Fund Research for TFS Market Neutral (TFSMX)

  • Fund Overview

    Fund Inception Date: Sep 07, 2004
    Category: Long-Short
    Overall Risk: Average
    Fund Family: TFS Capital Funds
    Return Since Inception: 9.47%
    YTD Return: 13.82%
    Yield (TTM): 0.00%
    Net Assets: 828.41 M
    Morningstar Rating:
    5 of 5

    The investment seeks to produce capital appreciation while having a low correlation to the U.S. equity market (S&P 500). The fund seeks to minimize U.S. equity market risk by taking both long and short positions in US common stocks. It generally owns a diversified portfolio of common stocks while maintaining a diversified portfolio of short positions in common stocks. The fund primarily invests in common stocks and, to a lesser degree, in registered investment companies. It may invest in equity options, financial futures, and other types of equity derivatives.

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    Size
    Average Market Cap $1,266 M
    Market Capitalization Portfolio
    Giant 1.35%
    Large 1.72%
    Medium 35.69%
    Small 41.96%
    Micro 19.28%
    Morningstar Rating as of 10/31/2009
    YTD Returns as of 11/04/2009    		 Style Box Detail calculations do not include the fund's short positions (if any)

  • Fund Performance

    10 year Growth Chart
    Growth of $10,000 from 09/30/2004 to 10/31/2009
    Mouseover the chart to see values for each month.

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    Total Annualized Returns

    YTD 1 year 3 year 5 year 10 year Since Inception
    Fund 13.82% 14.19% 8.08% 9.15% — 9.47%
    +/- Category 5.54% 8.98% 9.31% 6.97% — —
    +/- ML USD LIBOR 3 Mon CM — — — — 3.58% —

    Standardized Annual Returns

    YTD 1 year 3 year 5 year 10 year Since Inception
    Month (as of 10/31/2009) 13.29% 14.86% 8.11% 9.16% — 9.47%
    Quarter (as of 09/30/2009) 16.55% 16.24% 9.93% 9.86% — 10.25%
    Fund and Category YTD, 1yr, 3yr and 5yr Returns as of 11/04/2009
    Index YTD,1yr, 3ys and 5yr Returns as of 11/04/2009 10 yr and Since Inception Returns as of 10/31/2009
    Inception Date: 09/07/2004
    Ratings are based on risk-adjusted performance.
    View Total Returns

  • Fund Portfolio Profile

    Sector Breakdown

    Stocks
    Information 19.74%
    Service 39.37%
    Manufacturing 30.07%

    Asset Allocation

    Short Long Net Assets
    Cash 0.45% 68.12% 67.68%
    Stocks 61.96% 89.51% 27.54%
    Bonds 0.21% 4.26% 4.05%
    Other 0.17% 0.73% 0.56%
    Foreign Stocks
    (as a % of assets)    		 0.40% 4.40% 4.00%
    Data as of 09/30/2009 Data as of 09/30/2009 View Fund Portfolio

    Top 10 Holdings

    Sector P/E Return as of 09/30/2009 Net Assets
    - Csfb - Tfs Shorts — — — 41.95%
    * Jefferies - Tfs Short — — — 22.29%
    + Umb Money Mkt Fiduciary — — — 3.25%
    + SIRIUS XM RADIO INC (SIRI) Media 3.94 397.17% 0.75%
    + HUNTSMAN CORP (HUN) Industrial Materials 3.68 154.94% 0.75%
    + LULULEMON ATHLETICA INC (LULU) Consumer Goods 52.46 169.36% 0.72%
    + ALLIANCE DATA SYSTEMS CORP (ADS) Financial Services 20.64 28.41% 0.64%
    + FEDERAL NATL MTG ASSN (FNM) Financial Services — 92.11% 0.52%
    + U S AIRWAYS GROUP INC (LCC) Business Services — -44.89% 0.51%
    + SOLUTIA INC (SOA) Industrial Materials — 151.78% 0.48%
    + Increase - Decrease = No change * New since last portfolio
    Top 10 holdings account for the fund's short positions (if any). Net short positions appear shaded.
    P/E as of 11/09/2009
    All other data as of 09/30/2009
    View Fund Portfolio

  • Sales Information

    Sales Charge %

    Initial —
    Deferred —
    Taken from prospectus dated 04/27/2009
    Expense Ratio (based on net assets) 2.49%
    Taken from annual report dated 10/31/2008

  • Fund Management

    Larry S. Eiben
    Start Date: 09/07/2004
    Eiben is chief operating officer and chief compliance officer at TFS Capital. He began work at TFS in August 1997. He provides strategic direction and input into strategy development but does not perform analysis or execute trades. He has served in this capacity since TFS Capital's inception in October 1997.
    Kevin J Gates
    Start Date: 09/07/2004
    Gates is a portfolio manager at TFS Capital and is primarily responsible for strategy development. As part of this role, he performs security analysis as well as assists with the execution of trades. He has served in this capacity since TFS Capital's inception in October of 1997.
    Richard J Gates
    Start Date: 09/07/2004
    Gates is a portfolio manager at TFS Capital and is primarily responsible for strategy development. , where he has been since August of 1997. As part of this role, he performs security analysis as well as assists with the execution of trades. He also is responsible for managing TFS Capital's various brokerage relationships. He has served in these roles since TFS Capital's inception in October of 1997.
    Eric Newman
    Start Date: 08/18/2005
    Newman is primarily responsible for strategy development. He performs security analysis as well as assists with the execution of trades. He has served in this capacity since February of 2003. Prior to that date he served as an analyst for Capital One Financial Corporation, he was employed by Capital One Financial Corporation from December 2000 through February 2003.
    Chao Chen
    Start Date: 11/01/2007
    Chen is primarily responsible for quantitative analysis of all new investment opportunities identified by the Portfolio Management Committee and manages the risk/return optimization process and oversees all programming activities at the TFS. He has served in this capacity since February 2005. Prior to that date he was an Assistant Research Engineer at the University of California, Berkley.