FS Long/Short Equity Fund

FSYIX

Fund:

Investment objectives

Provide equity-like returns through long-short investing within equity markets.

Overview

FS Long/Short Equity Fund is a mutual fund that seeks to generate equity-like returns through a combination of quantitative, factor-based information and fundamental, stock-specific information.

Adviser

FS Fund Advisor, LLC
An affiliate of FS Investments


Fund information updated 4/2/2020

Daily NAV 1 $9.15
Daily NAV change (%) 0.22%
Daily NAV change ($) $0.02


View Pricing Disclosure For Footnote 1
1The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 877-628-8575.

Performance – returns


TOTAL RETURNS As of 4/2/2020 MTD QTD YTD 1 YR SINCE INCEPTION 12/31/2018
FSYIX (Class I at NAV) -1.72% -1.72% -7.01% 5.18% 8.42%
Performance data quoted represents past performance and is no guarantee of future results. Returns for time periods greater than one year are annualized. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost, and current performance may be lower or higher than the performance quoted. The benchmarks shown are for illustrative purposes only. An investment cannot be made directly in an index.

Key facts

Ticker FSYIX
Min. initial investment amount 1 $1 million
Share class inception date 12/31/2018
CUSIP 302691878
Liquidity Daily
Total annual fund operating expenses 2 2.72%
Total annual fund operating expenses (after expense reductions) 3 4 1.35%
View key facts disclosure for Footnotes 1234
1Class I Shares minimum initial investment ranges from $2,500 (eligible accounts through certain intermediary institutions) to $1 million. Any minimum initial investment requirement may be waived in the fund's sole discretion.
2The total annual fund operating expenses is a percentage of average net assets for year 1. The fund’s actual expense ratio may be different than the estimate listed.
3The Adviser has contractually agreed to waive a portion of its management fee so that the fee received equals 0.60% of the Fund’s average daily net assets until the earlier of  (i) December 31, 2021 or (ii) the date on which gross proceeds that have been received by the Fund from investors, in the aggregate, exceed $150 million. The Adviser’s contractual management fee, without giving effect to this waiver, is equal to 1.10 percent of the Fund’s average daily net assets.
4Total annual fund operating expenses after expense reductions is a percentage of average net assets for year 1 and are based on the expense limitation for such period. The fund’s actual expense ratio may be different than the estimate listed. The expense limitation may be different in future years. The Adviser has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits total annual fund operating expenses (exclusive of management fees, distribution or servicing fees, interest, taxes, brokerage fees and commissions, dividends and interest paid on short positions, acquired fund fees and expenses and extraordinary expenses (as determined in the sole discretion of the Adviser)) to not more than 0.25 percent of the average daily net assets for the Fund until at least April 30, 2020. The Fund may terminate the Expense Limitation Agreement at any time. The Expense Limitation Agreement permits the Adviser to recoup waived or reimbursed amounts within the three-year period from the date of the waiver, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver and reimbursement or recoupment.
View risk factors disclosure

An investment in FS Long/Short Equity Fund (the "Fund") should be considered a speculative investment that entails substantial risks; you may lose part or all of your investment or your investment may not perform as well as other similar investments. An investment in the Fund should be viewed only as part of an overall investment program. No assurance can be given that the Fund's investment program will be successful. The following is a summary of the principal risks of investing in the Fund. Please refer to the Fund’s prospectus for additional information regarding all risks associated with the Fund. Some or all of these risks may adversely affect the Fund's NAV, yield, total return and ability to meet its investment objective.

Investing in the Fund involves risk, including the risk that a shareholder may receive little or no return on their investment or that a shareholder may lose part or all of their investment. The Fund may engage in leveraging and other speculative investment practices that may increase the risk of loss of investment, and accelerate the velocity of potential losses. In addition to the normal risks associated with investing, international and emerging markets may involve risk of capital loss from unfavorable fluctuations in currency values, differences in generally accepted accounting principles or from social, economic, or political instability in other nations. The Fund invests in derivatives, which are often more volatile than other investments and may magnify the Fund’s gains or losses. At times, the Fund may gain all equity or currency expose through the use of equity derivative instruments and currency derivative instruments, and may invest in such instruments without limitation, which may magnify the Fund’s gains or losses.

As with any fund, there is no guarantee that the Fund will achieve its investment objective.


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