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Macro Fund

GRSSX - S SHARES GRRIX - I SHARES GRRAX - A SHARES GRRCX - C SHARES

Overview

AT A GLANCE
  • $11.0 M

    Portfolio Assets 02-07-2020

  • $9.17 NAV 2/21/2020
  • 2.82%

    Gross Expenses1

  • 1.76%*

    Net Expenses1

  • 803431 436

    CUSIP

  • 02-01-2011

    Inception Date

*The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses until at least December 31, 2019 for I Shares to ensure that net annual operating expenses will not exceed 1.25%, subject to possible recoupment from the Fund in future years.

$599.5 Billion Market Capitalization

That’s the market cap of the HFRI Macro Total Index, which represents 19% of the total hedge fund capital as of 9/30/19.

Diversification

Global macro strategies can be valuable diversifiers to stock and bond portfolios.

FUND OBJECTIVE

To seek to achieve attractive long-term risk-adjusted returns relative to traditional financial market indices.

FUND STRATEGY

  • The Fund seeks to deliver the return streams of Global Macro hedge funds that can go long or short3 across a variety of assets and strategies such as, CTA/Managed Futures, equities, fixed income, commodity, currency, etc
  • Uses a systematic, bottom-up approach that integrates both quantitative and discretionary strategies
  • Broadly diversified strategy, with positions across a range of global markets, and taking both relative value and directional positions

 

Performance

Daily Prices and Returns as of 2/21/2020
Ticker Share Class NAV Chg % POP YTD
GRRIX I 9.17 -0.22% 2.00%
GRRAX A 9.14 -0.11% 9.70 2.01%
GRRCX C 8.71 -0.11% 1.99%

Inception date for A and I Shares was 2/1/2011. Inception date for C Shares was 1/5/2012. Performance data quoted above is historical. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. The Fund’s management has contractually waived a portion of its management fees until December 31, 2019. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reimbursement are 3.07% for A Shares, 2.82% for I Shares, and 3.82% for C Shares; total annual operating expenses after the expense reimbursement are 2.01% for A shares, 1.76% for I shares, and 2.76% for C Shares. Pursuant to an operating expense limitation agreement between the Manager and the Portfolio, the Manager has agreed to waive its fees and/or absorb expenses of the Portfolio to ensure that Total Annual Portfolio Operating Expenses (excluding front-end and contingent deferred sales loads, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and Acquired Fund Fees and Expenses) for the Portfolio do not exceed 1.50%, 1.25%, and 2.25% of the Portfolio’s average net assets for Class A, Class I, and Class C Shares, respectively, through December 31, 2019 (each an “Expense Cap”). 5.75% is the maximum sales charge on purchases of A shares. For more performance data please call 888.814.8180.

Performance as of 12/31/2019
Ticker Share Class 1 MO YTD 1 YR 3 YR 5 YR Since Inception
GRRIX I 0.78% 9.35% 9.35% 2.08% -0.44% 0.38%
GRRAX A 0.72% 9.09% 9.09% 1.81% -0.69% 0.16%
GRRCX C 0.60% 8.21% 8.21% 1.02% -1.44% -0.90%

Inception date for A and I Shares was 2/1/2011. Inception date for C Shares was 1/5/2012. Performance data quoted above is historical. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. The Fund’s management has contractually waived a portion of its management fees until December 31, 2019. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reimbursement are 3.07% for A Shares, 2.82% for I Shares, and 3.82% for C Shares; total annual operating expenses after the expense reimbursement are 2.01% for A shares, 1.76% for I shares, and 2.76% for C Shares. Pursuant to an operating expense limitation agreement between the Manager and the Portfolio, the Manager has agreed to waive its fees and/or absorb expenses of the Portfolio to ensure that Total Annual Portfolio Operating Expenses (excluding front-end and contingent deferred sales loads, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and Acquired Fund Fees and Expenses) for the Portfolio do not exceed 1.50%, 1.25%, and 2.25% of the Portfolio’s average net assets for Class A, Class I, and Class C Shares, respectively, through December 31, 2019 (each an “Expense Cap”). 5.75% is the maximum sales charge on purchases of A shares. For more performance data please call 888.814.8180.

Dividend and Capital Gains Distributions: I Shares (GRRIX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
12/21/2015 9.88 0.0000 0.0000 0.0000 0.2256 0.2256
12/19/2013 9.99 0.0000 0.0513 0.0000 0.0688 0.1201
12/19/2012 10.33 0.0000 0.0579 0.0000 0.1384 0.1963
12/21/2011 10.11 0.0000 0.0000 0.0000 0.0453 0.0453


Dividend and Capital Gains Distributions: A Shares (GRRAX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
12/21/2015 9.92 0.0000 0.0000 0.0000 0.1183 0.1183
12/19/2013 9.97 0.0000 0.0513 0.0000 0.0483 0.0996
12/19/2012 10.31 0.0000 0.0579 0.0000 0.1251 0.1830
12/21/2011 10.11 0.0000 0.0000 0.0000 0.0401 0.0401


Dividend and Capital Gains Distributions: C Shares (GRRCX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
12/21/2015 9.66 0.0000 0.0000 0.0000 0.1420 0.1420
12/19/2013 9.88 0.0000 0.0513 0.0000 0.0137 0.0650
12/19/2012 10.26 0.0000 0.0579 0.0000 0.1034 0.1613

PORTFOLIO MANAGER

Akos Beleznay, Ph.D.

Akos Beleznay, Ph.D.

