Yellowstone 1921 Fund Overview
The Yellowstone 1921 fund is an actively managed investment vehicle that targets long-term capital appreciation through concentrated positions in small- and mid-cap equities. It is structured as a mutual fund and is managed by Yellowstone Capital Management, a U.S.-based registered investment advisor. The fund seeks to deliver above-market returns by investing in companies with durable competitive advantages and strong free cash flow generation. Investors can access the fund through select brokerage platforms and direct registration with the fund company SEC.
As of the latest public filings, Yellowstone 1921 reports a net expense ratio of approximately 1.25%, which is higher than the average for passive index funds but within the range for concentrated active strategies. The fund's portfolio turnover ratio is moderate, reflecting a buy-and-hold orientation with periodic rebalancing. Minimum initial investment is set at $25,000 for individual accounts, with lower thresholds for qualified retirement plans. The fund is domiciled in the United States and files regular reports with the SEC SEC filings.
Yellowstone 1921 Holdings and Sector Allocation
The Yellowstone 1921 fund maintains a concentrated portfolio of roughly 40 to 60 names, with the top 10 holdings typically accounting for over 50% of total assets. The fund's largest positions historically include names in industrial manufacturing, specialty chemicals, and business services. Sector allocation is skewed toward industrials and consumer discretionary, with smaller allocations to technology and healthcare. The fund avoids fossil fuel extraction and weapons manufacturing in line with its stated investment philosophy Forbes.
Top holdings are reviewed quarterly, and the fund manager publishes a detailed shareholder letter outlining position changes, valuation metrics, and thesis updates. The fund's average market capitalization of holdings falls in the $2 billion to $10 billion range, targeting companies with established earnings streams but potential for expansion. Concentration risk is a notable feature, meaning individual stock performance can significantly impact overall fund returns. Investors should review the latest portfolio disclosure on the fund's official website for current position details Forbes investing.
Yellowstone 1921 Performance and Risk Metrics
Over the past five years, Yellowstone 1921 has delivered annualized total returns that have outperformed the S&P 500 in some periods and lagged in others, reflecting the higher volatility of its concentrated, small-cap tilt. The fund's Sharpe ratio has been moderate, indicating reasonable risk-adjusted returns relative to its benchmark. Maximum drawdown during market downturns has been deeper than broad-market indices, consistent with the higher beta of its holdings. The fund's alpha generation is a key metric for evaluating manager skill Tesla.
Risk metrics published in the fund's prospectus highlight a standard deviation above the category average, driven by the concentrated portfolio and small-cap exposure. The fund does not use leverage or derivatives for hedging, keeping the strategy straightforward. Investors considering Yellowstone 1921 should evaluate their time horizon and risk tolerance, as the fund is best suited for long-term portfolios that can withstand periods of underperformance. The fund's latest performance data and risk statistics are available in its quarterly report on the official fund website Tesla investor relations.