Investment Philosophy / Process

  • Alternative investment strategies have the potential to enhance portfolio diversification and reduce overall portfolio volatility because these investments may not have a strong correlation or relationship to one another or to traditional market indexes
  • Complementary alternative strategies are selected from a broad universe of non-traditional investments to help reduce the role of overall market direction in determining return
  • The Fund achieves this exposure by investing in multiple Exchange Traded Funds ("ETFs") which are representative of a specific asset category, market segment or strategy

Fund Details

  Class A Class I Class R
Status Open Open Open
CUSIP 68246A 843 68246A 827 68246A 819
ISIN US68246A8430 US68246A8273 US68246A8190
Investment Minimum* $1,000 for all accounts
• $500 for certain fee-
based programs
• $500, if establishing
an Automatic Bank
Draft Plan
• $250 minimum for purchases
by accounts through eligible
financial intermediary platforms
that have entered into
selling or service agreements
with the Distributor and
that are eligible to purchase
Class A shares without
a sales charge
• No minimum for
certain employer-sponsored
retirement plans and
certain wrap fee based programs
$1,000,000 for certain
institutions and individuals
• $1,000 for certain
employees (or their
immediate family
members) of AXA
Financial or its
• Class I Shares are
available to clients of
registered investment
advisers who have
$250,000 invested in
the Fund
• No minimum investment
for a wrap account client
of an eligible broker-dealer
or a client of a fee-based
planner that is unaffiliated
with a broker-dealer
No minimum
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*Read the Prospectus for more information.

How the Fund invests

The Fund pursues its investment objective by investing in exchange traded securities of other investment companies or investment vehicles ("Underlying ETFs") comprising various asset categories and strategies. Under normal market conditions, the Fund allocates substantially all of its assets to Underlying ETFs that invest primarily in non-traditional (alternative) asset categories and strategies. The Fund seeks to invest its assets among the Underlying ETFs to achieve a diversified exposure across multiple non-traditional (alternative) asset categories and strategies.

Fund Objective

Seeks long-term growth of capital.

Asset Classes

Underlying ETFs in which the Fund currently expects to invest:

  • Absolute Return
  • Commodities
  • Convertible Securities
  • Currency
  • Global Real Estate
  • Managed Futures
  • Merger Arbitrage
  • Precious and Base Metals
  • Multi Strategies
  • Long/Short Equity
  • Real Return

Non-traditional (alternative) investments are alternatives to traditional equity (stocks) or fixed income (bonds and cash) investments. Nontraditional (alternative) investments have the potential to enhance portfolio diversification and reduce overall portfolio volatility because these investments may not have a strong correlation (relationship) to one another or to traditional market indexes.

Portfolio Managers

1290 logo

Kenneth T. Kozlowski, CFP, CLU, ChFC

Chief Investment Officer of Equitable Investment Management

Kenneth Kozlowski, Chief Investment Officer of Equitable Investment Management, leads a dedicated team responsible for asset allocation and rebalancing functions used in connection with the 1290 Funds®. In 2010, Mr. Kozlowski became the head of the Investment Management Services ("IMS") unit within Equitable Investment Management. IMS includes the Portfolio Analytics Group which is responsible for subadviser selection, screening and monitoring. Mr. Kozlowski, who joined the company in 1999, has more than 25 years' experience in the mutual fund business. He is Certified Financial Planner (CFP), Chartered Life Underwriter (CLU), and a Chartered Financial Consultant (ChFC). He holds memberships in the Financial Planning Association and the Society of Financial Service Professionals. Mr. Kozlowski graduated from Swarthmore College in Swarthmore, PA with a B.A. in Economics.

