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Name

As of 12/24/2024

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

Dunham Dynamic Macro Fund

DNAVX | Fund

$12.51

$58.6 M

1.46%

$0.18

1.81%

Vitals

YTD Return

11.1%

1 yr return

11.4%

3 Yr Avg Return

4.4%

5 Yr Avg Return

4.8%

Net Assets

$58.6 M

Holdings in Top 10

54.1%

52 WEEK LOW AND HIGH

$12.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.81%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 12.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$100,000

IRA

$50,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/24/2024

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

Dunham Dynamic Macro Fund

DNAVX | Fund

$12.51

$58.6 M

1.46%

$0.18

1.81%

DNAVX - Profile

Distributions

  • YTD Total Return 11.1%
  • 3 Yr Annualized Total Return 4.4%
  • 5 Yr Annualized Total Return 4.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -1.26%
DIVIDENDS
  • Dividend Yield 1.5%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Dunham Dynamic Macro Fund
  • Fund Family Name
    Dunham Funds
  • Inception Date
    May 03, 2010
  • Shares Outstanding
    N/A
  • Share Class
    N
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Torrey Zaches

Fund Description

The Sub-Adviser’s macro asset allocation strategy is based primarily on the active management of the fund’s exposure to market risk in different asset classes and seeks to take advantage of opportunities arising from the variability of risk premia over time. The Fund’s Sub-Adviser seeks to achieve the total return component of the Fund’s investment objective by using a dynamic macro asset allocation strategy. The Fund may invest in or seek exposure to a wide range of asset classes including, without limitation, (i) equity (of any market capitalization), (ii) fixed-income (including all grades and maturities of domestic and foreign credit (including emerging markets) (iii) commodities, (iv) real estate investment trusts (“REITs”) and (v) currencies. The Sub-Adviser’s strategy seeks long and short exposure in these various asset classes and currencies.

The Fund may take long positions indirectly through exchange-traded funds (“ETFs”), exchange-traded notes (“ETNs”) and derivative instruments such as, but not limited to, commodity linked notes, futures, swaps, options and currency forward contracts. The Fund may take short positions indirectly through ETFs or ETNs, and derivative instruments (listed above) that are intended to provide inverse exposure to a particular asset class or currency. Long positions and short positions may be intended to enhance expected return, reduce expected risk or both. The Sub-Adviser expects the Fund’s net long exposure to typically be between 75% and 125%, but it may range from 0% to 200%. The Fund’s net exposure in equity is between -100% and 100%, in bonds between -100% and 200%, and in commodities between -50 and 75%.

Futures are typically based on, though are not limited to, equity indexes, government bonds, commodities and currencies. Swaps are typically related to – without limitations commodities and commodity indexes. Options would typically be on, though are not limited to, equity indexes, equity index futures, government bonds, government bond futures and currencies.

The Fund has no geographic or other limits on the allocation of its assets among asset classes.

The Sub-Adviser seeks to achieve the capital preservation component of the Fund’s investment objective during down markets through broad diversification across different asset classes in combination with dynamic management of risk premia and dynamic risk management including (1) shifting allocation between asset classes, (2) short positions on equities, (3) allocation to government bonds and (4) allocation to cash equivalents.

Risk premia (i.e., excess returns above the risk-free rate) represent the long-term compensation of an investor for the assumption of market risk in different asset classes. The Sub-Adviser’s goal is to identify when risk premia are particularly attractive, actively shift between asset classes, between long or short positions, as well as allocations to cash.

The Sub-Adviser generally purchases a security when its model identifies that its risk-reward profile is relatively more attractive than other opportunities. The Sub-Adviser generally sells a security when its model identifies that the relative attractiveness deteriorates or risk associated with the security increases significantly. In addition, the Sub-Adviser may sell a security if better investment opportunities emerge elsewhere.

The Fund may also engage in securities lending.

