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Trending ETFs

Name

As of 03/25/2024

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

$7.76

$83.9 M

6.69%

$0.52

1.90%

Vitals

YTD Return

0.5%

1 yr return

2.6%

3 Yr Avg Return

-4.2%

5 Yr Avg Return

-1.9%

Net Assets

$83.9 M

Holdings in Top 10

100.2%

52 WEEK LOW AND HIGH

$7.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.90%

SALES FEES

Front Load 3.75%

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/25/2024

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

$7.76

$83.9 M

6.69%

$0.52

1.90%

BTFAX - Profile

Distributions

  • YTD Total Return 0.5%
  • 3 Yr Annualized Total Return -4.2%
  • 5 Yr Annualized Total Return -1.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.46%
DIVIDENDS
  • Dividend Yield 6.7%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    BTS Tactical Fixed Income Fund
  • Fund Family Name
    Navigator Funds
  • Inception Date
    Jan 01, 2000
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Matthew Pasts

Fund Description

Under normal circumstances, the Fund invests (long or short) at least 80% of its assets in fixed income securities of domestic and foreign issuers or counterparties (“80% investment policy”). The Fund defines fixed income securities to include: (i) bills, (ii) notes, (iii) debentures, (iv) bonds, (v) mortgage-backed securities (“MBS”), (vi) asset-backed securities (“ABS”), preferred stocks, (viii) loan participation interests, (ix) any other debt or debt-related securities of any maturities, whether issued by U.S. or non-U.S. governments, agencies or instrumentalities thereof or corporate entities, and having fixed, variable, floating or inverse floating rates, (x) fixed income derivatives including options, financial futures, options on futures and swaps, (xi) other evidences of indebtedness; and (xii) other investment companies that invest primarily in fixed income securities. The 80% investment policy can be changed without shareholder approval; however, shareholders would be given at least 60 days’ notice and a change in the 80% policy would also necessitate a change in the Fund name.

BTS Asset Management, Inc. (the “Adviser”) uses an active trading strategy based on a proprietary tactical asset allocation strategy to take advantage of trends and momentum in the market. The Fund will seek primarily to invest in cash equivalents or enter into certain derivative transactions to hedge against adverse price movements when the Adviser believes that the market conditions are unfavorable for investing in fixed income securities. Using this model the Adviser expects the Fund to invest aggressively in securities of a particular fixed income asset category when trends are positive or, conversely, sell securities in that fixed income asset category when trends are unfavorable. The Adviser may engage in frequent trading of the Fund’s portfolio resulting in a higher portfolio turnover rate.

The Adviser’s investment approach includes two primary components:

Defensive Capital Preservation. When the Adviser believes that interest rates will rise or high yield market credit conditions will deteriorate, or adverse market, economic, political, or other conditions exist, investments will be focused in money market instruments and/or defensive positions such as short sales, inverse Underlying Funds (as defined below) or short positions in derivatives. During such periods, the Fund may not be able to achieve its investment objective.

Aggressive Total Return. When the Adviser believes that interest rates will fall or remain steady and/or high yield market credit conditions will improve, investments will be focused in various fixed income securities, including derivatives. These investments produce income and have the potential for capital appreciation generated by declining interest rates and/or improving high yield market credit fundamentals.

The Adviser seeks to achieve the Fund’s investment objective by investing primarily in a portfolio of fixed income securities without restriction as to maturity, credit quality, type of issuer, country or currency.

· The Fund may invest in bonds issued by the U.S. Government, its agencies and instrumentalities.
· Debt Securities: The Fund may invest in foreign and domestic debt securities, including corporate debt securities, government and agency debt securities, convertible debt securities, debentures, trust receipts, preferred capital stock, convertible capital stock, and shares of registered open-end and closed-end mutual funds that invest primarily in debt securities.
· The Fund may invest in investment grade corporate bonds, as well as higher-yielding, higher-risk corporate bonds — commonly known as “high yield” or “junk” bonds — with medium to low credit quality ratings. High yield bonds are generally rated lower than Baa3 by Moody’s Investors Service (“Moody’s”) or lower than BBB- by Standard and Poor’s Rating Group (“S&P”). High yield bonds have a higher expected rate of default than investment grade bonds.
· The Fund may invest in lower rated, high yield debt securities directly or through derivative instruments designed to replicate some or all of the features of an underlying portfolio of high yield bonds, such as credit default swaps. Credit default swaps (“CDS”) are typically two-party financial contracts that transfer credit exposure between the two parties. Under a typical CDS, one party (the “seller”) receives pre-determined periodic payments from the other party (the “buyer”). The seller agrees to make compensating specific payments to the buyer if a negative credit event occurs, such as the bankruptcy or default by the issuer of the underlying debt instrument.
· The Fund may invest in closed-end and open-end registered investment companies (“Underlying Funds”) to the extent permissible under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund expects that a significant portion of the Fund’s assets may be invested in Underlying Funds.
· Derivatives: The Fund may invest in credit derivative products to be used by the Fund to gain exposure to specific asset class sectors, such as the high yield bond sector, in order to invest long or short in the specific asset classes. These products include credit default swaps (“CDS”) and credit default swap index products (including CDX index products).
· Equity Securities: The Fund may also invest up to 20% of its assets in U.S. or foreign equity securities.

