SilverPepper Commodity Strategies Global Macro Fund- Institutional Class
SPCIX
NASDAQ- -
USD
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Capital Structure
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in mil. unless spec.Quarterly Earnings Per Share
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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-Institutional Class (SPCIX) is a series of Investment Managers Series Trust that seeks returns largely uncorrelated with general stock and bond markets through a commodity-focused global macro investment strategy; it pursues capital appreciation by taking long and short positions across multiple asset classes, with primary emphasis on commodities influenced by supply-demand fundamentals, geopolitical events, economic cycles, and global trends. The Fund invests in a diversified array of instruments including commodity futures contracts (such as those on natural gas, corn, soybeans, wheat, gold, and crude oil), options on futures, currencies (with positions like short U.S. dollar against commodity-linked currencies), U.S. Treasury bills and other government securities for collateral, sovereign debt, foreign equities, and derivatives; up to 25% of assets are allocated to a wholly-owned Cayman Islands subsidiary to facilitate commodity exposure while maintaining regulated investment company status. SilverPepper LLC serves as investment advisor and Galtere Inc. as sub-advisor, led by portfolio manager Renee Haugerud since inception on October 31, 2013; the Fund is headquartered in the United States with global operations targeting developed and emerging markets across at least three non-U.S. countries. The Fund employs active risk management with hedging techniques using futures and options to mitigate volatility, focusing on three to five long-term themes derived from commodity market analysis; it maintains positions structured for specific market views, such as extended natural gas futures through 2024 to capture supply constraints. As of June 30, 2022, the portfolio featured 91% commodities exposure (including 14% gold, 9% natural gas), 4% short West Texas Intermediate crude oil, 9% short dollar, and 2.5% U.S. government securities, with 105% gross investment exposure. Net expense ratio stands at approximately 2.02% for Institutional Class after waivers, with a portfolio turnover of 0% in the most recent fiscal year. In a significant operational change, the Board of Trustees approved liquidation plans for the Fund (along with related SilverPepper funds) effective on or about October 31, 2023, closing it to new investments immediately prior; this followed the September 27, 2023 supplement to the prospectus, with management shifting to liquid assets in anticipation of dissolution and final distributions to remaining shareholders. No recent partnerships, funding rounds, acquisitions, or new product launches were identified in the last 1-2 years prior to liquidation; earlier, as of mid-2022, the Fund reported strong performance with 18.78% one-year returns for Institutional Class amid commodity supercycle trends driven by inflation, undersupply, and dollar weakness. The Fund targeted institutional and advisor class investors seeking diversification benefits, evidenced by low correlations to stocks (0.40) and bonds (-0.23) since inception.