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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 January 31, 2024. Based on risk-adjusted returns. Category: Long-Short Equity out of 155 funds.

More Information

$32.80
2/29/2024

0.92%
2/29/2024
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
$97MM
ASSET CLASS
Alternative, Equity
MORNINGSTAR CATEGORY
Long-Short Equity
BENCHMARK
Russell 3000 Value Index
GROSS EXPENSES
1.29% View Disclosure
NET EXPENSES
1.23% View Disclosure
CUSIP
470258492

Top 10 Holdings (Long)

JPMORGAN CHASE & CO
5.22%
COMMERCIAL METALS CO
3.76%
AMGEN INC
3.18%
PVH CORP
3.12%
SUNCOR ENERGY INC
2.99%
WESCO INTERNATIONAL INC
2.74%
METLIFE INC
2.63%
SANOFI-ADR
2.62%
ABBVIE INC
2.32%
COLUMBIA BANKING SYSTEM INC
2.30%

Holdings (Short)

ISHARES RUSSELL 1000 ETF
-4.83%
SPY 02/16/24 CALL @ 440 STRIKE
-3.15%
ISHARES RUSSELL 1000 VALUE ETF
-2.86%
SPDR S&P 500 ETF TRUST
-2.63%
ISHARES RUSSELL 3000 ETF
-2.26%

Monthly Returns

0.06%0.06%4.03%10.48%9.23%5.74%3.70%
2.95%4.12%13.53%5.40%6.83%-

Performance data quoted is historical.

The performance data shown represents past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so that investors’ shares, when sold, may be worth more or less than their original cost. See performance data current to the most recent quarter end, which may be higher or lower than that cited. Performance figures assume that all distributions are reinvested. Performance shown is for the share class indicated only. The performance of other share classes will vary. For performance information current to the most recent month-end, please call 888.814.8180.

The fund’s Morningstar category average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on their historical portfolio holdings.

The inception date for I, A and C Shares was 4/28/2006; Inception for R6 Shares was 11/4/2021. Prior to June 29, 2018, the Fund was named the Snow Capital Opportunity Fund and employed a different investment strategy.

All returns are quoted as annualized if over 1 year. Returns for the fund’s first year are since fund inception. Calendar year returns do not reflect the maximum sales charge; otherwise, returns would vary.

The Fund’s management has contractually waived a portion of its management fees until June 30, 2024 for I, A, C and R6 Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 1.36%, 1.61%, 2.35% and 1.36% respectively; total annual operating expenses after the expense reduction/ reimbursement are 1.36%, 1.61%, 2.35%, 1.13% respectively. 5.75% is the maximum sales charge on purchases of A Shares.

The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least June 30, 2024 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.

Daily Pricing and Returns

$32.80 0.61 0.92

Performance data quoted is historical.

The performance data shown represents past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so that investors’ shares, when sold, may be worth more or less than their original cost. See performance data current to the most recent quarter end, which may be higher or lower than that cited. Performance figures assume that all distributions are reinvested. Performance shown is for the share class indicated only. The performance of other share classes will vary. For performance information current to the most recent month-end, please call 888.814.8180.

The fund’s Morningstar category average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on their historical portfolio holdings.

The inception date for I, A and C Shares was 4/28/2006; Inception for R6 Shares was 11/4/2021. Prior to June 29, 2018, the Fund was named the Snow Capital Opportunity Fund and employed a different investment strategy.

All returns are quoted as annualized if over 1 year. Returns for the fund’s first year are since fund inception. Calendar year returns do not reflect the maximum sales charge; otherwise, returns would vary.

The Fund’s management has contractually waived a portion of its management fees until June 30, 2024 for I, A, C and R6 Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 1.36%, 1.61%, 2.35% and 1.36% respectively; total annual operating expenses after the expense reduction/ reimbursement are 1.36%, 1.61%, 2.35%, 1.13% respectively. 5.75% is the maximum sales charge on purchases of A Shares.

The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least June 30, 2024 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.

Quarterly Returns

7.56%10.82%10.82%10.64%10.97%5.24%3.82%
6.01%10.61%10.61%4.97%7.09%3.94%-

Performance data quoted is historical.

