Eventide Gilead Fund...Jun 30, 2018 · Eventide Gilead Fund The S&P 500 is an index created by Standard & Poor’s of American stocks with the largest market capitalization. It is

8/10/18 © Eventide Asset Management, LLC. 1

Eventide Gilead FundPresentation as of June 30, 2018

Q2 2018

Eventide Asset Management

• Founded: 2008• Headquarters: Boston, MA• Vision: To serve individuals, financial advisors, and institutions by offering high performance

investments that create compelling value for the global common good. • Funds: • Eventide Gilead Fund• Eventide Healthcare & Life Sciences Fund• Eventide Multi-Asset Income Fund• Eventide Global Dividend Opportunities Fund

• AUM: $2.8B in net assets under management

I N V E S T M E N T S D E S I G N E D F O R P E R F O R M A N C E A N D A B E T T E R W O R L D

There is no guarantee that the Adviser will meet its objectives. AUM as of 06/30/2018.


Eventide Gilead Fund

The S&P 500 is an index created by Standard & Poor’s of American stocks with the largest market capitalization. It is not an investment product available for purchase. The Russell Midcap Growth Index measures the performance of the U.S. equity mid-cap growth segment. It includes mid-cap companies with higher price-to-book ratios and forecasted growth. The volatility of the indices may be materially different than that of the fund, and investors should not expect the fund to achieve the same results as the indices listed. There is no guarantee that the Adviser's approach will produce the desired results. All investments involve risk, including the possible loss of principal.

F U N D O B J E C T I V E

Seeks to provide long-term capital appreciation.

A B O U T T H E F U N D

A diversified mutual fund representing our “best ideas” for long-term capital appreciation. Historical emphases in small-and mid-cap growth, Health Care and Information Technology.

B E N C H M A R K S E C O N D A R Y B E N C H M A R K

S&P 500 Total Return Index Russell Midcap Growth Index

M O R N I N G S T A R C A T E G O R Y L I P P E R C A T E G O R Y

Mid-Cap Growth Mid-Cap Growth Funds

T O T A L A S S E T S

$1.94B (Inception date: July 8, 2008)

A: ETAGX | C: ETCGX | I : ETILX | N: ETGLX


Fund Distinctives

There is no guarantee that the Adviser's approach will produce the desired results. All investments involve risks, including the possible loss of principal.

A T H E M A T I C A P P R O A C H

Seeking to invest in companies best positioned to participate in long-term secular investment themes.

C R E A T I N G C O M P E L L I N G V A L U E F O R S O C I E T Y A N D T H E G L O B A L C O M M O N G O O D

Focused on identifying and investing in companies capable of increasing profitability and growth by serving well the needs of customers, employees, suppliers, communities, the environment, and society broadly.

D E S I G N E D A S A N O N - C O R R E L A T E D S O U R C E O F R E T U R N

Portfolio is constructed with goals of high internal diversification and low market correlation.

F L E X I B I L I T Y A M O N G I N V E S T M E N T S

Leveraging the ability to sell short, use options, participate in mezzanine financing, purchase IPOs and secondary offerings, as well as private investments.



Investment Team

For informational purposes only.

Andy Singer, CFASenior Analyst

Agustin Mohedas, PhDResearch Analyst

Anant GoelResearch Analyst

Tianxiang ChenComputational Equity Analyst

Colin DelaneyDirector of Portfolio Operations, Product Specialist

R O L E

Dr. Kuruvilla serves as the CIO for Eventide, Lead Portfolio Manager on the Eventide Gilead Fund, and Portfolio Manager on the Eventide Healthcare & Life Sciences Fund.

Finny Kuruvilla, MD PhDCIO

David BarksdaleCo-Portfolio Manager

R O L E

Mr. Barksdale serves as Co-Portfolio Manager on the Eventide Gilead Fund and is responsible for developing and applying novel analytical tools and strategies in support of Eventide’s portfolio management.

R O L E

Mr. Singer is responsible for making investment recommendations and monitoring existing portfolio investments by conducting fundamental, financial, and valuation analyses.

R O L E

Mr. Goel is primarily responsible for evaluating and monitoring new and existing investment opportunities in the portfolios.

R O L E

Dr. Mohedas is primarily responsible for evaluating and monitoring new and existing healthcare investment opportunities in the portfolios.

R O L E

Mr. Delaney serves as Director of Portfolio Operations and is a Product Specialist for the Advisory Services team at Eventide.

.

R O L E

Mr. Chen provides quantitative portfolio analysis, investment strategies implementation, and top down equity research.


