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USA MUTUALS|CARBON BEACH DEEP VALUE FUND Fund Update as of December 31, 2016 The USA Mutuals/Carbon Beach Deep Value Fund is designed for The investment objective of the Fund is long-term capital appreciation. • Emphasis on identifying 'deep value' stocks: those enduring difficult business conditions and which we believe are likely to recover, and, in particular, those with impending catalytic corporate events. • Favor companies with cash-rich balance sheets and businesses with strong operating earnings. investors seeking to capture better long-term risk-adjusted returns than the S&P 500 Index by investing in ‘deeply’ undervalued or out-of-favor companies including those undergoing transformative corporate events. Institutional Class n/a n/a n/a n/a n/a Morningstar Category² n/a n/a n/a n/a n/a S&P 500 TR Index¹ n/a n/a n/a n/a n/a Institutional Class • The Fund seeks to achieve its investment objective by investing primarily in equity and equity-related securities of ‘deeply’ undervalued or out-of-favor companies including those undergoing transformative corporate events (“special situations”). • The manager utilizes a bottom-up, fundamental research process to identify companies that possess a combination of characteristics that have shown the potential to generate above-average returns with an emphasis on those possessing deep undervaluation and near-term catalysts. • Once a potential opportunity is identified, the manager seeks to determine the optimal security type to allocate including; equity, options, LEAPS, warrants etc., and may take a long or short position. - - - - - - - - - - - - n/a Morningstar Category - - - - - - - - - - - - n/a S&P 500 TR Index - - - - - - - - - - - - n/a *Inception: 30/12/2016 (Institutional) Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-866-264-8783. Short-term performance is not a good indicator of the fund's future performance, and an investment shot not be made based solely on returns. The net expense ratio for the fund is 1.74%, the gross expense ratio is 3.16%. Contractual fee waiver through 12/30/17. Assured Guaranty Ltd. 20.61% 16.38% Humana, Inc. 8.32% 6.10% 6.00% Benchmark Electronics, Inc. Aspen Insurance Holdings Ltd. Finance 3.14% 3.00% Five Prime Therapeutics 1.76% 1.73% 1.72% 1.60% Wholesale Trade 1.58% Universal Corporation 1.58% Construction 1.55% 1.51% SK Telecom Co. Ltd. (ADR) 1.57% Manufacturing Health/Medical Insurer Retail Trade Telecommunications Insurance Mining, Oil & Gas Extraction Real Estate Employment Services Air Transportation *The minimum initial amount of investment in the Fund is $100 for retirement accounts and $2,000 for other types of accounts. 23.93% 16.38% 25.93% Financial Re-Insurance 1.40% 1.29% Argan, Inc. Par Pacific Holdings, Inc. The Greenbrier Companies 4.53% 2.83% *Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. Industry Allocation excludes cash or cash instruments. 1. The S&P 500 Total Return Index® (“S&P 500 TR”) is considered to be generally representative of the U.S. large capitalization stock market as a whole. You cannot invest directly in an index. 2. The Morningstar Long Short Equity Category is assigned to Fund’s with portfolios that hold sizeable stakes in both long and short positions in equities and related derivatives. USA MUTUALS|CARBON BEACH DEEP VALUE FUND Fund Update as of December 31, 2016 USA Mutuals Advisors, Inc. is the Fund’s investment advisor. Carbon Beach Asset Management, LLC, is the Fund’s sub-advisor. Tobias Carlisle Portfolio Manager About USA Mutuals USA Mutuals Advisors, Inc. is a privately owned investment manager based in Dallas, Texas. As Advisor to a Multiple Series Trust, the firm offers a selection of boutique “Core Alternative” mutual funds spanning a variety of asset classes. Mr. Carlisle is a Founder and Managing Partner of Carbon Beach Asset Management LLC, and serves as the Firm’s Chief Investment Officer. Mr. Carlisle is a graduate of the University of Queensland in Australia with degrees in Law and Business (Management), and the author of the websites The Acquirer’s Multiple® and Greenbackd, and the books; Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016, Wiley Finance), Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014, Wiley Finance), and Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012, Wiley Finance). Colin Macintosh Portfolio Manager Mr. Macintosh is a Founder and Managing Partner of Carbon Beach Asset Management LLC, and serves as the Firm’s Chief Executive Officer. Mr. Macintosh has spent over 25 years investing and working in the financial marketplace. He was a sales executive at UBS, Commerzbank and RBSGreenwich Capital Mgmt in NYC, London and Greenwich CT. He advised hedge funds on convertible/high yield bonds, equity derivatives, CDS, and CDO/CLO arbitrage strategies. He is a graduate of Syracuse University, Maxwell School of Citizenship, with a degree in Economics (’89). The USA Mutuals Funds are distributed by Quasar Distributors, LLC. RISK CONSIDERATIONS: The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectuses contain this and other information about the investment company, and they may be obtained by contacting 866.264.8783 or going to www.usamutuals.com. Read it carefully before investing. Mutual fund investing involves risk; principal loss is possible. The Carbon Beach Deep Value Fund invests in smaller companies, which involve additional risk such as limited liquidity and greater volatility. Event driven investments carry the risk that expected events or transactions may not occur as anticipated or unexpected events could adversely impact an investment. Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods. The fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested. The fund may invest in derivatives which can be volatile and involve various types and degrees of risks, and, depending upon the characteristics of a particular derivative, suddenly can become illiquid. Options may be more volatile than investments directly in the underlying securities, involve additional costs and may involve a small initial investment relative to the risk assumed. The fund may invest in ETFs which will fluctuate based on changes in the net asset value as well as changes in the supply and demand of its shares in the secondary market. It is also possible that an active secondary market of an ETF's shares may not develop and market trading in the shares of the ETF may be halted under certain circumstances. The fund will bear its share of expenses and the underlying risks of investments in ETFs and other investment companies. Value investing involves the risk that an investment's intrinsic value may not be recognized by the market.