The investment seeks long-term capital appreciation. The fund invests at least 80% of its assets in long and short positions in equity and equity related securities of U.S. and non-U.S. companies with market capitalizations at the time of initial purchase within the range of those in the S&P 500 Index that are publicly traded on a U.S. securities market. Equity and equity related securities include: common and preferred stocks, and warrants on common stock. It will hold long equity securities that the Adviser has identified as undervalued and take short positions in equity securities that the Adviser has identified as overvalued or poised for underperformance.

Nasdaq

CRIHX

The fund seeks to achieve its investment objective by investing, under normal circumstances, a range of approximately 70% to 100% of its net assets in a portfolio of defensive, non-cyclical equity securities of foreign and domestic companies selected by applying a rules-based strategy. Equity securities include common stock. The fund may target having approximately 0% to 30% of its assets in short positions under normal market conditions.

DGQIX

The fund invests its assets in U.S. equity securities of any size capitalization that the Adviser believes are undervalued and selling short U.S. equity securities of any size capitalization the Adviser believes are overvalued. The Adviser focuses on estimating a company's value independent of its current stock price. The fund also will sell securities short. Short sales are effected when it is believed that the price of a particular security will decline, and involves the sale of a security which the fund does not own in hopes of purchasing the same security at a later date at a lower price.

DIAMX

The investment seeks total return and, secondarily, capital preservation. The fund seeks to achieve its investment objective by investing in a broadly diversified portfolio of common stocks of any market capitalization while also investing in derivatives to help manage investment risk. It will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. issuers and investments that provide exposure to such securities, including exchange-traded funds.

FHEKX

The investment seeks to provide long-term capital appreciation. The fund seeks to achieve its investment objective by taking long and short positions in the global securities markets. It primarily invests long in common and preferred stocks and in investment companies ("underlying funds"), which include domestic and foreign mutual funds, as well as in exchange traded funds ("ETFs"), closed-end funds, and unit investment trusts. The fund may invest up to 100% of its net assets in fixed income securities of any maturity and of any credit rating (including unrated and high yield fixed income securities) and cash equivalent securities.

FLSPX

The fund invests in the stocks of large U.S. companies that are undervalued and have great appreciation potential. It invests at least 65% of its net assets (at market value at the time of purchase) in the common stocks of large companies that have market capitalizations greater than $5.0 billion. The fund may emphasize sectors more or less than the S&P 500. It may also invest in stock index options. The fund may also take defensive positions when the manager believes that the overall stock market is highly valued or that market conditions warrant it.

FVALX

The fund seeks to achieve its investment objective by investing under normal circumstances in long and short positions of equity and equity-related securities, primarily companies traded on U.S. markets. It generally takes long positions in securities that the Adviser believes to be undervalued and short positions in securities that the Adviser believes to be overvalued, based on the Adviser's analysis of the issuer's financial reports and market valuation.

GARIX

The investment seeks long-term capital appreciation and to achieve positive returns during most annual periods in an efficient, risk-adjusted manner. The fund seeks to achieve its investment objective by investing under normal circumstances in long and short positions of equity securities generally selected from the largest 1000 U.S. companies by market capitalization. The Adviser intends to target a net exposure, which is the value of the fund's long positions minus its short positions, in the range of approximately 70-100%.

GCHDX

The investment seeks long-term capital appreciation. The fund seeks to achieve its investment objective by investing under normal circumstances in long and short positions of equity and equity-related securities. It invests primarily in U.S. common stocks of companies listed in the S&P 500 Index, but may invest in other large capitalization companies, generally selected from the largest 500 to 700 U.S. companies by market capitalization. It is anticipated that the fund will hold several hundred positions.

GDLFX

In pursuing its investment objective of long-term capital appreciation, the fund tactically invests in equity securities and exchange-traded funds that primarily invest in equity securities ("ETFs"). During periods of market volatility, the fund may assume a temporary defensive position by investing up to 70% of its assets in cash or cash equivalents such as money market funds and U.S. Treasury Securities. Under normal circumstances, it invests at least 40% (or 30% if conditions are not favorable) of the fund's net assets plus any amounts of borrowing in global securities. It is non-diversified.

GIVYX

The investment seeks absolute return consistent with reasonable risk to principal. The fund normally invests at least 80% of the value of its net assets (including borrowings for investment purposes) in long and short positions with respect to equity securities, such as common stocks, of public companies tied economically to the U.S. It will invest in companies with market capitalizations, at the time of purchase, that are within the market capitalization range of any stock in the Russell 3000 Index.

GTAPX

The advisor intends to allocate the majority of its assets among mutual funds advised by Gotham (each an "underlying fund" and collectively, the "underlying funds"). Each of the underlying funds utilize a long/short equity strategy with varying levels of net exposure (long positions less short positions). The adviser expects that the net exposure for the fund will be in the range of approximately 40% - 95% during normal market conditions. The fund's allocation to the underlying funds and investments may be rebalanced based on the adviser's current assessment of market conditions.

GTRFX

The investment seeks long-term capital appreciation. The fund seeks to primarily invest in equity, debt, and/or derivative securities of companies that the Adviser expects to benefit from an event catalyst. The fund may invest significantly in the common stock of and other interests (e.g., warrants) in special purpose acquisition companies or similar special purpose entities that pool funds to seek potential acquisition opportunities (collectively, SPACs). It is non-diversified.

