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®

Parametric Market Neutral Fund (EPRIX)

Performance (1-yr.): 0.44% Expenses: 1.25%
Performance (1-mo.): 0.10% Total Assets: $27.13M
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PIMCO Fundamental Advantage Absolute Return Strategy Fund (PTFAX)

Performance (1-yr.): 3.80% Expenses: 1.29%
Performance (1-mo.): 0.60% Total Assets: $2.68B
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PIMCO Worldwide Fundamental Advantage AR Strategy Fund (PWWAX)

Performance (1-yr.): 3.48% Expenses: 1.39%
Performance (1-mo.): 0.06% Total Assets: $3.69B
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Prudential Jennison Market Neutral Fund (PJNAX)

Performance (1-yr.): 0.86% Expenses: 1.85%
Performance (1-mo.): 0.88% Total Assets: $45.81M
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PSI Market Neutral Fund (FXMAX)

Performance (1-yr.): 0.81% Expenses: 2.75%
Performance (1-mo.): 0.00% Total Assets: $26.45M
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Purisima All Purpose Fund (PURLX)

Performance (1-yr.): 1.36% Expenses: 1.50%
Performance (1-mo.): 0.21% Total Assets: $47,612
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SilverPepper Merger Arbitrage Fund (SPAIX)

Performance (1-yr.): Expenses: 2.44%
Performance (1-mo.): 0.69% Total Assets: $4.15M
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TFS Market Neutral Fund (TFSMX)

Performance (1-yr.): 2.41% Expenses: 8.13%
Performance (1-mo.): 0.00% Total Assets: $925.19M
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The Arbitrage Event-Driven Fund (AGEAX)

Performance (1-yr.): 6.87% Expenses: 1.69%
Performance (1-mo.): 1.07% Total Assets: $603.08M
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The Arbitrage Fund (ARGAX)

Performance (1-yr.): 1.90% Expenses: 1.30%
Performance (1-mo.): 0.87% Total Assets: $2.54B
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Top Performing Market Neutral Funds As of 07.03.2014

Visium Event Driven Fund (VIDVX)

Total Return: 4.07%

Driehaus Event Driven Fund (DEVDX)

Total Return: 1.84%

Federated Absolute Return Fund (FMAAX)

Total Return: 1.83%

Turner Medical Sciences Long/Short Fund (TMSCX)

Total Return: 19.58%

Visium Event Driven Fund (VIDVX)

Total Return: 12.53%

Federated Absolute Return Fund (FMAAX)

Total Return: 10.90%

Whitebox Market Neutral Equity Fund (WBLFX)

Total Return: 6.11%

Turner Medical Sciences Long/Short Fund (TMSCX)

Total Return: 5.15%

Calamos Market Neutral Income (CVSIX)

Total Return: 4.59%

* Annualized