Partners III Opportunity Fund : Portfolio

As of September 30, 2019
Partners III Opportunity Fund

Long/Short Information :

Effective Long
94%
Effective Short
16%
Effective Net
78%
Effective Long means the sum of the portfolio’s long positions (such as common stocks, or derivatives where the price increases when an index or position rises). Effective Short means the sum of the portfolio’s short positions (such as, derivatives where the price increases when an index or position falls). Effective Net means Effective Long, minus Effective Short.

Top 10 Stock Holdings

Net Assets
Security
13.7%
Intelligent Systems Corp.
10.4%
Berkshire Hathaway Inc. - Class B
6.0%
Liberty Global plc - Class C
5.1%
Liberty Broadband Corp. - Series A & C
5.0%
Alphabet, Inc. - Class C
5.0%
Visa Inc. - Class A
4.9%
Mastercard Inc. - Class A
4.0%
Liberty SiriusXM Group - Series A & C
3.2%
Facebook, Inc. - Class A
3.2%
Texas Instruments, Inc.
60.5% Total

Common Stocks Industry Breakdown

37.2%
Information Technology
27.9%
Communication Services
20.3%
Financials
6.5%
Consumer Discretionary
3.4%
Health Care
2.5%
Materials
2.2%
Industrials
100.0% Total

Capitalization :

38.8%
> $50 Billion
26.0%
$10 - $50 Billion
16.1%
$2.5 - $10 Billion
19.1%
< $2.5 Billion
$178.0B Weighted Average Market Cap

Portfolio Characteristics :

Number of Companies (Long)
26
6-Month Turnover
(9/30/18)
8%
Annual Turnover
(3/31/19)
38%
5-Year Avg. Annual Turnover
(3/31/19)
37%

Characteristics and Volatility Measures :

Versus Russell 3000
3 Year
5 Year
10 Year
R-Squared
59.9
64.3
73.3
Beta
0.83
0.81
0.83
Alpha
-1.19
-2.70
0.26
Upside Capture Ratio
69.7
65.4
77.3
Downside Capture Ratio
74.1
81.9
75.2
Standard Deviation
13.2
12.2
12.5
Sharpe Ratio
0.56
0.36
0.83
Active Share: 107.25%
Source:  FactSet
Portfolio composition is subject to change at any time. Current and future portfolio holdings are subject to risk.

An investment in the Fund involves certain risks, such as: The Fund may invest in undervalued securities, which by definition are out of favor with investors, and there is no way to predict when, if ever, such securities may return to favor. Because the Fund may have a more  concentrated portfolio than certain other mutual funds, the performance of each holding in the Fund has a greater impact upon the overall portfolio, which increases risk. See the Fund’s Prospectus for a further discussion of risks related to the Fund.

Active Share: measures the Fund's weighted stock holdings against a benchmark's weighted stock holdings.
R-Squared: portfolio’s movements that can be explained by movements in its benchmark.
Beta: measure of systematic risk with respect to a benchmark.
Alpha: difference between a portfolio’s actual returns and its expected performance, given its level of risk measured by beta.
Upside Capture Ratio: manager’s performance in up markets relative to the benchmark.
Downside Capture Ratio: manager’s performance in down markets relative to the benchmark.
Standard Deviation: measure of how widely the returns varied over a certain period of time from the average.
Sharpe Ratio: measure to determine reward per unit of risk.