Dreyfus Strategic Value Fund
Sep 30
Identifying undervalued companies viewed to have a catalyst for change
Class A DAGVX
Class C DCGVX
2018
Class I DRGVX ★★★★
Morningstar Rating™ based on risk-adjusted returns as of 9/30/18 for the fund's Class I shares; other classes may have different performance characteristics.
Overall rating for the Large Value category. Fund ratings are out of 5 stars: Overall 3 stars Class A and 4 stars Class I (1109 funds rated); 3 Yrs. 3 stars Class A and
4 stars Class I (1109 funds rated); 5 Yrs. 4 stars Class A and I (948 funds rated); 10 Yrs. 3 stars Class A and I (696 funds rated). Past performance is no guarantee
of future results.*
CUSIP
Class A
Class C
Class I
26200C205
26200C643
26200C627
Assets for the Fund
$1,917,005,487
Holdings2
86
Growth of a $10,000
Investment
A hypothetical $10,000
investment in the
fund's Class A shares
on 9/29/95 would have
been worth $113,692 on
9/30/18.
Dividend Frequency
Annually
Morningstar Category
Large Value
Lipper Category
Large-Cap Value
Investment Professionals
This does not reflect the 5.75% maximum front-end sales load applicable to Class A shares which, if reflected, would have lowered
performance. Assumes reinvestment of dividends and capital gains. Performance for the fund's other share classes would vary.
HISTORICAL PERFORMANCE (CL.I @ NAV)3
The Boston Company Asset
Management is a brand of
BNY Mellon Asset
Management North America
Corporation
Investment Adviser
The Dreyfus Corporation
Effective on January 31, 2018,
The Boston Company Asset
Management LLC (TBCAM)
and Standish Mellon Asset
Management Company LLC
(Standish) merged into Mellon
Capital Management
Corporation (Mellon Capital),
which immediately changed
its name to BNY Mellon Asset
Management North America
Corporation.
AVERAGE ANNUAL TOTAL RETURNS (9/30/18)1
Share Class/Inception Date
YTD
3M
1YR
3YR
5YR
10YR
5.24%
5.85%
13.15%
14.67%
11.36%
10.33%
-0.82%
-0.24%
6.66%
12.43%
10.05%
9.68%
Class C (NAV) 05/31/01
4.68%
5.63%
12.33%
13.82%
10.54%
9.52%
Class C (1.00% max. CDSC)
3.68%
4.63%
11.33%
13.82%
10.54%
9.52%
Class I (NAV) 05/31/01
5.45%
5.93%
13.46%
14.96%
11.65%
10.60%
Russell 1000® Value Index4
3.92%
5.70%
9.45%
13.55%
10.72%
9.79%
Class A (NAV) 09/29/95
Class A (5.75% max. load)
The performance data quoted represents past performance, which is no guarantee of future results. Share price and
investment return fluctuate and an investor's shares may be worth more or less than original cost upon redemption. Current
performance may be lower or higher than the performance quoted. For funds with less than 1 year's history, performance is
not annualized. Go to dreyfus.com for the fund's most recent month-end returns. The net expense ratio(s) reflect a
contractual expense reduction agreement through 12/31/2018. Total Expense Ratios: Class A 0.96%, Class C 1.73%, Class I
0.73%. Net Expense Ratios: Class A 0.93%, Class C 1.68%, Class I 0.68%.
1Investors should consider, when deciding whether to purchase a particular class of shares, the investment amount, class restrictions, anticipated holding period and other
relevant factors. 2Portfolio composition is as of 9/30/18 and is subject to change at any time. 3Performance figures may reflect reimbursements or fee waivers, without
which the performance would have been lower. 4Source: FactSet. The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity
universe. It includes those Russell 1000 companies that are considered more value-oriented relative to the overall market as defined by Russell's leading style methodology.
The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The index is completely reconstituted
annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. Investors cannot invest directly in
any index.
Class A
Class C
Class I
Dreyfus Strategic Value Fund
ASSET ALLOCATION (%)1
DAGVX
DCGVX
DRGVX
GOAL/APPROACH
The fund seeks capital appreciation. To pursue this
goal, the fund normally invests at least 80% of its net
assets, plus any borrowings for investment
purposes, in stocks. The fund's stock investments
may include common stocks, preferred stocks and
convertible securities, including those purchased in
initial public offerings. The fund may invest up to 30%
of its assets in foreign securities.
PORTFOLIO MANAGEMENT
TOP TEN HOLDINGS1
TOP SECTORS AND INDUSTRIES1
Berkshire Hathaway
4.77%
Financials
27.09%
JPMorgan Chase & Co.
4.43%
Health Care
15.07%
Verizon Communications
3.46%
Energy
12.74%
Cisco Systems
3.29%
Information Technology
11.32%
Bank Of America
3.23%
Industrials
8.82%
Pfizer
2.71%
Materials
8.26%
AT&T
2.56%
Communication Services
7.20%
Marathon Petroleum
2.42%
Consumer Staples
4.94%
CF Industries Holdings
2.09%
Utilities
2.91%
Merck & Co.