The Fund intends to employ leverage (i.e., borrow money from banks, and/or other financial institutions, or other forms of direct and indirect borrowings) and reinvest the proceeds of such borrowings. The use of leverage by the Fund can substantially increase the adverse impact of risks to which an investment in the Fund may be subject. The level of interest rates generally, and the rates at which the Fund can borrow in particular, can affect the operating results of the Fund.

Although the Adviser’s investment strategy contemplates investing entirely in one class of fixed income securities, at times the Fund may be invested across multiple classes.

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BTFAX - Performance

Return Ranking - Trailing

Period BTFAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -6.8% 5.6% 74.19%
1 Yr 2.6% -9.3% 23.2% 91.65%
3 Yr -4.2%* -16.6% 18.0% 95.28%
5 Yr -1.9%* -13.0% 15.0% 94.18%
10 Yr 0.0%* -13.4% 6.7% 94.91%

* Annualized

Return Ranking - Calendar

Period BTFAX Return Category Return Low Category Return High Rank in Category (%)
2023 -1.4% -12.0% 15.7% 91.67%
2022 -14.6% -31.8% 18.4% 65.82%
2021 -3.8% -26.6% 25.7% 85.29%
2020 0.7% -49.2% 18.7% 60.07%
2019 1.1% -35.1% 15.3% 87.43%

Total Return Ranking - Trailing

Period BTFAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -6.8% 5.6% 74.19%
1 Yr 2.6% -9.3% 23.2% 91.65%
3 Yr -4.2%* -16.6% 18.0% 95.28%
5 Yr -1.9%* -13.0% 15.0% 94.18%
10 Yr 0.0%* -13.4% 6.7% 94.91%

* Annualized

Total Return Ranking - Calendar

Period BTFAX Return Category Return Low Category Return High Rank in Category (%)
2023 2.1% -7.0% 22.2% 93.21%
2022 -12.8% -31.8% 21.1% 84.49%
2021 -2.2% -13.5% 49.9% 92.32%
2020 1.4% -28.6% 24.1% 80.74%
2019 4.3% -4.8% 19.1% 88.76%

NAV & Total Return History


BTFAX - Holdings

Concentration Analysis

BTFAX Category Low Category High BTFAX % Rank
Net Assets 83.9 M 2.32 M 127 B 85.12%
Number of Holdings 7 2 10577 96.97%
Net Assets in Top 10 74.6 M -1.57 B 65.8 B 63.13%
Weighting of Top 10 100.17% 0.7% 170.6% 1.85%

Top 10 Holdings

  1. XTRACKERS USD HIGH YIELD 50.62%
  2. SPDR BLOOMBERG H 20.76%
  3. ISHARES 7-10 YEAR TREASUR 18.26%
  4. VANECK HIGH YIEL 5.09%
  5. SPDR BLOOMBERG C 5.07%
  6. FID-MM GOVT-I 0.37%
  7. STATE STREET INST US GOV MMF 0.00%

Asset Allocation

Weighting Return Low Return High BTFAX % Rank
Stocks
99.80% -1.60% 99.88% 0.46%
Cash
0.37% -94.66% 258.91% 86.95%
Preferred Stocks
0.00% 0.00% 30.46% 93.32%
Other
0.00% -72.32% 100.00% 81.64%
Convertible Bonds
0.00% 0.00% 33.50% 96.26%
Bonds
0.00% -150.81% 203.29% 98.03%

