Skip to content

Relative Value Fund

JRSVX - S SHARES JRVIX - I SHARES JRVAX - A SHARES JRVCX - C SHARES

Overview

AT A GLANCE
  • $7.29 M

    Portfolio Assets 11-24-2020

  • $9.99 NAV 11-24-2020
  • 3.24%

    Gross Expenses1

  • 2.43%*

    Net Expenses1

  • 80343J 882

    CUSIP

  • 8/18/2017

    Inception Date

*The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses until at least March 31, 2020 for I Shares to ensure that net annual operating expenses will not exceed 1.49%, subject to possible recoupment from the Fund in future years.

$868.3 Billion Market Capitalization

That’s the market cap of the HFRI Relative Value Total Index, which represents 27% of the total hedge fund capital as of 9/30/19.

Seeks To Exploit Performance Variances

Strategy focuses on finding price differentials between related financial instruments and taking long positions where outperformance is projected and short positions where underperformance is anticipate.

Consistent Strategy Performance

Companies with improving levels of financial productivity relative to their industry outperform, whilst companies with deteriorating levels of financial productivity tend to underperform.2

DISTINCT, PROPRIETARY DYNAMIC BETA SYSTEM

We have developed a proprietary, complex system that seeks to follow the dynamically changing hedge fund universe.

 

FUND OBJECTIVE

  • Seeks attractive long-term risk-adjusted returns relative to traditional financial market indices.
  • Attempts to provide investors with a relative value alternative allocation vehicle by attempting to identify and capitalize on valuation discrepancies between related financial instruments rather than on the direction of the general market.

FUND STRATEGY

  • Seeks to track the global universe of more than 350 relative value funds.
  • Employs proprietary techniques and models to evaluate the drivers of performance of private funds that utilize relative value strategies.
  • Invests in a variety of asset classes, such as, among others, asset-backed master limited partnership (MLP), real estate, convertible arbitrage, corporate and sovereign strategies, as well as volatility investments strategies.
  • Seeks to gain exposure to these asset classes primarily through exchange-traded products such as exchange-traded notes (“ETNs”), exchange-traded funds (“ETFs”), and mutual funds, although the Portfolio may invest directly in currencies, equities, and fixed income securities.
  • May also seek exposure to volatility as an asset class by attempting to capitalize on discrepancies between implied (estimated) level of volatility on specific instruments and actual volatility levels.

Performance


Daily Prices and Returns as of 11/24/2020
Ticker Share Class NAV Chg % POP YTD
JRSVX S 10.08 0.40% 2.65%
JRVIX I 9.99 0.40% 2.25%
JRVAX A 9.99 0.40% 10.60 2.25%
JRVCX C 9.99 0.40% 2.25%

*Shares of Class S of the Portfolios are available exclusively to investment advisers and broker-dealers that are affiliated with the Manager as a means of implementing asset allocation recommendations for their clients

Inception date for S, I, A, and C Shares was 8/18/2017. 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 March 31, 2020 for I, A, C Shares and March 31, 2021. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 3.16% for S Shares, 3.24% for I Shares, 3.48% for A Shares, and 4.24% for C Shares; total annual operating expenses after the expense reduction/reimbursement are 2.06% for S Shares, 2.43% for I Shares, 2.68% for A Shares, and 3.43% for C Shares. The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least March 31, 2020 for I, A, C Shares and March 31, 2021 for S Shares, to ensure that net annual operating expenses of the fund will not exceed 1.12% for S Shares, 1.49% for I Shares, 1.74% for A Shares, and 2.49% for C Shares, subject to possible recupment from the Fund in future years. 5.75% is the maximum sales charge on purchases of A shares. For performance information current to the most recent month-end, please call 888.814.8180.


Performance as of 9/30/2020
Ticker Share Class 1 MO YTD 1 YR 3 YR 5 YR Since Inception
JRSVX S -1.13% -1.83% 0.55% 3.35% N/A 3.71%
JRVIX I -1.14% -2.15% 0.15% 3.09% N/A 3.46%
JRVAX A -1.14% -2.15% -1.26% 2.60% N/A 2.99%
JRVCX C -1.14% -2.15% 0.15% 3.09% N/A 3.46%

*Shares of Class S of the Portfolios are available exclusively to investment advisers and broker-dealers that are affiliated with the Manager as a means of implementing asset allocation recommendations for their clients

Inception date for S, I, A, and C Shares was 8/18/2017. 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 March 31, 2020 for I, A, C Shares and March 31, 2021. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 3.16% for S Shares, 3.24% for I Shares, 3.48% for A Shares, and 4.24% for C Shares; total annual operating expenses after the expense reduction/reimbursement are 2.06% for S Shares, 2.43% for I Shares, 2.68% for A Shares, and 3.43% for C Shares. The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least March 31, 2020 for I, A, C Shares and March 31, 2021 for S Shares, to ensure that net annual operating expenses of the fund will not exceed 1.12% for S Shares, 1.49% for I Shares, 1.74% for A Shares, and 2.49% for C Shares, subject to possible recupment from the Fund in future years. 5.75% is the maximum sales charge on purchases of A shares. For performance information current to the most recent month-end, please call 888.814.8180.

