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Name

As of 08/12/2022

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Easterly Multi Strategy Alternative Income Fund

JASMX | Fund

$8.04

$11.6 M

2.99%

$0.24

2.79%

Vitals

YTD Return

-13.5%

1 yr return

-9.3%

3 Yr Avg Return

3.7%

5 Yr Avg Return

4.3%

Net Assets

$11.6 M

Holdings in Top 10

26.2%

52 WEEK LOW AND HIGH

$8.0
$7.87
$10.17

Expenses

OPERATING FEES

Expense Ratio 2.79%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 229.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 08/12/2022

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Easterly Multi Strategy Alternative Income Fund

JASMX | Fund

$8.04

$11.6 M

2.99%

$0.24

2.79%

JASMX - Profile

Distributions

  • YTD Total Return -13.5%
  • 3 Yr Annualized Total Return 3.7%
  • 5 Yr Annualized Total Return 4.3%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.26%
DIVIDENDS
  • Dividend Yield 3.0%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    Easterly Multi Strategy Alternative Income Fund
  • Fund Family Name
    Saratoga
  • Inception Date
    Aug 17, 2017
  • Shares Outstanding
    N/A
  • Share Class
    S
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Jakob Holm

Fund Description

The Fund seeks to achieve its investment objective by investing its assets in a combination of distinct investment strategies managed by different sub-advisers and, in some cases, by the Adviser. The Adviser is responsible for selecting and allocating assets among the Fund’s investment strategies. The Adviser is also responsible for selecting and overseeing one or more sub-advisers to manage each investment strategy. The Adviser also has discretion to manage directly all or a portion of such investment strategies.

By combining multiple, distinct investment strategies, the Fund seeks to provide capital appreciation over the long-term with lower volatility than the individual markets in which the Fund invests and with limited correlation to individual markets.

The principal investment strategies that may be employed by the Fund include the following:

1) Equity - The Fund will seek equity exposure using a combination of investment strategies that may include long-only strategies and long/short equity strategies. Long/short equity strategies consist of equity strategies that combine core long holdings of equities with short sales of equities. A long position is established when the Fund managers anticipate a price increase in the asset and a short position is established when the Fund managers anticipate a price decrease in the asset. The long/short equity strategies may be used to seek to outperform the broader equity market by increasing net long exposure in rising markets and decreasing net long exposure, or even obtaining net short exposure, in declining markets. The Fund’s long/short equity strategies also seek to provide equity-like returns while protecting capital during market declines through the Fund’s short positions. The equity exposures in the equity strategies may be to individual stocks or to equity indexes that track U.S. or non-U.S. equity markets, including markets in emerging market countries (i.e., those that are in their initial stages of their industrial cycles). Both long and short exposure to equities may be achieved through investments in derivative instruments, such as options, futures or swaps that provide equity exposure. Such derivative usage can be for the purposes of hedging, speculation or to allow the Fund managers to implement the Fund’s investment strategies more efficiently than investing directly in stocks.
2) Merger Arbitrage - The Fund’s merger arbitrage strategy is to invest in equity securities of U.S. and foreign companies that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations (collectively, “Merger Transactions”). The Fund may invest in common stocks and preferred stocks of any size market capitalization, and without limitation in securities of foreign companies.

Merger arbitrage is a highly specialized investment approach designed to profit from the successful completion of Merger Transactions. In pursuing its strategy, the Fund may employ investment techniques that involve leverage, such as short selling, borrowing for investment purposes and purchasing and selling options. The merger arbitrage strategy most frequently used by the Fund involves purchasing the shares of an announced acquisition target company at a discount to its expected value upon completion of the acquisition. The Fund may engage in selling securities short under certain circumstances, such as when the terms of a proposed acquisition call for the exchange of common stock and/or other securities. In such a case, the common stock of the company to be acquired may be purchased and, at approximately the same time, an equivalent amount of the acquiring company’s common stock and/or other securities may be sold short. The Fund may enter into equity swap agreements for the purpose of attempting to obtain a desired return on, or exposure to, certain equity securities or equity indices in an expedited manner or at a lower cost to the Fund than if the Fund had invested directly in such securities.

