Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
6.8%
1 yr return
12.5%
3 Yr Avg Return
2.7%
5 Yr Avg Return
4.5%
Net Assets
$7.1 B
Holdings in Top 10
55.6%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.34%
SALES FEES
Front Load 3.75%
Deferred Load N/A
TRADING FEES
Turnover 157.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$5,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
NTBAX - Profile
Distributions
- YTD Total Return 6.8%
- 3 Yr Annualized Total Return 2.7%
- 5 Yr Annualized Total Return 4.5%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.42%
- Dividend Yield 5.9%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameNavigator Tactical Fixed Income Fund
-
Fund Family NameNavigator Funds
-
Inception DateMar 27, 2014
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerDavid Rights
Fund Description
In seeking to achieve its investment objective, the Fund will invest, under normal circumstances, at least 80% of its assets, defined as net assets plus the amount of any borrowings for investment purposes, in long and/or short positions in fixed income securities (80% investment policy). For purposes of the 80% investment policy, the Fund defines fixed income securities as including (i) bills, (ii) notes, (iii) structured notes, (iv) bonds, (v) preferred stocks, (vi) 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, (vii) fixed income derivatives including options, financial futures, options on futures and swaps, and (viii) underlying funds (defined below) that invest primarily in fixed income securities, or (ix) other evidences of indebtedness. The Fund may invest in debt securities of any maturity or credit quality, including those rated below investment grade (high yield securities). Below investment grade debt securities are those rated below Baa3 by Moodys Investors Service or equivalently by another nationally recognized statistical rating organization (NRSRO). The Fund may invest in affiliated mutual funds, and affiliated mutual funds (including money market funds), exchange traded funds (ETFs) and inverse ETFs (collectively, Underlying Funds).
The Fund may invest up to 20% of its net assets in equity index futures or equities. Equity index futures are utilized by the Fund when the Funds Adviser believes that doing so is attractive from a risk/reward analysis perspective. The Fund may invest in equity index futures when doing so provides greater efficiency and lower cost than investing directly in equity securities and when such futures are attractively priced. The Fund may also purchase or write (sell) credit default swaps (CDS) or credit default swap indexes (CDX), which are credit derivatives used to hedge credit risk and/or take a position on a basket of credit entities. Unlike a credit default swap, which is an over the counter derivative, a CDX may be exchange traded, or sold over the counter. Each CDX is designed to track a basket of credit entities, which may be standard or customized. This means that it may be more liquid than a credit default swap, and it may be cheaper to hedge the Funds portfolio with a CDX than it would be to buy many single name credit default swaps to achieve a similar effect. The Fund may also purchase or write (sell) CDX swaptions, which are options to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future. The Fund may also purchase or sell total return swaps or invest in inverse ETFs to hedge its long positions. The Fund may also use derivative transactions to create investment leverage. For example, the Fund may use total return swaps or CDX to take indirect long or short positions on equity or fixed income indices, equity or fixed income securities, or currencies.
The Funds investment strategy is primarily driven by a modeling process which measures the relative strength or momentum of various asset classes against one another. Specifically, using this momentum-based strategy, the Fund will tactically shift its asset class exposure across high yield U.S. treasuries, and cash. Under normal conditions, the Fund expects to invest in fixed income securities and derivatives. When the high yield asset class is favored, the Fund will normally use a combination of fixed income securities and derivatives designed to create an investment return that tracks the return of the Funds primary benchmark index, currently the Bloomberg Barclays U.S. Corporate High Yield index. Specifically, the, will Fund may purchase securities, such as high yield ETFs or corporate bonds, and also enter into swaps or futures where the reference asset is a high yield index, high yield corporate bond ETFs or basket of high yield securities to seek to approximate the return of the Funds primary benchmark. When the treasury asset class is favored, the Fund will normally sell and/or hedge a portion of its high yield exposure using derivatives such as listed commodities, S&P 500 futures contracts, or CDX to hedge its high yield exposure, and increase the Funds exposure to treasuries through securities and derivatives. When the cash asset class is favored, the Fund will normally sell and/or hedge its high yield and/or treasury exposure and increase the Funds exposure to cash equivalents through securities and derivatives.
Due to the structure of the derivatives the Fund expects to use, the Fund will hold a portion of its assets in highly liquid securities as collateral for its derivatives transactions and still have excess cash to invest regardless of whether the favored asset class is high yield, treasuries or cash (or a combination of these asset classes). The Fund will normally invest this excess cash in a mix of investment grade corporate bonds, treasury bills and notes, municipal bonds and other instruments for diversification, risk management and to seek to obtain additional return. As a result, when the high yield asset class is favored, a portion of the Funds assets will be invested in non-high yield investments. Similarly, when the treasury asset class is favored, the Fund will hold a portion of its assets in non-treasury investments, and when the cash asset class is favored, the Fund will hold a portion of its assets in non-cash investments.