Read More

DNAVX - Performance

Return Ranking - Trailing

Period DNAVX Return Category Return Low Category Return High Rank in Category (%)
YTD 11.1% -73.0% 19.4% 50.18%
1 Yr 11.4% -9.1% 86.9% 34.55%
3 Yr 4.4%* -9.5% 16.2% 57.03%
5 Yr 4.8%* -4.9% 14.4% 64.13%
10 Yr 3.2%* -0.9% 7.5% 77.66%

* Annualized

Return Ranking - Calendar

Period DNAVX Return Category Return Low Category Return High Rank in Category (%)
2023 14.8% -22.7% 305.1% 60.00%
2022 -14.0% -9.8% 27.3% 4.03%
2021 9.3% -20.8% 10.9% 85.33%
2020 0.9% -12.4% 29.4% 9.90%
2019 14.0% -10.5% 15.8% 76.44%

Total Return Ranking - Trailing

Period DNAVX Return Category Return Low Category Return High Rank in Category (%)
YTD 11.1% -73.0% 19.4% 50.18%
1 Yr 11.4% -13.4% 86.9% 30.55%
3 Yr 4.4%* -9.5% 16.2% 51.41%
5 Yr 4.8%* -5.3% 14.4% 59.64%
10 Yr 3.2%* -0.9% 7.5% 74.47%

* Annualized

Total Return Ranking - Calendar

Period DNAVX Return Category Return Low Category Return High Rank in Category (%)
2023 18.7% -22.7% 305.1% 60.00%
2022 -14.0% -9.8% 27.3% 4.03%
2021 9.3% -20.8% 10.9% 79.56%
2020 1.6% -8.4% 29.4% 14.36%
2019 14.0% -10.2% 18.0% 81.15%

NAV & Total Return History

DNAVX - Holdings

Concentration Analysis

DNAVX Category Low Category High DNAVX % Rank
Net Assets 58.6 M 1.5 M 5.01 B 87.45%
Number of Holdings 43 4 4478 84.45%
Net Assets in Top 10 41 M -398 M 2.55 B 72.44%
Weighting of Top 10 54.08% 13.1% 100.0% 15.60%

Top 10 Holdings

  1. MSILF-GOVT-INS 12.04%
  2. SPDR SP 500 ETF 9.34%
  3. INVES NASDAQ 100 7.62%
  4. SPDR EURO STOXX 4.04%
  5. T 1 12/15/24 3.90%
  6. FRANKLIN UK ETF 3.76%
  7. T 1 1/8 02/28/25 3.55%
  8. FRANKLIN JAPAN 3.30%
  9. T 1 1/2 10/31/24 3.27%
  10. T 1 1/2 11/30/24 3.26%

Asset Allocation

Weighting Return Low Return High DNAVX % Rank
Bonds 		56.47% -326.45% 6347.80% 68.20%
Stocks 		28.09% -3.75% 97.95% 40.28%
Cash 		15.26% -6278.21% 410.43% 19.43%
Other 		0.18% -21.53% 148.54% 78.45%
Preferred Stocks 		0.00% -0.12% 46.97% 61.13%
Convertible Bonds 		0.00% 0.00% 87.92% 47.00%

Stock Sector Breakdown

Weighting Return Low Return High DNAVX % Rank
Technology 		23.42% 0.00% 39.58% 24.80%
Financial Services 		13.97% 0.00% 59.28% 47.64%
Healthcare 		13.19% 0.00% 45.63% 35.43%
Consumer Cyclical 		11.61% 0.00% 29.09% 25.20%
Communication Services 		9.53% 0.00% 21.78% 28.74%
Industrials 		8.33% 0.00% 21.45% 52.76%
Consumer Defense 		6.84% 0.00% 13.62% 49.21%
Energy 		3.97% 0.00% 100.00% 42.13%
Basic Materials 		3.35% 0.00% 27.46% 54.33%
Utilities 		2.91% 0.00% 9.23% 48.43%
Real Estate 		2.88% 0.00% 51.26% 42.91%

Stock Geographic Breakdown

Weighting Return Low Return High DNAVX % Rank
US 		28.09% -8.85% 91.88% 32.86%
Non US 		0.00% -19.62% 42.11% 46.29%

Bond Sector Breakdown

Weighting Return Low Return High DNAVX % Rank
Cash & Equivalents 		12.04% 0.27% 100.00% 10.60%
Corporate 		0.28% 0.00% 87.73% 53.71%
Derivative 		0.18% 0.00% 88.81% 28.27%
Securitized 		0.00% 0.00% 56.83% 69.61%
Municipal 		0.00% 0.00% 27.33% 53.00%
Government 		0.00% 0.00% 84.29% 72.08%

Bond Geographic Breakdown

Weighting Return Low Return High DNAVX % Rank
US 		56.47% -126.19% 6311.18% 58.30%
Non US 		0.00% -382.37% 121.02% 59.36%

DNAVX - Expenses

Operational Fees

DNAVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.81% 0.29% 31.15% 59.71%
Management Fee 1.25% 0.00% 2.50% 68.20%
12b-1 Fee 0.00% 0.00% 1.00% 9.46%
Administrative Fee N/A 0.01% 0.30% 56.35%

Sales Fees

DNAVX 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

DNAVX 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.

DNAVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 12.00% 0.00% 491.00% 61.69%

DNAVX - Distributions

Dividend Yield Analysis

DNAVX Category Low Category High DNAVX % Rank
Dividend Yield 1.46% 0.00% 4.56% 39.93%

Dividend Distribution Analysis

DNAVX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Quarterly Annually

Net Income Ratio Analysis

DNAVX Category Low Category High DNAVX % Rank
Net Income Ratio -1.26% -2.51% 6.83% 67.63%

Capital Gain Distribution Analysis

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

Distributions History

View More +

DNAVX - Fund Manager Analysis

Managers

Torrey Zaches

Start Date

Tenure

Tenure Rank

Nov 01, 2014

7.58

7.6%

Torrey is a member of Newton’s asset allocation portfolio management team. In his current role, Torrey is responsible for overseeing a team of portfolio managers covering multi-asset strategies, with a focus on global total return and tail-risk hedging portfolios. Torrey is responsible for the implementation of these strategies, including strategy refinements, risk management and portfolio management efficiencies. Torrey joined Newton in September 2021, following the integration of Mellon Investments Corporation’s equity and multi-asset capabilities into the Newton Investment Management Group. Before joining Newton, Torrey was a portfolio manager and senior portfolio manager at Mellon Investments Corporation and Mellon Capitol (both BNY Mellon group companies). Prior to joining BNY Mellon, Torrey worked at Mercer Global Advisors providing global asset allocation investment solutions to small businesses and high net worth clients. Torrey has a BA in Economics from the University of California at Santa Barbara and an MBA from the University of Southern California. He received his CFA designation in 1997 and is a member of the CFA Institute.

James Stavena

Start Date

Tenure

Tenure Rank

Nov 01, 2014

7.58

7.6%

James is a member of Newton’s asset allocation portfolio management team. Since joining in 1998, James has been the lead portfolio manager for the Dynamic US Equity (DUSE) strategy. In his current role, James also manages a team of portfolio managers responsible for the implementation of global multi-asset, custom rules-based, and options-based strategies. James is a key contributor to the development, refinement and risk management of all asset allocation investment strategies and signals. Drawing from his extensive experience, he focuses on the use of derivatives in quantitative investment strategies, as well as 1940 Act and UCITS III implementations of multi-asset strategies. James joined Newton in September 2021, following the integration of Mellon Investments Corporation’s equity and multi-asset capabilities into the Newton Investment Management Group. Before joining Newton, was a portfolio manager and senior portfolio manager at Mellon Investments Corporation and Mellon Capital (both BNY Mellon group companies). Earlier in his career, James was a currency options trader with both Credit Suisse First Boston and HSBC in New York and London, respectively. James has an MBA from Rice University.

Vassilis Dagioglu

Start Date

Tenure

Tenure Rank

Nov 01, 2014

7.58

7.6%

Vassilis is the head of portfolio management for multi-asset solutions. In his current role, he oversees the portfolio management team responsible for global multi-asset strategies including Dynamic Total Return, Dynamic Equity, Dynamic Growth, Active Commodities and SmartPath Target Date Funds. Vassilis and his team leverage their long experience in designing and implementing systematic multi-asset products and tailored solutions to help clients achieve a variety of investment objectives. Vassilis joined Newton in September 2021, following the integration of Mellon Investments Corporation’s equity and multi-asset capabilities into the Newton Investment Management Group. Before joining Newton, Vassilis was the head of portfolio management for multi-asset solutions, a senior portfolio manager and portfolio manager at Mellon Investments Corporation and Mellon Capital (both BNY Mellon group companies). Prior to joining BNY Mellon, Vassilis designed and implemented financial information systems and consulted on enterprise-information application development at IBM Global Services and Sybase. Vassilis has a BS in Computer Science from the University of Athens and an MBA in Finance from the University of California at Berkeley.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.02 17.37 4.48 1.67

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