Stock Sector Breakdown

Weighting Return Low Return High BTFAX % Rank
Utilities
0.00% 0.00% 100.00% 15.45%
Technology
0.00% 0.00% 28.30% 23.40%
Real Estate
0.00% 0.00% 100.00% 24.28%
Industrials
0.00% 0.00% 100.00% 19.43%
Healthcare
0.00% 0.00% 18.60% 4.64%
Financial Services
0.00% 0.00% 100.00% 42.38%
Energy
0.00% 0.00% 100.00% 70.20%
Communication Services
0.00% 0.00% 100.00% 44.81%
Consumer Defense
0.00% 0.00% 99.97% 4.42%
Consumer Cyclical
0.00% 0.00% 89.95% 28.26%
Basic Materials
0.00% 0.00% 100.00% 33.77%

Stock Geographic Breakdown

Weighting Return Low Return High BTFAX % Rank
US
99.80% -1.47% 99.88% 0.46%
Non US
0.00% -0.13% 17.73% 91.96%

BTFAX - Expenses

Operational Fees

BTFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.90% 0.01% 20.67% 19.97%
Management Fee 1.00% 0.00% 2.29% 85.54%
12b-1 Fee 0.25% 0.00% 1.00% 53.65%
Administrative Fee N/A 0.00% 0.70% 55.78%

Sales Fees

BTFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.75% 0.00% 5.75% 70.25%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

BTFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% 83.33%

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.

BTFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 632.00% 99.70%

BTFAX - Distributions

Dividend Yield Analysis

BTFAX Category Low Category High BTFAX % Rank
Dividend Yield 6.69% 0.00% 18.15% 79.40%

Dividend Distribution Analysis

BTFAX Category Low Category High Category Mod
Dividend Distribution Frequency None Quarterly Monthly Quarterly

Net Income Ratio Analysis

BTFAX Category Low Category High BTFAX % Rank
Net Income Ratio 1.46% -1.55% 11.51% 87.06%

Capital Gain Distribution Analysis

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

Distributions History

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BTFAX - Fund Manager Analysis

Managers

Matthew Pasts


Start Date

Tenure

Tenure Rank

May 31, 2013

9.01

9.0%

Matthew Pasts, CMT (born 1965) is the CEO, Treasurer, and a Director of BTS. Mr. Pasts joined BTS in 1989. Since that time, he has worked in various capacities at BTS. Mr. Pasts graduated with honors from Babson College in Wellesley, MA receiving a BSBA with a concentration in Finance. Additionally, he has attended Babson Graduate School of Business Administration. Mr. Pasts is a member of the Market Technicians Association (MTA). Upon completion of the MTA's Charted Market Technician (CMT) program, and gaining membership into the MTA, he obtained the CMT designation. Since 1991, Mr. Pasts has been a registered principal with BTS Securities Corporation and currently serves as President and Treasurer.

Vilis Pasts


Start Date

Tenure

Tenure Rank

May 31, 2013

9.01

9.0%

Vilis Pasts (born 1944) is the Chairman of the Board and the Director of Research. Mr. Pasts is a graduate of Babson College of Business. After college, he was employed as a Securities Analyst for Spear & Staff, where he worked directly with the President and Founder, Mr. Spear. From 1966 to 1970, Mr. Pasts was an account executive with Connecticut General Life, where he received the Award of Merit, The Vice President's Club and President's Club (2) awards. In 1967, he became a registered representative. From 1970 to 1978, he held various positions with several brokerage firms, including registered principal since 1972. In March 1979, he founded BTS. Mr. Pasts also founded BTS Securities Corporation ("BTSC") in 1981. BTSC is a registered broker/dealer with the SEC and a member of FINRA. Mr. Pasts has over 50 years of experience in the securities field.

Isaac Braley


Start Date

Tenure

Tenure Rank

May 01, 2017

5.08

5.1%

Isaac Braley (born 1976) is the President, Director, and Investment Committee Member. Mr. Braley joined BTS in 1999. Mr. Braley has served as a significant contributor to portfolio analysis and creation. Along with his experience in portfolio design and strategy, Mr. Braley is head of distribution for BTS. He actively attends industry investment and research conferences speaking on topics regarding portfolio design and behavioral finance. He has a B.S. in Business Management from Keene State College and a M.S. in Financial Planning from the College of Financial Planning. Mr. Braley is a registered representative of BTS Securities Corporation and holds the Series 6, 63, and 65 licenes.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.72 3.19