We Believe
Alternatives Have
Three Jobs.
Did We Do Ours?

Alternatives have three jobs: diversify, contribute, and be ownable enough to stay invested. This page doesn't ask you to take our word for it. It shows you the data - one job at a time.
01

Does It Move Independently?

Diversification is only real if the strategy moves independently of what you already own. The test is correlation to equities, fixed income, and other alternatives - lower is the goal.

Because Longboard sources returns from micro economic forces rather than macro trends, its movement is structurally uncorrelated to traditional assets and to other trend strategies.
Longboard Has a Low Correlation to Other Diversifiers
asset class
index
correlation to longx

Commodities

S&P GSCI

-0.01

Gold

S&P GSCI Gold

0.05

Macro Trend (Category)

SG Trend

0.30

U.S. Bonds

Bloomberg
Aggregate Bond

0.34

U.S. Real Estate

DJ U.S. Real Estate

0.53

U.S. Large Cap Equity

S&P 500

0.56
LONGX historically moves independently from equities, fixed income, commodities, and trend strategies - delivering real diversification with low correlation to traditional portfolio building blocks.

Date range: April 2015 - June 2026. Source: Portfolio Visualizer, Ultimus. Bonds represented by Bloomberg Barclays U.S. Aggregate Bond Index; Gold represented by S&P GSCI Gold Index; Real Estate represented by DJ U.S. Real Estate Index, Systematic Trend represented by SG Trend 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.

02

Does It Earn Across Performance Cycles?

The most direct test for a trend strategy is how it performs across market cycles. Micro trends do not shut off when macro forces stall. The data below shows Longboard consistently outperforming other trend followers across multiple cycles.
PERFORMANCE AS OF 6/30/2026
2 - YEAR
3 - YeAR
5 - YEAR
10 - YEAR

LONGX — Class I (Net)

11.84%

11.88%

5.36%

8.42%

SG Trend Index

2.69%

3.19%

7.31%

4.38%

Outperformance (Basis Points)

+915 bps

+869 bps

-170 bps

+404 bps

Positive absolute returns in the majority of calendar years since inception. Substantially higher cumulative returns than the SG Trend Index benchmark over the same period. Earns across most market cycles.

Source: Ultimus, LONGX inception date of 3/19/2015 - 6/30/2026.  The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. For performance information current to the most recent month-end, please call toll-free 855.294.7540. Total annual operating expenses are 1.99% for Class I. SG Trend Index: Equal-weighted and reconstituted annually. The index calculates the net daily rate of return for a pool of trend following based hedge fund managers. Comparisons to indexes have limitations because the results do not represent actual trading. It is not possible to invest directly in an index. Unmanaged index returns do not reflect any fees or expenses associated with the active management of an actual portfolio. Index performance is shown for illustrative purposes only and will change over time. There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. Diversification does not eliminate the risk of experiencing investment losses. Past performance is not indicative of future results.

03

Can Clients Actually Stay Invested?

Advisors who allocate to trend strategies face a recurring performance challenge: drawdown duration (years underwater, not just depth) and the opportunity cost of what else could have been owned. Longboard addresses both - shorter drawdowns that recover faster, and higher absolute returns that reduce the drag of owning a diversifier.
When Macro Trend Whipsaws, Micro Trend Behaves Differently
Macro trend strategies can experience sharp drawdowns when large-scale trends reverse. Operating at the micro-trend level, Longboard often navigates these same periods with far less frustration.
QUARTER
MACRO TREND
MICRO TREND
OUTPERFORMANCE

Q2 2015

Dollar reversal/commodity whipsaw

-9.40%

-2.11%

+7.29%

Q1 2023

Rate trend reversal/banking stress

-7.31%

-2.02%

+5.29%

Q4 2022

Pivot expectation/trend reversal

-6.07%

+3.81%

+9.89%

Q3 2024

Rate cut/carry unwind reversal

-5.89%

+6.69%

+12.58%

Q2 2025

Tariff whipsaw/macro trend confusion

-5.58%

+0.69%

+6.28%

AVERAGE OUTPERFORMANCE VS. MACRO TREND
+8.27%
Table shows 5 worst periods for the SG Trend Index since LONGX Fund Inception. Source: Ultimus, Portfolio Visualizer.4/1/2015 - 6/30/2026. Macro Trend represented by SG Trend Index. Micro Trend represented by LONGX. The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. For performance information current to the most recent month-end, please call toll-free 855.294.7540. Total annual operating expenses are 1.99% for Class I.

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Performance VS. Alternative fund peers
fund performance
fund overview
documentation
share classes
fees

October 1, 2015 - September 30, 2025

SymbolName10 YR Annualized ReturnsVolatilityWorst YearCorrelation to GoldCorrelation to CommoditiesCorrelation to BondsCorrelation to StocksGross Expense RatioNet 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%
Our Approach
Performance
Fund Library
DEFINITIONS

Beta: Measure of the systematic risk of a security or portfolio in comparison to the market as a whole.

Bloomberg Barclays US Aggregate Bond Index: The Bloomberg Barclays US Aggregate Bond Index, or the Agg, is a broad base, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. Investors frequently use the index as a stand-in for measuring the performance of the US bond market.

