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Trending ETFs

Name

As of 05/24/2024

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

$10.71

$90.7 M

2.98%

$0.32

2.64%

Vitals

YTD Return

0.5%

1 yr return

7.6%

3 Yr Avg Return

3.1%

5 Yr Avg Return

5.7%

Net Assets

$90.7 M

Holdings in Top 10

99.7%

52 WEEK LOW AND HIGH

$10.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.64%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 148.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 05/24/2024

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

$10.71

$90.7 M

2.98%

$0.32

2.64%

CPMPX - Profile

Distributions

  • YTD Total Return 0.5%
  • 3 Yr Annualized Total Return 3.1%
  • 5 Yr Annualized Total Return 5.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.74%
DIVIDENDS
  • Dividend Yield 3.0%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Changing Parameters Fund
  • Fund Family Name
    Navigator Funds
  • Inception Date
    Oct 02, 2006
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Howard Smith

Fund Description

The Fund seeks to achieve its investment objective by investing primarily in a combination of long and short positions in equity and fixed-income securities which includes common stocks, corporate bonds, floating rate loans, municipal securities, preferred stocks, shares of open-end and closed-end investment companies and exchange-traded funds (“ETFs”), futures contracts, options on futures contracts and U.S. Treasury instruments. The open-end and closed-end investment companies includes those that invest in equity securities and fixed income securities (including high yield bonds, also known as “junk” bonds). The ETFs and other investment companies are referred to as “Underlying Funds” in this prospectus. The Fund may borrow amounts of up to 33 1/3% of its total assets, less liabilities other than such borrowings, to take advantage of leverage opportunities by buying additional securities when the Fund’s adviser deems it advisable and to increase liquidity to meet redemption requests.

The Fund’s investment objective of total return consists of two components: capital appreciation and income. In general, the Fund’s investments, either directly or through the Underlying Funds, in futures contracts, options on futures contracts and bonds are intended to achieve the capital appreciation component, and the Fund’s investments in money market instruments, fixed income securities (including high yield bonds) and to a lesser extent U.S. Treasuries, are intended to achieve the income component of the Fund’s total return objective. The Fund typically invests in U.S. Treasuries with maturities of any duration, or futures on such U.S. Treasuries. The Fund’s investment exposure to fixed income securities may include fixed income

securities of any maturity, credit rating (including those rated below investment grade) and duration. The Fund may sell securities short and establish short positions in futures and/or options for both investment and hedging purposes. The Fund may invest in U.S. and foreign issuers, including those that are emerging markets issuers. The Fund considers emerging market issuers to be those countries represented in the MSCI Emerging Markets Index.

The Fund’s adviser uses technical, quantitative and momentum analysis to assess trends and current investment opportunities across the securities markets generally and to allocate the Fund’s investment portfolio between the equity and fixed income markets, and among various market segments within the equity and fixed income markets. Technical analysis is the study of an index’s or a security’s past prices and trading volumes for the purpose of forecasting price trends. Quantitative methods compute price trends, such as moving average price, and statistical measures, such as standard deviation, to use as predictive tools. Momentum measures use many of these same tools to measure the speed of price changes as a leading indicator of trends. The Fund will invest in specific market segments when the adviser’s proprietary investment models indicate a high probability that the applicable investments in such chosen market segments are likely to outperform investments in other market segments. The Fund will sell interests or reduce its investment exposure among specific market segments when the adviser’s models indicate that investments in such markets are likely to underperform. The Fund sells short securities that the adviser believes are overvalued or to hedge all or a portion of the Fund’s portfolio. The Fund covers (buys back) these securities when the adviser believes they have reached their target price or the adviser’s proprietary investment models indicate that hedging is no longer needed. The Fund’s adviser may engage in frequent buying and selling of portfolio securities to achieve the Fund’s investment objective.

Investing in futures contracts or options on such futures contracts requires an investment of only a small portion of the Fund’s assets in order to produce a return that approximates the return of the underlying U.S. government bond or stock index. This effect is referred to as “leverage.” The Fund is diversified.

