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Multi Asset

The Strategy dynamically allocates across a broad range of traditional and non-traditional growth assets and strategies.
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Cumulative Total Returns

as of 7/31/17

Since Inception 8/27/15
20%
Performance & Distributions
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Multi Asset

Gross Expense Ratio:
      1.77%
    Net Expense Ratio:   1.21%

    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.

    Cumulative Returns
    • A

    Compare to Indices

    Global Multi-Asset Growth Fund
    VALUE of $10,000.00

    Income Dividend History
    • B

    No income dividends were paid during this time.
    Calendar Year Returns % (w/o sales charge)
    Data as of 8/15/17
      2015 2016 YTD
    • C
    Global Multi-Asset Growth Fund 6.45 12.95
    MSCI AC World 7.86
    Capital Gains Distributions ($ per share)
    Data as of 8/16/17
      2012 2013 2014 2015 2016
    Short Term
    Long Term 0.0002
    Total Amount of Distribution 0.0002
    Record Date 12/14/15
    Ex Div Date 12/15/15
    Pay Date 12/15/15

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

    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.

    Average Annual Total Returns
    • A

    as of 7/31/17

    as of 6/30/17

    • A
    YTD (as of 8/15/17)
    • C
    12.95%
    1 Year 11.99%
    Since Inception 9.75%
    YTD (as of 8/15/17)
    • C
    12.95%
    1 Year 5.55%
    Since Inception 6.43%
    YTD (as of 8/15/17)
    • C
    12.95%
    1 Year 14.44%
    Since Inception 9.16%
    YTD (as of 8/15/17)
    • C
    12.95%
    1 Year 7.86%
    Since Inception 5.71%
    Gross Expense Ratio
    1.77%
    Net Expense Ratio
    1.21%
    NAV
    • D
    as of 8/15/17
    $11.25

    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.

    Top Strategies

    07/31/17

    Equity
    77.7%
    Equity-Like Fixed Income
    27.3%
    Hedges
    21.8%
    Alpha Alternatives
    16.3%
    Cash
    4.9%
    ×
    • 77.7%
      Equity
    COUNTRY Australia, Brazil, Canada, Eurozone, France, Germany, India, Indonesia, Japan, Malaysia, Mexico, Netherlands, New Zealand, Poland, Spain, Taiwan, Turkey, United Kingdom, United States
    ×
    • 27.3%
      Equity-Like Fixed Income
    COUNTRY Brazil, Canada, India, Indonesia, Malaysia, Mexico, Netherlands, Poland, Turkey, United Kingdom, United States
    ×
    • 21.8%
      Hedges
    COUNTRY Australia, Brazil, Canada, Czech Republic, Eurozone, India, Indonesia, Japan, Malaysia, Mexico, New Zealand, Poland, Taiwan, Turkey, United Kingdom, United States
    ×
    • 16.3%
      Alpha Alternatives
    COUNTRY Australia, Brazil, Canada, Eurozone, France, Germany, Japan, Malaysia, Mexico, New Zealand, Spain, Turkey, United Kingdom, United States
    ×
    • 4.9%
      Cash
    COUNTRY United States
    Holdings Breakdown

    as of 07/31/17

    88.4%

    United States

    12.3%

    Japan

    5.3%

    Eurozone

    5.2%

    France

    4.1%

    India

    4.0%

    Turkey

    3.4%

    Mexico

    3.2%

    Germany

    2.9%

    Poland

    2.4%

    Malaysia

    2.0%

    Brazil

    1.9%

    Czech Republic

    1.8%

    Indonesia

    1.7%

    Australia

    1.7%

    Netherlands

    1.6%

    Taiwan

    1.5%

    Canada

    1.0%

    United Kingdom

    0.9%

    New Zealand

    0.9%

    Spain

    Developed Markets 4
    Emerging Markets 4
    90.8%

    Americas

    No Strategy
    in
    Americas
    18.5%

    Europe

    No Strategy
    in
    Europe
    14.0%

    Asia Pacific

    No Strategy
    in
    Asia Pacific
    0.1%

    Supranational

    No Strategy
    in
    Supranational
    -0.3%

    Middle East

    No Strategy
    in
    Middle East
    9.6%

    Asia Pacific

    No Strategy
    in
    Asia Pacific
    9.5%

    Europe

    No Strategy
    in
    Europe
    5.8%

    Americas

    No Strategy
    in
    Americas
    0.8%

    Africa

    No Strategy
    in
    Africa
    0.8%

    Multi

    No Strategy
    in
    Multi
    0.2%

    Middle East

    No Strategy
    in
    Middle East
    0.1%

    Asia / Pacific

    No Strategy
    in
    Asia / Pacific
    Equity Style
    Total Assets (all classes)
    as of 7/31/17
    $65.3 MM
    Portfolio Statistics

    as of 7/31/17

    Turnover Ratio
    61.00%
    Duration (yrs)
    2.5
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • B
    Est Frequency Annual
    Last Pay Date 12/20/16
    Per Share ($) 0.4950
    12-Month Distribution ($) 0.4950
    Distribution Sources
    Net Income 55.00%
    Net Profit from Sale 0.00%
    Other Capital Sources 45.00%
    Top Strategies

