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iMGP Alternative Strategies Fund

mutual fund
MASNX
Payout Change
Pending
Price as of:
$10.85 -0.01 -0.09%
primary theme
N/A
share class
MASNX (Mutual Fund)

iMGP Alternative Strategies Fund

Payout Change
Pending
Price as of:
$10.85 -0.01 -0.09%
primary theme
N/A
share class
MASNX (Mutual Fund)

iMGP Alternative Strategies Fund

Payout Change
Pending
Price as of:
$10.85 -0.01 -0.09%
primary theme
N/A
share class

Name

As of 12/10/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.85

$643 M

4.82%

$0.52

1.70%

Vitals

YTD Return

7.2%

1 yr return

8.9%

3 Yr Avg Return

0.9%

5 Yr Avg Return

2.4%

Net Assets

$643 M

Holdings in Top 10

27.4%

52 WEEK LOW AND HIGH

$10.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.70%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 137.56%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

$500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/10/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.85

$643 M

4.82%

$0.52

1.70%

MASNX - Profile

Distributions

  • YTD Total Return 7.2%
  • 3 Yr Annualized Total Return 0.9%
  • 5 Yr Annualized Total Return 2.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.11%
DIVIDENDS
  • Dividend Yield 4.8%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    iMGP Alternative Strategies Fund
  • Fund Family Name
    IMGP Funds
  • Inception Date
    Sep 30, 2011
  • Shares Outstanding
    N/A
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Todd Munn

