Schedule a call with Howard Fraser
Let's discuss building a better portfolio together. In this call, you’ll learn:
How we help optimize liquid alternatives
What the Longboard investment approach is
Ways our fund can help improve your portfolio
Our philosophy
Longboard seeks to deliver True Diversification.
Absolute Return
Seeks absolute return that exceeds most liquid alternative peers
Low Correlation
Low correlation can help smooth results, by performing differently from other investments
True Diversification
Diversification that taps into innovative strategies and seeks to boost portfolio returns
performance
Longboard vs. Top 20 Alternative Mutual Funds
October 1, 2015 - September 30, 2025
| Symbol | Name | 10 YR Annualized Returns | Volatility | Worst Year | Correlation to Gold | Correlation to Commodities | Correlation to Bonds | Correlation to Stocks | Gross Expense Ratio | Net Expense Ratio | Adjusted Expense Ratio* |
|---|
MBXIX
Catalyst/Millburn Hedge Strategy Fund I
8.42%
12.02%
-2.16%
-0.04
0.51
-0.15
0.54
2.03%
1.91%
1.77%
LONGX
Longboard Fund I
7.55%
13.55%
-13.20%
0.07
0.07
0.33
0.57
1.99%
1.99%
1.99%
QQMNX
Federated Hermes MDT Market Neutral Fund Inst
7.15%
8.61%
-5.61%
0.06
0.42
-0.04
0.57
1.87%
1.86%
1.86%
QMNIX
AQR Equity Market Neutral Fund I
6.59%
9.80%
-19.52%
0.04
0.17
-0.25
-0.14
5.49%
5.48%
1.33%
ADAIX
AQR Diversified Arbitrage Fund I
6.12%
5.73%
-3.29%
0.00
0.44
0.19
0.42
1.87%
1.87%
1.38%
QSPIX
AQR Style Premia Alternative Fund I
6.08%
13.34%
-21.96%
-0.16
0.33
-0.27
0.00
5.89%
5.89%
1.52%
BDMIX
BlackRock Global Equity Market Neutral Fund Inst
5.97%
5.57%
-6.85%
0.14
0.12
0.10
0.17
1.42%
1.34%
1.34%
GIMFX
GMO Implementation Fund
5.71%
9.06%
-7.25%
0.19
0.43
0.35
0.66
0.47%
0.41%
0.41%
PBAIX
BlackRock Tactical Opportunities Fund Inst
5.11%
4.85%
0.17%
-0.15
0.20
-0.19
0.23
0.77%
0.77%
0.77%
BILPX
BlackRock Event Driven Equity Fund Institutional
4.91%
3.95%
0.01%
0.09
0.25
0.35
0.61
1.37%
1.29%
1.29%
EBSIX
Campbell Systematic Macro Fund I
4.69%
10.69%
-11.36%
0.06
0.04
-0.19
-0.09
1.84%
1.75%
1.75%
MERIX
Merger Fund Institutional
4.23%
2.81%
0.10%
-0.01
0.24
0.13
0.40
1.37%
1.27%
1.27%
LFMIX
LoCorr Macro Strategies Fund I
3.92%
7.86%
-6.58%
0.07
0.18
-0.27
-0.06
1.88%
1.88%
1.88%
CBHIX
Victory Market Neutral Income Fund I
3.73%
3.81%
-2.56%
0.08
0.12
0.08
0.19
0.73%
0.56%
0.56%
BXMIX
Blackstone Alternative Multi-Strategy Fund I
3.46%
6.02%
-4.62%
0.05
0.60
0.16
0.60
3.85%
3.77%
2.40%
AQMIX
AQR Managed Futures Strategy Fund I
2.89%
10.59%
-8.88%
0.08
0.06
-0.41
-0.29
2.73%
2.72%
1.26%
PQTIX
PIMCO TRENDS Managed Futures Strategy Fund Inst
2.81%
9.93%
-6.16%
0.05
-0.02
-0.28
-0.29
1.76%
1.54%
1.40%
AHLYX
American Beacon AHL Managed Futures Strat Fd Y
2.73%
9.80%
-5.19%
0.05
0.03
-0.24
-0.13
1.63%
1.63%
1.63%
ABYIX
Abbey Capital Futures Strategy Fund I
2.12%
8.21%
-6.15%
0.02
0.08
-0.32
-0.14
1.85%
1.79%
1.79%
QLEIX
AQR Long-Short Equity Fund I
12.05%
11.35%
-16.32%
0.08
0.42
-0.03
0.44
5.33%
5.33%
1.31%
ASFYX
Virtus AlphaSimplex Mgd Futures Strategy Fund I
1.07%
13.07%
-13.22%
0.02
0.09
-0.31
-0.12
1.57%
1.45%
1.45%
*Reflects net expense ratio adjusted for for certain investment related expenses. See PDF disclosures for specific Fund expense limitation period.
