Objective & Strategy
The Fund seeks to provide long-term capital appreciation while managing portfolio volatility.
Morningstar Rating ™
Overall Rating - Large Blend CategoryAs of 01/31/2021 the Fund had an overall rating of 4 stars out of 1,230 funds and was rated 4 stars out of 1,230 funds, N/A stars out of 1,066 funds and N/A stars out of 809 funds for the 3-, 5- and 10- year periods, respectively.
Source: Morningstar Inc. Ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. Open-end mutual funds and exchange-traded funds are considered a single population for comparison purposes. Ratings are calculated for funds with at least a three year history. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable, excluding sales charges and including fees and expenses. ©2021 Morningstar Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and 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 does not guarantee future results. The top 10% of funds in a category receive five stars, the next 22.5% four stars, the next 35% three stars, the next 22.5% two stars and the bottom 10% one star. Ratings are subject to change monthly. Had fees not been waived and/or expenses reimbursed currently or in the past, the Morningstar rating would have been lower. Ratings for other share classes may differ due to different performance characteristics.
Management team
Top Equity Holdings | View all
% of Total Assets | |
---|---|
Apple | 7.05 |
Microsoft | 5.46 |
Amazon | 4.34 |
Alphabet 'A' | 3.43 |
Facebook 'A' | 1.95 |
Tesla | 1.94 |
Berkshire Hathaway 'B' | 1.40 |
Johnson & Johnson | 1.36 |
JPMorgan Chase | 1.23 |
Visa 'A' | 1.04 |
May not equal 100% due to rounding.
Holdings are subject to change and are not buy/sell recommendations.
Average Annual Returns (%)
Incept. Date |
Max Load (%) |
Since Incept. (%) |
YTD (%) | 1Y (%) | 3Y (%) | 5Y (%) | 10Y (%) | |
---|---|---|---|---|---|---|---|---|
NAV | 12/18/2017 | N/A | 12.21 | -0.66 | 19.78 | 10.91 | N/A | N/A |
Load | 12/18/2017 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
NAV | 12/18/2017 | N/A | 12.82 | 20.90 | 20.90 | 13.28 | N/A | N/A |
Load | 12/18/2017 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Expense Ratio per Prospectus
Management Fee | 0.10 |
12b-1 Fee | N/A |
Other Expenses | 1.87 |
Interest/Dividend Exp | 0.00 |
Total Other Expenses | 1.87 |
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) | 0.00 |
Total Annual Fund Operating Expenses | 1.97 |
Contractual Waivers/Reimbursements | -1.82 |
Net Expenses - PER PROSPECTUS | 0.15 |
Additional Waivers/Reimbursements | 0.00 |
Net Expenses - With Additional Fee Reduction | 0.15 |
Historical Prices
Date | Net Asset Value ($) | Public Offering Price ($) |
---|---|---|
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Distributions
Capital Gains | Reinvestment Price ($) |
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---|---|---|---|---|
Ex-Date | Income | Short Term | Long Term | |
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Sector Breakdown
Holdings | % of Total Net Assets |
---|---|
CASH/OTHER | 2.80 |
Communication Services | 10.80 |
Consumer Discretionary | 12.10 |
Consumer Staples | 6.30 |
Energy | 2.20 |
Financials | 10.00 |
Health Care | 13.30 |
Industrials | 7.40 |
Information Technology | 28.50 |
Materials | 2.20 |
Real Estate | 2.10 |
Utilities | 2.40 |
May not equal 100% due to rounding.
The holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's.
Asset Mix
Holdings | % of Total Net Assets |
---|---|
Common Stocks | 97.93 |
Cash | 1.47 |
Others | 0.60 |
May not equal 100% due to rounding.
Fund Characteristics
3-Year Alpha | 1.61% |
3-Year Beta | 0.67 |
3-Year R-Squared | 0.78 |
3-Year Sharpe Ratio | 0.67 |
3-Year Standard Deviation | 14.28 |
Number of Securities | 387 |
Total Assets | $19,895,286.00 |
Wghtd Med Mkt Cap MM$ | $183,354.00 |
Source: RIMES Technologies Corp.,StyleADVISOR
Benchmark: Invesco US Large Cap Index-GR
Top Equity Holdings | View all
% of Total Assets | |
---|---|
Apple | 7.05 |
Microsoft | 5.46 |
Amazon | 4.34 |
Alphabet 'A' | 3.43 |
Facebook 'A' | 1.95 |
Tesla | 1.94 |
Berkshire Hathaway 'B' | 1.40 |
Johnson & Johnson | 1.36 |
JPMorgan Chase | 1.23 |
Visa 'A' | 1.04 |
May not equal 100% due to rounding.
