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ASTON/Anchor Capital Enhanced Equity Fund

 NI
CUSIP 00080Y75100080Y694
Ticker AMBEXAMDSX
Share Class Inception 1/15/20083/3/2010
Gross Exp Ratio (%) 1.230.98
Net Exp Ratio (%) 1.230.98
30 Day Yield (10/31/14) 1.74 1.98
NAV9.709.71
NAV Change (%) 0.31 0.31
Dividend Frequency Quarterly
Benchmark S&P 500 Index
Morningstar Category Long/Short Equity

Overall Morningstar Rating

ASTON/Anchor Capital Enhanced Equity  Shares received a Morningstar rating.

Among 149 Long/Short Equity funds derived from a weighted average of the Fund’s 3-, 5- and 10-year risk-adjusted returns as of 10/31/14.

Portfolio Managers

Ronald L.  Altman
Ronald L. Altman

Ronald L. Altman

Ronald L.  Altman

Mr. Altman joined Anchor Capital in June 2012 as Portfolio Manager of the enhanced equity strategy. Prior to Anchor Capital, Mr. Altman was a Portfolio Manager of the enhanced equity strategy at M.D. Sass Investors Services, Inc., the previous subadviser to the Fund. From 2005 to 2009, Mr. Altman was a Partner and Portfolio Manager of the enhanced equity income strategy at MB Investment Partners, Inc. Mr. Altman has over 40 years of experience in the investment research and money management business in various positions.

Adam  Neves
Adam Neves

Adam Neves

Adam  Neves

Co-Portfolio Manager of the Fund since February 2014 and Assistant Vice President of Anchor Capital. Mr. Neves joined Anchor Capital in June 2012 as a trader for the Enhanced Equity Fund. Prior to Anchor Capital, Mr. Neves was a European institutional equity salesperson for Canaccord Genuity from 2009-2012. From 2008 to 2009, he worked alongside Mr. Altman on the Enhanced Equity Fund while at MB Investment Partners, Inc. Mr. Neves received his B.S. in Business Administration from Northeastern University in 2005.

David  Watson
David Watson

David Watson

David  Watson

David Watson, Senior Vice President, Co-Portfolio Manager
Mr. Watson is a Senior Vice President of Anchor Capital. He has been with Anchor Capital since 2001 as an analyst for the firm’s various strategies. Prior to Anchor Capital, Mr. Watson held positions at AMA Consulting (1996-2000), CIMCO Medical, Inc. (1993-1996), Allied Industries (1988-1993) and Singer Company (1985-1988). He received his B.S. in Industrial Engineering from Lehigh University in 1985, and his MBA in Finance from the University of California in 2000.

Investment Strategy

The ASTON/Anchor Capital Enhanced Equity Fund seeks total return by investing in dividend-paying stocks and writing covered call options on a substantial portion of the underlying portfolio.

Objective

The Fund seeks total return through a combination of a high level of current income and capital appreciation.

Alternatives At a Glance Brochure (220 KB, PDF)

If you are an investment professional, login or register here for access to Aston’s research content. Discover the unique qualities that differentiate our Subadvisers at both the firm and strategy levels.  

Risk Considerations

By selling covered call options, the Fund limits its opportunity to profit from an increase in the price of the underlying stock above the exercise price, but continues to bear the risk of a decline in the value of the underlying stock. A liquid market may not exist for options held by the Fund. If the Fund is not able to close out an options transaction, it will not be able to sell the underlying security until the option expires or is exercised. While the Fund receives premiums for writing the call options, the price it realizes from the exercise of an option could be substantially below a stock's current market price. Premiums from the Fund's sale of call options typically will result in short-term capital gain taxes, making it ill-suited for investors seeking a tax efficient investment.

Fund Stats (as of 9/30/14) N SharesI Shares
Origin Of Information BaselineBaseline
Sales Load NoneNone
Total Net Assets (11/21/14)$103,924,885.14$112,365,844.80
Turnover 67%67%
Minimum Investment 2,5001,000,000
Alpha (3 yr.) -3.99-3.71
Beta (3 yr.) 0.570.57
R-Squared (3 yr.) 80.7380.15
Standard Dev (3 yr.) 6.676.7
Sharpe Ratio (3 yr.) 1.221.25
Current Wtd Average P/E (trailing) 14.414.4
Current Wtd Average P/B (trailing) 1.81.8
Median Mkt Cap ($Mil) 20,37320,373
Average Wtd Coupon N/AN/A
Effective Maturity N/AN/A
Sector Breakdown (as of 10/31/14)
Information Technology
23.42%
Industrials
15.72%
Consumer Discretionary
14.75%
Utilities
12.99%
Financials
9.10%
Telecommunication Services
5.91%
Energy
5.75%
Health Care
4.79%
Cash Equivalents & Other
4.75%
Consumer Staples
2.67%
Materials
0.14%
Top 10 Holdings (as of 10/31/14)
CompanyTickerCUSIPNumber of SharesMarket Value% of Net Assets
INTEL CORP INTC 458140100 280,000 $9,522,800.00 4.51%
STAPLES INC SPLS 855030102 600,000 $7,608,000.00 3.60%
FIRSTENERGY CORP FE 337932107 200,000 $7,468,000.00 3.53%
XILINX INC XLNX 983919101 165,000 $7,339,200.00 3.47%
ENTERGY CORP ETR 29364G103 87,000 $7,309,740.00 3.46%
QUEST DIAGNOSTICS INC DGX 74834L100 115,000 $7,297,900.00 3.45%
ADT CORP/THE ADT 00101J106 200,000 $7,168,000.00 3.39%
CORNING INC GLW 219350105 350,000 $7,150,500.00 3.38%
EXELON CORP EXC 30161N101 195,000 $7,135,050.00 3.38%
HARTFORD FINANCIAL SERVICES GROUP INC/TH HIG 416515104 180,000 $7,124,400.00 3.37%
Past performance does not guarantee future results. Investment return and principal value of mutual funds will vary with market conditions, so that shares, when redeemed, may be worth more or less than their original cost.

As the fund is actively managed, the securities as presented may not represent the current or future composition of the portfolio.

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