(Chief Investment Officer, James Alpha Advisors)

Dr. Beleznay serves as Chief Investment Officer for James Alpha Advisors and is a member of the James Alpha Investment Committee and responsible for manager research and asset allocation amongst the James Alpha suite of managers and funds.

Dr. Beleznay has been successfully allocating capital to hedge funds for over 15 years. Prior to joining James Alpha, he was the Chief Investment Officer at Riverside, the asset management arm of HFR (Hedge Fund Research, Inc.) managing over $1 billion of fund of hedge fund products. Before Riverside, Dr. Beleznay served as the Chief Investment Officer at Commerce Asset Management and CSG Asset Management with responsibility for managing funds of hedge funds and a hedge fund index replication product. He also served as the Director of Consulting Research for Equitas Capital Advisors, LLC from 2002 to 2010 and the Chief Investment Officer of Equitas Evergreen Fund LP, a fund of hedge funds with $300 million in assets, from 2003 to 2010.

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Dr. Beleznay serves as Chief Investment Officer for James Alpha Advisors and is a member of the James Alpha Investment Committee and responsible for manager research and asset allocation amongst the James Alpha suite of managers and funds.

Dr. Beleznay has been successfully allocating capital to hedge funds for over 15 years. Prior to joining James Alpha, he was the Chief Investment Officer at Riverside, the asset management arm of HFR (Hedge Fund Research, Inc.) managing over $1 billion of fund of hedge fund products. Before Riverside, Dr. Beleznay served as the Chief Investment Officer at Commerce Asset Management and CSG Asset Management with responsibility for managing funds of hedge funds and a hedge fund index replication product. He also served as the Director of Consulting Research for Equitas Capital Advisors, LLC from 2002 to 2010 and the Chief Investment Officer of Equitas Evergreen Fund LP, a fund of hedge funds with $300 million in assets, from 2003 to 2010.

Mr. Beleznay has a PhD degree in Physics from Eotvos Lorand University, Hungary and an MBA from Tulane University.

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Documents

Title Release Date Download PDF
Fourth Quarter Fact Sheet December 31, 2019 Download
Fact Sheet June 30, 2019 Download
Press Release March 08, 2016 Download
Commentary July 31, 2016 Download
Commentary June 30, 2016 Download
Commentary May 31, 2016 Download
Commentary April 30, 2016 Download
Commentary March 31, 2016 Download
Commentary February 28, 2016 Download
Commentary January 31, 2016 Download
Commentary December 31, 2015 Download
Commentary November 30, 2015 Download
Commentary September 30, 2015 Download
Commentary August 31, 2015 Download
Commentary July 31, 2015 Download
Commentary May 31, 2015 Download
Commentary April 30, 2015 Download
Commentary March 31, 2015 Download
Commentary February 28, 2015 Download
Prospectus December 27, 2019 Download

Risks

Source: Hedge Fund Research, Inc. www.hedgefundresearch.com. The HFRI Macro (Total) Index is being used under license from Hedge Fund Research, Inc., which does not approve or endorse the contents of this website.

There is no assurance that the portfolio will achieve its investment objective.

S&P 500: An index of 500 stocks chosen for market size, liquidity, and industry grouping, among other factors. The S&P 500 is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe.

Exposure to the commodities markets may subject the Portfolio to greater volatility. There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. Currency strategies will subject the Fund to currency trading risks that include market risk, credit risk and country risk. Derivative instruments involve risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

Securities issued by foreign companies and governments located in developing countries may be affected more negatively by inflation, devaluation of their currencies, higher transaction costs, adverse political developments and lack of timely information than those in developed countries. Event-linked securities may at any given time be illiquid, thus, the sale of these investments may be made at substantial discounts, delayed or impossible. The Fund may invest in high yield securities, also known as “junk bonds.” High yield securities provide greater income and opportunity for gain, but entail greater risk of loss of principal. The Portfolio may invest in mortgage- and asset-backed securities that are subject to prepayment or call risk. Mutual funds involve risk, including possible loss of principal.

1Inception date for A and I Shares was 2/1/2011. Inception date for C Shares was 1/5/2012. Performance data quoted above is historical. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. The Fund’s management has contractually waived a portion of its management fees until December 31, 2019. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reimbursement are 3.07% for A Shares, 2.823% for I Shares, and 3.82% for C Shares; total annual operating expenses after the expense reimbursement are 2.01% for A shares, 1.76% for I shares, and 2.76% for C Shares. Pursuant to an operating expense limitation agreement between the Manager and the Portfolio, the Manager has agreed to waive its fees and/or absorb expenses of the Portfolio to ensure that Total Annual Portfolio Operating Expenses (excluding front-end and contingent deferred sales loads, interest and tax expenses, dividends and interest on short positions, brokerage commissions, expenses incurred in connection with any merger, reorganization or liquidation, extraordinary or non-routine expenses and Acquired Fund Fees and Expenses) for the Portfolio do not exceed 1.50%, 1.25%, and 2.25% of the Portfolio’s average net assets for Class A, Class I, and Class C Shares, respectively, through December 31, 2019 (each an “Expense Cap”). 5.75% is the maximum sales charge on purchases of A shares. For more performance data please call 888.814.8180.

3A long/short strategy is an investing strategy of taking long positions in stocks that are expected to appreciate and short positions in stocks that are expected to decline. A long/short strategy seeks to minimize market exposure while profiting from stock gains in the long positions and price declines in the short positions. Although this may not always be the case, the strategy would be profitable on a net basis as long as the long positions generate more profit than the short positions, or the other way around.