Source: Portfolio Visualizer, YCharts
Comparisons made to MorningstarTM Alternative Category Funds with over $100 million AUM as of 9/30/2025 with an inception date longer than 4/1/2015, sorted by assets sorted by assets under management and removing funds that had a correlation to the S&P 500 higher than 0.70. Performance data shown represents past performance and is not a guarantee of future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month end performance please call 855.294.7540. MBXIX track record has been elongated to 4/1/15 by combining mutual fund performance with its pre-Mutual Fund strategy.
LONGX Correlation Matrix vs. Top 20 Alternatives (AUM)
As of 9/30/2025
Many investors who are interested in alternatives default to the biggest and most well-known names with long track records and low correlation.
Here is how Longboard compares to the 20 largest alternative mutual funds.
Source: Portfolio Visualizer
Comparisons made to Morningstar™ Alternative Category Funds with over $100 million AUM as of 9/30/2025 with an inception date longer than 4/1/2015, sorted by assets under management and removing funds that had a correlation to the S&P 500 higher than 0.70. Bonds represented by the Bloomberg Barclays U.S. Aggregate Bond Index. Gold represented by S&P GSCI Gold Index. Performance data shown represents past performance and is not a guarantee of future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month end performance please call 855.294.7540. MBXIX track record has been elongated to 4/1/15 by combining mutual fund performance with its pre-Mutual Fund strategy.
Standardized Performance (Net of Fees)
As of September 30, 2025
| Symbol | Name | Inception Date | Annualized 1 Year Returns | Annualized 5 Year Returns | Annualized 10 Year Returns | Annualized Returns Since Inception |
|---|
LONGX
Longboard Fund I
3/19/15
2.79%
5.96%
7.55%
6.99%
GIMFX
GMO Implementation Fund
3/1/12
14.78%
8.98%
5.71%
5.66%
QQMNX
Federated Hermes MDT Market Neutral Fund Inst
9/30/08
7.69%
12.86%
7.15%
6.69%
QSPIX
AQR Style Premia Alternative Fund I
10/30/13
18.39%
19.32%
6.08%
6.88%
ASYLX
AB Select US Long/Short Portfolio Advisor
12/12/12
10.33%
9.94%
8.90%
8.41%
LFMIX
LoCorr Macro Strategies Fund I
3/24/11
1.98%
3.73%
3.92%
2.60%
ASFYX
Virtus AlphaSimplex Mgd Futures Strategy Fund I
7/30/10
-15.27%
2.26%
1.07%
3.10%
QMNIX
AQR Equity Market Neutral Fund I
10/7/14
28.38%
19.85%
6.59%
7.91%
AQMIX
AQR Managed Futures Strategy Fund I
1/6/10
14.19%
10.83%
2.89%
3.49%
ADAIX
AQR Diversified Arbitrage Fund I
1/15/09
5.41%
5.90%
6.12%
4.35%
EBSIX
Campbell Systematic Macro Fund I
3/4/13
3.47%
11.01%
4.69%
5.16%
PQTIX
PIMCO TRENDS Managed Futures Strategy Fund Inst
12/31/13
-2.03%
4.36%
2.81%
3.74%
MERIX
Merger Fund Institutional
8/1/13
8.03%
3.84%
4.23%
3.62%
ABYIX
Abbey Capital Futures Strategy Fund I
7/1/14
-1.67%
4.21%
2.12%
3.85%
CBHIX
Victory Market Neutral Income Fund I
11/19/12
5.87%
3.78%
3.73%
2.87%
AHLYX
American Beacon AHL Managed Futures Strat Fd Y
8/19/14
-4.03%
4.47%
2.73%
3.99%
BILPX
BlackRock Event Driven Equity Fund Institutional
12/19/07
6.07%
3.98%
4.92%
5.18%
BDMIX
BlackRock Global Equity Market Neutral Fund Inst
12/20/12
18.25%
10.85%
5.97%
6.13%
PBAIX
BlackRock Tactical Opportunities Fund Inst
6/1/93
12.68%
6.62%
5.11%
6.71%
QLEIX
AQR Long-Short Equity Fund I
7/16/13
33.64%
26.00%
12.05%
12.91%
MBXIX
Catalyst/Millburn Hedge Strategy Fund I
1/1/97
7.30%
9.88%
8.42%
10.10%
BXMIX
Blackstone Alternative Multi-Strategy Fund I
6/16/14
8.91%
5.53%
3.46%
3.44%
Source: Portfolio Visualizer
