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Trending ETFs

Name

As of 03/27/2024

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

$13.29

$178 M

0.00%

$0.00

2.19%

Vitals

YTD Return

3.5%

1 yr return

15.0%

3 Yr Avg Return

-9.7%

5 Yr Avg Return

3.1%

Net Assets

$178 M

Holdings in Top 10

59.3%

52 WEEK LOW AND HIGH

$13.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.19%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 63.00%

Redemption Fee 1.00%


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

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

$13.29

$178 M

0.00%

$0.00

2.19%

RAAIX - Profile

Distributions

  • YTD Total Return 3.5%
  • 3 Yr Annualized Total Return -9.7%
  • 5 Yr Annualized Total Return 3.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.45%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Altegris/AACA Opportunistic Real Estate Fund
  • Fund Family Name
    Navigator Funds
  • Inception Date
    Dec 01, 2020
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Burland East

Fund Description

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 both long and short positions in equity securities of “real estate” companies and “real estate related” companies (collectively “real estate companies”) (“80% investment policy”). For purposes of the 80% investment policy, the Fund defines real estate companies as those that derive a significant portion of their revenues from the ownership, construction, development, financing, leasing, management and/or sale of commercial, industrial or residential real estate, companies that have a significant portion of their assets invested these types of real estate related companies, including, for example, real estate investment trusts (“REITs”), or companies that may not participate directly in real estate, but which may present an attractive investment opportunity based on the inherent value of their real estate holdings or exposure, or provide sales, leasing or other strategic services to real estate companies. Equity securities of real estate companies will include (1) common stocks, (2) preferred stocks, (3) stock warrants, (4) stock rights and (5) debt securities that are convertible into stock.

The Fund may invest in equity and equity derivative securities of both U.S. and non-U.S. real estate companies, as well as companies located in emerging markets and issuers of any capitalization and in any style (from growth to value). The Fund considers emerging market issuers to be those located in the countries that are represented in the MSCI Emerging Markets Index. The Fund may invest in convertible debt securities of any maturity or credit quality, including those rated below investment grade (“high yield securities” or “junk bonds”). Below investment grade debt securities are those rated below Baa3 by Moody’s Investors Service or equivalently by another nationally recognized statistical rating organization (“NRSRO”). The Fund may invest a portion of its assets in private placement offerings of real estate companies which may be illiquid. The Fund may also invest in preferred stock, options (both covered and uncovered or “naked”), convertible securities, or rights or warrants to buy stocks, and may create long or short positions in exchange traded funds (“ETFs”), other investment companies, or American Depositary Receipts (“ADRs”). The Fund’s investments in ETFs may be made (i) as part of the management of portfolio investments, (ii) to hedge various investments for risk management (see below) and/or (iii) for income enhancement, which is also known as speculation. The Fund concentrates investments in the real estate industry, meaning that under normal circumstances, it invests over 25% of its assets in real estate industry securities.

In addition, the Fund may engage in transactions for the purpose of hedging against changes in the price of other Fund portfolio securities, such as purchasing put options, selling securities short or writing covered call options. Such defensive or hedged positions may also include investments in equity securities of real estate as well as non-real estate companies. Additionally, the Fund may employ leverage by borrowing from banks in an amount of up to 33% of the Fund’s assets (defined as net assets plus borrowing for investment purposes). The Fund is “non-diversified” for purposes of the Investment Company Act of 1940, as amended (“1940 Act”), which means that the Fund may invest more than 5% of its total assets in the securities of one or more issuers and therefore have its investments focused in fewer securities at any one time than a diversified fund. The Fund may engage in frequent trading of the Fund’s portfolio securities.

Altegris Advisors, L.L.C. (the “Adviser”) is the investment adviser to the Fund and provides investment advisory and management services, including the selection and monitoring of the sub-adviser to the Fund. The Adviser has selected American Assets Capital Advisers, LLC (“AACA”) to sub-advise the Fund and manage the Fund’s real estate long short investment portfolio. In managing the Fund’s portfolio, AACA, as the sub-adviser, will seek to produce above average, risk-adjusted total returns, including capital appreciation, dividend and interest income and option premiums, through investments both long and short in real estate related securities, including publicly traded securities, REITs, other equities and equity-related derivatives and may also invest in debt and convertible debt and preferred securities. To the extent allowable under applicable regulations, the Fund will use leverage to obtain greater exposure to markets in its investment portfolio. The Fund will not purchase real estate directly or acquire other forms of direct ownership in real estate.

