In pursuing its investment objective, the Adviser utilizes three strategies: (i) selecting individual equity securities, (ii) hedging that seeks to mitigate the downside risk of equities during unfavorable markets, and (iii) seeking to minimize shareholders' tax liability in connection with the fund's distribution of realized capital gains. Under normal market conditions, the fund pursues its investment objective by investing at least 80% of its net assets in U.S. exchange listed common stock, preferred stock and depositary receipts ("Equity Instruments").

Nasdaq

LSEIX

The investment seeks to generate long-term capital appreciation by investing in both long and short positions within a portfolio consisting of primarily publicly-traded common stock, with less net exposure than that of the stock market in general. The fund will employ a research-driven, bottom-up stock selection process on both the long and short side. The advisor generally intends to take positions in equity securities, including common and preferred stocks and securities convertible into equity securities, and in other investment companies. It may also hold positions in foreign securities.

LSOFX

MFS seeks to achieve the fund's objective by generating returns from (1) a strategic allocation to three MFS equity funds, referred to as underlying funds, and (2) a tactical asset allocation overlay primarily using derivative instruments to seek to decrease the volatility of the fund's returns by reducing the fund's exposure to the equity and/or currency markets as represented by the underlying funds and also to potentially expose the fund to asset classes and/or markets in which the underlying funds have little or no exposure.

MNWIX

The investment seeks long-term capital appreciation. The adviser allocates assets across various sectors of the global equity markets by investing primarily in ETFs that each invests primarily equity securities, put options on the Standard & Poor's 500 Index for hedging purposes and volatility-linked exchange-traded funds, volatility-linked exchange-traded notes, and put and call options on volatility linked exchange traded funds and notes for hedging purposes. The fund invests at least 80% of its assets in equity securities.

NAVIX

The fund will take long positions in 15-35 companies, and will take short positions in up to 50 companies, with both the long and short positions consisting primarily of common stocks of any capitalization of companies organized in the United States. The advisor intends to maintain net exposure (the market value of long positions minus the market value of short positions) of between 100% net long and 25% net short. The fund's long positions may range from 75% to 100% and its short positions may range from 0% to 100%.

NCLIX

The investment seeks long-term capital appreciation with low correlation to the U.S. equity market. The fund pursues its investment objective by establishing long and short positions in a diversified portfolio of equity securities. Substantially all of the equity securities in which the fund takes long and short positions will be included in the fund's benchmark index, the Russell 1000 Index, at the time the position is taken. As a result, the fund will invest significantly in large-capitalization companies.

NELIX

The fund seeks to achieve its goal primarily by taking long and short positions in the global securities markets. It uses long or short positions in common and preferred equity securities, exchange traded funds ("ETFs"), fixed income securities and restricted securities. The fund may invest in securities of, and derivative contracts on, U.S. and non-U.S. companies. Futures, swaps, forwards or options may be used in an attempt to increase returns and/or reduce risks.

NLSIX

Under normal circumstances, the fund invests in a portfolio of equity securities of companies that are representative of the S&P 500 Index or in exchange-traded funds ("ETFs") that are designed to replicate the performance of the index or whose holdings are representative of the index. It simultaneously uses options on ETFs in which the fund may invest and invests in ETFs that invest in debt securities and U.S. Treasury securities to enhance its potential returns during up markets while seeking to limit losses during down markets.

OASDX

The mutual fund aims to invest primarily in equity securities across various market capitalizations, with a mix of U.S. domestic, international developed, and emerging market companies in its portfolio.

PHSWX

The fund seeks to achieve its investment objective under normal circumstances by obtaining long exposure to three separate stock portfolios representing developed and developing markets, short exposure to corresponding capitalization-weighted equity indexes, and complementing this equity exposure with absolute return bond alpha strategy.

PWLIX

The Fund seeks to provide long-term capital appreciation while limiting exposure to general stock market risk.

QAMNX

Under normal market conditions, the fund pursues its investment objective by investing at least 80% of its net assets (including borrowings for investment purposes) in equity instruments and equity related and/or derivative instruments. Equity related and/or derivative instruments are investments that provide exposure to the performance of equity instruments, including equity swaps (both single-name and index swaps), equity index futures and exchange-traded-funds and similar pooled investment vehicles (collectively, "Equity Derivative Instruments" and together with Equity Instruments, "Instruments").

QLEIX

The Mutual Fund aims to achieve its investment objective through a long-short investment approach focused on U.S. and foreign securities based on proprietary quantitative investment indicators and ESG criteria.

QNZIX

The fund seeks long-term capital appreciation while managing downside volatility by investing long in equity securities that RiverPark believes have above-average growth prospects and selling short equity securities the Adviser believes are competitively disadvantaged over the long term. It invests primarily in the securities of U.S. companies, but it may also invest outside the U.S. The fund limits its investments in the securities of foreign issuers to no more than 15% of its assets.

