Request A Prospectus: Investors should carefully consider the investment objectives, risks, charges and expenses of the Dynamic Alpha Macro Fund prior to investing. This and other important information can be found in the Fund’s prospectus and summary prospectus. To obtain a prospectus, please call 1-833-462-6433 or access online at https://regdocs.blugiant.com/dynamic-alpha-macro/. The prospectus should be read carefully prior to investing.
Past performance is no guarantee of future results. There is no guarantee the Dynamic Alpha Macro Fund will achieve its investment objective. No investment product or strategy is guaranteed to generate a profit or prevent a loss.
Morningstar Rating is for the Institutional share class only; other classes may have different performance characteristics. No compensation was provided in exchange for this rating. Ratings are calculated monthly and are subject to change. Full Morningstar disclosures and fund information: Important Disclosures.
Important Risks: Investing in mutual funds involves risk, including loss of principal. Risks specific to the Dynamic Alpha Macro Fund are detailed in the prospectus and include limited history of operations; equity securities risk; futures and commodities risk (including currency, debt, equity, energy, metals and agricultural commodities risk); ETF risk; market risk; management risk; shorting risk; small and mid-capitalization stock risk and taxation risk. For a complete description of risks specific to the Fund, please refer to Fund’s prospectus.
Relationship Disclosure: Advisors Preferred, LLC serves as Advisor to the Dynamic Alpha Macro Fund, distributed by Ceros Financial Services, Inc., Member FINRA/SIPC. Advisors Preferred and Ceros are commonly held affiliates. Dynamic Wealth Group, LLC serves as Subadvisor to the Fund and is not affiliated with the Fund’s advisor or distributor.
< Commentary
Dynamic Alpha Macro Fund August 2026 Overview
Welcome to the Monthly Summary
The Dynamic Alpha Macro Fund aims to outperform its benchmark by employing a dual-strategy approach. The fund combines a fundamental global macro strategy with a balanced portfolio of U.S. equities. This blend of non-correlated assets is designed to manage risk and generate what we refer to as “Dynamic Alpha.”
The portfolio is comprised of U.S. Equity ETFs, a global macro futures strategy, and short-term fixed income. The global macro strategy provides long/short exposure to over 40 diverse and non-correlated markets, including currencies, metals, energy, commodities, and financial indices.
We are committed to our shareholders, keeping you informed and ensuring our strategies align with the ever-evolving financial landscape. If you have any questions, feel free to contact us at info@DynamicWG.com.
peRFORMANCE METRICS
as of 08/31/2026
Month
Month
To Date
Year
Year
Inception
Macro Fund
Index TR
Risk Balanced
Index TR
as of 06/30/2026
Month
Month
To Date
Year
Year
Inception
Macro Fund
Index TR
Risk Balanced
Index TR
* Expense Ratio is 1.81%.
* Fund inception was 7/31/2023.
Performance data shown represents past performance and is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Updated performance information and daily net asset value per share (“NAV”) is available at no cost by calling toll-free 1-833-462-6433.
Dynamic Alpha Macro Fund PORTFOLIO OVERVIEW
Contributors
Detractors
Current Positions (as of 8/31/2026)
MACRO OBSERVATIONS AND MARKET ANALYSIS
This Month’s Performance
August was a strong month for the Dynamic Alpha Macro Fund, which returned 8.35% versus 2.72% for the S&P 500 Total Return Index and 1.82% for the S&P Target Risk Balanced Index.
This month’s gain came from non-correlated drivers of return: Corn, Cattle, Gold and Sugar, investments that have almost no tie to equity market performance. That independence is yet another reason the strategy earns its place in a diversified allocation.
Keeping a long-term investing mindset is not a new concept. Whether the vehicle is equities, fixed income, or yes even global macro, the returns that matter accrue over years, not months. There will be months of underperformance and months like August of outperformance. That, by definition, is diversification.
The update that follows moves beyond the performance table to the views driving the portfolio. We look at the Treasury’s decision to increase long-duration purchases and what it says about where policymakers draw the line on long-term yields, the short dollar position we have built around it through long yen and long pound exposure, and how the current book is diversified across intended holding periods.
5% Yield: the “line in the sand”
On Wednesday, August 19th, Treasury secretary Bessent announced doubling the purchase of long duration Treasuries from $2B to $4B per month. The increase – while by itself a pittance – is important for the signal it sends. For whatever reason you’d like to pick, it signals that the U.S. government’s line in the sand, where long-term borrowing causes policy maker panic, is just above 5%. This is well below the 6-7% range that we previously penciled in as our estimate for where policy makers might institute a soft form of YCC (Yield Curve Control). What are the implications?
Although technically the move by Treasury was closer to a ‘twist’ operation (i.e. selling fewer short duration bills/notes and buying more long duration bonds) rather than YCC, no one will care about the technicalities – it will be read as a soft form of an attempt to pin yields below their natural clearing rate. The release valve should be the U.S. dollar.
As such, the timing feels right for a more sustained move lower in the dollar, after a long, 12-month consolidation. We are short U.S. dollar, expressing our view with a barbell position in both the British pound and the Japanese yen, as noted on the chart on the next page.
