MAI Managed Volatility Fund
MAIPX
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- MAI Managed Volatility Fund Institutional Shares (MAIPX) is an open-end mutual fund that seeks income and long-term capital appreciation through a diversified portfolio of primarily dividend-paying domestic equity securities in mega-, large-, and mid-cap companies, supplemented by an options overlay strategy involving the sale of covered call options and cash-secured put options on equities, indices, and exchange-traded funds (ETFs); it also invests in investment-grade fixed-income securities with maturities generally under two years, U.S. Treasury securities, money market funds, and cash equivalents, targeting 45-55% equity allocation under normal market conditions to manage volatility while generating premium income and downside protection. The fund offers Institutional Class shares (MAIPX) with a minimum initial investment of $50,000 and Investor Class shares (DIVPX) with a minimum of $2,500, featuring expense caps of 0.99% and 1.24% respectively through January 1, 2026 after waivers by its adviser. Launched on September 23, 2010, as a series of Forum Funds, the fund is domiciled in the United States with legal address at Three Canal Plaza, Suite 600, Portland, ME 04101, and is managed by MAI Capital Management, LLC, headquartered at 6050 Oak Tree Blvd., Suite 500, Cleveland, OH 44131. The fund's equity holdings focus on total return-oriented stocks such as Microsoft Corp., Apple Inc., and Merck & Co Inc., alongside significant allocations to U.S. government obligations, Treasury notes and bills, and cash equivalents; its options strategy emphasizes out-of-the-money contracts with short durations under 10 weeks on average to capture premiums contributing over 5% to annual portfolio income, primarily short-term capital gains, while limiting upside in sharply rising markets but enhancing protection in declines. MAI Capital Management, the adviser since inception, employs a fundamental total return approach using proprietary research, company filings, management communications, and third-party analysis to select undervalued securities based on dividend yield, price-to-earnings, return on assets, and price-to-book ratios; portfolio managers include Richard J. Buoncore (since 2010), Kurt D. Nye (since 2013), and Michael Marrapese (since December 2024), with the fund's assets under management at approximately $217 million as of late 2025 and low portfolio turnover of 6%. Recent developments include the addition of Michael Marrapese as co-portfolio manager in December 2024, enhancing the team's expertise following his prior role at MarketCipher; the adviser, MAI Capital Management, has pursued aggressive expansion through 15 acquisitions since January 2024 and strategic partnerships such as with Evoke Advisors in October 2025, scaling to over $60 billion in total assets under management across its RIA platform while bolstering services in wealth management, financial planning, and institutional advisory. These moves support the fund's operations amid ongoing leadership realignments at the adviser in 2024 to drive efficiency and client-focused growth.