Sierra Tactical Municipal Fund
Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
3.4%
1 yr return
10.9%
3 Yr Avg Return
0.6%
5 Yr Avg Return
1.7%
Net Assets
$284 M
Holdings in Top 10
83.6%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.48%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 121.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$10,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
STMEX - Profile
Distributions
- YTD Total Return 3.4%
- 3 Yr Annualized Total Return 0.6%
- 5 Yr Annualized Total Return 1.7%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.23%
- Dividend Yield 2.8%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameSierra Tactical Municipal Fund
-
Fund Family NameSierra Trust
-
Inception DateDec 27, 2018
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerKenneth Sleeper
Fund Description
The Fund invests in open-end investment companies (mutual funds) and exchange-traded funds (ETFs) that primarily invest in tax-exempt municipal bonds (Underlying Municipal Bond Funds), as well as municipal money market funds. Tax exempt refers to the exemption from federal income taxes of the dividends paid by the Underlying Funds, a benefit that will be passed through to shareholders as to ordinary dividends from the Fund.
Under normal circumstances, the Fund invests at least 80% of its net assets (defined as net assets plus the amount of any borrowing for investment purposes) in funds that primarily invest in municipal bonds or other municipal debt instruments. The Adviser uses a proprietary model to tactically allocate the Funds assets. When any Underlying Municipal Bond Fund declines in price enough to generate a Sell signal under the Advisers model, the Fund will sell that Underlying Municipal Bond Fund and move the proceeds temporarily to a tax-free money market fund. Conversely, when prices of an Underlying Municipal Bond Fund begins new uptrends sufficient to give a Buy signal under that model, the Adviser will select and purchase an Underlying Municipal Bond Fund and will continue to make purchases with net cash inflows into the Fund.
The Fund invests in Underlying Municipal Bond Funds that may invest in high-yield municipal bonds as well as those that invest in investment-grade municipal bonds. The Fund does not have maturity or duration limitations with respect to holdings of the Underlying Municipal Bond Funds in which it invests. The Fund considers high-yield municipal bonds to be those that are rated lower than Baa3 by Moodys Investors Service (Moodys) or lower than BBB- by Standard and Poors Rating Group (S&P). From time to time and depending on market conditions, the Fund may be fully invested in Underlying Municipal Bond Funds that primarily invest or are fully invested in high-yield (or junk) municipal bonds.
The Advisers investment strategy is a tactical style that includes disciplines that attempt to limit downside risk (drawdown, meaning the magnitude of decline from highest price to the subsequent low) as well as to seek to enhance return through income and capital appreciation (total return). The current yield of the Fund is not a separate goal, and the monthly distribution yield will fluctuate.
The Adviser does not employ a passive buy and hold, strategy. As part of its integrated risk-management disciplines, the Adviser monitors each Fund holding daily and applies a trailing stop discipline (a form of sell signal) to each Underlying Fund in the Funds portfolio. The Adviser employs a trailing stop discipline which adjusts the sell signal level as the price of a holding rises and is calculated as a percentage or dollar amount below the market price. When the price of a holding decreases by a certain percentage or dollar amount, the Adviser sells the holding in an attempt to protect profits and minimize further impact on the portfolio. A trailing stop discipline is a type of stop calculation managed by the Adviser that rises each day as the price of the underlying security rises, and thus trails the price movement. When any Underlying Fund declines in price enough to generate a Sell signal the Adviser either sells the Underlying Fund or hedges by purchasing an inverse Underlying Fund.
The Sell Disciplines are not designed to attempt to buy at lows or to sell at highs, but to seek to participate in a substantial part of any sustained uptrend in the municipal bond market, as well as to step aside during most of any sustained downtrend. The Adviser employs a reactive approach as distinct from a predictive approach. The Adviser does not expect to average more than two Sell signals alternated with two Buy signals per year. Thus, the Adviser expects that the Funds portfolio turnover rate will average approximately 200% per year. This tactical approach has historically meant that most gains to be realized by the Fund upon sales of Underlying Municipal Bond Funds will be taxed as short-term capital gains rather than long-term capital gains.
It should be noted that (1) purchases and sales of municipal bonds by the Underlying Municipal Bond Funds will result in capital gains and losses, as to which net capital gains will be distributed to the Fund (typically at or near the end of each calendar year), distributed by the Fund to shareholders, and will not be tax exempt, and (2) that purchases and sales of Underlying Municipal Bond Funds by the Fund will also result in capital gains and losses, as to which net capital gains will be distributed to shareholders of the Fund at or near the end of each calendar year, and will not be tax exempt.
