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Fund Performance

Mutual Funds

Annualized Returns: Mutual Funds

TICKER DAY % YTD % 1 YR % 3 YR % 5 YR % 10 YR % SINCE
INCEPTION %
Hatteras Alpha Hedged Strategies Fund (Class NL) ALPHX -0.18 -0.87 -1.47 2.65 2.63 1.28 2.37
Hatteras Alpha Hedged Strategies Fund (Class A w/o sales charge) APHAX -0.18 -0.97 -1.92 2.38 2.52 1.23 2.32
Hatteras Alpha Hedged Strategies Fund (Class A w/ sales charge) APHAX -4.89 -5.69 -6.54 -0.09 1.64 0.79 1.97
Hatteras Alpha Hedged Strategies Fund (Class C w/o sales charge) APHCX -0.18 -0.92 -2.70 1.66 1.73 0.45 1.54
Hatteras Alpha Hedged Strategies Fund (Class C w/ sales charge) APHCX -1.18 -1.91 -3.67 1.66 1.73 0.45 1.54
Hatteras Alpha Hedged Strategies Fund (Class I) ALPIX -0.26 -0.94 -1.51 3.13 3.43 2.19 3.30
Hatteras Long/Short Equity Fund (Class A w/o sales charge) HLSAX -0.22 -0.22 2.53 6.00 3.84
Hatteras Long/Short Equity Fund (Class A w/ sales charge) HLSAX -4.92 -4.92 -2.34 3.46 2.50
Hatteras Long/Short Equity Fund (Class I) HLSIX -0.21 -0.21 2.88 6.44 4.29
Hatteras Long/Short Debt Fund (Class A w/o sales charge) HFIAX 0.00 -0.55 -3.88 0.02 0.71
Hatteras Long/Short Debt Fund (Class A w/ sales charge) HFIAX -4.76 -5.26 -8.44 -2.36 -0.59
Hatteras Long/Short Debt Fund (Class C w/o sales charge) HFICX 0.00 -0.56 -4.62 -0.69 -0.04
Hatteras Long/Short Debt Fund (Class C w/ sales charge) HFICX -1.00 -1.55 -5.55 -0.69 -0.04
Hatteras Long/Short Debt Fund (Class I) HFINX 0.00 -0.54 -3.42 0.53 1.20
Hatteras Managed Futures Strategies Fund (Class A w/o sales charge) HMFAX 0.00 0.27 -4.03 -0.15 -0.04
Hatteras Managed Futures Strategies Fund (Class A w/ sales charge) HMFAX -4.77 -4.52 -8.54 -2.55 -2.11
Hatteras Managed Futures Strategies Fund (Class I) HMFIX -0.14 0.14 -3.79 0.23 0.37
Hatteras Hedged Strategies Fund (Class I) HHSIX -0.19 -0.93 -0.84 3.58 2.81
Hatteras PE Intelligence Fund (Class I) HPEIX -0.52 -2.92 -3.68 -3.05
Hatteras Disciplined Opportunity Fund (Class I) HDOIX -0.68 -0.78 4.90 3.47
Hatteras Disciplined Opportunity Fund (Class A w/o sales charge) HDOAX -0.78 -0.78 4.66 3.23
Hatteras Disciplined Opportunity Fund (Class A w/ sales charge) HDOAX -5.49 -5.49 -0.28 -1.34
TICKER MTH % YTD % 1 YR % 3 YR % 5 YR % 10 YR % SINCE
INCEPTION %
Hatteras Alpha Hedged Strategies Fund (Class NL) ALPHX -0.43 -0.61 -0.61 4.12 2.83 1.29 2.46
Hatteras Alpha Hedged Strategies Fund (Class A w/o sales charge) APHAX -0.36 -1.05 -1.05 3.89 2.73 1.25 2.42
