LS Opportunity Fund
Name
As of 04/18/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
3.7%
1 yr return
12.6%
3 Yr Avg Return
5.0%
5 Yr Avg Return
7.0%
Net Assets
$170 M
Holdings in Top 10
30.4%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 3.05%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 69.69%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$5,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/18/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
LSOFX - Profile
Distributions
- YTD Total Return 3.7%
- 3 Yr Annualized Total Return 5.0%
- 5 Yr Annualized Total Return 7.0%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -1.04%
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameLS Opportunity Fund
-
Fund Family NameLong Short
-
Inception DateSep 30, 2010
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJason Kish
Fund Description
The Fund will employ a research-driven, bottom-up stock selection process on both the long and short side whereby investment decisions are based upon extensive analysis of the business and financial fundamentals concerning particular companies and their industries, leading to an assessment of the companies’ investment value. The Fund seeks to capitalize on significant differences between the current market price of a company’s stock and its current or expected future investment value. The Fund’s approach is designed to seek capital growth during periods of rising or stable stock prices and capital preservation during periods of declining stock prices.
In implementing its strategies, the Fund generally intends to take positions in equity securities, including common and preferred stocks and securities convertible into equity securities, and in other investment companies. The Fund may also hold positions in foreign securities. The Fund will take long positions and sell securities short to implement its strategies. When the Fund takes a long position with respect to a particular security, the Fund purchases a security with the expectation that the price of the security will appreciate in the future. When the Fund sells securities short, the Fund takes a position with respect to that security that reflects its expectation that the price of the security will decline in the future. The Fund may, at times, focus its investments in companies in the financial services industry. The Fund may also invest in the securities of small to mid-sized companies. Prospector Partners, LLC, the Fund’s sub-advisor (the “Sub-Advisor”), considers small to mid-sized companies those whose market capitalization is between $100 million and $15 billion at the time of purchase.
On the long side, the Fund invests primarily in equity and equity-related securities of companies whose fundamentals (such as growth prospects and appropriate capital) combined with attractive valuations, indicate significant upside opportunity relative to downside risk. Particular emphasis is given to analyzing company balance sheets, including reconciling a “GAAP” net worth to an intrinsic value or private market
value. Downside risk is determined through extensive proprietary modeling of the company’s financial statements. The assessment of upside opportunity includes a focus on companies that are able to generate excess cash that is being used or can be used to enhance shareholder value; companies with good franchises that are undergoing significant positive change; and companies that are valued in the public markets at a significant discount to their value in a potential private transaction. On the short side, the Fund takes positions primarily in equity and equity-related securities of companies with weak or deteriorating fundamentals, which, combined with unattractive valuations, indicate significant downside risk. The Fund will be managed with a long-term orientation. The objective on the long side of the portfolio is to generally hold core positions for more than one year. On the short side of the portfolio, holding periods are generally expected to be less than a year.
In addition, the Fund plans to use short positions in a “pair-traded” format (i.e., a strategy that matches a long position with a short position in two or more stocks in the same sector) to exploit valuation anomalies and dampen portfolio volatility. The Fund intends to use a traditional “long/short” hedging strategy. A traditional “long/short” hedging strategy utilizes both long positions and short positions as the primary driver of returns while simultaneously attempting to reduce portfolio volatility.
The Fund may also engage in options and futures transactions, which are sometimes referred to as derivative transactions, for any purpose consistent with its investment objective, such as for hedging or obtaining market exposure. The derivative securities that the Fund may purchase or sell (write) include exchange-traded put or call options on stocks or stock indices. A put option gives the owner of the put the right to sell a security and a call option gives the owner of the call the right to buy a security. The Fund also may purchase or sell (write) index futures contracts or options on index futures contracts on a temporary basis in lieu of investing in equity securities. A futures contract is a contract to buy or sell a specified amount of another security at a particular price on a particular future date.
The Fund may reduce or eliminate a position if the Sub-Advisor believes the position (i) has reached an intrinsic value that reflects its current market value, (ii) has been revalued as new research uncovers challenges to assumptions underlying the investment case, or (iii) through the displacement in the portfolio by a better idea.
