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Snow Long/Short Opportunity Fund

An all-capitalization, contrarian value, liquid alternatives fund that uses a variety of hedging strategies in an effort to lower the overall volatility of its investment portfolio.

Overall Morningstar rating as of October 31, 2024. Based on risk-adjusted returns. Category: Equity Hedged out of 149 funds.

More Information

$35.91
11/6/2024

10.49%
11/6/2024
at NAV

NAV Disclosure

Why This Fund?

  • People: Co-Portfolio Managers Richard Snow and Joseph Artuso have an average of 29 years of value investing experience and are supported by a five-person investment team.
  • Portfolio: A conviction-weighted long portfolio and an opportunistic, research-driven process for a short positioning with the goal of smoothing volatility of investment returns for shareholders.
  • Philosophy: Investment philosophy that is consistent with modern behavioral finance research and aims to take advantage of investor overreactions to negative surprises.
  • Process: Contrarian fundamental investment process focused on identifying out-of-favor stocks with positive free cash flow and a strong balance sheet.
  • Award Winning: The Long/Short Opportunity Fund won Hedgeweek’s 2021 Best Liquid Alternative Award.1

Fund Facts

INCEPTION DATE
04/28/2006
NET ASSETS
$96.2MM
ASSET CLASS
Alternative, Active Equity
MORNINGSTAR CATEGORY
Equity Hedged
BENCHMARK
Russell 3000 Value Index
GROSS EXPENSES
1.36% View Disclosure
YTD NET EXPENSES
1.22% View Disclosure
CUSIP
470258518
MINIMUM INVESTMENT
$100,000 (effective 8/1/2024)
View Glossary

Top 10 Holdings (Long)

Commercial Metals Co
4.59%
JPMorgan Chase & Co
4.32%
Suncor Energy Inc
3.52%
Sanofi-Adr
3.28%
Alamos Gold Inc-Class A
2.97%
Amgen Inc
2.93%
Kenvue Inc
2.81%
Johnson & Johnson
2.77%
B2Gold Corp
2.76%
Citigroup Inc
2.92%
TOTAL
32.57%

Top 5 Holdings (Short)

Vanguard S&P 500 ETF
-17.68%
IShares Russell 1000 Value E
-3.43%
Vaneck Gold Miners ETF
-3.25%
IShares Russell 3000 ETF
-2.82%
IShares Russell 2000 Value E
-2.27%
TOTAL
-29.45%

Monthly Returns

0.61%6.28%17.94%5.36%8.97%5.24%6.13%
1.10%10.77%18.80%7.19%7.37%4.89%-

Performance data quoted is historical.

The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions and does not guarantee future results. Returns for periods less than one year are cumulative, and results for other share classes will vary. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance cited. Investors cannot invest directly into an index. All classes of shares may not be available to all investors or through all distribution channels. For the most recent month-end performance, call 888-814-8180.

Gross expense ratio reflects the total annual fund operating expenses before any fee waiver and/or expense reimbursement. Net expense ratio reflects the fee waiver and/or expense reduction/reimbursement.

The Fund’s investment manager has contractually agreed to waive all or a portion of its advisory fee and/or pay expenses of the Fund to limit total annual Fund operating expenses (excluding front-end and contingent deferred sales loads, leverage, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and the indirect costs of investing in other investment companies) until at least June 30, 2025 for I, A, C and R6 Shares to ensure that net annual operating expenses will not exceed 1.36%, 1.61%, 2.36% and 1.36%, respectively. The fee waiver and/or expense reimbursement are subject to possible recoupment from the Fund in future years. For more information, please refer to the Fund’s summary prospectus and prospectus. Performance shown would have been lower without the fee waiver and/or expense reimbursement effect.

The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least June 30, 2025 for I, A, C and R6 Shares, to ensure that net annual operating expenses of the Fund (excluding front-end and contingent deferred sales loads, leverage, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and the indirect costs of investing in other investment companies) will not exceed 1.30%, 1.55%, 2.30%, and 1.00%, respectively, subject to possible recoupment from the Fund in future years. For more information, please refer to the Fund’s summary prospectus and prospectus.

Daily Pricing and Returns

$35.913.52%10.49%

Performance data quoted is historical.

