The investment seeks capital appreciation. The fund seeks capital appreciation primarily through short sales of domestically traded equity securities. It also seeks capital appreciation through long positions on equity securities. The fund is expected to hold more short positions than long positions on securities and/or the overall market. It can also purchase restricted securities in private placement transactions, exchange-traded funds (“ETFs”), and hybrid instruments.
Fund filings (PDF) »

Asset managers:
Doug Noland (Started: Dec 31, 1999)
Chad E. Hudson (Started: May 21, 2009)
Ryan Bend (Started: Sep 15, 2008)

Advisor Company:
Federated Equity Mgmt Co. Of Penn
Fund family reports on Morningstar »

	1 year	3 years	5 years	10 years
Alpha*	-19.38	2.36	-1.31	5.84
Beta*	5.32	-0.80	6.85	2.39
Mean annual return	-0.94	0.78	0.56	0.85
R-squared*	1.76	88.24	4.62	0.14
Standard deviation	16.24	16.69	13.76	21.77
Sharpe ratio	-0.70	0.42	0.27	0.33
* Against standard index

Risk measurement details »

Security	Net Assets
SPDRs	22.47%
Federated US Treasury Cash Reserves I	8.07%
Yum Brands, Inc. (YUM)	0.93%
Burger King Holdings, Inc. (BKC)	0.92%
Sysco Corporation (SYY)	0.91%
Staples, Inc. (SPLS)	0.91%
Verizon Communications Inc. (VZ)	0.89%
Hologic, Inc. (HOLX)	0.89%
Home Depot, Inc. (HD)	0.87%
C.R. Bard, Inc. (BCR)	0.83%

Holdings Performance »