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Lots of Positives for This Alts Fund

Dreyfus Dynamic Total Return has competitive returns, a long track record, and below-average fees.


Patricia Oey: Dreyfus Dynamic Total Return is an alternative fund that seeks to generate returns by exploiting asset class mispricings by taking long or short positions in equities, bonds, commodities, and currencies from around the world. The managers' allocation process begins by developing forward-looking views for asset classes, generally at the country level. These forecasts are based on both macroeconomic factors as well as valuation. A mean-variance optimization process is run daily to set the specific allocations. 

Management incorporates several metrics into its risk-management process, including a short-term risk model, a longer-term macro model designed to identify recession risk, and scenario analysis. The managers have considerable latitude in allocating the fund's assets and may use derivatives, ETFs, as well as stocks and bonds for exposure to a particular asset class. 

Patricia Oey does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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