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CPMPX - Performance

Return Ranking - Trailing

Period CPMPX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -7.0% 6.6% 91.65%
1 Yr 7.6% -4.5% 20.8% 92.89%
3 Yr 3.1%* -16.4% 20.2% 12.69%
5 Yr 5.7%* -12.0% 37.0% 4.52%
10 Yr 3.9%* -5.1% 19.4% 20.61%

* Annualized

Return Ranking - Calendar

Period CPMPX Return Category Return Low Category Return High Rank in Category (%)
2023 3.7% -4.7% 14.3% 82.94%
2022 -5.0% -33.4% 3.6% 0.96%
2021 -0.4% -8.4% 8.2% 64.95%
2020 6.1% -13.2% 302.7% 3.42%
2019 3.9% -4.4% 13.3% 89.96%

Total Return Ranking - Trailing

Period CPMPX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -7.0% 6.6% 91.65%
1 Yr 7.6% -4.5% 20.8% 92.89%
3 Yr 3.1%* -16.4% 20.2% 12.69%
5 Yr 5.7%* -12.0% 37.0% 4.52%
10 Yr 3.9%* -5.1% 19.4% 20.61%

* Annualized

Total Return Ranking - Calendar

Period CPMPX Return Category Return Low Category Return High Rank in Category (%)
2023 8.1% -4.7% 18.7% 92.73%
2022 -0.2% -33.4% 47.8% 1.59%
2021 3.9% -8.4% 12.4% 75.42%
2020 13.4% -9.6% 325.6% 1.88%
2019 6.8% -3.8% 19.4% 96.13%

NAV & Total Return History


CPMPX - Holdings

Concentration Analysis

CPMPX Category Low Category High CPMPX % Rank
Net Assets 90.7 M 1.45 M 23.6 B 84.41%
Number of Holdings 7 2 2736 99.68%
Net Assets in Top 10 90.1 M -492 M 5.09 B 48.58%
Weighting of Top 10 99.73% 4.2% 146.9% 0.47%

Top 10 Holdings

  1. BLKR-H/Y BND-INS 45.56%
  2. MNSTY MCKY H/Y MUNI BND-I 14.93%
  3. NVN-PREF SEC-INC 10.02%
  4. PIMCO-E/M BD-INS 9.94%
  5. FED HER GOVT OBLIG-INS 7.18%
  6. LORD ABBETT FLOATING RATE 7.12%
  7. JPM-HDG EQTY-I 4.98%

Asset Allocation

Weighting Return Low Return High CPMPX % Rank
Stocks
92.55% 0.00% 99.54% 0.79%
Cash
7.45% -52.00% 48.07% 17.88%
Convertible Bonds
0.01% 0.00% 17.89% 93.51%
Preferred Stocks
0.00% 0.00% 7.88% 53.16%
Other
0.00% -63.70% 102.57% 49.21%
Bonds
0.00% -3.13% 154.38% 98.58%

Stock Sector Breakdown

Weighting Return Low Return High CPMPX % Rank
Real Estate
86.71% 0.00% 86.71% 0.28%
Energy
5.40% 0.00% 100.00% 64.96%
Basic Materials
3.16% 0.00% 100.00% 21.94%
Communication Services
2.30% 0.00% 99.99% 49.57%
Consumer Defense
1.83% 0.00% 100.00% 16.81%
Consumer Cyclical
0.42% 0.00% 100.00% 38.18%
Industrials
0.17% 0.00% 93.12% 32.19%
Utilities
0.00% 0.00% 100.00% 43.59%
Technology
0.00% 0.00% 33.17% 42.17%
Healthcare
0.00% 0.00% 22.17% 33.90%
Financial Services
0.00% 0.00% 100.00% 40.46%

Stock Geographic Breakdown

Weighting Return Low Return High CPMPX % Rank
US
92.55% 0.00% 99.54% 0.79%
Non US
0.00% -0.01% 0.83% 35.60%

CPMPX - Expenses

Operational Fees

CPMPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.64% 0.02% 38.33% 3.79%
Management Fee 1.50% 0.00% 1.84% 99.37%
12b-1 Fee 0.00% 0.00% 1.00% 5.13%
Administrative Fee N/A 0.00% 0.50% 43.97%

Sales Fees

CPMPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

CPMPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

CPMPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 148.00% 1.00% 255.00% 98.10%

CPMPX - Distributions

Dividend Yield Analysis

CPMPX Category Low Category High CPMPX % Rank
Dividend Yield 2.98% 0.00% 11.76% 90.41%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

CPMPX Category Low Category High CPMPX % Rank
Net Income Ratio 2.74% -2.39% 14.30% 95.49%

Capital Gain Distribution Analysis

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

Distributions History

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CPMPX - Fund Manager Analysis

Managers

Howard Smith


Start Date

Tenure

Tenure Rank

Oct 02, 2006

15.67

15.7%

Mr. Smith has served as President of Changing Parameters since it was founded in 2004, and was the COO of Value Monitoring, Inc., an investment advisory firm, from 1990 to April, 2016. He has been a registered representative of Ceros Financial Services, Inc., a broker-dealer, since 2009, and was formerly a registered representative of Rydex Distributors, Inc. from 2004 to 2009 and United Planners' Financial Services of America from 1999 to 2004.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.18 8.17