The recent trading in GameStop may be much ado about how investing has become more democratic. Christian Munafo, Chief Investment Officer of the Liberty Street Funds and Portfolio Manager of the SharesPost 100 Fund, provided insight. Please click below for the full article.
RISKS AND OTHER DISCLOSURES
Shares Post 100 Fund – Top Ten Holdings as 12/31/20
The top ten holding represented 37.88% of Fund holdings as of December 31, 2020. Holdings are subject to change. This is not a recommendation to buy, sell, or hold any particular security. To view the Fund’s complete holdings, visit www.SP100fund.com
Opinions expressed are those of the author and are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice.
Fund holdings and sector allocations are subject to change and are not a recommendation to buy, sell, or hold any particular security. To view the Fund’s complete holdings, click here.
Active investing has higher management fees because of the manager’s increased level of involvement while passive investing has lower management and operating fees. Investing in both actively and passively managed mutual funds involves risk and principal loss is possible. Both actively and passively managed mutual funds generally have daily liquidity. There are no guarantees regarding the performance of actively and passively managed mutual funds. Actively managed mutual funds may have higher portfolio turnover than passively managed funds. Excessive turnover can limit returns and can incur capital gains.
The S&P 500® Index consists of 500 large cap common stocks which together represents approximately 80% of the total U.S. stock market. It is a float-adjusted market-weighted index (stock price times float-adjsuted shares outstanding), with each stock affecting the index proportion to it’s market value. The Nasdaq 100 Index is a basket of the 100 largest, most actively traded U.S companies listed on the Nasdaq stock exchange. It is not possible to invest in an index.
Investment in the Fund involves substantial risk. The Fund is not suitable for investors who cannot bear the risk of loss of all or part of their investment. The Fund is appropriate only for investors who can tolerate a high degree of risk and do not require a liquid investment. All investing involves risk including the possible loss of principal. Shares in the Fund are highly illiquid, and can be sold by shareholders only in the quarterly repurchase program of the Fund. The Fund’s quarterly repurchase program allows for up to 5% of the Fund’s net assets to be redeemed each quarter. Due to transfer restrictions and the illiquid nature of the Fund’s investments, you may not be able to sell your shares when, or in the amount that, you desire. The Fund intends to primarily invest in securities of private, late-stage, venture-backed growth companies. There are significant potential risks relating to investing in such securities. Because most of the securities in which the Fund invests are not publicly traded, the Fund’s investments will be valued by Liberty Street Advisors, Inc. (the “Investment Adviser”) pursuant to fair valuation procedures and methodologies adopted by the Board of Trustees, as set forth in the prospectus. As a consequence, the value of the securities, and therefore the Fund’s Net Asset Value (NAV), may vary. There are significant potential risks associated with investing in venture capital and private equity-backed companies with complex capital structures. The Fund focuses its investments in a limited number of securities, which could subject it to greater risk than that of a larger, more varied portfolio. There is a greater focus in technology securities that could adversely affect the Fund’s performance. The Fund is a “non-diversified” investment company, and as such, the Fund may invest a greater percentage of its assets in the securities of a single issuer than investment companies that are “diversified.” The Fund’s quarterly repurchase policy may require the Fund to liquidate portfolio holdings earlier than the Investment Adviser would otherwise do so and may also result in an increase in the Fund’s expense ratio. This is not a complete enumeration of the Fund’s risks. Please read the Fund prospectus for other risk factors related to the Fund.
The Fund may not be suitable for all investors. We encourage you to consult with appropriate financial professionals before considering an investment in the Fund.
AS OF DECEMBER 9TH, 2020, LIBERTY STREET ADVISORS, INC. REPLACED SP INVESTMENTS MANAGEMENT, LLC (“SPIM”) AS THE ADVISER TO THE FUND. THE FUND’S INVESTMENT OBJECTIVES, INVESTMENT STRATEGY, AND POLICIES HAVE NOT CHANGED.
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus with this and other information about the SharesPost 100 Fund (the “Fund”), please, visit the Fund’s website at SP100fund.com or call 1-800-834-8707. Read the prospectus carefully before investing.
The Fund is distributed by Foreside Fund Services. https://www.foreside.com/