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ASTON/Lake Partners LASSO Alternatives Fund

 NI
CUSIP 00080Y68600080Y728
Ticker ALSNXALSOX
Share Class Inception 3/3/20104/1/2009
Gross Exp Ratio (%) 3.222.97
Net Exp Ratio Excluding Div. & Int. Exp on Short Sales and Acq. Fund Fees 1 1.451.20
NAV13.8413.88
NAV Change (%) 0.22 0.22
Dividend Frequency Annual
Benchmark HFRX Equity Hedge Index
Morningstar Category Multialternative

1 The Fund's net expense ratio excludes acquired fund fees and expenses of 1.77% and 1.77% for the N and I class, respectively which includes dividend and interest expense on short sales in underlying funds of 0.46%. By investing in the Fund you incur the expenses and risks of the underlying funds it invests in.

Overall Morningstar Rating

ASTON/Lake Partners LASSO Alternatives  Shares received a Morningstar rating.

Among 189 Multialternative funds derived from a weighted average of the Fund’s 3-, 5- and 10-year risk-adjusted returns as of 6/30/14.

Portfolio Managers

Frederick C.  Lake
Frederick C. Lake

Frederick C. Lake

Frederick C.  Lake

Mr. Lake is the Co-Chairman and Treasurer of Lake Partners, which he co-founded in 1989. He has more than 25 years of experience in the investment industry, and oversees the firm's research on mutual funds—especially those that utilize long/short strategies. In 2003, he was invited to speak at the SEC's Hedge Fund Roundtable, commenting on the convergence of mutual funds and hedge funds. He has been quoted in The Wall Street Journal, Barron's, The Financial Times, Investors Business Daily, Business Week, Fortune and Bloomberg, among other publications. Mr. Lake began his investment career with Prudential Securities after earning a Bachelor's degree cum laude from Harvard University in 1980.

Ronald A.  Lake
Ronald A. Lake

Ronald A. Lake

Ronald A.  Lake

Mr. Lake is the Co-Chairman and President of Lake Partners, which he co-founded in 1989. He has more than 27 years of investment experience, and is responsible for asset allocation, investment strategy, and overseeing multi-manager programs that integrate both traditional and alternative investments. He is also the editor-in-chief of Evaluating and Implementing Hedge Fund Strategies, which is in its third edition. Prior to the formation of Lake Partners, Mr. Lake was with the investment consulting firms of Rogers, Casey & Barksdale and Tremont Partners, where he was involved with manager and investment research in non-traditional areas. Mr. Lake received a Bachelor's degree magna cum laude from Harvard University in 1976 and a Master's degree in public policy from Harvard in 1978.

The Fund’s net expense ratio excludes acquired fund fees and expenses of 1.77% and 1.77% for the N and I class, respectively which includes dividend and interest expense

on short sales in underlying funds of 0.46%. By investing in the Fund you incur the expenses and risks of the underlying funds it invests in. 

Investment Strategy

The LASSO® strategy is intended to produce long-term total returns with less volatility than the overall stock market and reduced correlation to conventional asset classes, across a variety of market climates.

An "All in One" Approach to Alternative Strategies Brochure (193 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.  

Objective

The Fund seeks to provide long-term total return with reduced correlation to the conventional stock and bond markets.

Risk Considerations

The Fund also incurs the risks of the underlying funds it invests in.  Potential risks include the use of aggressive investment techniques and instruments such as options and futures, derivatives, commodities, credit-risk, leverage, and short-sales that taken alone are generally considered riskier than conventional market strategies. Use of aggressive investment techniques may expose an underlying fund to potentially dramatic changes (losses) in the value of its portfolio. Short sales may involve the risk that an underlying fund will incur a loss by subsequently buying a security at a higher price than the price at which the fund previously sold the security short.  Volatility is found by calculating the annualized standard deviation of daily change in price. Drawdown helps to determine the peak-to-trough decline during a specific period of an investment quoted as the percentage between the peak the trough. Stop loss guidelines are designed to limit an investor’s loss on a security position. It is a practice of selling a security when it reaches a certain price.

Fund Stats (as of 6/30/14) N SharesI Shares
Origin Of Information N/AN/A
Sales Load NoneNone
Total Net Assets (7/25/14)$44,623,582.24$471,712,624.76
Turnover 43%43%
Minimum Investment 2,500100,000
Alpha (3 yr.) 3.864.11
Beta (3 yr.) 0.720.71
R-Squared (3 yr.) 77.2477.52
Standard Dev (3 yr.) 5.295.28
Sharpe Ratio (3 yr.) 0.930.98
Current Wtd Average P/E (trailing) N/AN/A
Current Wtd Average P/B (trailing) N/AN/A
Median Mkt Cap ($Mil) N/AN/A
Average Wtd Coupon N/AN/A
Effective Maturity N/AN/A
Sector Breakdown (as of 6/30/14)
U.s.hedged Equity
44.42%
Strategic Fixed Income
18.50%
Arbitrage And Event Driven
14.58%
Global Hedged Equity
8.79%
Hedged Credit
8.20%
Cash Equivalents & Other
2.93%
Global Macro
2.58%
Top 10 Holdings (as of 6/30/14)
CompanyTickerCUSIPNumber of SharesMarket Value% of Net Assets
THE WEITZ FUNDS - PARTNERS III OPPORTUNI WPOPX 94904P708 4,653,500 $77,620,393.08 15.26%
FPA CRESCENT FUND FPACX 30254T759 1,586,034 $54,908,528.58 10.79%
ROBECO BOSTON PARTNERS LONG/SHORT EQUITY BPLSX 749255261 2,389,527 $53,334,245.02 10.48%
AVENUE CREDIT STRATEGIES FUND ACSBX 05358F301 4,269,925 $50,812,118.13 9.99%
CONVERGENCE CORE PLUS FUND MARNX 89833W535 2,222,622 $39,984,987.70 7.86%
BLACKROCK GLOBAL LONG/SHORT EQUITY FUND BDMIX 91936526 2,492,515 $28,639,001.02 5.63%
TOUCHSTONE MERGER ARBITRAGE FUND TMGLX 89155T698 2,647,194 $28,139,672.99 5.53%
GOTHAM ABSOLUTE RETURN FUND GARIX 360873137 1,884,923 $25,578,406.29 5.03%
CALAMOS MARKET NEUTRAL INCOME FUND CMNIX 128119880 1,918,517 $24,902,354.81 4.89%
DRIEHAUS EVENT DRIVEN FUND DEVDX 262028814 1,908,330 $21,106,140.55 4.15%
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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