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Address And Details

41 Madison Ave., Ste. 2802 , New York, NY 10010
Fund Manager Team Managed
Manager Tenure

Strategy And Objective

The Fund seeks to achieve capital growth. The Fund invests in equity and debt and debt-like instruments (including high yield bonds commonly known as "junk bonds") of companies whose prices the Fund's investment adviser believes are or will be impacted by a corporate event. Specifically, the Fund employs investment strategies designed to capture price movements generated by corporate events such as mergers, acquisitions, asset sales, restructurings, refinancings, recapitalizations, reorganizations or other special situations (referred to as "event-driven opportunities"). The Fund may invest in both U.S. and foreign securities, and may invest in securities of companies of any market capitalization and in debt securities of any maturity. The Fund may also invest in derivatives, such as options and total return swaps. Furthermore, the Fund may invest in exchange traded funds ("ETFs"). The Adviser expects the Fund's assets to be invested in various industries; however, if, for example, a large percentage (namely, at least 50%) of corporate events taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time. The Fund may utilize investment strategies such as merger arbitrage, convertible arbitrage, capital structure arbitrage, and special situations in order to profit from event-driven opportunities. These investment strategies are described more fully below. Merger Arbitrage: Merger arbitrage is a highly specialized investment approach designed to profit from the successful completion of mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. The most common merger arbitrage activity, and the approach the Fund generally uses, involves purchasing the shares of an announced acquisition target company at a discount to their expected value upon completion of the acquisition. The Fund may engage in selling securities short when the terms of a proposed acquisition call forth exchange of common stock and/or other securities. In such a case, the securities of the company to be acquired may be purchased and, at approximately the same time, an amount of the acquiring company's common stock and/or other securities as per the terms of the transaction maybe sold short. Convertible Arbitrage: Convertible arbitrage is a specialized strategy that seeks to profit from pricing inefficiencies between a firm's convertible securities and its underlying equity. The most common convertible arbitrage approach, and the strategy the Fund generally uses, matches a long position in the convertible security with a short position in the underlying common stock. The Fund seeks to purchase convertible securities at discounts to their expected future values and sell short shares of the underlying common stock in order to mitigate equity market movements. As stock prices rise and the convertible security becomes more equity sensitive, the Fund may sell short additional common shares in order to maintain the relationship between the convertible and the underlying common stock. As stock prices fall, the Fund will typically buy back a portion of shares which it had sold short. Positions are typically designed to earn income from coupon or dividend payments and net gains from the purchase and sale of the convertible securities' positions and the underlying common stocks.

Net Asset Value

as of 6:05 PM ET 01/14/2022

Performance

  • 1 Week
  • -0.63%
  • 1 Month
  • -0.81%
  • 3 Months
  • -1.96%
  • 1 Yr Return
  • -2.23%
  • 5 Yr Return
  • +18.83%

Equity Sector Breakdown

Technology 32.70%
IndustrialCyclical 17.88%
Services 8.09%
NonDurables 7.96%
Finance 2.77%
Utilities 2.41%
RetailTrade 1.87%
Energy 1.29%
Health 0.58%
ConsumerDurables 0.43%

Asset Allocation

Asset Type % Of Allocation
Stocks 90.80%
ForeignStocks 6.77%
Convertible 2.53%
Cash 0.00%
Bonds 0.00%
Preferred 0.00%
Other 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 116.99 M

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha 0.94 0.51 -0.91
Beta 0.19 0.17 0.18
R Squared 0.41 0.38 0.36
Std Deviation 5.10 4.31 3.87
Sharpe Ratio 1.10 0.81 n/a

Purchase Information

as of 6:04 PM ET 01/12/2022
Minimum Initial $100000
Minimum Additional $0
Minimum Initial IRA $100000

Performance

Timeframe Average Annual Current Performance Monthly As Of 12/31/2021 Average Annual Current Performance Quarterly As Of 12/31/2021 Avg Annual Current Performance Monthly As Of 12/31/2021 Avg Annual Current Performance Quarterly As Of 12/31/2021
1 Year
  • +1.18%
  • +1.18%
+1.18% +1.18%
3 Year
  • +6.33%
  • +6.33%
+6.33% +6.33%
10 Year
  • +2.52%
  • +2.52%
+2.52% +2.52%
Life Of Fund
  • +2.71%
  • +2.71%
+2.71% +2.71%

Top 10 Holdings

Symbol Company Name % Of Assets
INFO IHS MARKIT LTD 6.62%
KSU KANSAS CITY SOUTHERN 6.46%
WLTW WILLIS TOWERS WATSON PUBLIC 6.18%
ADI ANALOG DEVICES INC 6.10%
XLNX XILINX INC 5.58%
NUAN NUANCE COMMUNICATIONS INC 4.57%
COHR COHERENT INC 4.40%
PPD PPD INC 4.06%
CHNG CHANGE HEALTHCARE INC 3.98%
FIVN FIVE9 INC 3.16%

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