The Adviser’s judgment about the quality and intrinsic value of particular companies may prove to be incorrect. There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.

Investment Philosophy

We believe high-quality companies that excel at creating value for others and trade at a discount to intrinsic value offer superior long-term risk-adjusted returns.


V A L U A T I O N A N A L Y S I SMeasure intrinsic value. Identify companies with the most attractive upside

potential and highest long-term probability of gain vs. loss.

R I S K M A N A G E M E N TConstruct portfolio with goals of high internal diversification and

low market correlation.

M A C R O P O S I T I O N I N GPosition portfolio with macro views

(leading economic indicators, market valuation, and sentiment).

E V E N T I D E G I L E A D F U N DOur best ideas. Continue to monitor investment case. Adjust estimates and

price targets to reflect changes in the fundamentals.

I D E A G E N E R A T I O NFirst understand the big picture of industries. Use consultants and industry

experts. Identify secular themes and companies best positioned for participation.

Q U A L I T A T I V E A N A L Y S I SLook for “high quality” companies

through assessment of competitive advantages, management teams, attractiveness of industries, and

value creation.

F I N A N C I A L A N A L Y S I SLook for companies with long-term

financial strength by analyzing historical financial performance and

modeling future financial performance.

Investment Process

There is no guarantee that the Adviser's Investment Process will produce the desired results. All investments involve risks, including possible loss of capital.


Idea Generation

• Understand the big picture of industries.• Discern attractive long-term secular investment themes.• Leverage consultants, industry experts, Key Opinion Leaders.• Review industry specific reports, trends, and third party research.• Study competitors, suppliers, and customers of existing holdings.• Identify companies best positioned for participation.

S T A R T W I T H T H E M E S , T H E N I D E N T I F Y C O M P A N I E S B E S T P O S I T I O N E D F O R P A R T I C I P A T I O N

The Adviser's judgment about industries, secular themes, and particular companies may prove to be incorrect. There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.


Secular Investment Themes

1. Beyond Moore’s Law2. Big Data and Business Intelligence3. Consumer Convenience4. Cybersecurity5. Evolution to the Cloud6. Health & Safety 7. Home Renovation

8. Infrastructure9. Pediatric & Orphan Diseases10. Precision Oncology11. Reduce, Reuse, Recycle12. Renewable Power Production13. Supply Chain Efficiency14. Transportation 2.0

I N V E S T I N T H E M E S P O S I T I O N E D T O M E E T I M P O R T A N T H U M A N N E E D S

The Adviser's judgment about secular themes may prove to be incorrect. There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.


+ Proprietary assets+ Innovation/new product

development+ Culture/business model+ Customer relationships+ Economies of scale

ü Focused on long-term value creation from pursuing the right strategies and from capital allocation

ü Clearly communicate their strategyü Get employees to implement strategyü Are properly incentivized

A T T R A C T I V EI N D U S T R I E S

1. Competitors are disciplined/rational2. There are high barriers to entry3. Bargaining power with suppliers4. Bargaining power with customers5. Low threat of substitutes or from

disruptive innovation

Porter’s5 Forces

C R E A T I N GC O M P E L L I N G V A L U E

ü Products/services serve society and authentic human flourishing

ü Focused on stakeholder value creation

ü Human-centered operations strategies

ü Rich organizational culture

S O U R C E S :

• Publicly available sources (10Ks, 10Qs, earnings reports, press releases, conference calls, proxies)

• Publicly available industry sources (industry organizations, government data, market research firms)

• Meetings with company management

• Independent research (expert networks; talking with competitors, stakeholders, and industry observers)

Qualitative Analysis

• Sustainable competitive advantages• Great management teams• Attractive industries• Creating compelling value

L O O K F O R “ H I G H - Q U A L I T Y ” C O M P A N I E S

The Adviser's judgment about the quality of a particular company may prove to be incorrect. There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.


G R E A TM A N A G E M E N T

T E A M S

S U S T A I N A B L E C O M P E T I T I V EA D V A N T A G E S

W E B E L I E V E W H A T ’ S R I G H T …

Qualitative analysis of companies around value creation for key stakeholder relationships: customers, employees, suppliers, communities, the environment, and society.

… I S A L S O S M A R T

We believe value creation is an underappreciated source of alpha,

providing essential insights into true business vitality, competitive

advantage, and long-term sustainability and growth.

Business 360 is a proprietary evaluative framework to help us find companies that are creating compelling value.

