RPHS

RPHS takes a different approach to actively invest in the US large-cap equity space. The fund purchases equity market index derivatives, in essence leveraging the exposure, when the advisor believes the equity market is fairly valued or undervalued relative to the S&P 500 Price Index. It also invests directly in equity securities when the equity market is believed to be overvalued. In addition, in order to employ various hedging strategies, the fund uses derivatives such as long and short futures, options, swaps, combinations of long and short FLEX options, and standardized call and put options on the S&P 500 Index or similar ETFs. The amount of the portfolio to be invested directly in equity securities and the amount invested in derivatives is based on relative valuations, as determined by the fund's advisor. Any amount not invested in equities or derivatives is considered the fund's collateral, which may include short- to intermediate-term US investment grade fixed income securities.