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Market Neutral Fund - A (HSKAX)

Market Neutral Fund - A (HSKAX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources
Portfolio breakdown (as of 1/31/2015)
Top ten long positions  
1. Union Pacific Corp. 2.8%  
2. ACE Ltd. 2.4%  
3. Avago Technologies Ltd. 2.1%  
4. United Technologies Corp. 2.0%  
5. Constellation Brands, Inc., Class A 1.9%  
6. Lowe's Cos., Inc. 1.8%  
7. Time Warner, Inc. 1.8%  
8. Biogen Idec, Inc. 1.7%  
9. Lam Research Corp. 1.6%  
10. Honeywell International, Inc. 1.6%  
TOTAL 19.6  
Top ten short position
1. Intel Corp. 2.1%
2. Lockheed Martin Corp. 2.0%
3. NVIDIA Corp. 1.8%
4. Boeing Co. (The) 1.8%
5. Altera Corp. 1.8%
6. 3M Co. 1.6%
7. Southern Co. (The) 1.6%
8. Eli Lilly & Co. 1.6%
9. Pfizer, Inc. 1.6%
10. Linear Technology Corp. 1.5%
TOTAL 17.4
Sector breakdown* (as of 1/31/2015)
  Long Short
Consumer Discretionary 15.3% 18.4%
Consumer Staples 5.8% 8.6%
Energy 2.7% 4.0%
Financials 17.2% 18.6%
Health Care 9.2% 9.7%
Industrials 15.0% 15.0%
Information Technology 16.7% 14.3%
Investment Company 7.3% 0.0%
Materials 5.7% 6.0%
Telecommunication Services 0.0% 1.1%
Utilities 5.2% 4.5%

* Due to rounding, values may not total 100%.

Portfolio stats (as of 1/31/2015)
Fund assets $105.78
(in millions)
Turnover Ratio 356.00%
(Trailing 12 month)(10/31/2014)
Turnover Ratio 781.00%
(Trailing 12 month)(10/31/2014)
  Long Short
Number of Holdings 155 176
Wtd. Avg. Market Cap $57.9 $47.8
(in billions)    
Median Market Cap $25.3 $15.3
(in billions)    
P/E Ratio 16.8 18.6
(1 yr. forecast)    
P/B ratio 2.4 3.0
Risk measures* (as of 1/31/2015)
Beta --
Sharpe Ratio -0.20

*All risk measures are based on a 3 year time period.

What's this? Mouse over an  underlined  word to see its definition. Check out our glossary >

Formerly Highbridge Statistical Market Neutral Fund.

The Fund may use derivatives in connection with its investment strategies. Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund's original investment. Many derivatives will give rise to a form of leverage. Derivatives are also subject to the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index. The use of derivatives may not be successful, resulting in losses to the Fund, and the cost of such strategies may reduce the Fund's returns. Derivatives also expose the Fund to the credit risk of the derivative counterparty. In addition, the Fund may use derivatives for non-hedging purposes, which increases the Fund's potential for loss.

There is no guarantee that the use of long and short positions will succeed in limiting the Fund's exposure to domestic stock market movements, capitalization, sector swings or other risk factors. Investment in a portfolio involved in long and short selling may have higher portfolio turnover rates. The Fund anticipates a very high degree of portfolio turnover (likely to be in excess of 600% per year). This will likely result in additional tax consequences. Short selling involves certain risks, including additional costs associated with covering short positions and a possibility of unlimited loss on certain short sale positions.

Asset allocation/diversification does not guarantee investment returns and does not eliminate the risk of loss.

P/E ratio: the number by which earnings per share is multiplied to estimate a stock's value.

P/B ratio: the relationship between a stock's price and the book value of that stock.

The top 10 long and short positions listed reflect only the Fund's net assets. Cash and cash equivalents are excluded. Holdings are subject to change and should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value (net assets) of the securities held in the Fund and does not include the use of derivative positions, where applicable.

Sharpe ratio: A risk-adjusted measure that determines the reward per unit of risk. The numerator is the difference between the Fund's annualized return and the annualized return of the risk-free instrument (Citigroup 3-Month Treasury Bill Index) and the denominator is the Fund's standard deviation. The Sharpe ratio is calculated over a 36-month period based on the Fund's returns. The greater the Fund's Sharpe ratio, the better its risk-adjusted performance has been. A negative Sharpe ratio indicates that a risk-free instrument would perform better than the Fund. The Sharpe ratio shown is based on the Fund's Class A Shares or the oldest share class, where Class A Shares are not available.

Standard deviation: A statistical measure of the degree to which the Fund's returns have varied from its historical average. The higher the standard deviation, the wider the range of returns from its average and the greater the historical volatility. The standard deviation is calculated over a 36-month period based on Fund's monthly returns. The standard deviation shown is based on the Fund's Class A Shares or the oldest share class, where Class A Shares are not available.

EPS: Total earnings divided by the number of shares outstanding.

Risk measures are calculated based upon the Funds' broad-based index as stated in the prospectus.