Semi-Annual Report
December 31, 2022
Semi-Annual Report
December 31, 2022
Before investing you should carefully consider a Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, which can be obtained by visiting www.agf.com/us. Please read the prospectus carefully before you invest.
Risks: There is no guarantee that a Fund will achieve its objective. Investing involves risk, including possible loss of principal. The value of an investment in a Fund may fall, sometimes sharply, and you could lose money by investing in a Fund. A Fund may utilize derivatives and, as a result, the Fund could lose more than the amount it invests. For further risk information on each Fund, please read the prospectus.
AGFiQ U.S. Market Neutral Anti-Beta Fund (BTAL) specific risks: The Fund invests in securities based on a single investment factor and is designed to be used as part of broader asset allocation strategies. There is a risk that during a ‘‘bull’’ market, when most equity securities and long only Exchange Traded Funds (‘‘ETFs’’) are increasing in value, a Fund’s short positions will likely cause the Fund to underperform the overall U.S. equity market and such ETFs. If the Fund sells a stock short and subsequently has to buy the security back at a higher price, the Fund will realize a loss on the transaction. The amount the Fund could lose on a short sale is potentially unlimited because there is no limit on the price a shorted security might attain (as compared to a long position, where the maximum loss is the amount invested). There is a risk that the present and future volatility of a security, relative to the market index, will not be the same as it has historically been and thus that the Fund will not be invested in the less volatile securities in the universe. Derivatives, including swap agreements and futures contracts, may involve risks different from, or greater than, those associated with more traditional investments. As a result of investing in derivatives, the Fund could lose more than the amount it invests, and can be subject to increased market risk.
AGFiQ Global Infrastructure ETF (GLIF) specific risks: The Fund’s investments in infrastructure-related securities will expose the Fund to potential adverse economic, regulatory, political, legal and other changes affecting such investments. Rising interest rates could lead to higher financing costs and reduced earnings for infrastructure companies. Investments in foreign securities involve risks that differ from investments in securities of U.S. issuers because of unique political, economic and market conditions. Investments in securities of issuers located in emerging market economies (including frontier market economies) are generally riskier than investments in securities of issuers from more developed economies. Investing in securities that trade in and receive revenues in foreign currencies creates risk because foreign currencies may decline relative to the U.S. dollar, resulting in a potential loss to the Fund. Depositary receipts subject the Fund generally to the same risks as if it were investing in the underlying foreign securities directly, including political and economic risks that differ from investing in securities of U.S. issuers.
Shares of AGFiQ ETFs are bought and sold at market price (not net assets value (“NAV”), as defined below) and are not individually redeemed from a Fund. Brokerage commissions will reduce returns. Market Price (as defined below) returns are based upon the midpoint of the bid/ask spread at 4:00 PM Eastern time (when NAV is normally determined), and do not represent the returns you would receive if you traded shares at other times. Fund returns assume that dividends and capital gains distributions have been reinvested in a Fund at NAV. Some performance results reflect expense subsidies and waivers in effect during certain periods shown. Absent these waivers, results would have been less favorable.
Beta is a measure of an asset’s sensitivity to an underlying index. Long is purchasing a stock with the expectation that it is going to rise in value. Short is selling stock with the expectation of profiting by buying it back later at a lower price. Spread Return is the return earned between the long and short portfolios within each ETF. One cannot invest directly in an index.
Shares are not individually redeemable and can be redeemed only in Creation Units, and the purchase and sale price of individual Shares trading on an Exchange may be below, at, or above the most recently calculated NAV for such Shares.
Distributor: Foreside Fund Services, LLC
Table of Contents
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i |
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|
Schedule of Investments |
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1 |
|
|
8 |
|
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10 |
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11 |
|
|
12 |
|
|
14 |
|
|
16 |
|
|
29 |
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|
30 |
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|
31 |
AGFIQ U.S. Market Neutral Anti-Beta Fund invests in certain securities long and certain securities short, and the performance of the Fund depends on the difference in the rates of return (i.e., the spread return) between the long positions and the short positions. If the long positions appreciate more or decline less than the short positions, then the Fund will generate a positive return. If the long positions appreciate less or decline more than the short positions, however, the Fund will generate a negative return.
