Dynamic Total Return Fund

  • Ticker: AVGAX
  • Product Code: 6140
  • CUSIP: 007565104
Share Class:

Portfolio Manager/Sub-Investment Adviser

The fund's investment adviser is The Dreyfus Corporation (Dreyfus), and the fund's subadviser is Mellon Capital Management Corporation (Mellon Capital), an affiliate of Dreyfus. Investment decisions for the fund are made by members of the Global Asset Allocation Team of Mellon Capital. The team members are Sinead Colton, Vassilis Dagioglu, James Stavena, Torrey Zaches and Joseph Miletich. Messrs. Stavena, Zaches and Miletich have each served as primary portfolio manager of the fund since June 2010, and Ms. Colton and Mr. Dagioglu have served as primary portfolio managers of the fund since December 2014 and May 2010, respectively. Messes Dagioglu, Stavena, and Miletich are managing directors, and Mr. Zaches is a director of Mellon Capital. Ms. Colton is a managing director and global investment strategist at Mellon Capital.

Top Holdings 2

SPDR S&P 500 ETF Trust 3.74%
US 10yr Fut Mar15c Exp2/20/15@114 2.69%
PowerShares DB Commodity Index Tracking Fund 1.46%
SPDR Barclays High Yield Bond ETF 0.99%
S&P Mar Option 1900 Put 0.20%
S&P Feb Option 1900 Put 0.11%
Swiss Mktindexput@8360.1852 3/20/15 0.05%
Swiss Mktindexcall@8560 3/20/15 0.03%
Swiss Mktindexput@8553 3/20/15 0.01%
S&P Jan Eom Option 1950 Put 0.00%

Portfolio Statistics

Number of Holdings 16
as of 01/31/15
Portfolio Turnover Rate 124.10%
as of fiscal year end 10/31/14
P/E Ratio 3 17.38
as of 01/28/15

Risk Measures

as of 02/28/15
R Squared 4 76.75
Beta 5 1.00
Standard Deviation 6 7.07

Investors should consider the investment objectives, risks, charges, and expenses of the fund carefully before investing. Download a prospectus, or a summary prospectus, if available, that contains this and other information about the fund, and read it carefully before investing.

Notes & Disclosures
  1. Portfolio composition and allocation is as of 01/31/15 and is subject to change at any time. Totals may not be exact due to rounding. Negative exposures may represent short positions through derivatives.
  2. The holdings listed should not be considered recommendations to buy or sell a security. Large concentrations can increase share price volatility.
  3. Price/earnings for a stock is the ratio of the company's most recent month-end share price to the company's estimated earnings per share (EPS) for the current fiscal year. If a third-party estimate for the current year EPS is not available, Morningstar will calculate an internal estimate based on the most recently reported EPS and average historical earnings growth rates. Price/ earnings is one of the five value factors used to calculate the Morningstar Style Box. For portfolios, this historical P/E data point is calculated by taking an asset-weighted average of the earnings yields (E/P) of all the stocks in the portfolio and then taking the reciprocal of the result. Source: Morningstar
  4. Reflects the percentage of a fund's movements that can be explained by movements in a particular benchmark. An R-squared of 100 indicates fund movements that are perfectly correlated to those of the benchmark. In order to compare funds across general asset classes, Morningstar calculates R-squared values relative to a "standard" broad-based market index. For example, the R-squared of both a small cap, domestic equity fund and a domestic technology fund would be determined against the S&P 500 Index. Thus, the "standard" broad-based market index used by Morningstar may differ from the fund's actual benchmark stated in this factsheet. Source: Morningstar
  5. Beta is a measure of the systematic risk of a stock or a portfolio and is an indicator of expected return. A beta higher than 1.0 has higher risk than the overall market has and thus the stock or portfolio can be expected to perform in relation to the overall market in that way.
  6. A statistical measurement of dispersion around an average which depicts how widely fund returns varied over a certain period of time. Source: Morningstar
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