3) Real Estate-Related - The Fund’s real estate-related strategy is to invest, either directly or through other investment companies, in publicly traded real estate investment trusts (“REITs”), including REIT preferred stock, and securities of other publicly traded real estate and real estate-related companies. REITs are typically small, medium or large capitalization stocks which fall within the range of $500 million to $50 billion in equity market capitalization. The Fund may invest in REITs that invest primarily in real property (equity REITs), REITs that invest primarily in mortgages (mortgage REITs) and REITs that invest in both real property and mortgages (hybrid REITs). The REITs and other real estate and real estate-related companies in which the Fund may invest may include both U.S. and non-U.S. issuers that invest across a variety of sectors within the real estate industry, including, among others, the retail, office, industrial, hotel, healthcare multi-family and self-storage sectors. The Fund may seek to enhance current income in this strategy by writing (selling) covered call options on real estate and real estate-related companies. The Fund may also take short positions in REITs and real estate and real estate-related companies either to hedge long positions or to express the Fund manager’s view on the direction of the real estate market.
4) Master Limited Partnership (“MLP”) - The Fund may invest up to 25% of its assets in publicly traded MLP investments and exchange-traded notes (“ETNs”) and exchange-traded funds (“ETFs”) that track MLPs. MLPs are generally organized as limited partnerships or limited liability companies and are treated as partnerships for U.S. federal income tax purposes. Interests in MLPs trade on a public stock exchange, similar to stock of corporations. ETNs are unsecured debt obligations issued by a bank or other financial institution. Both ETNs and ETFs seek to track the performance of an index, an MLP index in the case of the Fund, over a specified period. Like MLPs, ETNs trade on a public exchange.

The Fund will primarily invest in MLPs, or MLP-related ETNs and ETFs, that track U.S. energy infrastructure, including MLPs engaged in transportation, storage and processing of natural resources, although the Fund may also invest in other types of MLPs that seek to take advantage of new regulation of investment vehicles. The Fund will generally invest in MLPs and MLP-related ETNs and ETFs that the Fund managers believe can generate repeatable cash flows that will grow over time, that have a conservative capital structure and that are trading at attractive valuations.

5) Risk-Adjusted Long/Short Debt - The risk-adjusted long/short debt strategy invests primarily in U.S. and European fixed income and fixed income-related securities, and may establish long and short positions in a variety of derivative and other instruments for risk management and investment purposes. Fixed income securities in which the Fund will invest are anticipated to generally consist of U.S. and European fixed income and fixed income-related securities of varying maturities and credit quality, including those that are rated below investment grade at the time of purchase (commonly referred to as “high-yield” or “junk” securities).

These include, among others, corporate bonds, U.S. government securities, non U.S. sovereign debt securities, and preferred securities. Fixed income-related securities include, but are not limited to, exchange-traded products and derivative instruments, including options; financial futures; swaps, including credit default swaps; and forward foreign currency contracts, that seek to provide the same or similar economic exposure as a physical investment in the above securities. The below-investment grade fixed income securities in which the Fund may invest are considered speculative with respect to the issuer’s capacity to pay interest and repay principal.

Hedging strategies may be used by the Fund in an attempt to preserve capital and mitigate risk, by hedging against changes in the price of other securities held by the Fund, and may involve purchasing put options, selling debt or equity securities short or writing covered call options. Derivative instruments may also be used for investment purposes, and for currency and interest rate hedging purposes.

The risk-adjusted long/short debt strategy seeks to take advantage of credit rating upgrades and downgrades offering attractive returns while seeking to minimize interest rate and currency risks. During stressed market environments, the strategy actively manages its long core positions with corresponding hedges to preserve capital, while seeking to profit from individual credit deteriorations on the short side. Under normal market conditions, the strategy may establish short interest rate positions to manage interest rate risk. The strategy will employ leverage through investments in derivative instruments and through establishing short hedging positions in Treasury bills and other fixed income or equity securities. The strategy seeks to invest in securities with ratings from B to BBB by S&P Global Ratings, but may invest in securities of any credit rating, including below-investment grade fixed income securities. The strategy uses proprietary models for security selection in combination with fundamental analysis.