The “U.S. Market Neutral IndicesSM” are a product of Dow Jones Indexes, the marketing name and a licensed trademark of CME Group Index Services LLC (“CME”), and have been licensed for use. “Dow Jones®”, “U.S. Market Neutral IndicesSM” and “Dow Jones Indexes” are service marks of Dow Jones Trademark Holdings, LLC (“Dow Jones”) and have been licensed for use for certain purposes by AGF Investments LLC (“Licensee”). The Funds based on the U.S. Market Neutral IndicesSM are not sponsored, endorsed, sold or promoted by Dow Jones, CME or their respective affiliates. Dow Jones, CME and their respective affiliates make no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of trading in the Funds. Dow Jones’, CME’s and their respective affiliates’ only relationship to the Licensee is the licensing of certain trademarks and trade names of Dow Jones and of the “U.S. Market Neutral IndicesSM” which is determined, composed and calculated by CME without regard to the Licensee or the Funds. Dow Jones and CME have no obligation to take the needs of the Licensee or the owners of the Funds into consideration in determining, composing or calculating “U.S. Market Neutral IndicesSM”. Dow Jones, CME and their respective affiliates are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Funds to be sold or in the determination or calculation of the equation by which the Funds are to be converted into cash. Dow Jones, CME and their respective affiliates have no obligation or liability in connection with the administration, marketing or trading of the Funds. Notwithstanding the foregoing, CME Group Inc. and its affiliates may independently issue and/or sponsor financial products unrelated to the Funds currently being issued by the Licensee, but which may be similar to and competitive with the Funds. In addition, CME Group Inc. and its affiliates may trade financial products which are linked to the performance of the “U.S. Market Neutral IndicesSM”. It is possible that this trading activity will affect the value of the “U.S. Market Neutral IndicesSM” and the Funds.
DOW JONES, CME AND THEIR RESPECTIVE AFFILIATES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE U.S. MARKET NEUTRAL INDICESSM OR ANY DATA INCLUDED THEREIN AND DOW JONES, CME AND THEIR RESPECTIVE AFFILIATES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. DOW JONES, CME AND THEIR RESPECTIVE AFFILIATES MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE LICENSEE, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE U.S. MARKET NEUTRAL INDICESSM OR ANY DATA INCLUDED THEREIN. DOW JONES, CME AND THEIR RESPECTIVE AFFILIATES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY, NON-INFRINGEMENT OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE U.S. MARKET NEUTRAL INDICESSM OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DOW JONES, CME OR THEIR RESPECTIVE AFFILIATES HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN CME AND THE LICENSEE, OTHER THAN THE LICENSORS OF CME.
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i
Allocation of Portfolio Holdings and Sector Weightings
December 31, 2022 (Unaudited)
AGFiQ U.S. Market Neutral Anti-Beta Fund (BTAL)
The Fund seeks to provide a consistent negative beta exposure to the U.S. equity market. In seeking to achieve its investment objective, the Fund will invest primarily in long positions in low beta U.S. equities and short positions in high beta U.S. equities on a dollar neutral basis, within sectors. The Fund will construct a dollar neutral portfolio of long and short positions of U.S. equities by investing primarily in the constituent securities of the Dow Jones U.S. Thematic Market Neutral Low Beta Index (the “Index”) in approximately the same weight as they appear in the Index, subject to certain rules-based adjustments. The performance of the Fund will depend on the difference in the rates of return between its long positions and short positions. For example, if the Fund’s long positions have increased more than its short positions, the Fund would generate a positive return; but if the long positions increased less than the short positions, the Fund would generate a negative return. Conversely, if the Fund’s short positions have increased more than its long positions, the Fund would generate a negative return; but if the short positions increased less than the long positions, the Fund would generate a positive return. The Fund is an actively managed exchange-traded fund (“ETF”).
|
Market Exposure | |||
|
Investment Type |
|
% of Net Assets | |
|
Equity Securities Long Positions |
|
82 |
% |
|
Equity Securities Short Positions |
|
-85 |
% |
|
Swap Agreements Long Positions |
|
12 |
% |
|
Swap Agreements Short Positions |
|
-8 |
% |
‘‘Market Exposure’’ includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.
