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QVOPX

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
January 3, 1989
Investment Style
Multi Alternative
Fund Index
HFRX Global Hedge Fund Index
CUSIP
68380E106
NAV
  • A
(as of 08/21/2018)
$27.19
Total Assets
(as of 07/31/2018)
$1.20 BN
Gross Expense Ratio
(as of 07/31/2018)
1.74%
Net Expense Ratio
(as of 07/31/2018)
1.72%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 07/31/2018
  • B
as of 06/30/2018
  • B

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
ytd as of 2018-06-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Fundamental Alternatives Fund (NAV)
-0.89% -1.48% 0.49% 2.65% 1.45% 7.83%
HFRX Global Hedge Fund Index
-0.85% 2.47% 0.83% 1.32% -0.39% -
Cumulative
Annualized
ytd as of 2018-06-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Fundamental Alternatives Fund (with sales charge)
-6.59% -7.15% -1.47% 1.44% 0.85% 7.61%
HFRX Global Hedge Fund Index
-0.85% 2.47% 0.83% 1.32% -0.39% -
Cumulative
Annualized
ytd as of 2018-07-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Fundamental Alternatives Fund (NAV)
0.56% 0.55% 0.59% 2.81% 1.80% 7.86%
HFRX Global Hedge Fund Index
-1.00% 1.38% 0.79% 1.08% -0.12% -
Cumulative
Annualized
ytd as of 2018-07-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Fundamental Alternatives Fund (with sales charge)
-5.22% -5.24% -1.37% 1.60% 1.20% 7.64%
HFRX Global Hedge Fund Index
-1.00% 1.38% 0.79% 1.08% -0.12% -
Gross Expense Ratio: 1.74% | Net Expense Ratio: 1.72%

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.


Year Fundamental Alternatives Fund HFRX Global Hedge Fund Index
1990 -10.32% -
1991 51.07% -
1992 17.95% -
1993 8.20% -
1994 4.92% -
1995 41.98% -
1996 22.82% -
1997 20.14% -
1998 7.66% -
1999 9.27% -
2000 9.75% -
2001 -4.57% -
2002 -17.57% -
2003 21.91% -
2004 9.50% 2.69%
2005 1.84% 2.72%
2006 11.24% 9.26%
2007 12.25% 4.23%
2008 -20.28% -23.25%
2009 16.22% 13.40%
2010 7.87% 5.19%
2011 -6.34% -8.87%
2012 3.90% 3.57%
2013 9.00% 6.72%
2014 4.55% -0.58%
2015 1.95% -3.64%
2016 1.28% 2.50%
2017 1.29% 5.99%

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.