Fund Description

The Advisor believes that giving highly disciplined sub‑advisors (each, a “manager” or “sub‑advisor”) latitude in the types of stocks they can own can confer an advantage over managers who are more tightly constrained to an arbitrary “style box.” This belief underlays the premise of the Alternative Strategies Fund to seek skilled managers, give them broad flexibility, limit them to their highest-conviction ideas and create diversification at the overall fund level by choosing managers with complementary styles, which the Advisor believes also should reduce risk. The Advisor is responsible for recommending which sub‑advisors to hire or remove. Before hiring a sub‑advisor, the Advisor performs extensive due diligence. This includes quantitative and qualitative analysis, including (but not limited to) an evaluation of the investment process, the consistency of its execution and discipline; individual holdings; strategies employed, past mistakes, risk controls, team depth and quality; operations and compliance; and business focus and vision. The Advisor’s evaluation process includes review of literature and documents, quantitative historical performance evaluation, extensive discussions with members of the investment team and firm management and background checks through industry contacts.
There is no minimum or maximum allocation of the Alternative Strategies Fund’s portfolio assets to each sub‑advisor. Allocations among sub‑advisors are based on a number of factors, including iM Global’s expectation for the risk-adjusted return potential of each sub‑advisor’s strategy and the impact on overall portfolio risk, with the objective of maximizing return subject to the goals of low volatility and relatively low correlation with broad financial markets, especially the stock market. iM Global may at times adjust the allocations of capital to sub‑advisors if it believes there is a highly compelling tactical opportunity in a particular sub‑advisor’s strategy. A tactical opportunity could represent the potential for an exceptional risk-adjusted return opportunity
relative to the other strategies, or it may represent a superior risk reduction opportunity that could benefit the Alternative Strategies Fund’s overall portfolio.
The Alternative Strategies Fund invests in a mix of strategies that iM Global believes offer risk-return characteristics that are attractive individually and even more compelling collectively. The Alternative Strategies Fund is intended to be used by investors as a source of diversification for traditional stock and bond portfolios to reduce volatility and potentially enhance returns relative to various measures of risk.
Sub‑advisor strategies may seek to benefit from: opportunities to combine securities with differing risk characteristics; market inefficiencies; arbitrage opportunities; opportunities to provide liquidity; tactical opportunities in asset classes or securities; special situations such as spin offs; as well as other opportunities in areas such as real estate or managed futures and equity hedge strategies. In the aggregate, the managers can invest globally in stocks of companies of any size, domicile or market capitalization, government and corporate bonds and other fixed income securities and currencies, including short positions of any of the foregoing, within their respective segments of the Alternative Strategies Fund. The Alternative Strategies Fund may also invest in derivatives, including, without limitation, options, futures contracts, including Treasury futures, participatory notes (“P‑Notes”) and swaps, to manage risk or enhance return and can also borrow amounts up to one third of the value of the Fund’s total assets (except that the Alternative Strategies Fund may exceed this limit to satisfy redemption requests or for other
temporary purposes). Each of the managers may invest in illiquid securities; however, the Alternative Strategies Fund as a whole may not hold more than 15% of its net assets in illiquid securities. In some cases, the sub‑advisors may seek to replicate strategies they employ in their private (hedge) funds. In other cases, the sub‑advisors may seek to enhance strategies they run in other public funds by focusing on their highest conviction ideas to a greater extent or by pursuing certain aspects of their strategies with greater flexibility. However, the Alternative Strategies Fund will only invest directly in portfolio securities selected by the sub‑advisors and will not invest in any pooled investment vehicles or accounts managed by the sub‑advisors.
Each sub‑advisor will have an investment approach that generally focuses on a particular asset class or specific strategies. Currently, the strategies the sub‑advisors focus on are as follows: (1) an arbitrage oriented strategy, (2) an opportunistic income strategy which will often focus on mortgage related securities, (3) a contrarian opportunity strategy that allows tactical investments throughout the capital structure (stocks and bonds), asset classes, market capitalization, industries and geographies, (4) a long/short credit strategy, (5) a strategic alpha strategy that focuses on the tactical allocation of long and short global fixed income opportunities and currencies, and (6) an “enhanced trend strategy” that focuses on a blend of managed futures and equity hedge strategies. iM Global may hire sub‑advisors that focus on other strategies in the future, and not all strategies that may be appropriate will be represented in the Alternative Strategies Fund’s portfolio at all times.
SUB‑ ADVISOR
TARGET ASSET
ALLOCATION
   STOCK-PICKING STYLE
Blackstone Credit Systematic Strategies LLC (“BXCSS”) 15%    Long-Short Credit
DoubleLine Capital, LP (“DoubleLine”) 20%    Opportunistic Income
Dynamic Beta investments, LLC (“DBi”) 20%    Enhanced Trend
First Pacific Advisors, LP (“FPA”) 12%    Contrarian Opportunity
Loomis Sayles and Company, LP (“Loomis”) 15%    Strategic Alpha Fixed Income
Water Island Capital, LLC 18%    Arbitrage
The sub‑advisor that manages the arbitrage strategy seeks to generate long-term returns of at least mid‑single‑digits with low correlation to the equity and bond markets and may follow merger arbitrage, convertible arbitrage and capital structure arbitrage strategies. This objective is pursued by investing in equity and debt securities of U.S. and non‑U.S. companies that are impacted by corporate events such as mergers, acquisitions, restructurings, refinancings, recapitalizations, reorganizations or other special situations.
