ASTON/Lake Partners LASSO Alternatives Fund
|Share Class Inception||3/3/2010||4/1/2009|
|Gross Exp Ratio (%)||3.25||3.00|
|Net Exp Ratio Excluding Div. & Int. Exp on Short Sales and Acq. Fund Fees 1||1.40||1.15|
|NAV Change (%)||0.56||0.56|
|Benchmark||HFRX Equity Hedge Index|
1 The Fund's net expense ratio excludes acquired fund fees and expenses of 1.84% and 1.84% for the N and I class, respectively which includes dividend and interest expense on short sales in underlying funds of 0.49%. A fee waiver and/or expense reimbursement of .01% is also included. By investing in the Fund you incur the expenses and risks of the underlying funds it invests in.
Overall Morningstar Rating™
Among 217 Multialternative funds derived from a weighted average of the Fund’s 3-, 5- and 10-year risk-adjusted returns as of 7/31/15.
Frederick C. Lake
Frederick C. Lake
Mr. Lake is Co-Chairman and Treasurer of Lake Partners, Inc. which he co-founded in 1989, and has been a Co-Portfolio Manager on the Fund since its April 2009 inception. He has more than 30 years of experience in the investment industry, and oversees the firm's research on alternative mutual funds. 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
Mr. Lake is Co-Chairman and President of Lake Partners, Inc. which he co-founded in 1989, and has been a Co-Portfolio Manager on the Fund since its April 2009 inception. He has more than 30 years of investment experience, and is responsible for asset allocation, investment strategy, and supervision of 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 1.84% and 1.84% for the N and I class, respectively which includes dividend and interest expense on short sales in underlying funds of 0.49%. By investing in the Fund you incur the expenses and risks of the underlying funds it invests in.
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.
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The Fund seeks to provide long-term total return with reduced correlation to the conventional stock and bond markets.
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 6/30/15)||N Shares||I Shares|
|Origin Of Information||N/A||N/A|
|Total Net Assets (9/2/15)||$48,863,926.21||$188,041,479.78|
|Alpha (3 yr.)||-0.09||0.17|
|Beta (3 yr.)||0.70||0.70|
|R-Squared (3 yr.)||61.28||61.62|
|Standard Dev (3 yr.)||3.81||3.80|
|Sharpe Ratio (3 yr.)||1.08||1.15|
|Current Wtd Average P/E (trailing)||N/A||N/A|
|Current Wtd Average P/B (trailing)||N/A||N/A|
|Median Mkt Cap ($Mil)||N/A||N/A|
|Average Wtd Coupon||N/A||N/A|
|Sector Breakdown (as of 7/31/15)|
|Global Macro (discretionary)||13.99%|
|Strategic Fixed Income||12.85%|
|Managed Futures (systematic)||12.76%|
|Global Hedged Equity||7.36%|
|Cash Equivalents & Other||3.37%|
|Top 10 Holdings (as of 7/31/15)|
|Company||Ticker||CUSIP||Number of Shares||Market Value||% of Net Assets|
|THE WEITZ FUNDS - PARTNERS III OPPORTUNI||WPOPX||94904P708||1,745,206||$27,103,056.01||10.11%|
|METROPOLITAN WEST UNCONSTRAINED BOND FUN||MWCIX||592905749||1,767,196||$20,941,272.93||7.81%|
|WESTERN ASSET MACRO OPPORTUNITIES FUND||LAOSX||95768D509||1,857,702||$20,397,573.19||7.61%|
|ABBEY CAPITAL FUTURES STRATEGY FUND||ABYIX||74925K367||1,599,518||$19,786,044.34||7.38%|
|JOHN HANCOCK FUNDS II - GLOBAL ABSOLUTE||JHAIX||47804M878||1,512,595||$17,092,328.79||6.37%|
|CALAMOS MARKET NEUTRAL INCOME FUND||CMNIX||128119880||1,137,341||$14,796,807.65||5.52%|
|ASG MANAGED FUTURES STRATEGY FUND||ASFYX||63872T729||1,316,843||$14,393,097.60||5.37%|
|MAINSTAY US EQUITY OPPORTUNITIES FUND||MYCIX||56063U729||1,603,325||$14,317,700.64||5.34%|
|CONVERGENCE CORE PLUS FUND||MARNX||89833W535||767,587||$14,223,391.61||5.30%|
|FPA CRESCENT FUND||FPACX||30254T759||420,792||$14,172,284.87||5.28%|
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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