NilssonHedge provides a Daily Long-Short Equity index, based on the average returns of the underlying managers. This index is expected to be correlated to overall equity markets.
The managers included in the index are based on strategies that we have identified as consisting of Long-Short Equity funds (or using similar strategies) reporting Daily Numbers through liquid funds. Most of the managers are diversified across styles and sectors while others are focused on a particular sector. Most of the managers deploy long/short alpha strategies in US equity markets while some diversify into Global markets. Beta is the overarching risk factor.
From Jan 1st, 2020 we disclose index constituents. The Index should be used as an indication of performance and general direction of pnl. The index is updated daily, without any manual checks. Thus the data may not be consistent over time and contain errors. The index does not adjust for different fee levels or entry/exit fees.
We do not impose minimum requirements on track records or aum for this subset. Managers that drop out of the index are replaced with the average return of the index.
Methodology
In line with our method to build the database, we collect data from a large number of sources. A difference to monthly data is that we need to process daily returns much more carefully, apply filters and aggregate differently.
- Data is collected daily. One of the many problems with daily data is that is not cleaned in the same manner and may contain noise.
- To remove noise, for instance, driven by dividend payments that are not properly incorporated into the return stream, we take the median return over many share classes. This removes some of the spikes, but not all of them.
- Moreover, we apply a statistical filter to remove outliers. Here, we control for market movements that cause the filter to remove true market returns.
- As we aggregate over share classes and most managers only show the “cheapest” share class in their official track record, our returns tend to show a lower rate of return and potentially more volatility.
- As part of our final statistical test, we correlate the equivalent monthly returns, from daily compounded returns, with monthly returns streams that already exist in the monthly database.
- Entry and Exit fees are ignored.
Index Constituents
| 361 Capital | Global Long/Short Equity |
| ABR | 75/25 Volatility Fund |
| ABR | Dynamic Blend Equity & Volatil |
| Absolute Investment Adv | Capital Opportunities |
| ACM | Dynamic Opportunity |
| Alger | Dynamic Opportunities |
| AllianceBernstein | Select US Long/Short |
| Allspring | Allspring Global Long/Short |
| Allspring | Allspring U.S. Long/Short Equity |
| AmericaFirst | AmericaFirst Defensive Growth |
| AMG | River Road Long-Short |
| AMG | Veritas Global Real Return |
| Anchor Capital | Anchor Risk Mgd Equity Strategies Adv |
| Anchor Capital | Risk Mgd Global Strategies Adv |
| Anchor Capital | Tactical Equity Strategies |
| Anchor Capital | Tactical Global Strategies |
| AQR Capital Management | Long-Short Equity |
| AQR Capital Management | Sustainable Long-Short Eq |
| AXS Multi-Strategy Alternatives Fund | AXS Multi-Strategy Alternatives Fund |
| BlackRock | Global Equity Abs Rtn |
| BlackRock | U.S. Insights Long/Shrt Eq |
| Boston Partners | Boston Partners Emerging Mkts L/S |
| Boston Partners | Boston Partners Long/Short Equity |
| Boston Partners | Boston Partners Long/Short Rsrch |
| Boston Partners | Partners Global Long/Short |
| Calamos | Calamos Phineus Long/Short |
| Caldwell & Orkin | Caldwell & Orkin – Gator Capital L/S |
| Catalyst Funds | Systematic Alpha |
| Counterpoint | Counterpoint Tactical Equity |
| CRM | Long/Short Opportunities |
| Delaware | Hedged U.S. Equity Opps Instl |
