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Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

Sierra Tactical All Asset Fund

SIRIX | Fund

$21.40

$879 M

2.38%

$0.51

2.47%

Vitals

YTD Return

-0.7%

1 yr return

-6.5%

3 Yr Avg Return

-2.5%

5 Yr Avg Return

-1.6%

Net Assets

$879 M

Holdings in Top 10

N/A

52 WEEK LOW AND HIGH

$21.4
$21.20
$22.81

Expenses

OPERATING FEES

Expense Ratio 2.47%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 159.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$10,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

Sierra Tactical All Asset Fund

SIRIX | Fund

$21.40

$879 M

2.38%

$0.51

2.47%

SIRIX - Profile

Distributions

  • YTD Total Return -0.7%
  • 3 Yr Annualized Total Return -2.5%
  • 5 Yr Annualized Total Return -1.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.68%
DIVIDENDS
  • Dividend Yield 2.4%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Sierra Tactical All Asset Fund
  • Fund Family Name
    Sierra Trust
  • Inception Date
    Dec 24, 2007
  • Shares Outstanding
    N/A
  • Share Class
    Inv
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    David Wright

Fund Description

p id="xdx_A82_err--StrategyNarrativeTextBlock_zQRAvUkWdC5k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font: 10pt Arial, Helvetica, Sans-Serif"The Sierra Tactical All Asset Fund is a “fund of funds”. To access a wide variety of underlying asset classes and strategies, the Adviser (defined below) seeks to achieve the Fund’s investment objectives by investing in (1) open-end investment companies (mutual funds), (2) exchange-traded funds (“ETFs”), and (3) closed-end investment companies (collectively “Underlying Funds”) using the Adviser’s multi-asset diversification strategy. The Adviser constructs the Fund’s broadly-diversified investment portfolio by investing at various times in a wide range of Underlying Funds that invest in various security and investment categories (each an “Asset Class”)./span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font: 10pt Arial, Helvetica, Sans-Serif" /span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font: 10pt Arial, Helvetica, Sans-Serif"Underlying Funds include those that invest in:/span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font: 10pt Arial, Helvetica, Sans-Serif" /span/p table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top" td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"/td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"span style="font: 10pt Arial, Helvetica, Sans-Serif"●/span/tdtd style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"span style="font: 10pt Arial, Helvetica, Sans-Serif"equity securities (common and preferred stock) of both domestic and foreign companies of various sizes;/span/td/tr/table p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"span style="font: 10pt Arial, Helvetica, Sans-Serif" /span/p table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top" td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"/td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"span style="font: 10pt Arial, Helvetica, Sans-Serif"●/span/tdtd style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"span style="font: 10pt Arial, Helvetica, Sans-Serif"fixed-income securities of domestic and foreign corporate and government issuers, without restriction as to maturity or credit quality, including “high yield” securities;/span/td/tr/table p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"span style="font: 10pt Arial, Helvetica, Sans-Serif" /span/p table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top" td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"/td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"span style="font: 10pt Arial, Helvetica, Sans-Serif"●/span/tdtd style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"span style="font: 10pt Arial, Helvetica, Sans-Serif"physical commodities, such as crude oil, copper and wheat, through mutual funds and ETFs that invest in commodity-linked derivatives;/span/td/tr/table p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"span style="font: 10pt Arial, Helvetica, Sans-Serif" /span/p table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top" td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"/td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"span style="font: 10pt Arial, Helvetica, Sans-Serif"●/span/tdtd style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"span style="font: 10pt Arial, Helvetica, Sans-Serif"currencies and the Dollar Index, and its inverse;/span/td/tr/table p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"span style="font: 10pt Arial, Helvetica, Sans-Serif" /span/p table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top" td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"/td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"span style="font: 10pt Arial, Helvetica, Sans-Serif"●/span/tdtd style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"span style="font: 10pt Arial, Helvetica, Sans-Serif"funds that rise in value when interest rates rise; and/span/td/tr/table p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"span style="font: 10pt Arial, Helvetica, Sans-Serif" /span/p table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top" td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"/td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"span style="font: 10pt Arial, Helvetica, Sans-Serif"●/span/tdtd style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"span style="font: 10pt Arial, Helvetica, Sans-Serif"money-market instruments./span/td/tr/table p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-top: 0; margin-bottom: 0"span style="font: 10pt Arial, Helvetica, Sans-Serif" /span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font: 10pt Arial, Helvetica, Sans-Serif"The Fund defines high yield securities, also known as “junk bonds,” as fixed-income securities rated below investment grade (rated BB+ or lower by Samp;P or comparably rated by another nationally recognized statistical rating organization (NRSRO)), and if unrated, determined by the Adviser to be of comparable quality./span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font: 10pt Arial, Helvetica, Sans-Serif" /span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font: 10pt Arial, Helvetica, Sans-Serif"The Adviser’s multi-asset diversification strategy employs unusually broad diversification across Asset Classes (investment categories), markets, industries and issuers in an effort to limit downside risk as well as to seek opportunities to enhance return. The Adviser constructs the Fund’s portfolio in the following manner: First, the Adviser selects Asset Classes that it believes will respond differently to a variety of economic forces. Second, the Adviser identifies diversified Underlying Funds through which the Fund can participate in each chosen Asset Class. Third, within many Asset Classes, the Adviser attempts to identify Underlying Funds with managers whose history demonstrates an ability to add positive Alpha (above-peer-group-average total return after adjusting for volatility). Where available, the Fund invests in institutional share classes, those with the lowest internal fees for those Underlying Funds. Fourth, the Adviser monitors each Underlying Fund daily, and sells or hedges the Underlying Fund whenever it declines “substantially”, as defined by the Adviser’s proprietary studies of the historic behavior of the Asset Class represented by the Underlying Fund./span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font: 10pt Arial, Helvetica, Sans-Serif" /span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font: 10pt Arial, Helvetica, Sans-Serif"The Adviser does not employ a passive, “buy and hold,” strategy. As part of its integrated risk-management disciplines, the Adviser monitors the Fund’s holdings daily and applies a trailing stop discipline to each Underlying Fund within the Fund’s portfolio, based on the proprietary approach (“Sell disciplines”) which the portfolio managers have used since 1987 with their managed separate accounts, in order to limit the impact on the overall Fund portfolio of any sustained decline in a given Asset Class or Underlying Fund./span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"span style="font: 10pt Arial, Helvetica, Sans-Serif" /span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.35pt"span style="font: 10pt Arial, Helvetica, Sans-Serif"The Sell disciplines used by the portfolio managers for the past 32 years are not designed to attempt to buy at lows or to sell at highs, but to participate in a substantial part of any sustained uptrend in a selected Asset Class, as well as to step aside during most of any sustained downtrend. The Adviser employs a “reactive” approach as distinct from a “predictive” approach. The Adviser does not consider its approach to be a “trading” style in terms of frequency, and does not expect to average more than two Sell signals per year in each Asset Class./span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.35pt"span style="font: 10pt Arial, Helvetica, Sans-Serif" /span/p p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -0.35pt"span style="font: 10pt Arial, Helvetica, Sans-Serif"The overall asset allocation of the Fund is not fixed. It can and does change significantly over time as the Adviser decides to re-allocate portions of the portfolio in response to trend changes in the U.S. and global economy and in various investment markets. The Adviser may engage in frequent buying and selling of portfolio securities to achieve the Fund’s investment objectives./span/p
Read More