The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions and does not guarantee future results. Returns for periods less than one year are cumulative, and results for other share classes will vary. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance cited. Investors cannot invest directly into an index. All classes of shares may not be available to all investors or through all distribution channels. For the most recent month-end performance, call 888-814-8180.

Gross expense ratio reflects the total annual fund operating expenses before any fee waiver and/or expense reimbursement. Net expense ratio reflects the fee waiver and/or expense reduction/reimbursement.

The Fund’s investment manager has contractually agreed to waive all or a portion of its advisory fee and/or pay expenses of the Fund to limit total annual Fund operating expenses (excluding front-end and contingent deferred sales loads, leverage, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and the indirect costs of investing in other investment companies) until at least June 30, 2025 for I, A, C and R6 Shares to ensure that net annual operating expenses will not exceed 1.36%, 1.61%, 2.36% and 1.36%, respectively. The fee waiver and/or expense reimbursement are subject to possible recoupment from the Fund in future years. For more information, please refer to the Fund’s summary prospectus and prospectus. Performance shown would have been lower without the fee waiver and/or expense reimbursement effect.

The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least June 30, 2025 for I, A, C and R6 Shares, to ensure that net annual operating expenses of the Fund (excluding front-end and contingent deferred sales loads, leverage, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and the indirect costs of investing in other investment companies) will not exceed 1.30%, 1.55%, 2.30%, and 1.00%, respectively, subject to possible recoupment from the Fund in future years. For more information, please refer to the Fund’s summary prospectus and prospectus.

Quarterly Returns

2.69%5.63%13.62%6.29%9.53%5.08%6.12%
3.55%12.12%19.48%6.05%8.05%5.31%-

Performance data quoted is historical.

The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions and does not guarantee future results. Returns for periods less than one year are cumulative, and results for other share classes will vary. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance cited. Investors cannot invest directly into an index. All classes of shares may not be available to all investors or through all distribution channels. For the most recent month-end performance, call 888-814-8180.

Gross expense ratio reflects the total annual fund operating expenses before any fee waiver and/or expense reimbursement. Net expense ratio reflects the fee waiver and/or expense reduction/reimbursement.

The Fund’s investment manager has contractually agreed to waive all or a portion of its advisory fee and/or pay expenses of the Fund to limit total annual Fund operating expenses (excluding front-end and contingent deferred sales loads, leverage, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and the indirect costs of investing in other investment companies) until at least June 30, 2025 for I, A, C and R6 Shares to ensure that net annual operating expenses will not exceed 1.36%, 1.61%, 2.36% and 1.36%, respectively. The fee waiver and/or expense reimbursement are subject to possible recoupment from the Fund in future years. For more information, please refer to the Fund’s summary prospectus and prospectus. Performance shown would have been lower without the fee waiver and/or expense reimbursement effect.

The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least June 30, 2025 for I, A, C and R6 Shares, to ensure that net annual operating expenses of the Fund (excluding front-end and contingent deferred sales loads, leverage, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and the indirect costs of investing in other investment companies) will not exceed 1.30%, 1.55%, 2.30%, and 1.00%, respectively, subject to possible recoupment from the Fund in future years. For more information, please refer to the Fund’s summary prospectus and prospectus.

Calendar Year Performance

20232022202120202019201820172016201520142013201220112010200920082007
SNOW LONG/SHORT OPPORTUNITY FUND I (SNOIX)10.82%-3.15%26.18%1.45%22.45%-11.25%
12.79%
20.26%
-23.24%
7.16%
45.03%
18.73%
-11.58%13.39%
60.02%
-42.13%
0.24%
Morningstar Long-Short Equity Category10.61%-7.57%18.05%7.89%11.90%-6.29%11.18%
2.34%
-2.02%
2.92%
14.62%
5.15%
-2.81%
4.67%
8.80%
-17.04%
-

Performance data quoted is historical.

The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions and does not guarantee future results. Returns for periods less than one year are cumulative, and results for other share classes will vary. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance cited. Investors cannot invest directly into an index. All classes of shares may not be available to all investors or through all distribution channels. For the most recent month-end performance, call 888-814-8180.

Gross expense ratio reflects the total annual fund operating expenses before any fee waiver and/or expense reimbursement. Net expense ratio reflects the fee waiver and/or expense reduction/reimbursement.