| Diamond Hill | Diamond Hill Long-Short |
| Easterly | Snow Capital Long/Short Opportunity Fund |
| Fintrust | Fintrust Income and Opportunity |
| First Quadrant LP | FQ Long-Short Equity |
| Forester | Forester Value |
| Glenmede | Quant US Long/Short Equity |
| Global Tactical Fund | Global Tactical Fund |
| Gotham | Gotham Absolute Return Institutional |
| Gotham | Gotham Defensive Long 500 |
| Gotham | Gotham Hedged Core Institutional |
| Gotham | Gotham Total Return |
| Guggenheim | Guggenheim Alpha Opportunity |
| Guggenheim | Guggenheim Long Short Equity |
| Highland | Highland Long/Short Healthcare |
| Invenomic Institutional | Invenomic Institutional |
| Invenomic Investor | Invenomic Institutional |
| Invenomic Super Institutional | Invenomic Institutional |
| JHancock | Hancock Seaport Long/Short |
| JHancock | Seaport Long/Short |
| JPMorgan Equity Premium Income Fund | JPMorgan Equity Premium Income Fund |
| JPMorgan Hedged Equity Fund | JPMorgan Hedged Equity Fund |
| JPMorgan International Hedged Equity Fd | JPMorgan International Hedged Equity Fd |
| Knights of Columbus Long/Short Equity Fd | Knights of Columbus Long/Short Equity Fd |
| LoCorr Fund Management | Dynamic Equity |
| Longboard | Longboard Alternative Growth |
| LS Opportunity | LS Opportunity Fund |
| Marketfield | Marketfield |
| Meeder | Meeder Spectrum |
| MFS | MFS Managed Wealth |
| Multi-Manager | Multi-Manager Directional Alt Strat |
| Navigator | Navigator Equity Hedged |
| Neuberger Berman | Neuberger Berman Long Short |
| Nuance | Nuance Concentrated Value L-S |
| Nuveen | Nuveen Equity Long/Short |
| Otter Creek | Otter Creek Long/Short Opportunity |
| Parvin | Hedged Equity Solari World Fund |
| Persimmon | Persimmon Long/Short |
| PIMCO | PIMCO RAE Worldwide Long/Short PLUS |
| Rational | Equity Armor Fund |
| RiverPark | RiverPark Long/Short Opportunity |
| Salient | Salient Tactical Growth |
| Salient | Salient Tactical Plus |
| Sirios | Sirios Long/Short |
| Snow Capital | Snow Capital Long/Short Opportunity |
| Toews | Toews Tactical Defensive Alpha |
| Toews | Toews Tactical Monument |
| Toews | Toews Tactical Oceana |
| Toews | Toews Tactical Opportunity |
| USA Mutuals | USA Mutuals Navigator Institutional |
| Virtus KAR | Virtus KAR Long/Short Equity |
| Wasatch | Long/Short Alpha Investor |
| Waycross | Waycross Long/Short Equity |
| Weitz Partners III | Weitz Partners III Opportunity |
| Wilmington | Wilmington Global Alpha Equities |
Virtus KAR Virtus KAR Long/Short Equity
Waycross Waycross Long/Short Equity
Weitz Partners III Weitz Partners III Opportunity
Wilmington Wilmington Global Alpha Equities
Sirios Sirios Long/Short
The Covered Bridge Fund tcbix The Covered Bridge Fund
Toews Toews Tactical Defensive Alpha
Toews Toews Tactical Monument
Toews Toews Tactical Oceana
Toews Toews Tactical Opportunity
Salient Salient Tactical Growth
Salient Salient Tactical Plus
Securian AM Securian AM Managed Volatility Eq
RiverPark RiverPark Long/Short Opportunity
Snow Capital Snow Capital Long/Short Opportunity
Probabilities Probabilities
PIMCO PIMCO RAE Worldwide Long/Short PLUS
Persimmon Persimmon Long/Short
MFS MFS Managed Wealth
Nuance Nuance Concentrated Value L-S
Nuveen Nuveen Equity Long/Short
Otter Creek Otter Creek Long/Short Opportunity
Meeder Meeder Spectrum
JPMorgan JPMorgan Opportunistic Equity L/S
JHancock Hancock Seaport Long/Short
JPMorgan Equity Premium Income Fund jeprx JPMorgan Equity Premium Income Fund
JPMorgan Hedged Equity Fund jhqrx JPMorgan Hedged Equity Fund
JPMorgan International Hedged Equity Fd jihrx JPMorgan International Hedged Equity Fd
Knights of Columbus Long/Short Equity Fd kceix Knights of Columbus Long/Short Equity Fd
Longboard Longboard Alternative Growth