    07/31/17

    Equity
    77.7%
    Equity-Like Fix...
    27.3%
    Hedges
    21.8%
    Alpha Alternati...
    16.3%
    Cash
    4.9%
    Holdings Breakdown

    as of 07/31/17

    Reset
    88.4%

    United States

    12.3%

    Japan

    5.3%

    Eurozone

    5.2%

    France

    4.1%

    India

    4.0%

    Turkey

    3.4%

    Mexico

    3.2%

    Germany

    2.9%

    Poland

    2.4%

    Malaysia

    2.0%

    Brazil

    1.9%

    Czech Republic

    1.8%

    Indonesia

    1.7%

    Australia

    1.7%

    Netherlands

    1.6%

    Taiwan

    1.5%

    Canada

    1.0%

    United Kingdom

    0.9%

    New Zealand

    0.9%

    Spain

    90.8%

    Americas

    No Strategy
    in
    Americas
    18.5%

    Europe

    No Strategy
    in
    Europe
    14.0%

    Asia Pacific

    No Strategy
    in
    Asia Pacific
    0.1%

    Supranational

    No Strategy
    in
    Supranational
    -0.3%

    Middle East

    No Strategy
    in
    Middle East
    9.6%

    Asia Pacific

    No Strategy
    in
    Asia Pacific
    9.5%

    Europe

    No Strategy
    in
    Europe
    5.8%

    Americas

    No Strategy
    in
    Americas
    0.8%

    Africa

    No Strategy
    in
    Africa
    0.8%

    Multi

    No Strategy
    in
    Multi
    0.2%

    Middle East

    No Strategy
    in
    Middle East
    0.1%

    Asia / Pacific

    No Strategy
    in
    Asia / Pacific
    ×
    • 77.7%
      Equity
    COUNTRY Australia, Brazil, Canada, Eurozone, France, Germany, India, Indonesia, Japan, Malaysia, Mexico, Netherlands, New Zealand, Poland, Spain, Taiwan, Turkey, United Kingdom, United States
    ×
    • 27.3%
      Equity-Like Fixed Income
    COUNTRY Brazil, Canada, India, Indonesia, Malaysia, Mexico, Netherlands, Poland, Turkey, United Kingdom, United States
    ×
    • 21.8%
      Hedges
    COUNTRY Australia, Brazil, Canada, Czech Republic, Eurozone, India, Indonesia, Japan, Malaysia, Mexico, New Zealand, Poland, Taiwan, Turkey, United Kingdom, United States
    ×
    • 16.3%
      Alpha Alternatives
    COUNTRY Australia, Brazil, Canada, Eurozone, France, Germany, Japan, Malaysia, Mexico, New Zealand, Spain, Turkey, United Kingdom, United States
    ×
    • 4.9%
      Cash
    COUNTRY United States

    Management

    Mark Hamilton

    Managed Fund since 8/15

    Dokyoung Lee, CFA

    Managed Fund since 8/15

    Ben Rockmuller, CFA

    Managed Fund since 8/15

    Alessio de Longis, CFA

    Managed Fund since 8/15

    Investment Approach

    The portfolio managers opportunistically allocate across traditional and non-traditional growth assets and strategies that have the potential to generate equity-like total returns with less risk than the broad equity market. The team actively manages risk in the portfolio based on their views on the business cycle, valuations, economic regimes and risk factors.

