Overview

Growth of $10,000

Since Fund inception ended 03/31/2018

  • Class A at NAV

Historical Returns (%) as of Mar 31, 2018

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV -2.15 -0.41 -0.41 13.00 7.67 8.67 8.58
Fund w/Max Sales Charge -3.12 -1.41 -1.41 12.00 7.67 8.67 8.58
MSCI All Country World Index3 -2.14 -0.96 -0.96 14.85 8.11 9.20 8.89
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 1%.
 

Fund Facts as of Mar 31, 2018

Class C Inception 10/12/2010
Investment Objective Total return
Total Net Assets $986.7M
Minimum Investment $1000
Expense Ratio4 2.05%
CUSIP 277902581

Top 10 Holdings (%)5 as of Mar 31, 2018

MSCI Emerging Markets Mini JUN 2018
iShares MSCI China ETF
Apple Inc.
Microsoft Corp.
Vaneck Vectors Junor Gold Miners ETF
Amazon.com Inc.
WisdomTree India Earnings Fund
Facebook Inc.
iShares MSCI Taiwan ETF
Visa Inc.
Total 32.2
 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

The value of equity securities is sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Historical Returns (%) as of Mar 31, 2018

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV -2.15 -0.41 -0.41 13.00 7.67 8.67 8.58
Fund w/Max Sales Charge -3.12 -1.41 -1.41 12.00 7.67 8.67 8.58
MSCI All Country World Index3 -2.14 -0.96 -0.96 14.85 8.11 9.20 8.89
Morningstar World Large Stock Category6 -1.37 -0.44 -0.44 14.93 7.77 9.21
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 1%.
 

Calendar Year Returns (%)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Fund at NAV -7.06 11.82 28.45 1.94 -1.49 8.86 19.82
MSCI All Country World Index3 -42.19 34.63 12.67 -7.35 16.13 22.80 4.16 -2.36 7.86 23.97
 

Fund Facts

Expense Ratio4 2.05%
Class C Inception 10/12/2010
Distribution Frequency Annually

Risk Measures (3 Year)7 as of Mar 31, 2018

Alpha (%) 0.85
Beta 0.84
R-Squared (%) 86.67
Standard Deviation (%) 9.77
Sharpe Ratio 0.73
 

Morningstar Rating™ as of Mar 31, 2018

Time Period Rating Funds in
World Large Stock
Category
Overall *** 717
3 Years *** 717
5 Years *** 591
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load.

©2018 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

NAV History

Date NAV NAV Change
Apr 23, 2018 $16.89 -$0.05
Apr 20, 2018 $16.94 -$0.16
Apr 19, 2018 $17.10 -$0.07
Apr 18, 2018 $17.17 $0.05
Apr 17, 2018 $17.12 $0.13
Apr 16, 2018 $16.99 $0.10
Apr 13, 2018 $16.89 -$0.10
Apr 12, 2018 $16.99 $0.13
Apr 11, 2018 $16.86 -$0.06
Apr 10, 2018 $16.92 $0.32
 

Distribution History8

Ex-Date Distribution Reinvest NAV
Dec 22, 2016 $0.00130 $14.83
Dec 23, 2015 $0.17770 $14.06
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus
 

Capital Gain History8

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 21, 2017 $0.18840 $0.61730 $16.94
Dec 22, 2016 $0.18240 $0.19290 $14.83
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

The value of equity securities is sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Asset Mix (%)5,9,10,11 as of Mar 31, 2018

U.S. Common Stocks 71.1
Foreign Common Stocks 28.1
Cash & Equivalents 0.8
Total 100.0

Portfolio Statistics as of Mar 31, 2018

Median Market Cap $41.3B
Price/Earnings Ratio 20.8
Number of Holdings 211
Price/Book Ratio 2.9

GICS Sector Breakdown (%)5,9,10,11 as of Mar 31, 2018

Sector Fund MSCI All Country World Index3
Consumer Discretionary 11.1 12.3
Consumer Staples 2.0 8.4
Energy 5.7 6.2
Financials 26.5 18.7
Health Care 2.0 10.6
Industrials 11.2 10.9
Information Technology 29.0 18.8
Materials 8.7 5.4
Real Estate 0.7 3.0
Telecom Services 1.7 2.9
Utilities 0.6 2.9
Cash 0.8 0.0
 

Portfolio Characteristics (%)11,12 as of Mar 31, 2018

Fund (%) MSCI All Country
World Index (%)
Regions
US. 71.7 52.2
Developed 1.6 35.6
Emerging 26.7 12.2
Style
Growth 53.9 53.9
Value 46.1 46.1
Size
Large Cap 85.7 89.6
Midcap 13.2 10.2
Small Cap 1.1 0.1

Assets by Country (%)5,9,10,11 as of Mar 31, 2018

United States 71.1
China 11.1
Taiwan 3.2
Korea 2.8
India 2.5
South Africa 1.4
Brazil 1.4
Canada 0.9
Russian Federation 0.7
Cash & Other Assets 0.8
View All

Geographic Mix (%)5,9,10,11 as of Mar 31, 2018

United States 71.1
Asia/Pacific 21.5
Latin America 2.3
Africa 1.4
Eastern Europe 1.2
Northern America except US 0.9
United Kingdom 0.5
Middle East 0.3
Europe except U.K. 0.1
Cash & Other Assets 0.8
 

Fund Holdings (%)5,13 as of Feb 28, 2018

Holding % of Net Assets
MSCI EmgMkt Mar18 15.75%
EV Cash Reserves Fund LLC 15.50%
iShares MSCI China ETF 3.02%
Apple Inc 1.84%
VanEck Vectors Junior Gold Miners ETF 1.47%
Microsoft Corp 1.34%
Amazon.com Inc 1.16%
JPMorgan Chase & Co 1.06%
iShares MSCI South Korea Capped ETF 1.05%
WisdomTree India Earnings Fund 1.00%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

The value of equity securities is sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

Richard Bernstein

Richard Bernstein

Founder, CEO and Chief Investment Officer
Richard Bernstein Advisors LLC

Biography

Richard Bernstein is the chief executive officer/chief investment officer of Richard Bernstein Advisors LLC (RBA), a registered independent investment adviser.