|
Largest Equity Holdings — Long | |||
|
Company |
|
% of Net Assets | |
|
Helen of Troy Ltd. |
|
0.5 |
% |
|
Concentrix Corp. |
|
0.5 |
% |
|
Organon & Co. |
|
0.5 |
% |
|
Avista Corp. |
|
0.5 |
% |
|
Tradeweb Markets, Inc. |
|
0.5 |
% |
|
IAA, Inc. |
|
0.5 |
% |
|
UiPath, Inc. |
|
0.5 |
% |
|
Alkermes plc |
|
0.5 |
% |
|
TEGNA, Inc. |
|
0.5 |
% |
|
Perrigo Co. plc |
|
0.5 |
% |
|
Largest Equity Holdings — Short | |||
|
|
|||
|
Tesla, Inc. |
|
-0.3 |
% |
|
Opendoor Technologies, Inc. |
|
-0.3 |
% |
|
Intellia Therapeutics, Inc. |
|
-0.3 |
% |
|
Avis Budget Group, Inc. |
|
-0.3 |
% |
|
Roku, Inc. |
|
-0.3 |
% |
|
Unity Software, Inc. |
|
-0.3 |
% |
|
Norwegian Cruise Line Holdings Ltd. |
|
-0.3 |
% |
|
Sunrun, Inc. |
|
-0.3 |
% |
|
Affirm Holdings, Inc. |
|
-0.3 |
% |
|
MP Materials Corp. |
|
-0.3 |
% |
|
|
|
Fund Sector Weights (Based on Net Assets) | ||||||
|
As of 12/31/2022 |
|
% of Long Weight |
|
% of Short Weight | ||||
|
Communication Services |
|
|
4.17 |
% |
|
|
-4.24 |
% |
|
Consumer Discretionary |
|
|
9.99 |
% |
|
|
-10.16 |
% |
|
Consumer Staples |
|
|
4.30 |
% |
|
|
-4.39 |
% |
|
Energy |
|
|
2.79 |
% |
|
|
-2.71 |
% |
|
Financials |
|
|
11.93 |
% |
|
|
-12.31 |
% |
|
Health Care |
|
|
10.35 |
% |
|
|
-11.01 |
% |
|
Industrials |
|
|
12.56 |
% |
|
|
-13.12 |
% |
|
Information Technology |
|
|
11.71 |
% |
|
|
-12.53 |
% |
|
Materials |
|
|
4.68 |
% |
|
|
-4.58 |
% |
|
Real Estate |
|
|
5.82 |
% |
|
|
-5.82 |
% |
|
Utilities |
|
|
3.87 |
% |
|
|
-3.92 |
% |
ii
AGF Investments Trust
Allocation of Portfolio Holdings and Sector Weightings
December 31, 2022 (Unaudited)
AGFiQ Global Infrastructure ETF (GLIF)
The Fund seeks to provide long-term capital appreciation, by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of infrastructure-related companies located throughout the world, including the United States, and infrastructure-related investments. The Fund is an actively managed ETF that seeks to achieve its investment objective by using a quantitative, multi-factor model to evaluate securities of issuers in the infrastructure group of industries by evaluating and ranking equity securities based on factors that include but are not limited to growth, value, quality and risk.
|
Market Exposure | |||
|
Investment Type |
|
% of Net Assets | |
|
Equity Securities |
|
95 |
% |
|
Exchange Traded Funds |
|
0 |
%(a) |
|
Master Limited Partnerships |
|
1 |
% |
(a) Represents less than 0.5% of net assets.
‘‘Market Exposure’’ includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.
|
Largest Equity Holdings |
|
|
|
|
| |||
|
|
% of Net Assets |
Fund Sector Weights (Based on Net Assets) | ||||||
|
|
As of 12/31/2022 |
|
% Weight | |||||
|
Enbridge, Inc. |
|
6.8 |
% |
|
Communication Services |
|
3.1 |
% |
|
American Tower Corp. |
|
6.3 |
% |
|
Consumer Discretionary |
|
0.3 |
% |
|
Kinder Morgan, Inc. |
|
4.8 |
% |
|
Energy |
|
22.1 |
% |
|
ONEOK, Inc. |
|
4.6 |
% |
|
Industrials |
|
19.4 |
% |
|
National Grid plc |
|
3.0 |
% |
|
Information Technology |
|
1.3 |
% |
|
Vinci SA |
|
2.9 |
% |
|
Exchange Traded Funds |
|
0.2 |
% |
|
Sempra Energy |
|
2.8 |
% |
|
Materials |
|
1.6 |
% |
|
American Water Works Co., Inc. |
|
2.6 |
% |
|
Real Estate |
|
10.5 |
% |
|
Crown Castle, Inc. |
|
2.5 |
% |
|
Utilities |
|
37.0 |
% |
|
TC Energy Corp. |
|
2.1 |
% |
|
|
|
|
|
|
Top 10 Country Allocation | |||
|
Country |
|
% of Net Assets | |
|
United States |
|
47.3 |
% |
|
Canada |
|
14.6 |
% |
|
China |
|
5.2 |
% |
|
France |
|
4.7 |
% |
|
Spain |
|
4.6 |
% |
|
United Kingdom |
|
4.0 |
% |
|
Australia |
|
2.7 |
% |
|
Italy |
|
2.3 |
% |
|
Mexico |
|
1.9 |
% |
|
Germany |
|
1.8 |
% |
See accompanying notes to the financial statements.
