The Appleseed Fund investor share class gross expense ratio is 1.43% and 1.18% of the institutional share class, the net expense ratio after fee waivers of 0.13% of each class were 1.30% and 1.05% respectively. The fund has contractually agreed to limit the net expense rates to 1.20% of net assets of Investor shares and 0.95% of net assets of Institutional shares, exclusive of acquired fund fees, through January 31, 2016. Italics indicates extended performance, as APPIX did not exist until 2011. APPIX extended performance is an estimate based on the performance of APPLX, adjusted for the difference in fees.
Alpha is a measure of performance on a risk-adjusted basis. Alpha is often considered to represent the value that a portfolio manager adds to or subtracts from a fund's return. A positive alpha of 1.0 means the fund has outperformed its benchmark index by 1%. Correspondingly, a similar negative alpha would indicate an underperformance of 1%. Beta is measure of the volatility, or systematic risk, of a portfolio in comparison to the market as a whole. A beta of 1 indicates that the security's price will move with the market. A beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 indicates that the security's price will be more volatile than the market. Standard Deviation is applied to the annual rate of return of an investment portfolio to measure the investment's historical volatility. Sharpe Ratio is a ratio used to measure risk-adjusted performance. It is calculated by subtracting the risk-free rate from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio returns.