Class N:
ARDEX |
Class I:
ARIDX |
Class Z:
ARZDX |
Class N:
ARRFX |
Class I:
AFAVX |
Class Z:
ARRZX |
Class N:
ARLSX |
Class I:
ALSIX |
Class Z:
ARLZX |
Class N:
CHTTX |
Class I:
ABMIX |
Class Z:
ABIZX |
Class N:
ARSMX |
Class I:
ARIMX |
Class Z:
ARSZX |
Class N:
ARSVX |
Class I:
ARSIX |
Class Z:
ARZMX |
|
|
3 | |
3 | |
7 | |
11 | |
16 | |
20 | |
24 | |
|
|
28 | |
28 | |
30 | |
32 | |
34 | |
36 | |
38 | |
40 | |
45 | |
45 | |
|
|
50 | |
50 | |
51 | |
51 | |
52 | |
52 | |
54 | |
56 | |
57 | |
|
|
61 | |
61 | |
63 | |
65 | |
67 | |
69 | |
71 | |
|
|
73 |
|
Class
N |
Class
I |
Class
Z |
Management
Fee1 |
|
|
|
Distribution
and Service (12b-1)
Fees |
|
|
|
Other
Expenses1 |
|
|
|
Total
Annual Fund Operating Expenses2 |
|
|
|
Fee
Waiver and Expense Reimbursements3 |
( |
( |
( |
Total
Annual Fund Operating
Expenses
After Fee Waiver and Expense
Reimbursements2,3 |
|
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Class
N |
$ |
$ |
$ |
$ |
Class
I |
$ |
$ |
$ |
$ |
Class
Z |
$ |
$ |
$ |
$ |
Average
Annual Total Returns as of 12/31/22 | ||||
AMG
River Road Dividend
All
Cap Value Fund |
1
Year |
5
Years |
10
Years |
Since
Inception1
|
Class
N
Return
Before Taxes |
- |
|
|
|
Class
N
Return
After Taxes on
Distributions |
- |
|
|
|
Class
N
Return
After Taxes on
Distributions
and Sale of
Fund
Shares |
|
|
|
|
Class
I
Return
Before Taxes |
- |
|
|
|
Class
Z
Return
Before Taxes |
- |
|
|
|
Russell
3000® Value Index
(reflects
no deduction for
fees,
expenses, or taxes) |
- |
|
|
|
|
Class
N |
Class
I |
Class
Z |
Management
Fee |
|
|
|
Distribution
and Service (12b-1)
Fees |
|
|
|
Other
Expenses1 |
|
|
|
Total
Annual Fund Operating Expenses2 |
|
|
|
Fee
Waiver and Expense Reimbursements3 |
( |
( |
( |
Total
Annual Fund Operating
Expenses
After Fee Waiver and Expense
Reimbursements2,3 |
|
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Class
N |
$ |
$ |
$ |
$ |
Class
I |
$ |
$ |
$ |
$ |
Class
Z |
$ |
$ |
$ |
$ |
Average
Annual Total Returns as of 12/31/22 | |||
AMG
River Road Focused Absolute
Value
Fund |
1
Year |
5
Years |
Since
Inception |
Class
N
Return
Before Taxes |
- |
|
|
Class
N
Return
After Taxes on Distributions |
- |
|
|
Class
N
Return
After Taxes on Distributions and
Sale
of Fund Shares |
- |
|
|
Class
I
Return
Before Taxes |
- |
|
|
Class
Z
Return
Before Taxes |
- |
|
|
Russell
3000® Value Index
(reflects
no deduction for fees,
expenses,
or taxes) |
- |
|
|
Russell
3000® Value Index
(reflects
no deduction for fees,
expenses,
or taxes) |
- |
|
|
|
Class
N |
Class
I |
Class
Z |
Management
Fee |
|
|
|
Distribution
and Service (12b-1)
Fees |
|
|
|
Other
Expenses1 |
|
|
|
Total
Annual Fund Operating
Expenses |
|
|
|
Fee
Waiver and Expense Reimbursements2 |
( |
( |
( |
Total
Annual Fund Operating
Expenses
After Fee Waiver and Expense
Reimbursements2 |
|
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Class
N |
$ |
$ |
$ |
$ |
Class
I |
$ |
$ |
$ |
$ |
Class
Z |
$ |
$ |
$ |
$ |
Average
Annual Total Returns as of 12/31/22 | ||||
AMG
River Road
International
Value Equity
Fund |
1
Year |
5
Years |
10
Years |
Since
Inception |
Class
N
Return
Before Taxes |
- |
|
|
|
Class
N
Return
After Taxes on
Distributions |
- |
|
|
|
Class
N
Return
After Taxes on
Distributions
and Sale of
Fund
Shares |
- |
|
|
|
Class
I
Return
Before Taxes |
- |
|
|
|
Class
Z
Return
Before Taxes |
- |
|
|
|
MSCI
EAFE Index
(reflects
no deduction for
fees,
expenses, or taxes) |
- |
|
|
|
MSCI
EAFE Value Index
(reflects
no deduction for
fees,
expenses, or taxes) |
- |
|
|
|
MSCI
EAFE Index
(reflects
no deduction for
fees,
expenses, or taxes) |
- |
|
|
|
MSCI
EAFE Value Index
(reflects
no deduction for
fees,
expenses, or taxes) |
- |
|
|
|
|
Class
N |
Class
I |
Class
Z |
Management
Fee |
|
|
|
Distribution
and Service (12b-1)
Fees |
|
|
|
Other
Expenses1 |
|
|
|
Total
Annual Fund Operating
Expenses |
|
|
|
Fee
Waiver and Expense Reimbursements2 |
( |
( |
( |
Total
Annual Fund Operating
Expenses
After Fee Waiver and Expense
Reimbursements2
|
|
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Class
N |
$ |
$ |
$ |
$ |
Class
I |
$ |
$ |
$ |
$ |
Class
Z |
$ |
$ |
$ |
$ |
Average
Annual Total Returns as of 12/31/22 | ||||
AMG
River Road Mid Cap
Value
Fund |
1
Year |
5
Years |
10
Years |
Since
Inception1
|
Class
N
Return
Before Taxes |
- |
|
|
|
Class
N
Return
After Taxes on
Distributions |
- |
- |
|
|
Class
N
Return
After Taxes on
Distributions
and Sale of
Fund
Shares |
- |
|
|
|
Class
I
Return
Before Taxes |
- |
|
|
|
Average
Annual Total Returns as of 12/31/22
(continued) | ||||
AMG
River Road Mid Cap
Value
Fund |
1
Year |
5
Years |
10
Years |
Since
Inception1 |
Class
Z
Return
Before Taxes |
- |
|
|
|
Russell
Midcap® Value Index
(reflects
no deduction for
fees,
expenses, or taxes) |
- |
|
|
|
|
Class
N |
Class
I |
Class
Z |
Management
Fee |
|
|
|
Distribution
and Service (12b-1) Fees |
|
|
|
Other
Expenses1 |
|
|
|
Total
Annual Fund Operating Expenses |
|
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Class
N |
$ |
$ |
$ |
$ |
Class
I |
$ |
$ |
$ |
$ |
Class
Z |
$ |
$ |
$ |
$ |
Average
Annual Total Returns as of 12/31/22 | ||||
AMG
River Road Small-Mid
Cap
Value Fund |
1
Year |
5
Years |
10
Years |
Since
Inception1
|
Class
N
Return
Before Taxes |
- |
|
|
|
Class
N
Return
After Taxes on
Distributions |
- |
|
|
|
Class
N
Return
After Taxes on
Distributions
and Sale of
Fund
Shares |
- |
|
|
|
Class
I
Return
Before Taxes |
- |
|
|
|
Class
Z
Return
Before Taxes |
- |
|
|
|
Russell
2500™ Value Index
(reflects
no deduction for
fees,
expenses, or taxes) |
- |
|
|
|
Russell
2000® Value Index
(reflects
no deduction for
fees,