Hatteras Alpha Hedged Strategies Fund (Class A w/ sales charge) APHAX -5.08 -5.78 -5.78 1.38 1.85 0.81 2.06
Hatteras Alpha Hedged Strategies Fund (Class C w/o sales charge) APHCX -0.55 -1.89 -1.89 3.07 1.92 0.46 1.62
Hatteras Alpha Hedged Strategies Fund (Class C w/ sales charge) APHCX -1.54 -2.87 -2.87 3.07 1.92 0.46 1.62
Hatteras Alpha Hedged Strategies Fund (Class I) ALPIX -0.40 -0.57 -0.57 4.68 3.66 2.21 3.41
HFRI Fund of Funds Composite Index 0.32 3.35 3.35 6.12 3.30 3.04 4.07
Hatteras Long/Short Equity Fund (Class A w/o sales charge) HLSAX -0.27 2.85 2.85 7.63 - - 3.99
Hatteras Long/Short Equity Fund (Class A w/ sales charge) HLSAX -5.04 -2.03 -2.03 5.02 - - 2.61
Hatteras Long/Short Equity Fund (Class I) HLSIX -0.27 3.20 3.20 8.11 - - 4.44
HFRX Equity Hedge Index -0.54 1.42 1.42 6.17 - - -0.12
S&P 500 TR SPTR -0.25 13.69 13.69 22.68 - - 14.40
Hatteras Long/Short Debt Fund (Class A w/o sales charge) HFIAX -1.59 -3.15 -3.15 1.00 - - 0.88
Hatteras Long/Short Debt Fund (Class A w/ sales charge) HFIAX -6.25 -7.75 -7.75 -1.45 - - -0.45
Hatteras Long/Short Debt Fund (Class I) HFINX -1.54 -2.60 -2.60 1.48 - - 1.37
Hatteras Long/Short Debt Fund (Class C w/o sales charge) HFICX -1.76 -3.89 -3.89 0.22 - - 0.11
Hatteras Long/Short Debt Fund (Class C w/ sales charge) HFICX -2.74 -4.83 -4.83 0.22 - - 0.11
HFRX RV: FI-Corporate Index -0.43 3.05 3.05 4.80 - - -
Barclays Aggregate Bond Index BCAGG 0.09 5.97 5.97 1.89 - - 3.81
Hatteras Managed Futures Strategies Fund (Class A w/o sales charge) HMFAX -0.41 -4.78 -4.78 0.42 - - -0.16
Hatteras Managed Futures Strategies Fund (Class A w/ sales charge) HMFAX -5.15 -9.35 -9.35 -1.98 - - -2.30
Hatteras Managed Futures Strategies Fund (Class I) HMFIX -0.27 -4.29 -4.29 1.02 - - 0.32
HFRX Macro: Systematic Diversified CTA Index 1.04 3.16 3.16 0.90 - - -0.58
Hatteras Hedged Strategies Fund (Class I) HHSIX -0.35 0.28 0.28 4.99 - - 3.14
S&P 500 TR SPTR -0.25 13.69 13.69 22.68 - - 14.40
HFRI Fund of Funds Composite Index 0.32 3.35 3.35 6.12 - - -
Russell 2000 Total Return Index RU20INTR 2.85 4.89 4.89 20.67 - - 11.36
Hatteras PE Intelligence Fund (Class I) HPEIX -1.95 -3.39 -3.39 - - - -0.69
Nomura QES Modeled Private Equity Returns Index
Hatteras Disciplined Opportunity Fund (Class I) HDOIX -0.23 4.56 4.56 - - - 4.56
S&P 500 TR SPTR -0.25 13.69 13.69 - - - 13.69
HFRX Equity Hedge Index -0.54 1.42 1.42 - - - 1.42
TICKER QTR % YTD % 1 YR % 3 YR % 5 YR % 10 YR % SINCE
INCEPTION %
Hatteras Alpha Hedged Strategies Fund (Class NL) ALPHX -0.95 -0.61 -0.61 4.12 2.83 1.29 2.46
