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Trending ETFs

Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$26.25

$1.78 B

4.74%

$1.25

1.68%

Vitals

YTD Return

1.2%

1 yr return

7.3%

3 Yr Avg Return

1.6%

5 Yr Avg Return

N/A

Net Assets

$1.78 B

Holdings in Top 10

90.9%

52 WEEK LOW AND HIGH

$26.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.68%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 57.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$10,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$26.25

$1.78 B

4.74%

$1.25

1.68%

STBJX - Profile

Distributions

  • YTD Total Return 1.2%
  • 3 Yr Annualized Total Return 1.6%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.26%
DIVIDENDS
  • Dividend Yield 4.7%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Sierra Tactical Bond Fund
  • Fund Family Name
    Navigator Funds
  • Inception Date
    Oct 01, 2019
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Kenneth Sleeper

Fund Description

The Fund invests in open-end investment companies (mutual funds) and exchange-traded funds (“ETFs”) that primarily invest in high-yield corporate bonds, also commonly known as junk bonds (“HYCB Funds”) or long-duration U.S. Treasury securities (“Treasury Bond Funds”). For the purposes of this prospectus, HYCB Funds and Treasury Bond Funds are collectively referred to as “Underlying Bond Funds.” The Fund considers high-yield corporate bonds to be those that are rated lower than Baa3 by Moody’s Investors Service (“Moody’s”) or lower than BBB- by Standard and Poor’s Rating Group (“S&P”).

Under normal circumstances, the Fund invests at least 80% of its net assets (defined as net assets plus the amount of any borrowing for investment purposes) in Underlying Bond Funds. The Adviser expects the Fund to be at least 80% invested in HYCB Funds under most market conditions. The Fund does not have maturity or duration limitations with respect to the holdings of the Underlying Bond Funds in which it invests.

The Adviser’s investment strategy is a tactical style that includes disciplines that attempt to limit downside risk (drawdown, meaning the magnitude of decline from highest price to the subsequent low) as well as to seek to enhance return through income and capital appreciation (total return). The current yield of the Fund is not a separate goal, and the monthly distribution yield will fluctuate.

The Adviser does not employ a passive “buy and hold,” strategy. As part of its integrated risk-management disciplines, the Adviser monitors each HYCB Fund holding daily and applies a trailing stop discipline (a form of sell signal) to each Underlying Fund within the Fund’s portfolio, based on the proprietary approach (“Sell Disciplines”) that the Fund’s portfolio managers have used with their separately managed accounts, in order to limit the impact on the overall Fund portfolio of any sustained decline in a given Asset Class or Underlying Fund. A “trailing stop discipline” is a type of stop loss calculation managed by the Adviser that rises each day as the price of the underlying security rises, and thus “trails” the price movement. Thus, when HYCB Fund declines in price enough to generate a “Sell signal” the Adviser will sell that HYCB Fund and invest the proceeds in one or more Treasury Bond Funds. Conversely, when prices of HYCB Funds begin trending upward sufficient to give “Buy signals” under that model, the Adviser will sell part or all of its holdings in Treasury Bond Funds and select and purchase one or more HYCB Funds and will continue to make such purchases with net cash inflows into the Fund.

The same type of buy and sell disciplines (with different parameters) are also applied to the Treasury Bond Funds when they are held. If both types of funds have given Sell signals, the proceeds will temporarily be held in cash (money-market mutual funds and/or ultra-short-term bond funds) until either HYCB Funds or Treasury Bond Funds give Buy signals.

The buy and sell disciplines described above are a proprietary approach (“Buy and Sell Disciplines”) that one of the Fund’s portfolio managers, Dr. Sleeper has used within related companies’ diversified separately managed accounts since 1987, in seeking to limit the impact on the overall Fund portfolio of any sustained decline in the high-yield corporate bond and Treasury bond markets.

The Buy and Sell Disciplines are not designed to attempt to buy at lows or to sell at highs, but to seek to participate in a substantial part of any sustained uptrend in the HYCB market, as well as to shift into the Treasury bond market during most of any sustained downtrend in the HYCB market, similarly seeking to participate in a substantial part of uptrends in that market. The Adviser employs a “reactive” approach as distinct from a “predictive” approach.

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STBJX - Performance

Return Ranking - Trailing

Period STBJX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.2% -6.5% 5.7% 41.11%
1 Yr 7.3% -9.3% 24.0% 49.77%
3 Yr 1.6%* -16.7% 18.1% 22.11%
5 Yr N/A* -13.0% 15.2% N/A
10 Yr N/A* -13.4% 6.7% N/A

* Annualized

Return Ranking - Calendar

Period STBJX Return Category Return Low Category Return High Rank in Category (%)
2023 2.0% -12.0% 15.7% 65.12%
2022 -5.6% -31.8% 18.4% 9.34%
2021 -1.6% -26.6% 25.7% 50.65%
2020 8.4% -49.2% 18.7% 1.24%
2019 N/A -35.1% 15.3% N/A

Total Return Ranking - Trailing

Period STBJX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.2% -6.5% 5.7% 41.11%
1 Yr 7.3% -9.3% 24.0% 49.77%
3 Yr 1.6%* -16.7% 18.1% 22.11%
5 Yr N/A* -13.0% 15.2% N/A
10 Yr N/A* -13.4% 6.7% N/A

