Partners III Opportunity Fund : Portfolio

As of March 31, 2017
Partners III Opportunity Fund

Long/Short Information :

Effective Long
90%
Effective Short
-33%
Effective Net
57%
We define "Effective Long" as common stocks plus securities where the price of the security rises, if the price of an underlying security or index rises. We define "Effective Short" as securities where the price of the security rises, if the price of an underlying security or index falls. "Effective Short" also includes combinations of securities (an example could be a short call option and a long put option) which together are expected to create a "synthetic short" position. Effective Short here may be larger than the category "securities sold short" as reported in our publicly-available Schedule of Investments ("SOI"), because the SOI is reported according to GAAP accounting principles, and here we endeavor to show the expected economic effect of holding the entire portfolio. Finally, we define "Effective Net" as Effective Long, minus Effective Short.

Top 10 Stock Holdings

Net Assets
Security
9.8%
Liberty Broadband Corp. - Series A & C
9.7%
Berkshire Hathaway Inc. - Class B
8.6%
Liberty Global Group - Class C
4.9%
Mastercard Inc. - Class A
4.6%
Colfax Corp.
4.5%
Allergan plc
4.5%
Liberty SiriusXM Group - Series A & C
4.1%
Redwood Trust, Inc.
3.9%
Liberty Ventures Group - Series A
3.5%
Laboratory Corp. of America Holdings
58.1% Total

Common Stocks Industry Breakdown

45.4%
Consumer Discretionary
19.4%
Information Technology
17.5%
Financials
8.9%
Health Care
8.8%
Industrials
100.0% Total

Capitalization :

36.9%
>$50 Billion
31.8%
$10-$50 Billion
18.7%
$2.5-$10 Billion
12.6%
<$2.5 Billion
$100.4B Weighted Average Market Cap

Portfolio Characteristics :

Number of Companies (Long)
27
Annual Turnover
(3/31/17)
23%
5-Year Avg. Annual Turnover
(3/31/17)
33%

Characteristics and Volatility Measures :

Versus Russell 3000
3 Year
5 Year
10 Year
R-Squared
71.0
72.2
77.5
Beta
0.74
0.76
0.84
Alpha
-4.48
-1.14
0.22
Upside Capture Ratio
55.8
68.3
79.1
Downside Capture Ratio
90.8
77.1
80.5
Standard Deviation
9.2
9.2
15.1
Sharpe Ratio
0.24
0.92
0.39
Active Share: 126.96%
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.