How Upgrading Works

DAL's Upgrading approach involves measuring near-term performance of mutual funds (twelve months and less) and comparing them to returns of other funds with similar risk. We invest in funds with the best recent returns, and monitor their performance. When a fund drops in our ranks, we “Upgrade” to the new market leaders.

Near Term Performance is Key

Unlike most investment approaches, Upgrading only considers near term performance because only near-term returns indicate funds doing well in the current market environment. Funds that have outperformed in recent quarters tend to continue to show strength into ensuing quarters, a phenomenon known as "persistence of performance." Upgrading is a disciplined method of exploiting this phenomenon.

While the Funds are no-load, there are management fees and operating expenses that do apply.

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