Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
ER = 0.83% From the prospectus:: “The portfolio managers may also invest opportunistically using other investments and/or strategies including, but not limited to:
· Preferred shares, including convertible preferred securities;
· Equity residuals of structured debt transactions;
· Common shares, rights, and warrants (i) attached to securities purchased or held; and (ii) in connection with conversion, corporate restructuring and/or recapitalization;
· Derivatives including forwards, options, futures, swaps, and others;
· Exchange Traded Funds (“ETF” or “ETFs”), generally to replicate exposure that cannot otherwise be obtained through other investments or strategies;
· Selling short investments including, selling short or creating short exposure through the use of derivatives and/or ETFs (including long ETFs that replicate short exposure), in each case for hedging purposes, or selling short investments that the portfolio expects to receive in a recapitalization, reorganization, or other exchange for securities the portfolio contemporaneously owns or has the right to obtain, and uncovered or naked short selling; and
Comments
From the prospectus::
“The portfolio managers may also invest opportunistically using other investments and/or strategies including, but not limited to:
· Preferred shares, including convertible preferred securities;
· Equity residuals of structured debt transactions;
· Common shares, rights, and warrants (i) attached to securities purchased or held; and (ii) in connection with conversion, corporate restructuring and/or recapitalization;
· Derivatives including forwards, options, futures, swaps, and others;
· Exchange Traded Funds (“ETF” or “ETFs”), generally to replicate exposure that cannot otherwise be obtained through other investments or strategies;
· Selling short investments including, selling short or creating short exposure through the use of derivatives and/or ETFs (including long ETFs that replicate
short exposure), in each case for hedging purposes, or selling short investments that the portfolio expects to receive in a recapitalization, reorganization, or other exchange for securities the portfolio contemporaneously owns or has the right to obtain, and uncovered or naked short selling; and
· Currency, primarily for hedging purposes.