Mr. Bernstein founded Richard Bernstein Advisors LLC (RBA) in 2009. The firm utilizes a unique top-down approach to investing, focusing on macro trends rather than individual stock selection. RBA manages several accounts in partnership with several leading financial institutions.

Mr. Bernstein has over 35 years’ experience on Wall Street, most recently as the chief investment strategist at Merrill Lynch & Co. Prior to joining Merrill Lynch in 1988, he held positions at E.F. Hutton and Chase Econometrics/IDC.

A much-noted expert on equity, style and asset allocation, Mr. Bernstein was voted to Institutional Investor magazine’s annual “All-America Research Team” 18 times, and is one of only 57 analysts inducted into the Institutional Investor “Hall of Fame.” He was also twice named to both Fortune magazine’s “All-Star Analysts” and to Smart Money magazine’s “Power 30”, and was a member of Registered Rep’s “Ten to watch” for 2012. His book “Style Investing: Unique Insight into Equity Management” is widely viewed as the seminal book on style-oriented investment strategies. He donates the profits from that and his other book, “Navigate the Noise: Investing in the New Age of Media and Hype,” to charity.

Mr. Bernstein is co-chair of the Alfred P. Sloan Foundation endowment’s Investment Committee and sits on the Hamilton College endowment’s Investment Committee; he is a trustee of both institutions. He is also a former Adjunct Professor of Finance at the NYU/Stern Graduate School of business, and is a member of the Journal of Portfolio Management’s Advisory Committee.

Rich holds an MBA in finance, with Beta Gamma Sigma distinction, from New York University, and a BA in economics from Hamilton College. He has lectured on finance and economics at numerous colleges, universities and professional forums.

Education
  • B.A. Hamilton College
  • M.B.A. Stern School of Business, New York University

Experience
  • Managed Fund since inception

 
Matthew Griswold, CFA

Matthew Griswold, CFA

Director of Investments, Portfolio Manager, Richard Bernstein Advisors LLC

Biography

Matthew Griswold is the director of investments and a portfolio manager at Richard Bernstein Advisors LLC (RBA), a registered independent investment adviser. He oversees investment process design and implementation for all investment products. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s global equity and multiasset class funds. Matt joined RBA in 2010.

Matt began his career in the investment management industry in 1989. Previously, Matt was a vice president and portfolio manager at State Street Global Advisors, with responsibility for the design, execution and evaluation of both new and existing global investment strategies. His extensive portfolio management experience spans most major asset classes and includes both quantitative and fundamental investment disciplines. Matt assumed a wide variety of leadership positions within State Street in areas of portfolio construction, research, performance measurement, risk analysis, mutual fund administration and client service.

Matt earned a B.S. in industrial management from Carnegie Mellon University. He is a member of the Boston Security Analysts Society and a CFA charterholder.

Education
  • B.S. Carnegie Mellon University

Experience
  • Managed Fund since 2017

 
Henry Timmons, CFA

Henry Timmons, CFA

Senior Quantitative Analyst, Portfolio Manager, Richard Bernstein Advisors LLC

Biography

Henry Timmons is a senior quantitative analyst and portfolio manager at Richard Bernstein Advisors LLC (RBA), a registered independent investment adviser. He is responsible for asset allocation, portfolio construction, risk management and ETF research. Henry joined RBA in 2011.

Henry began his career in the investment management industry in 2005. Previously, he was a portfolio manager and quantitative analyst at Grantham, Mayo, Van Otterloo & Co. LLC. While at GMO, he evaluated quantitative and fundamental sources of alpha as potential inputs to the investment process, while assisting in constructing and managing portfolios. Prior to GMO, Henry was a management consultant at PricewaterhouseCoopers LLP, where he designed forecasting models improving supply-chain management processes for various clients.

Henry holds a B.S. in mechanical engineering and an MEng in systems engineering and engineering management from Cornell University, and an MBA in finance from Cornell SC Johnson College of Business. He is a CFA charterholder.

Education
  • B.S. Cornell University
  • M.Eng Cornell University
  • M.B.A. Cornell SC Johnson College of Business

Experience
  • Managed Fund since 2017

 

Literature

Literature

Fact Sheet

Download - Last updated: Mar 31, 2018

Commentary

Download - Last updated: Mar 31, 2018

Attribution

Download - Last updated: Mar 31, 2018

Annual Report

Download - Last updated: Aug 31, 2017

Full Prospectus

Download - Last updated: Jan 1, 2018

Holdings-1st or 3rd fiscal quarters-www.sec.gov

Download

Gee, this time isn''t different

Download - Last updated: Feb 16, 2018

Bonds day of reckoning

Download - Last updated: Jan 1, 2018

SAI

Download - Last updated: Jan 1, 2018

Semi-Annual Report

Download - Last updated: Feb 28, 2018

Summary Prospectus

Download - Last updated: Jan 1, 2018

XBRL

Download - Last updated: Jan 17, 2018