Fund overview
Unlocking better outcomes for clients
The Global Long/Short Equity Fund seeks long-term capital appreciation by employing a strategy of gaining long and short exposure of issuers in the U.S. and foreign developed markets.

Exploiting the low volatility anomaly and inefficiency in global developed markets helps in the pursuit of equity-like total return with lower volatility and reduced equity market risk.
 
Key differentiators

  • Provides enhanced stock selection through a dynamic alpha model by analyzing fundamental characteristics that drive returns to determine advantageous factor tilts
  • Seeks to simultaneously lessen volatility and drive alpha through shorting high-risk stocks
  • Employs proprietary hedging approach in the pursuit of downside protection and lower correlation to the benchmark

Performance

Average annual returns Add Minus

Average annual returns

(as of 3/31/2024)
1/6/2014
1M
3M
YTD
1Y
3Y
5Y
10Y
Inception
Fund
4.29
8.79
8.79
14.95
5.13
4.16
4.95
5.26
MSCI World Index (Net)
3.21
8.88
8.88
25.11
8.60
12.07
9.39
9.43
Global Long/Short Equity Blended Index
1.83
5.05
5.05
15.03
5.92
7.37
5.61
5.59
Lipper Alternative Long/Short Equity Funds
2.66
6.70
6.70
15.44
6.11
6.93
4.77
-
Expenses (as of 3/1/2024)
Gross Expense Ratio
2.32 %
Net Expense Ratio
2.24 %
Net excluding dividend and interest on short sales
1.32 %
The Gross Expense ratio includes dividend and interest expense on short sales of 0.92%.

One-month, three-month and year-to-date returns are not annualized.

Historical performance shown for all classes of the Fund prior to 12/16/22, is based on the performance of the Fund’s predecessor, 361 Global Long/Short Equity Fund (the “Predecessor Fund”), and for the period prior to 12/12/14, is based on the performance of a predecessor account, the Analytic Global Long/Short Equity Fund, L.P., a limited partnership that was reorganized into the Predecessor Fund on 12/12/14 (the “Predecessor Account”). Performance of the Predecessor Account reflects the higher expenses applicable to it and returns would have been higher if adjusted to reflect Predecessor Fund expenses. The Predecessor Account was not registered under the Investment Company Act of 1940 and was not subject to certain restrictions imposed by the Act. If the Predecessor Account had been registered under the Act, performance may have been adversely affected.

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return, principal value, and yields of an investment will fluctuate so that an investor's 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 and assumes the reinvestment of dividends and capital gains. 

Net asset value (NAV) is the value of one share of the fund excluding any sales charges.

R6 Class shares are sold without a front-end sales charge or contingent deferred sales charge.

The manager has contractually committed, through 2/28/2025, to waive fees and/or reimburse expenses to the extent necessary to cap the fund's total annual fund operating expenses after fee waivers at 1.3%. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the fund's returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus.

Calendar year Add Minus

Calendar year

(as of 12/31/2023)
2023
2022
2021
2020
2019
2018
2017
2016
2015
Fund
3.12
-7.49
17.08
-0.80
8.58
-8.10
15.36
-0.13
9.15
Benchmark
23.79
-18.14
21.82
15.90
27.67
-8.71
22.40
7.51
-0.87
Morningstar
10.61
-7.57
18.05
7.89
11.90
-6.29
11.18
2.34
-2.02
Cumulative Add Minus

Cumulative

(as of 3/31/2024)

This chart shows the value of a hypothetical $10,000 investment in the fund over the specified time period up to 10 years or since its inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes.

Does not include sales charges and assumes reinvestment of dividends and capital gains. If sales charges were included, returns would be lower.

Performance and volatility metrics Add Minus

Performance and volatility metrics

(as of 3/31/2024)
Fund Morningstar Long/Short Equity Funds
Alpha 1.24 -0.56
Beta 0.43 0.52
Sharpe Ratio 0.40 0.35
Standard Deviation 9.19 10.60

Calculated from 1/6/14 for the Fund and 1/1/14 for the Morningstar category.

Morningstar ratings and rankings Add Minus

Morningstar ratings and rankings

(as of 3/31/2024)
Overall
Long-Short Equity (Out of 154 funds)
Three Year
51st percentile (75 out of 154)
Five Year
80th percentile (108 out of 137)

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) ratings.

Morningstar rankings represent a fund's total return rank relative to all funds that have the same category. The percentile ranking is based on the fund's total return percentile rank relative to all funds that have the same category for the same time period. The highest (most favorable) percentile rank is 1% and the lowest (least favorable) percentile rank is 100%. Morningstar rankings do not include the effect of sales charges. Past performance is no guarantee of future results.

Prices and distributions

Historical prices
YTD high $12.63 3/31/2024
YTD low $11.61 1/1/2024
52-week high $12.63 3/31/2024
52-week low $11.01 5/31/2023
2023 high $11.99 12/13/2023
2023 low $11.01 5/31/2023
Best quarterly return 10.26% 12/31/2022
Worst quarterly return -11.57% 3/31/2020
Best annual return 17.08% 12/31/2021
Worst annual return 0.00% 12/31/2014

Distribution summary
Dividends Annually
Capital gains Annually

Distribution history

Distribution history Type Per share amount Re investment price
2023-12-27 Dividend $0.36041 $11.57
2022-12-28 Dividend $0.11071 $11.61
2021-12-09 Long-term capital gain $0.3672 $12.11
2019-12-09 Dividend $0.0409 $11.15
2018-12-07 Long-term capital gain $0.3335 $10.64
2017-12-05 Dividend $0.0664 $11.55
2017-12-05 Long-term capital gain $0.2971 $11.55
2017-12-05 Short-term capital gain $0.247517 $11.55
2016-12-05 Dividend $0.0851 $10.80
2015-12-03 Short-term capital gain $0.041577 $10.80
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Composition

