Longboard seeks
‍absolute return + low correlation

Top 10 Systematic Trend Mutual Funds

Comparison of the largest systematic trend mutual funds & correlation scatterplot.

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Fund Brochure

Discover the details of our fund and how it can benefit your portfolio.

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Longboard vs. Trend Following Benchmark

Source: Portfolio Visualizer, 4/1/15 - 6/30/2025. 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.

Longboard vs. Top 10 Systematic Trend Mutual Funds

April 1, 2015 - June 30, 2025

SymbolNameAnnualized Total ReturnsCorrelation to SG TrendMax DeclineSharpe RatioSortino RatioNet Expense RatioGross Expense Ratio
ASFYX
Virtus AlphaSimplex Mgd Futures Strategy Fund I
-0.32%
0.92
-34.35%
-0.11
-0.15
1.45%
1.57%
ABYIX
Abbey Capital Futures Strategy Fund I
1.23%
0.94
-15.24%
-0.04
-0.06
1.79%
1.85%
LOTIX
LoCorr Market Trend Fund I
1.07%
0.86
-25.41%
0.00
-0.01
1.75%
1.75%
QMHIX
AQR Managed Futures Strategy HV Fund I
1.28%
0.85
-36.25%
0.04
0.05
1.68%
4.02%
PQTIX
PIMCO TRENDS Managed Futures Strategy Fund Inst
1.63%
0.80
-24.19%
0.02
0.03
1.40%
2.57%
GPAIX
Grant Park Multi Alternative Strategies Fund I
3.34%
0.59
-14.00%
0.22
0.33
1.54%
1.54%
AQMIX
AQR Managed Futures Strategy Fund I
1.81%
0.85
-24.40%
0.04
0.06
1.26%
2.73%
LFMIX
LoCorr Macro Strategies Fund I
3.26%
0.85
-11.02%
0.20
0.29
1.88%
1.88%
LCSIX
LoCorr Long/Short Commodities Strategy Fund I
4.77%
0.27
-12.48%
0.39
0.67
2.11%
2.11%
AHLYX
American Beacon AHL Managed Futures Strat Fd Y
1.91%
0.85
-19.58%
0.04
0.07
1.60%
1.60%
LONGX
Longboard Fund I
6.86%
0.29
-17.78%
0.41
0.60
1.99%
1.99%
Disclosures
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Source: Portfolio Visualizer, Ycharts. Comparisons made to Morningstar™ Systematic Trend Category Funds with over $100 million AUM as of 6/30/2025 with an inception data longer than 4/1/2015, sorted by assets under management. Performance data show represents past performance and is not a guarantee of future results. Investment return and principal value wiill 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.

OUR APPROACH

Systematic Trend


A liquid alternative investment strategy that seeks absolute returns with low correlation to traditional assets and other alternative investment strategies.

These strategies use disciplined rules based models to help identify and capitalize
on market trends and price momentum.

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Trend Following Investment Process

Own Top Performing Trends

Systematic trend following models seek to own the best performing stocks and sell the worst performing stocks in each industry and sector

Maximize Diversification

Seeks broad trend signal diversification across the total U.S. stock market

Control Downside Risk

Systematic trend following models exit positions and allocate to low correlation T-bills during bear markets

Low Correlation

Seeks to deliver low correlation to other trend following strategies

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Asset Allocation

LONGX
CASH
FINANCIALS
INDUSTRIALS
INFORMATION TECHNOLOGY
CONSUMER DISCRETIONARY
UTILITIES
HEALTH CARE
REAL ESTATE
CONSUMER STAPLES
COMMUNICATION SERVICES
ENERGY
MATERIALS
0
5
10
15
20
25
30
35
40
45
50
%Weights

Performance Metrics

4/1/2015 - 6/30/2025
LONGX
SG Trend Index
Beta to SG Trend
0.35
%
1
%
Correlation to SG Trend Index
0.29
%
1
%
Maximum Drawdown
-17.78
%
-20.69
%
Sharpe ratio
0.41
%
0.02
%
Sortino Ratio
0.6
%
0.03
%
Standard Deviation
13.83
%
11.55
%

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.

Top 10 Largest Holdings1

Ticker
Company
STWD
Starwood Property Trust Inc.
PECO
Phillips Edison & Co Inc.
AJG
Arthur J. Gallagher & Co.
BK
The Bank of New York Mellon Corporation
BOX
Box Inc.
AM
Antero Midstream Corp
NYT
New York Times Co.
WRB
W.R. Berkley Corp
PRDO
Perdoceo Education Corp
NI
NiSource Inc.
1 Source: Longboard, as of 6/30/2025

Stock Style2

Centroid
Ownership Zone
Longboard I
as of 02/28/2025
Equity Hedged
as of 6/30/2025
Morningstar Mod
Con Tgt Risk TR USD
as of 6/30/2025
2 Source: Morningstar.com, as of 6/30/2025


The stock style chart above from the Longboard Fund (I share: LONGX) publicly available portfolio page on Morningstar.com provides investors insight into the portfolio makeup of the Longboard Fund, Equity Hedged category, and the Equity Hedged category benchmark. This chart shows LONGX holdings are primarily comprised of Small and Mid capitalization funds and a blend of value and growth stocks. The Equity Hedged benchmark falls directly in large cap blend, with the Equity Hedged category primarily encompassing large capitalization and a blend of both value and growth stocks.
fund performance
fund overview
documentation
share classes
fees