LoCorr Fund Management Dynamic Equity
Marketfield Marketfield
LS Opportunity LS Opportunity Fund
Multi-Manager Multi-Manager Directional Alt Strat
Natixis ASG ASG
Navigator Navigator Equity Hedged
Neuberger Berman Neuberger Berman Long Short
Highland Highland Long/Short Healthcare
Invenomic Institutional Invenomic Institutional
Invenomic Investor Invenomic Institutional
Invenomic Super Institutional Invenomic Institutional
Hussman Strategic Growth Hussman Strategic Growth
Hussman Strategic International Hussman Strategic International
Glenmede Quant US Long/Short Equity
Gotham Gotham Total Return
Guggenheim Guggenheim Alpha Opportunity
Guggenheim Guggenheim Long Short Equity
Gotham Gotham Absolute Return Institutional
Gotham Gotham Defensive Long 500
Gotham Gotham Hedged Core Institutional
Gotham Gotham Hedged Plus Institutional
Fintrust Fintrust Income and Opportunity
First Quadrant LP FQ Long-Short Equity
Forester Forester Value
CRM Long/Short Opportunities
Diamond Hill Diamond Hill Long-Short
Counterpoint Counterpoint Tactical Equity
Causeway Causeway Global Absolute Return Instl
Clough Global Clough Global Long/Short
BlackRock Global Long/Short Equity
Boston Partners Boston Partners Emerging Mkts L/S
Boston Partners Boston Partners Long/Short Equity
Boston Partners Boston Partners Long/Short Rsrch
Boston Partners Partners Global Long/Short
Calamos Calamos Phineus Long/Short
Caldwell & Orkin Caldwell & Orkin – Gator Capital L/S
Beacon Accelerated Return Strategy Fund barlx Beacon Accelerated Return Strategy Fund
Beacon Planned Return Strategy Fund bprlx Beacon Planned Return Strategy Fund
Arin Large Cap Theta Fund avolx Arin Large Cap Theta Fund
AQR Capital Management Long-Short Equity
ABR Dynamic Blend Equity & Volatil
AmericaFirst AmericaFirst Defensive Growth
AMG River Road Long-Short
Anchor Capital Tactical Equity Strategies
Anchor Capital Tactical Global Strategies
361 Capital Domestic Long/Short Equity
361 Capital Global Long/Short Equity
ACM Dynamic Opportunity
Absolute Investment Adv Capital Opportunities
AllianceBernstein Select US Long/Short
Alger Dynamic Opportunities
| 361 Capital | Domestic Long/Short Equity |
| 361 Capital | Global Long/Short Equity |
| ABR | Dynamic Blend Equity & Volatil |
| Absolute Investment Adv | Capital Opportunities |
| ACM | Dynamic Opportunity |
| Alger | Dynamic Opportunities |
| AllianceBernstein | Select US Long/Short |
| AmericaFirst | AmericaFirst Defensive Growth |
| AMG | River Road Long-Short |
| Anchor Capital | Tactical Equity Strategies |
| Anchor Capital | Tactical Global Strategies |
| AQR Capital Management | Long-Short Equity |
| AXS Multi-Strategy Alternatives Fund | AXS Multi-Strategy Alternatives Fund |
| Boston Partners | Boston Partners Emerging Mkts L/S |
| Boston Partners | Boston Partners Long/Short Equity |
| Boston Partners | Boston Partners Long/Short Rsrch |
| Boston Partners | Partners Global Long/Short |
| Calamos | Calamos Phineus Long/Short |
| Caldwell & Orkin | Caldwell & Orkin – Gator Capital L/S |
| Catalyst Funds | Systematic Alpha |
| Clough Global | Clough Global Long/Short |
| Counterpoint | Convergence Long/Short Equity |
| Counterpoint | Counterpoint Tactical Equity |
| CRM | Long/Short Opportunities |
| Diamond Hill | Diamond Hill Long-Short |
| Equinox Fund Management | Equinox Ampersand Strategy Fund |
| Fintrust | Fintrust Income and Opportunity |
| First Quadrant LP | FQ Long-Short Equity |
| Forester | Forester Value |
| FS Investments | Long/Short Equity |
| Gabelli | Mergers & Acquisitions |
| Glenmede | Quant US Long/Short Equity |
| Global Tactical Fund | Global Tactical Fund |
| Gotham | Gotham Absolute Return Institutional |
| Gotham | Gotham Defensive Long 500 |
| Gotham | Gotham Hedged Core Institutional |
