The Steben Managed Futures Strategy Fund is a multi-advisor mutual fund. The Fund’s objective is to seek positive long-term absolute returns with a low correlation to broad equity and fixed income market returns. The Fund is comprised of an actively-managed allocation to select managed futures trading advisors and a fixed income allocation, achieved within a cost efficient structure that does not charge any performance fees.
Traditional investments, such as stocks and bonds, tend to appreciate only when asset values rise. There are multiple economic scenarios, such as periods of rising interest rates and economic contraction, during which the value of traditional growth investments can be negatively impacted for sustained periods of time.
Managed futures funds are not solely dependent on rising earnings, a prosperous economy or good news to generate profits. Since the Fund’s trading advisors can take both long and short positions in futures markets around the globe, they can seek potential returns in both rising and falling markets.
Steben is the Investment Adviser and is responsible for the due diligence, selection and oversight of the Fund’s trading advisors. Steben can increase or reduce the allocation to any of the trading advisors at any time and may terminate a trading advisor at any given time. Steben also oversees the delivery of performance reporting, regular fund updates, and tax reporting information.
Since 1989, Steben has specialized in screening and selecting managed futures trading advisors. Our flagship managed futures fund has operated continuously since 1990. Our deeply experienced research and risk management team is responsible for running the quantitative and qualitative screening process to cull the universe of potential managers down to the select few with whom we invest. This team brings extensive due diligence and audit experience from such firms as Merrill Lynch, FRM/MAN and Ernst & Young.
Steben & Company was founded in 1989.
The Steben Managed Futures Strategy Fund commenced operations on April 1, 2014.
Both investment vehicles can offer the non-correlation characteristics of managed futures. A limited partnership typically offers monthly liquidity whereas a mutual fund offers daily liquidity. Limited partnerships are generally restricted to high net worth investors (i.e. accredited), typically with high investment minimums. Mutual funds are available to a broader range of investors, with lower minimum investment amounts. Tax reporting for limited partnerships is delivered via a schedule K-1, while most mutual funds deliver tax reporting via a Form 1099. Investing in a limited partnership requires the investor to fill out a subscription document, whereas investing in a mutual fund does not.
Trading advisors can trade futures and forward contracts in over 200 global markets including currencies, energy, interest rates, equity indices and precious metals. The Fund may access both trend and non-trend following systems. Trend following strategies pursue sustained price trends, regardless of market direction, whereas non-trend strategies tend to focus on other economic models and systems, as well as other time frames.
The Steben Managed Futures Strategy Fund is a multi-advisor fund. This means it does not rely on one trading advisor's system to generate returns (single manager approach). A multi-advisor fund diversifies investor assets across a set of trading advisors selected to manage the Fund's assets towards its stated investment objectives.
In contrast to similar funds, the Steben Managed Futures Strategy Fund has a highly competitive fee structure with no performance fees charged by the underlying trading advisors or by Steben, the Investment Adviser.
The Steben & Company manager selection process is guided by over 30 years of experience. It uses advanced quantitative and qualitative criteria to find what we believe to be the best futures trading advisors from around the world.
Of the hundreds of trading advisors available, only a small number fit our rigorous selection criteria. The Steben Investment Committee has the ability to change allocations, add or remove trading advisors at any time.
Since it is a mutual fund, it has daily liquidity.
The Fund is available in 4 share classes: Class A, C, I and N. For more detailed information on the structure and fees of the different classes, please see the prospectus.
|Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)
|Maximum Deferred Sales Charge (Load) (as a % of original purchase price)
|Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions
|Redemption Fee (as a % of amount redeemed, if sold within 30 days)
(1) If purchase $1 million or more and redeem within 18 months.
|Less than $25,000
|$25,000 – $49,999
|$50,000 – $99,999
|$100,000 – $249,999
|$250,000 – $499,999
| $500,000 – $999,999
|$1,000,000 and Over (c)
(a) Offering price includes the front-end sales load. The sales charge you pay may differ slightly from the amount set forth above because of rounding that occurs in the calculation used to determine your sales charge.
(b) During certain periods, the Distributor may pay 100% of the sales charge to participating dealers. Otherwise, it will pay the dealer concession shown above.
(c) A selling broker may receive commissions on purchases of Class A shares over $1 million calculated as follows: 1.00% on purchases between $1 million and $3 million, 0.50% on amounts over $3 million but less than $5 million, 0.25% on amounts over $5 million. The commission rate is determined based on the purchase amount combined with the current market value of existing investments in Class A shares.
The Fund pays annual dividends, and does not anticipate paying monthly or quarterly income. It should not be considered an income producing investment vehicle. If an annual dividend is distributed, an investor may choose to reinvest the funds or have them paid out. If investing directly, this option is selected when filling out the Fund’s application form. If investing in a brokerage account, the option is selected through your brokerage account.
If you are buying shares through your financial advisor in a brokerage account, no additional paperwork should be needed. If you are buying shares directly, you will need to complete an investor application, which can be found on the Fund Materials page on this website.
Yes. You can buy Fund shares directly. To do so, please call 855.775.5571.
US Bank, N.A. is the Fund’s custodian.
If your Fund shares are held in a brokerage account, the value of your investment is priced daily and will appear on your brokerage firm's monthly statement or online account.
If you purchased Fund shares directly, you will receive a monthly statement or you can check the current value any time by contacting the Fund at 855.775.5571.
In addition, regardless of where your Fund shares are held, the daily net asset value (NAV) will be published on this website as well as on most major quote services.
Investors will receive a trade confirmation and summary prospectus within several days of initial purchase via US mail. Daily NAV price changes are available on the Fund’s performance page on www.steben.com.
If you purchased Fund shares directly, you will receive monthly performance and holding statements from Steben & Company. You will also receive semi-annual shareholder reports that will include the Fund’s financial statements.