Infinity Q Diversified Alpha Fund Investor Class
IQDAX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- Trust for Advised Portfolios (Infinity Q)
- IPO Date
- Sep 30, 2014
- CIK
- 0001261788
- Similar Companies
- Business
- Infinity Q Diversified Alpha Fund Investor Class (IQDAX), a series of Trust for Advised Portfolios, seeks to generate positive absolute returns through exposure to alternative investment strategies including volatility trading, equity long/short positions, relative value arbitrage, and global macro approaches; the fund historically utilized a diversified portfolio of instruments such as bilateral over-the-counter swaps, variance swaps, options on indices like the Russell 2000, and other derivatives tied to equity, fixed income, credit, and volatility markets. Originally managed by Infinity Q Capital Management, LLC from its headquarters in New York prior to the 2021 events, the fund targeted institutional and retail investors seeking absolute returns uncorrelated with traditional markets. The Investor Class shares (IQDAX) complemented the Institutional Class (IQDNX), with operations focused on U.S. investors through daily net asset value redemptions until suspension. In February 2021, following revelations that Infinity Q Capital Management's Chief Investment Officer James Velissaris had fraudulently manipulated third-party pricing models to overvalue certain swaps comprising up to 25% of the fund's approximately $1.8 billion NAV, the U.S. Securities and Exchange Commission ordered suspension of redemptions and mandated liquidation of the fund's assets. Velissaris was indicted in 2022 for securities fraud, obstruction of justice, and related charges, pleading guilty and receiving a 15-year prison sentence in April 2023; the fund cooperated with SEC, CFTC, and U.S. Attorney probes, leading to independent revaluations by Alvarez & Marsal confirming NAV overstatements exceeding 30% in late 2020. Under a court-approved Plan of Distribution initiated in November 2021, the fund has executed multiple interim distributions totaling over $1 billion to shareholders, including a $170 million second distribution in 2022, a $25 million income distribution in December 2023, and a $487 million fourth interim distribution approved in March 2024 and paid in April 2024, leaving a Special Reserve of approximately $100 million as of early 2024 (with total assets at $111.7 million as of February 2025). In November 2022, the fund settled SEC claims under Rule 22c-1 without admitting antifraud violations, appointing Special Master Andrew M. Calamari in January 2023 to oversee remaining distributions; securities class actions settled in December 2023 for up to $48 million (separate from fund assets), with class payments commencing March 2025. Recent developments include the fund's Special Litigation Committee filing a complaint in April 2024 against U.S. Bancorp Fund Services and EisnerAmper for alleged failures in oversight, with discovery ongoing through October 2025; a federal court granted a permanent injunction in November 2024 barring further lawsuits against the fund and indemnitees, appealed by opt-out plaintiffs in December 2024 (pending in Second Circuit as of August 2025). Ongoing litigation, including dispositive motions due September 2025 in the opt-out suit, delays final liquidation and distribution from the Special Reserve, with monthly reports available through September 2025 showing continued asset management. The fund operates under federal court supervision in the Southern District of New York, with no active investment operations and a focus solely on equitable shareholder distributions.