| Gotham | Gotham Hedged Plus Institutional |
| Gotham | Gotham Total Return |
| Guggenheim | Guggenheim Alpha Opportunity |
| Guggenheim | Guggenheim Long Short Equity |
| Hancock Horizon | Hancock Horizon Quant Long/Short |
| Highland | Highland Long/Short Healthcare |
| Invenomic Institutional | Invenomic Institutional |
| Invenomic Investor | Invenomic Institutional |
| Invenomic Super Institutional | Invenomic Institutional |
| James Alpha | James Alpha EHS Portfolio |
| JHancock | Hancock Seaport Long/Short |
| JPMorgan | JPMorgan Opportunistic Equity L/S |
| JPMorgan Equity Premium Income Fund | jeprx JPMorgan Equity Premium Income Fund |
| JPMorgan Hedged Equity Fund | jhqrx JPMorgan Hedged Equity Fund |
| JPMorgan International Hedged Equity Fd | jihrx JPMorgan International Hedged Equity Fd |
| Knights of Columbus Long/Short Equity Fd | kceix Knights of Columbus Long/Short Equity Fd |
| LoCorr Fund Management | Dynamic Equity |
| Longboard | Longboard Alternative Growth |
| LS Opportunity | LS Opportunity Fund |
| Marketfield | Marketfield |
| Meeder | Meeder Spectrum |
| MFS | MFS Managed Wealth |
| Multi-Manager | Multi-Manager Directional Alt Strat |
| Navigator | Navigator Equity Hedged |
| Neuberger Berman | Neuberger Berman Long Short |
| Nuance | Nuance Concentrated Value L-S |
| Nuveen | Nuveen Equity Long/Short |
| Otter Creek | Otter Creek Long/Short Opportunity |
| Persimmon | Persimmon Long/Short |
| PGIM QMA | PGIM QMA Long-Short Equity |
| PIMCO | PIMCO RAE Worldwide Long/Short PLUS |
| Probabilities | Probabilities |
| RiverPark | RiverPark Long/Short Opportunity |
| Salient | Salient Tactical Growth |
| Salient | Salient Tactical Plus |
| Scharf | Scharf Alpha Opportunity |
| Securian AM | Securian AM Managed Volatility Eq |
| Sirios | Sirios Long/Short |
| Snow Capital | Snow Capital Long/Short Opportunity |
| Thornburg | Thornburg Long/Short Equity |
| Toews | Toews Tactical Defensive Alpha |
| Toews | Toews Tactical Monument |
| Toews | Toews Tactical Oceana |
| Toews | Toews Tactical Opportunity |
| USA Mutuals | USA Mutuals Navigator Institutional |
| Virtus KAR | Virtus KAR Long/Short Equity |
| Water Island Long/Short Fund | atqix Water Island Long/Short Fund |
| Waycross | Waycross Long/Short Equity |
| Weitz Partners III | Weitz Partners III Opportunity |
| Wilmington | Wilmington Global Alpha Equities |
| 361 Capital | Domestic Long/Short Equity |
| 361 Capital | Global Long/Short Equity |
| ABR | Dynamic Blend Equity & Volatil |
| Absolute Investment Adv | Capital Opportunities |
| ACM | Dynamic Opportunity |
| Alger | Dynamic Opportunities |
| AllianceBernstein | Select US Long/Short |
| AmericaFirst | AmericaFirst Defensive Growth |
| AMG | River Road Long-Short |
| Anchor Capital | Tactical Equity Strategies |
| Anchor Capital | Tactical Global Strategies |
| AQR Capital Management | Long-Short Equity |
| Arin Large Cap Theta Fund | Arin Large Cap Theta Fund |
| AXS Multi-Strategy Alternatives Fund | AXS Multi-Strategy Alternatives Fund |
| AXS Multi-Strategy Alternatives Fund | AXS Multi-Strategy Alternatives Fund |
| Balter European | European L/S Small Cap |
| Beacon Accelerated Return Strategy Fund | Beacon Accelerated Return Strategy Fund |
| Beacon Planned Return Strategy Fund | Beacon Planned Return Strategy Fund |
| BlackRock | Global Long/Short Equity |
| Boston Partners | Boston Partners Emerging Mkts L/S |
| Boston Partners | Boston Partners Long/Short Equity |
| Boston Partners | Boston Partners Long/Short Rsrch |
| Boston Partners | Partners Global Long/Short |
| Calamos | Calamos Phineus Long/Short |
| Caldwell & Orkin | Caldwell & Orkin – Gator Capital L/S |
| Causeway | Causeway Global Absolute Return Instl |
| Clough Global | Clough Global Long/Short |
