Factsheet Q3 2016
Fund Commentary Q3 2016
Long/Short Equity: Choosing Alpha over Beta

Altegris Equity Long Short Fund

Closure of the Altegris Equity Long Short Fund on December 29, 2016

Additional information and next steps ›

At Altegris, our goal is to provide advisors and investors with alternative strategies that help them meet the challenges of today’s investment environment. Our solutions are based on themes that we believe solve the most important client needs. After careful consideration, Altegris has made the decision to close the Altegris Equity Long Short Fund. Given current market conditions, we believe the Fund’s strategy and category have fallen out of favor in the marketplace and performance has not lived up to our expectations. We are closing this fund while continuing to offer and develop new portfolio solutions designed to meet investors’ goals.

Effective November 18, 2016, the Altegris Equity Long Short Fund (ELSAX, ELSCX, ELSIX, ELSNX) will cease accepting new investments and will begin liquidating the portfolio. All outstanding shares of the Fund will be redeemed on December 29, 2016. Any capital gains will be distributed prior to or with the final liquidation distribution.

Access established long/short equity managers with strategies that emphasize stock selection capabilities and market exposure management.

Equity Long Short Strategy

(as of 09/30/2016)1
Sub-strategy Sub-adviser Allocation1
Diversified

Cramer Rosenthal McGlynn

42.5%
Agriculture/Consumer

Harvest Capital Strategies

35%
Diversified

Chilton Investment Company

22.5%

The portfolio holdings, investment sub-strategies, and allocation are presented to illustrate examples of Fund allocations and the diversity of areas in which the Fund may invest, and may not be representative of the Fund’s current or future investments. The holdings do not include money market and fixed income instruments. Portfolio holdings are subject to change and should not be considered investment advice. The Fund also holds cash and cash equivalents which are excluded from the allocation of net assets shown above.

1. As a percentage of equity long short strategy allocation, excludes cash, cash equivalents and fixed income securities.

Other Important Information

Of course, there is no guarantee that any investment will achieve its objectives, generate profits or avoid losses.

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Reasons to Invest

  • Seeks a smoother path with lower historical volatility than equities
  • Low net exposure to equity markets, with a focus on sub-advisers specializing in
    fundamental stock picking
  • Access to premier managers with the potential to capture equity market upside while
    seeking to limit downside risk
  • Experienced portfolio management team, with the ability to hire and fire managers
  • Methodical manager selection, coupled with rigorous ongoing due diligence

There is no guarantee that any investment will achieve its objectives, generate profits or avoid losses.

See the Glossary for term definitions.

Fund NAV & AUM


Fund Facts

Class A*Class CClass IClass N
SymbolELSAXELSCXELSIXELSNX
Inception4/30/1210/7/134/30/124/30/12
Investment Minimum$2,500$5,000$1,000,000$2,500
Subsequent Investment$250$250$250$250
Gross Expense Ratio3.80%4.55%3.55%3.80%
Net Expense Ratio3.67%4.42%3.42%3.67%
Expense Cap2.24%2.99%1.99%2.24%

The Fund's adviser has contractually agreed to reduce its fees and to reimburse expenses, at least until December 31, 2017, to ensure that total annual Fund operating expenses after fee waiver and/or reimbursement will not exceed 2.24%, 2.99%, 1.99%, and 2.24% of average daily net assets attributable to Class A, Class C, Class I, and Class N shares, respectively. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the Fund’s adviser.

*The maximum sales charge for Class A shares is 5.75%. Class A share investors may be eligible for a reduction in sales charges. See the Prospectus for more information.

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Historical Returns & NAV

*The maximum sales charge for Class A shares is 5.75%. Class A share investors may be eligible for a reduction in sales charges. See the Prospectus for more information.

(1) Represents the percentage increase/decrease in the net asset value from the prior trading day. For Class A with load, represents the percentage increase/decrease of the net asset value from the prior trading day's maximum offering price.

(2) Performance for periods longer than one year is annualized.

(3) Inception date for Class A, Class I and Class N was April 30, 2012; inception date for Class C was October 7, 2013.