expenses, or taxes) |
- |
|
|
|
|
Class
N |
Class
I |
Class
Z |
Management
Fee |
|
|
|
Distribution
and Service (12b-1) Fees |
|
|
|
Other
Expenses |
|
|
|
Total
Annual Fund Operating Expenses1 |
|
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Class
N |
$ |
$ |
$ |
$ |
Class
I |
$ |
$ |
$ |
$ |
Class
Z |
$ |
$ |
$ |
$ |
Average
Annual Total Returns as of 12/31/22 | ||||
AMG
River Road Small Cap
Value
Fund |
1
Year |
5
Years |
10
Years |
Since
Inception1
|
Class
N
Return
Before Taxes |
- |
|
|
|
Class
N
Return
After Taxes on
Distributions |
- |
|
|
|
Class
N
Return
After Taxes on
Distributions
and Sale of
Fund
Shares |
- |
|
|
|
Class
I
Return
Before Taxes |
- |
|
|
|
Class
Z
Return
Before Taxes |
- |
|
|
|
Russell
2000® Value Index
(reflects
no deduction for
fees,
expenses, or taxes) |
- |
|
|
|
|
AMG
River Road
Dividend
All Cap
Value
Fund |
AMG
River Road
Focused
Absolute
Value Fund |
AMG
River Road
International
Value
Equity Fund |
AMG
River Road
Mid
Cap
Value Fund |
AMG
River Road
Small-Mid
Cap
Value Fund |
AMG
River Road
Small
Cap
Value
Fund |
Convertible
Securities
Risk |
X |
|
X |
X |
X |
X |
Currency
Risk |
X |
X |
X |
X |
X |
X |
Emerging
Markets
Risk |
|
|
X |
|
|
|
Focused
Investment
Risk |
|
X |
X |
|
|
|
Foreign
Investment
Risk |
X |
X |
X |
X |
X |
X |
High
Portfolio
Turnover
Risk |
|
X |
|
|
|
|
Geographic
Focus
Risk |
|
|
X |
|
|
|
Large-Capitalization
Stock
Risk |
|
|
X |
|
|
|
Liquidity
Risk |
X |
X |
X |
X |
X |
X |
Management
Risk |
X |
X |
X |
X |
X |
X |
Market
Risk |
X |
X |
X |
X |
X |
X |
Master
Limited
Partnership
Risk |
X |
X |
X |
|
|
|
Non-Diversified
Fund
Risk |
|
X |
|
|
|
|
PTP
Risk |
X |
X |
X |
|
|
|
Real
Estate Industry
Risk |
X |
X |
X |
X |
X |
X |
Royalty
Income Trust
Risk |
X |
|
|
|
|
|
Sector
Risk |
X |
X |
|
X |
X |
X |
Small-
and Mid-
Capitalization
Stock
Risk |
X |
X |
X |
X |
X |
X |
Value
Stock Risk |
X |
X |
X |
X |
X |
X |
AMG
River Road Dividend All Cap Value Fund | |
Henry
W. Sanders, III, CFA |
Portfolio
Manager since the Fund’s inception in June 2005. Mr. Sanders is Executive
Vice President of River Road. Mr.
Sanders
was formerly employed as Senior Vice President and portfolio manager for
Commonwealth Trust Co. (Commonwealth
SMC)
from 2002 to 2005. He received his BA from Bellarmine University, his MBA
from Boston College, and he holds the
CFA
designation and is a member of the CFA Institute and CFA Society of
Louisville. |
Thomas
S. Forsha, CFA |
Portfolio
Manager of the Fund since June 2007. Mr. Forsha is Co-Chief Investment
Officer of River Road. Mr. Forsha was
formerly
employed by ABN AMRO from 1998 to 2005, where he served as equity analyst
and portfolio manager and was
responsible
for the management of the North America equity allocation of the firm’s
Global High Income Equity Fund. He
received
his BS in Finance from The Ohio State University’s Fisher College of
Business and his MBA from The University of
Chicago
Booth School of Business. Mr. Forsha holds the CFA designation and is a
member of the CFA Institute and the CFA
Society
of Louisville. |
Andrew
R. McIntosh, CFA |
Portfolio
Manager of the Fund since April 2018. Mr. McIntosh serves as Portfolio
Manager for River Road’s Dividend All-Cap
Value
Portfolios. Prior to joining River Road in 2011, Mr. McIntosh served as
Structured Finance Analyst on a portfolio of
subprime
and second lien securities at AEGON USA Investment Management LLC. Mr.
McIntosh graduated from the
University
of Iowa with a B.B.A. in Finance. He earned the CFA designation in 2006,
is a member of the CFA Institute, and is
a
member and past president of the CFA Society
Louisville. |
AMG
River Road Focused Absolute Value Fund | |
R.
Andrew Beck |
Portfolio
Manager since the Fund’s inception in November 2015. Mr. Beck is Chief
Executive Officer of River Road. Mr. Beck
was
formerly employed as Senior Research Analyst, and, later, Senior Vice
President and Portfolio Manager for SMC Capital
Inc.
(Commonwealth SMC) from 1999-2005. Mr. Beck received his BS from the
University of Louisville and his MBA from
Babson
College. |
J.
Alex Brown |
Portfolio
Manager of the Fund since June 2022. Mr. Brown serves as Chief Investment
Officer of River Road. In his role, he
maintains
director of research responsibilities, managing and enhancing the research
efforts of River Road’s investment team. Additionally,
he is a supervising portfolio manager for River Road’s Focused Absolute
Value®
portfolios.
Mr. Brown holds
equity
in the firm and serves as a non-voting member of the Executive Committee,
River Road’s governing body. Prior to
joining
River Road in 2010, Mr. Brown served at Wachovia Capital Markets Consumer
& Retail Investment Banking group,
where
he worked across a range of corporate and financial sponsor clients. Mr.
Brown began his career in the United States
Air
Force, where he served as a Captain. Mr. Brown graduated as a
Distinguished Graduate from the United States Air Force
Academy
with a B.S. in Operations Research and earned an M.B.A. from Harvard
Business School. |
AMG
River Road International Value Equity Fund | |
Wenjun
(William) Yang, CFA |
Portfolio
Manager of the Fund since August 2021. Mr. Yang serves as Vice President
at River Road and serves as a portfolio
manager
for River Road’s International Value Equity and International Value Equity
ADR portfolios. Prior to joining River Road
in
2016, he served as Senior Portfolio Manager at Boston Private Wealth LLC.
Additionally, he served as Manager of the
investment
banking division and Equity Research Analyst in the securities research
division at Shenyin & Wanguo Securities
Co.
