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Trending ETFs

Name

As of 04/12/2024

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

$7.98

$53.8 M

0.00%

2.17%

Vitals

YTD Return

13.1%

1 yr return

19.4%

3 Yr Avg Return

10.1%

5 Yr Avg Return

4.4%

Net Assets

$53.8 M

Holdings in Top 10

99.8%

52 WEEK LOW AND HIGH

$8.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.17%

SALES FEES

Front Load 5.75%

Deferred Load N/A

TRADING FEES

Turnover 146.00%

Redemption Fee 1.00%


Min Investment

Standard (Taxable)

$2,500

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 04/12/2024

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

$7.98

$53.8 M

0.00%

2.17%

EVOAX - Profile

Distributions

  • YTD Total Return 13.1%
  • 3 Yr Annualized Total Return 10.1%
  • 5 Yr Annualized Total Return 4.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.55%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Altegris Futures Evolution Strategy Fund
  • Fund Family Name
    Navigator Funds
  • Inception Date
    Oct 31, 2011
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Matthew Osborne

Fund Description

The Fund seeks to achieve its investment objective by allocating its assets between a “Managed Futures” strategy and a “Fixed Income” strategy.

Managed Futures Strategy: The Managed Futures strategy may allocate assets of the Fund to a single Managed Futures portfolio or multiple Managed Futures portfolios that include investment styles or sub-strategies such as (i) trend following, (ii) discretionary, fundamentals-based investing with a focus on macroeconomic analysis, (iii) strategies that pursue both fundamental and technical trading approaches, (iv) other specialized approaches to specific or individual market sectors such as equities, interest rates, metals, agricultural and soft commodities and (v) systematic trading strategies which incorporate technical and fundamental variables.

The Managed Futures strategy investments are designed to achieve capital appreciation in the financial and commodities futures markets by investing primarily via fund- or equity-linked call options (or other types of derivatives, such as, swap contracts or structured notes), that provide the returns of reference assets such as securities of limited partnerships, limited liability companies, offshore corporations and other types of pooled investment vehicles, including commodity pools (collectively, “Underlying Pools”). The Fund does not invest more than 25% of its assets with any one option counterparty or other derivatives contract counterparty or issuer. The Fund may access the returns of a single or multiple Underlying Pool(s) that use a single manager or multiple managers to execute Managed Futures strategies without restriction as to issuer capitalization, country, or currency. Each Underlying Pool invests according to a Managed Futures strategy in one or a combination of (i) options, (ii) futures, (iii) forwards or (iv) spot contracts, each of which may be tied to (i) commodities, (ii) financial indices and instruments, (iii) foreign currencies, or (iv) equity indices. Options, swap contracts and structured notes have payments linked to reference assets such as Underlying Pools and as such are designed to produce returns similar to those of Underlying Pools and their respective strategies.

The Fund’s adviser, Altegris Advisors, L.L.C. (the “Adviser”), or sub-advisers engaged by the Adviser, will seek returns, in part, by (i) using Managed Futures strategy investments that are not expected to have returns that are highly correlated to the broad equity market and (ii) through actively managed Fixed Income strategy investments that are not expected to have returns that are highly correlated to the broad equity market or the Managed Futures strategy.

The Adviser expects that less than 100%, typically 15-25%, of the Fund’s total net assets will be invested in and/or used as collateral for, gaining exposure to Managed Futures strategies. However, through a combination of (i) investing primarily in fund-or equity-linked call options or other types of derivatives, such as swap contracts or structured notes, having payments linked to the returns of reference assets such as Underlying Pools, and/or (ii) direct investments in Underlying Pools that use notional funding (i.e., nominal trading level exceeds the cash deposited in their trading accounts), the Fund will attempt to maintain an exposure to Managed Futures strategies as if between 100% and 125% of the Fund’s net assets were invested.

