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Home > Funds > Merk Absolute Return Currency Fund

Merk Absolute Return Currency Fund ® (MABFX)
Merk Absolute Return Currency Fund

The Merk Absolute Return Currency Fund (MABFX) seeks to generate positive absolute returns by investing in currencies.

The Merk Absolute Return Currency Fund is a pure play on currencies, aiming to profit regardless of the direction of the U.S. dollar or traditional asset classes.

Fund Documents

 Fact Sheet, Attribution

 Prospectus / SAI

 Semi/Annual Reports

  Ticker MABFX   Fund Inception September 9, 2009
  Expense Ratio 1.30%   Load No-Load Fund
  Assets1 $9.3 million (as of 12/31/2018)   Portfolio Manager Axel Merk, supported by the investment management team
  Dividends Click here for dividend summary   Institutional Shares Available
  Duration 0.45 years   The Fund is firmly committed to the short end of the yield curve
The Merk Absolute Return Currency Fund (MABFX)

Currency AllocationSecurity HoldingsSectors

Minimum Investment

Below is the Fund's exposure as of December 31, 2018.

Region Currency
Europe Euro
Norwegian Krone
Swiss Franc
British Pound
Swedish Krona
Australasia ex Japan Australian Dollar
New Zealand Dollar
Singapore Dollar
Japan Japanese Yen
North America Canadian Dollar
US Dollar


The Fund's sectors as of December 31, 2018.

Sector Percent
Banks 7.5%
Foreign Trade & INTL Banking Institution 3.7%
Government Agencies - Sweden 4.9%
Miscellaneous Business Credit Institutions 6.2%
Non-U.S. Cash 6.0%
Non-U.S. Government - Australia 21.8%
Non-U.S. Government - Canada 4.5%
Non-U.S. Government - New Zealand 4.5%
Non-U.S. Government - Norway 5.2%
Non-U.S. Government - United Kingdom 8.2%
Regional Authority - Canada 22.5%
U.S. Cash Equivalent 4.7%
Other Net Assets 0.3%

The Fund's security holdings as of December 31, 2018 are shown below:

Holding Currency Maturity Percent
Australian Government AUD 03/15/19
BMW Finance NV 1.625% EUR 07/17/19
Canadian Treasury Bill CAD 12/13/18
Kommuninvest | Sverige 2.25% SEK 03/12/19
KFW 0.875% NOK 11/01/19
Manitoba Province 1.85% CAD 11/21/19
New S Wales Treasury Corp 3.50% AUD 03/20/19
New Zealand Government NZD 03/15/19
Norwegian Treasury Bill NOK 03/20/19
Province of Alberta 1.60% CAD 06/1/19
Province of Saskatchewan 1.95% CAD 03/01/19
Province of New Brunswick 4.40% CAD 06/03/19
Queensland Treasury Corp 4.00% AUD 06/21/19
Sparebank 1 Boligkreditt 3.40% NOK 08/07/19
Treasury Corp Victoria 5.50% AUD 06/15/20
U.K. Treasury Bill 1.75% GBP 07/22/19
Western Australian Treasury Corp 7.00% AUD 10/15/19

The Fund accepts investments in the following minimum amounts:

  Minimum Initial Investment Minimum Additional Investment
Standard Accounts $2,500 $100
Traditional and
Roth IRA Accounts
$1,000 $100

Currency symbols: AUD Australian dollar; CAD Canadian dollar; CHF Swiss Franc; EUR euro; GBP British pound; JPY Japanese yen; NOK Norwegian krone; NZD New Zealand dollar; SGD Singapore dollar; SEK Swedish krona; USD U.S. dollar

Fund holdings are subject to change without notice.

Currency exposure includes unsettled trades, market or accrued cost value of debt securities held, money market deposit account, capital shares sold, accrued income, as well as effective exposure through currency forward contracts, if applicable. US Dollar, net, includes net other assets and liabilities. All percentages are of total net assets. Top holdings currency exposure is before settlements, if any. Sector allocation adheres to balance sheet classifications and makes no adjustment for gold futures exposure. Please also consult with the latest annual or semi-annual report for complete information on assets, liabilities and applicable notes as of the publication date for the respective reports.

Click here to download the Adobe® Reader® to view and print the PDF version of the Fund Fact Sheet.

Source for all currency data: Bloomberg. All performance figures versus U.S. dollar, unless otherwise stated.

1Assets reflect investor and institutional shares combined.

As with any mutual fund product, there is no guarantee that the fund will achieve its goals. Investment return and principal value will vary and shares may be worth more or less at redemption than at original purchase; the Fund is not a substitute for a money market fund. Investors should consider the investment objectives, risks and charges and expenses of the Merk Absolute Return Currency Fund carefully before investing. The prospectus contains this and other information about the Merk Absolute Return Currency Fund. To obtain a prospectus, please download it now or call (866) MERK FUND. The prospectus should be read carefully before investing.

Since the Fund primarily invests in foreign currencies, changes in currency exchange rates will affect the value of what the Fund owns and the price of the Fund’s shares. Investing in foreign instruments bears a greater risk than investing in domestic instruments for reasons such as volatility of currency exchange rates and, in some cases, limited geographic focus, political and economic instability, and relatively illiquid markets. The Fund is subject to interest rate risk which is the risk that debt securities in the Fund’s portfolio will decline in value because of increases in market interest rates. The Fund may also invest in derivative securities which can be volatile and involve various types and degrees of risk. For a more complete discussion of these and other Fund risks please refer to the Fund’s prospectus.