Ltd. Mr. Yang holds a B.S. in Engineering from Shanghai Jiao Tong
University, an M.S. in Economics from Shanghai
Institute
of Foreign Trade, and an M.B.A. from Texas Christian University’s Neeley
School of Business. He earned the CFA
designation
in 2004 and is a member of the CFA Institute and CFA Society
Louisville. |
Jeffery
B. Hoskins, CFA |
Portfolio
Manager of the Fund since August 2021. Mr. Hoskins serves as Director of
Research for River Road. In this role, he
focuses
on developing the analyst team and further enhancing the quality,
consistency, standards, and overall effectiveness of
the
firm’s research efforts. Additionally, he is an associate portfolio
manager for River Road’s International Value Equity and
International
Value Equity ADR Portfolios. In this capacity, he continues to maintain
select analyst responsibilities and serve as
analyst
support for other firm strategies. Mr. Hoskins previously served as Senior
ESG Specialist and continues to lead the
firm’s
ESG research and principles implementation efforts. Prior to joining River
Road in 2013, he worked at BMO Capital
Markets
where his research covered the Media/Entertainment and Gaming industries.
Mr. Hoskins has more than 20 years of
investment
research experience, which includes various positions at The Seidler Cos.
Inc. and SunTrust Equitable Securities.
Mr.
Hoskins graduated from Vanderbilt University with a B.A. in United States
History and an M.B.A. with concentrations in
Finance
and Accounting. He earned the CFA designation in 2000 and is a member of
the CFA Institute. Additionally, he is a
member
of the CFA Society Louisville and a past member of its board of
directors. |
AMG
River Road Mid Cap Value Fund | |
Matthew
W. Moran, CFA |
Portfolio
Manager of the Fund since March 2021. Mr. Moran is a Vice President and
portfolio manager at River Road. Prior
to
joining River Road, Mr. Moran held various investment positions at Goldman
Sachs, Citigroup, and Morningstar. He
received
his BS in Finance from Bradley University, his MBA from the University of
Chicago Booth School of Business, and he
holds
the CFA designation and is a member of the CFA Society of
Louisville. |
Daniel
R. Johnson, CFA, CPA |
Portfolio
Manager of the Fund since March 2021. Mr. Johnson is a Vice President and
portfolio manager at River Road. Prior
to
joining River Road, Mr. Johnson served as a public accountant with
PricewaterhouseCoopers from 2005 to 2006. He
received
his BS in accounting and a Masters in Accountancy from the University of
Kentucky. Mr. Johnson holds the Certified
Public
Accountant and CFA designations and is a member of the CFA Institute and
CFA Society of Louisville. |
R.
Andrew Beck |
Portfolio
Manager of the Fund since March 2021. Please see
above. |
AMG
River Road Small-Mid Cap Value Fund
AMG
River Road Small Cap Value Fund | |
J.
Justin Akin |
Portfolio
Manager of each Fund since March 2012. Mr. Akin is a Vice President and
senior portfolio manager at River Road.
Mr.
Akin was formerly employed as an equity research analyst at Commonwealth
SMC from 2003-2005. Mr. Akin received a
BS
in economics from Centre College and is a member of the CFA Institute and
CFA Society of Louisville. |
R.
Andrew Beck |
Portfolio
Manager since AMG River Road Small Cap Value Fund’s inception in June 2005
and AMG River Road Small-Mid
Cap
Value Fund’s inception in March 2007. Please see
above. |
James
C. Shircliff, CFA |
Portfolio
Manager since AMG River Road Small Cap Value Fund’s inception in June 2005
and AMG River Road Small-Mid
Cap
Value Fund’s inception in March 2007. Mr. Shircliff currently serves as
Senior Portfolio Manager of River Road and
previously
served as Chief Investment Officer from 2005 to 2019. Mr. Shircliff was
formerly employed as Executive Vice
President,
portfolio manager and Director of Research for SMC Capital Inc.
(Commonwealth SMC) from 1997 to 2005.
Additionally,
Mr. Shircliff has more than 45 years of investment management experience.
He received his BS from the
University
of Louisville and holds the CFA designation and is a member of the CFA
Institute and CFA Society of Louisville. Effective
March 31, 2023, Mr. Shircliff will no longer serve as a portfolio manager
of the Funds. |
|
If
you wish to open an account
and
buy shares*... |
If
you wish to add shares to your
account*... |
If
you wish to sell shares*†... |
Through
your registered
investment
professional: |
Contact
your investment advisor or
other
investment professional |
Send
any additional monies to your
investment
professional to the
address
on your account statement |
Contact
your investment advisor or
other
investment professional |
On
your own:
By
mail |
Complete
the account application,
then,
through March 8, 2023, mail
the
application and a check payable
to
AMG Funds to: AMG
Funds
c/o
BNY Mellon Investment Servicing
(US)
Inc.
P.O.
Box 9769
Providence,
RI 02940-9769 Beginning
March 9, 2023,
completed
applications and checks
should
instead be mailed to: AMG
Funds
c/o
BNY Mellon Investment Servicing
(US)
Inc.
P.O.
Box 534426
Pittsburgh,
PA 15253-4426 |
Through
March 8, 2023, send a
letter
of instruction and a check
payable
to AMG Funds to: AMG
Funds
c/o
BNY Mellon Investment Servicing
(US)
Inc.
P.O.
Box 9769
Providence,
RI 02940-9769 Beginning
March 9, 2023, letters of
instruction
and checks should instead
be
mailed to: AMG
Funds
c/o
BNY Mellon Investment Servicing
(US)
Inc.
P.O.
Box 534426
Pittsburgh,
PA 15253-4426 (Include
your account number and
Fund
name on your check) |
Write
a letter of instruction containing: • Name
of the Fund • Dollar
amount or number of
shares
you wish to sell • Your
name • Your
account number • Signatures
of all account owners Through
March 8, 2023, mail your
letter
to: AMG
Funds
c/o
BNY Mellon Investment
Servicing
(US) Inc.
P.O.
Box 9769
Providence,
RI 02940-9769 Beginning
March 9, 2023, letters
should
instead be mailed to: AMG
Funds
c/o
BNY Mellon Investment Servicing
(US)
Inc.
P.O.
Box 534426
Pittsburgh,
PA 15253-4426 |
By
telephone |
Not
available |
If
your account has already been
established,
call the transfer agent at
800.548.4539 |
If
you elected telephone redemption
privileges
on your account application,
call
us at 800.548.4539. Telephone
redemptions
are available only for
redemptions
of less than $100,000 for
Class
N shares and Class I shares and
less
than $250,000 for Class Z shares. |
Over
the Internet |
Not
available |
If
your account has already been
established
and ACH banking
instructions
are on file, go to our
website
at
www.amgfunds.com |
Go
to our website at
www.amgfunds.com.