2.06%
Consumer Discretionary
1.66%
The investment adviser for the fund is The Dreyfus
Corporation (Dreyfus). Brian Ferguson, John C. Bailer
and David S. Intoppa are the fund's portfolio
managers. Mr. Ferguson has been the fund's lead
portfolio manager since September 2003 and is a
senior managing director and head of the U.S. Large
Cap Value Equity Team of BNY Mellon Asset
Management North America Corporation (the "firm"),
an affiliate of Dreyfus. Mr. Bailer has been a portfolio
manager of the fund since December 2004 and is a
senior portfolio manager of U.S. dividend-oriented
and large cap strategies, and is a senior research
analyst on the Dynamic Large Cap Value strategy. Mr.
Intoppa has been a portfolio manager of the fund
since December 2015 and is a senior research
analyst on the Dynamic Large Cap Value strategy of
the firm. Messrs. Ferguson, Bailer and Intoppa also
are employees of Dreyfus. BNY Mellon Asset
Management North America Corporation investment
professionals manage Dreyfus-managed funds
pursuant to a dual-employee arrangement, under
Dreyfus' supervision, and apply their firm's
proprietary investment process in managing the
funds.
The holdings listed should not be considered
recommendations to buy or sell a security. Large
concentrations can increase share price
volatility.
Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. To obtain a prospectus, or a
summary prospectus, if available, that contains this and other information about a Dreyfus fund, contact your financial advisor or visit dreyfus.com. Read
the prospectus carefully before investing. Investors should discuss with their advisor the eligibility requirements for Class I shares, which are available
only to certain eligible investors, and the historical results achieved by the fund’s respective share classes.
The Dreyfus Corporation and MBSC Securities Corporation are affiliated with The Bank of New York Mellon Corporation.
*Source: Morningstar. The Morningstar Rating™ for funds, or “star rating,” is calculated for managed products with at least a 3-year history. It is calculated based on a
Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance (not including the effects of sales
charges, loads and redemption fees if applicable), placing more emphasis on downward variations and rewarding consistent performance. Managed products,
including open-end mutual funds, closed-end funds and exchange-traded funds, are considered a single population for comparative purposes. 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 3-, 5-, and 10year (if applicable) Morningstar Rating metrics. ©2018 Morningstar, Inc. 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. The fund represents a single
portfolio with multiple share classes that have different expense structures. Other share classes may have achieved different results.
1Portfolio composition is as of 9/30/18 and is subject to change at any time.
Risks
Equities are subject to market, market sector, market liquidity, issuer, and investment style risks, to varying degrees. Investing in foreign denominated and/or
domiciled securities involves special risks, including changes in currency exchange rates, political, economic, and social instability, limited company information,
differing auditing and legal standards, and less market liquidity. These risks generally are greater with emerging market countries.
The information being provided is general information about our firm and its products and services. It should not be construed as investment advice or a
recommendation with respect to any product or service. Please consult a legal, tax or investment advisor in order to determine whether an investment product or
service is appropriate for a particular situation.
Visit www.Dreyfus.com for more information.
©2018 MBSC Securities Corporation, distributor, 240 Greenwich St., New York, NY 10286
RF0257BFS-0918
Assignment #4
Purpose:
Performing a performance evaluation per CFA guidelines.
Task:
Using DAGVX.dta perform the calculations necessary to complete the table below as discussed in
Week 12 lecture. Provide a written summary explaining the results. Use the Fama & French total
market return (mktrf + rf) as the benchmark index return (all data necessary to perform the
calculations is contained in the data file).
DAGVX Return and Risk Calculations
1. Return and Alpha
Total return = ∏𝑛1(1 + 𝑟𝑒𝑡𝑢𝑟𝑛𝑡 ) − 1
Geometric mean per year ((1 + 𝑡𝑜𝑡𝑎𝑙 𝑟𝑒𝑡𝑢𝑟𝑛)1⁄12 − 1) × 12 × 100
Rolling six-month returns mean =
(RR6,1+RR6,2+RR6,3+RR6,4+RR6,5+RR6,6) / n
Rolling six-month returns (max)
Rolling six-month returns (min)
Rolling twelve-month returns mean =
(RR12,1+RR12,2+RR12,3+RR12,4+RR12,5+RR12,6+RR12,7+RR12,8+RR12,9+RR12,10+RR12,11+RR12,12) / n
Rolling twelve -month returns (max)
Rolling twelve -month returns (min)
Annualized Performance Alpha
CAPM single-factor model
Fama & French 3-factor model
Carhart 4-factor model
2. Risk
Beta
Standard deviation of monthly returns
Annualized standard deviation = (σreturn x sqrt(12))
Annualized downside deviation (hurdle rate = risk free rate)
3. Efficiency
Sharpe ratio (per year) = (return – rf) / Standard deviation (σreturn)
Sortino ratio (per year) = (return – rf) / Downside deviation
Gain/loss ratio:
4. Consistency
Number of months
Number of positive months
Percentage of positive months
Average return in up-months
Number of negative months
Percentage of negative months
Average return in down-months
Average monthly return in index up-months
Average monthly return in index down-months
Skewness
Kurtosis
4. Correlation
Summary
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