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ACGAX Salient Adaptive Balanced Instl

  • Fund
  • ACGAX
  • Price as of: Aug 13, 2018
  • $12.75
  • - $0.00
  • - 0.00%
  • Category
  • Global Allocation

ACGAX - Profile

Vitals

  • YTD Return -2.8%
  • 3 Yr Annualized Return 1.4%
  • 5 Yr Annualized Return 1.9%
  • Net Assets $20.8 M
  • Holdings in Top 10 85.6%

52 WEEK LOW AND HIGH

$12.75
$12.52
$13.09

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.59%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 61.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

Closed to new investors as of 2018-06-14

STANDARD (TAXABLE)

$100,000

IRA

$100,000

Investment Themes

CATEGORY

Global Allocation
  • Fund Type Open End Mutual Fund
  • Investment Style Tactical Allocation

Distributions

  • YTD Total Return -2.8%
  • 3 Yr Annualized Total Return 1.4%
  • 5 Yr Annualized Total Return 1.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.66%
DIVIDENDS
  • Dividend Yield 0.2%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name Salient Adaptive Balanced Fund
  • Fund Family Name Salient Funds
  • Inception Date Dec 27, 2000
  • Shares Outstanding 296080
  • Share Class Inst
  • Currency USD
  • Domiciled Country United States
  • Manager Nathan J. Rowader

Fund Description

The fund is a risk-targeted portfolio that invests in other funds that are a part of Forward Funds and Salient MF Trust (the "underlying funds"), exchange-traded funds, exchange-traded notes, futures and other derivatives in order to gain exposure to global equity markets, global interest rate markets, global credit markets, and global commodity markets. Risk-targeted means a portfolio management process by which the Advisor seeks to maintain a consistent, chosen level of risk as measured by the annualized standard deviation of returns.

ACGAX - Performance

Return Ranking - Trailing

Period ACGAX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -2.8% -25.7% 14.9% 83.23% 5
1 Yr 6.4% -35.4% 26.6% 11.37% 1
3 Yr 1.4% * -5.5% 17.2% 90.34% 5
5 Yr 1.9% * -3.8% 7.4% 79.79% 4
10 Yr 2.3% * -0.9% 11.8% 96.88% 5

* Annualized


Return Ranking - Calendar

Period ACGAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2018 8.3% -32.0% 20.0% 6.14% 1
2017 -5.9% -15.3% 26.2% 82.09% 5
2016 -10.2% -24.6% 210.7% 84.91% 5
2015 -3.9% -30.7% 14.2% 26.88% 2
2014 5.8% -21.3% 20.1% 11.61% 1

Total Return Ranking - Trailing

Period ACGAX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -2.8% -100.0% 14.9% 82.80% 5
1 Yr 6.4% -35.4% 40.9% 8.58% 1
3 Yr 1.4% * -5.7% 17.2% 86.47% 5
5 Yr 1.9% * -3.9% 6.6% 75.85% 4
10 Yr 2.3% * 1.3% 11.8% 97.32% 5

* Annualized


Total Return Ranking - Calendar

Period ACGAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2018 8.3% -32.0% 18.4% 5.91% 1
2017 -4.6% -11.9% 26.2% 83.02% 5
2016 -7.5% -9.5% 210.8% 89.15% 5
2015 1.0% -29.2% 35.6% 14.77% 1
2014 10.8% -17.9% 35.7% 10.29% 1

NAV & Total Return History

ACGAX - Holdings

Filings data as of: Jun 30, 2018

Concentration Analysis

ACGAX Category Low Category High ACGAX % Rank Quintile
Net Assets 20.8 M 246 K 104 B 23.47% 5
Number of Holdings 12 2 3648 19.66% 5
Net Assets in Top 10 20.1 M -58.9 M 19.7 B 19.66% 4
Weighting of Top 10 85.6% 0.0% 950.3% 9.09% 2

Top 10 Holdings

  1. Salient International Div Signal Instl 13.69%
  2. Salient Adaptive Growth I 22.65%
  3. Salient Trend I 9.09%
  4. iShares Emerging Markets High Yld Bd ETF 3.18%
  5. iShares 7-10 Year Treasury Bond ETF 7.27%
  6. iShares iBoxx $ High Yield Corp Bd ETF 4.42%
  7. Salient Adaptive US Equity Institutional 16.09%
  8. Salient Select Income Institutional 3.31%
  9. Salient International Real Estate Instl 3.28%
  10. iShares Core MSCI Emerging Markets ETF 2.58%

