Average Annual Total Returns [further-information] As of 04/30/2020

Month EndAs of 04/30/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 09/08/2015
Fund without Sales Charge (%) (NAV) -5.97 -0.37 1.59
Fund with Sales Charge (%) (POP) -6.89 -0.37 1.59
HFRX Fixed Income - Credit Index (%) 1.54 0.93 0.63 1.55 1.11
ICE BofAML US 3-Month Treasury Bill Index (%) 2.07 1.81 1.19 0.64 1.28
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 09/08/2015
Fund without Sales Charge (%) (NAV) -7.00 -0.77 1.29
Fund with Sales Charge (%) (POP) -7.92 -0.77 1.29
HFRX Fixed Income - Credit Index (%) -1.85 -0.18 -0.02 1.40 0.31
ICE BofAML US 3-Month Treasury Bill Index (%) 2.25 1.83 1.19 0.64 1.30

After-Tax Average Annual Total Returns [further-information] As of 04/30/2020

Month EndAs of 04/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold -6.73 -1.39
Fund without Sales Charge (%) (NAV) After Shares Sold -3.50 -0.65
Fund with Sales Charge (%) (POP) Before Shares Sold -7.65 -1.39
Fund with Sales Charge (%) (POP) After Shares Sold -4.04 -0.65
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold -7.75 -1.79
Fund without Sales Charge (%) (NAV) After Shares Sold -4.10 -0.95
Fund with Sales Charge (%) (POP) Before Shares Sold -8.66 -1.79
Fund with Sales Charge (%) (POP) After Shares Sold -4.64 -0.95

Calendar Year Returns

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 BofAML US 3-Month Treasury Bill Index (%) 2.28 1.87 0.86 0.33

Cumulative Total Returns [further-information] As of 04/30/2020

Month EndAs of 04/30/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 09/08/2015
Fund without Sales Charge (%) (NAV) -8.80 -7.91 -5.97 -1.11 7.60
Fund with Sales Charge (%) (POP) -9.71 -8.83 -6.89 -1.11 7.60
HFRX Fixed Income - Credit Index (%) -3.41 -2.85 1.54 2.81 3.18 16.61 5.26
ICE BofAML US 3-Month Treasury Bill Index (%) 0.45 0.58 2.07 5.52 6.10 6.56 6.09
Quarter EndAs of 03/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 09/08/2015
Fund without Sales Charge (%) (NAV) -9.28 -9.28 -7.00 -2.29 6.00
Fund with Sales Charge (%) (POP) -10.18 -10.18 -7.92 -2.29 6.00
HFRX Fixed Income - Credit Index (%) -6.39 -6.39 -1.85 -0.53 -0.08 14.92 1.43
ICE BofAML US 3-Month Treasury Bill Index (%) 0.57 0.57 2.25 5.58 6.09 6.56 6.08

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 04/30/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 6.26
Standard Deviation (Bloomberg Barclays Global Aggregate Index) 3.93 4.61 4.70
Alpha -3.22
Beta 0.66
Sharpe Ratio -0.33
R-Squared 0.17

ADDITIONAL RISK STATISTICSAs of 04/30/2020 (updated monthly)

3 YR 5 YR 10 YR
Beta Bull 0.16
Beta Bear 3.33
Bull Bear Capture Ratio 0.42
% of Positive Months 75.00
Maximum Drawdown
Reporting Period
10.41 (01/20 - 02/20)

VALUE AT RISKAs of 04/30/2020 (updated monthly)


Value at Risk (Fund) -0.95%

Performance Contribution By Strategy(%) [further-information] As of 04/30/2020 (updated monthly)

Ending Weight (% of Invested Capital) YTD 1 Month 3 Months 1 Year
Structured Credit 51.14 -8.30 0.35 0.35 0.35
Credit Long Short 32.72 1.47 1.18 1.18 1.18
Emerging Market Fixed Income 16.14 -0.18 0.20 0.20 0.20

SALES CHARGE, EXPENSES & FEES As of 03/01/2020 (updated annually)

Management Fee 1.60%
Dividend Expense and Borrowing Fees for Securities Sold Short 0.62%
Additional Expenses 1.53%
Gross Expense Ratio 3.75%
Net Expense Ratio [further-information] 3.29%
Max Initial Sales Charge 0.00%
CDSC 1.00%

Volatility Measures [further-information] As of 04/30/2020 Updated Monthly, based on a 1-year period

Beta 0.66
Alpha -3.22
Sharpe Ratio -0.33
R-Squared 0.17
Standard Deviation 6.26

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 BofAML US 3-Month Treasury Bill Index