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Global Multi-Alternatives Fund/VA

Overview

The Strategy dynamically allocates across a blend of alpha, income and real asset alternatives.

Inception Date
November 14, 2013
Investment Style
Multi Alternative
Fund Index
ICE BofAML 3-month US T-Bill Index
CUSIP
683811681
NAV
  • A
(as of 10/19/2018)
$9.86
Total Assets
(as of 09/30/2018)
$413.38 MM
Gross Expense Ratio
(as of 09/30/2018)
1.38%
Net Expense Ratio
(as of 09/30/2018)
1.35%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 09/30/2018
  • B
as of 09/30/2018
  • B

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-09-30
  • C
1 yr 3 yr since inception
Global Multi-Alternatives Fund/VA (NAV)
-0.30% 1.53% 1.28% 1.59% 1.51% 1.47%
ICE BofAML 3-month US T-Bill Index
0.15% 0.49% 1.30% 1.59% 0.84% 1.34%
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-09-30
  • C
1 yr 3 yr since inception
Global Multi-Alternatives Fund/VA (with sales charge)
-0.30% 1.53% 1.28% 1.59% 1.51% 1.47%
ICE BofAML 3-month US T-Bill Index
0.15% 0.49% 1.30% 1.59% 0.84% 1.34%
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-09-30
  • C
1 yr 3 yr since inception
Global Multi-Alternatives Fund/VA (NAV)
-0.30% 1.53% 1.28% 1.59% 1.51% 1.47%
ICE BofAML 3-month US T-Bill Index
0.15% 0.49% 1.30% 1.59% 0.84% 1.34%
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-09-30
  • C
1 yr 3 yr since inception
Global Multi-Alternatives Fund/VA (with sales charge)
-0.30% 1.53% 1.28% 1.59% 1.51% 1.47%
ICE BofAML 3-month US T-Bill Index
0.15% 0.49% 1.30% 1.59% 0.84% 1.34%
Gross Expense Ratio: 1.38% | Net Expense Ratio: 1.35%

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.  The Fund's total returns should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names.  The Fund's total returns include reinvested distributions but do not include the charges associated with the separate account products that offer this Fund.  Such performance would have been lower if such charges were taken into account.


Year Global Multi-Alternatives Fund/VA ICE BofAML 3-month US T-Bill Index
2014 6.02% 4.94%
2015 -3.45% 0.05%
2016 3.71% 0.33%
2017 0.56% 0.86%

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.  The Fund's total returns should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names.  The Fund's total returns include reinvested distributions but do not include the charges associated with the separate account products that offer this Fund.  Such performance would have been lower if such charges were taken into account.


Date Global Multi-Alternatives Fund/VA ICE Bank of America Merrill Lynch US 3-Month Treasury Bill Index
9/30/2015 0.00 0.00
10/31/2015 1.43 -0.01
11/30/2015 0.51 0.00
12/31/2015 -0.98 0.03
1/31/2016 -2.72 0.03
2/29/2016 -2.62 0.06
3/31/2016 -0.67 0.10
4/30/2016 0.25 0.13
5/31/2016 1.07 0.14
6/30/2016 2.44 0.18
7/31/2016 2.96 0.21
8/31/2016 2.65 0.22
9/30/2016 3.06 0.27
10/31/2016 2.34 0.30
11/30/2016 1.93 0.32
12/31/2016 2.69 0.36
1/31/2017 2.69 0.40
2/28/2017 3.63 0.44
3/31/2017 3.11 0.46
4/30/2017 3.63 0.53
5/31/2017 3.73 0.58
6/30/2017 3.37 0.66
7/31/2017 3.58 0.75
8/31/2017 3.58 0.85
9/30/2017 2.95 0.93
10/31/2017 2.74 1.02
11/30/2017 3.06 1.11
12/31/2017 3.27 1.22
1/31/2018 5.37 1.34
2/28/2018 3.58 1.43
3/31/2018 3.06 1.58
4/30/2018 2.64 1.71
5/31/2018 3.27 1.86
6/30/2018 3.01 2.04
7/31/2018 4.06 2.20
8/31/2018 4.90 2.38
9/30/2018 4.59 2.54
Date Dividends
12/22/2015 0.0338
6/21/2016 0.0041
12/22/2016 0.1345
6/20/2017 0.0957
6/19/2018 0.0353

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.  The Fund's total returns should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names.  The Fund's total returns include reinvested distributions but do not include the charges associated with the separate account products that offer this Fund.  Such performance would have been lower if such charges were taken into account.