SIRIX - Performance

Return Ranking - Trailing

Period SIRIX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.7% -23.1% 13.0% 67.59%
1 Yr -6.5% -35.8% 24.9% 35.46%
3 Yr -2.5%* -18.8% 16.5% 65.96%
5 Yr -1.6%* -14.6% 12.6% 45.71%
10 Yr -1.0%* -9.0% 4.1% 56.72%

* Annualized

Return Ranking - Calendar

Period SIRIX Return Category Return Low Category Return High Rank in Category (%)
2022 -8.3% -48.5% 15.7% 12.10%
2021 -1.0% -10.0% 21.8% 75.52%
2020 1.1% -5.8% 15.2% 67.11%
2019 1.2% -7.6% 6.4% 79.28%
2018 -1.3% -6.8% 8.1% 30.43%

Total Return Ranking - Trailing

Period SIRIX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.7% -29.8% 13.0% 67.59%
1 Yr -6.5% -35.8% 24.9% 35.46%
3 Yr -2.5%* -18.8% 16.5% 65.96%
5 Yr -1.6%* -14.6% 12.6% 52.86%
10 Yr -1.0%* -9.0% 6.3% 83.58%

* Annualized

Total Return Ranking - Calendar

Period SIRIX Return Category Return Low Category Return High Rank in Category (%)
2022 -8.3% -48.5% 15.7% 12.10%
2021 -1.0% -10.0% 21.8% 75.10%
2020 1.1% -5.8% 15.2% 67.11%
2019 1.2% -6.8% 6.4% 79.28%
2018 -1.3% -6.8% 11.4% 41.55%

NAV & Total Return History

SIRIX - Holdings

Concentration Analysis

SIRIX Category Low Category High SIRIX % Rank
Net Assets 879 M 1.96 M 15.7 B 19.29%
Number of Holdings 36 2 3255 53.15%
Net Assets in Top 10 907 M 349 K 12.1 B 16.14%
Weighting of Top 10 N/A 22.2% 100.0% 60.98%

Top 10 Holdings

  1. First American Government Obligs X 65.18%
  2. PIMCO High Yield Municipal Bond I 5.00%
  3. Nuveen High Yield Municipal Bond I 3.23%
  4. LoCorr Long/Short Commodity Strats I 3.06%
  5. Dodge & Cox Global Stock I 2.98%
  6. AQR Style Premia Alternative I 2.73%
  7. Tortoise MLP & Pipeline Instl 2.07%

Asset Allocation

Weighting Return Low Return High SIRIX % Rank
Cash 		49.48% -65.52% 88.88% 8.66%
Bonds 		32.56% 0.00% 106.59% 41.73%
Stocks 		8.47% 0.00% 238.38% 84.25%
Other 		4.95% -72.87% 73.78% 31.89%
Preferred Stocks 		4.47% 0.00% 6.21% 2.36%
Convertible Bonds 		0.08% 0.00% 8.92% 44.09%