Internet
redemptions
are available only for
redemptions
of less than $100,000 for
Class
N shares and Class I shares and
less
than $250,000 for Class Z shares. |
By
bank wire |
Call
us at 800.548.4539 for
instructions |
Call
us at 800.548.4539 for
instructions |
Available
if bank wire instructions are
on
file for your account. |
|
Initial
Investment |
Additional
Investments |
Class
N: |
|
|
• Regular
Accounts |
$2,000 |
$100 |
• Individual
Retirement Accounts |
$1,000 |
$100 |
Class
I: |
|
|
• Regular
Accounts |
$100,000 |
$100 |
• Individual
Retirement Accounts |
$25,000 |
$100 |
Class
Z: |
|
|
• Regular
Accounts |
$5,000,000 |
$1,000 |
• Individual
Retirement Accounts (Direct Accounts Only) |
$50,000 |
$1,000 |
|
For
the fiscal years ended October 31, | ||||
Class
N |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Year |
$13.28 |
$10.02 |
$12.34 |
$12.29 |
$12.87 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
Net
investment income1,2 |
0.18 |
0.19 |
0.25 |
0.27 |
0.22 |
Net
realized and unrealized gain (loss) on investments |
(0.29) |
3.27 |
(1.49) |
0.80 |
0.06 |
Total
income (loss) from investment operations |
(0.11) |
3.46 |
(1.24) |
1.07 |
0.28 |
Less
Distributions to Shareholders from: |
|
|
|
|
|
Net
investment income |
(0.27) |
(0.20) |
(0.34) |
(0.30) |
(0.28) |
Net
realized gain on investments |
(2.20) |
— |
(0.74) |
(0.72) |
(0.58) |
Total
distributions to shareholders |
(2.47) |
(0.20) |
(1.08) |
(1.02) |
(0.86) |
Net
Asset Value, End of Year |
$10.70 |
$13.28 |
$10.02 |
$12.34 |
$12.29 |
Total
Return2,3 |
(1.34)% |
34.74% |
(10.96)% |
10.11% |
2.06% |
Ratio
of net expenses to average net assets4 |
1.03% |
1.06% |
1.13% |
1.11% |
1.10% |
Ratio
of gross expenses to average net assets5 |
1.07% |
1.09% |
1.13% |
1.12% |
1.11% |
Ratio
of net investment income to average net assets2 |
1.61% |
1.51% |
2.38% |
2.32% |
1.78% |
Portfolio
turnover |
30% |
20% |
35% |
29% |
27% |
Net
assets end of Year (000's) omitted |
$36,432 |
$43,430 |
$41,358 |
$79,811 |
$100,420 |
|
For
the fiscal years ended October 31, | ||||
Class
I |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Year |
$13.27 |
$10.01 |
$12.33 |
$12.29 |
$12.86 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
Net
investment income1,2 |
0.21 |
0.22 |
0.28 |
0.31 |
0.26 |
Net
realized and unrealized gain (loss) on investments |
(0.30) |
3.27 |
(1.49) |
0.78 |
0.06 |
Total
income (loss) from investment operations |
(0.09) |
3.49 |
(1.21) |
1.09 |
0.32 |
Less
Distributions to Shareholders from: |
|
|
|
|
|
Net
investment income |
(0.30) |
(0.23) |
(0.37) |
(0.33) |
(0.31) |
Net
realized gain on investments |
(2.20) |
— |
(0.74) |
(0.72) |
(0.58) |
Total
distributions to shareholders |
(2.50) |
(0.23) |
(1.11) |
(1.05) |
(0.89) |
Net
Asset Value, End of Year |
$10.68 |
$13.27 |
$10.01 |
$12.33 |
$12.29 |
Total
Return2,3 |
(1.18)% |
35.10% |
(10.69)% |
10.32% |
2.38% |
Ratio
of net expenses to average net assets4 |
0.78% |
0.81% |
0.86% |
0.84% |
0.84% |
Ratio
of gross expenses to average net assets5 |
0.82% |
0.84% |
0.86% |
0.85% |
0.85% |
Ratio
of net investment income to average net assets2 |
1.86% |
1.76% |
2.65% |
2.59% |
2.04% |
Portfolio
turnover |
30% |
20% |
35% |
29% |
27% |
Net
assets end of Year (000's) omitted |
$290,632 |
$382,571 |
$408,844 |
$533,106 |
$743,984 |
|
For
the fiscal years
ended October 31, | ||||
Class
Z |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Year |
$13.28 |
$10.01 |
$12.33 |
$12.29 |
$12.86 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
Net
investment income1,2 |
0.21 |
0.22 |
0.27 |
0.32 |
0.26 |
Net
realized and unrealized gain (loss) on investments |
(0.29) |
3.29 |
(1.47) |
0.77 |
0.06 |
Total
income (loss) from investment operations |
(0.08) |
3.51 |
(1.20) |
1.09 |
0.32 |
Less
Distributions to Shareholders from: |
|
|
|
|
|
Net
investment income |
(0.31) |
(0.24) |
(0.38) |
(0.33) |
(0.31) |
Net
realized gain on investments |
(2.20) |
— |
(0.74) |
(0.72) |
(0.58) |
Total
distributions to shareholders |
(2.51) |
(0.24) |
(1.12) |
(1.05) |
(0.89) |
Net
Asset Value, End of Year |
$10.69 |
$13.28 |
$10.01 |
$12.33 |
$12.29 |
Total
Return2,3 |
(1.12)% |
35.26% |
(10.65)% |
10.37% |
2.42% |
Ratio
of net expenses to average net assets4 |
0.74% |
0.77% |
0.81% |
0.79% |
0.78% |
Ratio
of gross expenses to average net assets5 |
0.78% |
0.80% |
0.81% |
0.80% |
0.79% |
Ratio
of net investment income to average net assets2 |
1.90% |
1.80% |
2.69% |
2.64% |
2.10% |
Portfolio
turnover |
30% |
20% |
35% |
29% |
27% |
Net
assets end of Year (000's) omitted |
$3,199 |
$2,430 |
$1,901 |
$63 |
$619 |
1 |
Per
share numbers have been calculated using average
shares. |
2 |
Total
returns and net investment income (loss) would have been lower had certain
expenses not been offset. |
3 |
The
total return is calculated using the published Net Asset Value as of
fiscal year end. |
4 |
Includes
reduction from broker recapture amounting to 0.01%, 0.01%, less than
0.01%, 0.01%, and less than 0.01%, for the fiscal years ended
October
31, 2022, 2021, 2020, 2019, 2018, respectively. |
5 |
Excludes
the impact of expense reimbursement or fee waivers and expense
reductions such as brokerage credits, but includes expense repayments
and
non-reimbursable expenses, if any, such as interest, taxes, and
extraordinary expenses. |
|
For
the fiscal years ended October 31, | ||||
Class
N |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Year |
$14.44 |
$11.05 |
$12.65 |
$11.91 |
$11.87 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
Net
investment income1,2 |
0.04 |
0.01 |
0.043 |
0.04 |
0.05 |
Net
realized and unrealized gain (loss) on investments |
(2.03) |
3.38 |
(1.39) |
1.45 |
0.93 |
Total
income (loss) from investment operations |
(1.99) |
3.39 |
(1.35) |
1.49 |
0.98 |
Less
Distributions to Shareholders from: |
|
|
|
|
|
Net
investment income |
— |
— |
(0.02) |
(0.05) |
(0.07) |
Net
realized gain on investments |
(0.95) |
— |
(0.23) |
(0.70) |
(0.87) |
Total
distributions to shareholders |
(0.95) |
— |
(0.25) |
(0.75) |
(0.94) |
Net
Asset Value, End of Year |
