Three-year Morningstar Rating (LDVIX)
Three-year rating out of 1,265 Large Growth funds as of 6-30-18
(Ratings are based on risk-adjusted total returns)
|Class A||Class A w/Load||Class C||Class I|
|Benchmark||Thomson Reuters Venture Capital Index||Thomson Reuters Venture Capital Index||Thomson Reuters Venture Capital Index||Thomson Reuters Venture Capital Index|
|Inception Date||October 2, 2014||October 2, 2014||September 23, 2015||October 2, 2014|
- Venture capital investing has been historically been used by accredited investors and endowments as a potential medium to lower equity correlations and increase returns.
- Seeks to replicate the Thomson Reuters Venture Capital Index through the weighting of 7 investment sectors
- The Index seeks to track the aggregate gross performance of U.S. venture capital-backed companies
- The Fund is comprised of liquid public equities and derivatives and offers investors daily liquidity
Performance (net of fees)
As of: June 30, 2018
|LDVAX Class A||12.03%||24.55%||49.44%||26.61%||25.22%|
|LDVAX Class A w/Sales Load||5.61%||17.43%||40.82%||24.34%||23.45%|
*LDVCX inception is September 23, 2015. Inception for LDVAX and LDVIX is October 2, 2014.
NLD Code: 6738-NLD-7/30/2018
The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results.
The maximum sales charge (load) for Class A is 5.75%. Without these waivers, the Class A, C, and I shares total annual operating expenses would be 2.00%, 2.75%, and 1.75%. The Fund’s investment adviser has contractually agreed to reduce its fee and/or absorb expenses until January 31, 2019 to ensure that net annual operating expenses of the Class A, C and I shares will not exceed 1.75%, 2.50%, and 1.50% respectively, subject to possible recoupment from the Fund in future years. Please review the Fund’s prospectus for more detail on the expense waiver. Results shown reflect the waiver, without which the results could have been lower. For performance information current to the most recent month-end, please call toll-free 855-535-2631 (855-LELAND1).
|Initial Investment||Subsequent Investment(s)||IRA Initial Investment||IRA Subsequent Investment(s)|
|Class A w/ Load||$2,500||$250||$1,000||$100|
|Total Expense Ratio||What you pay1|
|Class A w/ Load||2.00%||1.76%|
1)The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses until at least January 31, 2019 to ensure that net annual operating expenses of the Class A, C and I Shares will not exceed 1.75%, 2.50%, and 1.50%, respectively, subject to possible recoupment from the Fund in future years. Please review the Fund’s prospectus for more information regarding the Fund’s expense waiver.
|Class A||Class A w/ Load||Class C||Class I|
|Maximum Sales Charge (Load) Imposed on Purchases
(as a % offering price)
|Maximum Deferred Sales Charge (Load)
(as a % of original purchase price)
|Maximum Sales Charge (Load) Imposed on Reinvested Dividends
and other Distributions
(as a % of amount redeemed if held less than 30 days)
Sales Charge Schedule
|Class A||Class A w/ Load||Class C||Class I|
|Sales Charge||Dealer Concession||Sales Charge||Dealer Concession||Sales Charge||Dealer Concession||Sales Charge||Dealer Concession|
|$25,000 to $49,999||5.00%||4.25%||5.00%||4.25%||n/a||n/a||n/a||n/a|
|$50,000 to $99,999||4.75%||4.00%||4.75%||4.00%||n/a||n/a||n/a||n/a|
|$100,000 to $249.999||3.75%||3.25%||3.75%||3.25%||n/a||n/a||n/a||n/a|
|$250,000 to $499,999||2.50%||2.00%||2.50%||2.00%||n/a||n/a||n/a||n/a|
|$500,000 to $999,999||2.00%||1.75%||2.00%||1.75%||n/a||n/a||n/a||n/a|
|$1,000,000 and above||1.00%||1.00%||1.00%||1.00%||n/a||n/a||n/a||n/a|
Ratings and rankings are only one form of performance measurement. For current performance information, please call toll free 855-LELAND1 or visit www.lelandfunds.com. Rank within Morningstar category does not account for sales charges. The Morningstar RatingTM 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 Morningstar Rating does not include any adjustment for sales loads. 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 10-year (if applicable) Morningstar Rating metrics. The Leland Thomson Reuters Venture Capital Index Fund was rated against 1,265 Large Growth category funds based on risk-adjusted returns as of 6/30/2018. Past performance is no guarantee of future results.
