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The Wegener Adaptive Growth Fund seeks long-term capital appreciation, while attempting to protect capital during negative market conditions using hedging strategies.
The Fund seeks to achieve its objective by investing in a portfolio of common stocks that the Fund's investment manager, Wegener, LLC, believes have superior prospects for appreciation. The Fund may invest in options to increase the Fund's market exposure, or use hedging strategies to reduce the Fund's market exposure, based on the investment manager's assessment of market conditions.
The investment manager believes that individual stocks, and the stock market as a whole, are influenced by three primary groups of factors: Long Term Reversal Factors, Intermediate Term Trend Factors, and Short Term Reversal Factors.
- Long Term Reversal Factors are primarily tied to the ratio of current price to the present value of future cash flows. Other valuation measures, such as the ratio of stock price to current sales and stock price to current earnings, in relation to expected future growth rates and the expected level of risk, are also used. The investment manager believes these Factors can be used to measure investors’ expectations for individual stocks, and investors' risk tolerance for the stock market. When expectations or risk tolerance are low, the manager believes there is significant potential for them to increase. When either expectations or risk tolerance increases, the investment manager believes stock prices typically appreciate at an above average rate.
- Intermediate Term Trend Factors vary a great deal depending on whether individual stocks, or the stock market, is being evaluated. For individual stocks, the Factors include trends in stock price and trends in analysts’ earnings estimates. For the stock market, the Factors are tied to price trends in a wide variety of security types and groups, including sector indexes, small capitalization stocks, large capitalization stocks, corporate bonds, government bonds. The investment manager believes these Factors estimate the current direction of change in investors’ expectations for individual stocks, and the current direction of change in investors’ risk tolerance for the stock market. Intermediate describes the average length of time historically for the Factors to go from positive to negative, or negative to positive.
- Short Term Reversal Factors for individual stocks are related to individual stock price, and for the market are related to a wide variety of price. For an individual stock, it is primarily the short term price movement of the stock compared to the broader market. For the broader market, Short Term Reversal Factors are related to recent movement in the overall market compared to typical changes in the market over similar time periods. The investment manager believes these Factors are important because they measure short term overreactions that are usually corrected over a short period of time.
The investment manager selects individual stocks for the Fund's portfolio that it believes gives the portfolio the best combination of Factors, and sells those that have become less attractive based on the Factors. When the combined Factors of the stock market as a whole lead the manager to expect a poor reward for the risk taken, the investment manager will attempt to reduce market risk by "hedging" the portfolio. When the combined Factors of the stock market lead the investment manager to expect a positive reward for the risk taken, the investment manager may increase stock market exposure by “leveraging” the portfolio.
As a hedging strategy, the Fund will typically simultaneously purchase put options on market indexes and write call options on market indexes. To achieve leverage, the Fund will typically buy call options on individual stocks or market indexes. The Fund’s maximum stock position, either directly or through option positions, will be limited to 150% of its net assets. This means that the option positions will never exceed 50% of the Fund’s net assets.
Stocks are selected from among all stocks sold on the New York Stock Exchange, Nasdaq System, and American Stock Exchange, and may include foreign companies sold as American Depositary Receipts (ADRs). These companies will be selected from any capitalization range (small, mid and large capitalization).
Semi Annual Report - December 2009
Annual Report - June 2009
Semi Annual Report - December 2008
Annual Report - June 2008
Semi Annual Report - December 2007
Annual Report - June 2007
Semi Annual Report - December 2006
Net Asset Value (Nasdaq: WAGFX)
Proxy VotingProxy Voting - June 2009
Proxy Voting - June 2008
Proxy Voting - June 2007
In the News
Adapt and Prosper
January 15, 2010 - Ticker Magazine
Alternative Assets for the Masses
December 19, 2009 - Business Week
Wegener Adaptive Growth Fund Hits All Time High with Three Year Average Annual Total Return of 11.43%
September 22, 2009 - Press Release
WAGFX PerformancePerformance Chart - March 2010
|Average Annual Total Returns For Periods Ended 3/31/2010|
|Wegener Adaptive Growth Fund (WAGFX)||45.12%||13.04%||11.78%|
* Inception of WAGFX was 9/13/2006
Performance figures represent past performance which is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, please call 1-800-595-4077.