The Fund’s investment manager has contractually agreed to waive all or a portion of its advisory fee and/or pay expenses of the Fund to limit total annual Fund operating expenses (excluding front-end and contingent deferred sales loads, leverage, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and the indirect costs of investing in other investment companies) until at least June 30, 2025 for I, A, C and R6 Shares to ensure that net annual operating expenses will not exceed 1.36%, 1.61%, 2.36% and 1.36%, respectively. The fee waiver and/or expense reimbursement are subject to possible recoupment from the Fund in future years. For more information, please refer to the Fund’s summary prospectus and prospectus. Performance shown would have been lower without the fee waiver and/or expense reimbursement effect.

The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least June 30, 2025 for I, A, C and R6 Shares, to ensure that net annual operating expenses of the Fund (excluding front-end and contingent deferred sales loads, leverage, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and the indirect costs of investing in other investment companies) will not exceed 1.30%, 1.55%, 2.30%, and 1.00%, respectively, subject to possible recoupment from the Fund in future years. For more information, please refer to the Fund’s summary prospectus and prospectus.

Sector Breakdown

Financials

20.08% 

Energy

19.68% 

Information Technology

13.19% 

Health Care

11.46% 

Materials

11.46% 

Industrials

9.61% 

Consumer Discretionary

7.45% 

Consumer Staples

1.95% 

Utlities

1.94% 

Communication Services

1.35% 

Real Estate

0.00% 

Market Hedge

-26.95% 

TOTAL

70.22% 

View Glossary

Market Exposures

Gross Exposure

162.61% 

Net Exposure

70.21% 

View Glossary

Fund Characteristics

Market Cap (Billions)

$90.25B 

Forward P/E Estimate

11.74 

Price-to-Book

1.91 

PEG Ratio Forecast 12-Month

1.11 

EPS Growth Estimate

8.06% 

Long Term Debt/Equity

87.56% 

Long Term Debt/Capital

37.27% 

View Glossary

Fund Statistics - 3 Year

Sharpe Ratio

0.22 

Standard Deviation

15.87% 

R-Squared

87.68% 

Beta

0.88 

View Glossary

Distribution History

Distribution DateDistribution NAVLong-Term Capital GainShort-Term Capital GainReturn of CapitalDividend Income
12/07/2331.020.05--0.70
12/23/2230.021.720.16-0.24
12/27/2133.131.670.89-0.43
12/29/2028.36---0.53
12/27/1928.77---0.56
12/27/1823.85---0.49
12/28/1727.74---1.32
12/29/1625.70---0.09
12/29/15-0.60---
12/29/1428.872.631.44-0.13
12/27/1330.36---0.01
12/17/1220.70---0.12
12/30/1020.20---0.04
12/29/0918.07---0.29
12/29/0810.660.090.38-0.03
12/27/0720.620.260.09-0.37
12/27/200621.28---0.03

Info


Easterly Investment Partners

Easterly Investment Partners (EIP) is our traditional, fundamental-based investment arm. EIP bolsters highly experienced teams and their investment strategies with the robust infrastructure of Easterly Asset Management. EIP’s current offerings span the entire value-equity spectrum and are managed by seasoned investment professionals. While we offer value strategies today, we are currently working to broaden EIP to provide a wider range of client solutions to include growth and core.


2006

Sewickley, PA

Portfolio Managers

Richard Snow

CIO, Co-Portfolio Manager
44 Years of Industry Experience


R.A.S. Capital Management

Joseph Artuso

Co-Portfolio Manager
19 Years of Industry Experience


Snow Capital Management

Documents

Statement of Additional Information

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Easterly Snow Long/Short Opportunity Fund Morningstar Rating

Overall 3-Year 5-Year
Morningstar Star Rating 3 3 3
# Funds in Category 149 149 118

© 2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Morningstar Rating™ for funds or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics.

Morningstar Rating is for the I share class only; other classes may have different performance characteristics.

Latest Perspectives

Q3 2024 Long/Short Opportunity Fund Commentary

During the first quarter of 2024, the Easterly Long/Short Opportunity Fund (SNOIX) rose 6.9% while the Russell 3000 Value Index rose by 8.6%. Our market hedge was the primary reason for the relative underperformance.

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