Tactically adding alpha and downside protection to a diversified portfolio.

About the Managers

John Del Vecchio, CFA
Portfolio Manger

• Mr. Del Vecchio serves as a Principal of Ranger Alternative Management, LP ("Ranger"), the sub-advisor to the Active Bear, through his interest in Sand Dollar Beach, LLC, a limited partner of Ranger of which he jointly controls.
• Since June 2010, Mr. Del Vecchio has also served as a principal of Parabolix Research, Inc., providing consulting services to institutional investment managers.
• From 2007 to May 2010, Mr. Del Vecchio served as a short only portfolio manager for Ranger.
• Prior to joining Ranger, Mr. Del Vecchio served as an Analyst with David W. Tice & Associates / Behind the Numbers, LLC from 2003–2007 selecting short sale opportunities utilizing forensic accounting research for institutional clients and the Prudent Bear Fund.
• In 2002, Mr. Del Vecchio served as portfolio manager of RedHawk Advisors, LLC with responsibility for managing the short sale allocation of the fund.
• In 2001, Mr. Del Vecchio served as an Analyst for the Center for Financial Research and Analysis, now known as RiskMetrics Group, performing forensic accounting analysis for short sale opportunities on Technology, Business Services and Industrial companies.
• From 2000-2001, Mr. Del Vecchio served as an Analyst for The Motley Fool.
• From 1998-1999, Mr. Del Vecchio served as a Jr. Quantitative Analyst for the international division of Federated Investors, developing models for international equity investing.

Mr. Del Vecchio earned a B.S. in Finance, Summa Cum Laude, from Bryant College and was also awarded Beta Gamma Sigma honors in business. Mr. Del Vecchio earned the right to use the Chartered Financial Analyst designation in September, 2001

Brad Lamensdorf
Portfolio Manager, Trading and Market Strategist

• Mr. Lamensdorf serves both as a Portfolio Manager and Principal of Ranger Alternative Management, LP ("Ranger"), the sub-advisor to the Active Bear, where he provides trading and market strategy for Ranger's short-only portfolio. Mr. Lamensdorf’s primary responsibility is to conduct top-down technical evaluations of broader market liquidity, sentiment and breadth to help identify short and intermediate term market trends, manage exposure and mitigate risk.
• Mr. Lamensdorf also serves as a principal of Precisian GP, LLC and Portfolio Manager of Precisian Partners L.P., both positions he has held since November 2007.
• Prior to Precisian, Mr. Lamensdorf founded and continues to serve as principal of BHL Partners LP, a commodity oriented hedge fund primarily focused on gold and gold equities.
• From 1998 to 2005, Mr. Lamensdorf served as a principal of Tarpon Capital Management, L.P. and the Portfolio Manager for Tarpon Partners, L.P.
• In 1997, he was a founder, partner and co-manager of KBH, LLP, an investment firm created to manage investment portfolios for the King-Hughes family.
• From 1992 through 1996, Mr. Lamensdorf worked on the equity trading desk for the Bass family in Fort Worth, Texas, where he co-managed an extensive equity portfolio with emphasis on short selling and derivatives strategies.

Mr. Lamensdorf received a B.A. in Psychology from the University of Texas at Austin in 1992