Winton Managed Futures Trend Fund: Platform Profile

Overview

The Winton Managed Futures Trend Fund is a U.S. open-end mutual fund advised by Winton Capital Management Limited.

Current structure:

• Investment adviser: Winton Capital Management Limited
• Registered open end fund: Yes
• 1940 Act fund: Yes
• Daily liquidity: Yes

Winton became investment adviser on October 28, 2025.

Before that date, the fund was named Altegris Futures Evolution Strategy Fund and used a multi-adviser/fund-of-funds structure.

Current Winton strategy should not be mixed with the pre-October 28, 2025 structure.

May fit better for

• investors seeking retail-accessible managed futures;
• investors who prefer mutual-fund daily liquidity;
• clients who do not qualify for institutional CTA SMAs;
• portfolios seeking systematic trend exposure;
• investors comfortable with derivatives and leverage;
• tax-advantaged accounts where the fund is available.

May fit less well for

• investors seeking low-cost beta;
• buyers sensitive to a Class A front-end sales load;
• investors who confuse daily share liquidity with low strategy risk;
• clients who expect a managed-futures fund to hedge every equity selloff;
• users relying on old EVOCX/Class C information;
• investors who want direct ownership of a CTA SMA.

Winton took over the fund in October 2025

Current first-party and SEC documents:

• Winton became adviser: 2025-10-28
• Former fund name: Altegris Futures Evolution Strategy Fund
• Current fund name: Winton Managed Futures Trend Fund

Class C was redesignated into Class A on May 1, 2026

Current SEC supplement:

• Class c current separate share class: No
• Class c redesignated to Class a effective: 2026-05-01

Current canonical share classes for ordinary review purposes:

• Class A — EVOAX;
• Class I — EVOIX.

Current minimums are share-class specific and waivable

Current prospectus framework:

• Class a initial minimum: $2,500
• Class a subsequent minimum: $250
• Class i initial minimum: $100,000
• Class i subsequent minimum: $250
• Minimums waivable: Yes

Current expense ratios differ by class

Current 2026 supplement:

• Class a:
• Management fee: 1.00%
• 12b1 fee: 0.25%
• Other expenses: 0.94%
• Gross expense ratio: 2.19%
• Contractual waiver: 0.60%
• Net expense ratio: 1.59%
• Class i:
• Management fee: 1.00%
• 12b1 fee: 0.00%
• Other expenses: 0.94%
• Gross expense ratio: 1.94%
• Contractual waiver: 0.60%
• Net expense ratio: 1.34%

The expense-limitation agreement is currently stated to continue until at least October 31, 2027 unless terminated under the disclosed conditions.

Class A can carry a front-end sales load

Current prospectus/supplement:

• Class a max front end sales load: 5.75%
• Class i front end sales load: 0%

Class A purchases of $1M+ can avoid the front-end sales charge but can be subject to the disclosed contingent deferred sales-charge rules.

Sales-charge waivers and platform treatment can vary.

The strategy is systematic trend following

Current Winton materials state the fund:

• trades long and short;
• uses leverage;
• invests across major futures and currency markets;
• spans commodities, currencies, equity indices and fixed income;
• seeks long-term capital appreciation.

Daily liquidity does not eliminate derivative risk

The fund offers purchases/redemptions on NYSE business days.

That is a fund-liquidity feature.

It does not mean:

• the portfolio cannot lose sharply;
• derivatives have no counterparty risk;
• trend signals cannot reverse;
• leverage is low.

The fund structure is not a direct CTA SMA

Investor assets are in mutual-fund shares.

Winton's firm AUA is not regulatory AUM

Winton marketing reports can disclose broader AUA figures.

Current materials explicitly warn that AUA is not equivalent to regulatory AUM.

Third-party star ratings are not ROIStreet ratings

Winton materials can display Morningstar ratings.

Assessment

Winton gives ROIStreet a useful contrast with private managed-futures programs.

A U.S. investor can access the strategy through a registered mutual fund with:

• $2,500 Class A minimum;
• $100K Class I minimum;
• daily fund liquidity;
• share-class-specific operating expenses;
• potential Class A sales charges;
• no separate current Class C after May 1, 2026.

That convenience does not make the underlying systematic derivatives strategy low risk.