Alwi Chan, CFA®

Deputy Chief Investment Officer of Equitable Investment Management

Alwi Chan is the Deputy Chief Investment Officer of Equitable Investment Management. Mr. Chan is head of Equitable Investment Management's Portfolio Analytics team. Mr. Chan joined AXA Financial in June 1999, having previously worked at D.E. Shaw & Co. and Arthur Anderson. He holds a Bachelor of Economics from Trisakti University in Jakarta, Indonesia and an MBA from Tulane University. Mr. Chan is a CFA® charterholder.

Xavier Poutas, CFA®

Assistant Portfolio Manager of Equitable Investment Management

Xavier Poutas is an Assistant Portfolio Manager of Equitable Investment Management. Mr. Poutas joined the company in October 2004 as a Fund Administrator and transferred to the Asset Allocation team within the Investment Management Services group in June 2007. Mr. Poutas assists in portfolio analysis, rebalancing and portfolio performance evaluation with respect to the Allocation Portfolio's ETF Investments. Mr. Poutas received his MS in Accounting and Finance from the University of Nantes (France) in 2000 and his B.B.A. in Accounting and Finance in 1999 from Ecole Superieure des Sciences Commerciales d'Angers (France). Mr. Poutas is a CFA® charterholder.

Miao Hu, CFA®, CAIA®

Assistant Portfolio Manager of Equitable Investment Management

Miao Hu is an Assistant Portfolio Manager of Equitable Investment Management. She has served as a portfolio manager of Equitable Investment Management since April 2016. Miao has also served as a member of the portfolio analytics team since November 2013. Before joining the company, Ms. Hu was a Financial Services Sector Specialist at FactSet Research Systems from January 2012 to November 2013, a Senior Research Analyst at Strategic Insight from February 2008 to December 2011. Ms. Hu received her M.S in Communications from University of Ulster, Northern Ireland, UK in 2003. Ms. Hu is a CFA® charterholder and CAIA® member.

CFA is a registered trademark of the CFA Institute.

CAIA is a registered trademark of the Chartered Alternative Investment Analyst Association.

Kevin McCarthy

Portfolio Manager of Equitable Investment Management LLC 

Kevin McCarthy has been a Portfolio Manager of Equitable Investment Management LLC since January 2019. He currently serves a Director of EIM and joined AXA Equitable in August 2015. His responsibilities include portfolio analysis, portfolio evaluation, rebalancing and fund selection with respect to Asset Allocation Portfolios. Mr. McCarthy also assists with trading ETFs investments. Previously, he was a Senior Quantitative Analyst at Aviva Investors, a Risk Analyst at Kenmar Olympia Group, and a Quantitative Researcher at Tremont Capital Management. Mr. McCarthy holds a BS in Economics from the State University of New York and a MBA focused in Finance from Baruch College.

Foreign investing involves special risks such as currency fluctuations and political uncertainty.

To the extent a Fund invests in Underlying ETFs that invest in alternative investments, the Fund will be subject to the risks associated with such investments. Alternative investments may use a different approach to investing than do traditional investments (such as equity or fixed income investments) and the performance of alternative investments is not expected to correlate closely with more traditional investments; however, it is possible that alternative investments will decline in value along with equity or fixed income markets, or both, or that they may not otherwise perform in accordance with expectation. Alternative investments may have different characteristics and risks than do traditional investments, can be highly volatile, may be less liquid, particularly in periods of stress, and may be more complex and less transparent than traditional investments. Alternative investments also may have more complicated tax profiles than traditional investments. The use of alternative investments may not achieve the desired effect.

