GAITHERSBURG, Md., May 11, 2017 /PRNewswire/ -- Steben & Company, Inc., a leading alternative asset manager, announced today that the Steben Managed Futures Strategy Fund (the "Fund") has achieved an Overall and Three-Year period 4-Star Morningstar Rating for its Class I Shares (SKLIX) among 95 funds in the Managed Futures category based on risk-adjusted returns as of April 30, 2017.
The Fund is a multi-advisor mutual fund that seeks positive long-term absolute returns in rising and falling markets as it maintains a low correlation to traditional equity and bond investments. The Fund is comprised of an actively managed allocation to select managed futures trading advisors within a cost efficient structure that does not charge any performance fees.
"We are delighted to celebrate the Fund's three-year track record with a 4-Star Morningstar Rating," said Ken Steben, Founder and President of Steben & Company. "We believe a strong Morningstar Rating further distinguishes our investment approach from our peer category and highlights the Fund's potential to provide diversification while seeking to enhance overall portfolio risk-adjusted returns for investors."
The Fund is currently allocated to what Steben believes to be three premier and complementary managed futures trading advisors including Millburn Ridgefield's Core Markets Trend program, Revolution Capital's Alpha Non-Trend program and PGR Capital's PGR Trend program.
"In our view, optimistic valuations and rising rates could generate greater market volatility in 2017. The Fund's investment strategy is designed to help financial advisors and their clients access an independent source of returns that has historically had a very low correlation to traditional asset classes. Entering the ninth year of an extended bull market, many portfolios are likely overweight equities. At this stage of the cycle, we believe diversification is essential for investors seeking to limit volatility while potentially preserving capital during market stress periods," said John Dolfin, Chief Investment Officer of Steben & Company.
For more information, please visit www.steben.com or contact us at 240.631.7600.
About Steben & Company
Steben & Company is a leading alternative asset manager that specializes in multi-manager products including fund of hedge funds and managed futures strategies. Steben's investment philosophy is defined by high conviction, actively managed exposures with a focus on more liquid, lower beta strategies. Steben's funds are designed to provide investors with the potential benefits of diversification and the opportunity for absolute returns regardless of market direction.
Steben is an alternative investments innovator with more than 25 years of continuous operating experience.
Beta: Measures a fund's sensitivity to market movements by comparing a fund's excess return (over a benchmark) to the market's excess return. By definition, the beta of the market is 1.00. For example, a beta that is lower than 1.00 would normally indicate that a fund's excess return is expected to be above the market's excess return in a down year and below in an up year. However, beta is a measure of historical volatility and cannot predict a fund's actual performance.
©2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36–59 months of total returns, 60% five-year rating/40% three-year rating for 60–119 months of total returns, and 50% ten-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the ten-year overall star rating formula seems to give the most weight to the ten-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.
Risks include the possible loss of principal. The Steben Managed Futures Strategy Fund is a non-diversified mutual fund that invests up to 25% of its assets in a Cayman Islands subsidiary. Changes in tax laws would likely decrease investment returns. An investment in the Fund is speculative. There is no guarantee that the Fund will achieve its investment objectives. Any investment should be viewed as part of an overall investment program and should only be made by investors willing to undertake the risk involved. Diversification does not eliminate risk. Investing in commodity futures subjects the Fund to greater volatility. Foreign investments involve risks not typically associated with US investments including fluctuations in foreign currency values, adverse social and economic developments, less liquidity, greater volatility, less developed or inefficient trading markets, political instability and differing auditing and legal standards. For other risks including, but not limited to, derivative instruments, fixed income securities, leverage, below investment grade securities, controlled foreign corporation subsidiary and investments in investment pools, please see Important Disclosures & Risks for Steben Managed Futures Strategy Fund.
Before investing, you should carefully consider the Fund's investment objectives, risks, charges and expenses. This and other important information about the Fund is contained in the Fund's prospectus, which can be obtained by calling 855.775.5571 or visiting www.steben.com. Please read the prospectus carefully before investing.
Foreside Fund Services, LLC, Distributor
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SOURCE Steben & Company, Inc.