Investment Objective

The investment objective of Auspice One Fund Trust is to seek to achieve superior absolute and risk-adjusted returns as compared to balanced fund approaches, or a long-only equity fund, with the added benefits of protection and performance during sustained downward trends while earning a yield. (The fund may pay a yield depending on market conditions but this is not guaranteed).

Investment Strategy

The Fund uses global futures contracts to efficiently generate the core exposures (commodities, interest rates, currencies, equity indices) while the remaining assets are invested in equity, fixed income, credit, cash, gold, and other instruments including exchange traded funds, exchange traded notes, and/or futures.

2025 Update

After listening to our institutional and retail investors, Canada’s original and only pioneering 81-102 approved “return stacking / portable alpha” solution, the Auspice One Fund Trust is evolving to serve you better by modifying its investment strategies.

Instead of overlaying a value-tilted balanced mandate, we are simplifying the investment strategy. For every dollar invested, you get $1 of exposure to the flagship protective CTA / managed futures strategy, Auspice Diversified, and $1 of exposure to the S&P 500.

You gain diversification without sacrificing your core holdings.

See the December 19th, 2024 press release, here.

Note - The Auspice One Fund portfolio was updated on January 2nd 2025. The above tables reflect the portfolio composition as of December 31st 2024, prior to the update.

Why Return Stacking?

(The below excerpt is from the December 2025 Auspice Blog post. See more here).

Return stacking, particularly when done with uncorrelated and even negatively correlated strategies, can produce more attractive standalone risk-adjusted returns. “Standalone” is bolded because when considered in a portfolio of investments, a zero or negatively correlated investment such as Auspice Diversified (without the added equity exposure) may be more accretive to a portfolio, even if it has lower returns. This is a trade off – return stacking can produce higher absolute and risk-adjusted returns, but with higher equity correlation and equity-like volatility.

There tends to be a spectrum of returns that considers equity correlation and risk-adjusted returns (Sharpe). On the left side are your pure and most reliable diversifiers: tail-hedge strategies. These strategies have a strong negative equity correlation but generally a low or even negative Sharpe, and thus are not practical for most investors. In the middle you have Trend-Following CTAs that can have a low or even negative equity correlation. These tend to be most accretive to portfolios, albeit with Sharpe Ratios that don’t always stand out when correlation isn’t considered. CTAs tend to be the most practical diversifiers and largest components of “Crisis-Risk Offset” and “Risk-Mitigating Strategies” in portfolios of large pensions and sovereign wealth plans (see more on this here).

Finally, on the right side of the spectrum are return stacking portfolios that have higher Sharpe ratios albeit with higher equity beta and correlation. See graphic below.

For investors prioritizing returns over diversification benefits, return-stacking portfolios such as the Auspice One Fund may be most practical.

Performance*

Further Information

To connect with the Auspice Team and get more information about the Auspice One Fund, click here.

IMPORTANT DISCLAIMERS AND NOTES

Futures trading is speculative and is not suitable for all customers. Past results is not necessarily indicative of future results. This web page is for information purposes only and should not be construed as an offer, recommendation or solicitation to conclude a transaction and should not be treated as giving investment advice. Auspice Capital Advisors Ltd. makes no representation or warranty relating to any information herein, which is derived from independent sources. No securities regulatory authority has expressed an opinion about the securities offered herein and it is an offence to claim otherwise.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share and/or unit value and reinvestment of all dividends and/or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

The commentaries contained herein are provided as a general source of information based on information available at the time of publication and are not intended to be comprehensive investment advice applicable to the circumstances of the individual. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and Auspice Capital Advisors Ltd. accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein.

Certain statements in this document are forward- looking statements, including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “target”, “seek”, “will” and similar expressions to the extent they relate to the Fund and the Manager. Forward- looking statements are not historical facts but reflect the current expectations of the Fund and the Manager regarding future results or events. Such forward-looking statements reflect the Fund’s and the Manager’s current beliefs and are based on information currently available to them. Forward-looking statements are made with assumptions and involve significant risks and uncertainties. Although the forward-looking statements contained in this document are based upon assumptions that the Fund and the Manager believe to be reasonable, none of the Fund or the Manager can assure investors that actual results will be consistent with these forward-looking statements. As a result, readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results or events to differ materially from current expectations.

The forward-looking statements contained herein were prepared for the purpose of providing prospective investors with general educational background information about the Funds and may not be appropriate for other purposes. None of the Fund or the Manager assumes any obligation to update or revise them to reflect new events or circumstances, except as required by law.

Auspice is an innovative alternative asset manager that focuses on applying rules-based investment strategies across a broad range of commodity and financial markets. Auspice offers liquid alternative and commodity strategies that provide the benefits of active management and the efficiency of indexing. Auspice works with a wide range of clients and develops solutions to improve their portfolio or product suite. Auspice strategies are available directly to institutions, financial professionals and high-net-worth individual investors as well as retail investors through the Auspice brand along with sub-advisory and licensing arrangements. www.auspicecapital.com