© 2018 Morningstar. 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. Past performance is no guarantee of future results.
Morningstar Rating is for the I share class only; other classes may have different performance characteristics.
There is no guarantee that any investment will achieve its objectives, generate positive returns or avoid losses.
Investors should carefully consider the investment objectives, risks, charges and expenses of the Leland Funds prior to investing. This and other important information about the Funds is contained in the prospectus, which can be obtained by calling 855-535-2631 (855-LELAND1). The prospectus should be read carefully before investing. The Leland Funds are distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Good Harbor Financial, LLC is the investment adviser to the Leland Funds. Good Harbor Financial, LLC and Thomson Reuters are not affiliated with Northern Lights Distributors, LLC.
Mutual Funds involve risks including the possible loss of principal. The Fund may invest in ETFs, ETNs and mutual funds, which are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. ETFs, ETNs and mutual funds are subject to issuer, fixed income and risks specific to the fund.
Venture capital investments involve a greater degree of risk; as a result, the Fund’s returns may experience greater volatility than the overall market. The Fund does not invest in venture capital funds nor does it invest directly in the companies funded by venture capital funds.
The Fund seeks to generate returns that mimic the aggregate returns of U.S. venture capital-backed companies as measured by the Thomson Reuters Venture Capital Index (“TR VC Index”). There is a risk that the Fund’s return may not match or achieve a high degree of correlation with the return of the TR VC Index. Additionally, the TR VC Index’s return may not match or achieve a high degree of correlation with the return of U.S. venture capital-backed companies.
The Fund relies on licenses that permit the Fund to use the applicable Index and certain related intellectual property in connection with the name and investment strategies of the Fund. In the event that such licenses are terminated, the Fund may lose its ability to use the intellectual property which may have a significant impact on the operation of the Fund and could potentially result in a change in investment policy or closure of the Fund.
Investments in equity securities are subject to overall market risks. To the extent that the Fund’s investments are concentrated in or significantly exposed to a particular sector, the Fund will be susceptible to loss due to adverse occurrences affecting that sector.
Loss may result from the Fund’s investments in derivatives. These instruments may be illiquid, difficult to value and leveraged so that small changes may produce disproportionate losses to the Fund. Over the counter derivatives, such as swaps, are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. In certain circumstances, it may be difficult for the Fund to purchase and sell particular derivative investments within a reasonable time at a fair price.
Investors cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges.
Thomson Reuters Venture Capital Index – the Thomson Reuters Venture Capital Index (“TR VC Index”) seeks to replicate the performance of the Thomson Reuters Venture Capital Research Index (“TR VC Research Index”) using liquid public securities across the sectors in which U.S. venture capital invests.
Thomson Reuters Disclosure
Thomson Reuters is a registered trademark of Thomson Reuters and its affiliates.
THE LELAND THOMSON REUTERS VENTURE CAPITAL INDEX FUND (THE “PRODUCT”) IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY THOMSON REUTERS (MARKETS) LLC OR ANY OF ITS SUBSIDIARIES OR AFFILIATES (“THOMSON REUTERS”). THOMSON REUTERS MAKE NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OF THE PRODUCT(S) OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN THE PRODUCT(S) PARTICULARLY OR THE ABILITY OF THE THOMSON REUTERS VENTURE CAPITAL INDEX (THE “INDEX”) TO TRACK GENERAL MARKET PERFORMANCE. THOMSON REUTERS ONLY RELATIONSHIP TO THE PRODUCTS(S) AND CEDAR CAPITAL, LLC (THE “LICENSEE”) IS THE LICENSING OF THE INDEX, WHICH IS DETERMINED, COMPOSED AND CALCULATED BY THOMSON REUTERS OR ITS LICENSORS WITHOUT REGARD TO THE LICENSEE OR THE PRODUCT(S). THOMSON REUTERS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE LICENSEE OR THE OWNERS OF THE PRODUCT(S) INTO CONSIDERATION IN CONNECTION WITH THE FOREGOING. THOMSON REUTERS IS NOT RESPONSIBLE FOR AND HAS NOT PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THE PRODUCT(S) TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY WHICH THE PRODUCT(S) IS TO BE CONVERTED INTO CASH. THOMSON REUTERS HAS NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR TRADING OF THE PRODUCT(S).
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