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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

$11.30

$77.4 M

0.00%

1.96%

Vitals

YTD Return

0.9%

1 yr return

6.1%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$77.4 M

Holdings in Top 10

99.7%

52 WEEK LOW AND HIGH

$11.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.96%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 62.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


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

$11.30

$77.4 M

0.00%

1.96%

SBTIX - Profile

Distributions

  • YTD Total Return 0.9%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.68%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Westwood Broadmark Tactical Plus Fund
  • Fund Family Name
    Salient Funds
  • Inception Date
    Dec 31, 2012
  • Shares Outstanding
    2609945
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Christopher Guptill

Fund Description

The Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of instruments that provide exposure to U.S. and non-U.S. equity securities. These instruments generally include futures and options on securities, securities indices and shares of exchange-traded funds (“ETFs”). The Fund may also invest in equity securities (such as common stocks, preferred stocks and shares of investment companies, including ETFs) of U.S. and non-U.S. issuers, which may include emerging market issuers, in any industry sector and in all market capitalization ranges, including small capitalization stocks, without limitation.

The Fund may hold a substantial portion of its assets in cash and cash equivalents, including money market instruments, commercial paper and short-term securities issued by U.S. and non-U.S. issuers, and in fixed-income instruments of U.S. and non-U.S. issuers that are of investment grade and of any maturity. Such fixed-income instruments include corporate bonds, government securities, and bank debt. The Fund may also invest in futures, options, and swaps on fixed-income instruments, credit indices, and interest rates such as futures on government securities and options on interest rate swaps.

Broadmark Asset Management LLC’s (“Broadmark” or the “Sub-Advisor”) investment approach for managing the Fund’s assets focuses on identifying securities and other instruments that the Sub-Advisor believes are undervalued, or overvalued, relative to their intrinsic values, and that offer the greatest risk-adjusted potential for returns. In evaluating whether a particular market, sector or industry is undervalued or overvalued, the Sub-Advisor considers a variety of factors, including valuation and monetary conditions, investor sentiment and returns over a calendar year or other time period. The Sub-Advisor seeks to invest in futures, options and options on futures on indices, equity securities, and other instruments in sectors and industries or groups of industries that the Sub-Advisor believes are attractive on a relative basis. Consistent with this approach, the Sub-Advisor may also sell short options and futures on indices, equity securities and other instruments that it believes are less attractive on a relative basis. The Sub-Advisor’s investment approach also involves using strategies designed to create less downside volatility than the HFRX Equity Hedge Index. With respect to the Fund, the Fund’s principal investment strategies include seeking to create less market exposure during equity market downturns. If this strategy is successful, having less equity market exposure during equity downturns, as determined by the Sub-Advisor’s investment process, will result in the Fund having less downside volatility than the HFRX Equity Hedge Index.

For hedging and non-hedging (speculative) purposes, the Fund may invest in options on foreign currencies, foreign currency futures and options and foreign currency exchange-related securities like foreign currency warrants and other instruments linked to foreign currency exchange rates. The Fund may write (sell) covered and uncovered put and call options, and may purchase put and call options, on securities, securities indices, shares of ETFs and other instruments. In addition, for purposes of adjusting risk and return of its investment positions, the Fund may purchase or write a combination of options (i.e., simultaneously writing call options and purchasing put options).

In addition to purchasing, or taking “long” positions in equity securities, the Fund may employ both leveraged investment techniques (e.g., investments in futures and options) as well as short positions on target securities, which allow the Fund a net exposure which can range from 200% net long to 100% net short in its portfolio, as measured at the time of investment. For example, if the Fund invests 130% of its net assets in long positions and 30% of its net assets in short positions, the Fund is “100% net long.” When the Fund’s outstanding short positions equal its net assets, the Fund is “100% net short.” The Fund may employ short positions independently of (and without regard to) its existing long positions and such short positions may not offset, or correlate directly to, long positions.

The percentage of the Fund’s assets held in cash and cash equivalents will fluctuate depending on various factors, including the Sub-Advisor’s current assessment of markets, valuation and monetary conditions, investor sentiment, risks and other investment factors, the Fund’s current requirements for liquidity, and the Fund’s need to satisfy margin requirements with respect to its use of derivative instruments.

The Fund may engage in active and frequent trading of portfolio securities to achieve its investment objective.

The Fund may temporarily invest extensively in cash and cash equivalents for the purpose of protecting the Fund in the event the Sub-Advisor determines that market, economic, political, or other conditions warrant a defensive posture. To the extent that the Fund is in a defensive position, its ability to achieve its investment objective will be limited.

