| Sub-Advisers to the Absolute Strategies Fund |
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Below is a list of Sub-Advisers and a brief description the strategies they run for the Fund. Broader strategy definitions can be found on Page 3 of the Prospectus. |
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Aronson+Johnson+Ortiz |
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Bernzott
Capital Advisors |
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Contravisory
Research & Management Corporation |
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GMB Capital Management, LLC |
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Horizon
Asset Management, Inc. |
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Kinetics Asset
Management, Inc |
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Kovitz Investment Group, LLC |
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Metropolitan
West Asset Management LLC |
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Mohican Financial Management, LLC |
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SSI
Investment Management |
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Twin Capital
Management, Inc. |
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Yacktman
Asset Management Company |
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(use the links above to navigate to a specific manager below) |
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This website contains
links to third party websites on the Internet. Links to
these other websites are provided only as a convenience. |
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ARONSON+JOHNSON+ORTIZ
www.ajopartners.com
Aronson+Johnson+Ortiz is an institutional investment manager,
established in 1984 and located in Philadelphia, Pennsylvania.
AJO is value-oriented but believes superior results are
best achieved by combining value, management (growth),
and momentum. The manager's Dollar-Neutral Long/Short
strategy screens all U.S. stocks for longevity, solvency,
and liquidity, and then draws on an investment universe
of 1,500 to 2,000 companies that can be purchased or sold
short. Their bottom up investment process optimizes the
tradeoff between expected return and multifaceted risk
by evaluating four broad categories of value - assets,
earnings, management, and momentum.
Aronson+Johnson+Ortiz provides investment advisory services
for mostly institutional clients, including mutual funds.
Primary Strategy for the Absolute Strategies Fund:
Dollar-Neutral Long/Short Equity |
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BERNZOTT CAPITAL ADVISORS
www.bernzott.com
Bernzott Capital Advisors was founded in 1994 and is located
in Camarillo, California. The advisor manages concentrated
small cap domestic equity portfolios with a long-term
outlook. Common sense and business acumen are combined
with a disciplined bottom-up approach. Stocks on Bernzott's
Buy List are selected and continually evaluated according
to fundamental screening, rigorous financial and accounting
analysis and subjective qualitative analysis. Bernzott
relies exclusively on their own research, using it to
identify companies demonstrating the ability to perform
well regardless of industry conditions, cyclical trends,
or volatility in the economy or market.
Bernzott Capital Advisors provides investment advisory
services for institutions, foundations and endowments,
businesses, and all types of qualified retirement plans.
The Fund is the first mutual fund for which the Sub-Advisor
will provide advisory services.
Primary Strategy for the Absolute Strategies Fund:
Concentrated Small Cap Equity |
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CONTRAVISORY RESEARCH & MANAGEMENT CORPORATION
www.contravisory.com
Contravisory was founded in 1972 and is located in Hingham,
Massachusetts. Contravisory utilizes a proprietary quantitative/technical
approach to execute their long/short equity strategy.
The approach identifies leading (or lagging) stocks in
industry groups in the market through the implementation
of long-term relative price trend analysis. This analysis
exposes the two primary drivers of stock price behavior:
the underlying fundamentals and investor sponsorship (or
psychology), with particular emphasis given to changes
in trend direction, either positive (or negative) on a
stock industry group, that group will outperform (or underperform)
over the next 18 to 24 months.
Contravisory Research & Management Corp. provides investment
advisory services for individuals, trusts, profit-sharing
plans, and institutions. The Fund is the first mutual
fund for which the Sub-Adviser will provide advisory services.
Primary Strategy for the Absolute Strategies Fund:
Long/Short Equity |
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GMB CAPITAL MANAGEMENT, LLC
GMB Capital Management, LLC, based in Boston, Massachusetts, utilizes proprietary optimal-pricing models to analyze global demand flows in order to allocate capital optimally across global markets. GMB primarily uses US-listed ETFs however, opportunities may also include fixed income, currencies, precious metals or commodities. GMB commenced operations in 2005, and their Global Alpha Strategy is a risk-enhanced version of models they have used for managed accounts since 1998.
GMB Capital Management, LLC provides investment advisory services for other pooled investment vehicles. The Fund is the first mutual fund for which GMB provides investment advisory services.
Primary Strategy for the Absolute Strategies Fund:
Global Macro |
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HORIZON ASSET MANAGEMENT, INC.
www.hamincny.com
Founded in 1995 and located in New York, New York, Horizon
takes a value oriented approach to several investing strategies
that may be used by the Fund including: synthetic short
sale investing, spin-off investing and distressed fixed
income investing. The manager takes the viewpoint that
the key determinant of a portfolio's long-term return
is risk. This philosophy recognizes that every investment
has some inherent risk and that investment returns are
subject to the 'volatility paradox' - where negative returns
require larger offsetting positive returns. Therefore,
successful portfolio management requires that: every portfolio
strategy be individually designed to maximize return for
a given level of risk; every investment be measured for
risk (volatility); every security purchased has a low
codependency within a portfolio strategy and with other
strategies; and every security purchased incorporates
some margin of safety or downside protection.
Horizon Asset Management, Inc. provides investment advisory
services for institutional clients and high-net worth
individuals. The Fund is the first mutual fund for which
the Sub-Adviser will provide advisory services.
Primary Strategies for the Absolute Strategies Fund:
Synthetic Short Sale & Distressed Fixed Income |
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KINETICS ASSET MANAGEMENT, INC.
www.kineticsfunds.com
Kinetics Asset Management was established in 1996 and
is located in New York, New York. The advisor manages
a long/short equity portfolio. Kinetics' methodology entails
rigorous in-house research emphasizing stress tests for
all foreseeable adverse conditions. This process reveals
securities with asymmetric return properties - those for
which reward potential exceeds downside risk, both in
magnitude and probability. Adherence to this process yields
a margin of safety approach to investing.