Date Fundamental Alternatives Fund HFRX Global Hedge Fund Index BBG Barclays Agg S&P 500
7/31/2008 0.00 0.00 0.00 0.00
8/31/2008 1.61 -1.28 0.95 1.45
9/30/2008 -5.42 -8.09 -0.41 -7.59
10/31/2008 -15.23 -16.68 -2.76 -23.11
11/30/2008 -18.24 -19.21 0.41 -28.63
12/31/2008 -18.24 -20.20 4.15 -27.87
1/31/2009 -17.33 -19.32 3.23 -33.95
2/28/2009 -20.26 -19.63 2.84 -40.98
3/31/2009 -16.60 -19.65 4.27 -35.81
4/30/2009 -12.94 -18.36 4.77 -29.67
5/31/2009 -10.89 -15.79 5.53 -25.74
6/30/2009 -10.13 -15.76 6.13 -25.59
7/31/2009 -8.22 -14.42 7.85 -19.96
8/31/2009 -6.89 -13.35 8.96 -17.07
9/30/2009 -5.32 -11.42 10.11 -13.98
10/31/2009 -6.81 -11.47 10.65 -15.57
11/30/2009 -5.32 -10.01 12.08 -10.51
12/31/2009 -4.98 -9.51 10.33 -8.78
1/31/2010 -6.70 -9.52 12.02 -12.06
2/28/2010 -4.64 -9.29 12.43 -9.34
3/31/2010 -2.05 -8.03 12.30 -3.87
4/30/2010 -1.86 -7.29 13.47 -2.35
5/31/2010 -5.25 -9.74 14.42 -10.15
6/30/2010 -9.25 -10.59 16.21 -14.85
7/31/2010 -5.02 -9.49 17.45 -8.89
8/31/2010 -7.72 -9.34 18.97 -13.00
9/30/2010 -3.65 -7.79 19.09 -5.23
10/31/2010 -0.91 -6.75 19.52 -1.63
11/30/2010 -1.51 -7.01 18.83 -1.62
12/31/2010 2.50 -4.81 17.55 4.96
1/31/2011 3.51 -4.28 17.68 7.45
2/28/2011 6.69 -3.58 17.98 11.13
3/31/2011 5.76 -4.43 18.04 11.17
4/30/2011 8.05 -3.98 19.54 14.46
5/31/2011 7.94 -5.32 21.10 13.17
6/30/2011 5.92 -6.82 20.75 11.28
7/31/2011 3.94 -6.92 22.66 9.02
8/31/2011 -0.37 -10.15 24.46 3.10
9/30/2011 -2.94 -12.83 25.36 -4.15
10/31/2011 -0.76 -12.12 25.50 6.33
11/30/2011 -3.13 -12.88 25.39 6.09
12/31/2011 -4.00 -13.25 26.77 7.18
1/31/2012 -3.49 -11.76 27.88 11.98
2/29/2012 -2.60 -10.50 27.85 16.82
3/31/2012 -1.67 -10.52 27.15 20.67
4/30/2012 -2.09 -10.42 28.56 19.91
5/31/2012 -3.03 -11.93 29.72 12.70
6/30/2012 -2.22 -12.19 29.77 17.34
7/31/2012 -1.58 -11.71 31.56 18.97
8/31/2012 -1.16 -11.26 31.65 21.65
9/30/2012 -0.09 -10.92 31.83 24.80
10/31/2012 -0.73 -11.34 32.09 22.49
11/30/2012 -0.43 -10.97 32.30 23.20
12/31/2012 -0.26 -10.16 32.11 24.33
1/31/2013 0.84 -8.40 31.18 30.77
2/28/2013 1.23 -8.00 31.84 32.54
3/31/2013 1.99 -7.34 31.95 37.51
4/30/2013 2.50 -6.77 33.28 40.16
5/31/2013 3.48 -6.07 30.90 43.44
6/30/2013 3.35 -7.31 28.88 41.51
7/31/2013 4.03 -6.38 29.06 48.72
8/31/2013 3.39 -7.19 28.40 44.41
9/30/2013 3.48 -6.30 29.61 48.94
10/31/2013 4.07 -5.18 30.66 55.78
11/30/2013 6.16 -4.65 30.17 60.53
12/31/2013 8.71 -4.12 29.44 64.59
1/31/2014 9.18 -4.35 31.35 58.90
2/28/2014 11.05 -2.83 32.05 66.17
3/31/2014 11.13 -3.05 31.82 67.57
4/30/2014 11.09 -3.76 32.93 68.81
5/31/2014 12.36 -3.32 34.45 72.77
6/30/2014 13.13 -2.42 34.52 76.34
7/31/2014 12.49 -3.29 34.18 73.91
8/31/2014 14.32 -2.24 35.66 80.87
9/30/2014 13.98 -2.98 34.74 78.33
10/31/2014 13.26 -4.27 36.06 82.68
11/30/2014 13.89 -3.95 37.03 87.60
12/31/2014 13.65 -4.67 37.16 87.13
1/31/2015 14.56 -4.95 40.03 81.51
2/28/2015 15.86 -3.03 38.72 91.94
3/31/2015 16.21 -2.71 39.36 88.90
4/30/2015 15.04 -2.50 38.86 90.72
5/31/2015 16.51 -2.25 38.53 93.17
6/30/2015 16.08 -3.46 37.02 89.43
7/31/2015 17.42 -3.49 37.97 93.40
8/31/2015 15.73 -5.63 37.77 81.73
9/30/2015 15.56 -7.58 38.70 77.23
10/31/2015 16.86 -6.23 38.72 92.18
11/30/2015 16.29 -6.91 38.36 92.75
12/31/2015 15.86 -8.14 37.91 89.71
1/31/2016 15.47 -10.68 39.81 80.30
2/29/2016 14.73 -10.97 40.80 80.06
3/31/2016 14.86 -9.86 42.09 92.27
4/30/2016 14.17 -9.50 42.64 93.02
5/31/2016 17.13 -9.08 42.67 96.48
6/30/2016 17.30 -8.90 45.24 96.99
7/31/2016 16.74 -7.58 46.16 104.26
8/31/2016 16.08 -7.43 45.99 104.54
9/30/2016 16.65 -6.92 45.90 104.58
10/31/2016 16.65 -7.45 44.79 100.85
11/30/2016 16.65 -6.64 41.36 108.29
12/31/2016 17.34 -5.84 41.56 112.40
1/31/2017 16.56 -5.37 41.84 116.43
2/28/2017 18.74 -4.31 42.79 125.03
3/31/2017 17.73 -4.28 42.72 125.29
4/30/2017 18.56 -3.88 43.82 127.60
5/31/2017 19.65 -3.64 44.93 130.81
6/30/2017 19.57 -3.43 44.78 132.25
7/31/2017 18.87 -2.54 45.40 137.02
8/31/2017 19.35 -2.25 46.71 137.75
9/30/2017 19.65 -1.67 46.01 142.65
10/31/2017 18.74 -0.99 46.09 148.31
11/30/2017 19.70 -0.93 45.91 155.93
12/31/2017 18.85 -0.20 46.58 158.78
1/31/2018 21.07 2.24 44.89 173.59
2/28/2018 19.92 -0.23 43.51 163.51
3/31/2018 18.77 -1.21 44.44 156.81
4/30/2018 17.84 -1.12 43.36 157.80
5/31/2018 18.10 -0.86 44.38 164.00
6/30/2018 17.79 -1.05 44.21 165.63
7/31/2018 19.52 -1.19 44.24 175.51

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.

