ASTON/Anchor Capital Enhanced Equity Fund
|Share Class Inception||1/15/2008||3/3/2010|
|Gross Exp Ratio (%)||1.23||0.98|
|Net Exp Ratio (%)||1.23||0.98|
|30 Day Yield (09/30/14)||1.89||2.14|
|NAV Change (%)||0.86||0.86|
|Benchmark||S&P 500 Index|
|Morningstar Category||Long/Short Equity|
Overall 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 9/30/14.
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.
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, 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.
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.
The Fund seeks total return through a combination of a high level of current income and capital appreciation.
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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 Shares||I Shares|
|Origin Of Information||Baseline||Baseline|
|Total Net Assets (10/21/14)||$101,179,984.24||$105,833,534.50|
|Alpha (3 yr.)||-3.99||-3.71|
|Beta (3 yr.)||0.57||0.57|
|R-Squared (3 yr.)||80.73||80.15|
|Standard Dev (3 yr.)||6.67||6.7|
|Sharpe Ratio (3 yr.)||1.22||1.25|
|Current Wtd Average P/E (trailing)||14.4||14.4|
|Current Wtd Average P/B (trailing)||1.8||1.8|
|Median Mkt Cap ($Mil)||20,373||20,373|
|Average Wtd Coupon||N/A||N/A|
|Sector Breakdown (as of 9/30/14)|
|Cash Equivalents & Other||3.77%|
|Top 10 Holdings (as of 9/30/14)|
|Company||Ticker||CUSIP||Number of Shares||Market Value||% of Net Assets|
|QUEST DIAGNOSTICS INC||DGX||74834L100||115,000||$6,978,200.00||3.36%|
|CISCO SYSTEMS INC||CSCO||17275R102||275,000||$6,921,750.00||3.34%|
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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