ASTON/Anchor Capital Enhanced Equity Fund
| N | I | |
|---|---|---|
| CUSIP | 00080Y751 | 00080Y694 |
| Ticker | AMBEX | AMDSX |
| Share Class Inception | 1/15/2008 | 3/3/2010 |
| Gross Exp Ratio (%) | 1.22 | 0.97 |
| Net Exp Ratio (%) | 1.22 | 0.97 |
| 30 Day Yield (04/30/13) | 2.47 | 2.71 |
| NAV | 9.19 | 9.20 |
| NAV Change (%) |  0.11 | 0.11 |
| Dividend Frequency | Quarterly |
| Benchmark | S&P 500 Index |
| Morningstar Category | Long/Short Equity |
Overall Morningstar Rating™
Among 107 Long/Short Equity funds derived from a weighted average of the Fund’s 3-, 5- and 10-year risk-adjusted returns as of 4/30/13.
Fund Resources
Portfolio Manager
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.
Objective
The ASTON/Anchor Capital Enhanced Equity Fund seeks total return through a combination of a high level of current income and capital appreciation.
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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 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 3/31/13) | N Shares | I Shares |
|---|---|---|
| Origin Of Information | Baseline | Baseline |
| Sales Load | None | None |
| Total Net Assets (5/23/13) | $89,805,176.12 | $46,119,456.13 |
| Turnover | 79% | 79% |
| Minimum Investment | 2,500 | 1,000,000 |
| Alpha (3 yr.) | -0.84 | -0.60 |
| Beta (3 yr.) | 0.55 | 0.55 |
| R-Squared (3 yr.) | 0.77 | 0.77 |
| Standard Dev (3 yr.) | 9.30 | 9.34 |
| Sharpe Ratio (3 yr.) | 0.19 | 0.19 |
| Current Wtd Average P/E (trailing) | 11.50 | 11.50 |
| Current Wtd Average P/B (trailing) | 1.50 | 1.50 |
| Median Mkt Cap ($Mil) | 21,297 | 21,297 |
| Average Wtd Coupon | N/A | N/A |
| Effective Maturity | N/A | N/A |
| Sector Breakdown (as of 4/30/13) | |
|---|---|
| Information Technology | 34.05% |
| Utilities | 19.59% |
| Consumer Discretionary | 16.46% |
| Financials | 8.75% |
| Industrials | 8.30% |
| Telecommunication Services | 6.28% |
| Cash Equivalents & Other | 2.42% |
| Materials | 1.95% |
| Health Care | 1.56% |
| Energy | 0.63% |
| Top 10 Holdings (as of 4/30/13) | |||||
|---|---|---|---|---|---|
| Company | Ticker | CUSIP | Number of Shares | Market Value | % of Net Assets |
| MICROSOFT CORP | MSFT | 594918104 | 215,000 | $7,116,500.00 | 5.34% |
| APPLIED MATERIALS INC | AMAT | 038222105 | 485,000 | $7,037,350.00 | 5.28% |
| CORNING INC | GLW | 219350105 | 475,000 | $6,887,500.00 | 5.17% |
| METLIFE INC | MET | 59156R108 | 176,000 | $6,862,240.00 | 5.15% |
| INTEL CORP | INTC | 458140100 | 280,000 | $6,706,000.00 | 5.03% |
| STAPLES INC | SPLS | 855030102 | 500,000 | $6,620,000.00 | 4.97% |
| PUBLIC SERVICE ENTERPRISE GP | PEG | 744573106 | 180,000 | $6,589,800.00 | 4.94% |
| RAYTHEON COMPANY | RTN | 755111507 | 105,000 | $6,444,900.00 | 4.83% |
| CENTURYLINK INC | CTL | 156700106 | 170,000 | $6,386,900.00 | 4.79% |
| XEROX CORP | XRX | 984121103 | 740,000 | $6,349,200.00 | 4.76% |
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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