Fund Evaluator:
Persimmon Long/Short I (LSEIX)
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Best Performing in Equity Hedged Over the Last Year
| 13.7% | Fidelity Advisor Hedged Equity Z (FEQZX) |
| 13.7% | Parametric Volatil Risk Prm-Defensv I (EIVPX) |
| 13.0% | T. Rowe Price Hedged Equity Z (PZHEX) |
| 11.8% | Horizon Defined Risk Investor (HNDRX) |
| 11.7% | MAI Managed Volatility Investor (DIVPX) |
Fund Details
Persimmon Long/Short I Overview
Persimmon Long/Short I (LSEIX) is an actively managed Nontraditional Equity Equity Hedged fund. Persimmon Funds launched the fund in 2012.
The investment seeks long-term capital appreciation. In pursuing its investment objective, the Adviser uses three strategies: (i) selecting individual equity securities, (ii) hedging to mitigate the downside risk of equities during unfavorable markets, and (iii) seeking to minimize shareholders' tax liability in connection with the fund's distribution of realized capital gains. Under normal market conditions, the fund pursues its investment objective by investing at least 70% of its net assets in U.S. exchange listed common stock, preferred stock and depositary receipts ("Equity Instruments").
About Persimmon Long/Short I (LSEIX)
There are 2 members of the management team with an average tenure of 0.66 years: Gregory Horn (2026), John McNamara III (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Persimmon Long/Short I has 354 securities in its portfolio. The top 10 holdings constitute 38.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Persimmon Long/Short I is part of the Equity global asset class and is within the Nontraditional Equity fund group. Persimmon Long/Short I has 0.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.5%. There is 0.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Persimmon Long/Short I has 1.1% of the portfolio in cash.
Assets Under Management
The fund has $50 million in total assets, which is below the $433 million average for the Equity Hedged category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
LSEIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Persimmon Long/Short I expense ratio is high compared to funds in the Equity Hedged category. Persimmon Long/Short I has an expense ratio of 1.99%, which is 44% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Persimmon Long/Short I has a portfolio turnover rate of 509%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 71% for the Equity Hedged category.
Recently, in the month of August 2026, Persimmon Long/Short I returned -0.1%, which earned it a grade of F, as the Equity Hedged category had an average return of 1.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Persimmon Long/Short I has a trailing yield of 0.00%, which is below the 0.95% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Persimmon Long/Short I Grades
Year to date, the fund has returned 10.1%, 3.2 percentage points better than the category, which translates into a grade of A. The fund has returned 15.3% over the past year (grade of A), 15.7% over the past three years (grade of A) and 9.2% per year over the past five years (grade of A) and 7.6% per year over the past 10 years (grade of B).
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LSEIX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| LSEIX Return (NAV) | -0.1% | 3.8% | 15.3% | 15.7% | 9.2% | 7.6% |
| LSEIX Grade | F | A | A | A | A | B |
| +/- Category | -1.5% | 2.9% | 4.7% | 5.0% | 3.2% | 0.8% |
| Equity Hedged Avg | 1.4% | 0.9% | 10.7% | 10.7% | 6.0% | 6.8% |
| LSEIX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.3% |
LSEIX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LSEIX Return (NAV) | 10.1% | 12.0% | 17.4% | 15.7% | -10.0% | 14.7% | 8.1% | 5.3% | -6.1% | 13.4% | -4.8% |
| LSEIX Grade | A | B | B | B | C | A | C | F | D | B | F |
| +/- Category | 3.2% | 2.5% | 5.1% | 3.3% | -0.2% | 3.2% | -2.7% | -9.0% | -3.3% | 4.5% | -9.3% |
| Equity Hedged Avg | 6.9% | 9.5% | 12.3% | 12.4% | -9.8% | 11.4% | 10.9% | 14.3% | -2.8% | 8.9% | 4.5% |
| Risk Measures | |
| Standard Deviation: | 9.2% |
| Total Risk Index: | 0.76 - Below Average |
| Category Risk Index: | 1.16 - Above Average |
| Category Risk Grade: | D (73% Rank) |
| Beta: | 0.62 |
| R-Squared: | 77% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $50 Mil |
| Fund Total Assets: | $ 51 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 509% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.7 years | |||
| Average Tenure: 0.7 years | |||
| Managers (Year): Horn Gregory (2026), McNamara III John (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 354 |
| % in Top 10 Holdings: | 38.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.4% |
Portfolio Allocation |
|
| Domestic Stock: | 98.5% |
| Foreign Stock: | 0.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.1% |
Purchase Information
| Fund Family: | Persimmon Funds |
| Phone Number: | 855-233-8300 |
| Website: | www.persimmonfunds.com |
| Status: | Open |
| Inception Date: | December 31, 2012 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 1.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.99% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.38% |
| Share Class: | Persimmon Long/Short I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