LSOFX - Performance
Return Ranking - Trailing
Period | LSOFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.7% | -10.5% | 15.1% | 55.88% |
1 Yr | 12.6% | -14.6% | 34.4% | 41.18% |
3 Yr | 5.0%* | -21.6% | 26.4% | 30.00% |
5 Yr | 7.0%* | -4.1% | 24.7% | 45.99% |
10 Yr | 6.3%* | -4.0% | 9.9% | 19.40% |
* Annualized
Return Ranking - Calendar
Period | LSOFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 11.0% | -17.3% | 43.8% | 23.98% |
2022 | -8.0% | -54.0% | 17.4% | 35.26% |
2021 | 7.7% | -40.0% | 54.1% | 42.67% |
2020 | 3.0% | -47.6% | 88.4% | 49.31% |
2019 | 15.5% | -20.3% | 62.6% | 14.71% |
Total Return Ranking - Trailing
Period | LSOFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.7% | -10.5% | 15.1% | 55.88% |
1 Yr | 12.6% | -14.6% | 34.4% | 41.18% |
3 Yr | 5.0%* | -21.6% | 26.4% | 30.00% |
5 Yr | 7.0%* | -4.1% | 24.7% | 45.99% |
10 Yr | 6.3%* | -4.0% | 9.9% | 19.40% |
* Annualized
Total Return Ranking - Calendar
Period | LSOFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 11.0% | -14.5% | 43.8% | 39.18% |
2022 | -3.1% | -54.0% | 50.3% | 30.13% |
2021 | 12.4% | -40.0% | 61.6% | 54.67% |
2020 | 4.3% | -29.9% | 91.0% | 53.47% |
2019 | 16.9% | -17.9% | 79.4% | 25.00% |
NAV & Total Return History
LSOFX - Holdings
Concentration Analysis
LSOFX | Category Low | Category High | LSOFX % Rank | |
---|---|---|---|---|
Net Assets | 170 M | 1.08 M | 6.67 B | 33.72% |
Number of Holdings | 97 | 3 | 1788 | 56.21% |
Net Assets in Top 10 | 47.9 M | 474 K | 2.09 B | 49.70% |
Weighting of Top 10 | 30.39% | 0.4% | 182.8% | 77.51% |
Top 10 Holdings
- STIT- Treasury Portfolio 4.33%
- Progressive Corp./The 3.26%
- Arthur J Gallagher Co. 3.21%
- Berkshire Hathaway, Inc. 3.19%
- Globe Life, Inc. 3.06%
- Leidos Holdings, Inc. 2.74%
- Brown Brown, Inc. 2.68%
- Eaton Corp. PLC 2.68%
- Pioneer Natural Resources Co. 2.63%
- Fairfax Financial Holdings Ltd. 2.62%
Asset Allocation
Weighting | Return Low | Return High | LSOFX % Rank | |
---|---|---|---|---|
Stocks | 67.12% | 0.00% | 102.24% | 52.07% |
Cash | 32.96% | 0.00% | 102.08% | 35.50% |
Preferred Stocks | 0.00% | 0.00% | 8.29% | 62.13% |
Convertible Bonds | 0.00% | -0.02% | 4.48% | 55.21% |
Bonds | 0.00% | 0.00% | 178.67% | 68.05% |
Other | -0.07% | -45.12% | 99.51% | 72.78% |
Stock Sector Breakdown
Weighting | Return Low | Return High | LSOFX % Rank | |
---|---|---|---|---|
Financial Services | 48.50% | 0.00% | 83.83% | 1.41% |
Healthcare | 12.84% | 0.00% | 100.00% | 69.01% |
Industrials | 8.16% | 0.00% | 31.93% | 66.20% |
Consumer Defense | 7.22% | 0.00% | 33.38% | 33.10% |
Energy | 7.20% | 0.00% | 32.57% | 28.17% |
Technology | 7.02% | 0.00% | 43.24% | 90.14% |
Consumer Cyclical | 4.06% | 0.00% | 88.83% | 90.85% |
Basic Materials | 3.61% | 0.00% | 28.58% | 41.55% |
Real Estate | 1.38% | 0.00% | 10.93% | 52.82% |
Utilities | 0.00% | 0.00% | 21.71% | 88.03% |
Communication Services | 0.00% | 0.00% | 32.32% | 98.59% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | LSOFX % Rank | |
---|---|---|---|---|
US | 70.20% | 0.00% | 102.24% | 36.69% |
Non US | -3.09% | -3.09% | 67.69% | 100.00% |
LSOFX - Expenses
Operational Fees
LSOFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 3.05% | 0.42% | 8.51% | 14.53% |
Management Fee | 1.75% | 0.00% | 2.50% | 92.44% |
12b-1 Fee | N/A | 0.00% | 1.00% | 16.71% |
Administrative Fee | N/A | 0.03% | 1.54% | 13.21% |
Sales Fees
LSOFX 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% | 4.00% | N/A |
Trading Fees
LSOFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.50% | 2.00% | 37.50% |
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.
LSOFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 69.69% | 0.00% | 479.00% | 42.96% |
LSOFX - Distributions
Dividend Yield Analysis
LSOFX | Category Low | Category High | LSOFX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 27.86% | 86.55% |
Dividend Distribution Analysis
LSOFX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annual | Annual | Annual |
Net Income Ratio Analysis
LSOFX | Category Low | Category High | LSOFX % Rank | |
---|---|---|---|---|
Net Income Ratio | -1.04% | -3.33% | 2.16% | 61.76% |
Capital Gain Distribution Analysis
LSOFX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
LSOFX - Fund Manager Analysis
Managers
Jason Kish
Start Date
Tenure
Tenure Rank
May 31, 2015
7.01
7.0%
Mr. Kish has been a portfolio manager at Prospector Partners, LLC since 2013 and has been a portfolio manager or securities analyst for more than fifteen years. He is also an Executive Vice President of Prospector Funds, Inc. When Mr. Kish joined Prospector Partners, LLC in 1997, he began as a junior analyst, covering all industries, eventually serving as the property-casualty analyst and became the Director of Research in 2010. From 1995 to 1997, Mr. Kish worked as an auditor at Coopers & Lybrand, LLP in Hartford, CT. Mr. Kish received a B.S.B.A. from Providence College in 1995. He received his Certified Public Accountant designation in 2000 and his Chartered Financial Analyst designation in 2004.
Kevin O' Brien
Start Date
Tenure
Tenure Rank
May 31, 2015
7.01
7.0%
Mr. O’Brien has been a portfolio manager at Prospector Partners, LLC since 2003 and has been a portfolio manager or securities analyst for more than twenty-five years. Mr. O’Brien is also an Executive Vice President of Prospector Funds, Inc. In addition, from April 2003 through August 2005, Mr. O’Brien served as a Managing Director of White Mountains Advisors, LLC. From April 1996 through April 2003, Mr. O’Brien was an employee of Neuberger Berman, where he began as an investment analyst (1996-1999), served as Vice President (1999-2001), and Managing Director (2001-2003). At the end of Mr. O’Brien’s tenure at Neuberger Berman, Mr. O’Brien’s responsibilities included the co-management of equity assets of institutional investors and mutual funds. At Neuberger Berman, Mr. O’Brien served as co-manager of the Neuberger Berman Genesis Fund. Mr. O’Brien was responsible for following stocks in the financial services, consumer, and technology sectors. From 1991 through 1996, Mr. O’Brien was an employee of Alex, Brown & Sons, where he was an analyst following the financial services industry. His coverage universe included property-casualty insurance, specialty finance, asset management, and diversified financial services. Mr. O’Brien received a B.S. magna cum laude from Central Connecticut State University in 1986. Additionally, Mr. O’Brien received a Chartered Financial Analyst designation in 1995.
Steven Labbe
Start Date
Tenure
Tenure Rank
Jul 31, 2020
1.83
1.8%
Mr. Labbe is a portfolio manager at Prospector Funds and has been a portfolio manager or securities analyst for more than 20 years. Mr. Labbe joined Prospector Partners, LLC, an affiliate of Prospector Funds Inc, in March, 2012. He began as an analyst, covering the insurance industry and gradually increased his coverage to asset managers, exchanges, and brokers; he became a portfolio manager in July, 2020. From 1996 to 2012, Mr. Labbe was employed as an analyst with Langen McAlenney, a division of Janney Montgomery Scott, covering the insurance industry. Mr. Labbe received a B.S. degree in Mathematics, from Central Connecticut State University in December, 1995. He received his Chartered Financial Analyst designation in 2001.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.07 | 23.55 | 6.05 | 7.93 |