$11.50 |
$14.44 |
$11.05 |
$12.65 |
$11.91 |
Total
Return2,4 |
(14.80)% |
30.68% |
(11.03)% |
14.29% |
8.69% |
Ratio
of net expenses to average net assets5 |
1.05% |
1.06% |
1.03% |
0.98% |
0.99% |
Ratio
of gross expenses to average net assets6 |
1.14% |
1.12% |
1.15% |
1.21% |
1.32% |
Ratio
of net investment income to average net assets2 |
0.30% |
0.10% |
0.34% |
0.34% |
0.43% |
Portfolio
turnover |
113% |
83% |
103% |
59% |
88% |
Net
assets end of Year (000's) omitted |
$2,243 |
$3,666 |
$12,466 |
$15,284 |
$9,184 |
|
For
the fiscal years ended October 31, | ||||
Class
I |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Year |
$14.48 |
$11.12 |
$12.72 |
$11.98 |
$11.92 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
Net
investment income1,2 |
0.07 |
0.05 |
0.073 |
0.07 |
0.08 |
Net
realized and unrealized gain (loss) on investments |
(2.04) |
3.39 |
(1.40) |
1.46 |
0.93 |
Total
income (loss) from investment operations |
(1.97) |
3.44 |
(1.33) |
1.53 |
1.01 |
Less
Distributions to Shareholders from: |
|
|
|
|
|
Net
investment income |
(0.05) |
(0.08) |
(0.04) |
(0.09) |
(0.08) |
Net
realized gain on investments |
(0.95) |
— |
(0.23) |
(0.70) |
(0.87) |
Total
distributions to shareholders |
(1.00) |
(0.08) |
(0.27) |
(0.79) |
(0.95) |
Net
Asset Value, End of Year |
$11.51 |
$14.48 |
$11.12 |
$12.72 |
$11.98 |
Total
Return2,4 |
(14.64)% |
30.98% |
(10.81)% |
14.55% |
8.91% |
Ratio
of net expenses to average net assets5 |
0.80% |
0.81% |
0.78% |
0.73% |
0.74% |
Ratio
of gross expenses to average net assets6 |
0.89% |
0.87% |
0.90% |
0.96% |
1.07% |
Ratio
of net investment income to average net assets2 |
0.55% |
0.35% |
0.59% |
0.59% |
0.68% |
Portfolio
turnover |
113% |
83% |
103% |
59% |
88% |
Net
assets end of Year (000's) omitted |
$53,620 |
$176,460 |
$130,758 |
$130,928 |
$20,928 |
|
For
the fiscal years
ended October 31, | ||||
Class
Z |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Year |
$14.49 |
$11.12 |
$12.73 |
$11.98 |
$11.92 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
Net
investment income1,2 |
0.08 |
0.06 |
0.073 |
0.07 |
0.08 |
Net
realized and unrealized gain (loss) on investments |
(2.04) |
3.39 |
(1.41) |
1.47 |
0.93 |
Total
income (loss) from investment operations |
(1.96) |
3.45 |
(1.34) |
1.54 |
1.01 |
Less
Distributions to Shareholders from: |
|
|
|
|
|
Net
investment income |
(0.06) |
(0.08) |
(0.04) |
(0.09) |
(0.08) |
Net
realized gain on investments |
(0.95) |
— |
(0.23) |
(0.70) |
(0.87) |
Total
distributions to shareholders |
(1.01) |
(0.08) |
(0.27) |
(0.79) |
(0.95) |
Net
Asset Value, End of Year |
$11.52 |
$14.49 |
$11.12 |
$12.73 |
$11.98 |
Total
Return2,4 |
(14.59)% |
31.12% |
(10.86)% |
14.69% |
8.96% |
Ratio
of net expenses to average net assets5 |
0.76% |
0.77% |
0.74% |
0.69% |
0.70% |
Ratio
of gross expenses to average net assets6 |
0.85% |
0.83% |
0.86% |
0.92% |
1.03% |
Ratio
of net investment income to average net assets2 |
0.59% |
0.39% |
0.63% |
0.63% |
0.72% |
Portfolio
turnover |
113% |
83% |
103% |
59% |
88% |
Net
assets end of Year (000's) omitted |
$7,677 |
$13,323 |
$2,462 |
$157 |
$66 |
1 |
Per
share numbers have been calculated using average
shares. |
2 |
Total
returns and net investment income (loss) would have been lower had certain
expenses not been offset. |
3 |
Includes
non-recurring dividends. Without these dividends, net investment income
per share would have been $0.02, $0.05, and $0.05 for Class N,
Class
I, and Class Z shares, respectively. |
4 |
The
total return is calculated using the published Net Asset Value as of
fiscal year end. |
5 |
Includes
reduction from broker recapture amounting to 0.02%, 0.01%, 0.01%, 0.02%,
and 0.01% for the fiscal years ended October 31, 2022,
2021,
2020, 2019, and 2018, respectively. |
6 |
Excludes
the impact of expense reimbursement or fee waivers and expense
reductions such as brokerage credits, but includes expense repayments
and
non-reimbursable expenses, if any, such as interest, taxes, and
extraordinary expenses. |
|
For
the fiscal years ended October 31, | ||||
Class
N |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Year |
$9.51 |
$11.40 |
$13.06 |
$12.19 |
$12.33 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
Net
investment income (loss)1,2 |
0.293 |
(0.09) |
(0.16) |
(0.05) |
(0.03)4 |
Net
realized and unrealized gain (loss) on investments |
(1.39) |
2.71 |
(0.42) |
1.63 |
(0.11) |
Total
income (loss) from investment operations |
(1.10) |
2.62 |
(0.58) |
1.58 |
(0.14) |
Less
Distributions to Shareholders from: |
|
|
|
|
|
Net
realized gain on investments |
(0.06) |
(4.51) |
(1.08) |
(0.71) |
— |
Net
Asset Value, End of Year |
$8.35 |
$9.51 |
$11.40 |
$13.06 |
$12.19 |
Total
Return2,5 |
(11.67)% |
22.06% |
(5.17)% |
13.98% |
(1.14)% |
Ratio
of net expenses to average net assets6 |
1.02% |
2.08%7 |
2.71%7 |
2.41%7 |
3.12%7 |
Ratio
of gross expenses to average net assets8 |
2.11% |
2.69% |
3.23% |
2.83% |
3.41% |
Ratio
of net investment income (loss) to average net assets2 |
3.23% |
(0.70)% |
(1.35)% |
(0.43)% |
(0.25)% |
Portfolio
turnover |
51% |
159% |
257% |
264% |
189% |
Net
assets end of Year (000's) omitted |
$1,012 |
$1,561 |
$1,584 |
$2,654 |
$3,749 |
|
For
the fiscal years ended October 31, | ||||
Class
I |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Year |
$9.86 |
$11.65 |
$13.30 |
$12.37 |
$12.48 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
Net
investment income (loss)1,2 |
0.333 |
(0.06) |
(0.14) |
(0.02) |
0.004,9 |
Net
realized and unrealized gain (loss) on investments |
(1.44) |
2.78 |
(0.43) |
1.66 |
(0.11) |
Total
income (loss) from investment operations |
(1.11) |
2.72 |
(0.57) |
1.64 |
(0.11) |
Less
Distributions to Shareholders from: |
|
|
|
|
|
Net
investment income |
(0.02) |
— |
— |
— |
— |
Net
realized gain on investments |
(0.06) |
(4.51) |
(1.08) |
(0.71) |
— |
Total
distributions to shareholders |
(0.08) |
(4.51) |
(1.08) |
(0.71) |
— |
Net
Asset Value, End of Year |
$8.67 |
$9.86 |
$11.65 |
$13.30 |
$12.37 |
Total
Return2,5 |
(11.41)% |
22.48% |
(4.98)% |
14.28% |