Top 15 Holdings as of 03/31/2021 subject to change

Security Weight %
Invesco DB G10 Currency Harvest Fund9.92%
WisdomTree Managed Futures Strategy Fund9.43%
ProShares Hedge Replication9.22%
IQ Merger Arbitrage ETF8.91%
SPDR Barclays Convertible Securities ETF8.74%
Invesco DB Gold Fund5.34%
SPDR MSCI USA StrategicFactors ETF4.84%
ProShares Long Online/Short Stores ETF4.79%
iShares Core US REIT ETF4.70%
Vanguard Global ex-U.S. Real Estate ETF4.64%
Vanguard Short-Term Inflation Protected Securities ETF4.54%
iShares TIPS ETF4.42%
Invesco DB Commodity Index Tracking Fund4.39%
iShares Edge U.S. Fixed Income Balanced Risk ETF4.36%
ProShares RAFI Long/Short3.95%

Monthly Performance as of 04/30/2021

Total Returns
Fund1 month3 monthYTD1 yr3 yr5 yrSI1
Class A (NAV)2.48%4.01%4.69%20.30%4.06%3.37%2.75%
Class A with sales charges (MOP)2-3.13%-1.68%-1.06%13.72%2.11%2.21%1.76%
Class I (NAV)2.48%4.10%4.79%20.69%4.32%3.62%3.01%
Class R (NAV)2.49%4.03%4.71%20.11%3.82%3.12%2.49%
ICE BofA US 3-Month Treasury Bill Index30.00%0.02%0.03%0.11%1.45%1.18%1.04%
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Quarterly Performance as of 03/31/2021

Total Returns
Fund1 month3 monthYTD1 yr3 yr5 yrSI1
Class A (NAV)-0.18%2.16%2.16%21.43%3.42%3.20%2.35%
Class A with sales charges (MOP)2-5.64%-3.46%-3.46%14.80%1.49%2.05%1.35%
Class I (NAV)-0.18%2.25%2.25%21.83%3.67%3.46%2.61%
Class R (NAV)-0.18%2.17%2.17%21.10%3.14%2.95%2.09%
ICE BofA US 3-Month Treasury Bill Index30.01%0.03%0.03%0.12%1.49%1.19%1.06%
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Morningstar Rating: Category
as of

Overall 3 Year 5 Year
# of Funds

Overall Morningstar Rating as of based on risk-adjusted returns (I share).

Morningstar Category Ranking
as of

Morningstar RatingTM Out of # of Funds
1 Year
3 Year
5 Year

As of , for class I shares (). Other share classes may have different ratings. The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10- year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. The Morningstar percentile ranking is based on the fund’s total-return percentile rank relative to all managed products that have the same category for the same time period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%. Morningstar total return includes both income and capital gains or losses and is not adjusted for sales charges.

Expense Ratios as of 03/01/2021

Fund Gross Expense Ratio Net Expense Ratio4
Class A Shares2.55%1.66%
Class I Shares2.29%1.41%
Class R Shares2.81%1.91%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please call (888) 310-0416.

One cannot invest directly in an index.

Returns for periods of less than one year are not annualized.

1Fund inception date of July 6, 2015.

2Maximum Offering Price (MOP) for Class A shares includes the Fund's maximum sales charge of 5.50%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.

3ICE BofA US 3-Month Treasury Bill Index measures the returns of negotiable debt obligations issued by the U.S. government and backed by its full faith and credit, having a maturity of three months.

4Pursuant to a contract, Equitable Investment Management has agreed to make payments or waive its management, administrative and other fees to limit the expenses of the Fund through April 30, 2022 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) (“Expense Limitation Arrangement”) so that the annual operating expenses (including Acquired Fund Fees and Expenses) of the Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses (other than offering costs), 12b-1 fees, and extraordinary expenses not incurred in the ordinary course of the Fund’s business) do not exceed an annual rate of average daily net assets of 1.40% for Class A shares, Class T shares, Class I shares and Class R shares of the Fund. The Expense Limitation Arrangement may be terminated by Equitable Investment Management at any time after April 30, 2022.


Class A

Record DateEx-DatePayable DateOrdinary IncomeShort-Term Capital GainLong-Term Capital Gain
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Class I

Record DateEx-DatePayable DateOrdinary IncomeShort-Term Capital GainLong-Term Capital Gain
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Class R

Record DateEx-DatePayable DateOrdinary IncomeShort-Term Capital GainLong-Term Capital Gain
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