In order to provide the Fund with exposure to certain Managed Futures strategies that trade non-financial commodity futures contracts within the limitations of the federal tax requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), the Fund may invest up to 25% of its total assets in an Underlying Pool or Pools and other investments that pursue such strategies, indirectly, through a wholly-owned and controlled subsidiary (the “Subsidiary”). The Fund will also make Managed Futures investments outside of the Subsidiary. The Subsidiary, if utilized, will be subject to the same investment restrictions as the Fund, when viewed on a consolidated basis with the Fund.

The cost of investing in the Fund is higher than the cost of investing directly in Underlying Pools and may be higher than other mutual funds that invest directly in the types of derivatives held by the Underlying Pools. Each Underlying Pool will pay management and performance based fees to its manager. For Underlying Pools that trade commodity or financial futures, management fees typically are based on the notional account size and not the actual cash invested in the Underlying Pool. Performance fees will range from 15% to 25% of each Underlying Pool’s returns and are computed for each Underlying Pool without regard to the performance of other Underlying Pools. Accordingly, the Fund may indirectly pay a performance fee to an Underlying Pool’s manager with positive investment performance, even if the Fund’s overall returns are negative.

Fixed Income Strategy: The Adviser expects that less than 100%, typically 60-80%, of the Fund’s total net assets will be allocated to Fixed Income strategies as described below, a portion of which may be held in cash. The Adviser has determined to pursue the Fund’s Fixed Income strategy by causing the Fund to invest in one or more other registered open-end investment companies (“Other Mutual Funds”) managed by DoubleLine Capital, LP (“DoubleLine”) or its affiliates (collectively, “DoubleLine Funds”) and that pursue the Fixed Income strategies as described below.

· Low Duration Fixed Income. This strategy invests in debt securities of any kind, including, without limit, MBS; corporate debt obligations (including foreign securities); ABS; foreign securities (corporate and government); emerging market securities (corporate and government); bank loans and assignments, including through collateralized loan obligations; income-producing securitized products, preferred securities; and other instruments bearing fixed or variable interest rates of any maturity. The strategy may invest in individual securities of any maturity or duration as well as those denominated in foreign currencies. In order to manage the dollar-weighted average effective duration of the Low Duration strategy portfolio, derivatives and other instruments (including, among others, futures contracts, U.S. Treasury swaps, interest rate swaps and total return swaps) may be utilized. To achieve exposure to the Low Durations Fixed Income strategy, the Fund expects to invest primarily in shares of the DoubleLine Low Duration Bond Fund (DBLSX).
· Core Fixed Income. This strategy invests in a variety of fixed income instruments, including corporations; corporate obligations; agency mortgage-backed securities (“MBS”); non-agency MBS; commercial mortgage-backed securities (“CMBS”); asset-backed securities (“ABS”); high-yield (junk) bonds; bank loans and assignments; credit default swaps; global developed credit (such as corporate obligations and foreign securities); foreign fixed income securities issued by corporations and governments; emerging market fixed income securities issued by corporations and governments; bank loans and assignments bearing fixed or variable interest rates of any maturity. The strategy may invest in inverse floaters and interest-only and principal-only securities and in fixed income instruments issued or guaranteed by companies, financial institutions and government entities in emerging markets countries. It may also invest in other investment companies, including other DoubleLine Funds, or collective investment vehicles that invest in any of the above-listed fixed income securities, to the extent permitted by applicable law. To achieve exposure to the Core Fixed Income strategy, the Fund expects to invest primarily in shares of the DoubleLine Core Fixed Income Fund (DBLFX).
· Opportunistic Fixed Income. This strategy actively allocates among sectors that may include, for example, U.S. Government securities, corporate debt securities, MBS and other ABS, foreign debt securities, including emerging market debt securities, loans, and high yield debt securities. The strategy retains broad flexibility to use various investment strategies and to invest in a wide variety of fixed income instruments offering the potential for current income, capital appreciation, or both. The strategy’s allocations to different sectors and issuers will change over time, sometimes rapidly, and it may invest without limit in a single sector or a small number of sectors, and without limit in foreign securities, including emerging market securities. The strategy may invest in securities of any credit quality and without limit in securities rated below investment grade or unrated securities deemed of comparable quality -- commonly known as “junk bonds”. To achieve exposure to the Opportunistic Fixed Income strategy, the Fund expects to invest primarily in shares of the DoubleLine Flexible Income Fund (DFLEX).