6)

Structured Credit Value - The Fund’s structured credit value strategy is to invest in structured credit securiies, and in other investments that have characteristics similar to such securities. Initially, the Fund intends to achieve this exposure by investing a portion of its assets in the Easterly Income Opportunities Fund, an affiliated Fund (the “Underlying Fund”). In the future, the Fund may invest directly in these underlying assets. Structured credit securities include, but are not limited to, mortgage backed-securities (“MBS”), including residential mortgage backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”); asset-backed securities (“ABS”); collateralized mortgage obligations (“CMOs”); collateralized loan obligations (“CLOs”); collateralized bond obligations (“CBOs”); collateralized debt obligations (“CDOs”); mortgage derivatives such as stripped RMBS and inverse floaters; and other securitized assets. The Fund’s investments in RMBS may include agency and nonagency RMBS, including to-be-announced MBS (“TBA”), and non-U.S. dollar denominated RMBS. The Fund’s investments in CMOs may include whole loan CMOs backed by prime, Alt-A, and subprime collateral. The Fund may invest without limit in securitizations backed by loans, and expects that most Alt-A and subprime securitizations in which the Fund intends to invest will be composed entirely of such loans. The Fund’s investments in ABS include ABS backed by student loans, auto loans, or nontraditional collateral such as single family rentals and aircraft leases. This strategy seeks to outperform the Bloomberg U.S. Aggregate Bond Index with lower volatility than that index.

The value style investing approach seeks to invest in securities providing undervalued cash flows within markets the Underlying Fund’s sub-adviser deems inefficient. When investing Underlying Fund assets in all types of securities, the Underlying Fund’s sub-adviser analyzes their expected future cash flows based on collateral composition and expected performance, deal structure including credit enhancement, state variables such as interest shortfalls and servicer advances and other factors in order to project expected return parameters such as yield and average life. The Underlying Fund’s sub-adviser employs a comprehensive risk management process tailored to the securities held in the Underlying Fund that considers systematic risk, cash flow risk and liquidity risk of the securities. The Underlying Fund’s sub-adviser, using a proprietary quantitative analysis model, projects security cash flows and values such cash flows at what it deems to be the appropriate discount rate based on price discovery resulting from relatively active trading and publicly available pricing information. The proprietary quantitative analysis model to evaluate RMBS securities considers borrower and servicer behavior in projecting, at the loan-level, prepayment and default probability, default severity, and other factors affecting the cash flows of the security, which are then analyzed not only to identify undervalued securities, but also to stress test the credit risk of those securities. The Underlying Fund’s sub-adviser considers selling securities when such securities have reached their price/valuation targets. The Underlying Fund may also consider selling securities when the Underlying Fund’s sub-adviser believes securities have become overvalued and replacing them with securities the Underlying Fund’s sub-adviser believes to be undervalued to seek to offer the Underlying Fund better relative value and performance expectations. The Underling Fund’s sub-adviser may also sell and replace securities as necessary to rebalance and align the Underlying Fund with its overall risk parameter targets.

The Fund may invest in companies of any size (from micro-cap to large-cap) in each of its investment strategies. While the Fund may generally invest in foreign securities without limitation, the Fund will limit its investments in emerging markets securities to 25% of the Fund’s assets. Certain of the Fund’s investment strategies may utilize derivatives and other instruments, such as leveraged ETFs that have an economic leveraging effect. Economic leveraging tends to magnify, sometimes significantly depending on the amount of leverage used, the effect of any increase or decrease in the Fund’s exposure to an asset class and may cause the Fund’s net asset value to be more volatile than a fund that does not use leverage.