Asset Allocation

Weighting Category Low Category High ACGAX % Rank Quintile
Stocks
46.28% -18.32% 259.25% 19.03% 4
Bonds
37.88% -234.98% 120.80% 10.36% 2
Other
9.94% -0.97% 101.91% 4.44% 1
Cash
3.43% -106.19% 118.36% 19.66% 4
Preferred Stocks
2.29% 0.00% 17.16% 1.90% 1
Convertible Bonds
0.19% 0.00% 13.02% 6.55% 2

Stock Sector Breakdown

Weighting Category Low Category High ACGAX % Rank Quintile
Financial Services
7.19% -1.55% 38.98% 16.74% 3
Technology
6.10% -3.70% 44.06% 15.87% 4
Consumer Cyclical
5.51% -7.62% 25.91% 13.70% 3
Real Estate
4.15% -0.70% 29.94% 8.04% 2
Industrials
3.72% 0.00% 18.58% 19.35% 4
Healthcare
2.63% -5.59% 20.86% 19.13% 4
Energy
2.55% -0.11% 28.00% 17.17% 4
Consumer Defense
2.25% -1.18% 18.16% 20.87% 5
Utilities
1.23% -0.50% 33.09% 14.57% 4
Basic Materials
1.22% -0.11% 19.84% 21.52% 5
Communication Services
0.87% -0.71% 16.82% 20.43% 4

Stock Geographic Breakdown

Weighting Category Low Category High ACGAX % Rank Quintile
Non US
23.17% -15.36% 159.65% 18.39% 4
US
23.11% -45.05% 99.60% 13.53% 3

Bond Sector Breakdown

Weighting Category Low Category High ACGAX % Rank Quintile
Government
24.23% -242.10% 120.80% 9.51% 2
Corporate
8.41% 0.00% 57.61% 15.22% 3
Derivative
6.48% -12.61% 16.06% 1.06% 1
Cash & Equivalents
3.36% -103.93% 141.04% 19.45% 4
Municipal
1.13% 0.00% 9.55% 2.11% 1
Securitized
0.17% 0.00% 29.27% 15.01% 3

Bond Geographic Breakdown

Weighting Category Low Category High ACGAX % Rank Quintile
US
26.54% -262.85% 668.05% 9.94% 2
Non US
11.34% -716.47% 73.38% 12.90% 3

ACGAX - Expenses

Operational Fees

ACGAX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.59% 0.01% 19.72% 41.95% 1
Management Fee 0.10% 0.00% 1.70% 10.64% 1
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee 0.01% 0.00% 0.55% 9.68% 1

Sales Fees

ACGAX Fees (% of AUM) Category Low Category High ACGAX Rank Quintile
Front Load N/A 0.15% 5.75% N/A N/A
Deferred Load N/A 0.50% 5.50% N/A N/A

Trading Fees

ACGAX Fees (% of AUM) Category Low Category High ACGAX Rank Quintile
Max Redemption Fee N/A 0.11% 2.00% N/A N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

ACGAX Fees (% of AUM) Category Low Category High ACGAX Rank Quintile
Turnover 61.00% 0.00% 1837.00% 11.32% 4

ACGAX - Distributions

Dividend Yield Analysis

ACGAX Category Low Category High ACGAX % Rank Quintile
Dividend Yield 0.2% 0.00% 2.18% 46.15% 3

Dividend Distribution Analysis

ACGAX Category Low Category High Category Mode
Dividend Distribution Frequency Quarterly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

ACGAX Category Low Category High ACGAX % Rank Quintile
Net Income Ratio 2.66% -1.83% 7.59% 12.50% 1

Capital Gain Distribution Analysis

ACGAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Daily Annually

ACGAX - Managers

Nathan J. Rowader

Lead Manager

Start Date

Feb 28, 2007

Tenure

11.43

Tenure Rank

1.6%

Nathan Rowader is a senior portfolio manager at Salient and member of the firm’s quantitative asset allocation team. He is responsible for overseeing trading, valuation, risk and portfolio management. Previously, Nathan was chief investment officer at Accessor Capital Management. In 2008, Forward acquired Accessor, and subsequently in 2015, Salient acquired Forward. Before joining Accessor in 2007, Nathan held roles involving the development and execution of quantitative and systematic portfolio strategies across equity, commodity, rates and currency asset classes primarily using derivatives. Nathan earned an MBA from the University of Colorado in Denver.


Tenure Analysis

Category Low

0.0

Category High

27.3

Category Average

5.52

Category Mode

4.3