Name
As of 04/23/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-2.4%
1 yr return
2.1%
3 Yr Avg Return
-2.1%
5 Yr Avg Return
2.9%
Net Assets
$12.2 M
Holdings in Top 10
84.8%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 2.71%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$5,000
IRA
$5,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/23/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
GBLMX - Profile
Distributions
- YTD Total Return -2.4%
- 3 Yr Annualized Total Return -2.1%
- 5 Yr Annualized Total Return 2.9%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.55%
- Dividend Yield 4.7%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameAstor Macro Alternative Fund
-
Fund Family NameNavigator Funds
-
Inception DateJun 22, 2015
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerBryan Novak
Fund Description
The Fund utilizes multiple quantitative strategies implemented over a broad variety of asset classes and countries in seeking to achieve its investment objective and generate high risk-adjusted returns (capital appreciation) with lower volatility than the global equity markets. While the Fund may generate income that is not expected to be the primary source of achieving its investment objective. The Fund may invest in domestic or foreign equity or fixed income securities and will also seek exposure to global currency and commodity markets by investing primarily in exchange traded funds (ETFs) and futures contracts. The Fund may also invest in swap contracts, or securities directly, to achieve its investment objective.
The Fund invests in ETFs that each invest primarily in either equity securities (common and preferred stocks) or fixed-income securities (such as bonds, notes and debentures). The Fund utilizes an asset allocation model to determine the percentage of exposure to specific global markets and equity securities vs. fixed income. The Fund invests in ETFs without restriction as to the underlying securities issuers capitalization, country or currency. With respect to fixed income securities, the Fund invests primarily in those rated BBB- or higher by Standard and Poors Rating Group or similarly rated by another nationally recognized statistical rating organization (NRSRO) with a maximum duration of 30 years or less. However, the Fund may invest in fixed income securities of any credit quality (including high yield), and any maturity.
The Fund gains exposure to various assets classes and global markets, including emerging markets, by investing in both ETFs and futures contracts linked to stock indices, fixed income, currency and commodities (such as base metals, agriculture, soft goods, and energy). The Funds investment adviser seeks superior returns and below-market volatility through a tactical asset allocation strategy based on its proprietary macroeconomic model and investment philosophy to select assets that it believes have the potential to generate positive returns in the given economic environment. For example, a strong economy in a given country could lead the Fund to take larger positions in equity investments, while reducing its exposure to such countrys fixed income or bond markets.
The advisers investment model and philosophy uses quantitative indicators to analyze country-specific economic data inputs including: (1) employment, (2) economic output (through data such as gross domestic product or GDP) and (3) overall market conditions. The adviser uses these inputs to determine, what the adviser believes to be, the current level of economic growth. Once the economic level is identified, the adviser tactically allocates assets among various market segments and rebalances the Funds investment portfolio with the goal of achieving positive returns with relatively low return volatility compared to the global markets throughout all phases of the business cycle. The adviser anticipates rebalancing the Funds portfolio based upon its determination of changes in the economic cycle as well as other proprietary indicators.
In making investment decisions outside the US, the Fund also considers relative inflation rates, the rate of currency appreciation relative to inflation, current account deficits and the state of the world business cycle. In addition the adviser considers a wide variety of financial market data including short and long term interest rates, and the difference between those rates and those of the United States, valuation ratios, recent market volatility and recent market volatility relative to the price of options.
The Fund may hedge some or all of its equity exposure by investing in a combination of inverse ETFs and futures contracts on equity indexes or volatility indexes. From time to time, the Fund may have a net short equity position. The Fund may also hedge its currency exposure on international equity positions through its fundamental currency strategy which trades futures linked to currency such as the GBP, EUR, JPY, and AUD in equal weighting long, short, or neutral against one another and a currency momentum strategy that utilizes futures to trade such currencies against the dollar.
Subsidiary
The Fund may execute portions of its investment strategy (e.g. commodities exposure), by investing up to 25% of its total assets (measured at the time of purchase) in a wholly-owned and controlled Subsidiary. The Subsidiary will invest primarily in futures contracts for assets such as commodities, currencies and fixed income securities. However, the Fund may also make these investments outside of the Subsidiary. The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis. The principal investment strategies and principal investment risks of the Subsidiary are also principal investment strategies and principal risks of the Fund and are reflected in this Prospectus. By investing in futures contacts indirectly through the Subsidiary, the Fund will obtain exposure to financial markets such as commodities within the federal tax requirements that apply to the Fund. Because the Fund may invest a substantial portion of its assets in the Subsidiary, references to the Fund may also include the Subsidiary. In seeking to fulfill the Funds investment objective, the adviser may engage in frequent trading of the Funds portfolio securities.