Stock Sector Breakdown

Weighting Return Low Return High SIRIX % Rank
Energy 		60.89% 0.00% 60.89% 0.94%
Financial Services 		9.19% 0.00% 98.22% 67.92%
Healthcare 		7.17% 0.00% 38.63% 79.25%
Utilities 		5.88% 0.00% 91.12% 21.70%
Communication Services 		5.58% 0.00% 21.61% 50.94%
Technology 		3.17% 0.00% 85.77% 87.26%
Industrials 		2.83% 0.00% 23.85% 82.08%
Basic Materials 		2.06% 0.00% 56.73% 76.89%
Consumer Cyclical 		1.89% 0.00% 25.83% 83.96%
Consumer Defense 		0.93% 0.00% 37.51% 87.26%
Real Estate 		0.40% 0.00% 99.45% 82.55%

Stock Geographic Breakdown

Weighting Return Low Return High SIRIX % Rank
US 		6.66% -1.19% 235.84% 83.46%
Non US 		1.81% -6.82% 98.11% 55.91%

Bond Sector Breakdown

Weighting Return Low Return High SIRIX % Rank
Cash & Equivalents 		61.61% 0.22% 100.00% 35.04%
Government 		17.44% 0.00% 99.78% 62.99%
Municipal 		8.01% 0.00% 19.13% 1.97%
Derivative 		6.45% 0.00% 71.81% 21.65%
Corporate 		6.01% 0.00% 98.28% 45.28%
Securitized 		0.47% 0.00% 52.99% 40.16%

Bond Geographic Breakdown

Weighting Return Low Return High SIRIX % Rank
US 		28.86% -17.22% 99.80% 35.04%
Non US 		3.70% -2.67% 63.37% 48.43%

SIRIX - Expenses

Operational Fees

SIRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.47% 0.44% 3.72% 11.46%
Management Fee 1.25% 0.00% 1.50% 93.31%
12b-1 Fee 0.25% 0.00% 1.00% 47.31%
Administrative Fee N/A 0.05% 0.70% 32.91%

Sales Fees

SIRIX 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% 1.00% N/A

Trading Fees

SIRIX 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.

SIRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 159.00% 0.00% 441.00% 68.81%

SIRIX - Distributions

Dividend Yield Analysis

SIRIX Category Low Category High SIRIX % Rank
Dividend Yield 2.38% 0.00% 37.53% 42.69%

Dividend Distribution Analysis

SIRIX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Monthly Quarterly

Net Income Ratio Analysis

SIRIX Category Low Category High SIRIX % Rank
Net Income Ratio 2.68% -2.12% 13.72% 8.43%

Capital Gain Distribution Analysis

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

Distributions History

View More +

SIRIX - Fund Manager Analysis

Managers

David Wright

Start Date

Tenure

Tenure Rank

Dec 24, 2007

14.44

14.4%

David C. Wright, JD, is Co-Founder, Managing Director, and Co-Portfolio Manager at Sierra Investment Management, the parent company of the Sierra Mutual Funds and Ocean Park Asset Management and has over 31 years of industry experience. He jointly oversees all aspects of the organization’s activities, including portfolio management, research, and client relationships. After 13 years with major Los Angeles law firms, Dave served several years as Director of Technical Research for Bateman Eichler, Hill Richards, Inc., then the largest investment banking firm west of Chicago, before co-founding Sierra in 1987 with Dr. Kenneth L. Sleeper. David earned a JD from University of Chicago and a BS, Civil Engineering, from Swarthmore College. Mr. Wright has served on the Board of the Los Angeles Chapter of AAII since 1984. He has often spoken for AAII and other investor groups, as well as several other professional organizations. Mr. Wright has also been quoted in the national press, such as in Mutual Funds magazine, and on television and radio.

Kenneth Sleeper

Start Date

Tenure

Tenure Rank

Dec 24, 2007

14.44

14.4%

Dr. Kenneth L. Sleeper, MBA, PhD is Co-Founder, Managing Director, and Co-Portfolio Manager at Sierra Investment Management, the parent company of the Sierra Mutual Funds and Ocean Park Asset Management and has over 31 years of industry experience. He jointly oversees all aspects of the organization’s activities, including asset management, research, and client relationships. With an extensive background in statistical and computer applications, Ken previously focused on advanced risk management, developing and refining computerized techniques for reducing downside risk, before co-founding Sierra in 1987 with David C. Wright. Kenneth earned MBA and PhD degrees from the University of Southern California.

Douglas Loeffler

Start Date

Tenure

Tenure Rank

Jan 28, 2022

0.34

0.3%

Doug oversees the operations of the Investment Management team and related trading, contributes to portfolio decisions, and supervises analytic research. Doug earned a BA in Economics at Washington State University and an MBA from the University of Chicago Booth School of Business. He is a CFA and CAIA charterholder. Doug has been active in investment management full-time since 1988.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.83 6.64 13.0

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