 6 months | N/A | 18.42% |
| 1 year | N/A | 21.82% |
| 5 years (annualized) | N/A | 11.27% |
| 10 years (annualized) | N/A | 10.33% |
Monthly Returns Heatmap
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 0.08% |
Risk-Adjusted Performance
Risk-Adjusted Performance Indicators
The charts below present risk-adjusted performance metrics for SilverPepper Merger Arbitrage Fund (SPAIX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.
Dividends
Dividend History
SilverPepper Merger Arbitrage Fund granted a 0.00% dividend yield in the last twelve months. The annual payout for that period amounted to $0.00 per share.
| Period | TTM | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.00 | $0.00 | $0.00 | $0.00 | $0.38 | $0.21 | $0.10 | $0.07 | $0.29 | $0.29 |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | 3.44% | 1.93% | 0.93% | 0.61% | 2.76% | 2.84% |
Monthly Dividends
The table displays the monthly dividend distributions for SilverPepper Merger Arbitrage Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2020 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2019 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.38 |
| 2018 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.21 |
| 2017 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.10 |
| 2016 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.07 |
| 2015 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.29 |
| 2014 | $0.29 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way.
Worst Drawdowns
The table below displays the maximum drawdowns of the SilverPepper Merger Arbitrage Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the SilverPepper Merger Arbitrage Fund was 17.67%, occurring on Mar 18, 2020. Recovery took 557 trading sessions.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -17.67% | Jan 7, 2020 | 50 | Mar 18, 2020 | 557 | Jun 2, 2022 | 607 |
| -3.37% | Sep 18, 2014 | 22 | Oct 17, 2014 | 29 | Nov 28, 2014 | 51 |
| -2.88% | May 2, 2023 | 11 | May 16, 2023 | 19 | Jun 13, 2023 | 30 |
| -2.46% | Dec 30, 2013 | 82 | Apr 28, 2014 | 30 | Jun 10, 2014 | 112 |
| -1.96% | Sep 10, 2018 | 74 | Dec 24, 2018 | 26 | Feb 1, 2019 | 100 |
Volatility
Volatility Chart
The current SilverPepper Merger Arbitrage Fund volatility is 0.88%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.