Longboard

LONGBOARD ALTERNATIVE GROWTH FUND

LONGX/LONAX Documents

(Frequently Used PDFs) Fact Sheet Commentary Prospectus

Why Consider a Tactical Approach?

Differentiated stock exposure

The Fund seeks to produce positive returns by investing in stocks that regularly make a string of new price highs over several years.

Seeks to Reduce Bear Market Risk

The portfolio is broadly diversified across large-, mid-, and small-cap US stocks that have made a string of new highs. This broad exposure helps reduce downside risk.

Unconstrained Approach

Unlike many active strategies, the Fund may tactically shift away from stocks and into cash during periods of market instability like 2008.

Seeks Long-term Capital Appreciation

The primary investment objective of the Longboard Alternative Growth Fund (the "Fund") is to seek long-term capital appreciation.

Who are the Fund's Competitors?

The Fund seeks to outperform the Morningstar Long/Short Equity category. Unlike most long/short equity funds, the Fund will always be net long.

HOW HAS THE FUND PERFORMED?

Growth of $10,000
MAR. 31, 2015 - SEP. 30, 2019
Source: Morningstar Direct
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

BETA WHEN YOU WANT IT

12-Month Rolling Beta
MAR. 30, 2015 - SEP. 30, 2019
Source: Longboard
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
Source: Longboard
S&P 500: A stock market index based on the market capitalization of 500 leading companies publicly traded in the U.S. stock market, as determined by Standard & Poor's. In this document, the S&P 500 is presented as a total return index, which reflects the effects of dividend reinvestment.

Beta: A measure of a fund's sensitivity to market movements.

PERFORMANCE

AS OF 9/30/2019
* LONGX inception is: 3/19/15, LONAX inception is: 12/09/15

**Inclusive of maximum sales load of 5.75%.

Past results are not necessarily indicative of future results. There is no guarantee that any investment will achieve its goals and generate profits or avoid losses.

PERFORMANCE DISCLOSURE: The Total Annual Fund Operating Expenses for the Longboard Alternative Growth Fund class I are 1.99%. The Total Annual Fund Operating Expenses for the Longboard Alternative Growth Fund class A are 2.24%. The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. For performance information current to the most recent month-end, please call toll-free 855.294.7540.

Risk Allocation

AS OF 9/30/2019
The Fund is broadly diversified across large-, mid-, and small-cap stocks.
Source: Longboard
The Fund may tactically shift into cash during periods of market instability.

CURRENT NET EXPOSURE

AS OF 9/30/2019
Source: Longboard
Net Exposure: Net Exposure is the difference between long and short notional exposure.

Portfolio Information

Class Ticker Inception Date Unitary Fee* CUSIP
A LONAX 12/09/15 1.99% 66538F728
I LONGX 3/19/15 1.99% 66538F694
*Total Annual Operating Expenses for the Longboard Alternative Growth Fund are 2.24% and 1.99% for Class A and I, respectively.