Average annual returns
Average annual returns
(as of 11/30/2024)|
1M
|
3M
|
YTD
|
1Y
|
3Y
|
5Y
|
10Y
|
Inception
|
|
|---|---|---|---|---|---|---|---|---|
|
Fund
NAV
POP
|
0.32
|
-0.32
|
9.95
|
12.68
|
3.43
|
3.90
|
4.05
|
4.70
|
|
-5.48
|
-6.04
|
3.62
|
6.20
|
1.40
|
2.68
|
3.43
|
4.13
|
|
|
MSCI World Index (Net)
|
4.59
|
4.39
|
21.85
|
27.83
|
8.79
|
12.42
|
10.06
|
9.96
|
|
Global Long/Short Equity Blended Index
|
2.49
|
2.82
|
13.14
|
16.18
|
6.61
|
7.73
|
6.12
|
5.96
|
|
Lipper Alternative Long/Short Equity Funds
|
3.11
|
3.69
|
14.66
|
17.36
|
7.32
|
7.71
|
5.23
|
-
|
One-month, three-month and year-to-date returns are not annualized.
Historical performance shown for all classes of the Fund prior to 12/16/22, is based on the performance of the Fund’s predecessor, 361 Global Long/Short Equity Fund (the “Predecessor Fund”), and for the period prior to 12/12/14, is based on the performance of a predecessor account, the Analytic Global Long/Short Equity Fund, L.P., a limited partnership that was reorganized into the Predecessor Fund on 12/12/14 (the “Predecessor Account”). Performance of the Predecessor Account reflects the higher expenses applicable to it and returns would have been higher if adjusted to reflect Predecessor Fund expenses. The Predecessor Account was not registered under the Investment Company Act of 1940 and was not subject to certain restrictions imposed by the Act. If the Predecessor Account had been registered under the Act, performance may have been adversely affected.
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return, principal value, and yields of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains.
Public offering price (POP) is the price of one share of a fund including any sales charges. Net asset value (NAV) is the value of one share of the fund excluding any sales charges. Had sales charges been included, performance would be lower.
For Class A, the maximum front-end sales charge is 5.75%. Performance including sales charge assumes the sales charge for the corresponding time period.
Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A fund's performance, especially for short time periods, should not be the sole factor in making your investment decision.
The manager has contractually committed, through 2/28/2025, to waive fees and/or reimburse expenses to the extent necessary to cap the fund's total annual fund operating expenses after fee waivers at 1.72%. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the fund's returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus.
Calendar year
Calendar year
(as of 12/31/2023)|
2023
|
2022
|
2021
|
2020
|
2019
|
2018
|
2017
|
2016
|
2015
|
|
|---|---|---|---|---|---|---|---|---|---|
|
Fund
|
2.75
|
-7.88
|
16.64
|
-1.17
|
8.15
|
-8.55
|
14.95
|
-0.52
|
8.75
|
|
Benchmark
|
23.79
|
-18.14
|
21.82
|
15.90
|
27.67
|
-8.71
|
22.40
|
7.51
|
-0.87
|
|
Morningstar
|
10.61
|
-7.57
|
18.05
|
7.89
|
11.90
|
-6.29
|
11.18
|
2.34
|
-2.02
|
Growth of $10,000
Growth of a $10,000 investment
(as of 11/30/2024)This chart shows the value of a hypothetical $10,000 investment in the fund over the specified time period up to 10 years or since its inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes.
Does not include sales charges and assumes reinvestment of dividends and capital gains. If sales charges were included, returns would be lower.
Performance and volatility metrics
Performance and volatility metrics
(as of 11/30/2024)| Fund | Morningstar Long/Short Equity Funds | |
|---|---|---|
| Alpha | 0.47 | -0.04 |
| Beta | 0.43 | 0.54 |
| Sharpe Ratio | 0.34 | 0.45 |
| Standard Deviation | 9.05 | 10.74 |
| Upside Market Capture Ratio | 46.44 | 54.91 |
| Downside Market Capture Ratio | 52.83 | 54.42 |
Calculated from 1/6/14 for the Fund and 1/1/14 for the Morningstar category.
Morningstar ratings and rankings
Morningstar ratings and rankings
(as of 11/30/2024)The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) ratings.
Morningstar rankings represent a fund's total return rank relative to all funds that have the same category. The percentile ranking is based on the fund's total return percentile rank relative to all funds that have the same category for the same time period. The highest (most favorable) percentile rank is 1% and the lowest (least favorable) percentile rank is 100%. Morningstar rankings do not include the effect of sales charges. The absolute ranking is based on the fund’s total return rank relative to all funds that have the same category for the same time period. Past performance is no guarantee of future results.