RLSIX

The fund pursues its objective by investing, under normal market conditions, at least 80% of its assets (net assets plus the amount of borrowings for investment purposes) in long and short positions of domestic equity securities or equity-related instruments, including swaps and other derivatives that provide long or short exposure to domestic equity securities. It is non-diversified.

RYISX

The fund pursues its objective by investing, under normal market conditions, in long and short positions of domestic equity and equity-related securities. It may invest in domestic equity securities, including small-, mid-, and large-capitalization securities. The fund also may invest in derivative instruments, including swaps on selected baskets of equity securities, to enable the fund to pursue its investment objective without investing directly in the securities of companies to which the fund is seeking exposure.

SAOAX

Under normal market conditions, the fund invests in equity securities and equity-related instruments, including derivatives. Its portfolio of equity securities may include, without limitation, common and preferred stocks, convertible securities, rights and warrants, depositary receipts, real estate investment trusts, pooled investment vehicles, including other investment companies and exchange-traded funds ("ETFs").

SLHIX

The investment seeks long-term capital appreciation and protection of investment principal. The fund invests in equity securities, including common and preferred stocks, convertible securities, and shares of other investment companies and exchange-traded funds ("ETFs") that invest in equity securities. It may invest in securities of companies of any size. In addition to domestic securities, the fund may have up to 25% of its net assets invested directly or indirectly in foreign securities.

SNOIX

The fund invests in a portfolio of U.S. and foreign equity securities (common stocks, preferred stocks and convertible securities). It may invest a portion of its assets in securities issued by small capitalization companies. The fund may also invest a portion of its assets in equity securities not listed on an exchange. It can invest in foreign securities.

SPEDX

The fund's adviser seeks to achieve the fund's investment objective by investing primarily in: (1) derivative instruments including but not limited to futures contracts on equity indices compromised of issuers of any capitalization, (2) fixed income securities and (3) cash equivalents. It may also invest directly in stocks of U.S. issuers of any capitalization, foreign large cap stocks and exchange traded funds ("ETFs") that invest primarily in common stock.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield
LSEIX	Persimmon Long/Short Fund	Long-Short	Dec 30, 2012	1.91%	7.51%	4.67%	0.00%
LSOFX	LS Opportunity Fund - Institutional Class	Long-Short	Sep 28, 2010	1.95%	6.84%	6.56%	0.00%
MNWIX	MFS Managed Wealth Fund	Long-Short	Jun 26, 2014	0.67%	4.98%	—	0.74%
NAVIX	Navigator Equity Hedged Fund	Long-Short	Dec 27, 2010	1.10%	-0.00%	3.85%	1.12%
NCLIX	Nuance Concentrated Value Long-Short Fund	Long-Short	Dec 30, 2015	1.55%	-5.42%	—	4.73%
NELIX	Nuveen Equity Long/Short Fund	Long-Short	Dec 29, 2008	1.35%	8.46%	7.98%	3.87%
NLSIX	Neuberger Berman Long Short Fund	Long-Short	Dec 28, 2011	1.28%	2.69%	5.48%	0.98%
OASDX	Oakhurst Strategic Defined Risk Fund	Long-Short	May 9, 2017	1.89%	6.64%	—	3.07%
PHSWX	Parvin Hedged Equity Solari World Fund	Long-Short	Jan 27, 2021	0.01%	3.59%	—	1.96%
PWLIX	PIMCO RAE Worldwide Long/Short PLUS Fund	Long-Short	Dec 3, 2014	1.19%	7.34%	—	5.31%
QAMNX	Federated Hermes MDT Market Neutral A	Long-Short	Sep 30, 2008	1.86%	9.44%	—	5.39%
QLEIX	AQR Long-Short Equity Fund	Long-Short	Jul 15, 2013	1.30%	18.65%	10.10%	17.59%
QNZIX	AQR Sustainable Long-Short Equity Carbon Aware Fun...	Long-Short	Dec 15, 2021	1.31%	20.33%	—	19.38%
RLSIX	RiverPark Long/Short Opportunity Fund	Long-Short	Mar 29, 2012	1.75%	5.87%	4.65%	0.00%
RYISX	Guggenheim Long Short Equity Fund	Long-Short	Mar 21, 2002	2.61%	13.00%	4.19%	0.70%
SAOAX	Guggenheim Alpha Opportunity Fund	Long-Short	Jul 6, 2003	1.76%	11.77%	3.04%	0.55%
SLHIX	Sirios Long/Short Fund	Long-Short	May 2, 2018	1.62%	7.88%	—	0.00%
SNOIX	Easterly Snow Capital Long/Short Opportunity Fund	Long-Short	Apr 27, 2006	1.41%	5.69%	5.42%	2.17%
SPEDX	Alger Dynamic Opportunities Fund	Long-Short	Nov 1, 2009	0.91%	8.36%	6.43%	0.00%
TTDAX	Toews Tactical Defensive Alpha Fund	Long-Short	Jan 6, 2016	1.25%	2.01%	—	2.51%

The Best Long-Short Mutual Funds

Risk vs. Return Scatterplot