(0.88)% |
Ratio
of net expenses to average net assets6 |
0.77% |
1.84%7 |
2.46%7 |
2.16%7 |
2.87%7 |
Ratio
of gross expenses to average net assets8 |
1.86% |
2.45% |
2.98% |
2.58% |
3.16% |
Ratio
of net investment income (loss) to average net assets2 |
3.48% |
(0.46)% |
(1.10)% |
(0.18)% |
0.00%10 |
Portfolio
turnover |
51% |
159% |
257% |
264% |
189% |
Net
assets end of Year (000's) omitted |
$5,263 |
$7,105 |
$14,041 |
$22,856 |
$24,925 |
|
For
the fiscal years ended October 31, | ||||
Class
Z |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Year |
$9.92 |
$11.69 |
$13.32 |
$12.38 |
$12.49 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
Net
investment income (loss)1,2 |
0.333 |
(0.05) |
(0.12) |
(0.01) |
0.014 |
Net
realized and unrealized gain (loss) on investments |
(1.45) |
2.79 |
(0.43) |
1.66 |
(0.12) |
Total
income (loss) from investment operations |
(1.12) |
2.74 |
(0.55) |
1.65 |
(0.11) |
Less
Distributions to Shareholders from: |
|
|
|
|
|
Net
investment income |
(0.03) |
— |
— |
— |
— |
Net
realized gain on investments |
(0.06) |
(4.51) |
(1.08) |
(0.71) |
— |
Total
distributions to shareholders |
(0.09) |
(4.51) |
(1.08) |
(0.71) |
— |
Net
Asset Value, End of Year |
$8.71 |
$9.92 |
$11.69 |
$13.32 |
$12.38 |
Total
Return2,5 |
(11.41)% |
22.58% |
(4.82)% |
14.35% |
(0.88)% |
Ratio
of net expenses to average net assets6 |
0.72% |
1.76%7 |
2.38%7 |
2.08%7 |
2.79%7 |
Ratio
of gross expenses to average net assets8 |
1.81% |
2.37% |
2.90% |
2.50% |
3.08% |
Ratio
of net investment income (loss) to average net assets2 |
3.53% |
(0.38)% |
(1.02)% |
(0.10)% |
0.09% |
Portfolio
turnover |
51% |
159% |
257% |
264% |
189% |
Net
assets end of Year (000's) omitted |
$833 |
$552 |
$660 |
$84 |
$73 |
1 |
Per
share numbers have been calculated using average
shares. |
2 |
Total
returns and net investment income (loss) would have been lower had certain
expenses not been offset. |
3 |
Includes
non-recurring dividends. Without these dividends, net investment income
per share would have been $0.15, $0.18, and $0.18 for Class N,
Class
I and Class Z shares, respectively. |
4 |
Includes non-recurring dividends.
Without these dividends, net investment loss per share would have been
$(0.17), $(0.14), and $(0.13) for Class N,
Class I
and Class Z shares, respectively. |
5 |
The
total return is calculated using the published Net Asset Value as of
fiscal year end. |
6 |
Includes
reduction from brokerage recapture amounting to 0.01%, 0.04%, 0.11%, 0.01%
and 0.02% for the fiscal years ended October 31, 2022,
2021,
2020, 2019,and 2018, respectively. |
7 |
Expense
ratio includes dividend and interest expense related to securities sold
short. Excluding such dividend and interest expense, the ratio of net
expenses
to average net assets would be 1.32%, 1.11%, and 1.01% for Class N, Class
I and Class Z, respectively, for the fiscal year ended October
31,
2021, 1.34%, 1.09% and 1.01% for Class N, Class I and Class Z,
respectively, for the fiscal year ended October 31, 2020, 1.44%, 1.19%
and
1.11% for Class N, Class I and Class Z, respectively, for the fiscal year
ended October 31, 2019, 1.45%, 1.20% and 1.12% for Class N, Class
I
and Class Z, respectively, for the fiscal year ended October 31,
2018. |
8 |
Excludes
the impact of expense reimbursement or fee waivers and expense
reductions such as brokerage credits, but includes expense repayments
and
non-reimbursable expenses, if any, such as interest, taxes, and
extraordinary expenses. |
9 |
Less
than $0.005 per share. |
10 |
Less
than 0.005%. |
|
For
the fiscal years ended October 31, | ||||
Class
N |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Year |
$19.43 |
$29.75 |
$34.95 |
$38.27 |
$41.95 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
Net
investment income1,2 |
0.173 |
0.024 |
0.16 |
0.345 |
0.08 |
Net
realized and unrealized gain (loss) on investments |
(1.22) |
11.69 |
(2.85) |
(0.85) |
(0.95) |
Total
income (loss) from investment operations |
(1.05) |
11.71 |
(2.69) |
(0.51) |
(0.87) |
Less
Distributions to Shareholders from: |
|
|
|
|
|
Net
investment income |
(0.04) |
(0.02) |
(0.33) |
(0.15) |
— |
Net
realized gain on investments |
(0.60) |
(22.01) |
(2.18) |
(2.66) |
(2.81) |
Total
distributions to shareholders |
(0.64) |
(22.03) |
(2.51) |
(2.81) |
(2.81) |
Net
Asset Value, End of Year |
$17.74 |
$19.43 |
$29.75 |
$34.95 |
$38.27 |
Total
Return2,6 |
(5.67)% |
50.65% |
(8.62)% |
(0.55)% |
(2.82)% |
Ratio
of net expenses to average net assets |
1.09%7 |
1.13%7 |
1.14% |
1.15% |
1.12% |
Ratio
of gross expenses to average net assets8 |
1.11% |
1.18% |
1.16% |
1.15% |
1.13% |
Ratio
of net investment income to average net assets2 |
0.90% |
0.08% |
0.52% |
0.95% |
0.19% |
Portfolio
turnover |
71% |
149% |
50% |
21% |
18% |
Net
assets end of Year (000's) omitted |
$227,513 |
$287,165 |
$259,561 |
$518,354 |
$893,685 |
|
For
the fiscal years ended October 31, | ||||
Class
I |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Year |
$20.82 |
$30.68 |
$35.96 |
$39.33 |
$42.97 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
Net
investment income1,2 |
0.243 |
0.094 |
0.25 |
0.455 |
0.19 |
Net
realized and unrealized gain (loss) on investments |
(1.32) |
12.16 |
(2.94) |
(0.89) |
(0.99) |
Total
income (loss) from investment operations |
(1.08) |
12.25 |
(2.69) |
(0.44) |
(0.80) |
Less
Distributions to Shareholders from: |
|
|
|
|
|
Net
investment income |
(0.09) |
(0.10) |
(0.41) |
(0.27) |
(0.03) |
Net
realized gain on investments |
(0.60) |
(22.01) |
(2.18) |
(2.66) |
(2.81) |
Total
distributions to shareholders |
(0.69) |
(22.11) |
(2.59) |
(2.93) |
(2.84) |
Net
Asset Value, End of Year |
$19.05 |
$20.82 |
$30.68 |
$35.96 |
$39.33 |
Total
Return2,6 |
(5.41)% |
51.11% |
(8.38)% |
(0.33)% |
(2.56)% |
Ratio
of net expenses to average net assets |
0.80%7 |
0.87%7 |
0.90% |
0.90% |
0.87% |
Ratio
of gross expenses to average net assets8 |
0.82% |
0.92% |
0.92% |
0.90% |
0.88% |
Ratio
of net investment income to average net assets2 |
1.19% |
0.34% |
0.76% |
1.20% |
0.44% |
Portfolio
turnover |
71% |