The Adviser, on behalf of itself and on behalf of the Fund and other funds it advises or may advise in the future that are each a series of Northern Lights Fund Trust, was granted an exemptive order from the Securities and Exchange Commission (“SEC”) that permits the Adviser, with Board of Trustees’ approval, to enter into or amend sub-advisory agreements with sub-advisers without obtaining shareholder approval. Shareholders will be notified within 90 days of the engagement of any different or additional sub-adviser or sub-advisers to manage the Fund’s portfolio.

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RAAIX - Performance

Return Ranking - Trailing

Period RAAIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.5% -12.1% 6.0% 2.75%
1 Yr 15.0% -14.5% 29.8% 14.90%
3 Yr -9.7%* -11.1% 10.5% 97.59%
5 Yr 3.1%* -11.3% 15.9% 63.32%
10 Yr 7.0%* -1.4% 15.0% 18.95%

* Annualized

Return Ranking - Calendar

Period RAAIX Return Category Return Low Category Return High Rank in Category (%)
2023 11.5% -17.6% 24.6% 13.73%
2022 -44.1% -51.3% 2.7% 94.88%
2021 -4.5% -7.7% 52.3% 97.59%
2020 19.1% -42.2% 35.0% 3.40%
2019 43.1% -0.6% 43.1% 0.44%

Total Return Ranking - Trailing

Period RAAIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.5% -12.1% 6.0% 2.75%
1 Yr 15.0% -14.5% 29.8% 14.90%
3 Yr -9.7%* -11.1% 10.5% 97.59%
5 Yr 3.1%* -11.3% 15.9% 63.32%
10 Yr 7.0%* -1.4% 15.0% 18.95%

* Annualized

Total Return Ranking - Calendar

Period RAAIX Return Category Return Low Category Return High Rank in Category (%)
2023 11.5% -14.0% 25.0% 59.22%
2022 -40.1% -40.7% 7.8% 98.82%
2021 8.9% 7.8% 54.6% 99.20%
2020 28.5% -36.6% 44.3% 1.70%
2019 46.4% 3.4% 46.4% 0.44%

NAV & Total Return History


RAAIX - Holdings

Concentration Analysis

RAAIX Category Low Category High RAAIX % Rank
Net Assets 178 M 1.73 M 56.5 B 60.23%
Number of Holdings 51 18 501 27.57%
Net Assets in Top 10 105 M 711 K 26.1 B 59.93%
Weighting of Top 10 59.32% 15.7% 82.2% 25.37%

Top 10 Holdings

  1. IQHQ INC 12.10%
  2. AMERICAN TOWER C 8.12%
  3. DIGITAL REALTY 5.72%
  4. FTAI INFRASTRUCT 5.65%
  5. FTAI AVIATION LT 5.45%
  6. HUDSON PACIFIC P 5.05%
  7. DIGITALBRIDGE GR 4.57%
  8. EQUINIX INC 4.42%
  9. INNOVATIVE INDUS 4.38%
  10. CROWN CASTLE INC 3.88%

Asset Allocation

Weighting Return Low Return High RAAIX % Rank
Stocks
106.01% 0.00% 106.01% 0.37%
Preferred Stocks
3.20% 0.00% 31.13% 10.66%
Cash
2.34% -42.50% 20.74% 31.25%
Other
0.00% -89.96% 112.19% 70.96%
Convertible Bonds
0.00% 0.00% 10.95% 73.43%
Bonds
0.00% -3.17% 148.00% 74.63%

