AC Alternatives® Disciplined Long Short Fund

Summary

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FUND FACTS

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Expenses and Dividends

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For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. Morningstar ratings are based upon Investor class of shares, unless otherwise indicated. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating™ metrics. Past performance is no guarantee of future results.
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Lipper Rankings

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FUND DOCUMENTS & RESOURCES

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About the Fund

This fund is designed as a core equity complement that seeks to provide:

  • Participation in rising equity markets, with a risk management focus when markets decline
  • Dynamic exposure that adapts to changing markets
  • An attractive risk/return profile

The team pursues this attractive risk/return profile by utilizing objective analysis focused on fundamental characteristics that have historically been shown to drive capital growth. They apply this analysis to take long positions in equity securities they have identified as the most attractive and short positions in those they view as the least attractive.

Risk & Additional Details

Performance

  • CUMULATIVE
  • Average annual total returns illustrate the annual compounded returns that would have produced the cumulative total return if the fund's performance had remained constant throughout the period indicated. Returns for periods less than one year are not annualized.

    For periods prior to the inception of a class, performance is for the oldest class, restated with applicable fees, if any.

    Cumulative

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  • CALENDAR YEAR
  • Calendar Year

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  • RISK/RETURNS
  • Risk/Returns

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    Composition

    • INVESTMENT BLEND
    • Investment Blend

    • TOP TEN HOLDINGS
    • Top Ten Holdings

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    • SECTOR WEIGHTINGS
    • Sector Weightings

      Geography

      • TOP COUNTRIES
      • Top Countries

      • TOP REGIONS
      • Top Regions

        Management

        Yulin Long, Ph.D., CFA

        Yulin Long

        Vice President, Portfolio Manager

        Tsuyoshi Ozaki, Ph.D.

        Tsuyoshi Ozaki

        Portfolio Manager

        Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value fluctuates. Redemption value may be more or less than original cost. Obtain performance data current to the most recent month end. For additional share class information, consult the prospectus.

        Alternative mutual funds that hold a variety of non-traditional investments also often employ more complex trading strategies than traditional mutual funds. Each of these different alternative asset classes and investment strategies have unique risks making them more suitable for investors with an above average tolerance for risk.

        The value and/or returns of a portfolio will fluctuate with market and economic conditions.

        Diversification does not assure a profit nor does it protect against loss of principal.

        There are risks associated with selling short, including the risk that the fund may have to cover its short positions at a higher price than the short price, resulting in a loss. The fund's loss on a short sale is potentially unlimited, as a loss occurs when the value of a security sold short increases.

        Fund(s) shown may take short positions. A short position arises when the fund sells stock that it does not own but was borrowed in anticipation that the market price of the stock will decline. If the market price declines, the fund can replace the borrowed stock at a lower price and capture the value represented by the difference between the higher sale price and the lower replacement price. Conversely, if the price of the stock goes up after the fund borrows the stock, the fund will lose money because it will have to pay more to replace the borrowed stock than it received when it sold the stock short. Any loss will be increased by the amount of compensation, interest or dividends, and transaction costs the fund must pay to the lender of the borrowed security. In addition, because the fund's loss on a short sale stems from increases in the value of the stock sold short, the extent of such loss, like the price of the stock sold short, is theoretically unlimited. By contrast, a fund's loss on a long position arises from decreases in the value of the stock and therefore is limited by the fact that a stock's value cannot drop below zero. In addition, the fund may not be able to close out a short position at a particular time or price advantageous to the fund and there is some risk the lender of the stock sold short will terminate the loan at an inopportune time.

        Investment return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results.

        International investing involves special risk considerations, including economic and political conditions, inflation rates and currency fluctuations.

        Only Investor Class shares are made available to investors directly. Advisor, A, C, I, and Y Classes of shares are only available for purchase by institutions or other financial intermediaries. R, R5, and R6 Classes of shares are only available for purchase by group employer-sponsored retirement plans. Review definitions and minimums for all share classes.

        B

        Please see the prospectus for details about sales charges.

        C

        Expense ratios provided are the funds' total annual operating expense ratios, gross of any fee waivers or expense reimbursements. Expense ratios are as of the funds' most current prospectus.

        Lipper rankings are based on average annual total returns. Portions of the mutual fund performance information contained on this page were supplied by Lipper, a Thomson Reuters Company, subject to the following: Copyright 2017 © Thomson Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Performance data is preliminary and subject to revision. Rankings are based on all classes available within the classification as of the date shown. Rankings are based only on the universe shown.

        ©2017 Morningstar, Inc. All Rights Reserved. Certain information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

        For detailed descriptions of indices or investing terms referenced above, refer to our glossary.