Macro Environment - Something has got to give somewhere!

Macro Environment – Something has got to give somewhere!

October 30, 2014 Uncategorized 0 Comments

The spread between Fed Funds Rate and Market Expectation using Taylor’s Rule
is currently at 206 basis points, a level not seen since May 2008.

Taylor’s Rule Definition:

A guideline for interest rate manipulation. Taylor’s rule was introduced by Stanford economist John Taylor in order to set and adjust prudent rates that will stabilize the economy in the short-term and still maintain long-term growth. This rule is based on three factors:
1)Actual versus targeted inflation levels
2)Actual employment versus full employment levels
3)The appropriate short-term interest rate consistent with full employment

Source: Web. https://www.investopedia.com/terms/t/taylorsrule.asp

Disclaimer

You should carefully consider the investment objectives, risks, and charges and expenses of the fund carefully before investing. Investing involves risk, including loss of principal.

Given the significant differences between separately managed accounts and mutual funds, investors should consider the differences in expenses, tax implications and the overall objectives between separately managed accounts and mutual funds before investing. Past performance of the strategy/separately managed account is not indicative of future performance of the fund.

The Fund’s prospectus and Summary Prospectus contains this and other information about the Fund, and should be read carefully before investing. You may obtain a current copy of the Fund’s prospectus or Summary Prospectus by calling 1-877-322-0575 or you can download a prospectus or summary prospectus in the Literature section of this website. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted.

Performance data current to the most recent month end may be obtained by calling our toll-free number. Of course there can be no assurance that the funds will achieve their objectives or that their investment strategies will be successful. The IRON Funds are distributed by Ultimus Fund Distributors, LLC.
(Member FINRA). No investment strategy, including a total return strategy, can ensure a profit or protect against loss.

Principal risks of the Strategic Income Fund include: fixed income securities risks (including interest rate risk, duration risk, credit risk, junk bond risk, and prepayment and extension risk), investment company securities risk (including ETF risk), government securities risk, market risk, management risk, foreign investments risk, currency risk, derivatives risks (including swap risks, options risks, futures contracts and options on futures contracts risks, hedging risks, counterparty risk, credit risk, currency futures trading risks, and short sale risk), risk of potential government regulation of derivatives, liquidity risk, repurchase agreement risks, securities lending risks, and convertible securities risk. For more information about these risks, please refer to the funds' prospectus.