The sub‑advisor that manages the opportunistic income strategy allocates investments to fixed income instruments and other investments with no limit on the duration of the portfolio. The sub‑advisor may invest in, without limitation, asset-backed securities; domestic and foreign corporate bonds, including high-yield bonds; municipal bonds; bonds or other obligations issued
by domestic or foreign governments, including emerging markets countries; real estate investment trust (“REIT”) debt securities; and mortgage related securities. iM Global defines an emerging market country as any country that is included in the MSCI Emerging Markets Index. When investing in mortgage-related securities, the sub‑advisor may invest in obligations issued or guaranteed by agencies or instrumentalities of the U.S. Government; collateralized mortgage obligations (“CMOs”) issued by domestic or foreign private issuers that represent an interest in or are collateralized by mortgage related securities issued by agencies or instrumentalities of the U.S. Government; commercial mortgage backed securities (“CMBS”); obligations issued by private issuers that represent an interest in or are collateralized by whole mortgage loans or mortgage related securities without a government guarantee but typically with some form of private credit enhancement; “interest only” and “principal only” stripped
mortgage securities; inverse floating rate securities; and debt or equity tranches of collateralized debt obligations collateralized by mortgage related securities. The sub‑advisor may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the “to‑be‑announced” (TBA) market. With TBA transactions, the particular securities to be delivered are not identified at the trade date but the delivered securities must meet specified terms and standards. The sub‑advisor will generally enter into TBA transactions with the intention of taking possession of the underlying mortgage-backed securities. However, in an effort to obtain underlying mortgage-backed securities on more preferable terms or to enhance returns, the sub‑advisor may extend the settlement by entering into “dollar
roll” transactions in which the sub‑advisor sells mortgage-backed securities and simultaneously agrees to purchase substantially similar securities on a future date. The sub‑advisor also expects to engage in short sales of TBA mortgages, including short sales on TBA mortgages the Alternative Strategies Fund does not own, to potentially enhance returns or manage risk.
The sub‑advisor that manages the contrarian opportunity strategy focuses on investments that offer absolute rather than relative value. The goal is to provide equity-like returns over longer periods (i.e., five to seven years) while limiting the permanent loss of capital. Attention is directed toward those companies offering the best combination of such quality criteria as strong market share, good management, and high normalized return on capital.
The sub‑advisor that manages the long-short credit strategy employs a systematic portfolio construction process underpinned by a proprietary, fundamental model of credit risk and valuation. The sub‑advisor’s investment process is designed to exploit information gaps between credit and equity markets and other market inefficiencies to identify and capture mispricing at the individual asset level. The portfolio is managed with the intention that the sensitivity of the long portfolio to market-wide credit spread movements will be offset in part by the sensitivities of the short portfolio to such market-wide movements. The sub‑advisor may invest in corporate bonds issued by domestic and non‑U.S. based companies, U.S. Treasury securities and long (sold protection) single name credit default swaps (CDS), interest rate futures and swaps and foreign exchange forwards (for hedging and currency conversion purposes). The short portfolio may be invested in short (bought protection) single name Credit Default Swap (CDS), short positions in Credit Default Indices (CDX Indices), and short positions in Total Return Swaps (TRS).
The sub‑advisor that manages the strategic alpha strategy seeks to achieve positive total returns over a full market cycle with relatively low volatility. The sub‑advisor intends to pursue its objective by utilizing a flexible investment approach that allocates investments across a global range of investment opportunities related to credit, currencies and interest rates, while employing risk management strategies designed to mitigate downside risk. Under normal market conditions, the sub‑advisor may invest (1) up to 75% of the total assets allocated to it in below investment-grade fixed income securities and related derivatives; (2) up to 75% of the total assets allocated to it in investments denominated in non‑U.S. currencies and related derivatives, including up to 50% in investments denominated in emerging
market currencies and related derivatives; and (3) up to 20% of the total assets allocated to it in equity related securities and derivatives as measured at time of allocation. A “related derivative” of a financial instrument means any derivative whose value is based upon or derived from that financial instrument or a related derivative of that financial instrument.
The sub‑advisor incorporates systematic and quantitative models into its investment process.
The sub‑advisor that manages the enhanced trend strategy seeks to generate attractive absolute and risk-adjusted returns over multi-year periods with low average correlation to traditional assets, while providing strong diversification benefits during periods of extended losses for stocks and/or bonds. The sub‑advisor may also allocate a portion of the Alternative Strategies Fund’s assets that it manages to a wholly-owned subsidiary of the Alternative Strategies Fund (the “Subsidiary”), which is organized under the laws of the Cayman Islands, is advised by that sub‑advisor, and will comply with the Alternative Strategies Fund’s investment objective and investment policies.
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MASNX - Performance