Hatteras Alpha Hedged Strategies Fund (Class A w/o sales charge) APHAX -1.05 -1.05 -1.05 3.89 2.73 1.25 2.42
Hatteras Alpha Hedged Strategies Fund (Class A w/ sales charge) APHAX -5.78 -5.78 -5.78 1.38 1.85 0.81 2.06
Hatteras Alpha Hedged Strategies Fund (Class C w/o sales charge) APHCX -1.27 -1.89 -1.89 3.07 1.92 0.46 1.62
Hatteras Alpha Hedged Strategies Fund (Class C w/ sales charge) APHCX -2.25 -2.87 -2.87 3.07 1.92 0.46 1.62
Hatteras Alpha Hedged Strategies Fund (Class I) ALPIX -0.91 -0.57 -0.57 4.68 3.66 2.21 3.41
HFRI Fund of Funds Composite Index 0.93 3.35 3.35 6.12 3.30 3.04 4.07
Hatteras Long/Short Equity Fund (Class A w/o sales charge) HLSAX 0.30 2.85 2.85 7.63 - - 3.99
Hatteras Long/Short Equity Fund (Class A w/ sales charge) HLSAX -4.44 -2.03 -2.03 5.02 - - 2.61
Hatteras Long/Short Equity Fund (Class I) HLSIX 0.39 3.20 3.20 8.11 - - 4.44
HFRX Equity Hedge Index 0.19 1.42 1.42 6.17 - - -0.12
S&P 500 TR SPTR 4.93 13.69 13.69 22.68 - - 14.40
Hatteras Long/Short Debt Fund (Class A w/o sales charge) HFIAX -3.57 -3.15 -3.15 1.00 - - 0.88
Hatteras Long/Short Debt Fund (Class A w/ sales charge) HFIAX -8.13 -7.75 -7.75 -1.45 - - -0.45
Hatteras Long/Short Debt Fund (Class I) HFINX -3.47 -2.60 -2.60 1.48 - - 1.37
Hatteras Long/Short Debt Fund (Class C w/o sales charge) HFICX -3.75 -3.89 -3.89 0.22 - - 0.11
Hatteras Long/Short Debt Fund (Class C w/ sales charge) HFICX -4.71 -4.83 -4.83 0.22 - - 0.11
HFRX RV: FI-Corporate Index -1.54 3.05 3.05 4.80 - - -
Barclays Aggregate Bond Index BCAGG 1.79 5.97 5.97 1.89 - - 3.81
Hatteras Managed Futures Strategies Fund (Class A w/o sales charge) HMFAX 1.80 -4.78 -4.78 0.42 - - -0.16
Hatteras Managed Futures Strategies Fund (Class A w/ sales charge) HMFAX -3.03 -9.35 -9.35 -1.98 - - -2.30
Hatteras Managed Futures Strategies Fund (Class I) HMFIX 1.94 -4.29 -4.29 1.02 - - 0.32
HFRX Macro: Systematic Diversified CTA Index 4.54 3.16 3.16 0.90 - - -0.58
Hatteras Hedged Strategies Fund (Class I) HHSIX -0.97 0.28 0.28 4.99 - - 3.14
S&P 500 TR SPTR 4.93 13.69 13.69 22.68 - - 14.40
HFRI Fund of Funds Composite Index 0.93 3.35 3.35 6.12 - - -
Russell 2000 Total Return Index RU20INTR 9.73 4.89 4.89 20.67 - - 11.36
Hatteras PE Intelligence Fund (Class I) HPEIX -0.98 -3.39 -3.39 - - - -0.69
Nomura QES Modeled Private Equity Returns Index
Hatteras Disciplined Opportunity Fund (Class I) HDOIX 1.91 4.56 4.56 - - - 4.56
S&P 500 TR SPTR 4.93 13.69 13.69 - - - 13.69
HFRX Equity Hedge Index 0.19 1.42 1.42 - - - 1.42