* Annualized

Total Return Ranking - Calendar

Period STBJX Return Category Return Low Category Return High Rank in Category (%)
2023 7.2% -7.0% 22.2% 62.04%
2022 -4.1% -31.8% 21.1% 21.68%
2021 1.4% -13.5% 49.9% 59.31%
2020 16.0% -28.6% 24.1% 0.53%
2019 N/A -4.8% 19.1% N/A

NAV & Total Return History


STBJX - Holdings

Concentration Analysis

STBJX Category Low Category High STBJX % Rank
Net Assets 1.78 B 2.32 M 127 B 31.16%
Number of Holdings 34 2 10577 91.20%
Net Assets in Top 10 1.58 B -1.57 B 65.8 B 11.68%
Weighting of Top 10 90.91% 0.7% 170.6% 6.33%

Top 10 Holdings

  1. BLKR-H/Y BND-INS 26.84%
  2. SPDR BLOOMBERG H 13.51%
  3. ISHARES IBOXX HIGH YLD CO 10.72%
  4. ISHARES BROAD USD HIGH YI 10.49%
  5. SPDR BLOOMBERG S 7.42%
  6. OSTERWEIS STRATEGIC INC F 7.04%
  7. XTRACKERS USD HIGH YIELD 4.50%
  8. CITY NATL ROCHDALE FIX IN 4.15%
  9. ISHARES 0-5 YR HY CORP BO 3.55%
  10. SPDR PORT HY BD 2.70%

Asset Allocation

Weighting Return Low Return High STBJX % Rank
Stocks
99.45% -1.60% 99.88% 1.52%
Cash
0.55% -94.66% 258.91% 84.22%
Convertible Bonds
0.21% 0.00% 33.50% 75.08%
Preferred Stocks
0.00% 0.00% 30.46% 90.90%
Other
0.00% -72.32% 100.00% 81.03%
Bonds
0.00% -150.81% 203.29% 97.42%

Stock Sector Breakdown

Weighting Return Low Return High STBJX % Rank
Energy
44.10% 0.00% 100.00% 28.37%
Real Estate
18.93% 0.00% 100.00% 14.04%
Basic Materials
13.36% 0.00% 100.00% 8.43%
Technology
10.68% 0.00% 28.30% 20.22%
Healthcare
4.37% 0.00% 18.60% 20.22%
Communication Services
3.45% 0.00% 100.00% 32.30%
Consumer Cyclical
2.83% 0.00% 89.95% 30.62%
Industrials
2.16% 0.00% 100.00% 40.45%
Consumer Defense
0.10% 0.00% 99.97% 34.83%
Utilities
0.02% 0.00% 100.00% 47.75%
Financial Services
0.00% 0.00% 100.00% 94.38%

Stock Geographic Breakdown

Weighting Return Low Return High STBJX % Rank
US
99.45% -1.47% 99.88% 1.52%
Non US
0.00% -0.13% 17.73% 88.62%

STBJX - Expenses

Operational Fees

STBJX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.68% 0.01% 20.67% 30.11%
Management Fee 1.05% 0.00% 2.29% 86.60%
12b-1 Fee 0.00% 0.00% 1.00% 14.33%
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

STBJX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

STBJX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 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.

STBJX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 57.00% 0.00% 632.00% 32.60%

STBJX - Distributions

Dividend Yield Analysis

STBJX Category Low Category High STBJX % Rank
Dividend Yield 4.74% 0.00% 18.15% 52.63%

Dividend Distribution Analysis

STBJX Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Monthly Quarterly

Net Income Ratio Analysis

STBJX Category Low Category High STBJX % Rank
Net Income Ratio 3.26% -1.55% 11.51% 38.21%

Capital Gain Distribution Analysis

STBJX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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STBJX - Fund Manager Analysis

Managers

Kenneth Sleeper


Start Date

Tenure

Tenure Rank

Sep 02, 2019

2.75

2.8%

Dr. Kenneth L. Sleeper, MBA, PhD is Co-Founder, Managing Director, and Co-Portfolio Manager at Sierra Investment Management, the parent company of the Sierra Mutual Funds and Ocean Park Asset Management and has over 31 years of industry experience. He jointly oversees all aspects of the organization’s activities, including asset management, research, and client relationships. With an extensive background in statistical and computer applications, Ken previously focused on advanced risk management, developing and refining computerized techniques for reducing downside risk, before co-founding Sierra in 1987 with David C. Wright. Kenneth earned MBA and PhD degrees from the University of Southern California.

Marshall Quan


Start Date

Tenure

Tenure Rank

Jan 28, 2022

0.34

0.3%

Mr. Quan is Lead Portfolio Analyst at Sierra Investment Management, the parent company of the Sierra Mutual Funds and Ocean Park Asset Management. He joined Sierra in 1999 and is responsible for investment monitoring & analysis, securities screening execution & reporting, technical analysis and portfolio construction among other investment management and operational duties. Marshall earned his BS degree in Business Administration: Classical Management – Finance from Cal State University at Dominguez Hills.

Douglas Loeffler


Start Date

Tenure

Tenure Rank

Jan 28, 2022

0.34

0.3%

Doug oversees the operations of the Investment Management team and related trading, contributes to portfolio decisions, and supervises analytic research. Doug earned a BA in Economics at Washington State University and an MBA from the University of Chicago Booth School of Business. He is a CFA and CAIA charterholder. Doug has been active in investment management full-time since 1988.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.72 3.19