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Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Some of the principal risks of investing in the Fund include:
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Employing an absolute return strategy by taking both long and short positions in US equities—buying attractive stocks while shorting securities that are expected to decline
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Emphasizing US large and mid-cap stocks, while maintaining the flexibility to invest in non-US issuers and smaller-cap companies
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Conducting in-depth, bottom-up analysis to differentiate between companies with compelling growth potential and those with less favorable return prospects
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Managing risk by adjusting expectations and portfolio positioning based on the near-term market environment, including reducing net exposure when market risk is high (market exposure is typically 30-70% net long)
Portfolio Management Team
Investment Risks to Consider
These and other risks are described in the Fund’s prospectus
- Allocation risk
- Derivatives risk
- Emerging-markets risk
- Equity securities risk
- Focused portfolio risk
- OTC derivatives counterparty risk
- Portfolio turnover risk
- Smaller capitalization companies risk