Long/Short Debt Fund
Standardized Performance
| Class | Ticker | Day % | YTD % | 1 Yr % | 2 Yrs % | 3 Yrs % | 5 Yrs % | Since Inception % | Exp. Ratio Net %/Gross % |
|---|---|---|---|---|---|---|---|---|---|
| Class A (w/o sales charge) | HFIAX | -0.10 | 3.43 | -0.40 | - | - | - | -0.38 | 2.99 / 3.52 |
| Class A (w/ sales charge) | HFIAX | -4.87 | -1.48 | -5.14 | - | - | - | -4.93 | - |
| Class I | HFINX | -0.20 | 3.63 | 0.00 | - | - | - | 0.00 | 2.49 / 3.02 |
| Class | Ticker | Mth% | YTD % | 1 Yr % | 2 Yrs % | 3 Yrs % | 5 Yrs % | Since Inception % | Exp. Ratio Net %/Gross % |
|---|---|---|---|---|---|---|---|---|---|
| Class A (w/o sales charge) | HFIAX | 0.20 | 4.05 | - | - | - | - | 0.20 | 2.99 / 3.52 |
| Class A (w/ sales charge) | HFIAX | -4.57 | -0.89 | - | - | - | - | -4.57 | - |
| Class I | HFINX | 0.20 | 4.25 | - | - | - | - | 0.60 | 2.49 / 3.02 |
| HFRX RV Fixed Income Corporate Index1 | - | - | - | - | - | - | - | 0.84 | - |
| Class | Ticker | Qtr % | YTD % | 1 Yr % | 2 Yrs % | 3 Yrs % | 5 Yrs % | Since Inception % | Exp. Ratio Net %/Gross % |
|---|---|---|---|---|---|---|---|---|---|
| Class A (w/o sales charge) | HFIAX | 3.84 | 3.84 | - | - | - | - | 0.00 | 2.99 / 3.52 |
| Class A (w/ sales charge) | HFIAX | -1.09 | -1.09 | - | - | - | - | -4.76 | - |
| Class I | HFINX | 4.04 | 4.04 | - | - | - | - | 0.40 | 2.49 / 3.02 |
| HFRX RV Fixed Income Corporate Index1 | - | 3.27 | 3.27 | - | - | - | - | 0.84 | - |
Average Annual Total Returns. Periods less than 1 year are not annualized. Inception Date: 05/02/2011
Growth of $10,0002
HFIAX vs. HFRX RV Fixed Income Corporate Index1
Monthly Performance for HFIAX
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | Year % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2012 | 1.56 | 1.64 | 0.60 | 0.20 | 4.05 | ||||||||
| 2011 | - | - | - | - | 0.10 | -0.80 | 0.00 | -2.22 | -1.65 | 0.84 | -1.04 | 1.05 | -3.70 |
Performance data quoted represents past performance; past performance does not guarantee future results. Net Fund Operating Expenses noted above are contractually capped through April 30, 2013 and exclude dividends on short positions and interest on borrowing as well as other extraordinary items disclosed in the prospectus.The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. To obtain current performance information please call 877.569.2382. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. The average annual returns for Class A Shares “with sales charge” give effect to the deduction of the maximum sales charge of 4.75%.
Portfolio composition is subject to change at any time. Class I Shares require a $1MM minimum investment.
All data is as of 4/30/2012, unless otherwise indicated.
Important Disclosure and Risk Factors
Certain hedging techniques and leverage employed in the management of the Fund may accelerate the velocity of possible losses. Short selling involves the risk of potentially unlimited increase in the market value of the security sold short, which could result in potentially unlimited loss for the Fund. Derivatives involve investment exposure that may exceed the original cost and a small investment in derivatives could have a large potential impact on the performance of the Fund. Options held in the Fund may be illiquid and the fund manager may have difficulty closing out a position. Fixed Income instruments are exposed to credit and interest rate risks. Investing in lower-rated (“high-yield”) debt securities involves special risks in addition to the risks associated with investments in higher-rated debt securities, including a high degree of credit risk and liquidity risk. The Fund may also invest in:
- smaller capitalized companies – subject to more abrupt or erratic market movements than larger, more established companies;
- foreign securities, which involve currency risk, different accounting standards and are subject to political instability;
- securities limited to resale to qualified institutional investors, which can affect their degree of liquidity;
- shares of other investment companies that invest in securities and styles similar to the Fund, resulting in a generally higher investment cost than from investing directly in the underlying shares of these funds.
The Fund intends to utilize these individual securities and hedging techniques in matched combinations that are designed to neutralize or offset the individual risks of employing these techniques separately. Some of these matched strategies include merger arbitrage, long/short equity, convertible bond arbitrage and fixed-income arbitrage. There is no assurance that these strategies will protect against losses. The Fund is non-diversified and therefore may invest in the securities of fewer issuers than diversified funds at any one time; as a result, the gains and losses of a single security may have a greater impact on the Fund’s share price.
Because the Fund is a fund-of-funds, your cost of investing in the Fund will generally be higher than the cost of investing directly in the shares of the mutual funds in which it invests. By investing in the Fund, you will indirectly bear your share of any fees and expenses charged by the underlying funds, in addition to indirectly bearing the principal risks of the funds. Please refer to the summary prospectus or prospectus for more information about the Fund, including risks, fees and expenses.
Mutual fund investing involves risk; loss of principal is possible. Please consult an investment professional for advice regarding your particular circumstances. An investment in the Fund may not be suitable for all investors.
The Fund is offered only to United States residents, and information on this site is intended only for such persons. Nothing on this site should be considered a solicitation to buy or an offer to sell shares of the Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.
The HFRX RV: Fixed Income Corporate Index data is sourced from Hedge Funds Research, Inc. . The HFRX RV: Fixed Income – Corporate includes strategies in which the investment thesis is predicated on realization of a spread between related instruments in which one or multiple components of the spread is a corporate fixed income instrument. Strategies employ an investment process designed to isolate attractive opportunities between a variety of fixed income instruments, typically realizing an attractive spread between multiple corporate bonds or between a corporate and risk free government bond.
The chart illustrates a hypothetical investment in Class A shares without the effect of sales charges and assumes all distributions have been reinvested. If a sales charge was included values would have been lower.