The Business 360 framework informs the Adviser's investment process, but cannot in and of itself be used to determine which securities to buy or sell. There is no guarantee that the Adviser's Business 360 approach will produce the desired results. The term “smart” is used for informational purposes only, and does not imply a certain level of skill or training by the Adviser.


Q U A L I T I E S :

ü Return on Invested Capital that is high and increasing

ü Revenue and Earnings growth that is consistent and repeatable

ü Pricing power

ü Operating Margins that are high and increasing

ü Strong Balance Sheet

ü Strong Free Cash Flow

3 - Y E A R F O R E C A S T :

• Income Statement

• Balance Sheet

• Cash Flow Statement

5 - T O 1 0 - Y E A R F O R E C A S T :

• Earnings Power

• Free Cash Flow

Financial Analysis

• Analyze historical financial performance.• Model future financial performance:

• Compare our estimates with market consensus to assess opportunity.

L O O K F O R C O M P A N I E S W I T H L O N G - T E R M F I N A N C I A L S T R E N G T H

The Adviser's analysis may prove to be incorrect. There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.


We believe the best way to measure the intrinsic value of a company is with Discounted Cash Flow valuation analysis.

This takes into account the magnitude, timing, and risk of future free cash flows, discounted to today based on the company’s cost of capital. It also takes into account the sustainability of its competitive advantages (reflected in the fade rate).

Valuation Analysis

• Measure intrinsic value through Discounted Cash Flow analysis.

• Build DCF model using forecast assumptions and then probability-adjust the calculated net present value based on our qualitative assessment of the company.

• Compare our estimates with market consensus to assess opportunity.

• Identify companies with the most attractive upside potential and highest long-term probability of gain vs. loss.

L O O K F O R C O M P A N I E S W I T H M O S T A T T R A C T I V E V A L U E A N D P O T E N T I A L



Risk Management

• Construct portfolio with goals of high internal diversification and low market correlation.• Position portfolio using cash and other tools to allow stock selection on fundamental grounds to mesh

with our macro views at the portfolio level.

C O N S T R U C T A N D P O S I T I O N P O R T F O L I O

There is no guarantee that the Adviser's approach will produce the desired results. All investments involve risk, including the possible loss of principal.


F O R F I N A N C I A L P R O F E S S I O N A L S :

• FullpresentationofmacroviewsandplaybookonEventidePMCalls.

• TobeincludedinEventidePMCallinvitations,orforaccesstothearchiveofpastCalls,[email protected].

Valu

atio

n

Macro Positioning

• Establish macro views through synthesis of three data streams: • Leading economic indicators • Market valuation metrics, comparing each to historical norms• Investor sentiment indicators

M O N I T O R A F I X E D D A S H B O A R D O F M A C R O V I E W S

There is no guarantee that the Adviser's views will be accurate or come to pass. All investments involve risk, including the possible loss of principal.


Eventide Gilead Fund

• Portfolio represents our best ideas, approximately 60 companies.• Devote 50% of investment team time to actively monitoring portfolio holdings, scrutinizing investment

case, and building conviction through “circling diligence.”• Pay careful attention to both bull and (especially) bear arguments.• Adjust estimates, price targets, conclusions, and position sizes to reflect changes in fundamentals.

A C T I V E L Y M O N I T O R P O R T F O L I O

There is no guarantee that the Adviser's approach will produce the desired results. All investments involve risk, including the possible loss of principal.


Sell Discipline

• Investment thesis failure.• No longer meets Eventide’s Business 360 criteria.• Price target achieved.• Management transition or other concerns.• More attractive use of capital elsewhere.

C O N T I N U O U S L Y S C R U T I N I Z E I N V E S T M E N T C A S E

For informational purposes only. There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.


Composition

2. Market cap definitions are now based on those used by Morningstar, where Giant Cap are those companies that account for the top 40% of capitalization, Large Cap is the next 30%, Mid Cap is the next 20%, Small Cap is the next 7%, and Micro Cap is the last 3%. Fact sheets dated before June 30, 2018 defined $10 billion or greater as Large Cap; greater than $1 billion was Mid Cap; and less than $1 billion was Small Cap. The definition was updated to account for industry changes, and should not imply a strategic change in the management of the fund's portfolio. 3. Portfolio turnover is the percentage of the portfolio that was bought or sold (lesser) during a fiscal year ending on June 30th. A higher portfolio turnover may indicate higher transaction costs for the fund, and may result in higher taxes for investors. The range shows the highest and lowest turnover ratio reported in the prospectuses during the last three years. 4. The fund may not invest 25% or more of its total assets in a particular industry or group of industries. A sector is normally composed of many industry groups. Sector Allocation is subject to change at any time and should not be considered investment advice.