1
AGFiQ U.S. Market Neutral Anti-Beta Fund
Schedule of Investments
December 31, 2022 (Unaudited)
|
Shares |
|||||
|
Long Positions – 82.2% |
|
|
|
|
|
|
|
|||||
|
Common Stocks – 82.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense – 1.6% |
|
|
|
|
|
|
BWX Technologies, Inc. |
|
27,676 |
|
$1,607,422 |
|
|
Huntington Ingalls Industries, Inc. |
|
7,480 |
|
1,725,487 |
|
|
Mercury Systems, Inc.* |
|
34,408 |
|
1,539,414 |
|
|
Northrop Grumman Corp. |
|
2,992 |
|
1,632,465 |
|
|
|
|
|
|
6,504,788 |
|
|
Air Freight & Logistics – 0.8% |
|
|
|
|
|
|
CH Robinson Worldwide, Inc. |
|
17,204 |
|
1,575,198 |
|
|
FedEx Corp. |
|
9,350 |
|
1,619,420 |
|
|
|
|
|
|
3,194,618 |
|
|
Airlines – 0.4% |
|
|
|
|
|
|
Southwest Airlines Co.* |
|
43,010 |
|
1,448,147 |
|
|
|
|
|
|
|
|
|
Auto Components – 0.4% |
|
|
|
|
|
|
Gentex Corp. |
|
59,092 |
|
1,611,439 |
|
|
|
|
|
|
|
|
|
Automobiles – 0.3% |
|
|
|
|
|
|
Lucid Group, Inc.* |
|
167,924 |
|
1,146,921 |
|
|
|
|
|
|
|
|
|
Banks – 4.0% |
|
|
|
|
|
|
Commerce Bancshares, Inc. |
|
24,398 |
|
1,660,772 |
|
|
First Financial Bankshares, Inc. |
|
47,124 |
|
1,621,066 |
|
|
First Horizon Corp. |
|
67,700 |
|
1,658,650 |
|
|
Glacier Bancorp, Inc. |
|
29,920 |
|
1,478,646 |
|
|
Home BancShares, Inc. |
|
68,074 |
|
1,551,406 |
|
|
Pinnacle Financial Partners, Inc. |
|
20,944 |
|
1,537,290 |
|
|
Prosperity Bancshares, Inc. |
|
22,814 |
|
1,658,122 |
|
|
UMB Financial Corp. |
|
20,196 |
|
1,686,770 |
|
|
Umpqua Holdings Corp. |
|
85,270 |
|
1,522,069 |
|
|
United Bankshares, Inc. |
|
40,392 |
|
1,635,472 |
|
|
|
|
|
|
16,010,263 |
|
|
Biotechnology – 3.5% |
|
|
|
|
|
|
Alkermes plc*(a) |
|
69,551 |
|
1,817,368 |
|
|
CRISPR Therapeutics AG* |
|
31,790 |
|
1,292,264 |
|
|
Exelixis, Inc.* |
|
100,604 |
|
1,613,688 |
|
|
Gilead Sciences, Inc. |
|
19,448 |
|
1,669,611 |
|
|
Incyte Corp.* |
|
21,692 |
|
1,742,301 |
|
|
Mirati Therapeutics, Inc.* |
|
18,700 |
|
847,297 |
|
|
Neurocrine Biosciences, Inc.* |
|
13,464 |
|
1,608,140 |
|
|
Seagen, Inc.* |
|
13,838 |
|
1,778,321 |
|
|
Vir Biotechnology, Inc.* |
|
60,962 |
|
1,542,948 |
|
|
|
|
|
|
13,911,938 |
|
|
Building Products – 0.8% |
|
|
|
|
|
|
Armstrong World Industries, Inc.(a) |
|
22,440 |
|
1,539,159 |
|
|
Zurn Elkay Water Solutions Corp. |
|
71,052 |
|
1,502,750 |
|
|
|
|
|
|
3,041,909 |
|
|
Capital Markets – 1.3% |
|
|
|
|
|
|
Cboe Global Markets, Inc. |
|
13,464 |
|
1,689,328 |
|
|
CME Group, Inc. |
|
9,724 |
|
1,635,188 |
|
|
Tradeweb Markets, Inc., Class A |
|
28,424 |
|
1,845,570 |
|
|
|
|
|
|
5,170,086 |
|
|
Chemicals – 2.1% |
|
|
|
|
|
|
Air Products and Chemicals, Inc.(a) |
|
5,610 |
|
1,729,339 |
|
|
Dow, Inc. |
|
33,660 |
|
1,696,127 |
|
|
Huntsman Corp. |
|
62,084 |
|
1,706,068 |
|
|
Shares |
|||||
|
LyondellBasell Industries NV, |
|
19,822 |
|
$1,645,821 |
|
|
NewMarket Corp. |
|
5,610 |
|
1,745,327 |
|
|
|
|
|
|
8,522,682 |
|
|
Commercial Services & Supplies – 1.7% |
|
|
| ||
|
IAA, Inc.* |
|
46,002 |
|
1,840,080 |
|
|
Rentokil Initial plc, ADR |
|
4,038 |
|
124,417 |
|
|
Republic Services, Inc. |
|
12,342 |
|
1,591,995 |
