The fund is designed as a core investment for those who worry about losing money in equity market downturns but also want to participate in the market’s upside. The nimble strategy seeks to sidestep downturns while aiming for positive returns through market cycles. Using active market exposure management, the fund moves in and out of the market incrementally based upon macro and technical factors.
Objective: The fund’s investment objective is to produce above-average, risk-adjusted returns, in any market environment, while exhibiting less downside volatility than the S&P 500 Index.
|Dec'191||Q42||YTD2||1 YR2||3 YR2||5 YR2||10 YR2||
|Class A NAV*||2.26||5.62||10.20||10.20||4.89||3.10||—||3.12|
|Class A MOP**||-3.60||-0.44||3.86||3.86||2.84||1.89||—||2.50|
|Class C NAV†||2.25||5.49||9.67||9.67||4.31||2.57||2.77||2.94|
|Class C MOP‡||1.27||4.49||8.67||8.67||4.31||2.57||2.77||2.94|
|HFRX Equity Hedge Index||1.22||2.63||10.71||10.71||3.32||1.52||—||—|
|S&P 500 Total Return Index||3.02||9.07||31.49||31.49||15.27||11.70||13.56||—|
1. As of 12/31/2019
2. As of 12/31/2019
Total Annual Fund Operating Expenses by Share Class as of 05/01/19: Investor Class: 1.91%; Institutional Class: 1.56%; Class A: 1.96%; Class C: 2.51%.
The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained on this website. Investment performance reflects fee waivers in effect. In the absence of fee waivers, total return would be lower. Total return is based on NAV, assuming reinvestment of all distributions. Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
|HFRX Equity Hedge Index||-9.42||9.98||0.10||-2.33||1.42||11.14||4.81||-19.08||8.92|
|S&P 500 Total Return Index||-4.38||21.83||11.96||1.38||13.69||32.39||16.00||2.11||15.06|
*** This chart illustrates the performance of a hypothetical $10,000 investment made in the fund on the commencement of its operations and assumes no additional deposits or withdrawals were made to the fund and assumes reinvestment of dividends and capital gains. This chart is not intended to imply any future performance of the fund. The chart does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
|Week Ending||Gross Market Exposure||Net Market Exposure|
|June 30, 2019||66.80||66.80|
|July 05, 2019||67.36||67.36|
|July 12, 2019||67.73||67.73|
|July 19, 2019||67.88||67.88|
|July 26, 2019||58.17||58.17|
|August 02, 2019||45.22||45.22|
|August 09, 2019||36.61||36.61|
|August 16, 2019||67.22||5.84|
|August 23, 2019||36.65||36.65|
|August 30, 2019||31.24||31.24|
|September 06, 2019||46.51||46.51|
|September 13, 2019||56.66||56.66|
|September 20, 2019||50.80||50.80|
|September 27, 2019||40.02||40.02|
|September 30, 2019||40.22||40.22|
Gross exposure is the value of all of the portfolio’s holdings (long and short positions), excluding the value of the portfolio’s net cash and cash equivalent holdings. Net exposure is the value of the portfolio’s long holdings, minus the value of the portfolio’s short portions and excluding the value of the portfolio’s net cash and cash equivalent holdings.
|Annual Portfolio turnover||531%|
|# of holdings||2|
|Share Class||Type||Record Date||Distribution
Per Share ($)
|Institutional||Long-Term Capital Gain||12/04/2019||0.36771||12/05/2019|
|Institutional||Short-Term Capital Gain||12/04/2019||0.80298||12/05/2019|
You should consider a fund’s investment objectives, risks, charges and expenses carefully before investing. A prospectus with this and other information may be obtained by calling (800) 999-6809 or by downloading one from this website. It should be read carefully before investing.
There are risks involved with investing, including loss of principal. Past performance does not guarantee future results, share prices will fluctuate and you may have a gain or loss when you redeem shares.
Borrowing for investment purposes creates leverage, which can increase the risk and volatility of a fund.
Debt securities are subject to interest rate risk. If interest rates increase, the value of debt securities generally declines. Debt securities with longer durations tend to be more sensitive to changes in interest rates and more volatile than securities with shorter durations.
Derivative instruments involve risks different from those associated with investing directly in securities and may cause, among other things, increased volatility and transaction costs or a fund to lose more than the amount invested.
Investing in exchange-traded funds (ETFs) will subject a fund to substantially the same risks as those associated with the direct ownership of the securities or other property held by the ETFs.
Foreign securities, especially emerging or frontier markets, will involve additional risks including exchange rate fluctuations, social and political instability, less liquidity, greater volatility and less regulation.
Short selling involves additional investment risks and transaction costs, and creates leverage, which can increase the risk and volatility of a fund.
Investing in smaller companies generally will present greater investment risks, including greater price volatility, greater sensitivity to changing economic conditions and less liquidity than investing in larger, more mature companies.
Alternative strategies typically are subject to increased risk and loss of principal. Consequently, investments such as mutual funds which focus on alternative strategies are not suitable for all investors.
Diversification does not assure profit or protect against risk.
Alpha is a coefficient measuring risk-adjusted performance.
Beta is a measure of risk which shows a fund’s volatility relative to its benchmark index.
Correlation is a statistical measure of the interdependence of two random variables that range in value from -1 to +1, indicating perfect negative correlation at -1, absence of correlation at zero and perfect positive correlation at +1.
Drawdown is the gradual decline in the price of a security or other investment between its high and low over a given period.
HFRX Equity Hedge Index is comprised of private funds with strategies that maintain both long and short positions primarily in equity securities and equity derivatives.
S&P 500 Index is an unmanaged index of 500 common stocks chosen to reflect the industries in the U.S. economy. One cannot invest directly in an index.
Standard deviation measures the degree to which a fund’s return varies from its previous returns or from the average of all similar funds.
Valuation is the process of determining the current worth of an asset or company.
Volatility is a statistical measure of the dispersion of returns for a given security or market index.
Volume/Breadth Momentum Model is a proprietary model used by the Fund’s sub-advisor (Broadmark Asset Management) to determine optimal market exposure.