Before you invest in the Navian Waycross Long/Short Equity Fund, please refer to the prospectus for important information about the investment company, including investment objectives, risks, charges and expenses. You may also obtain a hard copy of the prospectus by calling (866) 267-4304. The prospectus should be read carefully before you invest or send money.

The Fund is offered only to United States residents, and the information on this site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of any fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

The Navian Waycross Long/Short Equity Fund is distributed by Ultimus Fund Distributors, LLC.

Mutual fund investing involves risk. Principal loss is possible. 

MARKET HIGHLIGHTS.

WAYEX


  • S&P 500* +6.07% for the First Quarter 2017

​​

  • Best Performing Sectors:  Technology and Consumer Discretionary

​​

  • Worst Performing Sectors:  Energy

Market Commentary

Navian Waycross Long/Short Equity Fund



Adviser to the Fund:


Waycross Partners, LLC
One Riverfront Plaza
401 W. Main Street, Suite 2100
Louisville, Kentucky  40202
waycrossfunds@waycrosspartners.com

Shareholder Services:


(866) 267-4304

*The S&P 500 Index is the Standard & Poor's composite index of 500 stocks, a widely recognized, unmanaged index of common stock prices.  An investor may not invest directly in an index.

As of March 31, 2017

U.S. equities were virtually unchanged in March, but market gains in January and February resulted in a strong first quarter.  The S&P 500 Index posted a +6.07% return for the three-month period led by Technology (+12%) and Consumer Discretionary (+8%) stocks.  Energy stocks sold off -7% as crude oil prices trended lower during the quarter.  This was a significant set-back to the group's recover following a year of price gains.


Investor confidence remained high throughout much of the quarter as market fundamentals improved.  The U.S. economy is growing, corporate earnings are on the rise, and the labor market remains healthy.  As expected, the Federal Reserve increased the key short-term interest rate by 0.25% at its March meeting.  This follows a 0.25% hike in December and suggests policymakers will keep to their plan to raise interest rates several times this year, pushing the U.S. into a more normal interest rate environment.


The current market valuation is somewhat concerning.  One measure of valuation is the forward price-to-earnings (P/E) ratio for the S&P 500 Index, which is currently well above its historical median.  When earnings are adjusted for cyclicality, the market appears even more overvalued. Can we support valuations with higher earnings?  Yes.  Will prices retreat?  Possibly.  A combination of both may be necessary in order to move us closer to median levels.  Forward earnings estimates are trending higher each week.  Year-over-year S&P earnings growth for the first quarter is expected to be +8.9%, the estimate was only +4.2% in December.  The Energy sector earnings drag from low oil prices is over and tax reform remains a credible catalyst to future earnings.  At the same time, geo-political risks remain a potential headwind.  With the market appearing to be priced to perfection, coupled with an abundance of risk factors, we expect an increase in volatility, if not an outright correction.