Deer Park

Deer Park open-end and exchange-traded products are costlier than similarly distributed funds at other highly-rated asset managers, on average in the most expensive quintile of category peers. The higher expense profile contributes negatively to the firm's overall stewardship rating and creates a larger performance hurdle. In terms of risk-adjusted performance, the Deer Park open-end and exchange-traded funds fall short of competitors, with an average five-year Morningstar Rating of 1.0 stars. Deer Park has presented a reliable and stable portfolio management culture over the past five years, as evidenced by lower-than-average turnover, strengthening the assessment of the firm's stewardship.