DoubleLine Funds may invest in fixed income securities of any credit quality or maturity. Junk bonds are, at the time of investment, unrated or rated BB+ or lower by S&P or Ba1 or lower by Moody’s or the equivalent by any other nationally recognized statistical rating agency (“NRSRO”), or unrated securities that are determined by the sub-adviser to be of comparable quality, including those in default. Junk bonds are also known as “high yield” or “high risk” bonds. Generally, lower-rated debt securities provide a higher yield than higher rated debt securities of similar maturity but are subject to greater risk of loss of principal and interest than higher rated securities of similar maturity. DoubleLine Funds may also (unless otherwise stated in a specific fund’s Prospectus) invest in fixed income-related futures, options and swaps as substitutes for fixed income securities and to hedge interest rate and default risk.

The amount of Fund assets allocated among the Fixed Income strategies described above may change depending on the Adviser’s assessment of market risk, security valuations, market volatility and the prospects for earning income and achieving capital appreciation. The amounts allocated to the Low Duration Fixed Income and/or Core Fixed Income strategies may be between 70% and 100% of amounts allocated overall to the Fixed Income strategy. The amount allocated to the Opportunistic Fixed income strategy may be between 0% to 30% of amounts allocated overall to the Fixed Income strategy. The Adviser may also, in its discretion, cause the Fund to pursue any of the above-described Fixed Income strategies through investments in DoubleLine Funds other than those noted above, or in Other Mutual Funds managed by other firms.

The Fund may also enter into derivatives 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 or pools, including, for example, Other Mutual Funds not managed by DoubleLine, closed-end investment companies (“CEFs”), exchange-traded funds (“ETFs”), and domestic or foreign private investment vehicles.

In pursuing its objective, the Fund may engage in frequent trading of its portfolio, resulting in a high portfolio turnover rate.

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EVOAX - Performance

Return Ranking - Trailing

Period EVOAX Return Category Return Low Category Return High Rank in Category (%)
YTD 13.1% -7.4% 14.6% 20.21%
1 Yr 19.4% -16.1% 36.5% 61.29%
3 Yr 10.1%* -7.9% 13.3% 86.52%
5 Yr 4.4%* -5.3% 10.0% 86.75%
10 Yr 4.9%* -2.4% 4.3% N/A

* Annualized

Return Ranking - Calendar

Period EVOAX Return Category Return Low Category Return High Rank in Category (%)
2023 3.2% -16.4% 12.9% 93.55%
2022 -15.7% -9.3% 17.5% 29.35%
2021 2.5% -25.8% 2.2% 67.44%
2020 -14.8% -5.1% 21.0% 22.37%
2019 2.5% -20.3% 4.6% 66.20%

Total Return Ranking - Trailing

Period EVOAX Return Category Return Low Category Return High Rank in Category (%)
YTD 13.1% -7.4% 14.6% 20.21%
1 Yr 19.4% -20.3% 36.5% 81.72%
3 Yr 10.1%* -9.0% 11.1% 88.76%
5 Yr 4.4%* -5.7% 8.7% 91.57%
10 Yr 4.9%* -2.4% 4.3% N/A

* Annualized

Total Return Ranking - Calendar

Period EVOAX Return Category Return Low Category Return High Rank in Category (%)
2023 4.8% -16.4% 12.9% 93.55%
2022 12.7% -9.3% 17.5% 29.35%
2021 5.3% -20.3% 2.5% 47.67%
2020 -13.1% -5.1% 21.0% 22.37%
2019 3.9% -20.3% 6.7% 42.25%

NAV & Total Return History


EVOAX - Holdings

Concentration Analysis

EVOAX Category Low Category High EVOAX % Rank
Net Assets 53.8 M 2.12 M 1.74 B 51.06%
Number of Holdings 6 3 876 22.34%
Net Assets in Top 10 54.6 M -100 M 2.04 B 54.26%
Weighting of Top 10 99.81% 20.3% 94.0% 94.44%

