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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

$10.36

$12.2 M

4.75%

$0.49

2.71%

Vitals

YTD Return

-2.7%

1 yr return

1.6%

3 Yr Avg Return

-1.2%

5 Yr Avg Return

3.4%

Net Assets

$12.2 M

Holdings in Top 10

83.5%

52 WEEK LOW AND HIGH

$10.4
N/A
N/A

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 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

$10.36

$12.2 M

4.75%

$0.49

2.71%

GBLMX - Profile

Distributions

  • YTD Total Return -2.7%
  • 3 Yr Annualized Total Return -1.2%
  • 5 Yr Annualized Total Return 3.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.55%
DIVIDENDS
  • Dividend Yield 4.7%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Astor Macro Alternative Fund
  • Fund Family Name
    Navigator Funds
  • Inception Date
    Jun 22, 2015
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Bryan 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 Poor’s 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 Fund’s 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 country’s fixed income or bond markets.

The adviser’s 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 Fund’s 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 Fund’s 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 Fund’s investment objective, the adviser may engage in frequent trading of the Fund’s portfolio securities.

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GBLMX - Performance

Return Ranking - Trailing

Period GBLMX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.7% -73.0% 19.4% 78.49%
1 Yr 1.6% -9.1% 86.9% 43.64%
3 Yr -1.2%* -9.5% 16.2% 3.61%
5 Yr 3.4%* -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 -2.7% -73.0% 19.4% 78.49%
1 Yr 1.6% -13.4% 86.9% 39.27%
3 Yr -1.2%* -9.5% 16.2% 3.21%
5 Yr 3.4%* -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 43 4 4478 88.34%
Net Assets in Top 10 11.1 M -398 M 2.55 B 62.19%
Weighting of Top 10 83.51% 13.1% 100.0% 16.97%

Top 10 Holdings

  1. ISHARES SHORT TREASURY BO 28.50%
  2. ISHARES FLOATING RATE BON 27.92%
  3. ISHARES 20+ YEAR 8.00%
  4. KFA MOUNT LUCAS 4.90%
  5. ALERIAN MLP ETF 4.84%
  6. INVESCO QQQ TRUST SERIES 4.08%
  7. ISHR 1-5Y INV GR 3.44%
  8. FRST AM-GV OB-X 1.20%
  9. ISHARES MSCI TURKEY ETF 0.40%
  10. BRAZIL REAL FUT Dec23 0.22%

Asset Allocation

Weighting Return Low Return High GBLMX % Rank
Stocks
82.51% -3.75% 97.95% 9.19%
Cash
16.82% -6278.21% 410.43% 77.74%
Convertible Bonds
1.27% 0.00% 87.92% 56.89%
Other
0.68% -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
82.51% -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 4.75% 0.00% 4.56% 50.18%

Dividend Distribution Analysis

GBLMX Category Low Category High Category Mod
Dividend Distribution Frequency None 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

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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