HHCZX

The investment seeks total return comprised of income and capital appreciation. The fund's investment objective is total return. To meet its investment objective, it will invest primarily in domestic equity securities that in the opinion of the manager have above average intellectual property portfolios and other characteristics, like strong earnings and dividend growth that are members of the S&P 1500 Composite, relative to their sector competitors. The fund may also invest in companies that are experiencing a "special situation" that makes them undervalued relative to their long-term potential. It is non-diversified.

HIOIX

The fund will typically be fully invested in common stocks favored by the fund's investment adviser, except for modest cash balances arising from the fund's day-to-day operations. When market conditions are unfavorable in the view of the investment adviser, the fund may use options and index futures, as well as other hedging strategies, to reduce the exposure of the fund's stock portfolio to the impact of general market fluctuations.

HSGFX

Under normal circumstances, the fund will invest at least 80% of its assets in long and short positions in equity securities, selecting from a universe of equity securities with market capitalizations similar to those included in the Russell 1000 and/or S&P 500 Index, at the time of purchase. "Assets" means net assets plus the amount of borrowings for investment purposes. In implementing its strategy, it primarily will buy or sell short common stocks, including real estate investment trusts (REITs) and depositary receipts. The fund's gross equity market exposure is limited to 200%. It is non-diversified.

JOEQX

The fund allocates its assets to a number of investment strategies, through which the fund will take both physical and synthetic long positions and synthetic short exposures in a variety of equity and derivative instruments. For long positions, the manager generally uses bottom-up fundamental analysis to identify companies throughout the world that the manager believes are undervalued or expects to experience high levels of growth. The fund's synthetic short exposures will primarily be maintained in derivatives on exchange-traded pooled investment vehicles and/or indices, but may be maintained in other vehicles.

JSFDX

The investment seeks long-term capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in long and short positions in equity securities. The equity securities in which the fund invests are primarily common stocks of large-capitalization U.S. companies and derivatives with economic characteristics similar to such securities. It takes long and short positions in equity securities.

KCEIX

Under normal market conditions, the fund invests at least 80% of its assets, defined as net assets plus the amount of any borrowings for investment purposes, in long or short positions in equity securities of domestic and foreign companies. It invests in securities of issuers without restriction as to capitalization or country, including emerging markets. The fund invests in convertible debt securities of any maturity or credit quality, including those known as "junk bonds."

LEQIX

The investment seeks long-term capital appreciation. The fund pursues its investment objective using three principal strategies: an Equity Strategy, a Futures Strategy and a Fixed Income Strategy. Under normal market conditions, the fund's assets are allocated among the three strategies according to the fund's asset allocation model which, consistent with the fund's benchmark, the Morningstar Moderate Target Risk Index, targets exposures generally equivalent to 60% stocks/40% bonds although exposures may vary at the Adviser's discretion. It is non-diversified.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield
CRIHX	CRM Long/Short Opportunities Fund	Long-Short	Aug 15, 2016	1.60%	7.61%	—	2.16%
DGQIX	AmericaFirst Defensive Growth Fund	Long-Short	May 22, 2011	2.81%	-0.00%	-2.51%	0.00%
DIAMX	Diamond Hill Long-Short Fund	Long-Short	Jun 29, 2000	1.36%	8.20%	6.01%	3.72%
FHEKX	Delaware Hedged U.S. Equity Opportunities Fund	Long-Short	Jul 31, 2016	1.30%	5.25%	—	119.72%
FLSPX	Meeder Spectrum Fund	Long-Short	Jan 1, 2015	1.52%	6.14%	—	7.77%
FVALX	Forester Value Fund	Long-Short	Sep 9, 1999	1.25%	1.81%	-0.92%	3.20%
GARIX	Gotham Absolute Return Fund	Long-Short	Aug 30, 2012	1.50%	11.20%	5.98%	5.28%
GCHDX	Gotham Hedged Core Fund	Long-Short	Sep 29, 2016	0.85%	7.75%	—	1.26%
GDLFX	Gotham Defensive Long 500 Fund	Long-Short	Sep 29, 2016	1.35%	8.67%	—	0.00%
GIVYX	Greenwich Ivy Long-Short Fund	Long-Short	Dec 3, 2019	1.85%	-4.72%	—	3.27%
GTAPX	Quantitative U.S. Long/Short Equity Portfolio	Long-Short	Sep 28, 2006	1.25%	4.46%	3.65%	11.30%
GTRFX	Gotham Total Return Fund	Long-Short	Mar 30, 2015	0.00%	6.63%	—	6.81%
HHCZX	NexPoint Event Driven Fund	Long-Short	May 4, 2008	1.69%	4.35%	1.57%	2.52%
HIOIX	Fintrust Income and Opportunity Fund	Long-Short	Jan 20, 2016	2.19%	4.62%	—	0.00%
HSGFX	Hussman Strategic Growth Fund	Long-Short	Jul 24, 2000	1.15%	-1.15%	-3.96%	3.13%
JOEQX	JPMorgan Opportunistic Equity Long/Short Fund	Long-Short	Aug 28, 2014	1.53%	—	—	—
JSFDX	John Hancock Seaport Long/Short Fund	Long-Short	Dec 19, 2013	1.62%	5.13%	4.91%	3.10%
KCEIX	Knights of Columbus Long/Short Equity Fund	Long-Short	Dec 1, 2019	1.50%	6.33%	—	2.21%
LEQIX	LoCorr Dynamic Equity Fund	Long-Short	May 9, 2013	1.99%	-2.17%	3.19%	1.50%
LONGX	Longboard Alternative Growth Fund	Long-Short	Mar 15, 2015	1.99%	5.84%	—	3.17%

The Best Long-Short Mutual Funds

Risk vs. Return Scatterplot