GBLMX - Performance
Return Ranking - Trailing
Period | GBLMX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -2.4% | -73.0% | 19.4% | 78.49% |
1 Yr | 2.1% | -9.1% | 86.9% | 43.64% |
3 Yr | -2.1%* | -9.5% | 16.2% | 3.61% |
5 Yr | 2.9%* | -4.9% | 14.4% | 4.48% |
10 Yr | N/A* | -0.9% | 7.5% | N/A |
* Annualized
Return Ranking - Calendar
Period | GBLMX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -2.0% | -22.7% | 305.1% | 4.81% |
2022 | -2.0% | -9.8% | 27.3% | 22.98% |
2021 | -9.0% | -20.8% | 10.9% | 44.89% |
2020 | 11.8% | -12.4% | 29.4% | 58.91% |
2019 | 8.3% | -10.5% | 15.8% | 20.94% |
Total Return Ranking - Trailing
Period | GBLMX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -2.4% | -73.0% | 19.4% | 78.49% |
1 Yr | 2.1% | -13.4% | 86.9% | 39.27% |
3 Yr | -2.1%* | -9.5% | 16.2% | 3.21% |
5 Yr | 2.9%* | -5.3% | 14.4% | 4.04% |
10 Yr | N/A* | -0.9% | 7.5% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | GBLMX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 1.1% | -22.7% | 305.1% | 4.81% |
2022 | -1.8% | -9.8% | 27.3% | 23.39% |
2021 | -2.3% | -20.8% | 10.9% | 12.44% |
2020 | 14.0% | -8.4% | 29.4% | 26.24% |
2019 | 21.3% | -10.2% | 18.0% | 10.47% |
NAV & Total Return History
GBLMX - Holdings
Concentration Analysis
GBLMX | Category Low | Category High | GBLMX % Rank | |
---|---|---|---|---|
Net Assets | 12.2 M | 1.5 M | 5.01 B | 77.12% |
Number of Holdings | 46 | 4 | 4478 | 88.34% |
Net Assets in Top 10 | 9.87 M | -398 M | 2.55 B | 62.19% |
Weighting of Top 10 | 84.79% | 13.1% | 100.0% | 16.97% |
Top 10 Holdings
- ISHARES FLOATING RATE BON 29.09%
- ISHARES SHORT TREASURY BO 28.89%
- KFA MOUNT LUCAS 9.85%
- ISHARES 20+ YEAR 8.43%
- ISHR 1-5Y INV GR 3.35%
- INVESCO QQQ TRUST SERIES 2.47%
- ALERIAN MLP ETF 1.60%
- ISHARES MSCI TURKEY ETF 0.51%
- ISHARES MSCI THAILAND ETF 0.30%
- ISHARES MSCI CHILE ETF 0.30%
Asset Allocation
Weighting | Return Low | Return High | GBLMX % Rank | |
---|---|---|---|---|
Stocks | 85.31% | -3.75% | 97.95% | 9.19% |
Cash | 14.57% | -6278.21% | 410.43% | 77.74% |
Convertible Bonds | 1.27% | 0.00% | 87.92% | 56.89% |
Other | 0.12% | -21.53% | 148.54% | 30.04% |
Preferred Stocks | 0.00% | -0.12% | 46.97% | 39.22% |
Bonds | 0.00% | -326.45% | 6347.80% | 48.41% |
Stock Sector Breakdown
Weighting | Return Low | Return High | GBLMX % Rank | |
---|---|---|---|---|
Energy | 18.77% | 0.00% | 100.00% | 60.63% |
Utilities | 17.27% | 0.00% | 9.23% | 78.35% |
Financial Services | 15.88% | 0.00% | 59.28% | 84.65% |
Real Estate | 13.42% | 0.00% | 51.26% | 68.90% |
Consumer Defense | 7.69% | 0.00% | 13.62% | 57.87% |
Consumer Cyclical | 5.68% | 0.00% | 29.09% | 16.54% |
Communication Services | 4.95% | 0.00% | 21.78% | 11.42% |
Technology | 4.62% | 0.00% | 39.58% | 3.15% |
Basic Materials | 4.20% | 0.00% | 27.46% | 55.51% |
Healthcare | 3.93% | 0.00% | 45.63% | 63.39% |
Industrials | 3.60% | 0.00% | 21.45% | 83.07% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | GBLMX % Rank | |
---|---|---|---|---|
US | 85.31% | -8.85% | 91.88% | 11.31% |
Non US | 0.00% | -19.62% | 42.11% | 27.92% |
GBLMX - Expenses
Operational Fees
GBLMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.71% | 0.29% | 31.15% | 11.51% |
Management Fee | 1.45% | 0.00% | 2.50% | 81.98% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.30% | N/A |
Sales Fees
GBLMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
GBLMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
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.
GBLMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 491.00% | 89.92% |
GBLMX - Distributions
Dividend Yield Analysis
GBLMX | Category Low | Category High | GBLMX % Rank | |
---|---|---|---|---|
Dividend Yield | 4.73% | 0.00% | 4.56% | 50.18% |
Dividend Distribution Analysis
GBLMX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | Annually | Quarterly | Annually |
Net Income Ratio Analysis
GBLMX | Category Low | Category High | GBLMX % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.55% | -2.51% | 6.83% | 83.45% |
Capital Gain Distribution Analysis
GBLMX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 20, 2023 | $0.123 | OrdinaryDividend |
Oct 31, 2023 | $0.077 | OrdinaryDividend |
Jul 31, 2023 | $0.086 | OrdinaryDividend |
Apr 28, 2023 | $0.046 | OrdinaryDividend |
Oct 31, 2022 | $0.016 | OrdinaryDividend |
Oct 28, 2022 | $0.016 | OrdinaryDividend |
Dec 20, 2019 | $0.645 | OrdinaryDividend |
Oct 30, 2019 | $0.009 | OrdinaryDividend |
Jul 30, 2019 | $0.008 | OrdinaryDividend |
Oct 30, 2018 | $0.007 | OrdinaryDividend |
Oct 30, 2017 | $0.007 | OrdinaryDividend |
Jul 28, 2017 | $0.025 | OrdinaryDividend |
Apr 27, 2017 | $0.017 | OrdinaryDividend |
Oct 28, 2016 | $0.018 | OrdinaryDividend |
Jul 28, 2016 | $0.006 | OrdinaryDividend |
Apr 28, 2016 | $0.003 | OrdinaryDividend |
Jan 28, 2016 | $0.011 | OrdinaryDividend |
Oct 29, 2015 | $0.003 | OrdinaryDividend |
Jul 30, 2015 | $0.019 | OrdinaryDividend |
GBLMX - Fund Manager Analysis
Managers
Bryan Novak
Start Date
Tenure
Tenure Rank
Jun 22, 2015
6.95
7.0%
Bryan Novak, Co-Portfolio Manager. Bryan Novak joined Astor Investment Management in 2002 and currently serves as Senior Managing Director where he oversees the firm’s trading. Mr. Novak has been involved in the research and development of the trading and investment strategies at the firm. He was instrumental in the launch of the firm’s mutual fund family in 2009 and has served as part of the portfolio management team since 2004. Prior to Astor, Mr. Novak was an equity options trader for Second City Trading, LLC at the CBOE in Chicago. He has been quoted by numerous financial media outlets and is a regular panelist at ETF industry events. Mr. Novak earned his Bachelor of Science in Financial Management from the Ohio State University. Mr. Novak is a Level II Candidate for the CAIA exam and has passed Level 1 of the CFA
John Eckstein
Start Date
Tenure
Tenure Rank
Jun 22, 2015
6.95
7.0%
John Eckstein, Co-Portfolio Manager. John Eckstein joined Astor Investment Management in 2011 and serves as Chief Investment Officer. As Vice Chairman of the firm’s Investment Committee, he is responsible for international global macro strategies. In 1995, Mr. Eckstein founded Cornerstone Quantitative Investment Group, a global macro hedge fund with peak assets of $600 million. At Cornerstone, Mr. Eckstein was responsible for all aspects of the firm’s operations including fixed income, currency, commodity and equity portfolios. Prior to Cornerstone, Mr. Eckstein was a researcher for Luck Trading Company, a commodity trading adviser. Mr. Eckstein is a co-author of Commodity Investing (John Wiley & Sons, 2008) and is a frequent speaker at industry events. He holds a Bachelor of Science from Brown University and a Masters in Public Administration (International Economic Policy) from Columbia University.
Robert Stein
Start Date
Tenure
Tenure Rank
Jun 22, 2015
6.95
7.0%
Robert Stein, Co-Portfolio Manager. Rob Stein began his career in 1983 as a project analyst for the Federal Reserve, under the chairmanship of Paul Volcker. From there, he went on to hold senior trading or portfolio management positions with Bank of America New York, Harris Bank and Bank of America Chicago from. Beginning in 1991, Mr. Stein also served as the Managing Director of Proprietary Trading for Barclays Bank PLC New York. Returning to Chicago in 1994, he formed Astor Financial, Inc., an investment and brokerage firm. Later, Mr. Stein formed Astor Asset Management LLC, a registered investment adviser acquired by Knight Capital Group, Inc. in 2010. Astor Asset Management operated as a wholly-owned subsidiary until 2014 when operations continued as Astor Investment Management LLC. Mr. Stein is one of the creators of the Astor Economic Index® (“AEI”), which is used to determine the strength of the economy and identify stages of the business cycle. Mr. Stein has received numerous accolades in his career such as being recognized in 2003 as one of the best unknown managers by BusinessWeek and in 2009 Forbes.com cited Stein’s tactical ETF portfolios as one of the best performers during the financial crisis. Mr. Stein is the author of three books, including Inside Greenspan’s Briefcase (McGraw Hill) and Finding the Bull Inside the Bear: Active Management Strategies for Expansions, Contractions, and Everything in Between (Marketplace, 2013). He is regularly featured in print and broadcast media such as the Wall Street Journal, Business Week, Investor’s Business Daily, ABC, FOX News, Bloomberg and CNBC. Mr. Stein graduated from the University of Michigan with a BA in Economics.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.02 | 17.37 | 4.48 | 1.67 |