Comparisons made to MorningstarTM Alternative Category Funds with over $100 million AUM as of 9/30/2025 with an inception date longer than 4/1/2015, sorted by assets under management and removing funds that had a correlation to the S&P 500 higher than 0.70. Bonds represented by the Bloomberg Barclays U.S. Aggregate Bond Index. Gold represented by S&P GSCI Gold Index. Performance data shown represents past performance and is not a guarantee of future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month end performance please call 855.294.7540. MBXIX track record has been elongated to 4/1/15 by combining mutual fund performance with its pre-Mutual Fund strategy.
Longboard Fund (LONGX): Gross expense ratio: 1.99%, net expense ratio 1.99%., no expense limitation. Campbell Systematic Macro I (EBSIX): Gross expense ratio: 1.84%, net expense ratio: 1.75%, no expense limitation. Federated Hermes MDT Market Neutral Fund (QQMNX): Gross expense ratio: 1.87%, net expense ratio: 1.86%, expense limitation contract through 3/1/26 of 1.86%. AQR Style Premia Alternative Fund (QSPIX): Gross expenses: 5.89%, Net: 5.89%, expense limitation contract through 4/30/26 of 1.52%. AQR Long-Short Equity (QLEIX): Gross expense ratio 5.33%, net expense ratio 5.33%, expense limitation agreement through 4/30/2026 of 1.31%. Blackrock Event Driven Equity Instl (BILPX): Gross expense ratio: 1.37%, net expense ratio: 1.29%, expense limitation contractual through 6/30/2027 of 1.29%. AQR Equity Market Neutral I (QMNIX): Gross expense ratio: 5.49%, net expense ratio: 5.48%, expense limitation contractual through April 30, 2026 of 1.33%. Merger Institutional (MERIX): Gross expense ratio: 1.37%, net expense ratio: 1.27%, expense limitation contractual through 4/30/26 of 1.27%. AQR Managed Futures Strategy I (AQMIX): Gross expense ratio: 2.73%, net expense ratio: 2.72%, expense limitation contractual through 4/30/26 of 1.26%. Catalyst/Milburn Hedge Strategy I (MBXIX): Gross expense ratio: 2.03%, net expense ratio: 1.91%, expense limitation agreement contractual through 10/31/2025 of 1.77%. American Beacon AHL Mgd Futs Strat (AHLYX): Gross expense ratio: 1.63%, net expense ratio: 1.63%, no expense limitation agreement. Virtus AlphaSimplex Mgd Futs Strat I (ASFYX): Gross expense ratio: 1.57%, net expense ratio: 1.45%, expense limitation contractual through 5/31/26 of 1.45%. AQR Diversified Arbitrage I (ADAIX): Gross expense ratio: 1.87%, net expense ratio: 1.87%, expense limitation agreement contractual through 4/30/26 of 1.38%. BlackRock Tactical Opportunities Fund (PBAIX): Gross expense ratio: 0.77%, net expense ratio: 0.77%, expense limitation contractual through 6/30/27 of 0.77%. LoCorr Macro Strategies I (LFMIX): Gross expense ratio: 1.88%, net expense ratio: 1.88%, no expense limitation agreement. PIMCO TRENDS Managed Futures Strat Instl (PQTIX): Gross expense ratio: 1.76%, net expense ratio: 1.54%, expense limitation agreement contractual through 7/31/2026 of 1.40%. Victory Market Neutral Income I (CBHIX): Gross Expense ratio: 0.73%, net expense ratio: 0.56%, expense limitation contractual through 10/31/2025 of 0.56%. Blackstone Alternative Multi Strategy I (BXMIX): Gross expense ratio: 3.85%, net expense ratio 3.77%, expense limitation through 7/31/2026 of 2.40%. BlackRock Global Equity Mkt Netrl Instl (BDMIX): Gross expense ratio: 1.42%, net expense ratio: 1.34%, expense limitation agreement contractual through 6/30/2027 of 1.34%. Arbitrage I (ARBNX): Gross expense ratio: 1.46%, net expense ratio: 1.33%, no expense limitation. Abbey Capital Futures Strategy I (ABYIX): Gross expense ratio: 1.85%, net expense ratio: 1.79%, expense limitation contractual through 12/31/2025 of 1.79%. GMO Implementation Fund I (GIMFX): Gross expense ratio: 0.47%, net expense ratio: 0.47%, expense limitation agreement contractual through 6/30/2026 of 0.41%.