April 1, 2015 - June 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
8.25%
12.33%
-4.92%
-0.06
0.44
-0.12
0.54
2.03%
2.03%
2.03%
LONGX
Longboard Fund I
7.27%
13.83%
-13.20%
0.04
0.02
0.33
0.56
1.99%
1.99%
1.99%
QMNIX
AQR Equity Market Neutral Fund I
7.17%
9.88%
-19.52%
-0.01
0.11
-0.24
-0.15
5.49%
5.48%
1.33%
QQMNX
Federated Hermes MDT Market Neutral Fund Inst
6.97%
8.69%
-5.61%
0.05
0.38
-0.03
0.58
1.87%
1.86%
1.86%
QSPIX
AQR Style Premia Alternative Fund I
6.52%
13.32%
-21.96%
-0.17
0.29
-0.25
0
5.89%
5.89%
1.52%
ADAIX
AQR Diversified Arbitrage Fund I
5.73%
5.72%
-4.97%
0.02
0.45
0.19
0.42
1.87%
1.87%
1.38%
BDMIX
BlackRock Global Equity Market Neutral Fund Inst
5.41%
5.44%
-6.85%
0.07
0.11
0.09
0.18
1.55%
1.35%
1.35%
EBSIX
Campbell Systematic Macro Fund I
4.90%
10.96%
-11.36%
0.06
0.02
-0.16
-0.07
1.84%
1.75%
1.75%
BILPX
BlackRock Event Driven Equity Fund Institutional
4.49%
4.07%
-0.57%
0.1
0.23
0.34
0.62
1.37%
1.29%
1.29%
PBAIX
BlackRock Tactical Opportunities Fund Inst
4.28%
4.96%
-4.83%
-0.15
0.19
-0.18
0.27
0.82%
0.82%
0.82%
LFMIX
LoCorr Macro Strategies Fund I
4.09%
8.23%
-6.58%
0.02
0.11
-0.23
-0.03
1.88%
1.88%
1.88%
CBHIX
Victory Market Neutral Income Fund I
3.99%
3.78%
-2.56%
0.1
0.12
0.08
0.19
0.73%
0.56%
0.56%
MERIX
Merger Fund Institutional
3.75%
2.89%
-1.91%
0.01
0.25
0.13
0.42
1.37%
1.27%
1.27%
ARBNX
Arbitrage Fund I
3.20%
3.01%
-0.66%
0.12
0.23
0.28
0.51
1.53%
1.32%
1.32%
BXMIX
Blackstone Alternative Multi-Strategy Fund I
3.09%
5.99%
-4.62%
0.02
0.56
0.16
0.6
3.85%
3.77%
2.40%
AQMIX
AQR Managed Futures Strategy Fund I
2.74%
10.56%
-8.88%
0.04
0.03
-0.4
-0.29
2.73%
2.72%
1.26%
AHLYX
American Beacon AHL Managed Futures Strat Fd Y
2.62%
9.67%
-9.80%
0
0.01
-0.24
-0.14
1.60%
1.60%
1.60%
PQTIX
PIMCO TRENDS Managed Futures Strategy Fund Inst
2.40%
9.92%
-11.32%
0.02
-0.03
-0.28
-0.29
2.57%
2.36%
1.40%
QLEIX
AQR Long-Short Equity Fund I
12.06%
11.40%
-16.32%
0.03
0.36
-0.03
0.44
5.33%
5.33%
1.31%
ABYIX
Abbey Capital Futures Strategy Fund I
1.77%
8.26%
-6.15%
-0.03
0.04
-0.31
-0.12
1.85%
1.79%
1.79%
ASFYX
Virtus AlphaSimplex Mgd Futures Strategy Fund I
0.80%
13.08%
-17.24%
-0.01
0.06
-0.29
-0.11
1.57%
1.45%
1.45%

Liquid Alternative Insights

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Top 10 Alternative Mutual Funds

Comparison of the largest 10 systematic trend mutual funds & correlation scatterplot.

Download

Fund Brochure

Discover the details of our fund and how it can benefit your portfolio.

Download

Monthly Insights

Our view on the past month, including a market and performance update.

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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.  

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

Morningstar Moderate Target Risk Index: The index represents a portfolio of global equities, bonds, and traditional inflation hedges, such as commodities and TIPS. This portfolio is held in a static allocation of 60% equities and 40% fixed income, which is appropriate for U.S. investors who seek average exposure to equity market risk and returns.

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.

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 indicate show 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 it 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
‍

‍

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 in Hedge Funds and Hedge Fund Strategies 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 6/30/2025 - LONGX

1Y +5.81%

5Y +6.88%

10Y +7.27%

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. 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 fund’s use of derivatives (including futures, forward contracts and swap agreements) involves risks different from and possibly greater than those associated with investing directly in securities including leverage risk, counterparty risk, tracking risk and liquidity. The price of equity security fluctuates based on changes in a company’s financial condition and overall market and economic conditions. Investments in ETFs may involve extra expenses and may not perform as expected and may not replicate the performance of the underlying index.

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. The successful used of forward and futures contracts draws on the Adviser’s skill and experience in predicting market movement. 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 ‘non-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. The value of REIT securities may be adversely affected by changes in the value of the underlying property the REIT holds. Short positions may be considered speculative and losses are potentially unlimited.

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. 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.

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