$ per share as of 08/21/2018

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

(40.0% of assets as of 07/31/2018)


Long and Short Equity
Standard and Poor's 500 Index (The) Call, 8/17/18, $2775
3.7%
S&P Mid 400 Emini, 2018-09-
2.7%
Chubb Ltd.
2.5%
M&T Bank Corp.
2.3%
Apple, Inc.
2.1%
Long and Short Credit
Barclays Bank plc, IG28 Index, Credit Default Swap
4.4%
Citigroup, Inc.,VAR% Unsec. Sub. Nts., Perpetual
1.5%
M&T Bank Corp.
0.6%
Long and Short Macro
Euro-Bund Future, 2018-09-
5.1%
SPDR Gold Shares
3.3%

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 98.0% - -
Germany 3.6% - -
Russia 1.1% - -
Canada 1.0% - -
United Kingdom 0.9% - -
Switzerland 0.8% - -
Bermuda 0.6% - -
Sweden 0.3% - -
Supranational (non-iso) 0.2% - -
Cayman Islands 0.1% - -
Turkey 0.1% - -
Luxembourg 0.1% - -
Developed Markets Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Americas 99.7% - -
Supranational 0.2% - -
Asia Pacific -3.9% - -
Europe -6.2% - -
Emerging Markets Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Europe 1.1% - -
Americas -0.9% - -
Asia Pacific -6.3% - -
Equity Sector Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Financials 7.4% - -
Health Care 7.4% - -
Broad Market 6.4% - -
Industrials 4.4% - -
Information Technology 2.5% - -
Utilities 2.4% - -
Telecommunication Services 2.3% - -
Energy 2.3% - -
Materials 1.4% - -
Consumer Discretionary -0.7% - -
Consumer Staples -1.0% - -
Real Estate -6.7% - -
Fixed Income Sector Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Corporates 15.2% - -
Non Agencies MBS 4.6% - -
ABS 4.2% - -
Catastrophe 1.1% - -
Sovereign -0.4% - -
Treasuries -1.2% - -
Agencies -3.0% - -
Asset Allocation Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Equity 28.1% - -
Fixed Income 21.3% - -
Commodity 3.3% - -
Other -12.0% - -
Market Cap Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Large 31.1% - -
Small -1.3% - -
Mid -3.2% - -
Holding Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Citi PB Collateral Cash 26.9% - -
JP Morgan PB Collateral Cash 7.0% - -
Euro-Bund Future, 2018-09- 5.1% - -
Barclays Bank plc, IG28 Index, Credit Default Swap 4.4% - -
Standard and Poor's 500 Index (The) Call, 8/17/18, $2775 3.7% - -
SPDR Gold Shares 3.3% - -
S&P Mid 400 Emini, 2018-09- 2.7% - -
Chubb Ltd. 2.5% - -
M&T Bank Corp. 2.3% - -
Apple, Inc. 2.1% - -
Alphabet, Inc. 2.0% - -
Lockheed Martin Corp. 1.9% - -
Philip Morris International, Inc. 1.8% - -
UnitedHealth Group, Inc. 1.8% - -
Oppenheimer Institutional Government Money Market Fund Cl. E 1.8% - -
Xilinx, Inc. 1.6% - -
Citigroup, Inc.,VAR% Unsec. Sub. Nts., Perpetual 1.5% - -
Raytheon Co. 1.4% - -
Northrop Grumman Corp. 1.4% - -
Cisco Systems, Inc. 1.4% - -
Analytics
(As of 07/31/2018)

Morningstar 07/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
305
Category
Multialternative
Performance Statistics
3Y
5Y
Alpha
-0.17
2.04
Beta
0.37
0.47
Information Ratio
-0.05
0.52
R-Squared
21.44
27.16
Sharpe Ratio
-0.04
0.72
Standard Deviation
3.15
3.22
Sortino Ratio
-0.02
0.42
Tracking Error
3.70
3.35
Dividends
  • D
Est. Frequency
Annual
Last Pay Date
12/14/2017
Per Share ($)
$0.4270
12-Month Distribution ($)
$0.4270
Portfolio Characteristics
Fund
Fund Index
P/E Ratio (LTM)
16.96
-
P/E Ratio (NTM)
11.78
-
Price/Book
2.98
-
Return on Equity
11.88%
-
Debt to Capital Ratio
53.35
-
Turnover Ratio
168%
-
Distribution Sources
  • D
Net Income
72.80%
Net Profit from Sale
0.00%
Other Capital Sources
27.20%
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. Special Risks: 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. Access index definitions.
  6. 6. 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.
  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. 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.
  10. 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.
  11. 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.
  12. D. There is no guarantee of the payment of any dividend or other distributions at any level.
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