|
|
Stericycle, Inc.* |
|
32,912 |
|
1,641,980 |
|
|
Waste Management, Inc. |
|
10,098 |
|
1,584,174 |
|
|
|
|
|
|
6,782,646 |
|
|
Communications Equipment – 0.4% |
|
|
| ||
|
Cisco Systems, Inc. |
|
34,782 |
|
1,657,015 |
|
|
|
|
|
|
|
|
|
Construction & Engineering – 0.4% |
|
|
| ||
|
MDU Resources Group, Inc. |
|
54,230 |
|
1,645,338 |
|
|
|
|
|
|
|
|
|
Containers & Packaging – 1.7% |
|
|
|
|
|
|
Amcor plc(a) |
|
139,500 |
|
1,661,445 |
|
|
Crown Holdings, Inc. |
|
20,944 |
|
1,721,806 |
|
|
International Paper Co. |
|
46,750 |
|
1,618,952 |
|
|
Packaging Corp. of America |
|
12,716 |
|
1,626,504 |
|
|
|
|
|
|
6,628,707 |
|
|
Diversified Consumer Services – 1.6% |
|
|
| ||
|
Bright Horizons Family Solutions, Inc.*(a) |
|
23,562 |
|
1,486,762 |
|
|
Chegg, Inc.* |
|
59,092 |
|
1,493,255 |
|
|
Grand Canyon Education, Inc.* |
|
15,334 |
|
1,620,191 |
|
|
Service Corp. International |
|
23,936 |
|
1,654,935 |
|
|
|
|
|
|
6,255,143 |
|
|
Diversified Telecommunication Services – 0.8% |
| ||||
|
AT&T, Inc. |
|
89,010 |
|
1,638,674 |
|
|
Verizon Communications, Inc. |
|
43,758 |
|
1,724,065 |
|
|
|
|
|
|
3,362,739 |
|
|
Electric Utilities – 1.7% |
|
|
|
|
|
|
Duke Energy Corp. |
|
17,204 |
|
1,771,840 |
|
|
Eversource Energy |
|
20,570 |
|
1,724,589 |
|
|
PNM Resources, Inc. |
|
34,408 |
|
1,678,766 |
|
|
Portland General Electric Co. |
|
35,156 |
|
1,722,644 |
|
|
|
|
|
|
6,897,839 |
|
|
Electronic Equipment, Instruments & Components – 1.7% | |||||
|
Arrow Electronics, Inc.*(a) |
|
16,082 |
|
1,681,695 |
|
|
Avnet, Inc.(a) |
|
38,522 |
|
1,601,745 |
|
|
Cognex Corp. |
|
35,156 |
|
1,656,199 |
|
|
Vontier Corp. |
|
89,010 |
|
1,720,563 |
|
|
|
|
|
|
6,660,202 |
|
|
Energy Equipment & Services – 0.4% |
| ||||
|
Baker Hughes Co.(a) |
|
57,970 |
|
1,711,854 |
|
|
|
|
|
|
|
|
|
Entertainment – 1.3% |
|
|
|
|
|
|
Activision Blizzard, Inc.(a) |
|
22,814 |
|
1,746,412 |
|
|
Electronic Arts, Inc. |
|
13,090 |
|
1,599,336 |
|
|
Take-Two Interactive Software, Inc.* |
|
16,456 |
|
1,713,563 |
|
|
|
|
|
|
5,059,311 |
|
|
Equity Real Estate Investment Trusts (REITs) – 5.8% |
| ||||
|
Agree Realty Corp.(a) |
|
24,310 |
|
1,724,308 |
|
|
Corporate Office Properties Trust |
|
61,710 |
|
1,600,757 |
|
|
Cousins Properties, Inc. |
|
65,076 |
|
1,645,772 |
|
See accompanying notes to the financial statements.
2
AGF Investments Trust
AGFiQ U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
December 31, 2022 (Unaudited)
|
Shares |
|||||
|
Equity Commonwealth |
|
63,206 |
|
$1,578,254 |
|
|
Equity LifeStyle Properties, Inc. |
|
25,806 |
|
1,667,068 |
|
|
Essex Property Trust, Inc. |
|
7,854 |
|
1,664,420 |
|
|
Healthcare Realty Trust, Inc. |
|
83,774 |
|
1,614,325 |
|
|
Healthpeak Properties, Inc. |
|
65,450 |
|
1,640,831 |
|
|
Omega Healthcare Investors, Inc. |
|
56,474 |
|
1,578,448 |
|
|
Physicians Realty Trust |
|
115,938 |
|
1,677,623 |
|
|
Realty Income Corp. |
|
27,302 |
|
1,731,766 |
|
|
Sabra Health Care REIT, Inc. |
|
131,646 |
|
1,636,360 |
|
|
STORE Capital Corp. |
|
52,734 |
|
1,690,652 |
|
|
WP Carey, Inc. |
|