Average Annual Total Returns. Periods less than 1 year are not annualized.

Inception date: ALPHX 09/23/2002; APHAX 05/02/2011; APHCX 08/01/2006; ALPIX 09/30/2011; HLSAX 05/02/2011; HLSIX 05/02/2011; HFIAX 05/02/2011; HFINX 05/02/2011; HFICX 10/01/2013; HMFAX 09/27/2012; HMFIX 09/27/2012; HHSIX 05/02/2011; HPEIX 11/12/2013; HDOIX 12/31/2013; and HDOAX 12/31/2014. Since Inception performance for APHAX and ALPIX are since 09/23/2002. Since Inception performance for Class C is since 05/02/2011. Inception dates for the indices above coincide with the earliest inception date of each fund.

Performance data quoted represents past performance; past performance does not guarantee future results. Net Fund Operating Expenses are contractually capped at 3.49% for APHAX, at 4.24% for APHCX, at 3.74% for HFICX, at 2.99% for ALPHX and ALPIX, at 2.99% for HLSAX, HFIAX, HMFAX, at 2.49% for HLSIX, HFINX, and HMFIX and at 2.25% for HHSIX, through April 30, 2015, excluding dividends on short positions and interest on borrowing, as well as other extraordinary expenses. Net Fund Operating Expenses are contractually capped at 1.75% for HDOIX and 2.00% for HDOAX through April 30, 2016, excluding dividends on short positions and interest on borrowing, as well as other extraordinary expenses. Total Annual Fund Operating Expenses are 4.74% for ALPHX and APHAX, 5.49% for APHCX, 4.11% for HFICX, 3.74% for ALPIX, 3.95% for HLSAX, 3.45% for HLSIX, 3.39% for HFIAX, 2.89% for HFINX, 3.06% for HHSIX, 3.23% for HMFAX, 2.73% for HMFIX, 2.71% for HPEIX, and 2.67% for HDOIX, and 2.92% for HDOAX. 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. Class C returns do not reflect a 1.00% contingent deferred sales charge which would be applied to shares sold within the first year of purchase and if reflected, would reduce the performance quoted. The average annual returns for Class A Shares "(A)" give effect to the deduction of the maximum sales charge of 4.75%. Class A Shares of Alpha Hedged Strategies Fund were not in existence prior to May 2, 2011. Class I Shares of Alpha Hedged Strategies Fund were not in existence prior to September 30, 2011 and have a minimum investment of $1 million. Performance for any periods prior to the inception date of Classes A and I, are based on the historical performance of ALPHX adjusted to assume the expenses associated with Class A or I Shares, respectively. Class A shares of the Disciplined Opportunity Fund were not in existence prior to December 31, 2014. Class C Shares were not in existence prior to October 1, 2013. Performance for any periods prior to October 1, 2013, is based on the historical performance of the Class I Shares adjusted to assume the expenses associated with Class C Shares. Performance for any periods prior to December 31, 2014, is based on the historical performance of the Class I shares adjusted to assume the expenses associated with Class A shares.

The HFRI Fund of Funds Composite Index is an equal weighted index of over 650 constituent hedge fund of funds that invest over a broad range of strategies.

The HFRX Relative Value Fixed Income Corporate Index: Investment Managers who maintain positions in which the investment thesis is predicated on realization of a valuation discrepancy in the relationship between multiple securities. Managers employ a variety of fundamental and quantitative techniques to establish investment theses. Fixed income strategies are typically quantitatively driven to measure the existing relationship between instruments and, in some cases, identify attractive positions in which the risk adjusted spread between these instruments represents an attractive opportunity for the investment manager. The index is an uninvestable, unmanaged index.

The HFRX Equity Hedge Index is an uninvestable, unmanaged index that is compiled by Hedge Fund Research, Inc. It is comprised solely of hedge funds, and is designed to be representative of the overall composition of the hedge fund universe implementing a long/short equity strategy. Returns presented are net of underlying manager fees, but do not reflect the deduction of management fees, taxes and other expenses.

HFRX Macro: Systematic Diversified CTA Index is an unmanaged index comprised of strategies that have investment processes typically as function of mathematical, algorithmic and technical models, with little or no influence of individuals over the portfolio positioning. Strategies which employ an investment process designed to identify opportunities in markets exhibiting trending or momentum characteristics across individual instruments or asset classes.

The Nomura QES Modelled Private Equity Returns Index uses an innovative rules-based proprietary model (the “PERI Model”) that seeks to provide a return similar to that of a broad-based global investment in private equity buyout funds, calculated based on the amounts investors commit to private equity buyout funds (the “PERI Targeted Return”). The PERI Model seeks to provide the PERI Targeted Return by dynamically allocating, on a weekly basis, to U.S. equity indices that focus on specific market sectors and notional cash deposits in various currencies. The PERI Model does not invest directly or indirectly in private equity funds. Investing in the Fund does not provide an interest in any private equity buyout fund. The Fund is subject to market risk.