Top 10 Holdings

  1. DOUBLELINE LOW DUR BOND-I 45.52%
  2. DOUBLELINE CORE FIX INCOM 24.31%
  3. NOMURA CALL OPT 08/16/25 9.47%
  4. NOMURA CALL OPT 08/16/25 8.66%
  5. FRST AM-GV OB-X 7.22%
  6. NOMURA CALL OPT 08/16/25 4.63%

Asset Allocation

Weighting Return Low Return High EVOAX % Rank
Stocks
69.83% -1.78% 72.26% 31.91%
Cash
7.42% -687.11% 117.03% 60.64%
Convertible Bonds
1.13% 0.00% 2.27% 21.28%
Preferred Stocks
0.00% 0.00% 0.13% 96.81%
Other
0.00% 0.00% 58.63% 100.00%
Bonds
0.00% -50.36% 717.59% 37.23%

Stock Sector Breakdown

Weighting Return Low Return High EVOAX % Rank
Utilities
0.00% 0.00% 4.63% 92.31%
Technology
0.00% 0.00% 45.08% 92.31%
Real Estate
0.00% 0.27% 99.97% 92.31%
Industrials
0.00% 0.00% 17.73% 92.31%
Healthcare
0.00% 0.00% 16.51% 92.31%
Financial Services
0.00% 0.00% 30.46% 92.31%
Energy
0.00% 0.00% 6.41% 61.54%
Communication Services
0.00% 0.03% 20.13% 92.31%
Consumer Defense
0.00% 0.00% 14.38% 92.31%
Consumer Cyclical
0.00% 0.00% 21.37% 92.31%
Basic Materials
0.00% 0.00% 12.01% 78.85%

Stock Geographic Breakdown

Weighting Return Low Return High EVOAX % Rank
US
69.83% -5.85% 56.89% 86.17%
Non US
0.00% 0.00% 40.59% 34.04%

EVOAX - Expenses

Operational Fees

EVOAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.17% 0.75% 12.88% 39.78%
Management Fee 1.15% 0.65% 2.99% 79.79%
12b-1 Fee 0.25% 0.00% 1.00% 65.57%
Administrative Fee N/A 0.09% 0.45% 22.22%

Sales Fees

EVOAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 5.75% 3.50% 5.75% 77.27%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

EVOAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 1.00% 100.00%

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.

EVOAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 146.00% 0.00% 198.00% 74.29%

EVOAX - Distributions

Dividend Yield Analysis

EVOAX Category Low Category High EVOAX % Rank
Dividend Yield 0.00% 0.00% 0.00% 96.81%

Dividend Distribution Analysis

EVOAX Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Quarterly Annually

Net Income Ratio Analysis

EVOAX Category Low Category High EVOAX % Rank
Net Income Ratio 0.55% -3.14% 1.55% 2.15%

Capital Gain Distribution Analysis

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

Distributions History

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EVOAX - Fund Manager Analysis

Managers

Matthew Osborne


Start Date

Tenure

Tenure Rank

Oct 31, 2011

10.59

10.6%

Mr. Osborne is a Founder of Altegris Advisors, and has served as its Chief Investment Officer since January 2016, and was previously its Executive Vice President from February 2010 to June 2015, and Co-President from June 2015, to January 2016. From July 2002 to December 2014, he also served as Director and Vice President of Altegris Funds. He also serves as a manager and Executive Vice President of Altegris Clearing Solutions and, until December 2014, of Altegris Futures. Mr. Osborne brings more than 20 years of international business and financial market experience to his role in directing the managed futures strategies and related strategic initiatives for Altegris Advisors. Mr. Osborne was Director of Research for the Managed Investments Division of Man Financial. Previous to his role at Man Financial, Mr. Osborne served as Investment Manager for a family office in his native New Zealand where he was responsible for formulating investment policies and implementing a global asset allocation program that specialized in alternative investment strategies such as hedge funds and managed futures.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.16 14.09 5.41 5.06