Endurance Long/Short Alternative Solutions                                                                                ...
Endurance Long/ShortTop Ten Holdings (%)                                       Sector Allocation                          ...
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Endurance '40 act fund fact sheet


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Endurance '40 act fund fact sheet

  1. 1. Endurance Long/Short Alternative Solutions as of June 30, 2012 Portfolio Management Objective The fund is team managed and all The fund seeks to provide long-term growth of capital. investment decisions are made jointly by the team. Mr. Readerman has primary Overview responsibility for the day-to-day management of the fund. The members of The fund invests, both long and short, in equity securities of global issuers, and may invest in the team are: derivative instruments to gain or manage exposure to the equity markets and individual issuers. The fund’s investments will include holdings across different geographies, industries and David Readerman, CFA sectors. The fund may invest in equity securities of issuers in all market capitalization ranges, Portfolio Manager and may also invest in securities that are not publicly traded. 29 Years Experience • Investment strategy is designed to identify trends that may have a disruptive impact on and Jim O’Donnell, CFA result in significant changes to global business markets, including new technology developments and the emergence of new industries. CIO 25 Years Experience • Uses an equity-research-driven investment process along with competitive analysis to identify undervalued and overvalued securities. Fund Details • Will take long positions in investments where the manager expects future price appreciation and short positions in investments where the manager expects a decrease in an issuer’s Share Class Ticker CUSIP market share or adverse negative impacts to an issuer’s fundamental business operations. Investor FENRX 34986P481 • Net exposure is actively managed between long and short positions based on current and Institutional FENIX 34986P473 anticipated changing investment outlooks and the strategic investment view. • Short positions may equal up to 100% of the fund’s net asset value, and hedging strategies Advisor: Forward Management, LLC may be used to address short-term market volatility and business cycles. Category: Long/Short Equity Performance (%) Benchmark: MSCI All Country World Index/HFRX Equity Index Since 2Q YTD 1 YR 3 YR 5 YR 10 YR Inception Dividend Frequency: Quarterly Investor -7.16 -0.96 — — — — -0.96 # of Holdings: 57 Institutional -7.12 -0.80 — — — — -0.80 Net Assets: $3.80M MSCI All Country World Index -5.36 6.01 — — — — — HFRX Equity Hedge Index -2.65 1.18 — — — — — Expense Ratio Returns for periods greater than one year are annualized. than the data quoted. The investment return and Share Class Inception Date Gross Net The Fund’s investment advisor is contractually obligated principal value of an investment will fluctuate so to waive a portion of its fees and reimburse other that shares, when redeemed, may be worth more Investor 12/31/11 2.84 2.64 expenses until April 30, 2013 in amounts necessary to limit the Fund’s operating expenses (exclusive of or less than their original cost. Performance data Institutional 12/31/11 2.49 2.29 brokerage costs, interest, taxes, dividends, acquired fund current to the most recent month end may be fees and expenses, and extraordinary expenses) for the obtained at www.forwardinvesting.com. Fund’s Investor Class and Institutional Class shares to an Investment performance reflects fee waivers in annual rate (as a percentage of the Fund’s average daily net assets) of 2.34% and 1.99%, respectively. This effect. In the absence of fee waivers, total return expense limitation arrangement may not be terminated would be lower. Total return is based on NAV, by the Fund’s investment advisor prior to such date assuming reinvestment of all distributions. under any circumstances. Performance does not reflect the deduction of The performance quoted represents past taxes that a shareholder would pay on fund performance, does not guarantee future results distributions or the redemption of fund shares. and current performance may be lower or higherwww.forwardinvesting.com
