HEDJX — Scharf Alpha Opportunity Fund
Data updated: 2021-12-14
HEDJX — Scharf Alpha Opportunity Fund. Money Market · $6.57M AUM · 1.99% expense ratio · 8.6% 1-yr return. Holdings, fees, performance and SEC filings.
HEDJX Fund Overview
HEDJX — Scharf Alpha Opportunity Fund is a US mutual fund managed by Advisors Series Trust, 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: Advisors Series Trust
- Category: Money Market
- Assets under management: $6.57M
- 1-year return: 8.6%
- Ticker: HEDJX
- SEC CIK: 0001027596
- SEC series ID: S000052315
- Share class ID: C000164478
HEDJX Investment Objective and Strategy
Scharf Alpha Opportunity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Advisors Series Trust.
Investment objective
The Scharf Alpha Opportunity Fund (the Alpha Opportunity Fund or the Fund) seeks long-term capital appreciation and to provide returns above inflation while exposing investors to less volatility than typical equity investments.
Principal investment strategy
Under normal market conditions, the Alpha Opportunity Fund primarily invests in equity securities that the Adviser believes have significantly more appreciation potential than downside risk over the long term. Equity securities in which the Fund may invest include, but are not limited to, common and preferred stock of companies of all size market capitalizations, rights and warrants. There are no geographic limits on the Funds investments, and the Fund may invest without limit in securities of companies located both in the U.S. and abroad and in developed or emerging markets. Such foreign securities may be listed on foreign exchanges as well as in the form of depositary receipts, such as American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs).
The Fund may also invest without limit in mutual funds and exchange-traded funds (ETFs). The Fund may also invest in Rule 144A securities. The Alpha Opportunity Fund also takes short positions in one or more ETFs that mimic broad market indices such as the Standard & Poors (S&P) 500 Index or the Value Line Composite Index, or a narrower market index such as the S&P 100 Index. A short position occurs when the Fund sells a security which it does not own in anticipation of purchasing the same security in the future at a lower price to close the short position. Under normal market conditions, the net long exposure of the Fund (gross long exposures minus gross short exposures) is expected to range between +30% and +70% net long. The Fund may utilize leverage of no more than 30% of the Funds total assets as part of the portfolio management process.
The Adviser defines leverage as the percentage by which the value of long portfolio positions is greater than 100% of the portfolio value. In general, the Adviser utilizes five key elements in its equity investment philosophy: low valuation, discount to fair value, investment flexibility, focus and long-term perspective. Through a proprietary screening process, the Adviser seeks to identify investments with low valuations combined with growing earnings, cash flow and/or book value which the Adviser describes as growth stocks at value prices. The Alpha Opportunity Fund may also invest in special situations, which may occur when the securities of a company are affected by circumstances, including, but not limited to, hidden assets ( i.e. , assets that may be undervalued on a companys balance sheet or otherwise difficult to value and therefore not properly reflected in the companys share price), spinoffs, liquidations, reorganizations, recapitalizations, mergers, management changes and technological changes.
In addition, the Alpha Opportunity Fund may invest up to 30% of its total assets in fixed-income securities of any duration and any maturity. Fixed-income securities in which the Fund may invest include, but are not limited to, those of domestic and foreign governments, government agencies, inflation-protected securities, asset-backed securities, exchange-traded notes (ETNs), money market instruments, convertible securities, bank debt, limited partnerships, municipalities and companies across a wide range of industries, market capitalizations and maturities and may include those that are rated below investment grade ( i.e ., junk bonds). The types of asset-backed securities in which the Fund may invest include mortgage-backed securities. The Alpha Opportunity Fund may invest up to 100% of its net assets in cash, cash equivalents, and high-quality, short-term debt securities, money market mutual funds and money market instruments due to a lack of suitable investment opportunities or for temporary defensive purposes.
When selling securities, the Adviser considers the same factors it uses in evaluating a security for purchase and generally sells securities that it believes no longer have sufficient upside potential. The Alpha Opportunity Fund is non-diversified under the Investment Company Act of 1940, as amended (the 1940 Act), which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund. Investing in fewer issuers makes a fund more susceptible to financial, economic or market events impacting such issuers and may cause the Funds share price to be more volatile than the share price of a diversified fund.
HEDJX Performance
Total returns for HEDJX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 8.6% |
HEDJX Risk Information
Risk metrics for HEDJX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 8.9%
HEDJX Costs and Fees
HEDJX costs about $199 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.99%
- Gross expense ratio: 3.40%
- Portfolio turnover: 50%
- Brokerage commissions: 5.61 bps of average net assets (SEC N-CEN)
HEDJX Cashflows
Over the 12 months to 2021-09, Scharf Alpha Opportunity Fund had net inflows of $4.08M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2021-09 | $129.63K |
| 2021-08 | $0 |
| 2021-07 | $65.28K |
| 2021-06 | $127.62K |
| 2021-05 | $98.53K |
| 2021-04 | $82.52K |
HEDJX Debt Constituents
No individual debt constituents are reported in Scharf Alpha Opportunity Fund's latest SEC N-PORT filing.
HEDJX Prospectus and SEC Filings
Official Scharf Alpha Opportunity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2021-01-28
- Prospectus (485BPOS) — filed 2020-02-18
- Prospectus supplement (497) — filed 2021-02-02
- Portfolio holdings (N-PORT) — filed 2021-11-29
- Portfolio holdings (N-PORT) — filed 2021-08-30
- Portfolio holdings (N-PORT) — filed 2021-05-28
- Annual census (N-CEN) — filed 2021-12-14
- Annual census (N-CEN) — filed 2020-12-14
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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.