Long/Short Equity Fund - Portfolio

Portfolio Exposure as of

% OF PORTFOLIO
Gross Long 104.5%
Gross Short -62.3%
Net Equity 42.3%

Average Exposure as of

GROSS LONG GROSS SHORT NET
2008 66.5% -20.2% 46.3%
2009 84.8% -13.1% 71.7%
2010 106.6% -45.0% 61.6%
2011 121.2% -68.2% 53.0%
2012 130.3% -63.4% 66.9%
2013 119.8% -79.6% 40.3%
2014 114.5% -77.1% 37.4%
2015 117.2% -77.7% 39.6%
2016 113.1% -79.6% 33.5%
2017 106.7% -74.4% 32.3%
2018 104.7% -72.2% 32.5%
2019 106.5% -74.3% 32.3%
YTD 115.4% -81.3% 34.2%
Since Inception 108.4% -63.5% 44.9%

Assets By Geography as of

% OF GROSS
United States 81.5%
Ex-U.S. 18.5%

Sector Allocation as of

% OF PORTFOLIO
Communication Services 16.6%
Health Care 12.2%
Consumer Discretionary 11.1%
Financials 8.2%
Consumer Staples 5.2%
Materials 4.1%
Energy 1.3%
Utilities 0.0%
Unassigned 0.0%
Information Technology -2.7%
Real Estate -4.7%
Industrials -8.8%

Concentration as of

% OF PORTFOLIO
Top 5 Long Equities 31.2%
Top 10 Long Equities 55.4%

Top Ten Long Equities as of

% OF PORTFOLIO
Alphabet, Inc.6.3%
Thermo Fisher Scientific, Inc.6.0%
Starbucks Corp.5.9%
Alibaba Group Holding Ltd.5.9%
Dollarama, Inc.5.7%
Mastercard, Inc.5.1%
Facebook, Inc.5.0%
Quanta Services, Inc.4.8%
Amazon.com, Inc.4.7%
Comcast Corp.4.6%
Portfolio holdings are subject to change.

Top Ten Short Equities as of

% OF PORTFOLIO
Trupanion, Inc.-2.7%
SiteOne Landscape Supply, Inc.-2.5%
CH Robinson Worldwide, Inc.-2.5%
Badger Meter, Inc.-2.4%
Paychex, Inc.-2.3%
PetMed Express, Inc.-2.3%
AT&T, Inc.-2.3%
Redfin Corp.-2.3%
Focus Financial Partners, Inc.-2.3%
Patterson Cos, Inc.-2.3%
Portfolio holdings are subject to change.

Capitalization Exposure as of

% OF PORTFOLIO
Large Cap (> $12 B) 53.8%
Mid Cap ($2.5 to $12 B) 1.9%
Small Cap (< $2.5 B) -13.4%

Sources: FactSet & Kiski Alpha Partners

Important Information