To the extent that the Fund uses derivative instruments, the Fund will have the potential for greater gains, as well as the potential for greater losses, than if the Fund did not use derivatives or other instruments that have an economic leveraging effect.

The Fund’s investments in the types of securities described in this Prospectus vary from time to time and, at any time, the Fund may not be invested in all types of securities described in this Prospectus.

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JASMX - Performance

Return Ranking - Trailing

Period JASMX Return Category Return Low Category Return High Rank in Category (%)
YTD -13.5% -73.0% 19.4% 22.22%
1 Yr -9.3% -9.1% 86.9% 4.36%
3 Yr 3.7%* -9.5% 16.2% 4.82%
5 Yr 4.3%* -4.9% 14.4% 4.04%
10 Yr N/A* -0.9% 7.5% N/A

* Annualized

Return Ranking - Calendar

Period JASMX Return Category Return Low Category Return High Rank in Category (%)
2023 -2.1% -22.7% 305.1% 48.15%
2022 2.2% -9.8% 27.3% 11.29%
2021 10.9% -20.8% 10.9% 61.33%
2020 -7.1% -12.4% 29.4% N/A
2019 N/A -10.5% 15.8% N/A

Total Return Ranking - Trailing

Period JASMX Return Category Return Low Category Return High Rank in Category (%)
YTD -13.5% -73.0% 19.4% 22.22%
1 Yr -9.3% -13.4% 86.9% 3.64%
3 Yr 3.7%* -9.5% 16.2% 4.02%
5 Yr 4.3%* -5.3% 14.4% 3.59%
10 Yr N/A* -0.9% 7.5% N/A

* Annualized

Total Return Ranking - Calendar

Period JASMX Return Category Return Low Category Return High Rank in Category (%)
2023 -2.1% -22.7% 305.1% 48.15%
2022 2.2% -9.8% 27.3% 11.29%
2021 10.9% -20.8% 10.9% 19.56%
2020 -3.0% -8.4% 29.4% N/A
2019 N/A -10.2% 18.0% N/A

NAV & Total Return History

JASMX - Holdings

Concentration Analysis

JASMX Category Low Category High JASMX % Rank
Net Assets 11.6 M 1.5 M 5.01 B 93.73%
Number of Holdings 217 4 4478 48.76%
Net Assets in Top 10 1.47 M -398 M 2.55 B 93.64%
Weighting of Top 10 26.17% 13.1% 100.0% 71.56%

Top 10 Holdings

  1. James Alpha Bbh Sweep 26.43%
  2. James Alpha Bbh Sweep 26.43%
  3. James Alpha Bbh Sweep 26.43%
  4. James Alpha Bbh Sweep 26.43%
  5. James Alpha Bbh Sweep 26.43%
  6. James Alpha Bbh Sweep 26.43%
  7. James Alpha Bbh Sweep 26.43%
  8. James Alpha Bbh Sweep 26.43%
  9. James Alpha Bbh Sweep 26.43%
  10. James Alpha Bbh Sweep 26.43%

Asset Allocation

Weighting Return Low Return High JASMX % Rank
Stocks 		53.76% -3.75% 97.95% 21.20%
Cash 		25.51% -6278.21% 410.43% 48.41%
Bonds 		19.88% -326.45% 6347.80% 57.95%
Other 		0.32% -21.53% 148.54% 70.32%
Convertible Bonds 		0.32% 0.00% 87.92% 40.64%
Preferred Stocks 		0.21% -0.12% 46.97% 6.36%

Stock Sector Breakdown

Weighting Return Low Return High JASMX % Rank
Real Estate 		40.15% 0.00% 51.26% 4.72%
Technology 		27.58% 0.00% 39.58% 17.72%
Consumer Cyclical 		8.58% 0.00% 29.09% 89.76%
Healthcare 		7.60% 0.00% 45.63% 21.26%
Industrials 		5.22% 0.00% 21.45% 59.84%
Communication Services 		4.01% 0.00% 21.78% 93.31%
Financial Services 		3.17% 0.00% 59.28% 80.71%
Consumer Defense 		2.00% 0.00% 13.62% 92.13%
Energy 		1.21% 0.00% 100.00% 13.78%
Basic Materials 		0.47% 0.00% 27.46% 94.09%
Utilities 		0.01% 0.00% 9.23% 85.83%

