Estimated Cumulative Performance as of October 31, 20181
|Steben Select Multi-Strategy Fund A Shares 1
|HFRI Fund of Funds Composite Index 2
Monthly Historical Cumulative Performance Since Inception1
Allocation by Strategy as of October 31, 20183
Gross Performance Contribution by Strategy for October 20183
Past performance is not indicative of future results. Returns for one year or less are cumulative.
1. Select Fund performance is net of all fees and expenses. Most recent month, YTD (Year-to-Date), 1-Year and Since Inception returns are estimated and are subject to change, pending final monthly accounting review. Select Fund is part of a master-feeder structure and invests all of its investable assets in the Steben Select Multi-Strategy Master Fund (Master Fund) except those restricted for regulatory reasons, liquidation purposes or forced redemptions. The Master Fund commenced operations on August 1, 2013 and Select Fund commenced operations on January 2, 2014. By investing all of its investable assets in the Master Fund, Select Fund participates in the substantially similar investment management that Steben & Company, Inc., the Adviser, renders to the Master Fund. Performance results prior to August 1, 2014 are those of the Master Fund adjusted for fees and expenses of Select Fund A Shares, except that A Shares do not reflect front-end sales load of up to 3% of purchase price. More detailed information regarding performance calculations and fees may be found in the “Performance Disclosures” section below and within the Fund’s prospectus.
2. HFRI Fund of Funds Composite Index is currently comprised of over 500 domestic and offshore funds of hedge funds that have a minimum of $50 million under management or a 12-month track record of active performance. All index fund performance is equally weighted and is net of all fund fees.
3. The Fund may change its allocation to the various strategies at any given time. Performance by Strategy presents the weighted contribution for each strategy traded in the Fund, over the period shown. Performance attribution is net of managers’ management and incentive fees and is gross of Fund fees. Percentages by strategy and allocation reflect the assets of the Master Fund. Performance data by strategy is intended to permit investors to better understand which strategies generated gains or losses for the period shown. Performance is net of Portfolio Fund fees but has not been adjusted to reflect Fund level fees and expenses. There is no assurance that the Master Fund will continue to allocate to these strategies or the managers. The Fund is actively managed, and the Investment Manager may allocate to other managers or hedge funds, and may withdraw from any of these funds or managers at any given time.
Performance data presented herein is the historical performance data of Select Fund A Shares and the Master Fund. There can be no assurance that Select Fund and the Master Fund will achieve their objectives or avoid significant losses. Investment results will fluctuate so that an investor’s shares, if repurchased in a tender offer, may be worth more or less than the original cost. Fund’s shares are subject to legal restrictions on transfer and resale and investors should not assume they will be able to resell their shares. The Fund, however, intends to conduct quarterly share repurchases, subject to an early withdrawal fee of 2% within the first 9 months of an investor’s subscription. Current performance may be higher or lower than the performance data quoted. Diversification does not assure a profit or protection against losses.
Select Fund A Shares are subject to the following operating expenses:
Investment Manager Fee. The Master Fund pays the Investment Manager a monthly investment management fee equal to 1.25% (on an annualized basis) of its month-end net asset value of outstanding Shares of the Master Fund determined as of the last calendar day of that month before giving effect to any purchases or repurchases of Shares or any distributions by the Fund.
Operating/Servicing/Distribution Fees. Select Fund A Shares pay annual operating, servicing, and distribution fees of 1.20% annually.
Acquired Fund Fees. As of the period ended March 31, 2018, Acquired Fund Fees totaled 7.31%, which included all incentive fees paid to the Portfolio Funds based upon the profit of those Funds for the period.
Foreside Fund Services, LLC, Distributor