Sierra Tactical Bond Fund
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
1.2%
1 yr return
6.9%
3 Yr Avg Return
1.3%
5 Yr Avg Return
N/A
Net Assets
$1.74 B
Holdings in Top 10
90.9%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 2.08%
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 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
STBNX - Profile
Distributions
- YTD Total Return 1.2%
- 3 Yr Annualized Total Return 1.3%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.83%
- Dividend Yield 4.4%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameSierra Tactical Bond Fund
-
Fund Family NameNavigator Funds
-
Inception DateOct 01, 2019
-
Shares OutstandingN/A
-
Share ClassInvestor
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerKenneth 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 Moodys Investors Service (Moodys) or lower than BBB- by Standard and Poors 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 Advisers 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 Funds portfolio, based on the proprietary approach (Sell Disciplines) that the Funds 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 Funds 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.
STBNX - Performance
Return Ranking - Trailing
Period | STBNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.2% | -6.5% | 5.7% | 44.05% |
1 Yr | 6.9% | -9.3% | 24.0% | 53.79% |
3 Yr | 1.3%* | -16.7% | 18.1% | 26.18% |
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 | STBNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.0% | -12.0% | 15.7% | 64.97% |
2022 | -5.8% | -31.8% | 18.4% | 11.55% |
2021 | -1.6% | -26.6% | 25.7% | 50.82% |
2020 | 8.3% | -49.2% | 18.7% | 1.41% |
2019 | N/A | -35.1% | 15.3% | N/A |
Total Return Ranking - Trailing
Period | STBNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.2% | -6.5% | 5.7% | 44.05% |
1 Yr | 6.9% | -9.3% | 24.0% | 53.79% |
3 Yr | 1.3%* | -16.7% | 18.1% | 26.18% |
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 | STBNX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.8% | -7.0% | 22.2% | 70.37% |
2022 | -4.5% | -31.8% | 21.1% | 23.89% |
2021 | 1.1% | -13.5% | 49.9% | 64.22% |
2020 | 15.6% | -28.6% | 24.1% | 0.88% |
2019 | N/A | -4.8% | 19.1% | N/A |
NAV & Total Return History
STBNX - Holdings
Concentration Analysis
STBNX | Category Low | Category High | STBNX % Rank | |
---|---|---|---|---|
Net Assets | 1.74 B | 2.32 M | 127 B | 31.01% |
Number of Holdings | 34 | 2 | 10577 | 91.05% |
Net Assets in Top 10 | 1.58 B | -1.57 B | 65.8 B | 11.53% |
Weighting of Top 10 | 90.91% | 0.7% | 170.6% | 6.17% |
Top 10 Holdings
- BLKR-H/Y BND-INS 26.84%
- SPDR BLOOMBERG H 13.51%
- ISHARES IBOXX HIGH YLD CO 10.72%
- ISHARES BROAD USD HIGH YI 10.49%
- SPDR BLOOMBERG S 7.42%
- OSTERWEIS STRATEGIC INC F 7.04%
- XTRACKERS USD HIGH YIELD 4.50%
- CITY NATL ROCHDALE FIX IN 4.15%
- ISHARES 0-5 YR HY CORP BO 3.55%
- SPDR PORT HY BD 2.70%
Asset Allocation
Weighting | Return Low | Return High | STBNX % Rank | |
---|---|---|---|---|
Stocks | 99.45% | -1.60% | 99.88% | 1.37% |
Cash | 0.55% | -94.66% | 258.91% | 84.07% |
Convertible Bonds | 0.21% | 0.00% | 33.50% | 74.92% |
Preferred Stocks | 0.00% | 0.00% | 30.46% | 82.55% |
Other | 0.00% | -72.32% | 100.00% | 78.45% |
Bonds | 0.00% | -150.81% | 203.29% | 95.90% |
Stock Sector Breakdown
Weighting | Return Low | Return High | STBNX % Rank | |
---|---|---|---|---|
Energy | 44.10% | 0.00% | 100.00% | 28.09% |
Real Estate | 18.93% | 0.00% | 100.00% | 13.76% |
Basic Materials | 13.36% | 0.00% | 100.00% | 8.15% |
Technology | 10.68% | 0.00% | 28.30% | 19.94% |
Healthcare | 4.37% | 0.00% | 18.60% | 19.94% |
Communication Services | 3.45% | 0.00% | 100.00% | 32.02% |
Consumer Cyclical | 2.83% | 0.00% | 89.95% | 30.34% |
Industrials | 2.16% | 0.00% | 100.00% | 40.17% |
Consumer Defense | 0.10% | 0.00% | 99.97% | 34.55% |
Utilities | 0.02% | 0.00% | 100.00% | 47.47% |
Financial Services | 0.00% | 0.00% | 100.00% | 89.04% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | STBNX % Rank | |
---|---|---|---|---|
US | 99.45% | -1.47% | 99.88% | 1.37% |
Non US | 0.00% | -0.13% | 17.73% | 76.63% |
STBNX - Expenses
Operational Fees
STBNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.08% | 0.01% | 20.67% | 16.04% |
Management Fee | 1.05% | 0.00% | 2.29% | 86.45% |
12b-1 Fee | 0.40% | 0.00% | 1.00% | 59.83% |
Administrative Fee | N/A | 0.00% | 0.70% | N/A |
Sales Fees
STBNX 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
STBNX 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.
STBNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 57.00% | 0.00% | 632.00% | 32.42% |
STBNX - Distributions
Dividend Yield Analysis
STBNX | Category Low | Category High | STBNX % Rank | |
---|---|---|---|---|
Dividend Yield | 4.38% | 0.00% | 18.15% | 62.56% |
Dividend Distribution Analysis
STBNX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annually | Monthly | Quarterly |
Net Income Ratio Analysis
STBNX | Category Low | Category High | STBNX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.83% | -1.55% | 11.51% | 53.78% |
Capital Gain Distribution Analysis
STBNX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 28, 2024 | $0.136 | OrdinaryDividend |
Feb 29, 2024 | $0.096 | OrdinaryDividend |
Jan 31, 2024 | $0.017 | OrdinaryDividend |
Dec 29, 2023 | $0.214 | OrdinaryDividend |
Nov 30, 2023 | $0.029 | OrdinaryDividend |
Oct 31, 2023 | $0.132 | OrdinaryDividend |
Sep 29, 2023 | $0.133 | OrdinaryDividend |
Aug 31, 2023 | $0.097 | OrdinaryDividend |
Jul 31, 2023 | $0.094 | OrdinaryDividend |
Jun 30, 2023 | $0.137 | OrdinaryDividend |
May 31, 2023 | $0.090 | OrdinaryDividend |
Apr 28, 2023 | $0.037 | OrdinaryDividend |
Mar 31, 2023 | $0.081 | OrdinaryDividend |
Feb 28, 2023 | $0.121 | OrdinaryDividend |
Jan 31, 2023 | $0.014 | OrdinaryDividend |
Dec 30, 2022 | $0.237 | OrdinaryDividend |
Nov 30, 2022 | $0.060 | OrdinaryDividend |
Oct 31, 2022 | $0.026 | OrdinaryDividend |
Sep 30, 2022 | $0.008 | OrdinaryDividend |
Aug 31, 2022 | $0.002 | OrdinaryDividend |
Jan 31, 2022 | $0.027 | OrdinaryDividend |
Nov 29, 2021 | $0.041 | OrdinaryDividend |
Oct 28, 2021 | $0.036 | OrdinaryDividend |
Sep 29, 2021 | $0.109 | OrdinaryDividend |
Aug 30, 2021 | $0.056 | OrdinaryDividend |
Jul 29, 2021 | $0.055 | OrdinaryDividend |
Jun 29, 2021 | $0.119 | OrdinaryDividend |
May 27, 2021 | $0.057 | OrdinaryDividend |
Apr 29, 2021 | $0.051 | OrdinaryDividend |
Mar 30, 2021 | $0.104 | OrdinaryDividend |
Feb 25, 2021 | $0.063 | OrdinaryDividend |
Jan 28, 2021 | $0.045 | OrdinaryDividend |
Nov 27, 2020 | $0.043 | OrdinaryDividend |
Oct 29, 2020 | $0.034 | OrdinaryDividend |
Sep 29, 2020 | $0.067 | OrdinaryDividend |
Aug 28, 2020 | $0.051 | OrdinaryDividend |
Jul 30, 2020 | $0.011 | OrdinaryDividend |
Jun 29, 2020 | $0.137 | OrdinaryDividend |
May 28, 2020 | $0.062 | OrdinaryDividend |
Apr 29, 2020 | $0.058 | OrdinaryDividend |
Mar 30, 2020 | $0.023 | OrdinaryDividend |
Feb 27, 2020 | $0.049 | OrdinaryDividend |
Jan 30, 2020 | $0.024 | OrdinaryDividend |
Dec 27, 2019 | $0.127 | OrdinaryDividend |
Nov 27, 2019 | $0.094 | OrdinaryDividend |
STBNX - 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 |