Dividend and Capital Gains Distributions: S Shares (JRSVX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
12/24/2019 9.80 0.0000 0.0000 0.0000 1.2206 1.2206
11/22/2019 10.85 0.0030 0.0302 0.0000 0.0766 0.1098
12/13/2018 9.93 0.0000 0.0022 0.0000 0.1731 0.1753
12/18/2017 10.13 0.0000 0.0000 0.0000 0.0556 0.0556


Dividend and Capital Gains Distributions: I Shares (JRVIX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
12/24/2019 9.75 0.0000 0.0000 0.0000 1.2206 1.2206
11/22/2019 10.80 0.0030 0.0302 0.0000 0.0766 0.1098
12/13/2018 9.93 0.0000 0.0022 0.0000 0.1731 0.1753
12/18/2017 10.13 0.0000 0.0000 0.0000 0.0556 0.0556


Dividend and Capital Gains Distributions: A Shares (JRVAX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
12/24/2019 9.75 0.0000 0.0000 0.0000 1.2206 1.2206
11/22/2019 10.80 0.0030 0.0302 0.0000 0.0766 0.1098
12/13/2018 9.93 0.0000 0.0000 0.0000 0.1731 0.1731
12/18/2017 10.13 0.0000 0.0000 0.0000 0.0556 0.0556

 


Dividend and Capital Gains Distributions: C Shares (JRVCX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
12/24/2019 9.75 0.0000 0.0000 0.0000 1.2206 1.2206
11/22/2019 10.80 0.0030 0.0302 0.0000 0.0766 0.1098
12/13/2018 9.93 0.0000 0.0000 0.0000 0.1731 0.1731
12/18/2017 10.13 0.0000 0.0000 0.0000 0.0556 0.0556

PORTFOLIO MANAGER

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.

Read More

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.

Read Less

Documents

Title Release Date Download PDF
First Quarter Fact Sheet March 31, 2020 Download
Prospectus March 29, 2019 Download

Risks

Source: Hedge Fund Research, Inc. www.hedgefundresearch.com. The HFRI Relative Value (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.

The Portfolio may engage in frequent trading of portfolio securities resulting in higher transaction costs, a lower return and increased tax liability. Exposure to the commodities markets and/or a particular sector of the commodities markets, may subject the Portfolio and the Subsidiary to greater volatility than investments in traditional securities, such as stocks and bonds. Investments in convertible securities subject the Portfolio to the risks associated with fixed-income securities. Certain derivative and “over-the-counter” (“OTC”) instruments in which the Portfolio may invest, such as OTC swaps and forwards, are subject to the risk that the other party to a contract will not fulfill its contractual obligations. The dollar value of the Portfolio’s foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded.

Derivatives may be volatile and some derivatives have the potential for loss that is greater than the Portfolio’s initial investment. If the Portfolio sells (writes) a put option, there is risk that the Portfolio may be required to buy the underlying investment at a disadvantageous price. The liquidity of the futures market depends on participants entering into offsetting transactions rather than making or taking delivery. Certain swap transactions are structured as two-party contracts and are therefore often less liquid than other types of investments, and the Portfolio may be unable to sell or terminate its swap positions at a desired time or price. If the Portfolio sells (writes) a call option, there is risk that the Portfolio may be required to sell the underlying investment at a disadvantageous price. Short sales may cause the Portfolio to repurchase a security at a higher price, thereby causing the Portfolio to incur a loss. Emerging market investing involves risks in addition to those risks involved in foreign investing. ETNs are subject to the credit risk of the issuer, and the value of the ETN may drop due to a downgrade in the issuer’s credit rating, despite the underlying market benchmark or assets remaining unchanged. ETF value is expected to rise and fall as the value of the underlying index or other assets rises and falls. The type, frequency and severity of events that trigger an increase or decline in the value of or income from event-linked securities (“trigger events”) are difficult to predict.

The Portfolio is subject to risks associated with investing in equity securities, including market risk, issuer risk, price volatility risks and market trends risk. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies. There is risk that the U.S. Government will not provide financial support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. The hedging strategies of the private funds whose returns are tracked by the Manager may not be successful in reducing market risk and, in turn, the Portfolio may not provide protection from losses during market downturns. High yield bonds (junk bonds) involve a greater risk of default or price changes due to changes in the credit quality of the issuer. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. An investment in the Portfolio’s common shares is subject to investment risk, including the possible loss of the entire principal amount invested. The Portfolio may hold illiquid securities that it is unable to sell at the preferred time or price and could lose its entire investment in such securities. Investing in medium and small capitalization companies may involve more risk than is usually associated with investing in larger, more established companies.

The risks of investing in an MLP are similar to those of investing in a partnership, including more flexible governance structures, which could result in less protection for investors than investments in a corporation. Mortgage-backed and asset-backed securities are also subject to extension risk, which is the risk that the issuer of such a security pays back the principal of an obligation later than expected, which may occur when interest rates rise. By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. Underlying Pools are subject to investment advisory and other expenses, which will be indirectly paid by the Portfolio as an investor in Underlying Pools. As a result, the cost of investing in the Portfolio may be higher than the cost of investing directly in an Underlying Pool. Value investing strategies involve obtaining exposure to individual investments or market sectors that are out of favor and/or undervalued in comparison to their peers or their prospects for growth. Because different types of investments go out of favor with investors depending on market and economic conditions, the Portfolio’s return may be adversely affected during market downturns and when value investment strategies are out of favor.

1Inception date for S, I, A, and C Shares was 8/18/2017. 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 March 31, 2020 for I, A, C Shares and March 31, 2021. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 3.16% for S Shares, 3.24% for I Shares, 3.48% for A Shares, and 4.24% for C Shares; total annual operating expenses after the expense reduction/reimbursement are 2.06% for S Shares, 2.43% for I Shares, 2.68% for A Shares, and 3.43% for C Shares. The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least March 31, 2020 for I, A, C Shares and March 31, 2021 for S Shares, to ensure that net annual operating expenses of the fund will not exceed 1.12% for S Shares, 1.49% for I Shares, 1.74% for A Shares, and 2.49% for C Shares, subject to possible recupment from the Fund in future years. 5.75% is the maximum sales charge on purchases of A shares. For performance information current to the most recent month-end, please call 888.814.8180.

2Lazard Asset Management, 2012. Relative Value Investing.