Stock Geographic Breakdown

Weighting Return Low Return High JASMX % Rank
US 		40.04% -8.85% 91.88% 22.61%
Non US 		13.72% -19.62% 42.11% 31.45%

Bond Sector Breakdown

Weighting Return Low Return High JASMX % Rank
Cash & Equivalents 		58.98% 0.27% 100.00% 37.81%
Corporate 		38.03% 0.00% 87.73% 12.72%
Securitized 		1.18% 0.00% 56.83% 30.39%
Government 		1.15% 0.00% 84.29% 79.15%
Derivative 		0.64% 0.00% 88.81% 48.41%
Municipal 		0.01% 0.00% 27.33% 20.14%

Bond Geographic Breakdown

Weighting Return Low Return High JASMX % Rank
US 		15.76% -126.19% 6311.18% 62.54%
Non US 		4.12% -382.37% 121.02% 40.28%

JASMX - Expenses

Operational Fees

JASMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.79% 0.29% 31.15% 6.47%
Management Fee 2.00% 0.00% 2.50% 99.29%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.01% 0.30% 75.34%

Sales Fees

JASMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

JASMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 35.77%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

JASMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 229.00% 0.00% 491.00% 61.29%

JASMX - Distributions

Dividend Yield Analysis

JASMX Category Low Category High JASMX % Rank
Dividend Yield 2.99% 0.00% 4.56% 56.18%

Dividend Distribution Analysis

JASMX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Quarterly Annually

Net Income Ratio Analysis

JASMX Category Low Category High JASMX % Rank
Net Income Ratio 1.26% -2.51% 6.83% 44.24%

Capital Gain Distribution Analysis

JASMX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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JASMX - Fund Manager Analysis

Managers

Jakob Holm

Start Date

Tenure

Tenure Rank

Sep 29, 2014

7.67

7.7%

Jacob V. Holm serves as Portfolio Manager, Member, and Chief Compliance Officer of Bullseye Asset Management LLC and has more than 16 years of investment experience. He previously served as the Portfolio Manager at Janus Capital Management responsible for the Janus Adviser Small Company Value Fund, Janus Aspen Small Company Value Fund and separately managed portfolios in the Small Company Value discipline. While managing the Janus Adviser Small Company Fund, Mr. Holm generated outperformance relative to the Morningstar Small Cap Value Total Return Index 1 (annualized, net of fees) of 768 basis points, 327 basis points, and 239 basis points for the one year, three year, and five year periods, respectively.2 According to MorningStar, the Janus Adviser Small Company Value fund ranked in the top quartile for the one year period, the top third for the three and five year periods, while Mr. Holm managed the fund. Prior to joining Janus in July 2005, Mr. Holm spent five years at Bay Isle Financial in Oakland, California, managing small-cap value portfolios since March 2002. In addition, he spent four years with Sand Hill Advisors in Menlo Park, California as a Research Analyst, covering a wide variety of industries including communications, financials, REITs, and technology. Mr. Holm received a master’s degree from Thunderbird School of Global Management, in international management focusing on finance, and earned a bachelor’s degree in economics from Augustana College where he graduated cum laude. He holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Colorado. Mr. Holm has 22 years of professional investment experience.

