Investment Objective

Seeks capital appreciation. 

Investment Approach

The investment universe for the Fund is comprised of individual equities and equity-related instruments of companies in global developed markets, including the United States.

Long-term strategic exposure to global equity markets is obtained using a basket of futures that targets a beta of 0.5 to the MSCI World Index. The Adviser uses a variety of indicators to tactically shift the Fund’s beta exposure to global equity markets in a range of 0.3 to 0.7 around its long-term strategic target of 0.5.

The Adviser uses value, momentum, quality and other economic indicators to take long and short positions in industries, sectors and companies that it believes are attractive on either a relative or an absolute basis. The long-short component of the portfolio targets a beta to equity markets of 0.

The resulting portfolio is the sum of three independent sources of return: equity market exposure (beta), the return from tactically varying exposure (tactical beta changes), and stock selection (alpha).

Performance Summary