Portfolio statistics Add Minus

Portfolio statistics

(as of 3/31/2024)
Long Short MSCI World Index 70 (Net)
Number of Holdings 1465
P/E (1-Year EPS forecast) 12.11x 122.86x 18.81x
Beta 0.93 1.43 1.00
Median Market Cap ($B) 18.75 4.09 19.62
EPS Growth (3-5 Year Forecast) 10.72 9.04 12.75
Dividend Yield 2.44% 1.12% 1.81%
Asset Allocation Add Minus

Asset allocation

Data is unavailable at this time, please check back later.
Top 10 holdings Add Minus

Top 10 holdings

(as of 3/31/2024)
Top Long Holdings
(as of 3/31/2024) 		Percentage
Costco Wholesale Corporation 2.31%
Novo Nordisk A/S Class B 2.24%
NVIDIA Corporation 2.13%
First Citizens BancShares, Inc. Class A 2.11%
Alphabet Inc. Class A 2.10%
Alphabet Inc. Class C 2.07%
Heidelberg Materials AG 2.06%
Otis Worldwide Corporation 2.06%
Molson Coors Beverage Company Class B 2.01%
Chubu Electric Power Company,Incorporated 1.83%
Top Short Holdings
(as of 1/31/2024) 		Percentage
Legal & General Group Plc -0.98%
Alnylam Pharmaceuticals, Inc -1.14%
Eisai Co., Ltd. -1.18%
SoftBank Group Corp. -1.29%
Daiichi Sankyo Company, Limited -1.35%
View All Holdings Chevron Small Down
Sector allocation Add Minus

Sector allocation

(as of 3/31/2024)
Long Short MSCI World Index 70 (Net)
Other 0.00% - -
Cash & equivalents 29.20% 0.00% 30.00%
Communication services 7.62% -2.58% 5.21%
Consumer discretionary 9.35% -5.20% 7.51%
Consumer staples 11.59% -0.12% 4.56%
Energy 2.38% -1.43% 3.12%
Financials 12.96% -3.74% 10.75%
Health care 10.96% -5.78% 8.40%
Industrials 17.16% -4.01% 7.86%
Information technology 14.54% -2.23% 16.57%
Materials 5.12% -3.53% 2.73%
Real estate 0.34% -0.89% 1.59%
Utilities 8.39% -0.10% 1.70%

Sector diversification is a breakdown of the fund's investments based on the S&P Global Industry Classification Standard (GICS), a breakdown of market sectors used by Standard & Poor's. Sector weights are subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.

Geographic allocation Add Minus

Geographic allocation

(as of 3/31/2024)
Type
Fund
Benchmark
United States
 47.87% 70.79%
Japan
 7.53% 6.13%
Denmark
 3.04% 0.95%
United Kingdom
 2.85% 3.79%
Hong Kong
 2.54% 0.00%
Italy
 2.50% 0.73%
Germany
 2.36% 2.27%
Australia
 2.04% 1.89%
Canada
 0.88% 3.06%
Switzerland
 0.58% 2.44%

Geographic allocation is subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.

Documents

Literature Details Date
Fact Sheet A, C, Institutional, R6 12/31/2023 Download Download
Regulatory Document Details Date
Annual Report A, C, Institutional, R6 10/31/2023 Download Download
Full Prospectus R6 3/1/2024 Download Download
Quarterly Holdings A, C, Institutional, R6 1/31/2024 Download Download
Quarterly Holdings A, C, Institutional, R6 7/31/2023 Download Download
Semi-annual Report A, C, Institutional, R6 4/30/2023 Download Download
Statement of Additional Information A, C, Institutional, R6 3/1/2024 Download Download
Summary Prospectus R6 3/1/2024 Download Download
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Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to smaller-company securities risk. Consult the fund's prospectus for additional information on these and other risks.

  
The Morningstar Rating™ for funds, or star rating, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36–59 months of total returns, 60% 5-year rating/40% 3-year rating for 60–119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.

Some of Morningstar’s proprietary calculations, including the Morningstar Rating™, are not customarily calculated based on adjusted historical returns. However, for new share classes/channels, Morningstar may calculate an extended-performance Morningstar Rating. The extended performance is calculated by adjusting the historical total returns of the oldest share class of a fund to reflect the fee structure of the younger share class/channel, attaching this data to the younger share class’s performance record, and then compounding the adjusted plus actual monthly returns into the extended-performance Morningstar risk-adjusted return for the 3-, 5-, and 10-year time periods. The Morningstar risk-adjusted returns are used to determine the extended-performance Morningstar Rating. The extended-performance Morningstar Rating for this fund does not affect the retail fund data published by Morningstar, as the bell curve distribution on which the ratings are based includes only funds with actual returns. The Overall Morningstar Rating for multi-share funds is based on actual performance only or extended performance only. Once the share class turns three years old, the Overall Morningstar Rating will be based on actual ratings only. The Overall Morningstar Rating for multi-share variable annuities is based on a weighted average of any ratings that are available.

While the inclusion of pre-inception data in the form of extended performance can provide valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can provide only an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. The underlying investments in the share classes used to calculate the pre-performance string likely will vary from the underlying investments held in the fund after inception. Calculation methodologies used by Morningstar may differ from those applied by other entities, including the fund itself.

© 2024 Morningstar. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and 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. Past performance is no guarantee of future results.

Performance for the fund or the class shown may reflect a predecessor fund's or class' performance and may be adjusted to reflect the fund's or class' expenses as applicable.