Nuance Mutual Funds
Nuance Concentrated Value Long-Short Fund
Strategy & Objective
Nuance Concentrated Value Long-Short Fund seeks long term capital appreciation by taking long positions in securities priced below, and short positions in securities priced above, their estimated intrinsic value.
| Performance 12/31/2015 - 3/31/2023 | For the quarter ending 3/31/2023 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| QTD | YTD 2023 | 1 Year | 3 Year | 5 Year | 7 Year | Since Inception Return (Inception 12/31/15) | Gross Expense Ratio as of current prospectus | Net Expense ratio as of current prospectus | |
| Nuance Concentrated Value Long-Short Fund Institutional (NCLSX) | 5.55 | 5.55 | 3.75 | -2.11 | 1.55 | 2.77 | 3.30 | 3.32% | 3.33% |
| Nuance Concentrated Value Long-Short Fund Investor (NCLIX) | 5.44 | 5.44 | 3.39 | -2.36 | 1.29 | 2.48 | 3.00 | 3.57% | 3.58% |
| S&P 500 Index | 7.50 | 7.50 | -7.73 | 18.60 | 11.19 | 12.42 | 12.18 | - | - |
| Morningstar Long-Short Equity | 1.67 | 1.67 | -4.19 | 8.25 | 3.10 | 4.10 | 3.75 | - | - |
Performance data quoted represents past performance. Past performance 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. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made solely based on returns. Performance data current to the most recent month end may be obtained by calling 1-855-682-6233.
The Fund has contractually agreed to reduce its management fees, and may reimburse the Fund for its operating expenses, in order to ensure that Total Annual Fund Operating Expenses (Excluding acquired fund fees and expenses, leverage, interest, dividend and interest expense on short sales, taxes, brokerage commissions, and extraordinary expenses) do not exceed 1.55% of the average daily net assets of the Investor Class and 1.30% of the average daily net assets of the Institutional Class through at least August 28, 2023. Net expense ratios are as-of the Fund’s most recent prospectus and are applicable to investors.
Nuance Investments
You should consider the fund’s investment objectives, risks, charges and expenses carefully before investing. For a statutory or summary prospectus, that contains this and other information about the Funds, call 1-855-NUANCE3 (855-682-6233). Please read the prospectus carefully before investing.
Mutual fund investing involves risk. Principal loss is possible. Investments in small and mid-capitalization companies involve additional risk such as limited liquidity and greater volatility than larger capitalization companies. Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.ﾠ Short sale of securities involves unlimited risk including the possibility that losses may exceed the original amount invested. However, a mutual fund investor’s risk is limited to one’s amount of investment in a mutual fund.
The Primary Benchmark for the Nuance Concentrated Value Long/Short Fund is the S&P 500 Index. The S&P 500 Index is a market-value weighted index representing the performance of 500 widely held publicly traded large-capitalization stocks. Individuals cannot invest directly in any index. These indices are used for comparison purposes only and are not meant to be indicative of a portfolio’s performance, asset composition, or volatility. The performance of the Fund may differ markedly from that of compared indices due to varying degrees of diversification and/or other facts. Return calculations for the Fund are provided by US Bank. Returns for periods greater than a year have been annualized.
Morningstar Long-Short Equity-The Fund has been compared to various peer groups defined by investment style. The Fund is an all market capitalization value investment style. The Morningstar Long/Short Equity Peer Group (as selected by Morningstar) has been presented as an investment strategy with a similar investment style.
Nuance Investments is the advisor to the Nuance Concentrated Value Long-Short Fund which is distributed by Quasar Distributors, LLC.