Returns A: ETAGX | C: ETCGX | I : ETILX | N: ETGLX


Performance is historical and does not guarantee future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed shares may be worth more or less than their original cost. Current performance may be lower or higher than the data quoted. Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses, or sales charges. To obtain the most recent month-end performance information and a current Eventide Gilead Fund prospectus please call the fund toll free at 1-877-771-EVEN (3836).Eventide Gilead Fund expenses: Class A, Total Expenses 1.46%; Class C, Total Expenses 2.21%; Class I, Total Expenses 1.21%; Class N, Total Expenses 1.41%. 2. These charts compare the Eventide Gilead Fund Class N’s performance to index performance over the periods shown. Performance will differ for other fund classes, based upon fees and commissions. The Growth of $10,000 Chart assumes Class N’s inception date of July 8, 2008 for the indices. 3. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes. 4. The S&P 500 is an index created by Standard & Poor’s of American stocks with the largest market capitalization. It is not an investment product available for purchase. The Russell Midcap Growth Index measures the performance of the U.S. equity mid-cap growth segment. It includes mid-cap companies with higher price-to-book ratios and forecasted growth. The volatility of the indices may be materially different than that of the fund, and investors should not expect the fund to achieve the same results as the indices listed. 5. Performance figures for periods greater than 1 year are annualized. The fund‘s share classes have different inception dates. Class N has an inception date of July 8, 2008. Class A and Class C have an inception date of October 28, 2009. Class I has an inception date of February 2, 2010. The indices assume an inception date of July 8, 2008.

Market Risk

5. Source: © Morningstar, Inc. (2018). All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The performance and risk factor comparisons are against the S&P 500 Total Return Index (“Index”). Alpha is a measure of performance on a risk-adjusted basis. It takes the volatility (price risk) of a fund and compares its risk-adjusted performance to the Index. Any excess return of the fund relative to the return of the Index is a fund’s alpha. Beta is a measure of the volatility of a fund relative to the Index. A beta greater than 1 is more volatile than the Index. R-Squared measures how a fund’s performance correlates with the Index’s performance and it can help assess how likely it is that beta is statistically significant. Standard Deviation of return measures the amount of variation in historical performance from period to period. 6. Annualized since inception market risk details assume inception date of August 1, 2008 and not Class N’s actual inception date of July 8, 2008, as only full month data is included in the market risk calculations.



Morningstar Ratings

© 2018 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar percentile ranking is an investment’s total return percentile rank against others in its Morningstar Category, ranging from 1 (best) to 100 (worst). The ranking does not account for sales loads, where applicable. The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. Rated four stars against 480 US Mid-Cap Growth Funds for the 5yr period, as of 06/30/2018, and two stars against 541 Funds for the 3yr period, based on risk-adjusted total return. Ratings are determined monthly and subject to change. The Overall Morningstar Rankings pertain to Eventide Gilead Fund Class N Shares. Past performance or ranking is not indicative of future results.



Top15%

15%

Overall Rating

Midcap Growth

for June 30, 2018

Top 8% 1yr returns (623 funds)Top 56% 3yr returns (592 funds)Top 4% 5yr returns (569 funds)

Percentile RankingMidcap Growth

For June 30, 2018based on total returns

L I T E R A T U R E

For Fund literature or prospectus, please contact [email protected].

P L A T F O R M A V A I L A B I L I T Y & S A L E S A G R E E M E N T S

For Fund platform availability inquiries or to initiate a sales agreement, please contact Harry Nelson at [email protected] or 877-771-3836, x53.


R O L E

Mr. Ranck serves as a Senior Portfolio Consultant for Eventide. He is responsible for external sales and distribution in the Midwest.

Richard Ranck, CIMA®

Deirdre Hess

R O L E

Ms. Hess serves as a Portfolio Consultant for Eventide. She is responsible for external sales and distribution in the West.

R O L E

Mr. Nelson serves as the Director of Distribution for Eventide. Harry is responsible for leading sales and distribution and overseeing coordination between sales, marketing, and advisory services.

Harry Nelson, CIMA®

Jeff Cave, CIMA®

R O L E

Mr. Cave serves as the Director of Institutional Markets for Eventide. He is responsible for institutional sales and client service.

Distribution Team

8/10/18 © Eventide Asset Management, LLC. For Financial Professionals Only. 23


Shaun Morgan

R O L E

Mr. Morgan serves as a Portfolio Consultant for Eventide. He is responsible for external sales and distribution in the Central region.

