Objective: Long-term capital appreciation
The Select Opportunities Fund offers a holistic approach to investing: carefully selecting individual companies.
The Select Opportunities Fund identifies companies priced at a substantial discount to Academy's estimation of intrinsic value. Academy analyzes each target investment, acquiring a thorough understanding of the business and its long-term, inherent, return-generating capabilities.
In short, the Select Opportunities Fund aims to build wealth over the long term through ownership of individual, advantaged companies.
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STATISTICS
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PERFORMANCE, FEES & RISKS
All information as of June 30, 2010 unless otherwise noted
General Information
| Ticker |
ASELX |
| CUSIP |
004006201 |
| Net Asset Value Per Share |
$13.42 |
| Total Net Assets (millions) |
$5.8 |
| Load |
None |
| Minimum Initial Investment |
$2,000 |
| Fund Inception |
12/31/2007 |
| Portfolio Manager |
David Jacovini |
| Tenure |
Since Inception |
Portfolio Characteristics
| Number of Positions |
29 |
| Average Market Cap (millions) |
36938 |
| % of Assets in Top 10 Positions |
54% |
| Annual Portfolio Turnover |
44% |
Weightings & Holdings
|
|
|
|
|
 |
|
Sector Weighting (%)
|
Distinct Holdings
|
| Sector |
|
Select Opportunities
|
|
Select Opportunities
|
| Energy |
|
15.3%
|
|
|
4
|
|
| Materials |
|
-
|
|
|
-
|
|
| Industrials |
|
9.7%
|
|
|
4
|
|
| Consumer Discretionary |
|
6.5%
|
|
|
2
|
|
| Consumer Staples |
|
0.1%
|
|
|
1
|
|
| Health Care |
|
5.6%
|
|
|
3
|
|
| Financials |
|
22.4%
|
|
|
8
|
|
| Information Technology |
|
11.0%
|
|
|
3
|
|
| Telecommunications Services |
|
4.9%
|
|
|
1
|
|
| Utilities |
|
-
|
|
|
-
|
|
| Cash |
|
21.8%
|
|
|
|
|
-
Ten Largest Holdings
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Total Holdings
|
Holdings as of June 30, 2010 (updated monthly)
|
| Berkshire Hathaway Inc. |
10.5%
|
| Lions Gate Entertainment Corp. |
6.1%
|
| Covanta Hldg Corp. |
5.8%
|
| Spectra Energy Corp. |
5.3%
|
| Verizon Communications Inc. |
4.9%
|
| Total System Services Inc. |
4.8%
|
| Exterran Holdings Inc. |
4.5%
|
| Tejon Ranch Co. |
4.4%
|
| Ultra Petroleum Corp. |
3.9%
|
| Anadigic Inc. |
3.8%
|
|
Holdings as of June 30, 2010
|
| Accenture PLC |
2.4%
|
| Anadigics Inc. |
3.8%
|
| Bank of America Call Option |
0.1%
|
| Berkshire Hathaway Inc - CL A |
8.4%
|
| Berkshire Hathaway Inc - CL B |
2.1%
|
| Borders Group Inc. |
0.3%
|
| Covanta Hldg Corp. |
5.8%
|
| CVS Caremark Call Option |
0.1%
|
| Exterran Holdings Inc. |
4.5%
|
| General Electric Call Option |
>0.1%
|
| Hampden Bancorp Inc. |
1.8%
|
| Hologic Inc. |
3.7%
|
| Lions Gate Entertainment Corp. |
6.1%
|
| Prologis 2.625% Due 05-15-38 |
1.2%
|
| Prologis 1.875% Due 11-15-37 |
0.8% |
| Rochester Med Corp |
0.8%
|
| RSC Holdings Inc. |
2.2%
|
| Seaspan Corp. |
1.8%
|
| SPDR S&P 500 TR Put Option |
1.8%
|
| SPDR S&P 500 TR Put Option |
0.3%
|
| SPDR S&P 500 TR Put Option |
0.6%
|
| Spectra Energy Corp. |
5.3%
|
| St Joe Co |
3.7%
|
| Tejon Ranch Co. |
4.4%
|
| Total System Services |
4.8%
|
| Ultra Petroleum Corp |
3.9%
|
| Valero Energy Corp |
1.6%
|
| Verizon Communications |
4.9%
|
| Xenoport Inc |
1.1%
|
Asset Allocation
|
|
|
|
|
|
|
|
% Long |
|
% Short |
|
% Net Assets |
| Cash |
21.8
|
|
-
|
|
21.8
|
| Stocks |
73.2
|
|
-
|
|
73.2
|
| Bonds |
2.0
|
|
-
|
|
2.0
|
| Other |
3.0
|
|
-
|
|
3.0
|
Current and future portfolio holdings are subject to risk.
Percentages and holdings include only long positions of common and preferred stock, corporate debt, and options (excluding Asset Allocation section). Distinct holdings of the same company are aggregated for the Ten Largest Holdings. Holdings / allocations subject to change without notice and shouldn’t be considered recommendations to buy or sell any securities.
• Foreign stocks are denominated in US Dollars.
• While the Fund has no sales-load, other fees and expenses apply. Please refer to the prospectus for further details.
Performance data quoted represents past performance and is not a guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares may be worth more or less than their original cost when redeemed. Current performance may be lower or higher than the data quoted here. To obtain performance data current to the most recent month-end call 1-877-FUND890. Performance quoted assumes reinvestment of dividends and capital gains, if any. The Academy Select Opportunities Fund imposes a 2.00% redemption fee on shares held less than 90 days. Performance data quoted does not reflect the redemption fee. If reflected, total returns would be reduced. Investment performance reflects fee waivers in effect. In the absence of such waivers total returns would be reduced. Investment performance reflects fee waivers in effect. In the absence of such waivers total returns would be reduced.
Mutual fund investing involves risk; principal loss is possible. The Select Opportunities Fund is classified as non-diversified and may be more volatile than diversified funds that hold a greater number of securities. The Select Opportunities Fund may invest in securities of foreign companies, which can be more volatile, less liquid and subject to risk of currency fluctuations. Additionally, the Fund may invest in smaller companies, which may involve additional risks such as limited liquidity and greater volatility than with larger companies. It may also invest in debt securities which typically decrease when interest rates rise. This risk is usually greater for longer-term debt securities. The Fund may hold short positions and derivatives, which involve risks that vary from, and can exceed, the risks presented by holding long positions only. Derivatives, such as options, futures and options on futures, can be highly volatile, illiquid and difficult to value, and there is risk changes in the value of a derivative held by the Fund will not correlate with underlying instruments or the Fund’s other investments.
The S&P 500 Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. You cannot invest directly in an index.
The Academy Funds are offered to United States residents and information on this site is intended only for such persons. Nothing on this website should be considered a solicitation to buy or an offer to sell shares of any Academy Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.
Please refer to the prospectus for important information about the Academy Family of Funds including objectives, risks, charges, and expenses. Read it carefully before investing. You may also obtain a hard copy of the prospectus by calling 1-877-FUND890.
Academy Funds are distributed by Quasar Distributors, LLC