Return Ranking - Trailing

Period MASNX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.2% -73.0% 19.4% 48.03%
1 Yr 8.9% -9.1% 86.9% 20.73%
3 Yr 0.9%* -9.5% 16.2% 28.51%
5 Yr 2.4%* -4.9% 14.4% 20.18%
10 Yr 2.8%* -0.9% 7.5% N/A

* Annualized

Return Ranking - Calendar

Period MASNX Return Category Return Low Category Return High Rank in Category (%)
2023 1.9% -22.7% 305.1% 42.59%
2022 -12.8% -9.8% 27.3% 41.94%
2021 -2.2% -20.8% 10.9% 42.22%
2020 2.9% -12.4% 29.4% 70.30%
2019 5.5% -10.5% 15.8% 16.75%

Total Return Ranking - Trailing

Period MASNX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.2% -73.0% 19.4% 48.03%
1 Yr 8.9% -13.4% 86.9% 19.27%
3 Yr 0.9%* -9.5% 16.2% 26.51%
5 Yr 2.4%* -5.3% 14.4% 19.28%
10 Yr 2.8%* -0.9% 7.5% N/A

* Annualized

Total Return Ranking - Calendar

Period MASNX Return Category Return Low Category Return High Rank in Category (%)
2023 5.6% -22.7% 305.1% 42.59%
2022 -9.6% -9.8% 27.3% 42.34%
2021 3.5% -20.8% 10.9% 14.22%
2020 6.1% -8.4% 29.4% 56.93%
2019 8.2% -10.2% 18.0% 8.90%

NAV & Total Return History


MASNX - Holdings

Concentration Analysis

MASNX Category Low Category High MASNX % Rank
Net Assets 643 M 1.5 M 5.01 B 9.59%
Number of Holdings 1131 4 4478 7.77%
Net Assets in Top 10 120 M -398 M 2.55 B 63.96%
Weighting of Top 10 27.45% 13.1% 100.0% 66.97%

Top 10 Holdings

  1. U.S. Treasury Bills 15.80%
  2. FIXED INC CLEARING CORP.REPO 5.11%
  3. Amedisys Inc 0.99%
  4. Hess Corp 0.97%
  5. Axonics Inc 0.89%
  6. Marathon Oil Corp 0.81%
  7. HashiCorp Inc 0.77%
  8. ChampionX Corp 0.71%
  9. Kellanova 0.71%
  10. Juniper Networks Inc 0.68%

Asset Allocation

Weighting Return Low Return High MASNX % Rank
Bonds
47.97% -326.45% 6347.80% 19.43%
Cash
23.07% -6278.21% 410.43% 65.02%
Stocks
16.40% -3.75% 97.95% 53.71%
Other
12.54% -21.53% 148.54% 67.84%
Convertible Bonds
2.09% 0.00% 87.92% 13.78%
Preferred Stocks
0.02% -0.12% 46.97% 16.25%

Stock Sector Breakdown

Weighting Return Low Return High MASNX % Rank
Technology
23.77% 0.00% 39.58% 9.06%
Communication Services
16.60% 0.00% 21.78% 2.76%
Financial Services
15.36% 0.00% 59.28% 42.13%
Industrials
9.90% 0.00% 21.45% 33.86%
Consumer Cyclical
8.58% 0.00% 29.09% 80.31%
Healthcare
7.74% 0.00% 45.63% 60.24%
Basic Materials
5.39% 0.00% 27.46% 24.41%
Consumer Defense
3.99% 0.00% 13.62% 90.55%
Utilities
3.66% 0.00% 9.23% 80.71%
Energy
2.73% 0.00% 100.00% 73.62%
Real Estate
2.27% 0.00% 51.26% 92.52%

Stock Geographic Breakdown

Weighting Return Low Return High MASNX % Rank
US
14.60% -8.85% 91.88% 52.65%
Non US
1.80% -19.62% 42.11% 56.54%