| Counterpoint | Convergence Long/Short Equity |
| Counterpoint | Counterpoint Tactical Equity |
| CRM | Long/Short Opportunities |
| Diamond Hill | Diamond Hill Long-Short |
| Diamond Hill | Diamond Hill Research Opportunities |
| Fintrust | Fintrust Income and Opportunity |
| First Quadrant LP | FQ Long-Short Equity |
| Forester | Forester Value |
| FS Investments | Long/Short Equity |
| Glenmede | Quant US Long/Short Equity |
| Gotham | Gotham Absolute 500 Core |
| Gotham | Gotham Absolute 500 Institutional |
| Gotham | Gotham Absolute Return Institutional |
| Gotham | Gotham Defensive Long 500 |
| Gotham | Gotham Defensive Long Institutional |
| Gotham | Gotham Hedged Core Institutional |
| Gotham | Gotham Hedged Plus Institutional |
| Gotham | Gotham Total Return |
| Guggenheim | Guggenheim Alpha Opportunity |
| Guggenheim | Guggenheim Long Short Equity |
| Hancock Horizon | Hancock Horizon Quant Long/Short |
| Highland | Highland Long/Short Healthcare |
| Hussman Strategic Growth | Hussman Strategic Growth |
| Hussman Strategic International | Hussman Strategic International |
| Invenomic Institutional | Invenomic Institutional |
| Invenomic Investor | Invenomic Institutional |
| Invenomic Super Institutional | Invenomic Institutional |
| James Alpha | James Alpha EHS Portfolio |
| James Alpha | James Alpha Relative Value |
| JHancock | Hancock Seaport Long/Short |
| JPMorgan | JPMorgan Opportunistic Equity L/S |
| JPMorgan Equity Premium Income Fund | JPMorgan Equity Premium Income Fund |
| JPMorgan Hedged Equity Fund | JPMorgan Hedged Equity Fund |
| JPMorgan International Hedged Equity Fd | JPMorgan International Hedged Equity Fd |
| JPMorgan Macro Opportunities Fund | JPMorgan Macro Opportunities Fund |
| JPMorgan Macro Opportunities Fund | JPMorgan Macro Opportunities Fund |
| Knights of Columbus | Long/Short Equity Fund |
| LoCorr Fund Management | Dynamic Equity |
| Longboard | Longboard Alternative Growth |
| LS Opportunity | LS Opportunity Fund |
| Main BuyWrite Fund | Main BuyWrite Fund |
| Marketfield | Marketfield |
| Meeder | Meeder Spectrum |
| MFS | MFS Managed Wealth |
| Midwood Long/Short Equity Fund | Midwood Long/Short Equity Fund |
| Multi-Manager | Multi-Manager Directional Alt Strat |
| Natixis ASG | ASG |
| Navigator | Navigator Equity Hedged |
| Navigator Sentry | Navigator Sentry Managed Volatility |
| Neuberger Berman | Neuberger Berman Long Short |
| Nuance | Nuance Concentrated Value L-S |
| Nuveen | Nuveen Equity Long/Short |
| Otter Creek | Otter Creek Long/Short Opportunity |
| Persimmon | Persimmon Long/Short |
| PGIM QMA | PGIM QMA Long-Short Equity |
| PIMCO | PIMCO RAE Worldwide Long/Short PLUS |
| Probabilities | Probabilities |
| RiverPark | RiverPark Long/Short Opportunity |
| Salient | Salient Tactical Growth |
| Salient | Salient Tactical Plus |
| Scharf | Scharf Alpha Opportunity |
| Schwab | Schwab Hedged Equity |
| Securian AM | Securian AM Managed Volatility Eq |
| Sirios | Sirios Long/Short |
| Snow Capital | Snow Capital Long/Short Opportunity |
| The Covered Bridge Fund | The Covered Bridge Fund |
| Thornburg | Thornburg Long/Short Equity |
| Toews | Toews Tactical Defensive Alpha |
| Toews | Toews Tactical Monument |
| Toews | Toews Tactical Oceana |
| Toews | Toews Tactical Opportunity |
| Virtus KAR | Virtus KAR Long/Short Equity |
| Waycross | Waycross Long/Short Equity |
| Weitz Partners III | Weitz Partners III Opportunity |
| Wilmington | Wilmington Global Alpha Equities |
| 361 Capital | Domestic Long/Short Equity |
| 361 Capital | Global Long/Short Equity |
| ABR | Dynamic Blend Equity & Volatil |
| Absolute Investment Adv | Capital Opportunities |
| ACM | Dynamic Opportunity |
| Alger | Dynamic Opportunities |
| AllianceBernstein | Select US Long/Short |