149% |
50% |
21% |
18% |
Net
assets end of Year (000's) omitted |
$74,094 |
$112,741 |
$176,807 |
$1,102,479 |
$1,754,203 |
|
For
the fiscal years
ended October 31, | ||||
Class
Z |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Year |
$20.71 |
$30.63 |
$35.95 |
$39.34 |
$42.98 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
Net
investment income1,2 |
0.243 |
0.104 |
0.28 |
0.485 |
0.22 |
Net
realized and unrealized gain (loss) on investments |
(1.29) |
12.13 |
(2.94) |
(0.89) |
(0.98) |
Total
income (loss) from investment operations |
(1.05) |
12.23 |
(2.66) |
(0.41) |
(0.76) |
Less
Distributions to Shareholders from: |
|
|
|
|
|
Net
investment income |
(0.12) |
(0.14) |
(0.48) |
(0.32) |
(0.07) |
Net
realized gain on investments |
(0.60) |
(22.01) |
(2.18) |
(2.66) |
(2.81) |
Total
distributions to shareholders |
(0.72) |
(22.15) |
(2.66) |
(2.98) |
(2.88) |
Net
Asset Value, End of Year |
$18.94 |
$20.71 |
$30.63 |
$35.95 |
$39.34 |
Total
Return2,6 |
(5.34)% |
51.18% |
(8.32)% |
(0.25)% |
(2.48)% |
Ratio
of net expenses to average net assets |
0.75%7 |
0.80%7 |
0.82% |
0.82% |
0.79% |
Ratio
of gross expenses to average net assets8 |
0.77% |
0.85% |
0.84% |
0.82% |
0.80% |
Ratio
of net investment income to average net assets2 |
1.24% |
0.41% |
0.84% |
1.28% |
0.52% |
Portfolio
turnover |
71% |
149% |
50% |
21% |
18% |
Net
assets end of Year (000's) omitted |
$7,221 |
$8,237 |
$9,786 |
$47,907 |
$205,203 |
1 |
Per
share numbers have been calculated using average
shares. |
2 |
Total
returns and net investment income (loss) would have been lower had certain
expenses not been offset. |
3 |
Includes
non-recurring dividends. Without these dividends, net investment income
per share would have been $0.05, $0.11 and $0.11 for Class N,
Class
I and Class Z, respectively. |
4 |
Includes
non-recurring dividends. Without these dividends, net investment income
(loss) per share would have been $(0.02), $0.05 and $0.06 for
Class
N, Class I and Class Z, respectively. |
5 |
Includes
non-recurring dividends. Without these dividends, net investment income
per share would have been $0.23, $0.33 and $0.36 for Class N,
Class
I and Class Z, respectively. |
6 |
The
total return is calculated using the published Net Asset Value as of
fiscal year end. |
7 |
Includes
reduction from brokerage recapture amounting to 0.01% and less than 0.01%
for the fiscal years ended October 31, 2022 and 2021,
respectively. |
8 |
Excludes
the impact of expense reimbursement or fee waivers and expense
reductions such as brokerage credits, but includes expense repayments
and
non-reimbursable expenses, if any, such as interest, taxes, and
extraordinary expenses. |
|
For
the fiscal years ended October 31, | ||||
Class
N |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Year |
$9.81 |
$6.80 |
$7.84 |
$7.62 |
$8.23 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
Net
investment loss1,2 |
(0.03) |
(0.04) |
(0.01)3 |
(0.02) |
(0.03) |
Net
realized and unrealized gain (loss) on investments |
(0.11) |
3.05 |
(0.88) |
0.78 |
0.57 |
Total
income (loss) from investment operations |
(0.14) |
3.01 |
(0.89) |
0.76 |
0.54 |
Less
Distributions to Shareholders from: |
|
|
|
|
|
Net
investment income |
— |
— |
(0.01) |
— |
(0.02) |
Net
realized gain on investments |
(0.57) |
— |
(0.14) |
(0.54) |
(1.13) |
Total
distributions to shareholders |
(0.57) |
— |
(0.15) |
(0.54) |
(1.15) |
Net
Asset Value, End of Year |
$9.10 |
$9.81 |
$6.80 |
$7.84 |
$7.62 |
Total
Return2,4 |
(1.64)% |
44.27% |
(11.65)% |
11.82% |
7.09% |
Ratio
of net expenses to average net assets5 |
1.28% |
1.25% |
1.31% |
1.31% |
1.32% |
Ratio
of gross expenses to average net assets6 |
1.28% |
1.27% |
1.33% |
1.37% |
1.36% |
Ratio
of net investment loss to average net assets2 |
(0.28)% |
(0.38)% |
(0.16)% |
(0.27)% |
(0.35)% |
Portfolio
turnover |
32% |
44% |
47% |
38% |
46% |
Net
assets end of Year (000's) omitted |
$18,961 |
$22,702 |
$21,618 |
$24,669 |
$17,840 |
|
For
the fiscal years ended October 31, | ||||
Class
I |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Year |
$10.10 |
$6.98 |
$8.04 |
$7.78 |
$8.38 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
Net
investment income (loss)1,2 |
(0.00)7 |
(0.01) |
0.013 |
(0.00)7 |
(0.01) |
Net
realized and unrealized gain (loss) on investments |
(0.12) |
3.13 |
(0.91) |
0.80 |
0.57 |
Total
income (loss) from investment operations |
(0.12) |
3.12 |
(0.90) |
0.80 |
0.56 |
Less
Distributions to Shareholders from: |
|
|
|
|
|
Net
investment income |
— |
(0.00)7 |
(0.02) |
— |
(0.03) |
Net
realized gain on investments |
(0.57) |
— |
(0.14) |
(0.54) |
(1.13) |
Total
distributions to shareholders |
(0.57) |
(0.00)7 |
(0.16) |
(0.54) |
(1.16) |
Net
Asset Value, End of Year |
$9.41 |
$10.10 |
$6.98 |
$8.04 |
$7.78 |
Total
Return2,4 |
(1.38)% |
44.70% |
(11.47)% |
12.12% |
7.32% |
Ratio
of net expenses to average net assets5 |
1.02% |
1.00% |
1.05% |
1.06% |
1.08% |
Ratio
of gross expenses to average net assets6 |
1.02% |
1.02% |
1.07% |
1.12% |
1.12% |
Ratio
of net investment income (loss) to average net assets2 |
(0.02)% |
(0.13)% |
0.09% |
(0.02)% |
(0.11)% |
Portfolio
turnover |
32% |
44% |
47% |
38% |
46% |
Net
assets end of Year (000's) omitted |
$188,163 |
$218,698 |
$156,350 |
$145,620 |
$51,400 |
|
For
the fiscal years
ended October 31, | ||||
Class
Z |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Year |
$10.10 |
$6.98 |
$8.04 |
$7.77 |
$8.37 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
Net
investment income (loss)1,2 |
0.008 |
(0.01) |
0.013 |
0.008 |
(0.01) |
Net
realized and unrealized gain (loss) on investments |
(0.11) |
3.13 |
(0.91) |
0.81 |
0.58 |
Total
income (loss) from investment operations |
(0.11) |
3.12 |
(0.90) |
0.81 |
0.57 |
Less
Distributions to Shareholders from: |
|
|
|
|
|
Net
investment income |
(0.00)7 |
(0.00)7 |
(0.02) |
— |
(0.04) |
Net
realized gain on investments |
(0.57) |
— |
(0.14) |
(0.54) |
(1.13) |
Total
distributions to shareholders |
(0.57) |
(0.00)7 |
(0.16) |
(0.54) |
(1.17) |
Net
Asset Value, End of Year |
$9.42 |
$10.10 |