William Bales

Start Date

Tenure

Tenure Rank

Sep 29, 2014

7.67

7.7%

William H. Bales serves as Portfolio Manager and Member of Bullseye Asset Management LLC. and has more than 20 years experience investing in small cap equities. He previously served as the Portfolio Manager at Janus Capital Management responsible for the Janus Venture Fund and separately managed portfolios in the Small Cap Growth discipline. Mr. Bales was selected as one of Barron’s Top 100 Fund Managers in 2001 and 2005, and received multiple awards from Lipper in 2008 for “Best Fund over 5 Years” and “Best Fund over 3 Years”. As a portfolio manager of the Janus Venture Fund, Mr. Bales delivered outperformance relative to the Russell 2000 Growth Index 1 (annualized, net of fees) of 382 basis points, 76 basis points, and 435 basis points for the one-year period, five-year period, and since becoming the fund’s portfolio manager, respectively. 2 According to Lipper, the Janus Venture fund ranked in the 29th percentile for the one-year period, the 25th percentile five-year period, and the 21st percentile while Mr. Bales managed the fund. Mr. Bales joined Janus Capital Management in 1991, and became an analyst in 1993. He served as co-manager of the Janus Venture Fund from 1997 and became the sole portfolio manager in January 2001. Mr. Bales received a master of science degree in marketing and finance and a bachelor of science in marketing from the University of Colorado. Mr. Bales has 27 years of professional investment experience.

Andrew Duffy

Start Date

Tenure

Tenure Rank

Sep 29, 2014

7.67

7.7%

Andrew J. Duffy, CFA is the Portfolio Manager primarily responsible for the day-to-day management of the segment of the Portfolio’s assets managed by Ranger. Mr. Duffy is the President and Chief Investment Officer of Ranger since June 2016 and has over 27 years of global real estate securities experience in the private and public markets. Mr. Duffy was formerly President of Ascent Investment Advisors, LLC (“Ascent”) from February 2009 to May 2016 and Portfolio Manager of Ascent from February 2009 to November 2016. Prior to 2009, Mr. Duffy was a Managing Director with Citigroup Principal Strategies, where he managed a long-short portfolio of global real estate securities. Prior to his time at Citigroup, Mr. Duffy was the Co-Portfolio Manager of the Hunter Global Real Estate Fund. From 1999 until 2006, Mr. Duffy was a Portfolio Manager at TIAA-CREF, where he was responsible for managing over $3 billion in global real estate equity and debt securities. Between 1993 and 1999, Mr. Duffy was a Senior Research Analyst at Eagle Asset Management, where he launched and managed a dedicated real estate securities investment program in which he was responsible for fundamental analysis, securities selection and portfolio construction. His other professional experience includes service as a Partner at Raymond James & Associates where, as an investment banker, he managed public offerings and advised on mergers and acquisitions. Prior to his career in investments, Mr. Duffy served for five years as an officer in the United States Army, where his assignments included serving as a detachment commander in the 7th Special Forces Group and as company executive officer and platoon leader in the 82nd Airborne Division. Mr. Duffy received a Bachelor of Science degree in 1979 from the United States Military Academy at West Point as a Distinguished Graduate (top 5% of his class). He also received a Master of Business Administration degree in 1986 from the Harvard Business School. Mr. Duffy earned the Chartered Financial Analyst designation in 1997.

George Kellner

Start Date

Tenure

Tenure Rank

May 11, 2015

7.06

7.1%

George A. Kellner has been in the hedge fund business for over 30 years.Mr. Kellner founded Kellner DiLeo & Co., LP (the predecessor entity to Kellner) in 1981. Prior to Kellner, Mr. Kellner was a Senior Vice President and founded the arbitrage department of Donaldson, Lufkin & Jenrette. Before commencing his arbitrage career, Mr. Kellner was a Vice President and House Counsel of the Madison Fund where he had broad responsibilities as a financial analyst and portfolio manager. Mr. Kellner began his professional career as a securities lawyer at the Wall Street law firm of Carter, Ledyard and Milburn and holds a B.A. from Trinity College, a J.D. from Columbia Law School and an M.B.A. from New York University’s Leonard Stern Graduate School of Business. He is a Chartered Financial Analyst and a former Adjunct Assistant Professor of Finance at New York University. Mr. Kellner is a member of the Firm's multi-strategy fund investment committee.

