Otter Creek Long/Short Opportunity Fund

Wednesday July 18, 2018 WEBCAST

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Performance data quoted is past performance. Past performance does not guarantee future results. The investment 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. The current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month‐end may be obtained by calling (855) 681‐5261. Performance data quoted does not reflect the 1% redemption fee on shares held for 60 days or less. If reflected, total returns would be reduced. Click here for standardized performance.

Click here for the fund’s top 10 holdings.

 

Correlation is a statistical measure of how two securities move in relation to each other. The correlation coefficient (r) is a measure that determines the degree to which two variable’s movements are associated. The coefficient of determination (r2) is a measure used in statistical model analysis to assess how well a model explains and predicts future outcomes.

Delta is the ratio comparing the change in price of the underlying asset to the corresponding change in the price of a derivative.

Delta-adjusted equity exposure is a representation of the portfolio’s equity exposure which has been adjusted to take into account the combined effect of options and equity positions.

The EPS Growth is the change from year to year in the earnings per share of the S&P 500.

P/E or Price-to-Earnings is a ratio derived by dividing the price of a stock by the earnings per share of the company.

Standard deviation is a measure of the dispersion of a set of data from its mean.

A basis point (BP) is 1/100 of a percentage point.

GDP reflects the Gross Domestic Product of a country. It is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.

The Price to Sales Ratio (P/S) is calculated by dividing the company’s market capitalization by its total sales over a twelve month period.

The Book Value is the total value of a company which is calculated by taking the total assets minus the intangible assets (patents, goodwill, etc.) and liabilities.

The Market Capitalization (Market Cap) is the current market value of a company. It is derived by taking the outstanding shares times the current price.

Free cash flow is a measure of financial performance calculated as operating cash flow minus capital expenditures.

Capital expenditure, or CapEx, are funds used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment. It is often used to undertake new projects or investments by the firm.

Cash Flow is the net amount of cash and cash-equivalents moving into and out of a business.

The Enterprise Multiple (EV/EBITDA) is a ratio used to determine the value of a company. It is calculated by taking the Enterprise Value and dividing it by EBITDA.

The Enterprise Value to Sales ratio (EV/sales) is a way to measure a company’s enterprise value versus its sales.

The Enterprise Value (EV) is a measure of a company’s value. It is calculated as market cap plus debt, minority interest and preferred shares, minus total cash and cash equivalents.

EBITDA is an acronym for Earnings Before Interest, Taxes, Depreciation, and Amortization expenses. It is a measure used to analyze and compare profitability between companies of different characteristics because it largely eliminates the effect of accounting and financing decisions.

Earnings growth is the annual rate of growth of earnings from investments.

The Standard and Poor’s 500 Index (S&P 500) is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

The Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index is an index which is comprised of surveys from purchasing managers in the manufacturing sector. It can be used as an indicator of the economic health of the manufacturing sector.

The Non-Manufacturing ISM is a report produced by The Institute of Supply Management (ISM) for all sectors of the economy other than manufacturing. It can be used as an indicator of the overall economic condition for the non-manufacturing sector.

The Institute for Supply Management (ISM) Purchasing Managers’ Composite Index is an index which is comprised of surveys from purchasing managers across all sectors of the economy It can be used as an indicator of the economic health of the economy as a whole.

NASDAQ is a global electronic marketplace for buying and selling securities as well as the benchmark index for U.S. technology stocks.

The NASDAQ Composite Index is a broad-based capitalization-weighted index of stocks in the NASDAQ marketplace.

The Federal Reserve Bank of New York (FRBNY) Underlying Inflation Gauge captures sustained movements in inflation from information contained in a broad set of price, real activity and financial data.

The Goldman Sachs Discretionary Most Short Index is an index of the most shorted consumer discretionary stocks which is compiled from data at Goldman Sachs Prime brokerage and New York Stock Exchange short interest data.

The EM10FX Spot Index is an index comprised of the 10 largest Emerging Market currencies as measured against the US Dollar.

The Goldman Sachs Financial Conditions Index is a weighted average of riskless interest rates, the exchange rate, equity valuations, and credit spreads, with weights that correspond to the direct impact of each variable on GDP. It is used as a way to gauge factors that might affect market conditions.

A Put Option is a contract between two parties which grants the owner the ability to sell a specified amount of an underlying security at a specific price within a specific timeframe (also known as exercising the option).

A Covered Put is when you write a put option and you have an offsetting short position in case the option is exercised.

EPS Growth is not a measure of the Fund’s future performance.

Click to Contact Us

OTTER CREEK ADVISORS, LLC | 11300 US 1 | SUITE 500 | PALM BEACH GARDENS, FL 33408 | WWW.OTTERCREEKFUNDS.COM

OTTER CREEK ADVISORS, LLC  |  11300 US 1  |  SUITE 500  |  PALM BEACH GARDENS, FL 33408  |  WWW.OTTERCREEKFUNDS.COM


The Fund's investment objectives, risks, charges, and expenses must be considered carefully before investing. The statutory and summary prospectuses contain this and other important information about the investment company, and may be obtained by calling 1-855-681-5261 or visiting www.ottercreekfunds.com. Read carefully before investing.

