Standardized Performance
Performance as of March 31, 2008
YTD |
1 Yr |
3 Yr* |
5 Yr* |
10 Yr* |
ALPHX Since Incep. (9/23/02)* |
BETAX Since Incep. (4/28/06)* |
|
|---|---|---|---|---|---|---|---|
| ALPHX |
-5.49% |
-1.22% |
4.82% |
6.26% |
N/A |
5.75% |
N/A |
| HFRI Cons FOF |
-2.85% |
1.41% |
5.96% |
6.28% |
6.10% |
6.47% |
N/A |
| BETAX | -8.82% | -3.97% | N/A | N/A | N/A | N/A | -1.40% |
| HFRI Strategic FOF |
-5.32% |
3.42% |
9.23% |
10.58% |
6.44% |
N/A |
6.27% |
| LB Aggregate Bond Index |
2.17% |
7.64% |
5.47% |
4.58% |
6.03% |
5.02% |
N/A |
| 90 Day T-Bill |
0.52% |
3.76% |
4.21% |
3.07% |
3.54% |
2.93% |
4.63% |
| S&P 500 |
-9.45% |
-5.08% |
5.84% |
11.30% |
3.50% |
11.21% |
2.43% |
Click here for ALPHX monthly performance information.
ALPHX Expense Ratios:
Total Annual Fund Operating Expenses: 6.10% Net Fund Operating Expenses: 3.99% **
BETAX Expense Ratios:
Total Annual Fund Operating Expenses: 5.97% Net Fund Operating Expenses: 3.99% **
Performance data quoted represents past performance; past performance does not guarantee future results. 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 Funds may be lower or higher than the performance quoted. Most recent month-end performance is available by calling 1.877.LOW.BETA. Average Annualized Return. *Average annual return. **Excluding dividends on short positions and interest on borrowing, other Fund Operating Expenses are contractually capped indefinitely at 3.99%.
The Funds may from time to time use the following for performance comparison purposes (one cannot invest directly in an index):
- 90-day U.S. Treasury bill, constant maturity; are short-term loans to the U.S. government, are full-faith-and-credit obligations of the U.S. Treasury and are generally regarded as being free of any risk of default;
- S&P 500: The S&P 500 is a representative sample of 500 leading companies in leading industries of the U.S. economy. The S&P 500 focuses on the large-cap segment of the market. With over 80% coverage of U.S. equities, it also serves as a proxy for the total market. The list is maintained by Standard & Poor's Corporation. It is market capitalization weighted. There are always 500 issuers in the S&P 500. Changes are made by Standard & Poor's as needed;
- Lehman Brothers Aggregate Bond Index is composed of securities from Lehman Brothers Government/Corporate Bond Index, Mortgage-Backed Securities Index and the Asset-Backed Securities Index. The index's total return consists of price appreciation/depreciation plus income as a percentage of the original investment.
- HFRI (Hedge Funds Research, Inc.) Performance Indices, which are equally weighted hedge fund investing performance indices broken down into 37 different categories by strategy, such as "equity market neutral" and "conservative or market-neutral fund-of-funds" investing. Conservative Fund of Funds investing seeks to profit by investing in various absolute return, hedged strategies.
- Correlation measures the frequency with which a fund moves in the same direction as a general market benchmark.
- Beta measures the correlation and magnitude with which a fund moves in relation to a general market benchmark.
- Standard Deviation measures the historical volatility of a fund or benchmark, utilizing daily returns since the inception of the Funds.
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. The Funds may also invest in:
- smaller capitalized companies that are 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;
- and 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. An investment in the Funds is not suitable for all investors.
While the Funds are no-load, management fees and other expenses still apply. Mutual fund investing involves risk; loss of principal is possible. Please consult an investment professional for advice regarding your particular circumstances.