Market Neutral

Market neutral portfolios seek income while maintaining low correlation to fluctuations in market conditions. Market neutral portfolios typically hold 50% of net assets in long positions and 50% of net assets in short positions in order to deliver positive returns regardless of the direction of the market. This category is only used in Morningstar's custom fund and separate account databases. Morningstar®

#1 Managers AMG FQ Global Alternatives Fund (MGAAX)

Performance (1-yr.): 2.47% Expenses: 2.00%
Performance (1-mo.): 0.24% Total Assets: $97.78M
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AllianceBernstein Market Neutral Strategy - Global (AANNX)

Performance (1-yr.): 0.71% Expenses: 1.60%
Performance (1-mo.): 1.15% Total Assets: $13.23M
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AllianceBernstein Market Neutral Strategy - U.S. (AMUAX)

Performance (1-yr.): 0.80% Expenses: 1.56%
Performance (1-mo.): 0.10% Total Assets: $4.09M
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AllianzGI Structured Alpha Fund (AZIAX)

Performance (1-yr.): 4.30% Expenses: 1.90%
Performance (1-mo.): 1.06% Total Assets: $15.53M
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American Century Equity Market Neutral Fund (ALIAX)

Performance (1-yr.): 4.61% Expenses: 1.91%
Performance (1-mo.): 1.09% Total Assets: $79.11M
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American Century Market Neutral Value Fund (ACVQX)

Performance (1-yr.): 1.50% Expenses: 1.87%
Performance (1-mo.): 0.10% Total Assets: $74.14M
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AQR Diversified Arbitrage Fund (ADAIX)

Performance (1-yr.): 1.95% Expenses: 1.29%
Performance (1-mo.): 0.18% Total Assets: $2.73B
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BlackRock Emerging Market Long/Short Equity Portfolio (BLSAX)

Performance (1-yr.): 4.10% Expenses: 2.18%
Performance (1-mo.): 2.43% Total Assets: $660.72M
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BlackRock Global Long/Short Equity Fund (BDMAX)

Performance (1-yr.): 10.17% Expenses: 2.18%
Performance (1-mo.): 1.97% Total Assets: $1.21B
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BPV Wealth Preservation Fund (BPVPX)

Performance (1-yr.): 2.21% Expenses: 1.09%
Performance (1-mo.): 0.00% Total Assets: $67.56M
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Top Performing Market Neutral Funds As of 04.22.2014

Cognios Market Neutral Large Cap Fund (COGIX)

Total Return: 3.78%

Invesco All Cap Market Neutral Fund (CPNAX)

Total Return: 3.78%

Gotham Neutral Fund (GONIX)

Total Return: 2.73%

Causeway Global Absolute Return Fund (CGAIX)

Total Return: 15.83%

Whitebox Market Neutral Equity Fund (WBLFX)

Total Return: 14.13%

BlackRock Global Long/Short Equity Fund (BDMAX)

Total Return: 10.17%

Whitebox Market Neutral Equity Fund (WBLFX)

Total Return: 7.26%

Causeway Global Absolute Return Fund (CGAIX)

Total Return: 5.66%

Vanguard Market Neutral Fund (VMNIX)

Total Return: 4.51%

* Annualized