$6.98 |
$8.04 |
$7.77 |
Total
Return2,4 |
(1.26)% |
44.77% |
(11.43)% |
12.26% |
7.37% |
Ratio
of net expenses to average net assets5 |
0.97% |
0.95% |
1.00% |
1.01% |
1.03% |
Ratio
of gross expenses to average net assets6 |
0.97% |
0.97% |
1.02% |
1.07% |
1.07% |
Ratio
of net investment income (loss) to average net assets2 |
0.03% |
(0.08)% |
0.14% |
0.03% |
(0.06)% |
Portfolio
turnover |
32% |
44% |
47% |
38% |
46% |
Net
assets end of Year (000's) omitted |
$34,477 |
$35,766 |
$553 |
$183 |
$136 |
1 |
Per
share numbers have been calculated using average
shares. |
2 |
Total
returns and net investment income (loss) would have been lower had certain
expenses not been offset. |
3 |
Includes
non-recurring dividends. Without these dividends, net investment (loss)
income per share would have been $(0.02), $(0.00), and $0.00 for
Class
N, Class I, and Class Z shares, respectively. |
4 |
The
total return is calculated using the published Net Asset Value as of
fiscal year end. |
5 |
Includes
reduction from broker recapture amounting to 0.01%, 0.02%, 0.02%, 0.03%,
and 0.01% for the fiscal years ended October 31, 2022,
2021,
2020, 2019, and 2018, respectively. |
6 |
Excludes
the impact of expense reimbursement or fee waivers and expense
reductions such as brokerage credits, but includes expense repayments
and
non-reimbursable expenses, if any, such as interest, taxes, and
extraordinary expenses. |
7 |
Less
than $(0.005) per share. |
8 |
Less
than $0.005 per share. |
|
For
the fiscal years ended October 31, | ||||
Class
N |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Year |
$15.45 |
$10.76 |
$13.00 |
$13.26 |
$14.46 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
Net
investment loss1,2 |
(0.09) |
(0.09) |
(0.02) |
(0.04) |
(0.05) |
Net
realized and unrealized gain (loss) on investments |
0.06 |
4.78 |
(1.43) |
1.17 |
0.79 |
Total
income (loss) from investment operations |
(0.03) |
4.69 |
(1.45) |
1.13 |
0.74 |
Less
Distributions to Shareholders from: |
|
|
|
|
|
Net
realized gain on investments |
(1.16) |
— |
(0.79) |
(1.39) |
(1.94) |
Net
Asset Value, End of Year |
$14.26 |
$15.45 |
$10.76 |
$13.00 |
$13.26 |
Total
Return2,3 |
(0.35)% |
43.59% |
(12.09)% |
10.86% |
5.41% |
Ratio
of net expenses to average net assets4 |
1.35% |
1.33% |
1.34% |
1.36% |
1.35% |
Ratio
of gross expenses to average net assets5 |
1.35% |
1.35% |
1.36% |
1.37% |
1.36% |
Ratio
of net investment loss to average net assets2 |
(0.60)% |
(0.61)% |
(0.19)% |
(0.33)% |
(0.34)% |
Portfolio
turnover |
33% |
39% |
42% |
47% |
41% |
Net
assets end of Year (000's) omitted |
$37,265 |
$34,246 |
$25,920 |
$29,963 |
$28,444 |
|
For
the fiscal years ended October 31, | ||||
Class
I |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Year |
$15.91 |
$11.05 |
$13.30 |
$13.51 |
$14.68 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
Net
investment income (loss)1,2 |
(0.05) |
(0.05) |
0.01 |
(0.01) |
(0.01) |
Net
realized and unrealized gain (loss) on investments |
0.06 |
4.91 |
(1.46) |
1.20 |
0.79 |
Total
income (loss) from investment operations |
0.01 |
4.86 |
(1.45) |
1.19 |
0.78 |
Less
Distributions to Shareholders from: |
|
|
|
|
|
Net
investment income |
— |
(0.00)6 |
(0.01) |
(0.01) |
(0.01) |
Net
realized gain on investments |
(1.16) |
— |
(0.79) |
(1.39) |
(1.94) |
Total
distributions to shareholders |
(1.16) |
(0.00)6 |
(0.80) |
(1.40) |
(1.95) |
Net
Asset Value, End of Year |
$14.76 |
$15.91 |
$11.05 |
$13.30 |
$13.51 |
Total
Return2,3 |
(0.07)% |
43.99% |
(11.91)% |
11.23% |
5.60% |
Ratio
of net expenses to average net assets4 |
1.09% |
1.07% |
1.07% |
1.09% |
1.10% |
Ratio
of gross expenses to average net assets5 |
1.09% |
1.09% |
1.09% |
1.10% |
1.11% |
Ratio
of net investment income (loss) to average net assets2 |
(0.34)% |
(0.35)% |
0.07% |
(0.06)% |
(0.09)% |
Portfolio
turnover |
33% |
39% |
42% |
47% |
41% |
Net
assets end of Year (000's) omitted |
$819,940 |
$835,473 |
$487,637 |
$374,344 |
$330,245 |
|
For
the fiscal years ended October 31, | ||||
Class
Z |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Year |
$15.92 |
$11.05 |
$13.30 |
$13.51 |
$14.68 |
Income
(loss) from Investment Operations: |
|
|
|
|
|
Net
investment income (loss)1,2 |
(0.04) |
(0.04) |
0.02 |
0.007 |
0.007 |
Net
realized and unrealized gain (loss) on investments |
0.06 |
4.92 |
(1.46) |
1.20 |
0.79 |
Total
income (loss) from investment operations |
0.02 |
4.88 |
(1.44) |
1.20 |
0.79 |
Less
Distributions to Shareholders from: |
|
|
|
|
|
Net
investment income |
— |
(0.01) |
(0.02) |
(0.02) |
(0.02) |
Net
realized gain on investments |
(1.16) |
— |
(0.79) |
(1.39) |
(1.94) |
Total
distributions to shareholders |
(1.16) |
(0.01) |
(0.81) |
(1.41) |
(1.96) |
Net
Asset Value, End of Year |
$14.78 |
$15.92 |
$11.05 |
$13.30 |
$13.51 |
Total
Return2,3 |
(0.00)%8 |
44.17% |
(11.78)% |
11.29% |
5.71% |
Ratio
of net expenses to average net assets4 |
1.00% |
0.98% |
0.99% |
1.01% |
1.00% |
Ratio
of gross expenses to average net assets5 |
1.00% |
1.00% |
1.01% |
1.02% |
1.01% |
Ratio
of net investment income (loss) to average net assets2 |
(0.25)% |
(0.26)% |
0.16% |
0.02% |
0.01% |
Portfolio
turnover |
33% |
39% |
42% |
47% |
41% |
Net
assets end of Year (000's) omitted |
$9,792 |
$7,911 |
$1,025 |
$186 |
$163 |
1 |
Per
share numbers have been calculated using average
shares. |
2 |
Total
returns and net investment income (loss) would have been lower had certain
expenses not been offset. |
3 |
The
total return is calculated using the published Net Asset Value as of
fiscal year end. |
4 |
Includes
reduction from broker recapture amounting to less than 0.01%, 0.02%,
0.02%, 0.01%, and 0.01% for the fiscal years ended October 31,
2022,
2021, 2020, 2019, and 2018, respectively. |
5 |
Excludes
the impact of expense reimbursement or fee waivers and expense
reductions such as brokerage credits, but includes expense repayments
and
non-reimbursable expenses, if any, such as interest, taxes, and
extraordinary expenses. |
6 |
Less
than $(0.005) per share. |
7 |
Less
than $0.005 per share. |
8 |
Less
than (0.005)%. |