Barclays Aggregate Bond Index is an unmanaged, un-investible index that represents securities that are SECregistered, taxable, and dollar denominated. It covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indexes that are calculated and reported on a regular basis.

Russell 2000 Total Return Index: The Index measures the performance of the small-cap segment of the U.S. equity universe. It includes approximately 2,000 of the smallest securities based on a combination of their market capitalization and current index membership.

S&P 500 TR is an unmanaged, un-investible index whose 500 stocks are chosen for market size, liquidity, and industry grouping, among other factors. It is a market value weighted index, with each stock´s weight in the index proportionate to its market value. The S&P 500 is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. The S&P 500 is a market value weighted index – each stock’s weight in the index is proportionate to its market value.

Partnerships

Annualized Returns: Core Alternatives

MTH % YTD % 1 YR % 3 YR % 5 YR % 10 YR % SINCE
INCEPTION %
- MTH % YTD % 1 YR % 2 YR % 3 YR % 5 YR % Since Inception % caf1 INCEPTION mstei INCEPTION msf1inst INCEPTION msteiinst INCEPTION dsoffss INCEPTION msf6 INCEPTION
Core Alternatives Fund, L.P. -0.94 5.94 5.94 8.1 7.09 4.38 3.14
Core Alternatives TEI Fund, L.P. -0.94 5.91 5.91 7.94 6.95 4.26 2.99
Core Alternatives Institutional Fund, L.P. -0.79 6.11 6.11 8.47 7.61 5.01 2.62
Core Alternatives TEI Institutional Fund, L.P. -0.79 6.12 6.12 7.96 7.25 4.79 2.3
HFRX Global Hedge Fund Index -0.75 -0.58 -0.58 3.01 3.17 1.04 - 0.82 0.82 -0.57 -0.77 0.88 0.88
S&P 500 TR Index -0.25 13.69 13.69 22.68 20.41 15.45 - 8.12 8.12 7.05 6.92 7.96 7.96
- QTR % YTD % 1 YR % 2 YR % 3 YR % 5 YR % Since Inception % caf1 INCEPTION mstei INCEPTION msf1inst INCEPTION msteiinst INCEPTION dsoffss INCEPTION msf6 INCEPTION
Core Alternatives Fund, L.P. 0.28 5.94 5.94 8.1 7.09 4.38 3.14
Core Alternatives TEI Fund, L.P. 0.29 5.91 5.91 7.94 6.95 4.26 2.99
Core Alternatives Institutional Fund, L.P. 0.43 6.11 6.11 8.47 7.61 5.01 2.62
Core Alternatives TEI Institutional Fund, L.P. 0.46 6.12 6.12 7.96 7.25 4.79 2.3
HFRX Global Hedge Fund Index -1.74 -0.58 -0.58 3.01 3.17 1.04 - 0.82 0.82 -0.57 -0.77 0.88 0.88
S&P 500 TR Index 4.93 13.69 13.69 22.68 20.41 15.45 - 8.12 8.12 7.05 6.92 7.96 7.96

Average Annual Total Returns. Periods less than 1 year are not annualized.

Inception date: Core Alts, Core Alts TEI, S&P 500 and HFRX Global Hedge: 04/01/2005; Core Alts Instl. 01/01/2007; Core Alts TEI Instl. 02/01/2007.

Performance results and calculations after the Funds’ most recent fiscal year are unaudited. The principal value of the Funds will fluctuate so that an investor’s units, when redeemed, may be worth more or less than the original cost. Returns are net of all expenses of the Funds, including the management fee and incentive allocations, and reflect reinvestment of all distributions, if applicable. Returns do not reflect payment of the 2% early redemption fee or upfront placement fees, which could be up to 2% for Core LP and Core TEI and 6% for Core Institutional and Core TEI Institutional, if applicable, which would reduce the returns shown above. Past performance does not guarantee future results and current performance may be lower or higher than the figures shown. To obtain performance information current to the most recent month-end, please call 866.388.6292. The net expense ratio and total expense ratio for the Hatteras Core Alternatives Fund, L.P. is 2.38% and 7.16%, respectively. The net expense ratio and total expense ratio for the Hatteras Core Alternatives TEI Fund, L.P. is 2.38% and 7.37%, respectively. The net expense ratio and total expense ratio for the Hatteras Core Alternatives Institutional Fund, L.P. is 1.99% and 6.77%, respectively. The net expense ratio and total expense ratio for the Hatteras Core Alternatives TEI Institutional Fund, L.P. is 2.73% and 7.51%, respectively. The total expense ratio for all funds includes Acquired Fund Fees and Expenses of 4.78%. Please see the current prospectus for detailed information regarding expenses of the Funds

