SNOCX — Snow Capital Long/Short Opportunity Fund
Data updated: 2022-05-13
SNOCX — Snow Capital Long/Short Opportunity Fund. Emerging Markets Small Cap Value Equity · $101.64M AUM. Holdings, fees, performance and SEC filings.
SNOCX Fund Overview
SNOCX — Snow Capital Long/Short Opportunity Fund is a US mutual fund managed by Trust For Professional Managers, categorised as Emerging Markets Small Cap Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Trust For Professional Managers
- Category: Emerging Markets Small Cap Value Equity
- Assets under management: $101.64M
- 1-year return: 42.8%
- Ticker: SNOCX
- SEC CIK: 0001141819
- SEC series ID: S000011970
- Share class ID: C000032679
SNOCX Investment Objective and Strategy
Snow Capital Long/Short Opportunity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Trust For Professional Managers.
Investment objective
The investment objective of the Snow Capital Long/Short Opportunity Fund (the Long/Short Opportunity Fund or the Fund) is long-term capital appreciation and protection of investment principal.
Principal investment strategy
To achieve its investment objective, the Long/Short Opportunity Fund will invest primarily in equity securities that Snow Capital Management L.P. (the Adviser), the Funds investment adviser, believes are undervalued, selling short equity securities the Adviser believes are overvalued and selling short equity securities to hedge market risk. The Fund may also invest in options, futures contracts and options on futures contracts (collectively, Derivative Instruments) as a substitute for a comparable market position in the underlying equity security or to attempt to hedge or limit the exposure of the Funds position in an equity security. Long and short investments can include common and preferred stocks, convertible securities, shares of other investment companies and exchange-traded funds (ETFs) that invest in equity securities.
With a long position, the Fund purchases a security outright, while with a short position, the Fund sells a security that it has borrowed. When the Fund sells a security short, it borrows the security from a third party and sells it at the then-current market price. The Fund is then obligated to buy the security on a later date so that it can return the security to the lender. The Fund may invest in securities of companies of any size and is not managed toward sector or industry weights. In addition to domestic securities, the Fund may have up to 25% of its net assets invested directly or indirectly in foreign securities, including investments in emerging markets. To achieve its investment objective, under normal market conditions, the Fund will typically invest the majority of its net assets in long equity securities, long and short equity derivatives, index futures, debt securities, and cash.
Short sales will typically represent less than half of the Funds net assets. It is anticipated that the Fund will frequently adjust the size of its long and short positions with the intention of reducing risk and/or increasing risk-adjusted returns. In addition to equity securities, the Fund may invest up to 50% of its net assets in debt securities of varying maturities and durations, including securities issued or guaranteed as to principal and interest by the U.S. Government or its agencies, instrumentalities or sponsored entities, and including debt securities that have been rated below investment grade by a nationally recognized statistical ratings organization (NRSRO), commonly referred to as junk bonds or high yield bonds. However, the Fund will not purchase debt securities rated as in default by an NRSRO.
The Fund invests in debt securities when it anticipates that such securities will increase in value. The Funds mix of long positions, including debt securities, and short positions will change over time based on the Advisers assessment of market conditions. In addition to direct investments in debt securities, the Fund may invest in other investment companies and ETFs that invest in debt securities. The Adviser selects investments for the Fund using a bottom-up approach that seeks to identify companies that the Adviser believes are undervalued and are likely to experience a rebound in earnings due to an event or series of events that creates a price to earnings expansion that leads to higher stock price valuations. The Adviser generally attempts to purchase equity securities for the Funds portfolio after an event in which the companys equity valuation has fallen and business conditions are unfavorable, if not at or near a cyclical bottom.
This is done in conjunction with extensive research to confirm the Advisers opinion that a company can survive the near-term problems. While the Advisers analysis does not eliminate the occurrence of short-term equity valuation volatility, the Adviser believes that this process provides for a reasonable level of capital protection. The Funds portfolio typically consists of 30 to 60 long equity securities that are weighted according to the Advisers projected return expectations. In general, the Adviser may sell an investment when it reaches its target price, when the position grows too large, when the companys financial position or outlook deteriorates, when an anticipated business catalyst for the investment does not materialize as expected, or to make room in the Fund for a more attractive investment.
SNOCX Performance
Total returns for SNOCX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 42.8% |
SNOCX Risk Information
Risk metrics for SNOCX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 17.7%
SNOCX Costs and Fees
SNOCX costs about $279 per $10,000 invested per year in fund expenses.
- Net expense ratio: 2.79%
- Gross expense ratio: 2.83%
- Portfolio turnover: 74%
- Brokerage commissions: 4.62 bps of average net assets (SEC N-CEN)
SNOCX Cashflows
Over the 12 months to 2021-08, Snow Capital Long/Short Opportunity Fund had net inflows of $19.05M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2021-08 | $956.30K |
| 2021-07 | $373.76K |
| 2021-06 | $643.06K |
| 2021-05 | $804.02K |
| 2021-04 | $357.94K |
| 2021-03 | $417.85K |
SNOCX Debt Constituents
No individual debt constituents are reported in Snow Capital Long/Short Opportunity Fund's latest SEC N-PORT filing.
SNOCX Prospectus and SEC Filings
Official Snow Capital Long/Short Opportunity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2021-06-24
- Prospectus (485BPOS) — filed 2020-07-06
- Prospectus (485BPOS) — filed 2019-07-09
- Portfolio holdings (N-PORT) — filed 2021-09-27
- Portfolio holdings (N-PORT) — filed 2021-07-29
- Portfolio holdings (N-PORT) — filed 2021-03-29
- Annual census (N-CEN) — filed 2022-05-13
- Annual census (N-CEN) — filed 2021-05-13
Related Funds
Other Emerging Markets Small Cap Value Equity 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.