Average Annual Total Returns [further-information] As of 05/31/2020

Month EndAs of 05/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 10/11/2013
Fund without Sales Charge (%) (NAV) -0.39 1.31 0.94 2.53
Fund with Sales Charge (%) (POP) -0.39 1.31 0.94 2.53
HFRX Global Hedge Fund Index (%) 2.95 0.67 0.11 0.85 0.66
ICE BofAML US 3-Month Treasury Bill Index (%) 1.84 1.79 1.19 0.64 0.91
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 10/11/2013
Fund without Sales Charge (%) (NAV) -4.66 0.12 0.20 1.90
Fund with Sales Charge (%) (POP) -4.66 0.12 0.20 1.90
HFRX Global Hedge Fund Index (%) -1.39 -0.54 -0.65 0.23 0.01
ICE BofAML US 3-Month Treasury Bill Index (%) 2.25 1.83 1.19 0.64 0.93

After-Tax Average Annual Total Returns [further-information] As of 05/31/2020

Month EndAs of 05/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold -0.49 0.97 0.68
Fund without Sales Charge (%) (NAV) After Shares Sold -0.20 0.94 0.67
Fund with Sales Charge (%) (POP) Before Shares Sold -0.49 0.97 0.68
Fund with Sales Charge (%) (POP) After Shares Sold -0.20 0.94 0.67
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold -4.75 -0.23 -0.06
Fund without Sales Charge (%) (NAV) After Shares Sold -2.72 0.04 0.11
Fund with Sales Charge (%) (POP) Before Shares Sold -4.75 -0.23 -0.06
Fund with Sales Charge (%) (POP) After Shares Sold -2.72 0.04 0.11

Calendar Year Returns

2019 2018 2017 2016 2015 2014
Fund without Sales Charge (%) (NAV) 6.82 -2.53 6.16 1.52 -0.76 4.63
Fund with Sales Charge (%) (POP) 6.82 -2.53 6.16 1.52 -0.76 4.63
HFRX Global Hedge Fund Index (%) 8.62 -6.72 5.99 2.50 -3.64 -0.58
ICE BofAML US 3-Month Treasury Bill Index (%) 2.28 1.87 0.86 0.33 0.05 0.04

Cumulative Total Returns [further-information] As of 05/31/2020

Month EndAs of 05/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 10/11/2013
Fund without Sales Charge (%) (NAV) -1.50 -2.78 -0.39 3.99 4.77 18.03
Fund with Sales Charge (%) (POP) -1.50 -2.78 -0.39 3.99 4.77 18.03
HFRX Global Hedge Fund Index (%) -1.77 -2.79 2.95 2.01 0.56 8.85 4.44
ICE BofAML US 3-Month Treasury Bill Index (%) 0.30 0.58 1.84 5.47 6.10 6.54 6.20
Quarter EndAs of 03/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 10/11/2013
Fund without Sales Charge (%) (NAV) -6.94 -6.94 -4.66 0.35 1.00 12.98
Fund with Sales Charge (%) (POP) -6.94 -6.94 -4.66 0.35 1.00 12.98
HFRX Global Hedge Fund Index (%) -6.85 -6.85 -1.39 -1.60 -3.19 2.36 0.07
ICE BofAML US 3-Month Treasury Bill Index (%) 0.57 0.57 2.25 5.58 6.09 6.56 6.19

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 06/30/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 5.10 4.57
Standard Deviation (S&P 500 Index) 16.71 14.63 13.36
Alpha -2.84 -2.34
Beta 0.28 0.28
Sharpe Ratio -0.04 0.08
R-Squared 0.83 0.80

ADDITIONAL RISK STATISTICSAs of 06/30/2020 (updated monthly)

3 YR 5 YR 10 YR
Correlation Coefficient 0.91 0.89
Beta Bull 0.24 0.19
Beta Bear 0.38 0.33

VALUE AT RISKAs of 05/31/2020 (updated monthly)


Value at Risk (Fund) -2.03%

Performance Contribution By Strategy(%) [further-information] As of 05/31/2020 (updated monthly)

Ending Weight (% of Invested Capital) YTD 1 Month 3 Months 1 Year
Long Short Equity 31.59 -0.07 1.66 1.66 1.66
Relative Value 27.12 -0.56 0.58 0.58 0.58
Global Macro 23.88 -1.20 0.25 0.25 0.25
Event Driven 17.42 -0.33 0.13 0.13 0.13

SALES CHARGE, EXPENSES & FEES As of 10/01/2019 (updated annually)

Management Fee 1.90%
Dividend Expense and Borrowing Fees for Securities Sold Short 0.36%
Additional Expenses 0.78%
Gross Expense Ratio 3.04%
Net Expense Ratio [further-information] 2.84%
Max Initial Sales Charge 0.00%
CDSC

Volatility Measures [further-information] As of 06/30/2020 Updated Monthly, based on a 3-year period

Beta 0.28
Alpha -2.84
Sharpe Ratio -0.04
Correlation 0.91
R-Squared 0.83
Standard Deviation 5.10

Benchmarks

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

  • HFRX Global Hedge Fund Index
  • ICE BofAML US 3-Month Treasury Bill Index