NTBAX - Performance
Return Ranking - Trailing
Period | NTBAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 6.8% | -8.0% | 15.4% | 38.59% |
1 Yr | 12.5% | -6.3% | 30.5% | 51.45% |
3 Yr | 2.7%* | -16.8% | 17.1% | 22.17% |
5 Yr | 4.5%* | -14.0% | 14.3% | 9.21% |
10 Yr | 4.5%* | -6.8% | 6.9% | 1.67% |
* Annualized
Return Ranking - Calendar
Period | NTBAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.6% | -12.0% | 15.7% | 15.44% |
2022 | -10.8% | -31.8% | 18.4% | 37.30% |
2021 | -2.3% | -16.2% | 25.7% | 67.91% |
2020 | 3.0% | -31.1% | 18.7% | 36.80% |
2019 | 5.2% | -6.1% | 15.3% | 42.21% |
Total Return Ranking - Trailing
Period | NTBAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 6.8% | -8.0% | 15.4% | 38.59% |
1 Yr | 12.5% | -6.3% | 30.5% | 51.45% |
3 Yr | 2.7%* | -16.8% | 17.1% | 22.17% |
5 Yr | 4.5%* | -14.0% | 14.3% | 9.21% |
10 Yr | 4.5%* | -6.8% | 6.9% | 1.67% |
* Annualized
Total Return Ranking - Calendar
Period | NTBAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 10.3% | -6.9% | 22.2% | 18.50% |
2022 | -9.0% | -31.8% | 21.1% | 50.63% |
2021 | 4.0% | -13.5% | 49.9% | 18.96% |
2020 | 8.7% | -28.6% | 24.1% | 14.79% |
2019 | 7.5% | -4.8% | 19.1% | 64.45% |
NAV & Total Return History
NTBAX - Holdings
Concentration Analysis
NTBAX | Category Low | Category High | NTBAX % Rank | |
---|---|---|---|---|
Net Assets | 7.1 B | 2.53 M | 143 B | 11.18% |
Number of Holdings | 103 | 4 | 9195 | 82.41% |
Net Assets in Top 10 | 4.14 B | -204 M | 80.4 B | 4.94% |
Weighting of Top 10 | 55.63% | 6.2% | 209.5% | 21.62% |
Top 10 Holdings
- ISHARES IBOXX HI 16.80%
- TF Float 07/31/25 6.32%
- B 08/01/24 5.38%
- B 08/08/24 4.70%
- B 08/15/24 4.70%
- DREY-T O C/M-INS 4.08%
- SPDR BLOOMBERG H 3.69%
- B 10/03/24 3.33%
- B 10/10/24 3.33%
- B 10/17/24 3.32%
Asset Allocation
Weighting | Return Low | Return High | NTBAX % Rank | |
---|---|---|---|---|
Bonds | 71.88% | 0.00% | 192.97% | 76.08% |
Stocks | 24.08% | -4.92% | 99.66% | 11.57% |
Cash | 4.61% | -94.66% | 91.07% | 37.81% |
Other | 3.60% | -73.61% | 112.16% | 47.99% |
Convertible Bonds | 1.56% | 0.00% | 33.50% | 45.64% |
Preferred Stocks | 0.00% | 0.00% | 26.42% | 78.55% |
Stock Sector Breakdown
Weighting | Return Low | Return High | NTBAX % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 100.00% | 30.74% |
Technology | 0.00% | 0.00% | 28.30% | 20.08% |
Real Estate | 0.00% | 0.00% | 100.00% | 24.39% |
Industrials | 0.00% | 0.00% | 100.00% | 34.02% |
Healthcare | 0.00% | 0.00% | 18.60% | 20.70% |
Financial Services | 0.00% | 0.00% | 100.00% | 42.01% |
Energy | 0.00% | 0.00% | 100.00% | 27.66% |
Communication Services | 0.00% | 0.00% | 100.00% | 20.70% |
Consumer Defense | 0.00% | 0.00% | 99.97% | 94.06% |
Consumer Cyclical | 0.00% | 0.00% | 89.95% | 20.29% |
Basic Materials | 0.00% | 0.00% | 100.00% | 20.90% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | NTBAX % Rank | |
---|---|---|---|---|
US | 24.08% | -4.84% | 99.66% | 11.57% |
Non US | 0.00% | -0.26% | 17.73% | 70.83% |
Bond Sector Breakdown
Weighting | Return Low | Return High | NTBAX % Rank | |
---|---|---|---|---|
Corporate | 49.39% | 0.00% | 96.66% | 35.51% |
Municipal | 7.57% | 0.00% | 54.26% | 2.71% |
Cash & Equivalents | 4.61% | 0.00% | 88.00% | 35.60% |
Derivative | 3.60% | -73.61% | 112.16% | 6.81% |
Government | 1.67% | 0.00% | 99.43% | 78.98% |
Securitized | 0.00% | 0.00% | 99.65% | 97.45% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | NTBAX % Rank | |
---|---|---|---|---|
US | 71.88% | 0.00% | 192.97% | 62.35% |
Non US | 0.00% | 0.00% | 74.14% | 88.27% |
NTBAX - Expenses
Operational Fees
NTBAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.34% | 0.03% | 20.67% | 43.23% |
Management Fee | 0.82% | 0.00% | 2.29% | 75.50% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 43.43% |
Administrative Fee | N/A | 0.00% | 0.70% | 20.41% |
Sales Fees
NTBAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 3.75% | 0.00% | 5.75% | 60.50% |
Deferred Load | N/A | 1.00% | 1.50% | N/A |
Trading Fees
NTBAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.50% | 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.
NTBAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 157.00% | 0.00% | 632.00% | 85.85% |
NTBAX - Distributions
Dividend Yield Analysis
NTBAX | Category Low | Category High | NTBAX % Rank | |
---|---|---|---|---|
Dividend Yield | 5.89% | 0.00% | 23.30% | 37.31% |
Dividend Distribution Analysis
NTBAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
NTBAX | Category Low | Category High | NTBAX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.42% | -1.55% | 11.51% | 96.24% |
Capital Gain Distribution Analysis
NTBAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Sep 27, 2024 | $0.148 | OrdinaryDividend |
Mar 27, 2024 | $0.106 | OrdinaryDividend |
Dec 20, 2023 | $0.165 | OrdinaryDividend |
Sep 28, 2023 | $0.161 | OrdinaryDividend |
Jun 29, 2023 | $0.112 | OrdinaryDividend |
Mar 30, 2023 | $0.073 | OrdinaryDividend |
Dec 21, 2022 | $0.129 | OrdinaryDividend |
Sep 29, 2022 | $0.045 | OrdinaryDividend |
Jun 29, 2022 | $0.003 | OrdinaryDividend |
Mar 30, 2022 | $0.019 | OrdinaryDividend |
Dec 22, 2021 | $0.062 | OrdinaryDividend |
Dec 22, 2021 | $0.337 | CapitalGainShortTerm |
Dec 22, 2021 | $0.153 | CapitalGainLongTerm |
Sep 29, 2021 | $0.051 | OrdinaryDividend |
Jun 29, 2021 | $0.043 | OrdinaryDividend |
Mar 30, 2021 | $0.034 | OrdinaryDividend |
Dec 23, 2020 | $0.055 | OrdinaryDividend |
Dec 23, 2020 | $0.142 | CapitalGainShortTerm |
Dec 23, 2020 | $0.322 | CapitalGainLongTerm |
Mar 30, 2020 | $0.068 | OrdinaryDividend |
Dec 23, 2019 | $0.039 | OrdinaryDividend |
Dec 23, 2019 | $0.004 | CapitalGainShortTerm |
Sep 27, 2019 | $0.044 | OrdinaryDividend |
Jun 27, 2019 | $0.073 | OrdinaryDividend |
Mar 28, 2019 | $0.061 | OrdinaryDividend |
Dec 24, 2018 | $0.064 | OrdinaryDividend |
Dec 24, 2018 | $0.003 | CapitalGainShortTerm |
Dec 24, 2018 | $0.006 | CapitalGainLongTerm |
Sep 27, 2018 | $0.105 | OrdinaryDividend |
Jun 28, 2018 | $0.082 | OrdinaryDividend |
Mar 28, 2018 | $0.010 | OrdinaryDividend |
Dec 26, 2017 | $0.230 | OrdinaryDividend |
Dec 26, 2017 | $0.177 | CapitalGainShortTerm |
Sep 28, 2017 | $0.072 | OrdinaryDividend |
Jun 29, 2017 | $0.085 | OrdinaryDividend |
Mar 30, 2017 | $0.087 | OrdinaryDividend |
Dec 27, 2016 | $0.108 | OrdinaryDividend |
Dec 27, 2016 | $0.143 | CapitalGainShortTerm |
Dec 27, 2016 | $0.116 | CapitalGainLongTerm |
Sep 29, 2016 | $0.105 | OrdinaryDividend |
Jun 29, 2016 | $0.108 | OrdinaryDividend |
Mar 30, 2016 | $0.032 | OrdinaryDividend |
Dec 28, 2015 | $0.052 | OrdinaryDividend |
Sep 30, 2015 | $0.026 | OrdinaryDividend |
Jun 29, 2015 | $0.090 | OrdinaryDividend |
Apr 16, 2015 | $0.028 | ExtraDividend |
Mar 30, 2015 | $0.016 | OrdinaryDividend |
Dec 26, 2014 | $0.026 | OrdinaryDividend |
Dec 26, 2014 | $0.001 | CapitalGainShortTerm |
Sep 29, 2014 | $0.099 | OrdinaryDividend |
Jun 27, 2014 | $0.073 | OrdinaryDividend |
NTBAX - Fund Manager Analysis
Managers
David Rights
Start Date
Tenure
Tenure Rank
Mar 27, 2014
8.18
8.2%
As Director of Research David directs the ongoing research into securities selection and portfolio strategies used to enhance the Navigator® investment programs. In the late 1970s, David began to develop economically based, quantitatively driven econometric models. He has also developed technical models used to enhance relative returns and reduce the risks of ETF and fund based products. David is a member of the Clark Capital Investment Team. David was formerly President and Chief Investment Officer of RTE Asset Management which merged with Clark Capital in 2005. He holds a degree in Electrical Engineering from Lehigh University.
