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HGAQX

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All Asset Fund

An All-Weather, Defensive Portfolio with Dynamic Asset Allocation
NAV As of 12/14/18 $9.79

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Fund Facts

Details Performance (As of 12/14/18) Morningstar (As of 11/30/18)
03/30/12 Inception Date
$39.10M Total Net Assets (As of 11/30/18)
GROSS 3.12%
NET 1.54%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
-0.61% 1 Day Return
-6.32% YTD Return
Category
World Allocation
LARGE VALUE
LARGE BLEND
LARGE GROWTH
MID VALUE
MID BLEND
MID GROWTH
SMALL VALUE
SMALL BLEND
SMALL GROWTH
Equity Style Box *
Important Morningstar Information

Overview

Client Commitment

A global multi-asset portfolio that has the ability to invest in a broad range of both traditional and alternative asset classes. The Fund is managed with an active approach to asset allocation, allowing the manager maximum flexibility to make strategic and tactical decisions.

Why Invest in the Fund

    Dynamic Asset Allocation

  1. The Fund utilizes a flexible approach to dynamically allocate between asset classes. Our approach seeks long-term equity returns within a risk managed framework.
  2. Nimble Approach

  3. We seek to identify the best investment opportunities across the globe. With broad investment ranges we are free to actively invest in equities, fixed income, alternatives, commodities and private equity where we see the best risk-adjusted return potential.
  4. All-Weather Portfolio

  5. We blend an array of asset classes to produce a robust all-weather portfolio. We seek to provide investors with a strategy that diversifies investments away from a single asset class.

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: Mar 30, 2012 3M YTD 1YR 3YR 5YR 10YR Since Inception
All Asset Fund – S Shares 0.39% -1.34% 0.93% 4.59% 2.98% - 3.33%
3-Month USD LIBOR 0.58% 1.50% 1.79% 1.10% 0.76% 0.75% 0.67%
MSCI World Index℠ 4.98% 5.43% 11.24% 13.54% 9.28% 8.56% 10.35%
Inception: Mar 30, 2012 3M YTD 1YR 3YR 5YR 10YR Since Inception
All Asset Fund – S Shares -3.40% -4.88% -3.92% 2.64% 1.73% - 2.68%
3-Month USD LIBOR 0.52% 1.85% 1.94% 1.21% 0.82% 0.68% 0.71%
MSCI World Index℠ -5.77% -1.20% 0.14% 8.50% 6.67% 10.89% 9.02%
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
View Fees and Expenses

MORNINGSTAR PERCENTILE

(As of 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 86 92 80 - 84
World Allocation Category
Rank/Count
414/481 414/447 325/410 -/- 317/381
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 77 90 78 - 82
World Allocation Category
Rank/Count
364/470 399/438 312/401 -/- 305/371

CALENDAR YEAR PERFORMANCE

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.
This graph compares fund performance to that of the fund’s Morningstar category average and benchmark(s).

RETURNS-BASED STATISTICS

(As of 11/30/18 CLASS I SHARES)

RISK / REWARD
VS. MSCI WORLD INDEX℠

3 YEAR 5 YEAR
Information Ratio -1.00 -0.73
Alpha -0.80 -0.68
Tracking Error 5.40 6.00
Beta 0.46 0.44
R-Squared (%) 86.25 86.51

UP AND DOWN MARKET CAPTURE (%)
VS. MSCI WORLD INDEX℠

3 YEAR 5 YEAR
Up Capture Ratio 39.95 38.65
Down Capture Ratio 47.38 45.61

STANDARD DEVIATION

3 YEAR 5 YEAR
All Asset Fund 4.69 4.76
MSCI World Index℠ 9.47 10.16

SHARPE RATIO

3 YEAR 5 YEAR
All Asset Fund 0.46 0.36
MSCI World Index℠ 0.80 0.60

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 06/30/18)

CLASS S SHARES
Management Fees 0.40%
12b-1 Fees 0.25%
Other Expenses 2.47%
Total Gross Expenses 3.12%
Waivers -1.58%
Total Net Expenses 1.54%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

Index represents the 3-Month USD LIBOR.

TOP HOLDINGS

(As of 11/30/2018)

% of Fund
US TSY INFL BOND 2.5 01/15/29, 2.50%, 11/01/29 5.25
JH Global Equity Income - N 3.45
Invesco International Dividend Achievers ETF 3.26
T Rowe Price US High Yield Fund 3.11
iShares Edge MSCI Min Vol EAFE ETF 3.07
iShares JP Morgan USD Emerging Markets Bond ETF 3.00
iShares Edge MSCI Min Vol Emerging Markets ETF 2.90
Janus Henderson Emerging Markets Fund 2.74
AQR Equity Market Neutral Fund 2.70
AQR Managed Futures Strategy Fund 2.70

Commentary & Literature