The performance data shown represents past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so that investors’ shares, when sold, may be worth more or less than their original cost. See performance data current to the most recent quarter end, which may be higher or lower than that cited. Performance figures assume that all distributions are reinvested. Performance shown is for the share class indicated only. The performance of other share classes will vary. For performance information current to the most recent month-end, please call 888.814.8180.

The fund’s Morningstar category average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on their historical portfolio holdings.

The inception date for I, A and C Shares was 4/28/2006; Inception for R6 Shares was 11/4/2021. Prior to June 29, 2018, the Fund was named the Snow Capital Opportunity Fund and employed a different investment strategy.

All returns are quoted as annualized if over 1 year. Returns for the fund’s first year are since fund inception. Calendar year returns do not reflect the maximum sales charge; otherwise, returns would vary.

The Fund’s management has contractually waived a portion of its management fees until June 30, 2024 for I, A, C and R6 Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 1.36%, 1.61%, 2.35% and 1.36% respectively; total annual operating expenses after the expense reduction/ reimbursement are 1.36%, 1.61%, 2.35%, 1.13% respectively. 5.75% is the maximum sales charge on purchases of A Shares.

The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least June 30, 2024 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.

Calendar Year Performance

202320222021
Easterly Snow Long/Short Opportunity R610.82%-3.15%-
Morningstar Long-Short Equity Category10.61%-7.57%18.05%

Performance data quoted is historical.

The performance data shown represents past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so that investors’ shares, when sold, may be worth more or less than their original cost. See performance data current to the most recent quarter end, which may be higher or lower than that cited. Performance figures assume that all distributions are reinvested. Performance shown is for the share class indicated only. The performance of other share classes will vary. For performance information current to the most recent month-end, please call 888.814.8180.

The fund’s Morningstar category average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on their historical portfolio holdings.

The inception date for I, A and C Shares was 4/28/2006; Inception for R6 Shares was 11/4/2021. Prior to June 29, 2018, the Fund was named the Snow Capital Opportunity Fund and employed a different investment strategy.

All returns are quoted as annualized if over 1 year. Returns for the fund’s first year are since fund inception. Calendar year returns do not reflect the maximum sales charge; otherwise, returns would vary.

The Fund’s management has contractually waived a portion of its management fees until June 30, 2024 for I, A, C and R6 Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 1.36%, 1.61%, 2.35% and 1.36% respectively; total annual operating expenses after the expense reduction/ reimbursement are 1.36%, 1.61%, 2.35%, 1.13% respectively. 5.75% is the maximum sales charge on purchases of A Shares.

The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least June 30, 2024 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.

Sector Breakdown

Communication Services

1.23% 

Consumer Discretionary

4.32% 

Consumer Staples

1.50% 

Energy

14.44% 

Financials

21.15% 

Health Care

16.84% 

Industrials

7.21% 

Information Technology

12.32% 

Market Hedge

-19.40% 

Materials

6.71% 

Utlities

1.35% 

Real Estate

0.00% 

View Glossary

Market Exposures

Gross Exposure

142.87% 

Net Exposure

67.67% 

View Glossary

Fund Characteristics

Market Cap (Billions)

$82.70 

Forward P/E Estimate

10.72 

Price-to-Book

1.77 

PEG Ratio Forecast 12-Month

0.78 

EPS Growth Estimate

8.67% 

Long Term Debt/Equity

85.19% 

Long Term Debt/Capital

35.33% 

View Glossary

Fund Statistics - 3 Year

Sharpe Ratio

– 

Standard Deviation

– 

R-Squared

– 

Beta

– 

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
12/27/2133.141.670.89-0.43

Info


Easterly Investment Partners (EIP)

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 Manager(s)

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 Infromation

Download

Easterly Snow Long/Short Opportunity Fund Morningstar Rating

Overall 3-Year 5-Year
Morningstar Star Rating 3 4 3
# Funds in Category 155 155 137

© 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 R6 share class only; other classes may have different performance characteristics.

Latest Perspectives

2024 Outlook: Long/Short Opportunity

2023 proved to be a resilient year across financial markets, with various themes upending narratives that were either overblown or underappreciated heading into 2023.

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For questions or inquiries, please feel free to contact us by completing the form below.

For media inquiries, please contact press@easterlyfunds.com.