Lipper Holdings for TMSRX
Total Net Assets $205.82M
Total Stock Holdings 35
Total Bond Holdings 141
% Foreign Stocks 8%
Portfolio Turnover Rate 100%
It’s hard to get a grasp on the inner workings of “alternative” (sometimes called black-box) funds. Actually, the layout above copied from Lipper is clearer than for many. Note the 1% (negative) holdings in equities (short position).
Just wanted to share. I do own it. My bigger gripe is the near 1.3% ER. However, that’s in line with similar funds, actually on the low end. Obviously, the managers aren’t “high” on prospects for stocks at current valuations.
my guess - The fund is long some stocks and short some others in roughly equal amounts. Net-net it’s 1% negative stocks. What about all that cash? Likely that’s to cover the short equity positions. Another oddity is that everything appears to equal about 100%. Funds that short equities and play in derivatives often have large cash / bond positions which laid out on paper display a total invested amount of 120% or greater / ISTM.