| AmericaFirst | AmericaFirst Defensive Growth |
| American Century | Discp Long Short |
| AMG | River Road Long-Short |
| Anchor Capital | Tactical Equity Strategies |
| Anchor Capital | Tactical Global Strategies |
| AQR Capital Management | Long-Short Equity |
| Balter European | European L/S Small Cap |
| BlackRock | Global Long/Short Equity |
| BMO | Global Long/Short Equity |
| Boston Partners | Boston Partners Emerging Mkts L/S |
| Boston Partners | Boston Partners Long/Short Equity |
| Boston Partners | Boston Partners Long/Short Rsrch |
| Boston Partners | Partners Global Long/Short |
| Calamos | Calamos Phineus Long/Short |
| Caldwell & Orkin | Caldwell & Orkin – Gator Capital L/S |
| Causeway | Causeway Global Absolute Return Instl |
| Clough Global | Clough Global Long/Short |
| Counterpoint | Convergence Long/Short Equity |
| Counterpoint | Counterpoint Tactical Equity |
| CRM | Long/Short Opportunities |
| Diamond Hill | Diamond Hill Long-Short |
| Diamond Hill | Diamond Hill Research Opportunities |
| Fintrust | Fintrust Income and Opportunity |
| First Quadrant LP | FQ Long-Short Equity |
| Forester | Forester Value |
| FS Investments | Long/Short Equity |
| Glenmede | Quant US Long/Short Equity |
| Gotham | Gotham Absolute 500 Core |
| Gotham | Gotham Absolute 500 Institutional |
| Gotham | Gotham Absolute Return Institutional |
| Gotham | Gotham Defensive Long 500 |
| Gotham | Gotham Defensive Long Institutional |
| Gotham | Gotham Hedged Core Institutional |
| Gotham | Gotham Hedged Plus Institutional |
| Gotham | Gotham Total Return |
| Guggenheim | Guggenheim Alpha Opportunity |
| Guggenheim | Guggenheim Long Short Equity |
| Hancock Horizon | Hancock Horizon Quant Long/Short |
| Highland | Highland Long/Short Equity |
| Highland | Highland Long/Short Healthcare |
| Hussman Strategic Growth | Hussman Strategic Growth |
| Hussman Strategic International | Hussman Strategic International |
| Invesco | Invesco Long/Short Equity |
| James Alpha | James Alpha EHS Portfolio |
| James Alpha | James Alpha Relative Value |
| JHancock | Hancock Seaport Long/Short |
| JPMorgan | JPMorgan Opportunistic Equity L/S |
| LoCorr Fund Management | Dynamic Equity |
| Longboard | Longboard Alternative Growth |
| LS Opportunity | LS Opportunity Fund |
| Marketfield | Marketfield |
| Meeder | Meeder Spectrum |
| MFS | MFS Managed Wealth |
| MProved Systematic | MProved Systematic Long-Short |
| Multi-Manager | Multi-Manager Directional Alt Strat |
| Nationwide | Nationwide Long/Short Equity |
| Natixis ASG | Natixis ASG Tactical US Market |
| Navigator | Navigator Equity Hedged |
| Neuberger Berman | Neuberger Berman Long Short |
| Nuance | Nuance Concentrated Value L-S |
| Nuveen | Nuveen Equity Long/Short |
| Otter Creek | Otter Creek Long/Short Opportunity |
| Persimmon | Persimmon Long/Short |
| PGIM QMA | PGIM QMA Long-Short Equity |
| PIMCO | PIMCO Eq Long/Short |
| PIMCO | PIMCO RAE Worldwide Long/Short PLUS |
| Probabilities | Probabilities |
| Pzena | Pzena Long/Short Value |
| RMB Mendon | Mendon Financial Long/Short |
| Salient | Salient Tactical Growth |
| Salient | Salient Tactical Plus |
| Scharf | Scharf Alpha Opportunity |
| Schwab | Schwab Hedged Equity |
| Securian AM | Securian AM Managed Volatility Eq |
| Sirios | Sirios Long/Short |
| Snow Capital | Snow Capital Long/Short Opportunity |
| Thornburg | Thornburg Long/Short Equity |
| Toews | Toews Tactical Defensive Alpha |
| Toews | Toews Tactical Monument |
| Toews | Toews Tactical Oceana |
| Toews | Toews Tactical Opportunity |
| Virtus KAR | Virtus KAR Long/Short Equity |
| Waycross | Waycross Long/Short Equity |
| Weitz Partners III | Weitz Partners III Opportunity |
| Wilmington | Wilmington Global Alpha Equities |