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QOPYX

Fundamental Alternatives Fund

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Overview

Alternative multi-strategy investing long and short across multiple asset types, seeking to deliver high risk adjusted returns with low volatility.

Inception Date
December 16, 1996
Investment Style
Multi Alternative
Fund Index
HFRX Global Hedge Fund Index
CUSIP
68380E841
NAV
  • A
(as of 11/15/2018)
$27.80
Total Assets
(as of 10/31/2018)
$1.15 BN
Gross Expense Ratio
(as of 10/31/2018)
1.50%
Net Expense Ratio
(as of 10/31/2018)
1.48%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 10/31/2018
  • H
as of 09/30/2018
  • H

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
ytd as of 2018-09-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Fundamental Alternatives Fund (NAV)
2.70% 2.08% 2.02% 3.56% 2.83% 4.60%
HFRX Global Hedge Fund Index
-1.23% 0.25% 2.17% 1.02% 0.70% -
Cumulative
Annualized
ytd as of 2018-10-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Fundamental Alternatives Fund (NAV)
2.44% 2.59% 1.54% 3.38% 3.94% 4.57%
HFRX Global Hedge Fund Index
-4.30% -3.53% 0.61% 0.14% 1.37% -
Gross Expense Ratio: 1.50% | Net Expense Ratio: 1.48%

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class Y shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.


Year Fundamental Alternatives Fund HFRX Global Hedge Fund Index
1997 20.67% -
1998 8.19% -
1999 9.73% -
2000 10.25% -
2001 -4.26% -
2002 -17.33% -
2003 22.15% -
2004 9.62% 2.69%
2005 2.04% 2.72%
2006 11.41% 9.26%
2007 12.46% 4.23%
2008 -20.12% -23.25%
2009 16.57% 13.40%
2010 8.23% 5.19%
2011 -6.03% -8.87%
2012 4.17% 3.57%
2013 9.22% 6.72%
2014 4.77% -0.58%
2015 2.20% -3.64%
2016 1.51% 2.50%
2017 1.52% 5.99%

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class Y shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.


Date Fundamental Alternatives Fund HFRX Global Hedge Fund Index BBG Barclays Agg S&P 500
10/31/2008 0.00 0.00 0.00 0.00
11/30/2008 -3.54 -3.04 3.25 -7.18
12/31/2008 -3.55 -4.22 7.11 -6.19
1/31/2009 -2.47 -3.17 6.16 -14.09
2/28/2009 -5.93 -3.54 5.76 -23.24
3/31/2009 -1.62 -3.57 7.23 -16.52
4/30/2009 2.70 -2.02 7.74 -8.53
5/31/2009 5.13 1.07 8.53 -3.41
6/30/2009 6.03 1.11 9.14 -3.22
7/31/2009 8.27 2.72 10.90 4.10
8/31/2009 9.85 4.00 12.05 7.86
9/30/2009 11.69 6.31 13.23 11.88
10/31/2009 9.94 6.25 13.79 9.80
11/30/2009 11.69 8.01 15.26 16.39
12/31/2009 12.09 8.61 13.46 18.64
1/31/2010 10.07 8.59 15.19 14.37
2/28/2010 12.50 8.87 15.62 17.91
3/31/2010 15.55 10.38 15.48 25.03
4/30/2010 15.78 11.27 16.68 27.00
5/31/2010 11.78 8.33 17.66 16.86
6/30/2010 7.06 7.30 19.51 10.74
7/31/2010 12.05 8.63 20.79 18.50
8/31/2010 8.86 8.81 22.34 13.15
9/30/2010 13.67 10.67 22.47 23.25
10/31/2010 16.90 11.92 22.91 27.94
11/30/2010 16.18 11.61 22.20 27.96
12/31/2010 20.92 14.25 20.88 36.51
1/31/2011 22.11 14.88 21.02 39.75
2/28/2011 25.87 15.72 21.32 44.53
3/31/2011 24.77 14.71 21.39 44.59
4/30/2011 27.47 15.25 22.93 48.87
5/31/2011 27.33 13.64 24.54 47.19
6/30/2011 24.95 11.83 24.17 44.73
7/31/2011 22.61 11.71 26.14 41.79
8/31/2011 17.53 7.84 27.99 34.09
9/30/2011 14.50 4.62 28.92 24.66
10/31/2011 17.07 5.47 29.06 38.29
11/30/2011 14.28 4.56 28.94 37.98
12/31/2011 13.25 4.12 30.36 39.39
1/31/2012 13.85 5.91 31.51 45.64
2/29/2012 14.90 7.41 31.48 51.94
3/31/2012 16.01 7.39 30.75 56.94
4/30/2012 15.50 7.52 32.20 55.95
5/31/2012 14.40 5.70 33.40 46.58
6/30/2012 15.35 5.39 33.45 52.62
7/31/2012 16.11 5.96 35.29 54.74
8/31/2012 16.61 6.50 35.38 58.22
9/30/2012 17.86 6.92 35.57 62.31
10/31/2012 17.11 6.41 35.83 59.32
11/30/2012 17.46 6.85 36.05 60.24
12/31/2012 17.66 7.83 35.86 61.70
1/31/2013 18.96 9.94 34.91 70.08
2/28/2013 19.42 10.42 35.58 72.38
3/31/2013 20.32 11.21 35.69 78.85
4/30/2013 20.92 11.90 37.06 82.30
5/31/2013 22.07 12.74 34.62 86.56
6/30/2013 21.92 11.24 32.54 84.05
7/31/2013 22.73 12.36 32.72 93.42
8/31/2013 21.97 11.39 32.04 87.82
9/30/2013 22.07 12.46 33.29 93.71
10/31/2013 22.78 13.81 34.37 102.61
11/30/2013 25.23 14.44 33.86 108.79
12/31/2013 28.24 15.08 33.11 114.07
1/31/2014 28.79 14.79 35.07 106.67
2/28/2014 31.00 16.62 35.79 116.13
3/31/2014 31.10 16.36 35.56 117.94
4/30/2014 31.05 15.51 36.70 119.55
5/31/2014 32.56 16.03 38.26 124.71
6/30/2014 33.46 17.11 38.33 129.35
7/31/2014 32.71 16.08 37.98 126.19
8/31/2014 34.86 17.34 39.51 135.23
9/30/2014 34.46 16.44 38.56 131.94
10/31/2014 33.61 14.90 39.92 137.60
11/30/2014 34.36 15.28 40.92 143.99
12/31/2014 34.08 14.41 41.05 143.38
1/31/2015 35.15 14.08 44.00 136.07
2/28/2015 36.68 16.38 42.65 149.64
3/31/2015 37.09 16.77 43.31 145.69
4/30/2015 35.71 17.02 42.80 148.05
5/31/2015 37.45 17.32 42.45 151.24
6/30/2015 36.94 15.86 40.90 146.37
7/31/2015 38.52 15.83 41.88 151.53
8/31/2015 36.53 13.27 41.68 136.36
9/30/2015 36.32 10.92 42.64 130.51
10/31/2015 37.86 12.55 42.66 149.95
11/30/2015 37.19 11.73 42.28 150.70
12/31/2015 36.69 10.25 41.82 146.74
1/31/2016 36.22 7.20 43.77 134.50
2/29/2016 35.35 6.86 44.79 134.18
3/31/2016 35.51 8.18 46.12 150.07
4/30/2016 34.68 8.62 46.68 151.04
5/31/2016 38.17 9.12 46.72 155.55
6/30/2016 38.38 9.34 49.36 156.21
7/31/2016 37.71 10.93 50.30 165.66
8/31/2016 36.94 11.10 50.13 166.03
9/30/2016 37.61 11.72 50.04 166.08
10/31/2016 37.61 11.08 48.89 161.23
11/30/2016 37.61 12.05 45.37 170.90
12/31/2016 38.43 13.01 45.58 176.25
1/31/2017 37.50 13.57 45.86 181.49
2/28/2017 40.07 14.85 46.84 192.67
3/31/2017 38.89 14.88 46.77 193.01
4/30/2017 39.87 15.37 47.90 196.02
5/31/2017 41.15 15.65 49.04 200.19
6/30/2017 41.05 15.90 48.89 202.06
7/31/2017 40.23 16.97 49.53 208.27
8/31/2017 40.79 17.32 50.87 209.22
9/30/2017 41.15 18.01 50.15 215.59
10/31/2017 40.07 18.83 50.24 222.96
11/30/2017 41.21 18.91 50.04 232.86
12/31/2017 40.21 19.78 50.73 236.56
1/31/2018 42.83 22.71 49.00 255.83
2/28/2018 41.47 19.74 47.58 242.72
3/31/2018 40.11 18.56 48.53 234.01
4/30/2018 39.01 18.67 47.43 235.29
5/31/2018 39.32 18.98 48.48 243.37
6/30/2018 38.96 18.76 48.30 245.48
7/31/2018 41.00 18.59 48.33 258.34
8/31/2018 42.93 19.12 49.29 270.01
9/30/2018 43.77 18.30 48.32 272.12
10/31/2018 43.35 14.63 47.15 246.68

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class Y shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.

$ per share as of 11/15/2018

Date 2013 2014 2015 2016 2017
Short Term
Long Term
Total Amount of Distribution
Record Date
Ex Div Date
Pay Date

There is no guarantee of the payment of any dividend or other distributions at any level.

Portfolio

Top Holdings by Strategy

(37.7% of assets as of 10/31/2018)


Long and Short Credit
Citibank NA, IG30 Index, Credit Default Swap
4.7%
RAMP Series 2006-NC3 Trust, Mtg. Asset-Backed Pass, FLT%, 3/25/36
1.4%
Residential Asset Securities Corp., (RASC 2006 KS2 M2), FLT%, 3/25/36
1.2%
M&T Bank Corp.
0.7%
Long and Short Equity
S&P Mid 400 Emini, 2018-12-
2.6%
Chubb Ltd.
2.3%
Xilinx, Inc.
1.9%
UnitedHealth Group, Inc.
1.9%
Philip Morris International, Inc.
1.8%
Long and Short Macro
Euro-Bund Future, 12/6/18
5.0%
SPDR Gold Shares
3.5%

Portfolio Holdings Breakdown

Country
Developed Markets
Emerging Markets
Equity Sector 7
Fixed Income Sector
Asset Allocation
Market Cap 8
Holding
Country Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
United States 96.2% - -
Germany 3.7% - -
Ireland 1.1% - -
Russia 1.1% - -
United Kingdom 0.9% - -
Switzerland 0.9% - -
Bermuda 0.7% - -
Taiwan 0.4% - -
Supranational (non-iso) 0.2% - -
Canada 0.2% - -
Australia 0.1% - -
Cayman Islands 0.1% - -
Sweden 0.1% - -
Luxembourg 0.1% - -
Developed Markets Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Americas 97.3% - -
Supranational 0.2% - -
Asia Pacific -4.3% - -
Europe -6.6% - -
Emerging Markets Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Europe 1.1% - -
Americas -0.8% - -
Asia Pacific -6.5% - -
Equity Sector Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Financials 8.2% - -
Health Care 8.1% - -
Communication Services 4.6% - -
Broad Market 3.8% - -
Utilities 2.8% - -
Industrials 2.5% - -
Energy 2.0% - -
Materials 1.1% - -
Information Technology 0.8% - -
Consumer Staples -0.5% - -
Consumer Discretionary -1.3% - -
Real Estate -6.3% - -
Fixed Income Sector Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Corporates 15.3% - -
Non Agencies MBS 4.7% - -
ABS 4.4% - -
Catastrophe 1.3% - -
Sovereign -0.5% - -
Treasuries -1.1% - -
Agencies -3.1% - -
Asset Allocation Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Equity 26.0% - -
Fixed Income 21.9% - -
Commodity 3.5% - -
Other -12.9% - -
Market Cap Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Large 32.6% - -
Small -0.9% - -
Mid -4.3% - -
Holding Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Citi PB Collateral Cash 26.5% - -
JP Morgan PB Collateral Cash 8.8% - -
Euro-Bund Future, 12/6/18 5.0% - -
Citibank NA, IG30 Index, Credit Default Swap 4.7% - -
SPDR Gold Shares 3.5% - -
S&P Mid 400 Emini, 2018-12- 2.6% - -
Chubb Ltd. 2.3% - -
Oppenheimer Institutional Government Money Market Fund Cl. E 2.2% - -
Xilinx, Inc. 1.9% - -
UnitedHealth Group, Inc. 1.9% - -
Philip Morris International, Inc. 1.8% - -
Apple, Inc. 1.8% - -
Alphabet, Inc. 1.7% - -
Cisco Systems, Inc. 1.6% - -
Merck & Co. Inc. 1.5% - -
RAMP Series 2006-NC3 Trust, Mtg. Asset-Backed Pass, FLT%, 3/25/36 1.4% - -
Blackstone Mortgage Trust, Inc. 1.3% - -
Lockheed Martin Corp. 1.3% - -
M&T Bank Corp. 1.3% - -
Residential Asset Securities Corp., (RASC 2006 KS2 M2), FLT%, 3/25/36 1.2% - -
Analytics
(As of 10/31/2018)

Morningstar 10/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
288
Category
Multialternative
Performance Statistics
3Y
5Y
Alpha
0.70
2.96
Beta
0.29
0.43
Information Ratio
0.23
0.91
R-Squared
13.77
25.70
Sharpe Ratio
0.20
0.86
Standard Deviation
3.06
3.25
Sortino Ratio
0.37
1.77
Tracking Error
3.97
3.55
Portfolio Characteristics
Fund
Fund Index
P/E Ratio (LTM)
15.74
-
P/E Ratio (NTM)
11.80
-
Price/Book
3.38
-
Return on Equity
11.50%
-
Debt to Capital Ratio
51.60
-
Turnover Ratio
168%
-
Dividends
  • D
Est. Frequency
Annual
Last Pay Date
12/14/2017
Per Share ($)
$0.4990
12-Month Distribution ($)
$0.4990
Distribution Sources
  • D
Net Income
72.80%
Net Profit from Sale
0.00%
Other Capital Sources
27.20%
Tools
Morningstar logo 95x28 trans
Documents
  1. 1. Effective 12/2/13, the Fund will limit the market value of its total short positions to not more than 40% of its net assets at the time a short sale is entered into.
  2. 2. Fixed income investing entails credit and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Short selling may increase volatility and risk of loss and is considered a speculative investment practice. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Mid-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a mid-sized company, if any gain is realized at all. Commodity-linked investments are speculative and have substantial risks, including the loss of principal. The Fund may also invest through a wholly-owned Cayman Islands subsidiary, which involves the risk that changes to the laws of the Cayman Islands could negatively affect the Fund. Diversification does not guarantee profit or protect against loss.
  3. 3. The Manager has contractually agreed to waive expenses in an amount equal to the management fee it receives from its Subsidiary for so long as the Fund invests in the Subsidiary. This waiver may not be terminated without the prior approval of the Fund's Board of Trustees.
  4. 4. The net expense ratio (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less.  These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
  5. 5. The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. Index performance is shown for illustrative purposes only, is unmanaged, and cannot be purchased directly by investors. Past performance does not guarantee future results.
  6. 6. Holdings are subject to change, and are dollar weighted based on total new assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the Fund’s net asset value and fluctuations of dividends and distributions paid by the Fund.
  7. 7. The Equity allocation in the Sector Allocation table is net of short positions.
  8. 8. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund. Market Cap breakdown is calculated using Morningstar's methodology and those capitalization standards may not align with those in the Fund's prospectus.
  9. 9. Class I shares are only offered to eligible institutional investors that make a minimum initial investment of $1 million or more and to retirement plan service provider platforms. The minimum account balance for class I shares is $2.5 million.  Class I shares are sold at net asset value without a sales charge.  Please see Fund prospectuses for additional information.
  10. A. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7:00pm ET daily.
  11. B. The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated.  Returns do not consider capital gains or income taxes on an individual's investment.
  12. C. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund).  These returns would be lower if sales charges were taken into consideration.  Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.
  13. D. There is no guarantee of the payment of any dividend or other distributions at any level.
  14. E. The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated.  Class C shares are subject to a 0.75% annual asset-backed sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
  15. F. The performance data quoted represents past performance, which does not guarantee future results.  The investments return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class I shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
  16. G. The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class R shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
     
  17. H. The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class Y shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
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