Holdings are subject to change and are not buy/sell recommendations.
Top Countries
% of Total Assets | |
---|---|
United States | 97.22 |
United Kingdom | 0.44 |
Argentina | 0.27 |
May not equal 100% due to rounding.
Top Industries
% of Total Assets | |
---|---|
Technology Hardware, Storage & Peripherals | 7.40 |
Systems Software | 6.38 |
Interactive Media & Services | 5.75 |
Internet & Direct Marketing Retail | 5.00 |
Semiconductors | 4.49 |
Data Processing & Outsourced Services | 4.08 |
Pharmaceuticals | 3.92 |
Health Care Equipment | 3.24 |
Application Software | 3.10 |
Diversified Banks | 3.01 |
May not equal 100% due to rounding.
The holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's.
Fund Documents
About risk
Indexing Risk. Certain portions of the Fund's assets are managed pursuant to an indexing approach (Indexed Assets) and, therefore, the adverse performance of a particular security necessarily will not result in the elimination of the security from the Indexed Assets. Ordinarily, the Fund will not sell portfolio securities of the Indexed Assets except to reflect additions or deletions of the securities that comprise the index the Fund seeks to track with respect to the Indexed Assets (Underlying Index), or as may be necessary to raise cash to pay Fund shareholders who sell Fund shares. As such, the Indexed Assets, and therefore the Fund, will be negatively affected by declines in the securities represented by the Underlying Index. Also, there is no guarantee that the Fund will be able to correlate the performance of the Indexed Assets with that of the Underlying Index.
Management Risk. The Fund is actively managed and depends heavily on the Adviser's judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund's portfolio. The Fund could experience losses if these judgments prove to be incorrect. There is no guarantee that the portfolio manager's stock selection process will produce lower volatility than the broader markets in which the Fund invests. In addition, the Fund's investment strategy to seek lower volatility may cause the Fund to underperform the broader markets in which the Fund invests during market rallies. Such underperformance could be significant during sudden or significant market rallies. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.
Market Risk. The market values of the Fund's investments, and therefore the value of the Fund's shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.
Non-Correlation Risk. The return of the Fund's assets managed pursuant to an indexing approach (Indexed Assets) may not match the return of the index the Fund seeks to track with respect to the Indexed Assets (Underlying Index) for a number of reasons. For example, the Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing securities holdings to reflect changes in the Underlying Index. In addition, the performance of the Indexed Assets and the Underlying Index may vary due to asset valuation differences and differences between the Indexed Assets and the Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Sampling Risk. The Fund's use of a sampling methodology with respect to assets managed pursuant to an indexing approach (Indexed Assets) may result in the Indexed Assets including a smaller number of securities than are in the index the Fund seeks to track with respect to the Indexed Assets (Underlying Index), and in the Indexed Assets including securities that are not included in the Underlying Index. As a result, an adverse development to an issuer of securities included in the Indexed Assets could result in a greater decline in the Fund's NAV than would be the case if all of the securities in the Underlying Index were included in the Indexed Assets. The Fund's use of a sampling methodology may also include the risk that the Indexed Assets may not track the return of the Underlying Index as well as they would have if the Indexed Assets included all of the securities in the Underlying Index. To the extent the assets in the Indexed Assets are smaller, these risks will be greater.
Short Position Risk. Because the Fund's potential loss on a short position arises from increases in the value of the asset sold short, the Fund will incur a loss on a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent the Fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, the Fund's short positions will cause the Fund to underperform the overall market and its peers that do not engage in shorting. If the Fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the Fund's long positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of the Fund's returns.
Volatility Risk. Although the Fund's investment strategy seeks to not exceed a target volatility level (the threshold volatility level), certain of the Fund's investments may appreciate or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant increases or declines in value over short periods of time.
Volatility Management Risk. The Adviser's strategy for managing portfolio volatility may not produce the desired result and there can be no guarantee that the Fund will stay below a target volatility level (the threshold volatility level). Additionally, maintenance of the threshold volatility level will not ensure that the Fund will deliver competitive returns. The use of derivatives in connection with the Fund's managed volatility strategy may expose the Fund to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested directly in equity and/or fixed income securities. Efforts to manage the Fund's volatility could limit the Fund's gains in rising markets and may expose the Fund to costs to which it would otherwise not have been exposed. The Adviser uses a combination of proprietary and third-party systems and risk models to help it estimate the Fund's expected volatility, which may perform differently than expected and may negatively affect performance and the ability of the Fund to maintain its volatility at or below its threshold volatility level.