Name
As of 09/05/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
0.6%
1 yr return
0.5%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$3.48 M
Holdings in Top 10
70.3%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 18.11%
SALES FEES
Front Load 3.00%
Deferred Load N/A
TRADING FEES
Turnover 88.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,000
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 09/05/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
CMSAX - Profile
Distributions
- YTD Total Return 0.6%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.60%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameAltegris Crabel Multi-Strategy Fund
-
Fund Family NameNavigator Funds
-
Inception DateDec 30, 2022
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
Fund Description
The Fund seeks to achieve its investment objective by allocating its assets among multiple investment strategies, as described below, with a goal of delivering an all weather solution that has the potential to provide positive returns in all market environments.
Tactical Futures Strategy. The Tactical Futures strategy is a long-short strategy that seeks to deliver long term capital appreciation for the Fund through trend following exposure with defensive positioning designed to provide rapid responses to declines in equity markets. The Tactical Futures strategy is implemented as a combination of two component strategies: the (i) Advanced Trend and (ii) Contra strategies.
● | Advanced Trend is a trend-following strategy pursued through the application of systematic trading strategies designed to efficiently capture long-term trend following returns across a diverse set of global futures, forwards and foreign exchange instruments and market sectors including commodities, currencies, equities and interest rates. |
● | Contra implements a diverse set of short-term, systematic trading strategies designed to exhibit negative correlation to global equity markets (that is, the strategy seeks to provide returns inverse to those of global equity markets). Because Contra is designed to perform well when global equity markets are in decline (i.e. negative correlation), this component of the Tactical Futures strategy is intended to deliver positive returns in all market environments for the Fund, while remaining opportunistically geared towards volatile, equity bear market environments. |
In pursuing the Tactical Futures strategy, a combination of Advanced Trend and Contra, the Fund trades futures and forwards contracts across approximately 200 global contract markets. The number of global markets traded may increase or decrease from time to time. Specific asset classes traded across global markets will encompass equities, spot currencies and forward foreign exchange contracts, government and corporate debt securities, interest rate instruments, stock indices, precious metals and traditional and base industrial commodities. Specific types of instruments that the Fund may purchase across these asset classes will include (i) forward and futures contracts (as noted above), (ii) covered and uncovered options on futures or securities, (iii) swap transactions involving equity securities or other instruments, (iv) commodity spot market contracts, (v) contracts for differences, (vi) interest rate, volatility and credit derivatives; and (vii) foreign exchange forward contracts. These instruments may be listed or unlisted and rated or unrated, and derivative instruments may be exchange-traded or bought and sold over-the-counter. The breadth of contracts traded across varied asset classes, and the anticipated volume of identified trends or trading signals, and corresponding trading strategies implemented to capitalize on such trends or signals, may generate high trading and turnover levels within the Tactical Futures strategy portfolio at times.
The Fund will execute a portion of the Tactical Futures strategy by investing up to 25% of its total assets (measured at the time of purchase) in a wholly-owned and controlled subsidiary (the Subsidiary). The Subsidiary will invest the majority of its assets in non-financial commodity futures contracts, other financial instruments providing exposure to interests in physical commodities (consistent with the Tactical Futures strategy as described above), and also in fixed income securities (consistent with the Fixed Income strategy described below) that will serve as margin or collateral for the Subsidiarys commodities and commodity futures positions. The Fund will also execute a portion of the Tactical Futures strategy portfolio investments directly, outside of the Subsidiary, with this portion being primarily financial futures contracts and in fixed income securities (consistent with the Fixed Income strategy described below) that will serve as margin or collateral for such financial futures positions. The Subsidiary pursues the same principal investment strategies as the Fund, and is subject to the same investment risks and portfolio investment restrictions and limitations as the Fund on a consolidated basis. Investment by the Fund through its Subsidiary in non-financial commodity futures contracts, as utilized in pursuit of the Tactical Futures strategy, allows it to gain exposure to such contracts within the limitations of the federal tax requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the Code).
Equity Strategy. The Fund will allocate a portion of its assets to an Equity strategy intended to provide the Funds portfolio with long-term, strategic exposure to U.S. and non-U.S., primarily liquid equity securities of issuers across both developed and emerging market countries, and implemented on a relatively passive, long-only, buy-and-hold basis. Within the Equity strategy, the Fund may invest in all types of equity securities and equity-related instruments without regard to market capitalization. For example, equity securities and equity-related instruments include exchange-traded and over-the-counter common and preferred stocks, security futures, warrants, options, rights, convertible securities, sponsored and unsponsored depositary receipts and shares, trust certificates, participatory notes, limited partnership interests, financial futures contracts, real estate investment trusts (REITs) and shares of other open- and closed-end investment companies (including exchanged-traded funds (ETFs). The Fund may also participate as a purchaser in initial public offerings of securities (IPO), a companys first offering of stock to the public. The Fund generally considers emerging market countries to be those designated as an emerging market country as reflected by the MSCI Emerging Markets Index.
