Average Annual Total Returns [further-information] As of 09/30/2020

Performance data quoted represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or a loss when you sell your shares.
Month EndAs of 09/30/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 09/08/2015
Fund without Sales Charge (%) (NAV) 1.22 2.14 3.58 3.20
Fund with Sales Charge (%) (POP) 0.23 2.14 3.58 3.20
HFRX Fixed Income - Credit Index (%) 8.31 3.21 3.05 2.38 2.70
ICE BofA US 3-Month Treasury Bill Index (%) 1.10 1.69 1.20 0.64 1.19
Quarter EndAs of 09/30/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 09/08/2015
Fund without Sales Charge (%) (NAV) 1.22 2.14 3.58 3.20
Fund with Sales Charge (%) (POP) 0.23 2.14 3.58 3.20
HFRX Fixed Income - Credit Index (%) 8.31 3.21 3.05 2.38 2.70
ICE BofA US 3-Month Treasury Bill Index (%) 1.10 1.69 1.20 0.64 1.19

After-Tax Average Annual Total Returns [further-information] As of 09/30/2020

Month EndAs of 09/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 0.41 1.10 2.48
Fund without Sales Charge (%) (NAV) After Shares Sold 0.72 1.22 2.28
Fund with Sales Charge (%) (POP) Before Shares Sold -0.59 1.10 2.48
Fund with Sales Charge (%) (POP) After Shares Sold 0.13 1.22 2.28
Quarter EndAs of 09/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 0.41 1.10 2.48
Fund without Sales Charge (%) (NAV) After Shares Sold 0.72 1.22 2.28
Fund with Sales Charge (%) (POP) Before Shares Sold -0.59 1.10 2.48
Fund with Sales Charge (%) (POP) After Shares Sold 0.13 1.22 2.28

Calendar Year Returns

Performance data quoted represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or a loss when you sell your shares.
2019 2018 2017 2016
Fund without Sales Charge (%) (NAV) 4.56 0.30 3.91 7.15
Fund with Sales Charge (%) (POP) 3.56 -0.67 2.91 6.15
HFRX Fixed Income - Credit Index (%) 6.21 -2.55 3.87 4.97
ICE BofA US 3-Month Treasury Bill Index (%) 2.28 1.87 0.86 0.33

Cumulative Total Returns [further-information] As of 09/30/2020

Performance data quoted represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or a loss when you sell your shares.
Month EndAs of 09/30/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 09/08/2015
Fund without Sales Charge (%) (NAV) 1.78 0.39 1.22 6.57 19.20 17.29
Fund with Sales Charge (%) (POP) 0.78 -0.61 0.23 6.57 19.20 17.29
HFRX Fixed Income - Credit Index (%) 3.89 5.63 8.31 9.95 16.23 26.56 14.45
ICE BofA US 3-Month Treasury Bill Index (%) 0.04 0.64 1.10 5.16 6.14 6.55 6.15
Quarter EndAs of 09/30/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 09/08/2015
Fund without Sales Charge (%) (NAV) 1.78 0.39 1.22 6.57 19.20 17.29
Fund with Sales Charge (%) (POP) 0.78 -0.61 0.23 6.57 19.20 17.29
HFRX Fixed Income - Credit Index (%) 3.89 5.63 8.31 9.95 16.23 26.56 14.45
ICE BofA US 3-Month Treasury Bill Index (%) 0.04 0.64 1.10 5.16 6.14 6.55 6.15

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 09/30/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 6.89 5.56
Standard Deviation (Bloomberg Barclays Global Aggregate Index) 4.09 4.70 4.58
Alpha -0.95 1.64
Beta 0.70 0.33
Sharpe Ratio 0.08 0.44
R-Squared 0.16 0.07

ADDITIONAL RISK STATISTICSAs of 09/30/2020 (updated monthly)

3 YR 5 YR 10 YR
Beta Bull -0.03 0.00
Beta Bear 3.33 0.72
Bull Bear Capture Ratio 0.89 3.07
% of Positive Months 75.00 78.33
Maximum Drawdown
Reporting Period
10.41 (01/20 - 02/20) 10.41 (01/20 - 02/20)

VALUE AT RISKAs of 09/30/2020 (updated monthly)


Value at Risk (Fund) -1.22%

Performance Contribution By Strategy(%) [further-information] As of 09/30/2020 (updated monthly)

Ending Weight (% of Invested Capital) YTD 1 Month 3 Months 1 Year
Credit Long Short 43.53 3.81 0.87 0.87 0.87
Structured Credit 42.06 -0.99 0.86 0.86 0.86
Emerging Market Fixed Income 14.40 0.46 -0.13 -0.13 -0.13

SALES CHARGE, EXPENSES & FEES As of 10/01/2020 (updated annually)

Management Fee 1.60%
Dividend Expense and Borrowing Fees for Securities Sold Short 0.39%
Additional Expenses 1.58%
Gross Expense Ratio 3.57%
Net Expense Ratio [further-information] 3.07%
Max Initial Sales Charge 0.00%
CDSC 1.00%

Volatility Measures [further-information] As of 09/30/2020 Updated Monthly, based on a 1-year period

Beta 0.70
Alpha -0.95
Sharpe Ratio 0.08
R-Squared 0.16
Standard Deviation 6.89

Benchmarks

A benchmark is a comparable broad-based index that can be used to evaluate a fund's performance.

  • HFRX Fixed Income - Credit Index
  • ICE BofA US 3-Month Treasury Bill Index