SilverPepper Commodity Strategies Global Macro Fund- Advisor Class
SPCAX
NASDAQ- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Global
- Address
- Investment Managers Ser Tr(SilverPepper)
- IPO Date
- Nov 1, 2013
- CIK
- 0001318342
- Similar Companies
- Business
- SilverPepper Commodity Strategies Global Macro Fund-Advisor Class (SPCAX) is a mutual fund that seeks returns largely uncorrelated with traditional stock and bond markets through a commodities-based global macro investment strategy; it also pursues capital appreciation. The Fund, a series of Investment Managers Series Trust, primarily invests in derivatives including commodity futures, options on futures, forward foreign currency contracts, and other instruments providing exposure to commodities such as cocoa, coffee, corn, cotton, livestock, oilseeds, wheat, copper, gold, silver, natural gas, crude oil, and related assets; it employs long and short positions across asset classes including foreign exchange (20%-40% risk contribution), fixed income (10%-20%), and global equities (0%-10%), with commodities typically comprising 60%-100% of risk, all viewed through a proprietary "commodities lens" that assesses global supply-demand dynamics, geopolitical events, economic cycles, demographics, and weather patterns to develop 3-5 investment themes. Sub-advised by Galtere Inc. since inception, the Fund leverages Galtere's fingernails-in-the-dirt research from proprietary 600-acre agriculture and energy R&D centers in Minnesota, boots-on-the-ground supply chain analysis, and global contacts to identify entry/exit points via technical price models, value zones, dollar stops (2% per position), risk collars, correlation sensitivity, and value-at-risk metrics; up to 25% of assets may be held in a Cayman Islands subsidiary for derivatives exposure to maintain regulated investment company status. The Fund holds significant U.S. Treasury Bills and cash equivalents for collateral, targets investment-grade bonds of any maturity from U.S. government, sovereign, and corporate issuers, and operates globally across developed and emerging markets in at least three non-U.S. countries. Launched October 31, 2013, with headquarters for advisor SilverPepper LLC at 332 Skokie Valley Road, Suite 224, Highland Park, Illinois, the Fund distributed by IMST Distributors, LLC, had net assets of $155.6 million as of December 31, 2022 (78.6% U.S. government/agencies, 1.8% purchased options, 0.6% short-term investments). In September 2023, the Board approved liquidation effective October 31, 2023, closing the Fund to new investments to facilitate orderly wind-down into cash and liquid assets, with final distributions to remaining shareholders; prior to closure, SilverPepper LLC contractually capped Advisor Class expenses at 2.24% (through October 31, 2032, subject to reimbursement conditions).