The Morningstar Rating™ for funds, or “star rating,” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds and separate accounts) with at least a 3-year history. There can be no assurances that its objective will be met. The Fund is a recently formed mutual fund and has a limited history of operations. The Fund may experience high portfolio turnover, which may result in higher costs and capital gains. These changes may be caused by governmental or political factors that affect the value of what the Fund owns and its share price. ![]() The Fund's currency investment strategy may be impacted by currency exchange rates, which can fluctuate significantly over short or extended periods of time. To the extent that the investment advisor misjudges current market conditions, the Fund's volatility may be amplified by its use of derivatives and its ability to anticipate price movements in relevant markets, underlying derivative instruments and futures contracts. Leverage may increase the risk of loss and cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the NAV of the Fund generally to decline faster than it would otherwise. Short sales by a Fund theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. The use of alternative investments may not achieve the desired effect.įoreign currencies and emerging markets involve certain risks such as currency volatility, political and social instability and reduced market liquidity. In addition, the performance of alternative investments may be more dependent on a sub-adviser’s experience and skill than traditional investments. ![]() Alternative investments can be highly volatile, are often less liquid, particularly in periods of stress, are generally more complex and less transparent, and may have more complicated tax profiles than traditional investments. The performance of alternative investments is not expected to correlate closely with more traditional investments however, it is possible that alternative investments will decline in value along with equity or fixed-income markets, or both, or that they may not otherwise perform in accordance with expectations. The alternative investment strategies that the Fund pursues are complex and may involve greater risk than traditional investments (stocks, bonds and cash). This Fund may be suitable for investors who have a short- to medium-term investment horizon, can accept short-term fluctuations in account value and would like to diversify their portfolio with an alternatives investment option.
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