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Trending ETFs

Name

As of 05/17/2024

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

$11.01

$3.48 M

0.00%

18.11%

Vitals

YTD Return

13.6%

1 yr return

13.6%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$3.48 M

Holdings in Top 10

80.0%

52 WEEK LOW AND HIGH

$10.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 18.11%

SALES FEES

Front Load 3.00%

Deferred Load N/A

TRADING FEES

Turnover 88.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,000

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 05/17/2024

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

$11.01

$3.48 M

0.00%

18.11%

CMSAX - Profile

Distributions

  • YTD Total Return 13.6%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.60%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Altegris Crabel Multi-Strategy Fund
  • Fund Family Name
    Navigator Funds
  • Inception Date
    Dec 30, 2022
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

The Fund seeks to achieve its investment objective by allocating its assets among multiple investment strategies, as described below, with a goal of delivering an “all weather” solution that has the potential to provide positive returns in all market environments.

Tactical Futures Strategy. The Tactical Futures strategy is a long-short strategy that seeks to deliver long term capital appreciation for the Fund through trend following exposure with defensive positioning designed to provide rapid responses to declines in equity markets. The Tactical Futures strategy is implemented as a combination of two component strategies: the (i) “Advanced Trend” and (ii) “Contra” strategies.

Advanced Trend is a trend-following strategy pursued through the application of systematic trading strategies designed to efficiently capture long-term trend following returns across a diverse set of global futures, forwards and foreign exchange instruments and market sectors including commodities, currencies, equities and interest rates.
Contra implements a diverse set of short-term, systematic trading strategies designed to exhibit negative correlation to global equity markets (that is, the strategy seeks to provide returns inverse to those of global equity markets). Because Contra is designed to perform well when global equity markets are in decline (i.e. negative correlation), this component of the Tactical Futures strategy is intended to deliver positive returns in all market environments for the Fund, while remaining opportunistically geared towards volatile, equity bear market environments.

In pursuing the Tactical Futures strategy, a combination of Advanced Trend and Contra, the Fund trades futures and forwards contracts across approximately 200 global contract markets. The number of global markets traded may increase or decrease from time to time. Specific asset classes traded across global markets will encompass equities, spot currencies and forward foreign exchange contracts, government and corporate debt securities, interest rate instruments, stock indices, precious metals and traditional and base industrial commodities. Specific types of instruments that the Fund may purchase across these asset classes will include (i) forward and futures contracts (as noted above), (ii) covered and uncovered options on futures or securities, (iii) swap transactions involving equity securities or other instruments, (iv) commodity spot market contracts, (v) contracts for differences, (vi) interest rate, volatility and credit derivatives; and (vii) foreign exchange forward contracts. These instruments may be listed or unlisted and rated or unrated, and derivative instruments may be exchange-traded or bought and sold over-the-counter. The breadth of contracts traded across varied asset classes, and the anticipated volume of identified trends or trading signals, and corresponding trading strategies implemented to capitalize on such trends or signals, may generate high trading and turnover levels within the Tactical Futures strategy portfolio at times.

The Fund will execute a portion of the Tactical Futures strategy by investing up to 25% of its total assets (measured at the time of purchase) in a wholly-owned and controlled subsidiary (the “Subsidiary”). The Subsidiary will invest the majority of its assets in non-financial commodity futures contracts, other financial instruments providing exposure to interests in physical commodities (consistent with the Tactical Futures strategy as described above), and also in fixed income securities (consistent with the Fixed Income strategy described below) that will serve as margin or collateral for the Subsidiary’s commodities and commodity futures positions. The Fund will also execute a portion of the Tactical Futures strategy portfolio investments directly, outside of the Subsidiary, with this portion being primarily financial futures contracts and in fixed income securities (consistent with the Fixed Income strategy described below) that will serve as margin or collateral for such financial futures positions. The Subsidiary pursues the same principal investment strategies as the Fund, and is subject to the same investment risks and portfolio investment restrictions and limitations as the Fund on a consolidated basis. Investment by the Fund through its Subsidiary in non-financial commodity futures contracts, as utilized in pursuit of the Tactical Futures strategy, allows it to gain exposure to such contracts within the limitations of the federal tax requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