K. Clark
Start Date
Tenure
Tenure Rank
Mar 27, 2014
8.18
8.2%
As Clark Capital’s Chief Investment Officer, Sean oversees all of the Firm’s investment activities and heads the firm’s portfolio team. Sean joined the firm in 1993 and is responsible for asset allocation and investment selection for Navigator Investment Solutions as well as directing ongoing market research and contributing to the development of proprietary products. Sean is a member of the Clark Capital Investment Team and the Executive Team. He graduated from the University of Delaware, earning a B.S. and an M.A. in Economics. Sean holds the Chartered Financial Analyst® designation and is a member of the CFA Institute (formerly AIMR) and the Financial Analysts of Philadelphia, Inc. Sean is considered an industry expert and is often asked to appear on CNBC and Bloomberg television to share his views on the market. In addition, Sean has been featured in a number of articles in nationally distributed business journals and newspapers. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
Robert Bennett
Start Date
Tenure
Tenure Rank
Apr 01, 2014
8.17
8.2%
Mr. Bennett serves as a co-portfolio manager to the Navigator Tactical Fixed Income Fund. Mr. Bennett joined Clark Capital Management Group, Inc in 2014. He has over eight years of experience with the management and trading of various securities and derivatives. Mr. Bennett has had extensive experience overseeing the daily trading activities of various long and short ETFs and mutual Fund for ProShare Advisors LLC, including: trading cash equities, synthetic equities, futures, credit default swaps, corporate bonds, treasuries, and FX forwards. Mr. Bennett worked for ProShare Advisors, LLC from 2008-2014. He began his career as a Financial Advisor at UBS Financial Services, Inc. Robert received his B.S. in business management from Wentworth Institute of Technology.
Jonathan Fiebach
Start Date
Tenure
Tenure Rank
Dec 07, 2016
5.48
5.5%
Jonathan A. Fiebach joined Clark Capital in 2016, previously, Mr. Fiebach had been Co-CEO and CIO of Main Point Advisors Inc. since 2013. Mr. Fiebach was also a principal with Grant Williams, L.P. from October, 2011 until June 2016. Prior to that Mr. Fiebach was President and owner of Fiebach Investments, LLC from 2010 to 2012 and Managing Director of Duration Capital Management Advisors Inc. from 2002-2012. In each capacity he was responsible for investment and hedging decisions. Mr. Fiebach has over 26 years of investment management industry experience.
Alexander Meyer
Start Date
Tenure
Tenure Rank
May 01, 2019
3.08
3.1%
Alexander Meyer is a Portfolio Manager on Clark Capital’s Fixed Income Team. Mr. Meyer has over 10 years of industry experience across fixed income sectors including municipals, investment grade corporates, and high yield corporate bonds. Prior to joining the firm in 2019, Mr. Meyer served as Vice President at Jefferies. He graduated Summa Cum Laude from the University of Pennsylvania with a B.A. in Economics and holds the CFA® designation.
Kevin Bellis
Start Date
Tenure
Tenure Rank
Feb 28, 2021
1.25
1.3%
Mr. Bellis serves as a portfolio manager for the Navigator Duration Neutral Bond Fund and has served in that capacity since December 2014. Mr. Bellis has been an associate with Main Point Advisors Inc. from September 2013 to the present. Mr. Bellis has also worked as an Assistant Trader with Grant Williams LP from February 2013 to the present. Previously, Mr. Bellis worked as a fixed income data analyst for Bloomberg from January 2011 to February 2013. Mr. Bellis has also worked as a Business Analyst Intern with Prime Finance – Citi from June 2010 to August 2010. He is a 2010 graduate of Penn State University with a B.S. degree in Finance. Mr. Bellis holds the Chartered Financial Analyst designation.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 28.19 | 5.72 | 3.19 |