Fund Description
Overview
- Seeks to emulate institutional hedging strategies without the net worth requirements, high fees and liquidity issues
- Employs a proprietary regression analysis that uses derivatives and other instruments to track seven different liquid market factors to replicate index of 2,000 hedge funds (HFRI)
- Provides a one-source exposure to alternative diversification and risk-reduction strategies
Investment Objective
The Fund seeks to achieve the investment results that approximate the return and risk characteristics of the beta component of the broad universe of hedge fund returns. The Fund's investment objective is not fundamental and may be changed without a shareholder vote.
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Management Team
Bas Peeters, PhD
Managing Director of Structured Products
Managed Fund since 2008
Willem van Dommelen
Senior Investment Manager of Structured Products
Managed Fund since 2008
Frank van Etten
Head of Investments of Structured Products
Managed Fund since 2008
View Detailed Information
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Most Recent Month-End
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Most Recent Quarter-End
| As of 06/30/2010 |
YTD |
1 YR |
3 YR |
5 YR |
10 YR |
Inception
(12/2008) |
Gross
Exp. |
Net
Exp.1, 2 |
| Net Asset Value |
-4.57 |
+1.23 |
— |
— |
— |
+4.67 |
3.06% |
1.68% |
| With Sales Charge |
-10.04 |
-4.57 |
— |
— |
— |
+0.72 |
|
|
| As of 06/30/2010 |
YTD |
1 YR |
3 YR |
5 YR |
10 YR |
Inception
(12/2008) |
Gross
Exp. |
Net
Exp.1, 2 |
| Net Asset Value |
-4.57 |
+1.23 |
— |
— |
— |
+4.67 |
3.06% |
1.68% |
| With Sales Charge |
-10.04 |
-4.57 |
— |
— |
— |
+0.72 |
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* Return calculations for the period beginning April 2, 2001 through June 30, 2002, reflect no deduction of a front-end sales charge. Return calculations for the period beginning July 1, 2002 through October 10, 2004, reflect the deduction of the maximum Class A sales charge of 4.75%. Effective, October 11, 2004, return calculations with a starting date on or after October 11, 2004 are based on a 2.50% sales charge.
View Detailed Performance
1 The Adviser has contractually agreed to limit expenses of the Fund. This expense limitation agreement excludes interest, taxes, brokerage, and extraordinary expenses and is subject to possible recoupment. Please see the Fund's prospectus for more information.
2 The expense limits will continue through at least March 1, 2011. Expenses are being waived to the contractual cap.
Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
SEC fund returns assume the reinvestment of dividends and capital gain distributions and include a sales charge. Net Asset Value fund returns assume the reinvestment of dividends and capital gain distributions. Total return for less than one year is not annualized. Results would have been less favorable if the sales charge were included.
It is important to note that the Fund has a limited operating history. Performance over a longer period of time may be more meaningful than short-term performance.
Principal Risks
Proprietary Hedge Fund Beta Strategy Risks - Because the Fund seeks to deliver returns that approximate the beta component of the broad universe of hedge fund returns, the Fund's performance may be lower than the returns of the broader stock market. The ability of the Fund to match the performance of the hedge fund betas will be adversely affected by the costs of buying and selling investments as well as other expenses. The market indices identified by the Sub-Adviser may not be successful in identifying the beta component of the return of the HFRI Index and there can be no assurance that the Fund will track hedge fund beta return. All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. Investing in stocks of Small- and Mid-Sized Companies may entail greater volatility and less liquidity than larger companies. Foreign Investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic. Risks of investing in Emerging Markets are generally intensified. The Fund may use Derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance. The Absence of Regulation of transactions in the OTC markets will subject the Fund to greater risk. The Fund is at risk of Credit/Default during periods of economic uncertainty or economic downturns. Exposure to the Commodities may subject the Fund to greater volatility than investments in traditional securities markets. The value of Debt Securities may fall when interest rates rise. The potential loss on a Short Exposure is unlimited because the loss increases as the price of the instrument sold short increases. Other risks of the Fund include but are not limited to: Illiquid Securities; Market Risks; Non-Diversification Risks; Other Investment Companies; Portfolio Turnover Risks; and Securities Lending Risks. Investors should consult the Fund's Prospectus and Statement of Additional Information for a more detailed discussion of the Fund's risks.