Fixed Income Strategy. With respect to assets of the Fund not allocated to investments pursuant to the Tactical Futures or Equity strategies, and to generate potential additional income and capital appreciation, which may add diversification to the returns generated by the Funds Tactical Futures and Equity strategies, the Fund will implement an additional Fixed Income strategy comprised of long-only investments in cash, cash equivalents, securities issued by the U.S. government and its agencies and instrumentalities, money market securities and other interest-bearing instruments, or in fixed income securities of any credit quality or maturity, including but not limited to: (i) corporate bonds, (ii) corporate loans, (iii) sovereign debt, (iv) convertible bonds, (v) municipal bonds, (vi) inflation-linked bonds and (vii) credit default linked instruments. The Fund may also invest in money market funds or other investment companies (including ETFs) whose assets are comprised primarily of any of the above-described types of fixed income securities or that seek to track the composition and/or performance of specific fixed income indexes.
Multi-Strategy Exposures. The Adviser, based upon the prior performance and anticipated future performance of the Tactical Futures strategy, and in consultation with the Funds Sub-Adviser, anticipates that 60% to 90%, typically 75%, of the Funds net assets will be attributable to investments implementing the Tactical Futures strategy. Within the Tactical Futures strategy, and depending on prevailing market conditions, portfolio composition and systematic trading signals, the Funds portfolio managers will periodically re-allocate exposure among its two component strategies: Advanced Trend and Contra. The Adviser anticipates that approximately 50% to 80% of Fund net assets will be allocated to Advanced Trend, and approximately 5% to 50% of the Funds net assets will be allocated to Contra. The Adviser anticipates that 35% to 65%, typically 50% of the Funds net assets will be attributable to investments made pursuant to the Equity Strategy. The remainder of Fund assets will be invested pursuant to the Fixed Income strategy.
The Fund is non-diversified for purposes of the Investment Company Act of 1940, as amended, (the 1940 Act), which means that the Fund may invest in fewer securities at any one time than a diversified fund. The Fund may not invest more than 15% of its net assets, including those assets held in the subsidiary, in illiquid investments. The Funds investments in certain derivative instruments involve the use of leverage. In pursuing the Funds objective, the Adviser may engage in frequent trading of the Funds portfolio investment, resulting in a higher portfolio turnover rate.
Other Investments. In addition to the investments specifically described above, the Fund in pursuing its investment objective may also engage in other types of derivative transactions and other instruments of any kind for hedging purposes or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. The Fund may also use derivatives transactions with the purpose or effect of creating investment leverage. For example, the Fund may use futures contracts and options on futures contracts, in order to gain efficient long or short investment exposures as an alternative to cash investments or to hedge against portfolio exposures; interest rate swaps, to gain indirect long or short exposures to interest rates, issuers, or currencies, or to hedge against portfolio exposures; and total return swaps and credit derivatives (such as credit default swaps), put and call options, and exchange-traded and structured notes, to take indirect long or short positions on indexes, securities, currencies, commodities or other indicators of value. The Fund may invest in other investment companies, commodity pools, closed-end investment companies, ETFs, and domestic or foreign private investment vehicles.
