Partners III Opportunity Fund : Portfolio

As of December 31, 2016
Partners III Opportunity Fund

Long/Short Information :

Effective Long
90%
Effective Short
-32%
Effective Net
58%
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%
Berkshire Hathaway Inc. - Class B
8.7%
Liberty Broadband Corp.
7.6%
Liberty Global Group - Class C
5.4%
Allergan plc
4.6%
Mastercard Inc. - Class A
4.6%
Liberty SiriusXM Group
4.3%
Colfax Corp.
4.3%
Wesco Aircraft Holdings, Inc.
4.0%
Redwood Trust, Inc.
3.3%
Liberty Ventures Group - Series A
56.6% Total

Common Stocks Industry Breakdown

41.7%
Consumer Discretionary
18.4%
Information Technology
17.6%
Financials
12.8%
Industrials
9.5%
Health Care
100.0% Total

Capitalization :

36.5%
>$50 Billion
32.2%
$10-$50 Billion
14.3%
$2.5-$10 Billion
17.0%
<$2.5 Billion
$94.4B Weighted Average Market Cap

Portfolio Characteristics :

Number of Companies (Long)
28
6-Month Turnover
(9/30/2016)
8%
Annual Turnover
(3/31/16)
46%
5-Year Avg. Annual Turnover
(3/31/16)
37%

Characteristics and Volatility Measures :

Versus Russell 3000
3 Year
5 Year
R-Squared
76.0
75.0
Beta
0.73
0.76
Alpha
-4.86
-1.70
Upside Capture Ratio
52.1
66.2
Downside Capture Ratio
86.8
77.1
Standard Deviation
9.2
9.3
Sharpe Ratio
0.10
0.97
Active Share: 126.61%
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.