Average Annual Total Returns [further-information] As of 09/30/2019

Month EndAs of 09/30/2019 1 Yr 3 Yr 5 Yr 10 Yr Since Inception Inception 10/11/2013
Fund without Sales Charge (%) (NAV) 1.54 3.63 3.08 3.81
Fund with Sales Charge (%) (POP) 1.54 3.63 3.08 3.81
Quarter EndAs of 09/30/2019 1 Yr 3 Yr 5 Yr 10 Yr Since Inception Inception 10/11/2013
Fund without Sales Charge (%) (NAV) 1.54 3.63 3.08 3.81
Fund with Sales Charge (%) (POP) 1.54 3.63 3.08 3.81
HFRX Global Hedge Fund Index (%) 0.01 1.93 0.32 1.07 0.78
ICE BofAML US 3-Month Treasury Bill Index (%) 2.39 1.54 0.98 0.54 0.84

After-Tax Average Annual Total Returns [further-information] As of 09/30/2019

Month EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 0.99 3.12 2.57
Fund without Sales Charge (%) (NAV) After Shares Sold 1.26 2.65 2.22
Fund with Sales Charge (%) (POP) Before Shares Sold 0.99 3.12 2.57
Fund with Sales Charge (%) (POP) After Shares Sold 1.26 2.65 2.22
Quarter EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 0.99 3.12 2.57
Fund without Sales Charge (%) (NAV) After Shares Sold 1.26 2.65 2.22
Fund with Sales Charge (%) (POP) Before Shares Sold 0.99 3.12 2.57
Fund with Sales Charge (%) (POP) After Shares Sold 1.26 2.65 2.22

Calendar Year Returns

2018 2017 2016 2015 2014
Fund without Sales Charge (%) (NAV) -2.01 6.83 2.10 0.24 5.25
Fund with Sales Charge (%) (POP) -2.01 6.83 2.10 0.24 5.25
HFRX Global Hedge Fund Index (%) -6.72 5.99 2.50 -3.64 -0.58
ICE BofAML US 3-Month Treasury Bill Index (%) 1.87 0.86 0.33 0.05 0.04

Cumulative Total Returns [further-information] As of 09/30/2019

Month EndAs of 09/30/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 10/11/2013
Fund without Sales Charge (%) (NAV) -0.17 6.36 1.54 11.28 16.35 24.99
Fund with Sales Charge (%) (POP) -0.17 6.36 1.54 11.28 16.35 24.99
Quarter EndAs of 09/30/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 10/11/2013
Fund without Sales Charge (%) (NAV) -0.17 6.36 1.54 11.28 16.35 24.99
Fund with Sales Charge (%) (POP) -0.17 6.36 1.54 11.28 16.35 24.99
HFRX Global Hedge Fund Index (%) 1.61 5.90 0.01 5.91 1.62 11.24 4.74
ICE BofAML US 3-Month Treasury Bill Index (%) 0.56 1.81 2.39 4.70 5.01 5.52 5.10

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 10/31/2019 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.41 3.79
Standard Deviation (S&P 500 Index) 11.90 11.82 12.46
Alpha -0.99 -0.61
Beta 0.26 0.27
Sharpe Ratio 0.72 0.55
R-Squared 0.82 0.72

ADDITIONAL RISK STATISTICSAs of 10/31/2019 (updated monthly)

3 YR 5 YR 10 YR
Correlation Coefficient 0.91 0.85
Beta Bull 0.25 0.22
Beta Bear 0.28 0.28
Upside Capture Ratio 26.59 29.48
Downside Capture Ratio 25.31 30.38
% of Positive Months 75.00 70.00
% of Negative Months 25.00 30.00
Maximum Drawdown
Reporting Period
4.54 (08/18 - 11/18) 5.47 (08/18 - 11/18)

VALUE AT RISKAs of 09/30/2019 (updated monthly)


Value at Risk (Fund) -1.76%

Performance Contribution By Strategy(%) [further-information] As of 09/30/2019 (updated monthly)

Ending Weight (% of Invested Capital) YTD 1 Month 3 Months 1 Year
Long Short Equity 30.21 4.41 -0.57 -0.57 -0.57
Global Macro 25.30 1.23 0.24 0.24 0.24
Relative Value 24.58 1.33 0.08 0.08 0.08
Event Driven 19.91 0.85 0.03 0.03 0.03

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 0.21%
Gross Expense Ratio 2.47%
Net Expense Ratio [further-information] 2.26%
Max Initial Sales Charge 0.00%
CDSC

Volatility Measures [further-information] As of 10/31/2019 Updated Monthly, based on a 3-year period

Beta 0.26
Alpha -0.99
Sharpe Ratio 0.72
Correlation 0.91
R-Squared 0.82
Standard Deviation 3.41

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