Arrow DWA Tactical: Macro Fund
Name
As of 11/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
12.3%
1 yr return
19.7%
3 Yr Avg Return
3.7%
5 Yr Avg Return
6.5%
Net Assets
$44.9 M
Holdings in Top 10
97.2%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 2.69%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 152.00%
Redemption Fee 1.00%
Min Investment
Standard (Taxable)
$5,000
IRA
$2,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
DWTTX - Profile
Distributions
- YTD Total Return 12.3%
- 3 Yr Annualized Total Return 3.7%
- 5 Yr Annualized Total Return 6.5%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -1.62%
- Dividend Yield 0.2%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameArrow DWA Tactical: Macro Fund
-
Fund Family NameArrow Funds
-
Inception DateMay 30, 2008
-
Shares OutstandingN/A
-
Share ClassC
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJonathan Guyer
Fund Description
The Fund primarily invests, either directly or indirectly through investments in exchange traded funds (“ETFs”) and other investment companies (including affiliated funds), in (i) equity securities, (ii) fixed income securities, or (iii) alternative assets.
The Fund defines equity securities to include common and preferred stocks; and defines fixed income securities to include bonds, notes and debentures; and defines alternative assets to include currency, options on currency, equity and commodity futures, commodities, master limited partnerships (“MLPs”) and real estate-related securities. When appropriate, Arrow Investment Advisors, LLC (the “Advisor”), the Fund’s investment advisor may elect to invest in the underlying securities of a particular ETF. The Fund may invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the “DWA Tactical Subsidiary”). The DWA Tactical Subsidiary will invest primarily in long commodity futures and options, as well as fixed income securities and other investments intended to serve as margin or collateral for the DWA Tactical Subsidiary’s derivative positions.
When viewed on a consolidated basis, the DWA Tactical Subsidiary is subject to the same investment restrictions as the Fund. The Fund will consolidate the DWA Tactical Subsidiary for purposes of financial statements, leverage and concentration.
Under normal circumstances, the Fund will invest:
· | From 0% to 100% of its assets in domestic and international (including emerging markets) equity securities; |
· | From 0% to 100% of its assets in fixed income securities of any maturity and credit quality; and |
· | From 0% up to 90% of its assets in alternative assets, including through the DWA Tactical Subsidiary. |
The Advisor allocates the Fund’s portfolio using research from Dorsey Wright & Associates (“DWA”), which comes from the DWA Global Macro investment model (the “DWA Global Macro model”), as well as the Advisor’s proprietary methodology. The DWA Global Macro model is based on a technical analysis of historical price and return forecasts. Technical analysis is the method of evaluating securities by analyzing statistics generated by market activity, such as past prices and trading volume, in an effort to determine probable future prices. The Advisor buys securities and derivatives that it believes will produce returns that are highly correlated to the returns of the components of the DWA Global Macro model. The Advisor sells securities and derivatives to purchase other securities and derivatives that it believes will have higher returns or more closely correlate to the returns of the components of the DWA Global Macro model. The Fund invests in securities without restriction as to capitalization, credit quality or country.
The Fund will invest within specific market segments when the research indicates a high probability that the applicable market segments are likely to outperform the applicable universe. The Fund will sell interests or reduce investment exposure among a market segment when the research indicates that such markets are likely to underperform the applicable universe. The Fund may invest heavily in fixed-income securities, cash positions and similar securities when the research indicates these assets should significantly outperform the equity and/or alternative market segments. The Fund’s fixed income securities may be rated below investment grade (rated BB+ or lower by S&P or comparably rated by another nationally recognized statistical rating organization (“NRSRO”)), also known as “high-yield” or “junk” bonds, and in unrated debt securities determined by the Advisor to be of comparable quality. The alternative asset market segment refers to investments that are historically non-correlated to either equity or fixed income investments such as commodities, MLPs or real estate. In order to gain inverse exposure to the equity markets, the Fund may use the derivatives and futures described above. The Fund also may use currency futures.
In general, the Fund’s investments in equity securities are intended to achieve the capital appreciation component of the Fund’s investment objectives. At times, the Fund invests in fixed income securities in order to achieve the capital preservation component of the Fund’s investment objectives. The Fund’s investments in alternative assets are intended to enable the portfolio to be less reliant on fixed income investments for reducing volatility and equities for increasing returns. The Advisor may engage in frequent buying and selling of portfolio securities to achieve the Fund’s investment objectives.