Important Disclosures and Risk Factors: Hatteras Alpha Hedged Strategies Fund, Hatteras Long/Short Equity Fund, Hatteras Long/Short Debt Fund, Hatteras Managed Futures Strategies Fund and Hatteras Hedged Strategies Fund
Certain hedging techniques and leverage employed in the management of the Funds 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 Funds. 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 Funds. Options held in the Funds 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 Funds 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 Funds, resulting in a generally higher investment cost than from investing directly in the underlying shares of these funds.
The Funds intend 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 Funds are 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 Funds’ share price.
Because the Funds are fund-of-funds, your cost of investing in the Funds 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 Funds, 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 Funds, including risks, fees and expenses.

Important Disclosures and Risk Factors: Hatteras PE Intelligence Fund
Investments of the Fund include foreign currencies which will fluctuate in value relative to the U.S. dollar, adversely affecting the value of the Fund’s investments and its returns. The Value of Equities are subject to market risks. 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. The Fund may be subject to high portfolio turnover rate risk which may negatively impact the Fund’s performance. Because the Fund seeks to track the Reference Index, which uses the PERI model, the Fund is subject to the risk associated with the development and implementation of the PERI Model.
There can be no assurance that the assumptions used by the PERI Model to determine the drivers of private equity buyout funds are correct or that the PERI Model will be able to capture any performance based on these drivers using public market equivalents alone; that the PERI Model is based on the amount private equity investors commit to invest, rather than the amounts they actually invested, which may differ significantly; that the data provided to Preqin, Ltd., may not accurately reflect the private equity buyout fund industry due to survivorship bias; and that the returns from the PERI Model (and therefore the Reference Index) may differ significantly from the return of a direct investment in one or more private equity buyout funds.
The Fund may also invest in smaller-sized companies which are subject to more abrupt or erratic market movements than larger, more established companies and shares of other investment companies including ETFs that invest in securities and styles similar to the Funds, resulting in a generally higher investment cost than from investing directly in the underlying shares of these funds. The Index Advisor relies on, among other things, private equity buyout data provided by Preqin Ltd. and in the event that such information is no longer available or reliable, the PERI Model (and therefore the Reference Index) may not be able to continue. The Fund’s performance may vary substantially from the performance of the Reference Index it tracks as a result of share purchases and redemptions, transaction costs, expenses and other factors. The Fund is a recently-formed entity with limited or no operating history. The Fund is considered non-diversified and 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. 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 Funds may not be suitable for all investors.
The Hatteras PE Intelligence Fund (the “Fund”) is not sponsored, endorsed, sold or promoted by Nomura International plc (“Nomura”) or its affiliates. Neither Nomura nor its affiliates make any representations or warranties, express or implied, to the owners of the Fund or any other person regarding the advisability of investing in the Fund or as to the results obtained from the use of the Nomura QES Modelled Private Equity Returns Index (the “Index”). Nomura and its affiliates have no obligation or liability in connection with the operation, marketing, trading or sale of the Fund or use of the Index and/or the methodology for the Index. Nomura and its affiliates shall not be liable (whether in negligence or otherwise) to any person for any error in the Index and/or the methodology of the Index and shall not be under any obligation to advise any person of any error therein.
The Index is the exclusive property of Nomura, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) (“S&P Dow Jones Indices”) to calculate and maintain the Index. S&P® and S&P Custom Indices® are registered trademarks of Standard & Poor’s Financial Services LLC (“SPFS”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed to S&P Dow Jones Indices. “Calculated by S&P Custom Indices” and its related stylized mark(s) are service marks of SPFS and have been licensed for use by S&P Dow Jones Indices and sublicensed for certain purposes by Nomura. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their affiliates shall be liable for any errors or omissions in calculating the Index. The Fund is not sponsored, endorsed, sold or promoted by S&P, its affiliates or their third party licensors and neither S&P, its affiliates nor their third party licensors make any representation regarding the advisability of investing in the Fund.