Bond Sector Breakdown

Weighting Return Low Return High MASNX % Rank
Corporate
19.82% 0.00% 87.73% 26.50%
Government
18.19% 0.00% 84.29% 63.96%
Cash & Equivalents
18.01% 0.27% 100.00% 82.69%
Securitized
14.31% 0.00% 56.83% 18.73%
Derivative
0.69% 0.00% 88.81% 12.72%
Municipal
0.00% 0.00% 27.33% 69.26%

Bond Geographic Breakdown

Weighting Return Low Return High MASNX % Rank
US
46.43% -126.19% 6311.18% 24.03%
Non US
1.54% -382.37% 121.02% 13.43%

MASNX - Expenses

Operational Fees

MASNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.70% 0.29% 31.15% 47.84%
Management Fee 1.23% 0.00% 2.50% 81.27%
12b-1 Fee 0.25% 0.00% 1.00% 52.03%
Administrative Fee N/A 0.01% 0.30% N/A

Sales Fees

MASNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

MASNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 45.45%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

MASNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 137.56% 0.00% 491.00% 68.95%

MASNX - Distributions

Dividend Yield Analysis

MASNX Category Low Category High MASNX % Rank
Dividend Yield 4.82% 0.00% 4.56% 62.19%

Dividend Distribution Analysis

MASNX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Quarterly Annually

Net Income Ratio Analysis

MASNX Category Low Category High MASNX % Rank
Net Income Ratio 2.11% -2.51% 6.83% 9.71%

Capital Gain Distribution Analysis

MASNX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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MASNX - Fund Manager Analysis

Managers

Todd Munn


Start Date

Tenure

Tenure Rank

Sep 30, 2011

10.67

10.7%

Munn is a portfolio manager of Water Island Capital, LLC. Prior to becoming a portfolio manager of the Fund, Mr. Munn was a senior equity analyst for the Fund. Mr. Munn received a Master of Business Administration degree from Fordham Graduate School of Business in 2003 and a Bachelors degree from Gettysburg College in 1993 — with a double major in Finance and Accounting.

Roger Foltynowicz


Start Date

Tenure

Tenure Rank

Sep 30, 2011

10.67

10.7%

Roger Foltynowicz, CAIA, received a Master of Science degree from Pace University in 2006 – with a major in Investment Management – and a Bachelor's degree from Presbyterian College in 1999 – with a major in Business Administration.

Mark Landecker


Start Date

Tenure

Tenure Rank

Sep 30, 2011

10.67

10.7%

Mark Landecker, CFA, Partner, joined FPA in 2009. Mark serves as Portfolio Manager for the FPA Contrarian Value Strategy, the FPA Contrarian Value Equity Strategy, and Source Capital, Inc. Prior to joining FPA, Mark served as Portfolio Manager at both Kinney Asset Management and Arrow Investments, Inc., and as associate at TD Capital and PricewaterhouseCoopers. Mark earned a BBA (with honors) from the Schulich School of Business, York University, Toronto, Canada.

Brian Selmo


Start Date

Tenure

Tenure Rank

Sep 30, 2011

10.67

10.7%

Brian A. Selmo, CFA, Partner, joined FPA in 2008. Brian serves as Portfolio Manager and Director of Research for the FPA Contrarian Value Strategy, the FPA Contrarian Value Equity Strategy, and Source Capital, Inc. Prior to joining FPA, Brian was founder and managing member of Eagle Lake Capital, LLC, and Portfolio Manager of its predecessor. Previously, he was an analyst at Third Avenue Management and Rothschild, Inc. Brian earned a Bachelor's degree in Economics (with honors) from The Johns Hopkins University, where he graduated Phi Beta Kappa.