Correlation: Correlation in finance measures how two assets or variables move in relation to one another. Expressed numerically by a coefficient between -1.0 and +1.0, it is the foundation of portfolio diversification. Assets with low or negative correlationsare combined with the goals to reduce total investment risk without sacrificing expected returns.

Maximum Drawdown: The maximum loss from a peak to a trough of an investment or portfolio, before a new peak is attained.

Russell 2000 Small-Cap Index: A small-cap stock market index of the smallest 2,000 stocks in the Russell 3000 Index.

S&P 500 TR Index: A capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

S&P GSCI: Serves as a benchmark for investment in the commoditymarkets and as a measure of commodity performance over time.

S&P GSCI Gold Index: A widely recognized benchmark that tracks the performance of gold prices in the global market. It reflects the value of a hypothetical portfolio of gold futures contracts traded on leading exchanges, providing a comprehensive view of the gold market’s movement. The index is designed to be a reliable and transparent measure of gold’s performance, excluding any influence from other factors like interest rates or currency fluctuations.

SG Trend Index: A leading benchmark for tracking the performance of a pool of the largest managed futures trend following based hedge fund managers that are open to new investment. The SG Trend Index is equal-weighted and reconstituted annually. The SG Trend Index is formerly known as the Newedge Trend Index.

Sharpe Ratio: Risk-adjusted evaluation of return on an investment, which indicates how well an equity investment is performing compared to a risk-free investment, taking into consideration the additional risk level involved with holding the equity instrument.

Sortino Ratio: Risk-adjusted evaluation of return on an investment that is a variation of the Sharpe Ratio, in that it only factors in downside risk. It is used more to evaluate high-volatility portfolios.

Standard Deviation: A measure of an investment’s volatility. Standard Deviation measures how much the investment returns deviate from the mean of the probability distribution of investments (how much the investment will deviate from its expected return). Investors use this metric to help determine an investment or portfolio’s annual return by considering its historical volatility.

GENERAL 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 exempted from 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. This website is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications and links. The information on this site does not involve the rendering of personalized investment advice. You should consult a professional advisor before using any of the information, pursuing any of the investment ideas or implementing any of the strategies presented. We believe the information we present is factual and up-to-date, but we do not guarantee its accuracy and you should not regard it as a complete and exhaustive analysis of the subjects we discuss. Our opinions reflect our judgment as of the date of publication and are subject to change. Prospective clients can view the firm’s Form ADV and Part 2A Disclosure Brochure as filed with the SEC at https://adviserinfo.sec.gov/IAPD/Default.aspx or contact us for a copy. The content of this website is provided for informational purposes only and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Longboard Asset Management, LP does not provide legal, tax, accounting, actuarial or pension consulting advice or services. Images and photographs are included for the sole purpose of visually enhancing the site. None of them are photographs of current or former clients. They should not be construed as an endorsement or testimonial from any of the persons in the photographs. Please see our online privacy policy.‍

PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THERE IS NO GUARANTEE THAT ANY INVESTMENT WILL ACHIEVE ITS GOALS AND GENERATE PROFITS OR AVOID LOSSES
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Diversification does not ensure a profit or protect against a loss.

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 https://regdocs.blugiant.com/longboard/ 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.

Investments may involve substantial risk and may not be suitable for all investors.

ADDITIONAL DISCLOSURES

PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THERE IS NO GUARANTEE THAT ANY INVESTMENT WILL ACHIEVE ITS GOALS AND GENERATE PROFITS OR AVOID LOSSES. INVESTMENTS CANNOT BE MADE IN AN INDEX. UNMANAGED INDEX RETURNS DO NOT REFLECT ANY FEES, EXPENSES, OR SALES CHARGES.

STANDARDIZED PERFORMANCE (NET OF FEES)

As of 6/30/2026 - LONGX

1Y +18.20%

5Y +5.36%

10Y +8.42%

Source: Ultimus. LONGX Inception Date: 3/19/15 (I share). The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. For performance information current to the most recent month-end, please call toll free 855.294.7540. Total annual operating expenses are 1.99% for Class I.

MUTUAL FUND RISK DISCLOSURE – LONGX LONAX

Mutual funds involve risk including possible loss of principal.

There is a risk that issuers and counterparties will not make payment on securities and other investments held by the fund, resulting in loss. The price of equity security fluctuates based on changes in a company’s financial condition and overall market and economic conditions.

Fixed income securities could lose value due to interest rate changes. ADRs are subject to fluctuations in foreign currencies, political and economic instability, differences in financial reporting, security regulation, trading and taxation issues. Risks include imperfect correlation, illiquid secondary markets, unanticipated market movements, counterparty default, and potentially selling securities when disadvantageous to do so. The success of the fund’s hedging strategy is subject to the Advisor’s ability to correctly assess market performance and correlation of the instruments used in the hedging strategy and the investments in the portfolio. The fund may trade more, incurring higher brokerage fees and tax liability to shareholders. Large Cap companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes. Small Cap and Mid-Cap companies may be volatile and vulnerable to adverse business or economic events. The fund is 'diversified’ and changes in the value of a single security may have a significant effect on the fund’s value. The fund may have investments that appreciate or decrease significantly over short periods.

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 exempted from 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.

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.

Correlation statistics are based on historical data and may not persist in the future.

Expense ratios and fees are described in the fund’s prospectus.

Media appearances are for educational purposes only and should not be construed as endorsements.

20260624-5628632

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