IMPORTANT RISK INFORMATION
PROSPECTUS OFFERING DISCLOSURE
Investors should carefully consider the investment objectives, risks, charges and expenses of the Longboard Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained at http://www.longboardfunds.com or by calling 855-294-7540. The prospectus should be read carefully before investing. The Longboard Fund is distributed by Northern Lights Distributors, LLC, a FINRA/SIPC member.
Longboard Asset Management, LP, is not affiliated with Northern Lights Distributors, LLC. Northern Lights Distributors, LLC, is not affiliated with the other funds listed above. Investing involves risk, including loss of principal.
Comparison funds are not advised by or affiliated with Longboard. The funds are being show for illustrative purposes only and are not considered a recommendation. The comparison funds’ prospectuses may be obtained by visitingeach fund’s website. The prospectus should be read carefully before investing. Comparison funds are not advised by, or affiliated with, Longboard or Northern Lights Distributors, LLC.
The comparison funds referenced were chosen based on a series of parameters which include a ranking of the 20 open-ended alternative funds as categorized by Morningstar with an inception date prior to 4/1/2015, by assets under management (AUM). The funds used in this comparison are well-known alternative mutual funds and therefore may be more widely used among financial advisors. Funds under $100 Million in AUM as of 9/30/25 were filtered out, as were any funds with a correlation of 0.70 or more with the S&P 500 Total Return Index.
In addition, the global category of Trading Tools has been excluded to eliminate inverse and leveraged mutual funds, which do not apply in this comparison. Alternative mutual funds, as defined by Morningstar, are funds that follow alternative strategies, such as macro-trading, managed futures, multi-strategy, options trading, and systematic trend.
ADDITIONAL DISCLOSURES
Longboard Asset Management, LP (LAM) is registered as an investment advisor with the Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exemptedfrom registration requirements. SEC registration does not constitute an endorsement of the firm by the Commission, nor does it indicate that the advisor has attained a particular level of skill or ability. LAM is also registered with the National Futures Association.
PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE PERFORMANCE.
The information set forth herein has been obtained or derived from sources believed by Longboard Asset Management to be reliable. However, Longboard does not make any representation or warranty, express or implied, as to the information’s accuracy or completeness, nor does Longboard recommend that the attached information serve as the basis of any investment decision. Longboard hereby disclaims any duty to provide any updates or changes to the analysis contained in this document. Market analysis, returns, estimates and similar information, including statements of opinion/belief contained herein are subject to a number of assumptions and inherent uncertainties. There can be no assurance that targets, projects, or estimates of future performance will be realized.