  2. 2. Endurance Long/ShortTop Ten Holdings (%) Sector Allocation % of Sector % Long % Short Total Exposure Net Exposure NetSecurity Assets Information Technology 64.97 -9.01 73.98 55.96Qualcomm, Inc. 20.50 Industrials 0.87 -4.25 5.12 -3.38Apple, Inc. 18.43 Financials 1.51 0.00 1.51 1.51AT&T, Inc. 17.25 Health Care 0.87 -0.29 1.16 0.58Equinix, Inc. 6.47 Materials 3.49 0.00 3.49 3.49Microsoft Corp. 5.47 Consumer Discretionary 0.70 -2.45 3.15 -1.75EMC Corp. 3.71 Energy 1.43 -5.09 6.52 -3.66Google, Inc., Class A 3.05 Net Cash and Cash Equivalents 33.65 0.00 33.65 33.65Monsanto Co. 2.92 Consumer Staples 0.00 -4.12 4.12 -4.12Sourcefire, Inc. 2.70 Telecommunication Services 17.25 0.00 17.25 17.25Fusion-io, Inc. 1.48 Other 0.59 -0.12 0.71 0.47These holdings may not reflect the current orfuture positions in the portfolio. Theme Allocation Sector % Long % Short Total Exposure Net Exposure TMT+ 82.16 -9.84 92.00 72.32 E3 5.11 -8.00 13.11 -2.89 Consumer & Emerging Mkts 3.14 -7.37 10.51 -4.23 Other 1.27 -0.12 1.39 1.15 Net Cash and Cash Equivalents 33.65 0.00 33.65 33.65 Theme Descriptions: E3 – Category focuses on Energy/Efficiency/Environment; Consumer & Emerging Markets - Category focuses on the rise of the emerging markets consumer; TMT+ - Category focuses on Technology/Media/ Telecom.For more information visit us at www.forwardinvesting.comYou should consider the investment objectives, or other property held by the ETFs. measure the equity market performance of developed andrisks, charges and expenses carefully before Foreign securities, especially emerging or frontier emerging markets. One cannot invest directly in an index.investing. A prospectus with this and other markets, will involve additional risks including The HFRX Equity Hedge Index represents a universe of exchange rate fluctuations, social and political investment opportunities for equity-oriented hedge fundsinformation about the fund may be obtained by instability, less liquidity, greater volatility and less with a broad investment mandate. The index containscalling (800) 999-6809 or by downloading one at regulation. long and long/short hedge funds investing in equity andwww.forwardinvesting.com. It should be read Investing in a non-diversified fund involves the risk of equity derivative securities. One cannot invest directly incarefully before investing. an index. greater price fluctuation than a more diversifiedRISKS portfolio. The Forward Endurance Long/Short Fund was launched on December 31, 2011, and has a limited operating history.There are risks involved with investing, including loss Short selling involves additional investment risks andof principal. Past performance does not guarantee David Readerman and Jim O’Donnell have earned the right transaction costs, and creates leverage, which can to use the Chartered Financial Analyst designation. CFAfuture results, share prices will fluctuate and you may increase the risk and volatility of a fund. Institute marks are trademarks owned by the CFAhave a gain or loss when you redeem shares. Investing in smaller companies generally will present Institute.Borrowing for investment purposes creates leverage, greater investment risks, including greater price Forward Management is the investment advisor to thewhich can increase the risk and volatility of a fund. volatility, greater sensitivity to changing economic Forward Funds.Derivative instruments involve risks different from conditions and less liquidity than investing in larger, Forward Funds are distributed by Forwardthose associated with investing directly in securities more mature companies. Securities, LLC.and may cause, among other things, increased Alternative strategies typically are subject to increased Not FDIC Insured | No Bank Guarantee | May Lose Valuevolatility and transaction costs or a fund to lose more risk and loss of principal. Consequently, investments ©2012 Forward Funds. All rights reserved.than the amount invested. such as mutual funds which focus on alternativeInvesting in Exchange-Traded Funds (ETFs) will subject strategies are not suitable for all investors. 2Q2012 FWD004099 103112a fund to substantially the same risks as those The MSCI All Country World Index is a free float-adjustedassociated with the direct ownership of the securities market capitalization weighted index that is designed toFinancial Advisors: (888) 312-4100 Institutional Investors: (800) 882-9612