Key Strategy Terms A Trend-following strategy generally seeks to identify the general direction of one or more global market segments (either up or down) using indicators such as current market prices and moving average prices, and buying or selling investments based on the assessment of these trade signals as determined before a trade is made. Systematic trading is an investment approach that emphasizes data-driven insights, scientific testing, and disciplined portfolio construction techniques to seek varied portfolio outcomes. Negative Correlation is a relationship between two variables in which one variable increases as the other decreases (i.e., they move in opposite directions). |
CMSAX - Performance
Return Ranking - Trailing
Period | CMSAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.6% | 0.1% | 10.0% | 100.00% |
1 Yr | 0.5% | 0.0% | 22.0% | 100.00% |
3 Yr | N/A* | N/A | N/A | N/A |
5 Yr | N/A* | N/A | N/A | N/A |
10 Yr | N/A* | -0.2% | -0.2% | 50.00% |
* Annualized
Return Ranking - Calendar
Period | CMSAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -3.1% | -3.1% | -3.1% | 50.00% |
2022 | N/A | N/A | N/A | N/A |
2021 | N/A | N/A | N/A | N/A |
2020 | N/A | N/A | N/A | N/A |
2019 | N/A | N/A | N/A | N/A |
Total Return Ranking - Trailing
Period | CMSAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.6% | 0.1% | 10.0% | 100.00% |
1 Yr | 0.5% | 0.0% | 22.0% | 100.00% |
3 Yr | N/A* | N/A | N/A | N/A |
5 Yr | N/A* | N/A | N/A | N/A |
10 Yr | N/A* | -0.2% | -0.2% | 50.00% |
* Annualized
Total Return Ranking - Calendar
Period | CMSAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -0.5% | -0.5% | -0.5% | 50.00% |
2022 | N/A | N/A | N/A | N/A |
2021 | N/A | N/A | N/A | N/A |
2020 | N/A | N/A | N/A | N/A |
2019 | N/A | N/A | N/A | N/A |
NAV & Total Return History
CMSAX - Holdings
Concentration Analysis
CMSAX | Category Low | Category High | CMSAX % Rank | |
---|---|---|---|---|
Net Assets | 3.48 M | 3.48 M | 26.7 M | 80.00% |
Number of Holdings | 279 | 36 | 279 | 20.00% |
Net Assets in Top 10 | 2.55 M | 2.55 M | 3.87 M | 80.00% |
Weighting of Top 10 | 70.34% | 15.7% | 70.3% | 20.00% |
Top 10 Holdings
- B 07/11/24 60.62%
- FRST AM-GV OB-X 8.12%
- CURRENCY CONTRACT - USD 0.39%
- CURRENCY CONTRACT - CHF 0.27%
- SOYBEAN FUTURE Jan25 0.20%
- GOLD (OSE) Apr25 0.17%
- YEN DENOM NIKKEI Sep24 0.16%
- SP500 EMINI FUT Sep24 0.14%
- CURRENCY CONTRACT - AUD 0.13%
- CURRENCY CONTRACT - USD 0.12%
Asset Allocation
Weighting | Return Low | Return High | CMSAX % Rank | |
---|---|---|---|---|
Bonds | 60.62% | 0.00% | 60.62% | 20.00% |
Cash | 39.60% | 0.91% | 39.60% | 20.00% |
Stocks | 0.00% | 0.00% | 99.19% | 80.00% |
Preferred Stocks | 0.00% | 0.00% | 1.51% | 80.00% |
Convertible Bonds | 0.00% | 0.00% | 0.00% | 20.00% |
Other | -0.22% | -0.22% | 0.00% | 80.00% |
Bond Sector Breakdown
Weighting | Return Low | Return High | CMSAX % Rank | |
---|---|---|---|---|
Government | 26.62% | 11.02% | 26.62% | 20.00% |
Cash & Equivalents | 8.12% | 0.91% | 8.12% | 20.00% |
Corporate | 0.01% | 0.01% | 0.02% | 80.00% |
Securitized | 0.00% | 0.00% | 0.00% | 20.00% |
Municipal | 0.00% | 0.00% | 0.00% | 20.00% |
Derivative | -0.22% | -0.22% | 0.00% | 80.00% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | CMSAX % Rank | |
---|---|---|---|---|
US | 60.62% | 0.00% | 60.62% | 20.00% |
Non US | 0.00% | 0.00% | 0.00% | 20.00% |
CMSAX - Expenses
Operational Fees
CMSAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 18.11% | 2.64% | 18.11% | 20.00% |
Management Fee | 1.50% | 0.87% | 1.50% | 80.00% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 40.00% |
Administrative Fee | 0.08% | 0.08% | 0.09% | 20.00% |
Sales Fees
CMSAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 3.00% | 3.00% | 5.75% | 100.00% |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
CMSAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 2.00% | 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.
CMSAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 88.00% | 88.00% | 586.00% | 20.00% |
CMSAX - Distributions
Dividend Yield Analysis
CMSAX | Category Low | Category High | CMSAX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 2.46% | 20.00% |
Dividend Distribution Analysis
CMSAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Annual | Monthly | Monthly |
Net Income Ratio Analysis
CMSAX | Category Low | Category High | CMSAX % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.60% | -1.75% | -0.23% | 40.00% |
Capital Gain Distribution Analysis
CMSAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |