FDATX

Fundamental Alternatives Fund

Overview

A fundamentally constructed alternative multi-strategy seeking to deliver high risk-adjusted returns across various market environments with low volatility and market beta.

Inception Date
May 28, 2019
Investment Style
Multi Alternative
Fund Index
HFRX Global Hedge Fund Index
CUSIP
00143W669
NAV
(as of 08/20/2019)
$26.85
Total Assets
(as of 07/31/2019)
$998.49 MM
Gross Expense Ratio
(as of 07/31/2019)
1.61%
Net Expense Ratio
(as of 07/31/2019)
1.60%
Performance
Average Annual Total Returns
Capital Gains Distributions
as of 07/31/2019
  • B
as of 06/30/2019
  • B

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
3 mo ytd as of 2019-06-30
1 yr 3 yr 5 yr 10 yr
Fundamental Alternatives Fund (NAV)
1.51% 3.95% 2.70% 1.03% 1.35% 3.02%
HFRX Global Hedge Fund Index
1.58% 4.22% -1.95% 2.12% -0.11% 1.42%
Cumulative
Annualized
3 mo ytd as of 2019-06-30
1 yr 3 yr 5 yr 10 yr
Fundamental Alternatives Fund (with sales charge)
1.51% 3.95% 2.70% 1.03% 1.35% 3.02%
HFRX Global Hedge Fund Index
1.58% 4.22% -1.95% 2.12% -0.11% 1.42%
Cumulative
Annualized
ytd as of 2019-07-31
1 yr since inception 3 yr 5 yr 10 yr
Fundamental Alternatives Fund (NAV)
3.95% 2.70% 1.55% 1.03% 1.35% 3.02%
HFRX Global Hedge Fund Index
5.02% -1.05% - 1.89% 0.22% 1.34%
Cumulative
Annualized
ytd as of 2019-07-31
1 yr since inception 3 yr 5 yr 10 yr
Fundamental Alternatives Fund (with sales charge)
3.95% 2.70% 1.55% 1.03% 1.35% 3.02%
HFRX Global Hedge Fund Index
5.02% -1.05% - 1.89% 0.22% 1.34%
Gross Expense Ratio: 1.61% | Net Expense Ratio: 1.60%

Performance shown prior to the inception date of Class R5 shares is that of Class A shares and includes the 12-b1 fees applicable to Class A shares. Class R5 shares have no sales charge; therefore, performance is at NAV.


Year Fundamental Alternatives Fund

Performance shown prior to the inception date of Class R5 shares is that of Class A shares and includes the 12-b1 fees applicable to Class A shares. Class R5 shares have no sales charge; therefore, performance is at NAV.

$ per share as of 08/21/2019

Date 2014 2015 2016 2017 2018
Short Term
Long Term
Total Amount of Distribution
Record Date
Ex Div Date
Pay Date
Portfolio

Top Holdings by Strategy

(44.0% of assets as of 07/31/2019)


Long and Short Credit
Citibank NA, IG30 Index, Credit Default Swap
5.5%
Residential Asset Securities Corp., (RASC 2006 KS2 M2), FLT%, 3/25/36
1.5%
RAMP Series 2006-NC3 Trust, Mtg. Asset-Backed Pass, FLT%, 3/25/36
1.5%
IVZ Opp. Institutional Government Money Market Fund
0.1%
Long and Short Equity
CommVault Systems, Inc.
2.2%
Philip Morris International, Inc.
2.2%
Standard and Poor's 500 Index (The) Call, 9/20/19, $3005
2.1%
Alphabet, Inc.
2.1%
Cisco Systems, Inc.
2.1%
Long and Short Macro
SPDR Gold Shares
4.7%
Euro-Bund Future, 2019-09-
2.8%

Portfolio Holdings Breakdown

Country
Developed Markets
Emerging Markets
Equity Sector 6
Fixed Income Sector
Asset Allocation
Market Cap 7
Holding
Country Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
United States 94.2% - -
Germany 2.8% - -
Canada 1.6% - -
Russia 1.3% - -
Ireland 1.0% - -
Taiwan 1.0% - -
Peru 0.4% - -
Luxembourg 0.2% - -
Supranational (non-iso) 0.2% - -
Bermuda 0.1% - -
Australia 0.1% - -
Cayman Islands 0.1% - -
Switzerland 0.1% - -
Developed Markets Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Americas 96.0% - -
Supranational 0.2% - -
Asia Pacific -2.2% - -
Europe -10.7% - -
Emerging Markets Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Europe 1.3% - -
Americas 0.4% - -
Asia Pacific -4.2% - -
Equity Sector Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Financials 10.4% - -
Communication Services 5.5% - -
Broad Market 5.0% - -
Health Care 4.4% - -
Industrials 3.0% - -
Energy 2.7% - -
Utilities 2.2% - -
Materials 2.1% - -
Consumer Staples -0.3% - -
Consumer Discretionary -1.6% - -
Information Technology -1.7% - -
Real Estate -7.4% - -
Fixed Income Sector Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Corporates 11.5% - -
ABS 10.1% - -
Equity Other 1.3% - -
Catastrophe 1.3% - -
Sovereign -0.4% - -
Treasuries -1.4% - -
Asset Allocation Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Equity 24.4% - -
Fixed Income 22.4% - -
Commodity 4.7% - -
Other -7.5% - -
Market Cap Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Large 30.5% - -
Small -1.1% - -
Mid -2.9% - -
Holding Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Citi PB Collateral Cash 21.0% - -
JP Morgan PB Collateral Cash 13.8% - -
Citibank NA, IG30 Index, Credit Default Swap 5.5% - -
SPDR Gold Shares 4.7% - -
Euro-Bund Future, 2019-09- 2.8% - -
CommVault Systems, Inc. 2.2% - -
Philip Morris International, Inc. 2.2% - -
Standard and Poor's 500 Index (The) Call, 9/20/19, $3005 2.1% - -
Alphabet, Inc. 2.1% - -
Cisco Systems, Inc. 2.1% - -
Chubb Ltd. 2.0% - -
IVZ Opp. Institutional Government Money Market Fund 1.8% - -
UnitedHealth Group, Inc. 1.6% - -
S&P Mid 400 Emini, 2019-09- 1.6% - -
Residential Asset Securities Corp., (RASC 2006 KS2 M2), FLT%, 3/25/36 1.5% - -
RAMP Series 2006-NC3 Trust, Mtg. Asset-Backed Pass, FLT%, 3/25/36 1.5% - -
Blackstone Mortgage Trust, Inc. 1.5% - -
Goldman Sachs Group, Inc. 1.4% - -
Northrop Grumman Corp. 1.4% - -
Lockheed Martin Corp. 1.4% - -
Analytics
(As of 07/31/2019)

Yields
Portfolio Characteristics
Fund
Fund Index
P/E Ratio (LTM)
17.91
-
P/E Ratio (NTM)
12.37
-
Price/Book
2.21
-
Return on Equity
17.86%
-
Debt to Capital Ratio
60.11
-
Turnover Ratio
155%
-
Active Share
224.19%
-
Team
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. Fund performance reflects fee waivers, absent which, performance data quoted would have been lower. Total annual fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through May 28, 2021. See current prospectus for more information.
  5. 5. 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.
  6. 6. The Equity allocation in the Sector Allocation table is net of short positions.
  7. 7. 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.
  8. A. The Morningstar Rating&trade; for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. <b>The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.</b> The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not consider sales charges and are subject to change monthly. <strong>Past performance is no guarantee of future results</strong></p>
  9. B. Performance shown prior to the inception date of Class R5 shares is that of Class A shares and includes the 12-b1 fees applicable to Class A shares. Class R5 shares have no sales charge; therefore, performance is at NAV.
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