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SNOIX 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.

Morningstar Rating: Overall

Overall Morningstar rating as of April 30, 2023. Based on risk-adjusted returns. Category: Long-Short Equity out of 167 funds.

More Information

NAV

$29.73
5/26/2023

YTD

-1.00%
5/26/2023
at NAV

NAV Disclosure

Downloads

Fact Sheet Flyer Prospectus Summary Prospectus Statement of Additional Information

Why This Fund?

  • People: Co-Portfolio Managers Jessica Bemer and Anne Wickland average of over 23 years of value investing experience and are supported by a seven-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

As of 5/26/2023

INCEPTION DATE
04/28/2006
NET ASSETS
$94.2MM
ASSET CLASS
Alternative, Equity
MORNINGSTAR CATEGORY
Long-Short Equity
BENCHMARK
Russell 3000 Value Index
GROSS EXPENSES
1.29% View Disclosure
NET EXPENSES
1.29% View Disclosure
CUSIP
470258518

Top 10 Holdings (Long)

As of 3/31/2023

Portfolio Weighting

Zimmer Biomet Holdings
2.64%
JP Morgan Chase & Co.
2.61%
United Parcel Service, Inc.
2.51%
BP PLC-Spons Adr.
2.41%
Hartford Financial Services Group
2.34%
Molson Coors Beverage Co.
2.31%
Wesco International, Inc.
2.30%
Citigroup, Inc.
2.29%
Walt Disney Co.
2.23%
International Paper Co.
2.21%

Holdings (Short)

As of 3/31/2023

Portfolio Weighting

iShares Russell 1000 ETF
-4.16%
iShares Russell 3000 ETF
-1.95%
Invesco QQQ Trust Series 1
-1.55%

Monthly Returns

As of 4/30/2023

1 MOYTD1 YR3 YR5 YR10 YRSince Inception
Snow Long/Short Opportunity Fund I (SNOIX)-0.03%0.23%-0.16%15.20%6.60%6.33%5.68%
Morningstar Long-Short Equity Category0.58%2.36%0.02%7.57%4.08%--
View Disclosure

Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. For performance information current to the most recent month-end, please call 888.814.8180.

Daily Pricing and Returns

Performance as of 5/26/2023

NAV CHG % YTD
Snow Long/Short Opportunity Fund I (SNOIX) $29.73 1.16 -1.00
View Disclosure

Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. For performance information current to the most recent month-end, please call 888.814.8180.

Quarterly Returns

As of 3/31/2023

QTDYTD1 YR3 YR5 YR10 YRSince Inception
Snow Long/Short Opportunity Fund I (SNOIX)0.27%0.27%-3.56%18.84%6.87%6.39%5.71%
Morningstar Long/Short Equity Category1.78%1.78%-3.88%8.98%3.70%3.96%-
View Disclosure

Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. For performance information current to the most recent month-end, please call 888.814.8180.

Calendar Year Performance

2022202120202019201820172016201520142013201220112010200920082007
SNOW LONG/SHORT OPPORTUNITY FUND I (SNOIX)-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 Category-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%
-
View Disclosure

Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. For performance information current to the most recent month-end, please call 888.814.8180.

Sector Breakdown

As of 3/31/2023

Financials

21.61% 

Health Care

12.64% 

Industrials

12.54% 

Energy

9.23% 

Consumer Discretionary

8.80% 

Information Technology

7.80% 

Materials

5.98% 

Consumer Staples

3.33% 

Communication Services

2.23% 

Utlities

1.44% 

Market Hedge

-9.17% 

View Glossary

Market Exposures

As of 3/31/2023

Gross Exposure

97.65% 

Net Exposure

76.43% 

View Glossary

Fund Characteristics

As of 3/31/23

Market Cap (Billions)

$69.43 

Forward P/E Estimate

10.02 

Price-to-Book

1.61 

PEG Ratio Forecast 12-Month

0.96 

EPS Growth Estimate

7.31% 

Long Term Debt/Equity

97.05% 

Long Term Debt/Capital

39.87% 

View Glossary

Fund Statistics - 3 Year

3/31/2023

Benchmark: Russell 3000 Value Index

Sharpe Ratio

1.00 

Standard Deviation

17.67% 

R-Squared

88.44 

Beta

0.92 

View Glossary

Distribution History

Distribution DateDistribution NAVLong-Term Capital GainShort-Term Capital GainReturn of CapitalDividend Income
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

Advisor

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.

Inception Date
2006
Headquarters
Sewickley, PA

Portfolio Manager(s)

Jessica Bemer, CFA

Portfolio Manager
21 Years of Industry Experience

Past Experience
Jennison Associates

Anne Wickland, CFA

Portfolio Manager
26 Years of Industry Experience

Past Experience
Prudential Equity Group
Credit Suisse
J.P. Morgan

Documents

Statement of Additional Infromation

Download

Easterly Snow Long/Short Opportunity Fund Morningstar Rating

Overall 3-Year 5-Year
Morningstar Star Rating 4 4 -
# Funds in Category 167 167 148

Morningstar Rating as of April 30, 2023
Category: Long-Short Equity

© 2023 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.

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