DWTTX - Performance
Return Ranking - Trailing
Period | DWTTX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 12.3% | -5.8% | 23.4% | 17.97% |
1 Yr | 19.7% | -1.0% | 47.6% | 22.58% |
3 Yr | 3.7%* | -21.6% | 11.4% | 9.30% |
5 Yr | 6.5%* | -12.1% | 22.9% | 25.49% |
10 Yr | 4.7%* | -5.1% | 9.3% | 40.58% |
* Annualized
Return Ranking - Calendar
Period | DWTTX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -1.7% | -18.9% | 60.2% | 93.06% |
2022 | -5.3% | -48.5% | 0.1% | 2.33% |
2021 | -11.5% | -19.0% | 48.3% | 95.33% |
2020 | 1.2% | -16.5% | 52.8% | 80.88% |
2019 | 8.7% | -8.5% | 26.6% | 65.83% |
Total Return Ranking - Trailing
Period | DWTTX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 12.3% | -5.8% | 23.4% | 17.97% |
1 Yr | 19.7% | -1.0% | 47.6% | 22.58% |
3 Yr | 3.7%* | -21.6% | 11.4% | 9.30% |
5 Yr | 6.5%* | -12.1% | 22.9% | 25.49% |
10 Yr | 4.7%* | -5.1% | 9.3% | 40.58% |
* Annualized
Total Return Ranking - Calendar
Period | DWTTX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -1.5% | -11.7% | 61.8% | 97.22% |
2022 | 1.5% | -48.5% | 4.6% | 1.86% |
2021 | 11.3% | -14.2% | 48.3% | 52.80% |
2020 | 8.2% | -11.7% | 77.4% | 51.47% |
2019 | 16.1% | -3.9% | 28.4% | 30.15% |
NAV & Total Return History
DWTTX - Holdings
Concentration Analysis
DWTTX | Category Low | Category High | DWTTX % Rank | |
---|---|---|---|---|
Net Assets | 44.9 M | 1.98 M | 12.4 B | 76.50% |
Number of Holdings | 13 | 2 | 2274 | 86.18% |
Net Assets in Top 10 | 40 M | 1.55 M | 9.46 B | 69.59% |
Weighting of Top 10 | 97.16% | 20.8% | 109.8% | 17.05% |
Top 10 Holdings
- ISHARES MSCI USA 11.76%
- ISHARES SP 500 11.65%
- INVESCO SP 500 11.23%
- SPDR-INDU SELECT 11.00%
- SPDR-TECH SEL S 10.96%
- VANGUARD M/C GRW 9.69%
- ISHARES MSCI USA 8.81%
- SPDR-FINL SELECT 8.46%
- FIRST TRUST LARGE CAP COR 8.27%
- FRST AM-GV OB-X 5.33%
Asset Allocation
Weighting | Return Low | Return High | DWTTX % Rank | |
---|---|---|---|---|
Stocks | 91.83% | 0.00% | 145.83% | 52.53% |
Cash | 8.45% | -33.22% | 99.64% | 34.56% |
Preferred Stocks | 0.00% | -0.09% | 5.36% | 82.03% |
Convertible Bonds | 0.00% | 0.00% | 8.92% | 90.78% |
Bonds | 0.00% | 0.00% | 106.59% | 85.25% |
Other | -0.28% | -29.71% | 135.29% | 94.01% |
Stock Sector Breakdown
Weighting | Return Low | Return High | DWTTX % Rank | |
---|---|---|---|---|
Real Estate | 34.82% | 0.00% | 99.45% | 6.01% |
Financial Services | 21.72% | 0.00% | 98.22% | 7.10% |
Technology | 17.25% | 0.00% | 85.77% | 49.18% |
Energy | 16.72% | 0.00% | 60.89% | 12.02% |
Industrials | 2.83% | 0.00% | 23.85% | 83.06% |
Consumer Cyclical | 2.48% | 0.00% | 25.83% | 81.42% |
Healthcare | 1.28% | 0.00% | 38.63% | 89.07% |
Consumer Defense | 0.93% | 0.00% | 37.51% | 88.52% |
Communication Services | 0.81% | 0.00% | 21.61% | 77.60% |
Utilities | 0.58% | 0.00% | 91.12% | 85.79% |
Basic Materials | 0.56% | 0.00% | 56.73% | 89.07% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | DWTTX % Rank | |
---|---|---|---|---|
US | 91.83% | 0.00% | 145.83% | 50.23% |
Non US | 0.00% | -1.94% | 38.53% | 80.65% |
DWTTX - Expenses
Operational Fees
DWTTX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.69% | 0.45% | 10.24% | 17.05% |
Management Fee | 0.90% | 0.00% | 1.50% | 54.84% |
12b-1 Fee | 1.00% | 0.00% | 1.00% | 95.14% |
Administrative Fee | N/A | 0.05% | 0.70% | 40.63% |
Sales Fees
DWTTX 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
DWTTX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 1.00% | 0.50% | 2.00% | 80.00% |
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.