    Risk Management

    Our team limits exposure to individual companies, industries and sectors, seeking to limit volatility through company quality and diversification. Risk Management Overview

    We conduct rigorous fundamental research to identify individual companies with asymmetrical risk/return opportunities. Risk Management Overview

    At the portfolio level, our experienced investment personnel closely monitor the strategy's positioning, and the active risk resulting from our security selection process and sector allocations. We evaluate factor and style exposure, as well as the ownership and liquidity profile of each security in the portfolio. Risk Management Overview

    Our team proactively manages risk by constructing diversified portfolios across sectors, industry groups and securities. We manage, monitor and limit sector weights relative to specified benchmarks and security position sizes within each portfolio. Risk Management Overview

    Our team closely monitors position size and sector weights; we have limits on active security weights against the benchmark for each strategy we manage. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We mainly focus on currency, interest rates and credit. Positions are sized and monitored according to established limits. Risk Management Overview

    We focus primarily on senior loans in an effort to maintain product integrity and limit duration risk. Risk Management Overview

    The team manages risk at both a strategy and individual security level to help ensure that, when combined, they act as the ballast in an investor’s overall portfolio. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We seek to identify primary and secondary risks of each investment. Diversification of sectors can potentially reduce volatility. Risk Management Overview

    The team manages risk by administering duration limits, limiting portfolio weighted average maturity and conducting thorough credit analysis on individual securities. Risk Management Overview

    The Rochester team has created diverse portfolios designed to mitigate the types of risks that municipal bond investors may encounter. Risk Management Overview

    The Commodities team manages risk on multiple levels, including individual commodity sector levels and overall fund level. Risk Management Overview

    The Real Estate team monitors and manages risk at the security, sector and strategy levels. Risk Management Overview

    The Global Multi-Asset Group monitors and manages risk on an ongoing basis, both at the asset class and portfolio levels. Risk Management Overview

    We emphasize capital preservation by avoiding companies that may cut distributions. We seek to build diversified portfolios comprised of energy and energy related companies with attractive risk-adjusted total return potential. Risk Management Overview

    The Alternative Strategies team evaluates risk on multiple levels, applying numerous risk analysis methods on an ongoing basis in addition to assessing risk impacts of a position prior to making investment decisions. Risk Management Overview

    Risk is monitored by quantitative risk system and managed at many levels – stock, sector, country, and style factors. We seek to diversify the portfolio across the global listed infrastructure market and adhere to an established risk framework, including constraints imposed by position limits versus a benchmark. Risk Management Overview

    We monitor and manage both security and sector weights to the underlying index to ensure that the portfolio is properly tracking its benchmark. Also, partnering with well-known index providers ensures that we hold only high quality securities that pass very stringent profitability and liquidity screens. Risk Management Overview

    ×
    1. 1. Special Risks: Alternative asset classes may be volatile and are subject to liquidity risk. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Exchange traded notes (ETNs) whose returns are linked to the performance of an index and are subject to the risk of industry or sector concentrations. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. Fixed income investing entails duration, credit and interest rate risks. Interest rate risk is the risk that rising interest rates or an expectation of rising interest rates in the near future will cause the values of the Fund's investments to decline. Credit risk is the risk that the issuer of a security might not make interest and principal payments. Risks associated with rising interest rates are heightened given that rates in the U.S. are at or near historic lows. When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. Below-investment-grade (“high yield” or "junk") bonds are subject to greater price fluctuations than investment grade securities, are more at risk of default and are subject to liquidity risk. Small-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 small-sized company, if any gain is realized at all. There is no guarantee that the issuers of stocks will declare dividends in the future, or that dividends will remain at their current levels or increase over time. Investments in securities of growth companies may be volatile. Investments in mining and metal industry companies are speculative and may be subject to volatility. Gold ETFs involve additional fees and risks. Commodity-linked investments are speculative and have substantial risks, including the loss of principal. Short selling may increase volatility and risk of loss and is considered a speculative investment practice. Under certain conditions, the Fund’s long positions and/or short positions may be subject to a decline in market value which may result in substantial losses.

      Investing in other investment companies is subject to risks of the underlying portfolio. Investments in real estate companies, including REITs or similar structures, are subject to volatility and risk. Smaller real estate companies may also be subject to liquidity risk.

      Investing in MLPs involves additional risks as compared to the risks of investing in common stock, including risks related to cash flow, dilution and voting rights. The Fund’s investments in securities issued by MLPs are concentrated in the energy infrastructure industry which may be subject to increased volatility. Energy infrastructure companies are subject to risks specific to the industry or sector such as fluctuations in commodity prices, reduced volumes of natural gas or other energy commodities, environmental hazards, changes in the macroeconomic or the regulatory environment or extreme weather. MLPs may trade less frequently than larger companies due to their smaller capitalizations. Additional management fees and other expenses are associated with investing in MLP funds.

      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.
    2. 2. 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.
    3. 3. Access index definitions.
    4. 4. Holdings are subject to change, and are dollar weighted based on total net 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.
    5. A. 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.
    6. B. There is no guarantee of the payment of any dividend or other distributions at any level.
    7. 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.
    8. D. 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.
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