Fund Overview

The LS Opportunity Fund (LSOFX), sub-advised by Prospector Partners, is a traditional Long-Short Equity strategy that pursues a fundamental, bottom-up, value investment approach. The Fund's Portfolio Management team seeks to achieve capital growth during periods of rising or stable stock prices and capital preservation during periods of declining stock prices.

Fund Materials

Fund Fact Sheet

Investor Presentation

Performance Analytics

Market Update Webinar Replay

Shareholder Letters

Morningstar® Star Rating
Firm Founded
Firm AUM ($mm)
Length of Track Record (Years)

The LS Opportunity Fund received a 4-Star Overall Morningstar® Rating as of June 30, 2023. This is out of 166 funds in the US Long Short Equity category, based on risk-adjusted returns as of 06/30/2023. Across the US Long Short Equity category, the LS Opportunity Fund received 4 stars among 166 funds, 4 stars among 147 funds, and 4 stars among 71 funds for the 3-, 5-, and 10-year periods, respectively.

About the Sub-Advisor

Prospector Partners, LLC, became the Sub-Advisor to LSOFX in May 2015 and has been operating a traditional hedge fund with a similar investment objective since 1997.

Portfolio Managers

The Prospector Partners' team has been together on average for 18 years and has invested through several cycles, including the 2000s tech bubble and the 2008 financial crisis.

Kevin R. O’Brien

Chartered Financial Analyst
B.S. – Central Connecticut State

Jason A. Kish

Chartered Financial Analyst
Certified Public Accountant
B.S. B.A. – Providence College

Steve Labbe

Chartered Financial Analyst
B.S. – Central Connecticut State

as of 06/30/2023

Fund Performance

Trailing annualized returns (%) as of the most recent month-end. Click on the link to the Fund Fact Sheet below to view standardized performance as of most recent quarter-end. Inception date for the LS Opportunity Fund is 09/29/2010.

Fund Fact Sheet

Performance Analytics

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. The Fund’s Gross Expense Ratio is 2.92%. The Net Expense Ratio is 2.89%. The Expense Cap is 1.95%. The Adviser has contractually agreed to waive or limit its fees and to assume other expenses of the Fund until September 30, 2023 so that the ratio of total annual operating expenses (not including interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of business, dividend expenses on short sales, expenses incurred under a Rule 12b-1 plan, acquired fund fees and expenses and expenses that the Fund incurred but did not actually pay because of an expense offset arrangement) does not exceed 1.95%. Performance data current to the most recent month end may be obtained by calling 1.877.336.6763.
Peer Group: Morningstar Long-Short Equity Category

Fund Documents

Fund Prospectus

Statement of Additional Information

Annual Report

Semi-Annual Report

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You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Fund before investing. The Fund's prospectus contains this and other information about the Fund, and should be read carefully before investing. You may obtain a current copy of the Fund's prospectus by calling (877) 336-6763.

FINRA's BrokerCheck
Check the background of Long Short Advisors LLC and Ultimus Fund Distributors, LLC on FINRA's BrokerCheck.

Investment in shares of a long/short equity fund have the potential for significant risk and volatility. A short equity strategy can diminish returns in a rising market as well as having the potential for unlimited losses. These types of funds typically have a high portfolio turnover that could increase transaction costs and cause short-term capital gains to be realized.

The Fund may lose money due to fluctuations within the stock market which may be unrelated to individual issuers and could not have been predicted. The price of the securities which the Fund holds may change unpredictably and due to local, regional, international, or global events. In the case of a general market downturn, multiple asset classes, or the entire market, may be negatively affected for an extended and unknown amount of time.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10- year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Past performance is no guarantee of future results.

Distributed by Ultimus Fund Distributors, LLC. Member FINRA.

Long Short Advisors is registered as an investment adviser with the Securities and Exchange Commission. There is no affiliation between Ultimus Fund Distributors, LLC, Long Short Advisors, and the other firms referenced on this website.

Information contained on this website does not constitute an offer to sell, or a solicitation of an offer to buy shares of the Fund, nor shall any shares be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction.

This site also is not intended to provide specific individual advice including, without limitation, investment, financial, legal, accounting, or tax advice.


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