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SBTIX - Performance

Return Ranking - Trailing

Period SBTIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.9% -10.3% 17.3% 92.98%
1 Yr 6.1% -13.1% 44.0% 86.55%
3 Yr N/A* -21.2% 30.6% 62.65%
5 Yr N/A* -4.2% 25.2% 51.35%
10 Yr N/A* -4.2% 9.9% N/A

* Annualized

Return Ranking - Calendar

Period SBTIX Return Category Return Low Category Return High Rank in Category (%)
2023 -0.8% -17.3% 43.8% 80.70%
2022 N/A -54.0% 17.4% 50.90%
2021 N/A -40.0% 54.1% 60.87%
2020 N/A -47.6% 88.4% 88.16%
2019 N/A -20.3% 62.6% 11.56%

Total Return Ranking - Trailing

Period SBTIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.9% -10.3% 17.3% 92.98%
1 Yr 6.1% -13.1% 44.0% 86.55%
3 Yr N/A* -21.2% 30.6% 62.20%
5 Yr N/A* -4.2% 25.2% 56.85%
10 Yr N/A* -4.2% 9.9% N/A

* Annualized

Total Return Ranking - Calendar

Period SBTIX Return Category Return Low Category Return High Rank in Category (%)
2023 3.4% -14.5% 43.8% 84.80%
2022 N/A -54.0% 50.3% 50.90%
2021 N/A -40.0% 61.6% 60.87%
2020 N/A -29.9% 91.0% 88.16%
2019 N/A -17.9% 79.4% 16.33%

NAV & Total Return History


SBTIX - Holdings

Concentration Analysis

SBTIX Category Low Category High SBTIX % Rank
Net Assets 77.4 M 1.04 M 6.15 B 49.42%
Number of Holdings 5 2 1788 91.72%
Net Assets in Top 10 74 M 474 K 1.98 B 34.91%
Weighting of Top 10 99.72% 0.4% 101.9% 9.47%

Top 10 Holdings

  1. FIRST AMERICAN GOVERNMENT OBLIGATIONS FUND - CLASS U 86.80%
  2. Invesco SP 500 Equal Weight ETF 12.66%
  3. 2EG4P 4840 INDEX 0.19%
  4. 1EG4P 4835 INDEX 0.09%
  5. MORGAN STANLEY COMPANY MARGIN DEPOSIT ACCOUNT -0.02%

Asset Allocation

Weighting Return Low Return High SBTIX % Rank
Cash
87.06% 0.00% 102.08% 9.47%
Stocks
12.66% 0.00% 102.24% 82.25%
Other
0.28% -45.12% 99.51% 34.32%
Preferred Stocks
0.00% 0.00% 8.72% 34.32%
Convertible Bonds
0.00% -0.02% 4.48% 25.15%
Bonds
0.00% 0.00% 95.60% 44.38%

Stock Sector Breakdown

Weighting Return Low Return High SBTIX % Rank
Technology
24.69% 0.00% 43.24% 12.68%
Healthcare
14.29% 0.00% 100.00% 59.86%
Financial Services
13.16% 0.00% 83.83% 60.56%
Consumer Cyclical
11.22% 0.00% 88.83% 35.92%
Communication Services
8.64% 0.00% 32.32% 26.76%
Industrials
8.27% 0.00% 31.93% 62.68%
Consumer Defense
7.33% 0.00% 33.38% 30.99%
Energy
4.17% 0.00% 32.57% 48.59%
Real Estate
2.92% 0.00% 10.93% 30.28%
Utilities
2.87% 0.00% 21.71% 29.58%
Basic Materials
2.44% 0.00% 28.58% 61.27%

Stock Geographic Breakdown

Weighting Return Low Return High SBTIX % Rank
US
12.66% 0.00% 102.24% 81.66%
Non US
0.00% -3.09% 67.69% 36.09%

SBTIX - Expenses

Operational Fees

SBTIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.96% 0.42% 8.51% 56.98%
Management Fee 1.40% 0.00% 2.50% 72.09%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.03% 1.54% 64.36%

Sales Fees

SBTIX 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% 4.00% N/A

Trading Fees

SBTIX 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.

SBTIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 62.00% 0.00% 479.00% 40.74%

SBTIX - Distributions

Dividend Yield Analysis

SBTIX Category Low Category High SBTIX % Rank
Dividend Yield 0.00% 0.00% 26.99% 19.30%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

SBTIX Category Low Category High SBTIX % Rank
Net Income Ratio -0.68% -3.33% 2.16% 48.24%

Capital Gain Distribution Analysis

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

Distributions History

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SBTIX - Fund Manager Analysis

Managers

Christopher Guptill


Start Date

Tenure

Tenure Rank

Dec 31, 2012

9.42

9.4%

Mr. Guptill is the Founder and serves as the Co-Chief Executive Officer and Chief Investment Officer at Broadmark Asset Management. Mr. Guptill began his career in 1979 at Paine, Webber, Jackson & Curtis. In 1994 Mr. Guptill joined McKinley Capital Management, as a Senior Portfolio Manager. He later became the firm's Chief Equity Strategist. Additionally, Mr. Guptill developed, launched and co-managed the firm's highly successful alternative investment portfolios. Mr. Guptill is a graduate of California State University, Chico with a B.A. in Economics.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 23.55 6.05 7.93