Long JPY
Uncorrelated with other DM FX1 pairsNot predicated on a carry trade unwind – unclear whether carry trade is even meaningful todayRate differentials: mild hiking cycle by BoJ (priced in) coupled with cutting cycle by Fed (not priced in)Key is GPIF and retail capital repatriation: firing gun has sounded by Ministry of Finance – flows will followCasualty: French yields, as Japan will liquidate French assets before U.S. assets for political reasons2
1 Developed market foreign exchange.
2 Japan holds perhaps $200B of French sovereign debt and will sell these bonds before selling U.S. Treasuries due to Japan’s reliance on the U.S. security umbrella.
Long GBP
Like euro, a key component of the DM dollar basket; trades as a slightly amplified version of the euroRepatriation flows less important than for JPY but will be a factorKey is rebalancing flows: British pension funds have reduced domestic assets from 40% to 4% over past 25 years – small shifts will drive GBP higher Diversified economy despite meager growth; not a bet on commodities or any other single factor
Pairing long JPY with long GBP presents a balanced, uncorrelated short USD theme. Note that we have not added valuation as a rationale for the trade. Although the dollar is 45% overvalued against the yen and 10-15% against the pound, valuation acts as a slow anchor over 5-10 year periods and has had no effect in recent years, particularly for the yen.
Rebalancing away from an extreme overweight to U.S. financial assets (both equity and debt); and repatriation to fund social, military, and economic development in a geopolitically fragmenting world: these are the better rationales for a short dollar thesis.
Catalysts? Although never worth pinning down to a given month or quarter, the recent decision by the Japanese Ministry of Finance in July to encourage their >$1T USD pension pools to invest in Japan fires a starting gun. A peak in U.S. equities, which we believe is coming soon, would add further impetus to reversing the past 15 years’ worth of flows into U.S. assets.
Current portfolio: time-sliced
We are long-term in our horizon, particularly relative to most macro funds. Our short-term trades may last 6-12 months; our long-term themes are really investments, with multi-year horizons. Selecting a time horizon for a position has an element of art to it: technical analysis is used to compare how long a particular market has tended to have bull and bear moves (historical analogues) while fundamental analysis offers a separate foundation for the magnitude of an expected move given current supply and demand drivers.
Our ability to maintain mental clarity during drawdowns relies on circling back to the homework we’ve done on those long horizon ideas. To mitigate the effect of sideways performance on any given trade during drawdowns, one could diversify across time as much as possible, potentially beyond the delineation of short-term vs long-term ideas that we have made within our own portfolio construction.
If we were to build a stylized bar chart with the intended duration of the futures positions held in our portfolio during the month, it looks like this (short positions in red; long positions in green):
Intended Duration (Hold Time) by Position
The length of each bar represents the intended hold time. The y-axis (bar length) is intentionally devoid of a label – do we know for sure if our cattle trade will last 4 months or 7? We do not. Rather than affix actual increments of time to the chart, we forced ourselves to pin down each position relative to the others. We believe that our sugar position (3 units of time) should last roughly one-half the duration of our copper position (6 units).
Key points:
As always, we remain nimble. If the data and/or our views change, we can pivot our positioning and find other trades within the 40+ markets we have available. This is also why we maintain a strategic allocation to U.S. equities in our overall fund strategy, balancing a buy-and-hold approach with active global macro long and short positions.
We Are Here To Help
We appreciate your continued trust and partnership and look forward to updating you on our progress in the coming months. Please feel free to reach out if we can provide additional clarification on specific ideas or the portfolio more broadly.
If you are a financial advisor and would like more information on our multi-dimensional approach towards asset management, you can download our white paper titled Busting Seven Risk and Return Myths by visiting our website at DynamicWG.com, or email us at info@DynamicWG.com. If you are an individual investor, we are happy to address any questions you may have and put you in touch with a qualified advisor, if so desired.
OUR dynamic alpha macro fund LONG/SHORT INVESTMENT UNIVERSE
E-Mini Russell 2000
E-mini S&P 500
MSCI EAFE Index
MSCI EM Index
Nikkei 225
Natural gas
NY Harbor ULSD
RBOB Gasoline
Gold
Palladium
Platinum
Silver
2-year Treasury note
5-year Treasury note
10-year Treasury note
30-Year Treasury
Brazilian Real
British pound
Canadian dollar
Euro
Japanese yen
Mexican peso
New Zealand dollar
Swiss Franc
Coffee
Corn
Cotton
Feeder cattle
Lean hogs
Live cattle
Soybean meal
Soybean oil
Soybeans
Sugar #11
Wheat
The list above is not all inclusive.
CONTACT INFORMATION for the Dynamic Alpha Macro Fund
If you’re an advisor or investor interested in learning more about the Dynamic Alpha Macro Fund, you can get in touch through the “Contact Us” page on their website at https://dynamicalphafunds.com/contact-us/. Alternatively, you can directly email your inquiries to info@dynamicalphafunds.com.
IMPORTANT RISK INFORMATION
Disclaimers:
Dynamic Alpha Macro Fund Institutional Class (DYMIX)
Received a 5-Star Overall Morningstar Rating™.
The Overall Morningstar Rating™ is based on the Fund’s risk-adjusted performance among 37 Macro Trading funds for the three-year period ended September 30, 2026.
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