Performance

Collins Long/Short Credit Fund

Inception Date: 02/27/2015

  Total Return to 6/30/2017 Total Return to Quarter End 6/30/2017 Stats from Inception to Month End 6/30/2017
  1 Month 1 Year Since Inception Return Std Deviation1 Sharpe1 Beta1
Share Class I -0.27% 4.25% 2.79% 2.79% 2.37% 1.03 n/a
Bloomberg Barclays US Aggregate Total Return1 -0.10% -0.31% 1.85% 1.85% 3.39% 0.46 -0.06
HFRX Fixed Income Credit Index1 0.51% 6.77% 0.71% 0.71% 2.51% 0.16 0.50

 

1 Definitions: Std Deviation, also known as volatility, is computed as the square root of return variance and annualized; it is a measure of the dispersion of historical returns about the mean. Sharpe ratio is a measure of risk-adjusted performance; it is computed as the expected return in excess of the risk-free rate, divided by the volatility of the excess return. Beta describes how Fund returns are predicted by an index; with a beta between zero & one, Fund returns generally move in the same direction as the index, but with less magnitude than the index; a zero beta means that Fund returns are uncorrelated to the index; with a negative beta, Fund returns generally move in the opposite direction to the index. HFRX Fixed Income Credit Index, calculated by Hedge Fund Research, Inc., includes strategies with exposure to credit across a broad continuum of credit sub-strategies, including Corporate, Sovereign, Distressed, Convertible, Asset Backed, Capital Structure Arbitrage, Multi-Strategy and other Relative Value and Event Driven sub-strategies. Investment thesis across all strategies is predicated on realization of a valuation discrepancy between the related credit instruments. Strategies may also include and utilize equity securities, credit derivatives, government fixed income, commodities, currencies or other hybrid securities. The Bloomberg Barclays US Aggregate Total Return Index is a broad base index that is often used to represent investment grade bonds beding traded in the United States. The Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. Municipal bonds, and Treasury Inflation-Protected Securities are excluded, due to tax treatment issues. The Index includes Treasury securities, Government agency bonds, Mortgage-backed bonds, Corporate bonds, and a small amount of foreign bonds traded in the U.S. It is not possible to invest directly in an index.

The performance data quoted represents past performance. Past performance does not guarantee future results. All statistics, apart from beta, are annualized except in the case of return performance where the length of performance history is less than 1 year.

Inception Date: 02/27/2015

  Total Return to 6/30/2017 Total Return to Quarter End 6/30/2017 Stats from Inception to Month End 6/30/2017
  1 Month 1 Year Since Inception Return Std Deviation1 Sharpe1 Beta1
Share Class A (no Sales Charge) -0.23% 4.03% 2.51% 2.51% 2.39% 0.91 n/a
Share Class A (incl. Sales Charge) -5.21% -1.17% 0.28% 0.28% n/a n/a n/a
Bloomberg Barclays US Aggregate Total Return1 -0.10% -0.31% 1.85% 1.85% 3.39% 0.46 0.00
HFRX Fixed Income Credit Index1 0.51% 6.77% 0.71% 0.71% 2.51% 0.16 0.48

 

1 Definitions: Std Deviation, also known as volatility, is computed as the square root of return variance and annualized; it is a measure of the dispersion of historical returns about the mean. Sharpe ratio is a measure of risk-adjusted performance; it is computed as the expected return in excess of the risk-free rate, divided by the volatility of the excess return. Beta describes how Fund returns are predicted by an index; with a beta between zero & one, Fund returns generally move in the same direction as the index, but with less magnitude than the index; a zero beta means that Fund returns are uncorrelated to the index; with a negative beta, Fund returns generally move in the opposite direction to the index. HFRX Fixed Income Credit Index, calculated by Hedge Fund Research, Inc., includes strategies with exposure to credit across a broad continuum of credit sub-strategies, including Corporate, Sovereign, Distressed, Convertible, Asset Backed, Capital Structure Arbitrage, Multi-Strategy and other Relative Value and Event Driven sub-strategies. Investment thesis across all strategies is predicated on realization of a valuation discrepancy between the related credit instruments. Strategies may also include and utilize equity securities, credit derivatives, government fixed income, commodities, currencies or other hybrid securities. The Bloomberg Barclays US Aggregate Total Return Index is a broad base index that is often used to represent investment grade bonds beding traded in the United States. The Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. Municipal bonds, and Treasury Inflation-Protected Securities are excluded, due to tax treatment issues. The Index includes Treasury securities, Government agency bonds, Mortgage-backed bonds, Corporate bonds, and a small amount of foreign bonds traded in the U.S. It is not possible to invest directly in an index. Correlation is the extent to which the values of different types of investments move in tandem with one another in response to changing economic and market conditions. Bond Credit Rating represents the credit worthiness of the debt issued by a corporation. It is not to be confused with an individual's credit score. Credit ratings are published by credit rating agencies - S&P, Moody's - and used by investment professionals to assess the likelihood the debt will be repaid. The ratings are generally expressed as a scale from AAA to D, where higher-rated bonds are in the A's and lower-rated in the C's. Any bond rated BBB or higher is considered investment grade debt. Bond Carry is the return obtained from holding the bond as a long position, or the cost of holding it as a short position. The primary constituent of carry is the bond's coupon which is the period interest payment made by the bond issuer. Bond Duration is defined as the weighted average of the present value of the cash flows and is used as a measure of a bond price's response to changes in yield.

The performance data quoted represents past performance. Past performance does not guarantee future results. All statistics, apart from beta, are annualized except in the case of return performance where the length of performance history is less than 1 year.

For Share Class A (incl. Sales Charge), performance data shown reflects the maximum sales charge of 5.00%. Share Class A (no Sales Charge), performance data shown does not reflect the deduction of the maximum 5.00% sales load. If reflected, the load would reduce the performance amount quoted. Share Class A imposes a 0.50% deferred sales charge on purchases of $1,000,000 or more that are redeemed within 12 months of purchases. Performance data does not reflect the deferred sales charge; if it had, returns would be reduced.

Inception Date: 02/27/2015

  Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec YTD1 ITD1
2015 - - 0.10 0.60 0.10 -0.40 0.00 0.70 -1.63 0.51 -2.03 0.77 -1.31 -1.31
2016 -0.62 -0.21 1.92 1.35 0.61  0.57 1.12 0.60  0.26 0.20 -0.20 0.99  6.77 5.36
2017 0.30 0.40 -0.14 0.50 0.40 -0.27 - -  - - - -  1.21 6.63

 

1 Definitions: YTD denotes year to date total return. ITD denotes inception to date total return.

The performance data quoted represents past performance. Past performance does not guarantee future results. All statistics, apart from beta, are annualized except in the case of return performance where the length of performance history is less than 1 year.

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 may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 305-666-3319. For Share Class I, the gross expense ratio is 2.41% and the net expense ratio is 1.59%. For Share Class I, there is a 1.35% expense cap in place through June 28, 2018. For Share Class A, the gross expense ratio is 3.28% and the net expense ratio is 1.88%. For Share Class A, there is a 1.35% expense cap in place through June 28, 2018. Investment performance reflects contractual fee waivers in effect through June 28, 2018. In the absence of such fee waivers, total return would be reduced.