Fund Evaluator:

LS Opportunity Fund Institutional Class Overview

LS Opportunity Fund Institutional Class (LSOFX) is an actively managed Nontraditional Equity Long-Short Equity fund. Long Short launched the fund in 2010.

The investment seeks to generate long-term capital appreciation over a full market cycle by investing in both long and short positions within a portfolio consisting of primarily publicly-traded common stock, with generally less net exposure than that of the stock market. The fund will employ a stock selection process on both the long and short side. The advisor generally intends to take positions in equity securities, including common and preferred stocks and securities convertible into equity securities, and in other investment companies. It may also hold positions in foreign securities.

About LS Opportunity Fund Institutional Class (LSOFX)

There are 2 members of the management team with an average tenure of 0.26 years: Lucas White (2026), Tom Hancock (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%. LS Opportunity Fund Institutional Class has 226 securities in its portfolio. The top 10 holdings constitute 43.9% 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.

LS Opportunity Fund Institutional Class is part of the Equity global asset class and is within the Nontraditional Equity fund group. LS Opportunity Fund Institutional Class has 14.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 46.6%. There is 14.4% 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). LS Opportunity Fund Institutional Class has 39.1% of the portfolio in cash.

Assets Under Management

The fund has $78 million in total assets, which is below the $361 million average for the Long-Short Equity 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.

LSOFX 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 LS Opportunity Fund Institutional Class expense ratio is high compared to funds in the Long-Short Equity category. LS Opportunity Fund Institutional Class has an expense ratio of 2.69%, which is 23% higher than its category average, making the fund expense ratio grade a F. 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. LS Opportunity Fund Institutional Class has a portfolio turnover rate of 138%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 287% for the Long-Short Equity category.

Recently, in the month of August 2026, LS Opportunity Fund Institutional Class returned 0.7%, which earned it a grade of D, as the Long-Short Equity category had an average return of 1.8%. 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.

LS Opportunity Fund Institutional Class has a trailing yield of 0.63%, which is below the 1.14% 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.

LS Opportunity Fund Institutional Class Grades

Year to date, the fund has returned 6.4%, 3.1 percentage points worse than the category, which translates into a grade of C. The fund has returned 7.1% over the past year (grade of D), 7.2% over the past three years (grade of F) and 6.0% per year over the past five years (grade of D) and 7.0% per year over the past 10 years (grade of D).

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