Mutual fund investing involves risk; Principal loss is possible. The Fund is non-diversified meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. Investments in debt securities typically decrease when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher rated securities. Investments in foreign securities involve political, economic, and currency risks, greater volatility, and differences in accounting methods. The Fund may use certain types of exchange traded funds or investment derivatives. Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. ETF investments involve additional risks such as the market price trading at a discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund's ability to sell its shares. Short sales of securities involves the risk that losses may exceed the original amount invested. Investments in Master Limited Partnerships (MLPs) which concentrate investments in the natural resource sector and are subject to the risks of energy prices and demand and the volatility of commodity investments. Damage to facilities and infrastructure of MLPs may significantly affect the value of an investment and may incur environmental costs and liabilities due to the nature of their business. MLPs are subject to significant regulation and may be adversely affected by changes in the regulatory environment. Investments in IPOs are subject to market and liquidity risks and a such investments may have a magnified impact on the performance of the Fund. To qualify for treatment as a regulated investment company ("RIC") under the Internal Revenue Code ("Code"), the Fund must meet certain income source, asset diversification and annual distribution requirements. If, in any year, the Fund fails to qualify as a RIC for any reason, the Fund would be taxed as an ordinary corporation and would become (or remain) subject to corporate income tax. The resulting corporate taxes could substantially reduce the Fund's net assets, the amount of income available for distribution and the amount of the Fund's distributions.

Past performance does not guarantee future results.

Diversification does not guarantee a profit or protect from loss in a declining market.

The Securities and Exchange Commission (SEC) does not approve or disapprove of any investment.

Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security.

Buying with a "margin of safety," a phrase popularized by Benjamin Graham and Warren Buffet, is when a security is purchased for less than its estimated value. This helps protect against permanent capital loss in the case of an unexpected event or analytical mistake. A purchase made with a margin of safety does not guarantee the security will not decline in price. Correlation is the degree to which two or more attributes or measurements on the same group of elements show a tendency to vary together. Free Cash Flow is a measure of the cash produced by the firm in a given period on behalf of equity holders. Standard deviation is a measure of the dispersion of a set of data from its mean; more spread-apart data has a higher deviation. Standard deviation is calculated as the square root of variance. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility. The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. The Wilshire 5000 Index is a capitalization-weighted index of over 5,000 securities. The index is designed to measure performance of all US equity securities with readily available price data. Return On Equity (ROE) is the amount of net income returned as a percentage of shareholders equity. Delta is the ratio comparing the change in price of the underlying asset to the corresponding change in the price of a derivative. It is not possible to invest directly in an index.

Otter Creek Advisors, LLC is the Advisor to the Otter Creek Long/Short Opportunity Fund, which is distributed by Quasar Distributors, LLC.

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REIT - Real Estate Investment Trust.

MLP - Master Limited Partnership.

Fund AUM as of 3/31/24 is $142.4 Million.

Firm AUM as of 3/31/24 is $146.2 Million.

The Fund's investment objectives, risks, charges, and expenses must be considered carefully before investing. The statutory and summary prospectuses contain this and other important information about the investment company, and may be obtained by calling 1-855-681-5261 or visiting www.ottercreekfunds.com. Read carefully before investing.

Mutual fund investing involves risk; Principal loss is possible. Investments in debt securities typically decrease when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher rated securities. Investments in foreign securities involve political, economic, and currency risks, greater volatility, and differences in accounting methods. The Fund may use certain types of exchange traded funds or investment derivatives. Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. ETF investments involve additional risks such as the market price trading at a discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund's ability to sell its shares. Short sales of securities involves the risk that losses may exceed the original amount invested. Investments in Master Limited Partnerships (MLPs) which concentrate investments in the natural resource sector and are subject to the risks of energy prices and demand and the volatility of commodity investments. Damage to facilities and infrastructure of MLPs may significantly affect the value of an investment and may incur environmental costs and liabilities due to the nature of their business. MLPs are subject to significant regulation and may be adversely affected by changes in the regulatory environment. Investments in IPOs are subject to market and liquidity risks and a such investments may have a magnified impact on the performance of the Fund. To qualify for treatment as a regulated investment company ("RIC") under the Internal Revenue Code ("Code"), the Fund must meet certain income source, asset diversification and annual distribution requirements. If, in any year, the Fund fails to qualify as a RIC for any reason, the Fund would be taxed as an ordinary corporation and would become (or remain) subject to corporate income tax. The resulting corporate taxes could substantially reduce the Fund's net assets, the amount of income available for distribution and the amount of the Fund's distributions.

Past performance does not guarantee future results.

Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns.

Diversification does not guarantee a profit or protect from loss in a declining market.

The Securities and Exchange Commission (SEC) does not approve or disapprove of any investment.

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. The current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month end may be obtained by calling 855-681-5261.

Click here for most recent standardized performance and click here for most recent holdings. Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security.

Buying with a "margin of safety," a phrase popularized by Benjamin Graham and Warren Buffet, is when a security is purchased for less than its estimated value. This helps protect against permanent capital loss in the case of an unexpected event or analytical mistake. A purchase made with a margin of safety does not guarantee the security will not decline in price. Correlation is the degree to which two or more attributes or measurements on the same group of elements show a tendency to vary together. Free Cash Flow is a measure of the cash produced by the firm in a given period on behalf of equity holders. Standard deviation is a measure of the dispersion of a set of data from its mean; more spread-apart data has a higher deviation. Standard deviation is calculated as the square root of variance. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility. The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. It is not possible to invest directly in an index.

Return on equity (ROE) is the amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested.

Correlation is a statistical measure that indicates the extent to which two or more variables fluctuate together. A drawdown is the peak-to-trough decline during a specific recorded period of an investment, fund or commodity.

Otter Creek Advisors, LLC is the Advisor to the Otter Creek Long/Short Opportunity Fund, which is distributed by Quasar Distributors, LLC.