SilverPepper Commodity Strategies Global Macro Fund (SPCIX)
Global Macro is an investment strategy that is defined by its freedom to trade both long and short positions in an array of asset classes and investment instruments located anywhere in the world. Under normal market conditions, the advisor expects to primarily invest in securities and instruments that provide investment exposure to a variety of countries and regions throughout the world, including both developed and emerging markets.
Fund Info
| ISIN | US46141P7502 |
|---|---|
| CUSIP | 46141P750 |
| Issuer | SilverPepper |
| Inception Date | Oct 30, 2013 |
| Category | Commodities |
| Min. Investment | $5,000 |
| Asset Class | Commodity |
Expense Ratio
SPCIX has a high expense ratio of 1.94%, indicating higher-than-average management fees.
Share Price Chart
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Popular comparisons: SPCIX vs. BUFF
Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in SilverPepper Commodity Strategies Global Macro 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 | 25.82% |
| 1 month | N/A | 3.20% |
| 6 months | N/A | 14.94% |
| 1 year | N/A | 35.92% |
| 5 years (annualized) | N/A | 14.22% |
| 10 years (annualized) | N/A | 11.43% |
Monthly Returns
The table below presents the monthly returns of SPCIX, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | -1.63% | -4.98% | -0.63% | -1.92% | -5.70% | 2.76% | 2.52% | -2.46% | -1.51% | 0.34% | -12.61% | ||
| 2022 | 8.30% | 3.89% | 8.98% | 2.16% | 0.86% | -10.48% | 1.38% | 1.89% | -8.45% | -2.36% | 32.07% | -25.61% | 2.63% |
| 2021 | 1.07% | 5.52% | -4.68% | 9.46% | 3.20% | 0.93% | 1.84% | -0.20% | 4.24% | 2.42% | -3.87% | 1.25% | 22.41% |
| 2020 | -6.79% | -2.91% | -5.46% | -0.72% | 2.03% | 0.71% | 6.22% | 6.13% | -4.27% | -1.18% | 6.76% | 4.60% | 3.95% |
| 2019 | 5.41% | 0.98% | -0.85% | -1.59% | -1.61% | 1.39% | -1.00% | -2.38% | 0.90% | 1.53% | -2.13% | 3.94% | 4.34% |
| 2018 | 2.35% | -3.29% | -1.13% | 1.72% | 2.25% | -3.75% | -1.83% | -1.28% | 0.36% | -1.65% | 2.03% | -4.12% | -8.31% |
| 2017 | 0.33% | -1.31% | -1.66% | -1.68% | -2.06% | -0.70% | 2.00% | 0.81% | 0.80% | 1.25% | -0.67% | 0.86% | -2.12% |
| 2016 | -0.46% | -0.23% | 1.51% | 0.69% | -1.48% | 3.00% | -0.22% | -1.57% | 1.71% | 0.45% | 0.78% | 1.11% | 5.30% |
| 2015 | -0.43% | -1.72% | -1.42% | 1.11% | -0.11% | 0.33% | -2.52% | -0.67% | -1.13% | -0.23% | -0.57% | 0.00% | -7.16% |
| 2014 | -0.30% | 0.00% | 0.50% | 0.00% | 0.10% | 0.70% | -0.69% | 0.00% | -1.59% | -0.61% | -1.43% | -3.41% | -6.59% |
| 2013 | 0.10% | 0.00% | 0.10% |
Risk-Adjusted Performance
Risk-Adjusted Performance Indicators
The charts below present risk-adjusted performance metrics for SilverPepper Commodity Strategies Global Macro Fund (SPCIX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.
Dividends
Dividend History
| Period | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|
| Dividend | $1.91 | $1.96 | $0.00 | $0.01 | $0.43 | $0.02 |
Dividend yield | 28.28% | 23.57% | 0.00% | 0.09% | 5.54% | 0.28% |
Monthly Dividends
The table displays the monthly dividend distributions for SilverPepper Commodity Strategies Global Macro 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 | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | $0.00 | $0.00 | $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 | $1.91 | $1.91 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.96 | $1.96 |
| 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 | $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 | $0.01 | $0.01 |
| 2018 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.43 | $0.43 |
| 2017 | $0.02 | $0.02 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
Worst Drawdowns
The table below displays the maximum drawdowns of the SilverPepper Commodity Strategies Global Macro 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 Commodity Strategies Global Macro Fund was 36.30%, occurring on May 31, 2023. The portfolio has not yet recovered.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -36.3% | Dec 2, 2022 | 123 | May 31, 2023 | — | — | — |
| -29.07% | Jun 23, 2014 | 1484 | May 13, 2020 | 246 | May 5, 2021 | 1730 |
| -21.35% | Apr 19, 2022 | 130 | Oct 21, 2022 | 27 | Nov 30, 2022 | 157 |
| -8.46% | Oct 26, 2021 | 36 | Dec 15, 2021 | 24 | Jan 20, 2022 | 60 |
| -7.45% | Mar 9, 2022 | 6 | Mar 16, 2022 | 20 | Apr 13, 2022 | 26 |
Volatility
Volatility Chart
The current SilverPepper Commodity Strategies Global Macro Fund volatility is 0.17%, 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.