The retail share class of The Leuthold Group’s domestic tactical allocation fund, the Leuthold Core Investment Fund (NASDAQ: LCORX), recently marked its 20th anniversary. The Fund pursues U.S.-equity market-beating returns with substantially less risk. It is also available in an institutional share class (NASDAQ: LCRIX).

For a Q&A with Doug Ramsey, CIO, and Chun Wang, Senior Analyst and Co-Portfolio Manager, about tactical allocation strategies and the fund’s current positioning, click here: http://leuth.us/core-20-year-qa

Excerpted from the Q&A:

Chun Wang: “Given our view that the return/risk ratio is currently challenging across almost all asset classes, our ability to ‘go anywhere’ and tactically capture medium-term cyclical opportunities could be a great advantage. Neither stocks nor bonds are trading in a way that rewards a buy-and-hold investment approach. The need, then, is to do something different from the benchmark.”

Doug Ramsey: “Currently we are positioned defensively with approximately 37%-38% of the portfolio in equities. At some point during 2016, probably in the first half, we expect stock market returns to get pretty ugly. However, we might see a rally first. In that event, we may maximize our defensiveness with a drop to 30% net equity exposure.”

About The Leuthold Group

Based in Minneapolis, The Leuthold Group is a pioneer in tactical asset allocation. The firm manages approximately $1.8 billion in both separate accounts and five mutual funds. Learn more at LeutholdFunds.com.

Risks: Short Selling–fund will suffer a loss if a security rises rather than falls; in theory, short selling could result in unlimited loss. Foreign Securities–foreign stocks may be less liquid & more volatile; subject to currency rate fluctuations & economic instabilities. Credits–issuers of debt may default on interest/principal payments & are subject to quality downgrades leading to greater price volatility. Asset Allocation–dependent on ability to correctly anticipate asset class relative returns & risks.

Investors should consider the investment objectives, risks, charges and expenses of the investment company carefully before investing. The Prospectus contains this and other information about the Funds. For current Prospectus, call toll-free 1-800-273-6886, or go to www.LeutholdFunds.com. Please read the Prospectus carefully before you invest. Distributor: Rafferty Capital Markets, LLC, Garden City, NY 11530