Long/Short Equity Fund

JONATHAN LAMENSDORF
Managing Director

Bio »

JONATHAN-LAMENSDORF
JONATHAN LAMENSDORF
Managing Director

Mr. Lamensdorf is a Managing Director and Lead Portfolio Manager at Highland Capital Management Fund Advisors. He has over 20 years of investing experience and 15 years of specific experience within long/short equity. He is responsible for Highland’s dedicated equity funds and is the lead portfolio manager for the Highland Long/Short Equity Fund. Prior to joining Highland in August of 2008, Mr. Lamensdorf spent four years as a Senior Equity Analyst at Walker Smith Capital, a long/short equity hedge fund that managed over $1 Billion in assets. Prior to that, Mr. Lamensdorf spent five years as a senior equity analyst at Precept Capital, Rhombus Capital, and Acharne Capital, a hedge fund affiliated with Soros Management. He holds an MBA from the University of Chicago, a BBA in Finance from the University of Texas at Austin, and has earned the right to use the Chartered Financial Analyst (CFA) designation.

MICHAEL MCLOCHLIN
Director

Bio »

MICHAEL MCLOCHLIN
MICHAEL MCLOCHLIN
Director

Mr. McLochlin is a Director at Highland Capital Management Fund Advisors and is a Co-Portfolio Manager for the Highland Long/Short Equity Fund. He has 18 years of investment management experience, and has spent the past 12 years focused on long/short equity strategies. Prior to joining Highland in July 2009, Mr. McLochlin spent five years as the Sector Manager responsible for Technology and Telecom at Ranger Investments, an asset management firm with approximately $2 billion in assets under management. Prior to Ranger, Mr. McLochlin spent three years as a Senior Analyst for private equity firms Dubilier & Company and Saunders, Karp & Megrue, where he focused on analyzing, structuring and executing leveraged buyouts of middle market companies. Mr. McLochlin began his career as an investment banking analyst with Morgan Stanley. Mr. McLochlin received an MBA from the University of Texas at Austin and a BA from Princeton University.

Fund Overview

Investment Objective

The Long/Short Equity Fund seeks to maximize returns with low correlation to equity markets and other asset classes. Performance of the Fund is expected to be driven by preservation of capital in weak markets and driven by solid returns in rising markets.

Low Beta Equity Alternative

Focus on providing strong risk adjusted returns that can provide meaningful diversification impact as a core part of client portfolios.

  • Maximize returns by investing both long and short across the investment spectrum
  • Seeks lower volatility and correlation to equities
  • Focus on downside protection and capital preservation
  • Unconstrained, fundamentally driven style
  • Access to one of the longest tenured and most experienced liquid alternative asset managers
Fund NAV (As of Feb 23, 2017)
SYMBOLNAV
HEOAX (Class A)$11.46
HEOCX (Class C)$10.69
HEOZX (Class Z)$11.90
Fund AUM (As of Feb 23, 2017)
AUM
Total Net Assets$449.28 M
VIEW FULL PERFORMANCE
Class AClass CClass Z
SymbolHEOAXHEOCXHEOZX
Inception12/05/0612/05/0612/05/06
Gross Expense Ratio3.61%4.31%3.31%
Net Expense Ratio11.87%2.52%1.52%

Historical Returns & NAV

As of 02/23/2017Class AClass CClass Z
Net Asset Value (NAV)$11.46$10.69$11.90
Daily NAV Change ($)$-0.03$-0.03$-0.03
Daily NAV Change (%)-0.26%-0.28%-0.25%
As of 01/31/2017 MonthlyQuarterlyClass AClass A (w/sales charge)Class CClass Z
Year To Date1.71%-3.91%1.73%1.73%
One Year6.00%0.18%5.28%6.34%
Three Year0.68%-1.21%0.02%1.02%
Five Year4.30%3.13%3.67%4.64%
Since Inception3.89%3.31%3.27%4.22%



View all Literature & Forms

The performance data quoted here represents past performance and is no guarantee of future results. Investment returns and principal value will fluctuate so that an investor’s shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

Please consider the investment objectives, risks, charges and expenses of Highland Funds carefully before investing. A prospectus with this and other information about Highland's mutual funds can be found on the Literature tab above. You may also obtain a prospectus for our mutual funds by calling 877-665-1287. Please read the prospectus carefully before investing.

1. The Advisor has contractually agreed to waive 1.25% of the Fund’s management fee. This fee waiver will continue through at least October 31, 2016. Total net operating expenses including the expense cap and excluding dividends on short sales are Class A 1.87%, Class C 2.52%, and Class Z 1.52%.

*The maximum sales charge for Class A shares is 5.50%.

Equity Securities Risk. Equity securities, such as common stocks, are subject to market, economic and business risks that may cause their prices to fluctuate.

Short Sales Risk. Short sales that are not made “against-the-box” (as defined under “Description of Principal Investments”) theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase.

Hedging Risk. Although intended to limit or reduce investment risk, hedging strategies may also limit or reduce the potential for profit. There is no assurance that hedging strategies will be successful.

Market Risk. The Fund’s share price will fluctuate with changes in the market value of its portfolio securities. Many factors can affect this value and you may lose money by investing in the Fund.

Portfolio Turnover Risk. High portfolio turnover will increase the Fund’s transaction costs and may result in increased realization of net short-term capital gains.

Derivatives Risk. Derivatives are subject to the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index. Derivatives also expose the Fund to the credit risk of the derivative counterparty.

Leverage Risk. Leverage may increase the risk of loss, cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the net asset value (“NAV”) of the Fund generally to decline faster than it would otherwise.

Non-U.S. Securities Risk. Investments in securities of non-U.S. issuers, particularly securities of emerging market issuers, involve certain risks not involved in domestic investments (for example, expropriation or political or economic instability).

Micro, Small and Mid-Cap Securities Risk. Investments in securities of companies with micro, small or medium capitalizations involve certain risks that may differ from, or be greater than, those for larger companies, such as higher volatility, lower trading volume, fewer business lines and lack of public information.

Non-Diversification Risk. As a non-diversified fund, the Fund may invest a larger portion of its assets in the securities of one or a few issuers than a diversified fund. A non-diversified fund’s investment in fewer issuers may result in the fund’s shares being more sensitive to the economic results of those issuers. An investment in the Fund could fluctuate in value more than an investment in a diversified fund.

Management Risk. The Fund relies on Highland’s ability to achieve its investment objective. Highland may be incorrect in its assessment of the intrinsic value of companies whose securities the Fund holds, which may result in a decline in the value of Fund shares.

Glossary: Click for important terms and definitions

Source: State Street Bank and Trust Company

Highland Funds’ mutual funds are distributed by Highland Capital Funds Distributor