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Total Hedge Fund

JTHSX - S SHARES JTHIX - I SHARES JTHAX - A SHARES JTHCX - C SHARES

Overview

AT A GLANCE
  • $9.4 M

    Portfolio Assets 04-06-2020

  • $8.81 NAV 4/6/2020
  • 3.24%

    Gross Expenses1

  • 2.19%*

    Net Expenses1

  • 80343J 858

    CUSIP

  • 6/30/2017

    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.

40%

“Alternative investments are being used by nearly 40 percent of U.S. advisors, representing 7.2 percent of their total assets under management in 2017, according to a new report by Cerulli Associates.”

– FA-Mag.com 2

50%

“Institutions’ average alternative allocation is more than 50% of assets” 3

67%

“About 67% of advisers say lack of understanding is one of the main reasons why they don’t invest more heavily in alternatives.” – Frederick Gabriel, InvestmentNews editor 4

TIME TO ENGAGE

The liquid alternative space has grown from less than $150 billion in 2008 to over $900 billion today, and now represents nearly one-third of the overall hedge fund universe. Clearly, advisors and their clients are catching on to the benefits alternatives can add to a well-diversified portfolio. On the other hand, alternatives can be challenging to fully understand because there are simply so many strategies and investment styles to choose from. The Hedge Fund Research Institute (HFRI) Composite Index tracks over 6,900 different hedge funds. So, when selecting alternatives, where should one turn?

OUR SOLUTION

We believe the James Alpha Total Hedge Fund might just be the most logical place to turn. Why? Because its investment mandate is to outperform the returns of a variety of investment strategies offered by private funds. So, for clients who are intrigued by the risk-adjusted returns of the HFRI Composite Index (which cannot be invested in), and would like to further diversify a portfolio with a fund designed to replicate the Index’s performance, that’s what the James Alpha Total Hedge Fund is designed to potentially achieve. So, rather than struggling to pick one of 6,900 alternative strategies, how about a single fund that seeks to track them all.

WHICH TYPE OF CLIENT IS THIS FUND SUITABLE FOR?

When considering the James Alpha Total Hedge Fund, it may be most appropriate for investors seeking to add alternatives that:

  • Invests in a variety of strategies, including international and emerging markets, rather than just a single strategy
  • Tracks and seeks to equal or beat the performance of the composite global hedge fund universe
  • Improve portfolio diversification through lower correlation to traditional markets and low tracking error to the HFRI Composite Index
  • Provide full transparency, no K1s, daily liquidity and low minimums, no accredited investor requirement

FUND OBJECTIVE

  • Seeks long-term risk-adjusted returns relative to traditional financial market indices.

Performance


Daily Prices and Returns as of 4/6/2020
Ticker Share Class NAV Chg % POP YTD
JTHSX S 8.85 2.43% -14.16%
JTHIX I 8.81 2.32% -14.22%
JTHAX A 8.80 2.44% 9.34 -14.23%
JTHCX C 8.77 2.33% -14.44%

*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 6/30/2017. 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 for S Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 3.12% for S Shares, 3.24% for I Shares, 3.62% for A Shares, and 4.14% for C Shares; total annual operating expenses after the expense reduction/reimbursement are 1.82% for S Shares, 2.19% for I Shares, 2.44% for A Shares, and 3.19% for C Shares. The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses until at least March 31, 2020 for I, A, C Shares and March 31, 2021 for S Shares to ensure net annual operating expenses 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 recoupment 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 3/31/2020
Ticker Share Class 1 MO YTD 1 YR 3 YR 5 YR Since Inception
JTHSX S -11.09% -14.45% -9.77% N/A N/A -1.83%
JTHIX I -11.12% -14.41% -9.89% N/A N/A -1.94%
JTHAX A -11.14% -14.52% -10.14% N/A N/A -2.24%
JTHCX C -11.17% -14.63% -10.80% N/A N/A -2.88%

*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 6/30/2017. 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 for S Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 3.12% for S Shares, 3.24% for I Shares, 3.62% for A Shares, and 4.14% for C Shares; total annual operating expenses after the expense reduction/reimbursement are 1.82% for S Shares, 2.19% for I Shares, 2.44% for A Shares, and 3.19% for C Shares. The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses until at least March 31, 2020 for I, A, C Shares and March 31, 2021 for S Shares to ensure net annual operating expenses 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 recoupment 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 (JTHSX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
12/13/2018 9.71 0.0100 0.0995 0.0000 0.1701 0.2796
12/18/2017 10.37 0.0000 0.0228 0.0000 0.0697 0.0925


Dividend and Capital Gains Distributions: I Shares (JTHIX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
12/13/2018 9.70 0.0100 0.0995 0.0000 0.1701 0.2796
12/18/2017 10.37 0.0000 0.0228 0.0000 0.0697 0.0925


Dividend and Capital Gains Distributions: A Shares (JTHAX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
12/13/2018 9.69 0.0100 0.0995 0.0000 0.1421 0.2516
12/18/2017 10.36 0.0000 0.0228 0.0000 0.0617 0.0845


Dividend and Capital Gains Distributions: C Shares (JTHCX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
12/13/2018 9.69 0.0100 0.0995 0.0000 0.0833 0.1928
12/18/2017 10.37 0.0000 0.0228 0.0000 0.0327 0.0555

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.

Read Less

Documents

Title Release Date Download PDF
Fourth Quarter Fact Sheet December 31, 2019 Download
Fact Sheet September 30, 2019 Download
Prospectus March 29, 2019 Download
Semi-Annual Report May 31, 2018 Download

Risks

Source: Hedge Fund Research, Inc. www.hedgefundresearch.com. The HFRI Fund Weighted Composite 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. 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. 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. 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. 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. 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.

1Inception date for S, I, A, and C, Shares was 6/30/2017. 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 for S Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 3.12% for S Shares, 3.24% for I Shares, 3.62% for A Shares, and 4.14% for C Shares; total annual operating expenses after the expense reduction/reimbursement are 1.82% for S Shares, 2.19% for I Shares, 2.44% for A Shares, and 3.19% for C Shares. The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses until at least March 31, 2020 for I, A, C Shares and March 31, 2021 for S Shares to ensure net annual operating expenses 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 recoupment 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.

2FA Mag, September 27, 2018. Nearly 40% of U.S. Advisors Use Alt Investments, Study Says.

3Nacubo, 2019. Historic Endowment Study Data.

4Investment News, April 28, 2018. More advisers use alts, but few understand them.