The total annual fund operating expense ratio, gross of any fee waivers or expense reimbursements, is 3.80% for Class A, 4.55% for Class C, 3.55% for Class I and 3.80% for Class N.

The performance data quoted here represents past performance, which is no guarantee of future results. 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. The Fund’s adviser has contractually agreed to reduce its fees and to reimburse expenses, at least until December 31, 2017, to ensure that total annual Fund operating expenses after fee waiver and/or reimbursement will not exceed 2.24%, 2.99%, 1.99% and 2.24% of average daily net assets attributable to Class A, Class C, Class I and Class N shares, respectively. Results shown reflect the waiver, without which the results would have been lower. A Fund’s performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. For performance information current to the most recent month end, please call (888) 524-9441.

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The Fund seeks to achieve long-term capital appreciation with moderate correlation to major equity market indices and to achieve this objective with less volatility than major equity market indices.

To achieve its investment objective, the Fund will use an equity long short strategy that is executed by:

  • Allocating assets among the Fund’s sub-advisers, each of which has one or more proprietary equity long short investment strategies.
  • Diversifying investments among sub-adviser strategies that are not expected to have returns that are highly correlated to each other or the major equity market indices.

The equity long short strategies employed by the sub-advisers are generally designed to profit by:

  • Investing in securities of companies believed to be undervalued or which may offer high growth opportunities.
  • Selling short the securities of companies believed to be overvalued or which are expected to experience declining growth.

The sub-advisers may employ a variety of techniques, including fundamental, quantitative, and technical analyses. They may also attempt to manage overall market exposure by varying the ratio of securities they hold long versus those sold short according to market conditions.

Investment adviser

Altegris Advisors, LLC
Investment Adviser Portfolio Managers

Sub-advisers

Harvest Capital Strategies LLC
Investment Sub-Adviser Portfolio Managers

Kelly Wiesbrock, Managing Director

Cramer Rosenthal McGlynn, LLC
Investment Sub-Adviser Portfolio Manager

Jay B. Abramson, CEO and CIO

Chilton Investment Company, LLC
Investment Sub-Adviser Portfolio Manager

Richard L. Chilton, Jr., Chief Executive Officer and Chief Investment Officer

Other Important Information

Of course, there is no guarantee that any investment will achieve its objectives, generate profits or avoid losses.

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Altegris Equity Long Short Fund

Fund documents
Quarterly Fact Sheet
Quarterly Fund Commentary
Altegris Family of Mutual Funds
Summary Prospectus
Prospectus
SAI
Annual Report
Semi-Annual Report (SAR)
XBRL
Manager conversations
Manager Video: Harvest Agriculture/Consumer Sub-strategy
Manager Conversations: Harvest Agriculture/Consumer Sub-strategy
Forms & applications
Regular Application
IRA Application
Simple IRA Application
IRA Transfer of Assets
IRA Custodial Agreement/Disclosure Statement
Roth IRA Custodial Agreement/Disclosure Statement
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Capital Gains [Schedule: Annually]

Record Date Ex‑Date Payable Date Reinvestment
Price (NAV)
Short‑Term Long‑Term
12/14/2015 12/15/2015 12/15/2015 $10.72 $0.0571 $0.2981
12/12/2014 12/15/2014 12/15/2014 $10.58 $0.1096 $0.1772
12/12/2013 12/13/2013 12/16/2013 $10.50 $0.5921 $0.0013
12/12/2012 12/13/2012 12/14/2012 $9.97 $0.0286 N/A

Fund distributions will vary depending upon market conditions and number of shares outstanding. All dates and distributions are subject to board approval. Past distributions are no guarantee of future distributions or performance results.

This information is not intended to cover the complexities of a shareholder's individual tax situation. Because tax laws vary among states, you should consult your tax advisor about the specific rules in the state(s) in which you pay income taxes.

Performance quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than performance data shown. Investment return and principal will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. For performance information current to the most recent month end, please call (888) 524-9441.

Record date is the date by which a shareholder must own fund shares to receive the distribution. Ex-date is the date on which a shareholder who purchases fund shares will not be eligible to receive the distribution. Payable date is the date on which a shareholder is paid the distribution.

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