21,692 |
|
1,695,230 |
|
|
|
|
|
|
23,145,814 |
|
|
Food Products – 3.9% |
|
|
|
|
|
|
Campbell Soup Co. |
|
31,790 |
|
1,804,083 |
|
|
Conagra Brands, Inc. |
|
45,254 |
|
1,751,330 |
|
|
General Mills, Inc. |
|
20,196 |
|
1,693,435 |
|
|
Hormel Foods Corp. |
|
36,278 |
|
1,652,463 |
|
|
J M Smucker Co. (The) |
|
11,220 |
|
1,777,921 |
|
|
Kellogg Co. |
|
23,562 |
|
1,678,557 |
|
|
Kraft Heinz Co. (The) |
|
43,758 |
|
1,781,388 |
|
|
Lancaster Colony Corp. |
|
8,228 |
|
1,623,384 |
|
|
Tyson Foods, Inc., Class A |
|
25,432 |
|
1,583,142 |
|
|
|
|
|
|
15,345,703 |
|
|
Gas Utilities – 0.4% |
|
|
|
|
|
|
Southwest Gas Holdings, Inc. |
|
24,684 |
|
1,527,446 |
|
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies – 1.3% |
|
|
| ||
|
Baxter International, Inc.(a) |
|
30,294 |
|
1,544,085 |
|
|
Becton Dickinson and Co.(a) |
|
7,106 |
|
1,807,056 |
|
|
QuidelOrtho Corp.* |
|
19,822 |
|
1,698,151 |
|
|
|
|
|
|
5,049,292 |
|
|
Health Care Providers & Services – 1.7% |
|
|
| ||
|
DaVita, Inc.* |
|
23,936 |
|
1,787,301 |
|
|
HealthEquity, Inc.* |
|
25,806 |
|
1,590,682 |
|
|
Premier, Inc., Class A |
|
50,864 |
|
1,779,223 |
|
|
Quest Diagnostics, Inc. |
|
11,220 |
|
1,755,257 |
|
|
|
|
|
|
6,912,463 |
|
|
Hotels, Restaurants & Leisure – 2.5% |
|
| |||
|
Choice Hotels International, Inc. |
|
13,838 |
|
1,558,713 |
|
|
Domino’s Pizza, Inc. |
|
4,488 |
|
1,554,643 |
|
|
McDonald’s Corp. |
|
6,358 |
|
1,675,524 |
|
|
Starbucks Corp. |
|
16,830 |
|
1,669,536 |
|
|
Vail Resorts, Inc. |
|
6,732 |
|
1,604,572 |
|
|
Yum! Brands, Inc. |
|
13,090 |
|
1,676,567 |
|
|
|
|
|
|
9,739,555 |
|
|
Household Durables – 1.8% |
|
|
|
|
|
|
Garmin Ltd. |
|
18,700 |
|
1,725,823 |
|
|
Helen of Troy Ltd.* |
|
17,578 |
|
1,949,576 |
|
|
Leggett & Platt, Inc. |
|
48,246 |
|
1,554,968 |
|
|
Mohawk Industries, Inc.* |
|
17,204 |
|
1,758,593 |
|
|
|
|
|
|
6,988,960 |
|
|
Household Products – 0.4% |
|
|
|
|
|
|
Kimberly-Clark Corp. |
|
12,716 |
|
1,726,197 |
|
|
|
|
|
|
|
|
|
Industrial Conglomerates – 0.4% |
|
|
|
|
|
|
3M Co. |
|
13,464 |
|
1,614,603 |
|
|
|
|
|
|
||
|
Shares |
|||||
|
Insurance – 5.8% |
|
|
|
|
|
|
Arch Capital Group Ltd.*(a) |
|
28,424 |
|
$1,784,459 |
|
|
Assurant, Inc.(a) |
|
13,464 |
|
1,683,808 |
|
|
Axis Capital Holdings Ltd.(a) |
|
29,920 |
|
1,620,766 |
|
|
Cincinnati Financial Corp. |
|
15,708 |
|
1,608,342 |
|
|
Everest Re Group Ltd. |
|
5,236 |
|
1,734,530 |
|
|
Globe Life, Inc. |
|
14,212 |
|
1,713,257 |
|
|
Hanover Insurance Group, Inc. (The) |
|
11,594 |
|
1,566,697 |
|
|
Kemper Corp. |
|
30,294 |
|
1,490,465 |
|
|
RenaissanceRe Holdings Ltd. |
|
8,976 |
|
1,653,648 |
|
|
Ryan Specialty Holdings, Inc., Class A* |
|
43,010 |
|
1,785,345 |
|
|
Selective Insurance Group, Inc. |
|
17,952 |
|
1,590,727 |
|
|
Travelers Cos., Inc. (The) |
|
8,976 |
|
1,682,910 |
|
|
W R Berkley Corp. |
|
22,440 |
|
1,628,471 |
|
|
White Mountains Insurance Group Ltd. |
|
1,122 |
|
1,586,878 |
|
|
|
|
|
|
23,130,303 |
|
|
IT Services – 5.5% |
|
|
|
|
|
|
Akamai Technologies, Inc.*(a) |
|
18,326 |
|
1,544,882 |
|
|
Amdocs Ltd. |
|