Christopher Pultz

Start Date

Tenure

Tenure Rank

May 11, 2015

7.06

7.1%

Mr. Pultz joined Kellner Capital in 1999 and leads the Firm’s merger arbitrage investing activities. In addition, Mr. Pultz is a member of the Firm’s management committee where he provides broad input on strategic matters. Mr. Pultz began his career at Neuberger Berman LLC where he was a government bond trader and also provided allocation recommendations to the Firm’s internal investment management teams. Mr. Pultz holds a B.S. in finance from Fairfield University and an M.B.A from Fordham University Graduate School of Business.

Salvatore Naro

Start Date

Tenure

Tenure Rank

Nov 29, 2017

4.5

4.5%

Sal Naro is Managing Member, Chief Executive Officer, and Chief Investment Officer of Coherence, which he founded in January 2012. Prior to Coherence Capital Partners, Sal was the vice chairman of Jefferson National Financial Corp and CEO of Jefferson National Asset Management from March thru December of 2011. From October 2008 to March 2011, Sal was an executive vice president and head of the acquisitions committee at Markit Group, a leading financial services technology firm. Prior to Markit, Sal was the co-ceo and president of Sailfish Capital Partners, LLC. Prior to Sailfish, Sal worked at UBS Investment Bank where he was a managing director and the global co-head of fixed income. He was also a member of the board of directors of UBS Investment Bank. Prior to joining UBS, he was a senior managing director and global head of credit trading at Bear Stearns from 1989 to 1998. While at UBS and Bear Stearns, he managed an investment team and traded a significant proprietary book. Sal also served on the global risk committees of both firms. He began his career on Wall Street in 1982 as a fixed income associate for Dreyfus. Sal is a 1983 graduate of C.W. Post College of Long Island University and currently sits on the board of trustees of Long Island University.

Vincent Mistretta

Start Date

Tenure

Tenure Rank

Nov 29, 2017

4.5

4.5%

Vincent Mistretta is the President and Co-Senior Portfolio Manager, Chairman of Offshore Board of Coherence, which he joined in January 2012. Prior to Coherence Capital Partners, Vincent was the Senior Portfolio Manager at Jefferson National Asset Management. Prior to Jefferson National, Vincent was a Founding Partner and Portfolio Manager at L Plus LLC, an asset management company. Prior to L Plus, Vincent worked at UBS Investment Bank where he was a Managing Director and Head of Global Credit Strategies (GCS), a multi-strategy proprietary investment business he founded in 2006. Prior to establishing GCS, Vincent was the Global COO for Credit Fixed Income from 2004 to 2005 and Head of U.S. credit derivatives trading from 2003 to 2004. During his time at UBS, Vincent was a member of the Board of Directors of ISDA (International Swaps Dealers Association 2005-2006) and Markit Group (2004-2005). Vincent also served on several management committees and was instrumental in recruiting new talent to UBS. Prior to joining UBS, Vincent held senior trading and portfolio management positions at SAC Capital Advisors (2001-2002), HSBC (2000-2001), DLJ(1998-2000) and Bear Stearns (1986-1998). Vincent is a 1986 graduate of Bucknell University where he earned a Bachelor of Arts Degree in Economics.

Michael Cannon

Start Date

Tenure

Tenure Rank

Nov 29, 2017

4.5

4.5%

Michael Cannon is Senior Portfolio Manager at Coherence, which he joined in January 2014. Prior to joining Coherence, Mr. Cannon was with UBS Investment Bank for 16 years, most recently as Managing Director and Co-Head of Investment Grade Credit Trading.

Akos Beleznay

Start Date

Tenure

Tenure Rank

Jun 07, 2018

3.98

4.0%

Akos Beleznay serves as Chief Investment Officer of James Alpha Advisors, LLC and is responsible for managing research and asset allocation for the firm. Prior to joining James Alpha Advisors, LLC, Mr. Beleznay was the Chief Investment Officer at Riverside, the asset management arm of HFR (Hedge Fund Research, Inc.) managing over one billion dollars of fund of hedge fund products. Before Riverside, Mr. 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. Mr. Beleznay 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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.02 17.37 4.48 1.67

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