Kinetics Asset Management, Inc. provides investment advisory
services for institutional clients, high-net worth individuals,
and mutual funds.
Primary Strategy for the Absolute Strategies Fund:
Long/Short Equity
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KOVITZ INVESTMENT GROUP, LLC
www.kovitzinvestment.com
Kovitz Investment Group, LLC was founded in October 2003, and is located in Chicago, Illinois. Prior to incorporating in 2003, Kovitz operated as an independent group within Rothschild Investment Corporation, from 1997 until their formation in 2003. Kovitz manages a Long/Short Equity strategy with an approach to investing based on Benjamin Graham's concept of "Margin of Safety". While Kovitz strives to maximize return, they believe the primary investment criterion should be safety of principal and a focus on minimizing permanent loss of capital. Their investment team relies on in-house research to screen for long and short ideas and focuses primarily on fundamental principles of balance sheet and cash flow analysis.
Kovitz is an investment advisor registered with the SEC under the Investment Advisors Act of 1940 and provides investment advisory services for corporations, individuals, pension and profit sharing plans and other pooled investment vehicles. The Fund is the first mutual fund for which Kovitz provides investment advisory services.
Primary Strategy for the Absolute Strategies Fund:
Long/Short Equity
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METROPOLITAN WEST ASSET MANAGEMENT LLC
www.mwamllc.com
Metropolitan West Asset Management (MWAM) is located in
Los Angeles, California and commenced operations in 1996.
MWAM’s opportunistic/distressed strategy seeks to exploit potential dislocations or mis-priced securities in the credit markets. Potential opportunities may include various securities, including distressed sub-prime mortgage securities, corporate securities and commercial mortgage-backed securities. MWAM's fixed income philosophy has the goal of consistently
outperforming a client's benchmark while maintaining below
average volatility. MWAM's approach includes the measured
application of five value-added investment strategies,
including: (1) Limited average maturity/duration shifts;
(2) Yield curve management (3) Utilization of all sectors
of the bond market; (4) Quantitative security selection;
and (5) Sophisticated buy/sell execution strategies.
Metropolitan West Asset Management, LLC, provides investment
advisory services for institutional clients, high-net
worth individuals, and mutual funds.
Primary Strategy for the Absolute Strategies Fund: Opportunistic/Distressed Debt & Fixed Income |
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MOHICAN FINANCIAL MANAGEMENT
www.mohicanfinancial.com
Mohican Financial Management, LLC was founded in November 2003, and is located in Cooperstown, New York. Mohican manages a disciplined Convertible Arbitrage strategy with an investment objective focused on capital preservation. The firm's experienced investment team utilizes intensive fundamental research for sourcing ideas and constructing portfolios of small/mid capitalization convertible securities. Their versatile understanding of total return, credit, and volatility provides the foundation for successful portfolio diversification and risk management.
Mohican is an SEC registered investment adviser and provides investment advisory services for another pooled investment vehicle. The Fund is the first mutual fund for which Mohican will provide advisory services.
Primary Strategy for the Absolute Strategies Fund:
Convertible Arbitrage |
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SSI INVESTMENT MANAGEMENT
www.ssi-invest.com
SSI was founded in 1973 and is located in Beverly Hills,
California. SSI employs both an equity and convertible
long/short market neutral investment strategies. The advisor
uses both quantitative and fundamental analysis for stock
selection. This approach separates them from most of their
competitors. The manager's investment philosophy is based
on three key beliefs: (1) quantitative models provide
the most effective framework for identifying superior
value in securities markets; (2) vigilant fundamental
research is essential in the selection of securities;
and (3) seasoned experience professionals add significant
value to portfolio management.
SSI Investment Management, Inc. provides investment advisory
services for pension and profit sharing plans, corporations,
college endowments, Taft-Hartley plans, high-net worth
individuals and mutual funds.
Primary Strategies for the Absolute Strategies Fund:
Hedged Convertible & Long/Short Market Neutral |
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TWIN CAPITAL MANAGEMENT, INC.
www.twincapital.com
TWIN Capital was launched in 1990 and is an independent
registered investment advisor located in McMurray, Pennsylvania.
TWIN manages a long/short market neutral strategy focused
on mid cap growth equities. The advisor engineers, tests
and implements 'alpha engines' for each of its products,
then calibrates and monitors portfolio risk exposures
so surprises are minimized. TWIN uses its own research
and analytics in combination with its 'alpha engines'
to outperform its benchmarks. The advisor seeks to maintain
long/short momentum exposure while controlling sector,
factor and beta risks.
TWIN Capital Management, Inc. provides investment advisory
services for institutional clients, high-net worth individuals,
and mutual funds.
Primary Strategy for the Absolute Strategies Fund:
Momentum Long/Short Market Neutral |
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YACKTMAN ASSET MANAGEMENT COMPANY
www.yacktman.com
Yacktman Asset Management is a registered investment advisor
serving long-term oriented investors since 1992 and is
located in Austin, Texas. The advisor employs a concentrated
equity strategy. Yacktman seeks to invest in companies
having the following characteristics: high cash flow and
low capital expenses that produce non-durable, non-fad
products and/or services; sustainable/growing competitive
advantage; and shareholder-oriented management teams.
The advisor also seeks to pay the right price for the
securities it buys, acknowledging that great companies
can be good investments.
Yacktman Asset Management Co. provides investment advisory
services for institutional clients and long-term investors.
The Sub-Adviser is also the investment adviser for two
mutual funds: the Yacktman Fund and the Yacktman Focused
Fund.
Primary Strategy for the Absolute Strategies Fund:
Focused Equity |
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