Jeremy DeGroot


Start Date

Tenure

Tenure Rank

Sep 30, 2011

10.67

10.7%

Jeremy DeGroot, CFA MA, Principal, Chief Investment Officer Jeremy joined Litman Gregory in 1999 and became a principal in 2003. He is responsible for overseeing the firm's manager due diligence, asset class research, and portfolio allocation decisions. Jeremy is also Portfolio Manager of the Litman Gregory Masters Alternative Strategies Fund and Co-Portfolio Manager of the Litman Gregory Masters Equity, International, and Smaller Companies funds. He is frequently quoted in the national media in the areas of asset allocation and manager selection. Jeremy holds the Chartered Financial Analyst® (CFA®) designation. Prior to joining Litman Gregory, Jeremy was an Economic Consulting Services Manager with KPMG Peat Marwick and was a Senior Economist with the Law & Economics Consulting Group. Jeremy is a graduate of University of Wisconsin - Madison (BS - Economics) and University of California - Berkeley (MA - Economics).

Todd Vandam


Start Date

Tenure

Tenure Rank

Sep 30, 2011

10.67

10.7%

Todd Vandam is a Vice President at Loomis, Sayles & Company and co-portfolio manager with the fixed-income high yield and global high yield teams. Mr. Vandam began his career at Loomis Sayles in 1994 on the high yield trading desk. Prior to joining Loomis Sayles in 1994, Mr. Vandam worked as a Field Artillery Officer in the United States Army, most recently working as a Fire Support Officer stationed at Fort Davis, Panama. Mr. Vandam earned a BA in business and economics from Brown University. He is a member of the Boston Security Analysts Society and he is a CFA®charterholder.

Jeffrey Sherman


Start Date

Tenure

Tenure Rank

Apr 30, 2017

5.09

5.1%

As DoubleLine’s Deputy Chief Investment Officer, Jeffrey Sherman oversees and administers DoubleLine’s Investment Management sub-committee coordinating and implementing policies and processes across the investment teams. He also serves as lead portfolio manager for multi-sector and derivative-based strategies. He is a member of DoubleLine’s Executive Management and Fixed Income Asset Allocation Committees. Prior to joining DoubleLine in 2009, he was a Senior Vice President at TCW where he worked as a portfolio manager and quantitative analyst focused on fixed income and real-asset portfolios.

Paul Harrison


Start Date

Tenure

Tenure Rank

Jul 10, 2017

4.89

4.9%

Mr. Paul Harrison serves as Chief Investment Officer at DCI.

Stephen Kealhofer


Start Date

Tenure

Tenure Rank

Jul 10, 2017

4.89

4.9%

Stephen is Operating Partner at Blackstone Credit and Head of Systematic Research and Strategy Development. Stephen co-founded DCI and was responsible for developing the firm's analytics and investment strategies. Prior to DCI, Stephen co-founded and served as managing partner for KMV, the leading credit analytic firm, which was acquired by Moody's in 2002. Prior to founding KMV in 1989, Stephen was Director of Research for Diversified Corporate Loans, LLC. Stephen served as a visiting Assistant Professor at the Haas School of Business from 1985-87 and Assistant Professor at the Graduate School of Business, Columbia University, 1981-85. Stephen earned his Ph.D. in Economics from Princeton University and a B.A. in Economics from Macalester College.

Brian Kennedy


Start Date

Tenure

Tenure Rank

Apr 30, 2021

1.08

1.1%

Brian Kennedy is a Vice President of Loomis, Sayles & Company and co-portfolio manager of the firm’s multisector institutional strategies and mutual funds. Mr. Kennedy joined Loomis Sayles in 1994 as a securitized and government bond trader. Mr. Kennedy first joined the full discretion investment team as product manager in 2009, was promoted in 2013 to co-portfolio manager of the investment grade bond products and again in 2016 to co-portfolio manager of the multisector suite of products. He earned a BS from Providence College and an MBA from Babson College.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.02 17.37 4.48 1.67