Equity Long/Short Portfolio
Data updated: 2019-11-27
C000153755 — Equity Long/Short Portfolio. Money Market · $170.99M AUM · 1.08% expense ratio. Holdings, fees, performance and SEC filings.
C000153755 Fund Overview
Equity Long/Short Portfolio is a US mutual fund managed by Pacific Select Fund, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Pacific Select Fund
- Category: Money Market
- Assets under management: $170.99M
- SEC CIK: 0000813900
- SEC series ID: S000048868
- Share class ID: C000153755
C000153755 Investment Objective and Strategy
Equity Long/Short Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Pacific Select Fund.
Investment objective
This Fund seeks capital appreciation.
Principal investment strategy
This Fund seeks to provide higher risk-adjusted returns with lower volatility than global equity markets, although it is expected to have moderate to high correlation with the performance of those markets. The Fund seeks to generate returns from three sources: 1) long and short equity positions; 2) overall exposure to equity markets; and 3) the active increase and decrease of the Funds net exposure to equity markets. Under normal circumstances, this Fund invests at least 80% of its assets in equity and equity related instruments. Equity instruments include common stock, preferred stock, and depositary receipts. Equity related instruments are investments that provide exposure to the performance of equity instruments, including futures contracts and swaps. In managing the Fund, the sub-adviser takes long positions in those instruments that, based on proprietary quantitative models, the sub-adviser forecasts to be undervalued and likely to increase in price, and takes short positions in those instruments that the sub-adviser forecasts to be overvalued and likely to decrease in price.
Simultaneously engaging in long investing and short selling is designed to reduce the Funds net exposure to the general global equity markets compared to a fund invested long only in those markets. The Fund may use equity related instruments and foreign currency forwards as substitutes for investing in equity securities or currencies and to increase its economic exposure to a particular security, index or currency. At times, the Fund may gain all equity and currency exposure through the use of equity related instruments and foreign currency forwards, and may invest in such instruments without limitation. The sub-adviser uses derivatives in a way that has a leveraging effect on the Fund. (This means that the derivative positions may expose the Fund to potential gain or loss in an amount that exceeds the amount invested to establish or maintain the derivative contract, often by several times the value of the Funds assets.) The Funds use of leverage may result in greater price volatility for the Fund than if leverage had not been used.
Because the Funds use of leverage may be significant, the Fund may be more volatile than many other funds. The Fund may invest in or have exposure to large- and mid-capitalization companies. The Fund will generally invest in instruments of companies located in global developed markets, including the United States. The sub-adviser considers global developed markets to be those countries included in the MSCI World Index (Net). The Fund intends to invest across different countries and geographic regions, but may invest in any one country or geographic region without limit. The sub-adviser uses the following set of economic indicators to select long and short investments for the Fund based on the sub-advisers global security selection and asset allocation models: Value indicators identify investments that appear cheap based on fundamental measures, often as a result of distress or lack of favor.
Examples of value indicators include using price-to-earnings and price-to-book ratios for choosing individual equities. Momentum indicators identify investments with strong recent performance. Quality indicators identify companies in good business health, including those with strong profitability and stable earnings. In addition to these three main indicators, the sub-adviser may use a number of quantitative factors based on its proprietary research. The sub-adviser may add or modify the economic indicators employed in selecting investments from time to time. In the aggregate, the Fund expects to have net long exposure to the equity markets, which the sub-adviser may adjust over time. When the sub-adviser determines that equity market conditions are unfavorable, it may reduce the Funds long equity market exposure.
Similarly, when the sub-adviser determines that market conditions are favorable, it may increase the Funds long equity market exposure. The Fund is not designed to be market-neutral. The sub-adviser expects that the Fund will have a moderate to high sensitivity to broad global market movements. The Fund may, but is not required to, hedge exposure to foreign currencies using foreign currency forwards or futures contracts. A significant portion of the Funds assets may be held in cash or cash equivalents including, but not limited to, money market instruments, U.S. treasury bills, interests in short-term investment funds or shares of money market funds. These cash or cash equivalent holdings serve as collateral for the Funds derivative positions and may earn some income for the Fund.
C000153755 Costs and Fees
C000153755 costs about $108 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.08%
- Gross expense ratio: 1.23%
- Portfolio turnover: 0%
- Brokerage commissions: 0.80 bps of average net assets (SEC N-CEN)
C000153755 Cashflows
Over the 12 months to 2019-09, Equity Long/Short Portfolio had net outflows of $213.82K, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2019-09 | −$340.15K |
| 2019-08 | $423.64K |
| 2019-07 | −$297.31K |
C000153755 Debt Constituents
No individual debt constituents are reported in Equity Long/Short Portfolio's latest SEC N-PORT filing.
C000153755 Prospectus and SEC Filings
Official Equity Long/Short Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
Related Funds
Other Money Market funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.