Equity Strategy. The Fund will allocate a portion of its assets to an Equity strategy intended to provide the Fund’s portfolio with long-term, strategic exposure to U.S. and non-U.S., primarily liquid equity securities of issuers across both developed and emerging market countries, and implemented on a relatively passive, long-only, “buy-and-hold” basis. Within the Equity strategy, the Fund may invest in all types of equity securities and equity-related instruments without regard to market capitalization. For example, equity securities and equity-related instruments include exchange-traded and over-the-counter common and preferred stocks, security futures, warrants, options, rights, convertible securities, sponsored and unsponsored depositary receipts and shares, trust certificates, participatory notes, limited partnership interests, financial futures contracts, real estate investment trusts (“REITs”) and shares of other open- and closed-end investment companies (including exchanged-traded funds (“ETFs”). The Fund may also participate as a purchaser in initial public offerings of securities (“IPO”), a company’s first offering of stock to the public. The Fund generally considers emerging market countries to be those designated as an emerging market country as reflected by the MSCI Emerging Markets Index.

Fixed Income Strategy. With respect to assets of the Fund not allocated to investments pursuant to the Tactical Futures or Equity strategies, and to generate potential additional income and capital appreciation, which may add diversification to the returns generated by the Fund’s Tactical Futures and Equity strategies, the Fund will implement an additional Fixed Income strategy comprised of long-only investments in cash, cash equivalents, securities issued by the U.S. government and its agencies and instrumentalities, money market securities and other interest-bearing instruments, or in fixed income securities of any credit quality or maturity, including but not limited to: (i) corporate bonds, (ii) corporate loans, (iii) sovereign debt, (iv) convertible bonds, (v) municipal bonds, (vi) inflation-linked bonds and (vii) credit default linked instruments. The Fund may also invest in money market funds or other investment companies (including ETFs) whose assets are comprised primarily of any of the above-described types of fixed income securities or that seek to track the composition and/or performance of specific fixed income indexes.

Multi-Strategy Exposures. The Adviser, based upon the prior performance and anticipated future performance of the Tactical Futures strategy, and in consultation with the Fund’s Sub-Adviser, anticipates that 60% to 90%, typically 75%, of the Fund’s net assets will be attributable to investments implementing the Tactical Futures strategy. Within the Tactical Futures strategy, and depending on prevailing market conditions, portfolio composition and systematic trading signals, the Fund’s portfolio managers will periodically re-allocate exposure among its two component strategies: Advanced Trend and Contra. The Adviser anticipates that approximately 50% to 80% of Fund net assets will be allocated to Advanced Trend, and approximately 5% to 50% of the Fund’s net assets will be allocated to Contra. The Adviser anticipates that 35% to 65%, typically 50% of the Fund’s net assets will be attributable to investments made pursuant to the Equity Strategy. The remainder of Fund assets will be invested pursuant to the Fixed Income strategy.

The Fund is “non-diversified” for purposes of the Investment Company Act of 1940, as amended, (the “1940 Act”), which means that the Fund may invest in fewer securities at any one time than a diversified fund. The Fund may not invest more than 15% of its net assets, including those assets held in the subsidiary, in illiquid investments. The Fund’s investments in certain derivative instruments involve the use of leverage. In pursuing the Fund’s objective, the Adviser may engage in frequent trading of the Fund’s portfolio investment, resulting in a higher portfolio turnover rate.

Other Investments. In addition to the investments specifically described above, the Fund in pursuing its investment objective may also engage in other types of derivative transactions and other instruments of any kind for hedging purposes or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. The Fund may also use derivatives transactions with the purpose or effect of creating investment leverage. For example, the Fund may use futures contracts and options on futures contracts, in order to gain efficient long or short investment exposures as an alternative to cash investments or to hedge against portfolio exposures; interest rate swaps, to gain indirect long or short exposures to interest rates, issuers, or currencies, or to hedge against portfolio exposures; and total return swaps and credit derivatives (such as credit default swaps), put and call options, and exchange-traded and structured notes, to take indirect long or short positions on indexes, securities, currencies, commodities or other indicators of value. The Fund may invest in other investment companies, commodity pools, closed-end investment companies, ETFs, and domestic or foreign private investment vehicles.

Key Strategy Terms

A Trend-following strategy generally seeks to identify the general direction of one or more global market segments (either up or down) using indicators such as current market prices and moving average prices, and buying or selling investments based on the assessment of these trade signals as determined before a trade is made.

