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Name

As of 11/04/2024

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

SMI Dynamic Allocation Fund

SMIDX | Fund

$12.83

$74 M

0.17%

$0.02

1.56%

Vitals

YTD Return

11.9%

1 yr return

17.6%

3 Yr Avg Return

-3.5%

5 Yr Avg Return

2.8%

Net Assets

$74 M

Holdings in Top 10

84.6%

52 WEEK LOW AND HIGH

$12.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.56%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 175.11%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$500

IRA

$500

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/04/2024

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

SMI Dynamic Allocation Fund

SMIDX | Fund

$12.83

$74 M

0.17%

$0.02

1.56%

SMIDX - Profile

Distributions

  • YTD Total Return 11.9%
  • 3 Yr Annualized Total Return -3.5%
  • 5 Yr Annualized Total Return 2.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.80%
DIVIDENDS
  • Dividend Yield 0.2%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    SMI Dynamic Allocation Fund
  • Fund Family Name
    SMI Funds
  • Inception Date
    Feb 28, 2013
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Mark Biller

Fund Description

SMI Advisory Services, LLC (the “Advisor”), the adviser to the Dynamic Allocation Fund, uses a “Dynamic Asset Allocation” strategy to achieve the Dynamic Allocation Fund’s investment objective.

This strategy involves investing in open-end mutual funds and exchange-traded funds (“ETFs”) (collectively, “Underlying Funds”) that invest in securities including, but not limited to, the following asset classes – U.S. Equities, International Equities, Fixed Income Securities, Commodities, Alternative Investments, and Cash. Markets experience times of inflation, deflation, economic growth and recession. The Advisor believes value can be added by adjusting portfolio exposure between the asset classes as changes in market environments are identified. The factors considered in determining asset class weighting include, but are not limited to, each class’s total returns for the most recent one, three, six, and twelve months, changes in those returns, asset flows, regression analysis and historical volatility. The Advisor periodically rebalances the Dynamic Allocation Fund’s asset allocation in response to market conditions as well as to balance the Dynamic Allocation Fund’s exposure to the asset classes. The Dynamic Allocation Fund’s investment strategy involves active trading, which may result in a high portfolio turnover rate. The Dynamic Allocation Fund obtains its exposure to the particular asset classes by investing in the instruments below:

U.S. Equities – The Dynamic Allocation Fund may invest in Underlying Funds that invest primarily in the equity securities of companies located in the United States. The Underlying Funds may invest in companies of any market capitalization. The Dynamic Allocation Fund may also invest directly in such companies. The Dynamic Allocation Fund may also invest in Underlying Funds that utilize derivatives, such as investing in futures contracts.

International Equities – The Dynamic Allocation Fund may invest in Underlying Funds that invest primarily in the equity securities of companies located outside of the United States, including issuers located in emerging market countries. The Underlying Funds may invest in companies of any market capitalization. The Dynamic Allocation Fund may also invest directly in such companies. The Dynamic Allocation Fund may also invest in Underlying Funds that utilize derivatives, such as investing in futures contracts.

Fixed Income Securities – The Dynamic Allocation Fund may invest in Underlying Funds that invest primarily in fixed income securities of varying maturities and credit qualities including high-risk debt securities (or junk bonds). There are no limits on the level of investment in which the Dynamic Allocation Fund may invest with respect to high-risk debt securities and there is no average weighted maturity of the securities in which the Dynamic Allocation Fund must invest. The Underlying Funds may invest in fixed income securities denominated in foreign currencies. The Underlying Funds may also invest in derivative instruments, such as options, futures contracts, currency forwards or credit default swap agreements.

Commodities – The Dynamic Allocation Fund may invest in Underlying Funds that invest primarily in precious metals, in energy-related and other commodities, including, but not limited to oil, natural gas and gasoline, and in mining and other commodity/precious metal related companies. The Dynamic Allocation Fund may also invest in Publicly Traded Partnerships (PTPs) that invest in commodities. PTPs are traded on stock exchanges or markets such as the New York Stock Exchange and NASDAQ. They are generally treated as “pass-through” entities for tax purposes; they do not ordinarily pay income taxes, but pass their earnings on to unit holders.

