Target Style


Fund Objectives:

The Fund seeks to provide long-term total return through a strategy that is designed to provide a diversified exposure to the commodities markets. It gains exposure to the commodity markets through investments in a combination of commodity-linked derivatives and fixed income securities.

Fund Highlights:

  • The Fund blends active and passive strategies to provide diversified exposure to the commodities markets through commodity-linked derivatives.
  • The active strategy utilizes a long-term, fundamental and valuation-driven approach focused on analyzing market factors such as supply and demand, valuations, roll yields, and volatility characteristics to help generate “alpha” (returns that outperform the Index).
  • The passive strategy offers a diverse core allocation to the commodity asset class and is designed to track the performance of the Bloomberg Commodity Index (before fees and expenses).

Effective September 21, 2015, the name of the SunAmerica Alternative Strategies Fund was changed to the SunAmerica Commodity Strategy Fund and certain corresponding changes were made to the Fund’s investment strategy and techniques.

Performance data quoted represents past performance and is not a guarantee of future results. The data assumes reinvestment of all distributions at net asset value. Maximum sales charge (Class A): 5.75%. The Fund’s daily net asset value is not guaranteed and shares are not insured by the FDIC, the Federal Reserve Board or any other agency. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be higher or lower than the original cost. Current performance may be higher or lower than that shown.

$10,000 initial investment in Class A from Fund inception through the report date, with all income dividends and capital gains reinvested.  Includes a maximum 5.75% sales charge. This chart is hypothetical and is for illustrative purposes only.

Please click here for a list of complete portfolio holdings. 

The commodity-linked derivative instruments in which the Fund intends to invest include commodity futures, swaps, options and options on futures. These investments provide exposure to the returns of real assets that trade in the commodities markets without direct investment in physical commodities. Real assets include industrial and precious metals, gas, oil, livestock, agricultural or meat products and other items. The Fund will not invest directly in commodities. Concentration of investments in a relatively small number of securities, sectors or industries, or geographical regions may significantly affect performance. Investment performance depends on the portfolio management team and the team’s investment strategies. If the investment strategies do not perform as expected, if opportunities to implement those strategies do not arise, or if the team does not implement its investment strategies successfully, an investment portfolio may underperform or suffer significant losses.

Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The commodity-linked derivative instruments in which the Fund invests have substantial risks, including risk of loss of a significant portion of their principal value. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

The risks associated with the Fund’s use of futures contracts include, but are not limited to: (i) although the Fund will generally only purchase exchange-traded futures, due to market conditions, there may not always be a liquid secondary market for a futures contract and, as a result, the Fund may be unable to close out its futures contracts at a time which is advantageous; (ii) the risk that losses caused by sudden, unanticipated market movements may be potentially unlimited; (iii) changes in the price of a futures contract may not always track the changes in market value of the underlying reference asset; (iv) trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts; and (v) if the Fund has insufficient cash to meet margin requirements, the Fund may need to sell other investments, including at disadvantageous times. Commodity futures products may not be suitable for all customers.

Correlation is a statistical measure of how two securities move in relation to each other. This measure ranges from -1 to +1, where -1 indicates perfect negative correlation and +1 indicates perfect positive correlation.

Diversification does not guarantee a profit nor does it protect against loss.

There is no guarantee a fund will meet its objective.

The style and risk measures illustrated above are broad-based, relative targets for the Fund. There can be no assurances that the Fund exactly exhibits these categorizations at any given time.

Standard Deviation is a measure of the volatility that an investment experiences over time. The higher the standard deviation, the greater the performance swings of the investment. The Sharpe Ratio uses a fund’s standard deviation and its excess return (the difference between the fund’s return and the risk-free return of 90-day Treasury Bills) to determine reward per unit of risk. Beta is a measure of a fund’s sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market, and a portfolio with a beta less than 1 is less volatile than the market. R-Squared reflects the percentage of a fund’s movements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark. Alpha is a measure of performance on a risk adjusted basis of a mutual fund and compares its risk adjusted performance to a benchmark index. A positive alpha of 1.0% means the fund has outperformed its benchmark index by 1% and a negative alpha of -1.0% would indicate an underperformance of 1%.

Price/Earnings Ratio measures a company’s current share price compared to its per-share earnings. Price/Book Ratio compares a company’s book value to its current market price. Book value denotes the portion of equity held by shareholders.