Systematic trading is an investment approach that emphasizes data-driven insights, scientific testing, and disciplined portfolio construction techniques to seek varied portfolio outcomes.

Negative Correlation is a relationship between two variables in which one variable increases as the other decreases (i.e., they move in opposite directions).

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CMSAX - Performance

Return Ranking - Trailing

Period CMSAX Return Category Return Low Category Return High Rank in Category (%)
YTD 13.6% 4.3% 13.7% 50.00%
1 Yr 13.6% 13.6% 13.7% 100.00%
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A 50.00%

* Annualized

Return Ranking - Calendar

Period CMSAX Return Category Return Low Category Return High Rank in Category (%)
2023 -3.1% -3.1% -3.1% 50.00%
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period CMSAX Return Category Return Low Category Return High Rank in Category (%)
YTD 13.6% 4.3% 13.7% 50.00%
1 Yr 13.6% 13.6% 13.7% 100.00%
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A 50.00%

* Annualized

Total Return Ranking - Calendar

Period CMSAX Return Category Return Low Category Return High Rank in Category (%)
2023 -0.5% -0.5% -0.5% 50.00%
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

NAV & Total Return History


CMSAX - Holdings

Concentration Analysis

CMSAX Category Low Category High CMSAX % Rank
Net Assets 3.48 M 3.48 M 5.63 M 75.00%
Number of Holdings 229 38 229 25.00%
Net Assets in Top 10 2.79 M 2.79 M 2.84 M 75.00%
Weighting of Top 10 80.03% 50.5% 80.0% 25.00%

Top 10 Holdings

  1. B 01/11/24 68.81%
  2. FRST AM-GV OB-X 8.52%
  3. SP500 EMINI FUT Mar24 1.17%
  4. DJIA MINI e-CBOT Mar24 0.42%
  5. CURRENCY CONTRACT - EUR 0.30%
  6. BRENT CRUDE FUTR Dec24 0.21%
  7. SP/TSX 60 IX FUT Mar24 0.19%
  8. SUGAR #11 (WORLD) Mar24 0.15%
  9. CURRENCY CONTRACT - CHF 0.14%
  10. MSCI EAFE Mar24 0.13%

Asset Allocation

Weighting Return Low Return High CMSAX % Rank
Bonds
68.81% 0.00% 68.81% 25.00%
Cash
31.35% 2.30% 31.35% 25.00%
Stocks
0.00% 0.00% 96.06% 75.00%
Preferred Stocks
0.00% 0.00% 1.64% 75.00%
Convertible Bonds
0.00% 0.00% 0.00% 25.00%
Other
-0.16% -0.16% 0.00% 75.00%

Bond Sector Breakdown

Weighting Return Low Return High CMSAX % Rank
Government
26.62% 18.04% 26.62% 25.00%
Cash & Equivalents
8.52% 2.06% 8.52% 25.00%
Corporate
0.01% 0.01% 0.02% 75.00%
Securitized
0.00% 0.00% 0.00% 25.00%
Municipal
0.00% 0.00% 0.00% 25.00%
Derivative
-0.16% -0.16% 0.00% 75.00%

Bond Geographic Breakdown

Weighting Return Low Return High CMSAX % Rank
US
68.81% 0.00% 68.81% 25.00%
Non US
0.00% 0.00% 0.00% 25.00%

CMSAX - Expenses

Operational Fees

CMSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 18.11% 5.64% 18.11% 25.00%
Management Fee 1.50% 0.87% 1.50% 75.00%
12b-1 Fee 0.25% 0.00% 1.00% 50.00%
Administrative Fee 0.08% 0.08% 0.08% 25.00%

Sales Fees

CMSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.00% 3.00% 5.75% 100.00%
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

CMSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A 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.

CMSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 88.00% 88.00% 142.00% 25.00%

CMSAX - Distributions

Dividend Yield Analysis

CMSAX Category Low Category High CMSAX % Rank
Dividend Yield 0.00% 0.00% 2.46% 25.00%

Dividend Distribution Analysis

CMSAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

CMSAX Category Low Category High CMSAX % Rank
Net Income Ratio -0.60% -1.75% -0.23% 50.00%

Capital Gain Distribution Analysis

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

Distributions History

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CMSAX - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
2.05 3.92 3.3 3.92