AXS Market Neutral Investor Class
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- AXS Market Neutral Investor Class (COGMX) is the investor share class of the AXS Market Neutral Fund, a mutual fund that seeks long-term growth of capital independent of stock market direction through a market-neutral strategy involving balanced long and short positions in equity securities of U.S. companies. The fund employs a pairs trading approach by purchasing undervalued equities likely to appreciate while borrowing and selling short overvalued equities expected to decline, utilizing leverage such as borrowings and short positions to potentially enhance returns; it targets beta-adjusted market neutrality to mitigate general market fluctuations, with holdings across 229 positions as of recent data. Investor shares feature a ticker of COGMX, CUSIP of 46141T224, inception date of December 31, 2012, annual distributions, management fees of 1.40%, total annual operating expenses of 4.76% (including dividend expenses on short sales, borrowing costs, and brokerage at 2.18%), net expenses of 3.95%, and capped fees/expenses of 1.70% until January 31, 2025, corresponding institutional shares (COGIX) maintain a parallel structure with adjusted expense ratios. The fund operates within the alternative investment segment of the asset management industry, focusing on U.S. equity markets and serving retail and institutional investors seeking diversification and reduced market correlation. AXS Investments, the adviser and part of Investment Managers Series Trust II headquartered in Port Chester, New York, manages the fund alongside sub-advisory input, originally launched by Cognios Capital as a no-load product with a $1,000 minimum investment. In a significant recent development, as of March 28, 2025, the AXS Market Neutral Fund ceased operations and liquidated its assets, marking the closure of both investor (COGMX) and institutional (COGIX) share classes. Prior to liquidation, AXS Investments had acquired the award-winning market-neutral strategy from Cognios Capital, integrating it into its lineup of investor-friendly ETFs and mutual funds emphasizing alternative exposures. The fund maintained operations across the United States with no specified international geographic focus beyond U.S. equities.