19,448 |
|
1,767,823 |
|
|
Broadridge Financial Solutions, Inc. |
|
11,594 |
|
1,555,103 |
|
|
Cognizant Technology Solutions Corp., Class A |
|
28,050 |
|
1,604,179 |
|
|
Concentrix Corp. |
|
14,586 |
|
1,942,272 |
|
|
Fidelity National Information Services, Inc. |
|
24,310 |
|
1,649,433 |
|
|
FleetCor Technologies, Inc.* |
|
8,976 |
|
1,648,712 |
|
|
Genpact Ltd. |
|
37,400 |
|
1,732,368 |
|
|
International Business Machines Corp. |
|
11,594 |
|
1,633,479 |
|
|
Jack Henry & Associates, Inc. |
|
8,976 |
|
1,575,827 |
|
|
Maximus, Inc. |
|
24,684 |
|
1,810,078 |
|
|
SS&C Technologies Holdings, Inc. |
|
32,538 |
|
1,693,928 |
|
|
Western Union Co. (The) |
|
116,312 |
|
1,601,616 |
|
|
|
|
|
|
21,759,700 |
|
|
Leisure Products – 0.4% |
|
|
|
|
|
|
Hasbro, Inc. |
|
27,302 |
|
1,665,695 |
|
|
|
|
|
|
|
|
|
Machinery – 1.6% |
|
|
|
|
|
|
Allison Transmission Holdings, Inc.(a) |
|
37,774 |
|
1,571,398 |
|
|
Chart Industries, Inc.* |
|
11,968 |
|
1,379,073 |
|
|
Dover Corp. |
|
11,968 |
|
1,620,587 |
|
|
Stanley Black & Decker, Inc. |
|
21,318 |
|
1,601,408 |
|
|
|
|
|
|
6,172,466 |
|
|
Media – 2.1% |
|
|
|
|
|
|
Charter Communications, Inc., Class A* |
|
4,488 |
|
1,521,881 |
|
|
Comcast Corp., Class A |
|
47,498 |
|
1,661,005 |
|
|
Fox Corp., Class A |
|
53,108 |
|
1,612,890 |
|
|
New York Times Co. (The), Class A |
|
47,498 |
|
1,541,785 |
|
|
TEGNA, Inc. |
|
85,644 |
|
1,814,796 |
|
|
|
|
|
|
8,152,357 |
|
|
Metals & Mining – 0.9% |
|
|
|
|
|
|
Newmont Corp. |
|
36,278 |
|
1,712,322 |
|
|
Royal Gold, Inc. |
|
15,334 |
|
1,728,448 |
|
|
|
|
|
|
3,440,770 |
|
See accompanying notes to the financial statements.
3
AGF Investments Trust
AGFiQ U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
December 31, 2022 (Unaudited)
|
Shares |
|||||
|
Mortgage Real Estate Investment Trusts (REITs) – 0.4% |
| ||||
|
Blackstone Mortgage Trust, Inc., Class A |
|
67,700 |
|
$1,433,209 |
|
|
|
|
|
|
|
|
|
Multiline Retail – 0.3% |
|
|
|
|
|
|
Ollie’s Bargain Outlet Holdings, Inc.* |
|
28,050 |
|
1,313,862 |
|
|
|
|
|
|
|
|
|
Multi–Utilities – 1.7% |
|
|
|
|
|
|
Avista Corp.(a) |
|
41,888 |
|
1,857,314 |
|
|
Dominion Energy, Inc. |
|
28,050 |
|
1,720,026 |
|
|
NorthWestern Corp. |
|
29,546 |
|
1,753,260 |
|
|
WEC Energy Group, Inc. |
|
17,204 |
|
1,613,047 |
|
|
|
|
|
|
6,943,647 |
|
|
Oil, Gas & Consumable Fuels – 2.4% |
|
|
| ||
|
DT Midstream, Inc. |
|
28,050 |
|
1,550,043 |
|
|
Exxon Mobil Corp. |
|
14,960 |
|
1,650,088 |
|
|
HF Sinclair Corp. |
|
27,302 |
|
1,416,701 |
|
|
Kinder Morgan, Inc. |
|
88,636 |
|
1,602,539 |
|
|
Valero Energy Corp. |
|
12,342 |
|
1,565,706 |
|
|
Williams Cos., Inc. (The) |
|
48,620 |
|
1,599,598 |
|
|
|
|
|
|
9,384,675 |
|
|
Pharmaceuticals – 3.8% |
|
|
|
|
|
|
Bristol-Myers Squibb Co.(a) |
|
21,318 |
|
1,533,830 |
|
|
Elanco Animal Health, Inc.* |
|
136,134 |
|
1,663,557 |
|
|
Jazz Pharmaceuticals plc* |
|
10,846 |
|
1,727,876 |
|
|
Johnson & Johnson |
|
9,350 |
|
1,651,678 |
|
|
Merck & Co., Inc. |
|
15,334 |
|
1,701,307 |
|
|
Organon & Co. |
|
67,301 |
|
1,879,717 |
|
|
Perrigo Co. plc |
|
53,108 |