Alternative Investments – The Dynamic Allocation Fund may invest in Underlying Funds that invest in alternative investments, such as real estate securities or real estate investment trusts (“REITs”), Bitcoin, and other alternative assets and strategies.

The Dynamic Allocation Fund may invest in Underlying Funds that use alternative strategies. Alternative strategies may include, but are not limited to, strategies such as: Long/Short, Market Neutral, Global Macro, Trend-Following, Merger Arbitrage, Convertible Arbitrage, and Event Driven. An Underlying Fund may use one of these strategies or a combination of such strategies. A brief description of each strategy follows:

● Long/Short Strategy is an investment strategy that seeks to take a long position in underpriced stocks while selling short, overpriced shares. A Long/Short strategy seeks to augment traditional long-only investing by taking advantage of profit opportunities from securities identified as both under-valued and over-valued.
● A Market Neutral Strategy seeks to profit regardless of an upward or downward market environment, typically through the use of paired long and short positions or derivatives. These strategies can potentially serve to mitigate market risk as they seek to generate positive returns in all market environments.
● A Global Macro Strategy is a hedge fund or mutual fund strategy that bases its holdings primarily on the overall economic and political views of various countries or their macroeconomic principles.
● A Trend-Following Strategy or trend trading is a trading strategy according to which one should buy an asset when its price trend goes up, and sell when its trend goes down, expecting price movements to continue.
● Merger Arbitrage, otherwise known as risk arbitrage, is an investment strategy that aims to generate profits from successfully completed mergers and/or takeovers. It is a type of event-driven investing that aims to capitalize on differences between stock prices before and after mergers.
● Convertible Arbitrage is a relative value strategy in which a fund profits based on the pricing discrepancy between a company’s convertible bonds and its underlying stock.
● An Event-Driven strategy refers to an investment strategy in which an institutional investor attempts to profit from a stock mispricing that may occur during or after a corporate event.

The Dynamic Allocation Fund may invest in Underlying Funds that utilize derivatives, such as investing in futures contracts.

Cash (and cash equivalents) –The Dynamic Allocation Fund may invest in short-term cash instruments including U.S. Treasury securities, repurchase agreements, short-term debt instruments, money market deposit accounts, and money market funds and ETFs that focus on investing in the foregoing.

The Dynamic Allocation Fund indirectly will bear its proportionate share of all management fees and other expenses of the Underlying Funds in which it invests. Therefore, the Dynamic Allocation Fund will incur higher expenses than other mutual funds that invest directly in securities. Actual expenses are expected to vary with changes in the allocation of the Dynamic Allocation Fund’s assets among the various Underlying Funds in which the Dynamic Allocation Fund invests.

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SMIDX - Performance

Return Ranking - Trailing

Period SMIDX Return Category Return Low Category Return High Rank in Category (%)
YTD 11.9% -5.8% 23.4% 21.20%
1 Yr 17.6% -1.0% 47.6% 33.18%
3 Yr -3.5%* -21.6% 11.4% 85.12%
5 Yr 2.8%* -12.1% 22.9% 83.33%
10 Yr 2.1%* -5.1% 9.3% 83.33%

* Annualized

Return Ranking - Calendar

Period SMIDX Return Category Return Low Category Return High Rank in Category (%)
2023 8.2% -18.9% 60.2% 48.61%
2022 -19.1% -48.5% 0.1% 69.30%
2021 5.6% -19.0% 48.3% 34.58%
2020 4.1% -16.5% 52.8% 62.25%
2019 8.2% -8.5% 26.6% 70.85%

Total Return Ranking - Trailing

Period SMIDX Return Category Return Low Category Return High Rank in Category (%)
YTD 11.9% -5.8% 23.4% 21.20%
1 Yr 17.6% -1.0% 47.6% 33.18%
3 Yr -3.5%* -21.6% 11.4% 85.12%
5 Yr 2.8%* -12.1% 22.9% 83.33%
10 Yr 2.1%* -5.1% 9.3% 83.33%