Lans Slack

R O L E

Mr. Slack serves as a Senior Portfolio Consultant for Eventide. He is responsible for external sales and distribution in the Southeast.

Fred Ge

R O L EMr. Ge serves as a Senior Investment Associate for Eventide. He is primarily responsible for supporting Portfolio Consultants and acting as a liaison between the investment team and the distribution team.

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Important InformationMutual Funds involve risk including the possible loss of principal.

Past performance does not guarantee future results. The Funds’ ethical values screening criteria could cause it to under-perform similar funds that do not have such screening criteria. The Funds can have risk related to option investing. There are special risks associated with investments in foreign companies including exposure to currency fluctuations, less efficient trading markets, political instability and differing auditing and legal standards.

The Eventide Gilead Fund & Eventide Healthcare & Life Sciences Fund can invest in smaller-sized companies which may experience higher failure rates than larger companies and they normally have a lower trading volume than larger companies. The Funds can also have risk associated with the biotechnology and pharmaceutical industry in which these companies may be heavily dependent on clinical trials with uncertain outcomes and decisions made by the U.S. Food and Drug Administration. The Funds can invest in private companies. Private investments include various risks including but not limited to lack of liquidity, capital commitment risk, and valuation risk. Private companies may not be financially profitable and have uncertain futures, subjecting them to additional risks. Investors in the Gilead Fund should be aware that companies in the technology industries have different risks including but not limited to products becoming obsolete, and entrance of competing products.


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Important InformationInvestors in the Eventide Multi-Asset Income Fund should be aware that interest rates are at historic lows and may change at any time based on government policy. In general, the price of a fixed income security falls when interest rates rise. A rise in interest rates may result in volatility and increased redemptions, which in turn could result in the fund being forced to liquidate portfolio securities at disadvantageous prices. Longer-term securities may be more sensitive to changes in interest rates. The intermediate-term bond portion of the Multi-Asset Income Fund’s portfolio may represent 0% to 100% of the Fund’s portfolio with an average duration of between two and eight years. The Eventide Multi-Asset Income Fund may invest in other funds. If other funds are utilized, such underlying funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in underlying funds and may be higher than other mutual funds that do not invest in underlying funds. The Fund may invest, directly or indirectly, in “junk bonds.” Such securities are speculative investments that carry greater risks than higher quality debt securities. There are unique risks associated with REITs, preferred stocks, convertible bonds, and BDCs that are covered in the Fund's prospectus and SAI.

The Eventide Multi-Asset Income Fund and Eventide Global Dividend Opportunities Fund can invest in MLPs and Yieldcos. MLPs carry unique risks including risks surrounding its tax status and risk pertaining to rising interest rates, both of which can negatively impact share price. Yieldcos carry different risks including Yieldco Sponsor Risk and cash flow risk. The Eventide Global Dividend Opportunities Fund can invest in Industrials and Utilities. Companies in the Industrial Sector carry various risks including, but not limited to, risk related to debt loads, intense competition, and sensitivity to economic cycles. Companies in the Utilities sector are subject to interest rate risk and cash flow risk. The Eventide Global Dividend Opportunities Fund is a new mutual fund and has a limited history of operations for investors to evaluate.


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Important InformationAn investor should consider a fund's investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information can be found in the prospectus, which can be obtained at www.eventidefunds.com or by calling 1-877-771-EVEN (3836). Please read the prospectus carefully before investing. Eventide Mutual Funds are distributed by Northern Lights Distributors, LLC, Member FINRA, which is not affiliated with Eventide Asset Management, LLC.


Eventide Asset Management, LLC | One International Place, Ste. 3510 | Boston, MA 02110 | 877-771-EVEN (3836) | E V E N T I D E F U N D S . COM

8/10/18 © Eventide Asset Management, LLC. 8013-NLD-8/10/2018 27

I NV EST I NG T HAT MAKES T HE WO RL D REJ O I CE

Appendix


Portfolio Management Team



R O L E

Dr. Kuruvilla serves as the CIO for Eventide, Lead Portfolio Manager on the Eventide Gilead Fund, and Lead Portfolio Manager on the Eventide Healthcare & Life Sciences Fund.