|
1,810,452 |
|
|
Pfizer, Inc. |
|
34,034 |
|
1,743,902 |
|
|
Royalty Pharma plc, Class A |
|
38,896 |
|
1,537,170 |
|
|
|
|
|
|
15,249,489 |
|
|
Professional Services – 3.2% |
|
|
|
|
|
|
CACI International, Inc., Class A* |
|
5,610 |
|
1,686,310 |
|
|
Clarivate plc* |
|
179,518 |
|
1,497,180 |
|
|
Dun & Bradstreet Holdings, Inc. |
|
128,280 |
|
1,572,713 |
|
|
FTI Consulting, Inc.* |
|
9,724 |
|
1,544,171 |
|
|
Leidos Holdings, Inc. |
|
15,334 |
|
1,612,983 |
|
|
ManpowerGroup, Inc. |
|
19,822 |
|
1,649,389 |
|
|
Robert Half International, Inc. |
|
22,066 |
|
1,629,133 |
|
|
Science Applications International Corp. |
|
15,334 |
|
1,701,001 |
|
|
|
|
|
|
12,892,880 |
|
|
Road & Rail – 1.7% |
|
|
|
|
|
|
Landstar System, Inc. |
|
9,724 |
|
1,584,040 |
|
|
Lyft, Inc., Class A* |
|
159,322 |
|
1,755,728 |
|
|
Norfolk Southern Corp. |
|
6,732 |
|
1,658,899 |
|
|
Union Pacific Corp. |
|
7,854 |
|
1,626,328 |
|
|
|
|
|
|
6,624,995 |
|
|
Semiconductors & Semiconductor Equipment – 1.2% |
| ||||
|
Intel Corp. |
|
59,092 |
|
1,561,802 |
|
|
Power Integrations, Inc. |
|
21,692 |
|
1,555,750 |
|
|
Qorvo, Inc.* |
|
17,952 |
|
1,627,169 |
|
|
|
|
|
|
4,744,721 |
|
|
Software – 3.0% |
|
|
|
|
|
|
Black Knight, Inc.*(a) |
|
27,302 |
|
1,685,898 |
|
|
Blackline, Inc.*(a) |
|
25,806 |
|
1,735,970 |
|
|
Shares |
|||||
|
Dolby Laboratories, Inc., Class A |
|
23,188 |
|
$1,635,682 |
|
|
Gen Digital, Inc. |
|
76,668 |
|
1,642,995 |
|
|
Nutanix, Inc., Class A* |
|
61,710 |
|
1,607,545 |
|
|
UiPath, Inc., Class A* |
|
143,614 |
|
1,825,334 |
|
|
Verint Systems, Inc.* |
|
44,132 |
|
1,601,109 |
|
|
|
|
|
|
11,734,533 |
|
|
Specialty Retail – 1.5% |
|
|
|
|
|
|
AutoNation, Inc.*(a) |
|
13,838 |
|
1,484,817 |
|
|
Foot Locker, Inc. |
|
42,636 |
|
1,611,215 |
|
|
Lithia Motors, Inc., Class A |
|
7,106 |
|
1,454,882 |
|
|
Penske Automotive Group, Inc. |
|
13,464 |
|
1,547,418 |
|
|
|
|
|
|
6,098,332 |
|
|
Textiles, Apparel & Luxury Goods – 1.2% |
| ||||
|
Carter’s, Inc. |
|
23,188 |
|
1,730,056 |
|
|
Skechers USA, Inc., Class A* |
|
40,766 |
|
1,710,134 |
|
|
VF Corp. |
|
52,734 |
|
1,455,986 |
|
|
|
|
|
|
4,896,176 |
|
|
Thrifts & Mortgage Finance – 0.4% |
| ||||
|
Radian Group, Inc. |
|
88,262 |
|
1,683,156 |
|
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
326,594,584 |
|
|
|
|
|
|
|
|
|
Total Long Positions |
|
|
|
326,594,584 |
|
|
|
|
|
|
|
|
See accompanying notes to the financial statements.
4
AGF Investments Trust
AGFiQ U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
December 31, 2022 (Unaudited)
|
Shares |
|||||
|
Short Positions – (84.8)% |
|
|
|
|
|
|
|
|||||
|
Common Stocks – (84.8)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense – (1.4)% |
|
|
|
|
|
|
Axon Enterprise, Inc. |
|
(9,724 |
) |
$(1,613,503 |
) |
|
Howmet Aerospace, Inc. |
|
(47,498 |
) |
(1,871,896 |
) |
|
TransDigm Group, Inc. |
|
(2,992 |
) |
(1,883,913 |
) |
|
|
|
|
|
(5,369,312 |
) |
|
Air Freight & Logistics – (0.4)% |
|
|
|
|
|
|
GXO Logistics, Inc. |
|
(40,018 |
) |
(1,708,368 |
) |
|
|
|
|
|
|
|
|
Airlines – (1.2)% |
|
|
|||