* Annualized

Total Return Ranking - Calendar

Period SMIDX Return Category Return Low Category Return High Rank in Category (%)
2023 8.4% -11.7% 61.8% 61.57%
2022 -19.1% -48.5% 4.6% 86.05%
2021 5.6% -14.2% 48.3% 84.11%
2020 9.6% -11.7% 77.4% 38.73%
2019 11.1% -3.9% 28.4% 72.86%

NAV & Total Return History

SMIDX - Holdings

Concentration Analysis

SMIDX Category Low Category High SMIDX % Rank
Net Assets 74 M 1.98 M 12.4 B 66.82%
Number of Holdings 20 2 2274 74.19%
Net Assets in Top 10 63.4 M 1.55 M 9.46 B 62.21%
Weighting of Top 10 84.61% 20.8% 109.8% 34.10%

Top 10 Holdings

  1. Invesco QQQ Trust Series 1 23.30%
  2. SPDR SP 500 ETF Trust 22.95%
  3. Sprott Physical Gold Trust 10.35%
  4. SPDR Bloomberg Barclays 1-3 Month T-Bill ETF 6.87%
  5. iShares MSCI Emerging Markets ex China ETF 5.07%
  6. iShares MSCI EAFE ETF 4.86%
  7. iShares iBoxx $ Investment Grade Corporate Bond ETF 3.00%
  8. Invesco Bulletshares 2025 Corporate Bond ETF 2.75%
  9. Invesco Bulletshares 2024 Corporate Bond ETF 2.74%
  10. Vanguard Intermediate-Term Bond ETF 2.72%

Asset Allocation

Weighting Return Low Return High SMIDX % Rank
Stocks 		97.74% 0.00% 145.83% 35.02%
Cash 		2.35% -33.22% 99.64% 60.37%
Convertible Bonds 		0.07% 0.00% 8.92% 47.47%
Preferred Stocks 		0.00% -0.09% 5.36% 52.53%
Other 		0.00% -29.71% 135.29% 67.74%
Bonds 		0.00% 0.00% 106.59% 63.13%

Stock Sector Breakdown

Weighting Return Low Return High SMIDX % Rank
Real Estate 		99.45% 0.00% 99.45% 0.55%
Communication Services 		0.48% 0.00% 21.61% 78.69%
Technology 		0.07% 0.00% 85.77% 90.71%
Utilities 		0.00% 0.00% 91.12% 95.08%
Industrials 		0.00% 0.00% 23.85% 98.36%
Healthcare 		0.00% 0.00% 38.63% 96.72%
Financial Services 		0.00% 0.00% 98.22% 94.54%
Energy 		0.00% 0.00% 60.89% 93.99%
Consumer Defense 		0.00% 0.00% 37.51% 95.63%
Consumer Cyclical 		0.00% 0.00% 25.83% 97.27%
Basic Materials 		0.00% 0.00% 56.73% 96.17%

Stock Geographic Breakdown

Weighting Return Low Return High SMIDX % Rank
US 		97.74% 0.00% 145.83% 34.56%
Non US 		0.00% -1.94% 38.53% 56.22%

SMIDX - Expenses

Operational Fees

SMIDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.56% 0.45% 10.24% 57.60%
Management Fee 1.00% 0.00% 1.50% 75.58%
12b-1 Fee 0.00% 0.00% 1.00% 17.36%
Administrative Fee N/A 0.05% 0.70% 7.41%

Sales Fees

SMIDX 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

SMIDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% 16.22%

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.

SMIDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 175.11% 1.75% 441.00% 71.26%

SMIDX - Distributions

Dividend Yield Analysis

SMIDX Category Low Category High SMIDX % Rank
Dividend Yield 0.17% 0.00% 24.95% 79.26%

Dividend Distribution Analysis

SMIDX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Monthly Annual

Net Income Ratio Analysis

SMIDX Category Low Category High SMIDX % Rank
Net Income Ratio 0.80% -2.01% 13.72% 39.63%