Stock Sector Breakdown

Weighting Return Low Return High RAAIX % Rank
Real Estate
72.84% 34.46% 100.00% 92.64%
Consumer Cyclical
10.88% 0.00% 45.29% 3.10%
Technology
10.67% 0.00% 12.02% 0.78%
Industrials
5.61% 0.00% 7.39% 0.78%
Utilities
0.00% 0.00% 3.55% 71.71%
Healthcare
0.00% 0.00% 0.53% 71.71%
Financial Services
0.00% 0.00% 37.05% 74.42%
Energy
0.00% 0.00% 33.11% 72.48%
Communication Services
0.00% 0.00% 11.61% 74.81%
Consumer Defense
0.00% 0.00% 0.93% 71.71%
Basic Materials
0.00% 0.00% 13.69% 72.09%

Stock Geographic Breakdown

Weighting Return Low Return High RAAIX % Rank
US
106.01% 0.00% 106.01% 0.37%
Non US
0.00% 0.00% 40.58% 74.63%

RAAIX - Expenses

Operational Fees

RAAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.19% 0.07% 24.62% 18.22%
Management Fee 1.30% 0.00% 1.50% 96.32%
12b-1 Fee 0.00% 0.00% 1.00% 11.45%
Administrative Fee N/A 0.01% 0.45% 64.86%

Sales Fees

RAAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.00% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

RAAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 2.00% 78.57%

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.

RAAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 63.00% 0.11% 380.00% 65.61%

RAAIX - Distributions

Dividend Yield Analysis

RAAIX Category Low Category High RAAIX % Rank
Dividend Yield 0.00% 0.00% 13.25% 97.06%

Dividend Distribution Analysis

RAAIX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Monthly Quarterly

Net Income Ratio Analysis

RAAIX Category Low Category High RAAIX % Rank
Net Income Ratio -0.45% -1.14% 6.05% 97.40%

Capital Gain Distribution Analysis

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

Distributions History

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RAAIX - Fund Manager Analysis

Managers

Burland East


Start Date

Tenure

Tenure Rank

Jan 08, 2014

8.4

8.4%

Mr. East has served as the Chief Executive Officer and a portfolio manager of American Assets Capital Advisers since October 2010. From October 2001 to July 2010, he was a Managing Principal of Silver Portal Capital, LLC, a FINRA regulated investment bank specializing in institutional real estate. From August 1992 to February 2001, he served as a Managing Director, Senior Equity Analyst and Group Co-Head at Wachovia Securities (and its predecessor companies, First Union Securities, EVEREN Securities, Inc., Research Division and Kemper Securities Inc.), with primary responsibility for equity research coverage of all forms of publicly traded real estate companies and related investment banking. Mr. East serves on the Board of Advisors of Comunidad Realty Partners. Mr. East served as Independent Director at Excel Trust, Inc. (NYSE: EXL) from April 2010 to 2015. Mr. East is a former NAREIT member and was a Board Associate in 1998/1999. Mr. East served on the Leadership Council of the Lusk Center for Real Estate at the University of Southern California from 2003 to 2014. In 1996, 1997 and 1998, he was recognized among outstanding sell-side analysts by Dow Jones Publishing/Realty Stock Review. He holds a Chartered Financial Analyst designation. Mr. East received a Bachelor’s of Arts in Business and Master’s Degree in Business Administration from Loyola College in Maryland.

Creede Murphy


Start Date

Tenure

Tenure Rank

Mar 01, 2021

1.25

1.3%

Creede Murphy Co-Portfolio Manager Since January 2011, Mr. Murphy has served in various roles, with increasing responsibility and authority, as an analyst supporting the sub-adviser’s investment management, research and portfolio management functions, and currently serves as the firm’s Chief Operating Officer. In 2021, in addition to his role as COO, Mr. Murphy joined Mr. East as a portfolio manager to client accounts of the sub-adviser. Mr. Murphy has over 10 years of experience in investment management, providing investment research, financial modeling, security valuation, and general portfolio management services. He is also a licensed architect with 10 years of prior experience in architecture and real estate development, providing unique insights into real estate deals and investment opportunities. Mr. Murphy holds a Master’s Degree in Business Administration from the University of California San Diego, where he studied Modern Portfolio Theory under Nobel Laureate Harry Markowitz, and holds a Master’s Degree in Architecture and a Bachelor of Arts in Architecture. He is also a Licensed Architect.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.01 28.42 7.9 2.23