Long/Short Equity Fund - Portfolio

Portfolio Exposure as of

% OF PORTFOLIO
Gross Long 87.6%
Gross Short -41.7%
Net Equity 45.9%

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%
2020 96.0% -54.1% 42.0%
YTD 96.1% -54.1% 42.0%
Since Inception 11.3% -2.5% 8.8%

Assets By Geography as of

% OF GROSS
United States 93.2%
Ex-U.S. 6.8%

Sector Allocation as of

% OF PORTFOLIO
Financials 9.0%
Health Care 6.9%
Information Technology 6.7%
Consumer Discretionary 6.0%
Industrials 5.3%
Communication Services 5.1%
Materials 4.4%
Consumer Staples 2.7%
Energy 0.1%
Utilities 0.0%
Unassigned 0.0%
Real Estate -0.3%

Concentration as of

% OF PORTFOLIO
Top 5 Long Equities 20.9%
Top 10 Long Equities 36.0%

Top Ten Long Equities as of

% OF PORTFOLIO
Quanta Services, Inc.5.6%
Alphabet, Inc.5.0%
Assured Guaranty Ltd.3.6%
Mastercard, Inc.3.5%
Amazon.com, Inc.3.3%
Haemonetics Corp.3.3%
Sonos, Inc.3.0%
AbbVie, Inc.3.0%
PTC, Inc.2.9%
Alibaba Group Holding Ltd.2.9%
Portfolio holdings are subject to change.

Top Ten Short Equities as of

% OF PORTFOLIO
Snap-on, Inc.-2.9%
The Western Union Co.-2.8%
Patterson Cos, Inc.-2.5%
AT&T, Inc.-2.5%
Paychex, Inc.-2.4%
Robert Half International, Inc.-2.4%
Cracker Barrel Old Country Store, Inc.-2.4%
International Business Machines Corp.-2.3%
Focus Financial Partners, Inc.-2.3%
GATX Corp.-2.0%
Portfolio holdings are subject to change.

Capitalization Exposure as of

% OF PORTFOLIO
Unassigned 0.0%
Large Cap (> $12 B) 27.9%
Mid Cap ($2.5 to $12 B) 17.7%
Small Cap (< $2.5 B) 0.3%

Source: FactSet

Important Information