Capital Gain Distribution Analysis

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

Distributions History

View More +

SMIDX - Fund Manager Analysis

Managers

Mark Biller

Start Date

Tenure

Tenure Rank

Feb 28, 2013

9.26

9.3%

Mark Biller has served as senior portfolio manager of the entire family of SMI Funds since their creation in 2005. He played a key role in the design and creation of the Sector Rotation, Dynamic Allocation, and Bond Upgrading strategies followed by the various SMI Funds. As senior portfolio manager, Mr. Biller has ultimate decision-making authority regarding all portfolio decisions and trading practices of the Sound Mind Investing Funds. His duties involve researching and selecting the underlying funds in which the Funds invest, upgrading the Funds’ investments in underlying funds and determining the overall allocation among style categories. In addition to his duties at the Advisor, Mr. Biller has been the Executive Editor of the Sound Mind Investing newsletter and online business for over 15 years. Mr. Biller’s writings on a broad range of financial and investment topics have been featured in a variety of national print and electronic media, and he has also appeared as a financial commentator for various national and local radio programs. The Sound Mind Investing newsletter was first published in 1990 and currently has many thousands of subscribers. Since it was first published over 30 years ago, the newsletter has provided recommendations to tens of thousands of subscribers using a variety of investment strategies, including the Stock Upgrading, Dynamic Asset Allocation, Bond Upgrading and Sector Rotation strategies that are used by the Funds. Mr. Biller earned his B.S. in Finance from Oral Roberts University.

Eric Collier

Start Date

Tenure

Tenure Rank

Feb 28, 2013

9.26

9.3%

Eric Collier, CFA, is a Portfolio Manager responsible for researching and selecting each Fund’s investments, determining overall allocation among style categories, and trading, subject to the ultimate decision-making authority of the Senior Portfolio Manager. Mr. Collier has been a portfolio manager of the Smi Advisory Services, LLC. In addition to his duties at SMI, Mr. Collier is a co-founder of Omnium Investment Company, LLC. At Omnium, he conducts analytical and quantitative research, and risk management. Prior to co-founding Omnium, Mr. Collier worked at Oxford Group, Ltd, a fee-only financial services firm. At Oxford Group, Mr. Collier provided investment advice to several high net-worth individuals concentrating on investment and financial planning strategies. Prior to that Mr. Collier was an Investment Analyst and Registered Investment Adviser Representative for Webb Financial Advisers, an investment advisery firm, from 1997 to 2000, where he was responsible for due diligence and manager selection. Mr. Collier graduated from Indiana University with a B.S. in Finance in 1998. He also studied at the University of Maastricht in the Netherlands through the International Business Program at Indiana University. He has received the Chartered Financial Analyst (“CFA”) designation, and he is a member of the CFA Institute (formerly the Association for Investment Management and Research (“AIMR”)) and a member of the Investment Management Association of Indianapolis.

Anthony Ayers

Start Date

Tenure

Tenure Rank

Feb 28, 2013

9.26

9.3%

Mr. Ayers is a Co-Portfolio Manager responsible for researching and selecting each Fund’s investments, determining overall allocation among style categories, implementing the SMI Managed Volatility Fund’s hedging strategy, and trading, subject to the ultimate decision-making authority of the Senior Portfolio Manager. In addition to his duties at the advisor, Mr. Ayers is a co-founder of Omnium Investment Company, LLC. At Omnium, he also conducts analytical and quantitative research, and risk management. Mr. Ayers helped develop the advisor’s risk management procedures and a proprietary daily risk management reporting system. Prior to co-founding Omnium, Mr. Ayers was an Investment Analyst at Oxford Group, Ltd., where he was responsible for performing manager searches and due diligence on various mutual fund portfolio managers specializing in large capitalized growth and value securities, small capitalized growth and value securities, international capitalized securities, and fixed income securities. Prior to that Mr. Ayers was a Senior Investment Representative for Charles Schwab, where he assisted high net-worth clients with developing and trading complex option strategies, hedging concentrated portfolios, constructing diversified investment portfolios, risk management, and making individual stock and mutual fund recommendations. Mr. Ayers graduated from Indiana University with a B.S. in Finance in 1996, and he is a CFA charter holder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 33.83 6.67 13.0

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