DWTTX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 152.00% | 1.75% | 441.00% | 65.52% |
DWTTX - Distributions
Dividend Yield Analysis
DWTTX | Category Low | Category High | DWTTX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.16% | 0.00% | 24.95% | 79.72% |
Dividend Distribution Analysis
DWTTX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annual | Monthly | Annual |
Net Income Ratio Analysis
DWTTX | Category Low | Category High | DWTTX % Rank | |
---|---|---|---|---|
Net Income Ratio | -1.62% | -2.01% | 13.72% | 98.16% |
Capital Gain Distribution Analysis
DWTTX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 22, 2023 | $0.013 | OrdinaryDividend |
Dec 23, 2022 | $0.550 | OrdinaryDividend |
Dec 27, 2021 | $1.070 | CapitalGainShortTerm |
Dec 27, 2021 | $0.995 | CapitalGainLongTerm |
Dec 24, 2020 | $0.622 | OrdinaryDividend |
Dec 20, 2019 | $0.017 | OrdinaryDividend |
Dec 20, 2019 | $0.559 | CapitalGainLongTerm |
Jun 27, 2019 | $0.016 | CapitalGainShortTerm |
Jun 27, 2019 | $0.011 | CapitalGainLongTerm |
Dec 27, 2018 | $0.074 | CapitalGainShortTerm |
Dec 27, 2018 | $0.262 | CapitalGainLongTerm |
Dec 27, 2017 | $0.754 | CapitalGainShortTerm |
Dec 27, 2017 | $0.233 | CapitalGainLongTerm |
Dec 28, 2016 | $0.136 | CapitalGainShortTerm |
Dec 28, 2016 | $0.094 | OrdinaryDividend |
Dec 29, 2015 | $0.118 | CapitalGainShortTerm |
Dec 29, 2015 | $0.492 | CapitalGainLongTerm |
Dec 29, 2014 | $0.025 | CapitalGainLongTerm |
Dec 27, 2012 | $0.085 | OrdinaryDividend |
DWTTX - Fund Manager Analysis
Managers
Jonathan Guyer
Start Date
Tenure
Tenure Rank
Jul 31, 2014
7.84
7.8%
Jonathan Guyer joined Arrow Investment Advisors, LLC in October 2013 after spending seven years with Longview Funds Management, LLC. During his tenure at Longview, he served the Principal, Director of Research and Chief Investment Officer of the firm. Mr. Guyer received a Bachelor of Science degree in Business Administration from the University of Northc Carolina - Wilmington in 1985. Mr. Guyer worked in the audit field as a seniro audit manager for commercial banks and trust companies from 1986 until 1994, when he decided to focus on investment management. From May 1995 to December 2001, Mr. Guyer was the head of the Proprietary Hedge Fund Group of Alex. Brown & Sons, Inc. ("DBAB"). From February 2001 to April 2006 Mr. Guyer was the head of the Alternative Investment Group of Legg Mason Wood Walker Incorporated ("LMWW"). Founded in 1800, Alex. Brown & Sons, Inc. was a Baltimore based investment bank acquired by Bankers Trust in 1997 and again acquired by Deutsche Bank in 1999. LMWW, also headquartered in Baltimore, MD, was a broker/dealer acquired by Citigroup Capital Markets Inc. in 2006. Mr. Guyer is a financial professional with significant, broad-based experience in alternative investments, including active portfolio management and trading, manager selection and due diligence, marketing and fund administration.
Joseph Barrato
Start Date
Tenure
Tenure Rank
Jul 31, 2014
7.84
7.8%
Joseph Barrato is a founding member of Arrow Investment Advisors, LLC. He has over 20 years of experience in the investment management industry, including six years with Rydex Investments, where he was responsible for the firm’s research and developed momentum models with the Rydex sector funds. Prior to Rydex, Mr. Barrato spent 12 years at the Federal Reserve Board of Governors, as an analyst and senior financial examiner. He holds a bachelor's degree in business administration from The George Washington University, where he majored in finance and minored in accounting. Mr. Barrato’s experience in the investment management industry gives him a strong understanding of the operational issues facing mutual funds and the regulatory framework under which investment companies must operate. Mr. Barrato has served as an Interested Trustee and the Chairman of the Board since the Trust was organized in August 2011.
Amit Gutt
Start Date
Tenure
Tenure Rank
Dec 01, 2020
1.5
1.5%
Amit Gutt, CFA has been a Portfolio Manager for the ArrowFund since June 2020. Amit joined Arrow Investment Advisors, LLC in August 2014 as an Investment Strategist. In that role, he was responsible for performing quantitative research, portfolio management and trading across multiple asset classes. Prior to joining Arrow, Amit worked as a Summer Associate in emerging markets equity research at KAUST Investment Management and as a Statistician at the United States Department of Commerce from 2009 to 2012. Amit holds a B.S. in Financial Economics from University of Maryland Baltimore County, a Master of Arts in Applied Economics from Johns Hopkins University and an MBA in Finance from the NYU Stern School of Business. Amit is also a CFA charterholder.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.07 | 33.83 | 6.67 | 13.0 |