Fund Portfolio Commentary

Portfolio Commentary for the Absolute Strategies Fund is provided on a quarterly basis. Additional information can be found within the shareholder letters in the Annual and Semi-Annual Reports. If you are a financial adviser and would like to be added to our e-mail distribution list, contact us by e-mail.


“…Traditional assets classes and many hedge fund strategies have become a correlated beta trade that acts in unison with the overall equity markets. It appears the entire financial system has become one combined bet on market beta and low interest rates. We believe relying on this combination is no different than buying near the top of the 2000 bubble.

 

As we stare across the spectrum of over-valued asset classes, we see the potential for major secular shifts in market cycles. …In this regard, we continue to concentrate in areas that we believe are large secular opportunities that offer excellent longer-term risk/reward trade-offs. [ read all ]