$ per share as of 10/21/2018

Date 2013 2014 2015 2016 2017
Short Term 0.2002
Long Term 0.0115
Total Amount of Distribution 0.2117
Record Date 12/22/14
Ex Div Date 12/23/14
Pay Date 12/23/14

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

Portfolio

Top Holdings

(69.5% of assets as of 09/30/2018)


Portfolio Allocation

(100.7% of assets as of 09/30/2018)


Alpha Alternatives Income Alternatives Real Assets Fixed Income / Credit Equity Real Asset
56.3% 35.1% 4.9% 1.9% 1.4% 1.1%

Portfolio Holdings Breakdown

Country
Developed Markets
Emerging Markets
Country Global Multi-Alternatives Fund/VA ICE BofAML 3-month US T-Bill Index Overweight / Underweight
United States 86.2% - -
Bermuda 7.4% - -
Multi 3.8% - -
United Kingdom 3.3% - -
Portugal 2.6% - -
Supranational (non-iso) 1.8% - -
Cayman Islands 1.5% - -
Germany 1.4% - -
Ireland 0.8% - -
Japan 0.6% - -
Switzerland 0.4% - -
France 0.3% - -
Russia 0.3% - -
Netherlands 0.3% - -
Singapore 0.2% - -
Sweden 0.2% - -
Mexico 0.2% - -
Canada 0.1% - -
Australia 0.1% - -
Developed Markets Global Multi-Alternatives Fund/VA ICE BofAML 3-month US T-Bill Index Overweight / Underweight
Americas 95.3% - -
Supranational 1.8% - -
Europe 1.7% - -
Asia Pacific 0.7% - -
Emerging Markets Global Multi-Alternatives Fund/VA ICE BofAML 3-month US T-Bill Index Overweight / Underweight
Multi 3.8% - -
Europe 0.3% - -
Americas -0.1% - -
Asia Pacific -1.8% - -
Analytics
(As of 09/30/2018)

Morningstar 09/30/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
23
Category
Multialternative
Performance Statistics
3Y
Alpha
1.95
Beta
22.88
Information Ratio
0.21
Sharpe Ratio
0.21
Standard Deviation
3.12
Upside Capture
122.02
Downside Capture
-19729.05
Sortino Ratio
0.32
Win Ratio
53.00
Loss Ratio
47.00
Margin of Outperformance
0.72
Margin of Underperformance
-0.68
Tracking Error
3.11
Portfolio Characteristics
Fund
Fund Index
Return on Equity
8.87%
-
EPS Growth Rate 3Y
-3.21%
-
EPS Growth Rate 5Y
4.33%
-
Sales Growth Rate 3Y
3.46%
-
Sales Growth Rate 5Y
3.29%
-
Yield to Maturity
2.90%
2.20%
Yield to Worst
2.58%
2.20%
Current Duration
-0.40 yrs
0.20 yrs
Turnover Ratio
129%
-
Dividends
  • D
Est. Frequency
Annual
Last Pay Date
6/19/2018
Per Share ($)
$0.0353
12-Month Distribution ($)
$0.0353
Distribution Sources
  • D
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
Documents
  1. 1. Alternative asset classes may be volatile and are subject to liquidity risk. 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. 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. Below-investment-grade (“high yield” or “junk”) bonds are more at risk of default and are subject to liquidity risk. Event-linked securities are fixed income securities, otherwise known as Cat Bonds, for which the return of principal and interest payment is contingent on the non-occurrence of a trigger event that leads to physical or economic loss. If the trigger event occurs prior to maturity, the Fund may lose all or a portion of its principal and additional interest. Inflation-indexed debt securities are subject to the risks associated with investments in fixed income securities. Exchange traded notes ("ETNs") are debt securities subject to credit risk. The value of an ETN is impacted by events that affect the underlying asset. The Fund may incur additional fees and expenses when investing in ETNs. Commodity-linked investments are speculative and have substantial risks, including the loss of principal. Investments in mining and metal industry companies are speculative and may be subject to volatility. Gold ETFs involve additional fees and risks. 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. Energy infrastructure companies are subject to risks specific to the industry 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 which may result in erratic price movement or difficulty in buying or selling. 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. 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. Short selling may increase volatility and risk of loss and is considered a speculative investment practice. The Fund may invest in senior floating rate loans that may be collateralized or uncollateralized. Senior loans are subject to credit, interest rate, prepayment and liquidity risk. Mortgage-related securities are subject to default risk, prepayment risk, interest rate risk, and credit risk, and may be more volatile and less liquid than other types of securities. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Currency derivative investments may be volatile and involve significant risks. Leverage (borrowing) involves transaction and interest costs on amounts borrowed, which may reduce performance. 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.
  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. The ICE Bank of America (BofA) Merrill Lynch 3-month U.S. Treasury Bill Index is an index of short-term U.S. Government securities with a remaining term to final maturity of less than three months. The index is unmanaged, includes the reinvestment of dividends and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. Past performance does not guarantee future results.
  4. 4. 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.
  5. 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.
  6. 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.  The Fund's total returns should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names.  The Fund's total returns include reinvested distributions but do not include the charges associated with the separate account products that offer this Fund.  Such performance would have been lower if such charges were taken into account.
  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. There is no guarantee of the payment of any dividend or other distributions at any level.
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