Fund Spotlight
Factsheet Q1 2014
Fund Commentary Q2 2014
Guide to Equity Long Short Fund (ELSAX)
Contact Altegris to Invest or Learn More

Altegris Equity Long Short Fund

Taking a diversified approach to equity investing, the Fund accesses four experienced long/short equity managers with the goal of participating in market upside, while preserving against the downside - all with moderate correlation to equity indices.

Robert Kim
Robert Kim
Visium Asset Management
Sub-Adviser
>
>
>
Joseph Jolson
Joseph Jolson
Harvest Capital Strategies
Sub-Adviser
>
>
>
Kelly Wiesbrock
Kelly Wiesbrock
Harvest Capital Strategies
Sub-Adviser
>
>
>
Richard Chilton
Richard L. Chilton, Jr.
Chilton Investment Company
Sub-Adviser
>
>
>

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

Equity Long Short Strategy

(as of 06/26/2014)1
Sub-strategy Sub-adviser Allocation1 Sub-strategy Performance
Diversified

Visium Asset Management

37.5%
Diversified

Chilton Investment Company

25%
Financials

Harvest Capital Strategies

20%
Agriculture/Consumer

Harvest Capital Strategies

17.5%

Links to the sub-strategy performance in the Fund's Prospectus.

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.

1135-NLD-6/19/2014

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 Ratio4.13%4.88%3.88%4.13%
Net Expense Ratio3.52%4.27%3.27%3.52%
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 January 31, 2015 to ensure that total annual Fund operating expenses after fee waiver and 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.

1135-NLD-6/19/2014

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 less than one year is not 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 4.13%, 4.88%, 3.88% and 4.13% for Class A, Class C, Class I and Class N.

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. The Fund’s adviser has contractually agreed to reduce its fees and to reimburse expenses, at least until January 31, 2015, to ensure that total annual Fund operating expenses after fee waiver and/or reimbursement will not exceed 2.24% for Class A, 2.99% for Class C, 1.99% for Class I and 2.24% for Class N. Results shown reflect the waiver, without which the results could 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.

1051-NLD-4/23/2014

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, L.L.C.
Investment Adviser Co-Portfolio Managers

Sub-advisers

Harvest Capital Strategies LLC
Investment Sub-Adviser Portfolio Managers

Joseph Jolson, Chief Executive Officer
Don Destino, Managing Director
Jim Fowler, Managing Director
Kelly Wiesbrock, Managing Director


Visium Asset Management, LP
Investment Sub-Adviser Portfolio Manager

Robert Kim, Portfolio Manager, Director of Research

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.

1135-NLD-6/19/2014

Altegris Equity Long Short Fund

Fund documents
Monthly Performance Update
Quarterly Fact Sheet
Quarterly Fund Commentary
Fund Spotlight
Guide to Equity Long Short Fund (ELSAX)
Altegris Family of Mutual Funds
Prospectus
SAI
Annual Report
Semi-Annual Report (SAR)
XBRL
Manager conversations
Manager Video: Visium Diversified Sub-strategy
Manager Conversations: Visium Diversified Sub-strategy
Manager Video: Harvest Financial Sub-strategy
Manager Conversations: Harvest Financial Sub-strategy
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
1135-NLD-6/19/2014

Capital Gains [Schedule: Annually]

Record Date Ex‑Date Payable Date Reinvestment
Price (NAV)
Short‑Term Long‑Term
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.

0946-NLD-3/27/2014