The fund seeks to provide attractive absolute returns while having a low correlation and high excess returns relative to its peers. The Fund intends to meet its objective by investing both long and short in securities undergoing a corporate event. The Fund is sub-advised by Tiburon Capital Management in New York. Portfolio Manager Peter Lupoff is an experienced hedge fund investor who was previously a PM for Millennium Management, LLC. He uses his proprietary BRACE methodology in order to identify ideas for the Fund which utilizes Bottom-up fundamental research process, seeks to identify a Revolutionary catalyst, understand the incentives of the Actors involved in the company, Capital structure valuation and External assessment of macro legal and technical risks.
Tiburon Capital Management
Tiburon Capital Management, LLC practices research intensive, fundamental security selection and bases its investment decisions on internally generated research, and from time to time on research obtained from outside sources. The firm takes both long and short positions in a wide range of equity and debt securities, including listed equities, when-issued equities, private equities and Private Investments in Public Equity Securities (“PIPES”), bonds, private placements, put or call options or other derivatives, loans, trade claims, lease paper and other instruments in implementing its strategies and in certain limited cases, these positions are leveraged, either through outright borrowings or through leverage embedded in derivatives acquired.
|Performance through February 28, 2017||Quarter End 12.31.16|
|Fund Performance||MTD||YTD||1-year||3-year||5-year||Since Inception||1-year||5-year||Since Inception*|
|BEVIX* (Class I)||1.11%||1.83%||1.79%||-2.47%||4.67%||6.07%||-1.74%||4.31%||5.95%|
|Morningstar Multi-Alternative Cat.||1.05%||1.65%||4.46%||0.29%||1.00%||1.83%||0.75%||1.28%||1.65%|
|Wilshire LA Event Driven Index||0.49%||0.87%||6.12%||-0.52%||0.83%||1.51%||3.46%||1.18%||1.42%|
|HFRX Event Driven Index||1.55%||2.62%||18.41%||-0.39%||3.13%||2.40%||11.06%||3.65%||2.08%|
|Management Fee: 1.80%
Total operating fund expenses as of 12/29/2015: (Gross) 2.43%. After fee waiver (Net) 2.00%
Fund Inception: 12/28/2015. The Predecessor Fund Inception: 2/1/2010.
|Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. The fund imposes a 1.00% redemption fee on shares sold within 60 days. For performance information current to the most recent month-end, please call toll free 855-854-7258.
The indices shown are for information purposes only and are not reflective of any investment. As it is not possible to invest in the indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features.
*Performance shown here includes performance for the Fund’s predecessor hedge fund (“Predecessor Fund”). The performance of the Predecessor Fund was used from 2/1/2010 to 12/27/2015; The performance of the Fund was used from 12/28/2015 to 2/29/2016. The prior performance of the Predecessor Fund is net of management fee and other expenses, but does not include the effect of the performance fee. The Fund’s investment goals, policies, guidelines and restrictions are similar to the Predecessor Fund. From its inception date, the Predecessor Fund was not subject to certain investment restrictions, diversification requirements and other restrictions of the 1940 Act of the Code, if they had been applicable, it might have adversely affected its performance. In addition, the predecessor hedge was not subject to sales loads that would have adversely affect performance.