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We are pleased to announce the conversion of the Marketfield Fund is now complete.
The Fund has been renamed the Cromwell Marketfield L/S Fund as of March 14, 2022.
To learn more about the Fund, click here: thecromwellfunds.com/funds/marketfield-ls
The Cromwell Marketfield L/S Fund is distributed by Foreside Fund Services, LLC.
- Summary & Performance
- Portfolio
- Fees & Expenses
Fund Objective: Seeks capital appreciation.
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Investment Strategy and Process
The Fund seeks long-term growth of capital above that of the broad equity market over a full market cycle, with volatility that is lower than that of the broad equity market. Correlation between the Fund and the broad equity market may vary considerably over the course of an investment cycle.The Fund has a broad investment charter that allows it to allocate its assets among investments in equity securities, fixed-income instruments, commodities, futures, options, and other investment companies, including ETFs. Additionally, with respect to 50% of the Fund's net assets, the Fund may engage in short sales of securities to profit from an anticipated decline in the price of the security sold short.
Daily Prices (as of 03/11/22)
| Class | NAV | POP1 | Change | % Change | % YTD |
|---|---|---|---|---|---|
| I | 22.67 | 22.67 | -0.25 | -1.09 | 2.91 |
| A | 22.24 | 23.53 | -0.25 | -1.09 | 2.84 |
| C | 20.73 | 20.73 | -0.23 | -1.10 | 2.68 |
Gross Expense Ratios: Class I 2.66%, Class A 2.92%, Class C 3.68%
Performance data quoted represents past performance; past performance does not guarantee future
results. The investment return and principal value of an investment will fluctuate so that an
investor's shares, when redemmed, may be worth more or less than their original cost. Current
performance of the fund may be lower or higher than the performance quoted. Performance data
current to the most recent month end may be obtained by calling 800-311-MKTD (311-6583).
Performance data shown w/sales charges reflects the Class A maximum sales
charge of 5.50% and the Contingent Deferred Sales Charge of 1.00% for Class C Shares.
Performance data shown at NAV does not reflect the deduction of any sales load or CSDS.
If reflected, the load or fee would reduce the performance quoted.
Performance data for the classes varies based on differences in their fee and expense structures. The performance figures for Class I shares reflect the historical performance of the then-existing shares of MainStay Marketfield Fund (the predecessor to the Fund, for which the Adviser served as the investment sub-advisor) for periods from October 5, 2012 to April 8, 2016. The performance figures for Class I shares also reflect the historical performance of the then-existing shares of the predecessor fund to MainStay Marketfield Fund (which was subject to a different fee structure, and for which a predecessor entity to the Adviser served as the investment adviser) for periods prior to October 5, 2012. The returns in the table below for periods prior to October 5, 2012 have been calculated using the expenses of the predecessor fund to the MainStay Marketfield Fund. Performance figures for Class A and Class C shares, first offered on October 5, 2012, include the historical performance of Class I shares through October 4, 2012 and are adjusted to reflect differences in fees and expenses. Performance data for the classes varies based on differences in their fee and expense structures. The returns in the table below for periods prior to October 5, 2012 have been calculated using the expenses of the predecessor fund to the MainStay Marketfield Fund. Performance data for the classes varies based on differences in their fee and expense structures. Unadjusted, the performance for the newer classes would likely have been different because of differences in certain fees and expenses attributable to each share class.
Annual Performance
| Time Period | Class I | S&P 500 |
|---|---|---|
| 2007 (July 31-Dec31) | +3.80% | +0.90% |
| 2008 | -12.88% | -37.00% |
| 2009 | +31.08% | +26.46% |
| 2010 | +14.32% | +15.06% |
| 2011 | +3.70% | +2.11% |
| 2012 | +13.50% | +16.00% |
| 2013 | +16.93% | +32.39% |
| 2014 | -12.31% | +13.69% |
| 2015 | -8.31% | +1.38% |
| 2016 | -3.36% | +11.96% |
| 2017 | +21.20% | +21.83% |
| 2018 | -13.25% | -4.38% |
| 2019 | +12.13% | +31.49% |
| 2020 | +20.20% | +18.40% |
| 2021 | +8.58% | +28.71% |
Fund Facts
| Class I | Class A | Class C | ||
|---|---|---|---|---|
| Inception Date | 07/31/2007 | 10/05/2012 | 10/05/2012 | |
| NASDAQ | MFLDX | MFADX | MFCDX | |
| CUSIP | 89834E245 | 89834E278 | 89834E252 | |
| Fund Number | 5127 | 5124 | 5126 | |
| Open to New Investors | Yes | |||
| Morningstar Category | US OE Long/Short Equity | |||
| Lipper Category | Alternative Global Macro Funds | |||
| Dividend Frequency | Annually | |||
| Benchmark | S&P 500 Index | |||
Fund Objective: Seeks capital appreciation.
Fund Statistics(01/31/2022)
| All Share Classes | |
|---|---|
| Total Net Assets | 149.5M |
| Number of Holdings | 49 |
Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.
Portfolio Allocation (excluding cash)(as of 01/31/2022)
| Equity Long* | 84.6% |
| Equity Short* | -29.4% |
*Option delta4 not reflected.
**Notional Value
Regions Exposure (as of 01/31/2022)
| Long | Short | Net | |
|---|---|---|---|
| U.S. | 55.5 | 29.4 | 26.1 |
| Emerging Markets | 7.7 | 7.7 | |
| Europe | 3.6 | 3.6 | |
| Japan | 3.9 | 3.9 | |
| United Kingdom | 6.9 | 6.9 | |
| Australia | 4.2 | 4.2 | |
| Canada | 1.8 | 1.8 | |
| Other | 0.9 | 0.9 |
Fund Objective: Seeks capital appreciation.
Average Expenses (%)
| Class I | Class A | Class C | |
|---|---|---|---|
| Total Annual Fund Operating Expenses | 2.63 | 2.91 | 3.62 | Total Annual Fund Operating Expenses After Fee Waiver* | 2.36 | 2.63 | 3.36 |
Expenses for Marketfield Fund are as of April 30, 2021.
*Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement are contractual through at least April 30, 2022.
Account Minimums
| Class I | Class A | Class C | |
|---|---|---|---|
| Minimum Initial Investment Institutional Investors | $0 | $2,500 | $2,500 |
| Minimum Initial Investment Individual Investors | $25,000 | $2,500 | $2,500 |
| Minimum Subsequent Investment | None | None | $50 |
Class A Sales Charges
| Purchase Amount | Sales Charge % |
|---|---|
| Less than $50,000 | 5.50 |
| $50,000 to $99,999 | 4.50 |
| $100,000 to $249,999 | 3.50 |
| $250,000 to $499,999 | 2.50 |
| $500,000 to $999,999 | 2.00 |
| $1,000,000 or more | None2 |
Class A shares are intended for accounts with assets of at least $25,000 on a per-fund account level or for shareholders who invest through Marketfield through certain broker-dealers or retirement plans, regardless of account size.
Class C Sales Charges (%)
| Years from Date of Purchase | Contingent Deferred Sales Charge (CDSC) |
|---|---|
| First Year | 1.00 |
Class C shares carry no initial sales charge, but are subject to a CDSC of 1% if redeemed within one year of the date of purchase.
Class I
Class I shares are sold at NAV and may be purchased by existing Class I shareholders, individuals investing at least $25,000 in a Fund, and institutional investors. Class I shares carry no initial sales charge or CDSC.