Important Disclosure and Risk Factors: Hatteras Disciplined Opportunity Fund
Investors should consider the following risk factors and special considerations associated with investing in the Hatteras Disciplined Opportunities 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. The Fund may invest in options. Options transactions may be effected on securities exchanges or in the OTC market. When options are purchased over-the-counter, the Fund bears the risk that the counter-party that wrote the option will be unable or unwilling to perform its obligations under the option contract. The Fund may engage in Short Sale/Put and Call Options which entail substantial risks. Also, options transactions involve special risks that may make it difficult or impossible to unwind a position when the Fund desires. Short-sale strategies are riskier than long investment strategies. The Fund could incur potentially unlimited losses. If the value of a security sold short increases, the Fund will incur a loss because it will have to purchase the security at a higher price. The Fund is a recently-formed entity with limited or no operating history. The Fund’s success will depend on the management of the Sub-Adviser and on the skill and acumen of the Sub-Advisor’s personnel. The Fund is considered non-diversified and 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. 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 Funds may not be suitable for all investors.
The above risks do not purport to be a full or complete list of the risks associated with an investment in the Fund. Please see the prospectus for the Fund’s risks, expenses and disclosures.
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 Funds may not be suitable for all investors.
The Funds are 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 Funds in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction

Important Disclosures and Risk Factors: Hatteras Core Alternatives Funds
This is not an offering to subscribe for units in any fund and is intended for informational purposes only. An offering can only be made by delivery of the Prospectus to “qualified clients” within the meaning of U.S. securities laws. The Hatteras Core Alternatives Fund, L.P.; the Hatteras Core Alternatives TEI Fund, L.P; the Hatteras Core Alternatives Institutional Fund, L.P.; and the Hatteras Core Alternatives TEI Institutional Fund, L.P. (collectively referred to herein as the “Hatteras Core Alternatives Fund” or the “Fund”) are Delaware limited partnerships that are registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as non-diversified, closed-end management investment companies whose units are registered under the Securities Act of 1933, as amended. The Hatteras Core Alternatives Fund is a fund of alternative investments. As such, the Fund invests in private hedge funds and private equity investments. Hedge funds are speculative investments and are not suitable for all investors, nor do they represent a complete investment program. A hedge fund can be described generally as a private and unregistered investment pool that accepts investors’ money and employs hedging and arbitrage techniques using long and short positions, leverage and derivatives, and investments in many markets.
The Fund, through an investment in the Master Fund, will invest substantially all of it’s assets in underlying funds that are generally not registered as investment companies under the 1940 Act and, therefore, the Fund will not have the benefit of various protections provided under the 1940 Act with respect to an investment in those underlying funds. The Fund can be highly volatile, carry substantial fees, and involve complex tax structures. Investments in the Fund involve a high degree of risk, including loss of entire capital. The underlying funds may engage in speculative investment strategies and practices, such as the use of leverage, short sales, and derivatives transactions, which can increase the risk of investment loss. The Fund provides limited liquidity, and units in the Fund are not transferable. Liquidity will be provided only through repurchase offers made by the Fund from time to time, generally on a quarterly basis upon prior written notice.
The success of the Fund is highly dependent on the financial and managerial expertise of its principals and key personnel of the Fund’s investment manager. Although the investment manager for the Fund expects to receive detailed information from each underlying fund on a regular basis regarding its valuation, investment performance, and strategy, in most cases the investment manager has little or no means of independently verifying this information. The underlying funds are not required to provide transparency with respect to their respective investments. By investing in the underlying funds indirectly through the Fund, investors will be subject to a dual layer of fees, both at the Fund and underlying fund levels. Certain underlying funds will not provide final Schedule K-1s for any fiscal year before April 15th of the following year. Those funds, however, will endeavor to provide estimates of taxable income or losses with respect to their investments. Please see the Prospectus for a detailed discussion of the specific risks disclosed here and other important risks and considerations.

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