B A C K G R O U N D

Principal at Clarus Ventures, a leading private equity firm investing in healthcare, biotech, and pharma

MD and PhD from Harvard Medical School

MS in Electrical Engineering and Computer Science from MIT

BS in Chemistry from Caltech

Finny Kuruvilla, MD PhDCIO, Lead Portfolio Manager

David BarksdaleCFO, Co-Portfolio Manager

R O L E

Mr. Barksdale serves as Co-Portfolio Manager on the Eventide Gilead Fund and is responsible for developing and applying novel analytical tools and strategies in support of portfolio management.

B A C K G R O U N D

Senior Services Manager with Cadence Design Systems

BS in Engineering and Applied Science from Caltech

Martin Wildy, CFAPortfolio Manager

R O L E

Mr. Wildy serves as Portfolio Manager of the Eventide Multi-Asset Income Fund and the Eventide Global Dividend Opportunities Fund.

B A C K G R O U N D

Senior Portfolio Manager at ArisWealth Services, co-managing Aris’ Income Builder and values-based allocation portfolios

CFA Charterholder since 2003

Active consultant for CFA Institute

BS in Finance from Penn State University

Colin DelaneyDirector of Portfolio Operations, Product Specialist

R O L E

Mr. Delaney serves as Director of Portfolio Operations and is a Product Specialist for the Advisory Services team at Eventide.

B A C K G R O U N D

Senior VP of Equities with Jefferies

Fund accounting with State Street

BS in Economics from St. Lawrence University

E X P E R I E N C E

10 years

E X P E R I E N C E

10 years

E X P E R I E N C E

18 years

E X P E R I E N C E

20 years

Research Analyst Team



Andy Singer, CFASenior Analyst

Agustin Mohedas, PhDResearch Analyst

Anant GoelResearch Analyst

Tianxiang ChenComputational Equity Analyst

R O L E

Mr. Singer is responsible for making investment recommendations and monitoring existing portfolio investments by conducting fundamental, financial, and valuation analyses.

B A C K G R O U N D

Investment analyst positions at Credit Suisse, BlackRock, and John Hancock, focused on small- and mid-cap equities across a variety of sectors

CFA Charterholder since 2000

MBA from the Babson College

BA in Quantitative Economics from Tufts University

R O L E

Mr. Goel is primarily responsible for evaluating and monitoring new and existing technology investment opportunities in the portfolios.

B A C K G R O U N D

Investment analyst for NewQuestCapital Partners, the leading secondary private equity platform in Asia

CFA Level III candidate

MBA from the MIT Sloan School of Management

BS (HONS) in Economics from the University of Warwick, UK

R O L E

Dr. Mohedas is primarily responsible for evaluating and monitoring new and existing healthcare investment opportunities in the portfolios.

B A C K G R O U N D

Investment analyst at RA Capital, focused on evidence-based investing in small- and mid-cap life science equities

PhD in Medical Engineering Medical Physics from the Harvard-MIT Division of Health Sciences and Technology

BS in Biomedical Engineering from Texas A&M University

R O L E

Mr. Chen provides quantitative portfolio analysis, investment strategies implementation, and top down equity research.

B A C K G R O U N D

Investment research intern with Acadian Asset Management

MS in Mathematical Finance from Boston University

Dual BS in Statistical Mathematics and Computer Science, with an Economics minor from University of Virginia

E X P E R I E N C E

20 years

E X P E R I E N C E10 years Biotech research and buy-side experience

E X P E R I E N C E

8 years

E X P E R I E N C E

2 years

Our Investment Philosophy


We believe high-quality companiesthat excel at creating value for others and trade at a discount to intrinsic value offer superior long-term risk-adjusted returns.









Porter’s5 Forces








T E A M S



We believe high-quality companies that excel at creating value for othersand trade at a discount to intrinsic value offer superior long-term risk-adjusted returns.




T E A M S






Porter’s5 Forces










We believe the best way to measure the intrinsic value of a company is with Discounted Cash Flow valuation analysis. This takes into account the magnitude, timing, and risk of future free cash flows, discounted to today based on the company’s cost of capital. It also takes into account the sustainability of its competitive advantages (reflected in the fade rate) and our differentiated view from the market:

We believe high-quality companies that excel at creating value for others and trade at a discount to intrinsic value, offer superior long-term risk-adjusted returns.

A “great” company that we think will sustain superior returns for longer than the market anticipates.

A company that we think can improve its returns morethan the market expects.

Market overreaction to a temporary negative.

Market underreaction to a positive change.

Underfollowed stocks.


Documents

Eventide Gilead Fund...Jun 30, 2018 · Eventide Gilead Fund The S&P 500 is an index created by Standard & Poor’s of American stocks with the largest market capitalization. It is