STMEX - Performance
Return Ranking - Trailing
Period | STMEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.4% | -0.4% | 12.8% | 90.29% |
1 Yr | 10.9% | 3.3% | 24.1% | 90.29% |
3 Yr | 0.6%* | -8.1% | 3.2% | 8.96% |
5 Yr | 1.7%* | -4.9% | 3.8% | 22.45% |
10 Yr | N/A* | -0.2% | 156.0% | N/A |
* Annualized
Return Ranking - Calendar
Period | STMEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 1.6% | -6.2% | 7.5% | 75.24% |
2022 | -4.0% | -26.9% | -3.5% | 1.97% |
2021 | -1.7% | -1.9% | 5.6% | 98.50% |
2020 | 1.8% | -10.1% | 4.2% | 14.14% |
2019 | 5.0% | -0.7% | 9.1% | 57.29% |
Total Return Ranking - Trailing
Period | STMEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.4% | -0.4% | 12.8% | 90.29% |
1 Yr | 10.9% | 3.3% | 24.1% | 90.29% |
3 Yr | 0.6%* | -8.1% | 3.2% | 8.96% |
5 Yr | 1.7%* | -4.9% | 3.8% | 22.45% |
10 Yr | N/A* | -0.2% | 156.0% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | STMEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.1% | -4.1% | 10.9% | 85.44% |
2022 | -3.0% | -26.9% | 4.3% | 1.48% |
2021 | 0.0% | -1.9% | 10.0% | 95.50% |
2020 | 4.3% | -4.1% | 8.2% | 31.82% |
2019 | 7.8% | -0.7% | 1028633.9% | 71.35% |
NAV & Total Return History
STMEX - Holdings
Concentration Analysis
STMEX | Category Low | Category High | STMEX % Rank | |
---|---|---|---|---|
Net Assets | 284 M | 9.79 K | 16.6 B | 74.02% |
Number of Holdings | 35 | 1 | 3325 | 97.54% |
Net Assets in Top 10 | 240 M | -102 M | 3.51 B | 40.39% |
Weighting of Top 10 | 83.63% | 4.6% | 98.8% | 3.96% |
Top 10 Holdings
- NVN-H/Y MUN-I 17.17%
- INVESCO NATIONAL 10.50%
- NVV-INT DUR-I 9.88%
- BLRK-STR MUN-I 9.69%
- JPM-NTL MUNI-I 9.51%
- SPDR NUVEEN BLOO 7.35%
- RIC-T/E HI Y-S 6.62%
- V/E HI YLD MUNI 5.61%
- ISHARES NATIONAL 4.40%
- PGIM-MUNI H/I-Z 2.90%
Asset Allocation
Weighting | Return Low | Return High | STMEX % Rank | |
---|---|---|---|---|
Stocks | 99.62% | 0.00% | 99.62% | 2.43% |
Cash | 0.38% | -0.64% | 100.00% | 66.50% |
Preferred Stocks | 0.00% | -47.61% | 1.60% | 90.15% |
Other | 0.00% | -5.59% | 5.07% | 79.80% |
Convertible Bonds | 0.00% | 0.00% | 0.00% | 90.15% |
Bonds | 0.00% | 0.00% | 146.69% | 100.00% |
Stock Sector Breakdown
Weighting | Return Low | Return High | STMEX % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 0.00% | 87.50% |
Technology | 0.00% | 0.00% | 0.00% | 87.50% |
Real Estate | 0.00% | 0.00% | 0.00% | 87.50% |
Industrials | 0.00% | 0.00% | 4.78% | 18.75% |
Healthcare | 0.00% | 0.00% | 0.00% | 87.50% |
Financial Services | 0.00% | 0.00% | 0.00% | 87.50% |
Energy | 0.00% | 0.00% | 0.00% | 87.50% |
Communication Services | 0.00% | 0.00% | 0.00% | 87.50% |
Consumer Defense | 0.00% | 0.00% | 0.00% | 87.50% |
Consumer Cyclical | 0.00% | 0.00% | 77.65% | 43.75% |
Basic Materials | 0.00% | 17.58% | 100.00% | 43.75% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | STMEX % Rank | |
---|---|---|---|---|
US | 99.62% | 0.00% | 99.62% | 2.46% |
Non US | 0.00% | 0.00% | 0.00% | 90.15% |
STMEX - Expenses
Operational Fees
STMEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.48% | 0.22% | 3.44% | 27.80% |
Management Fee | 0.75% | 0.00% | 1.41% | 98.06% |
12b-1 Fee | 0.00% | 0.00% | 1.00% | 20.91% |
Administrative Fee | N/A | 0.02% | 0.35% | N/A |
Sales Fees
STMEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 1.00% | 4.50% | N/A |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
STMEX 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.
STMEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 121.00% | 2.00% | 121.00% | 100.00% |
STMEX - Distributions
Dividend Yield Analysis
STMEX | Category Low | Category High | STMEX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.83% | 0.00% | 6.13% | 88.35% |
Dividend Distribution Analysis
STMEX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
STMEX | Category Low | Category High | STMEX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.23% | 1.11% | 5.70% | 87.86% |
Capital Gain Distribution Analysis
STMEX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Sep 27, 2024 | $0.061 | OrdinaryDividend |
Aug 29, 2024 | $0.062 | OrdinaryDividend |
Jul 30, 2024 | $0.062 | OrdinaryDividend |
Apr 29, 2024 | $0.063 | OrdinaryDividend |
Mar 27, 2024 | $0.057 | OrdinaryDividend |
Feb 28, 2024 | $0.060 | OrdinaryDividend |
Jan 30, 2024 | $0.031 | OrdinaryDividend |
Dec 28, 2023 | $0.087 | OrdinaryDividend |
Nov 29, 2023 | $0.053 | OrdinaryDividend |
Oct 30, 2023 | $0.044 | OrdinaryDividend |
Sep 28, 2023 | $0.051 | OrdinaryDividend |
Aug 30, 2023 | $0.057 | OrdinaryDividend |
Jul 28, 2023 | $0.041 | OrdinaryDividend |
Jun 29, 2023 | $0.051 | OrdinaryDividend |
May 30, 2023 | $0.054 | OrdinaryDividend |
Apr 27, 2023 | $0.040 | OrdinaryDividend |
Mar 30, 2023 | $0.041 | OrdinaryDividend |
Feb 27, 2023 | $0.059 | OrdinaryDividend |
Jan 30, 2023 | $0.035 | OrdinaryDividend |
Dec 29, 2022 | $0.087 | OrdinaryDividend |
Nov 29, 2022 | $0.039 | OrdinaryDividend |
Oct 28, 2022 | $0.031 | OrdinaryDividend |
Sep 29, 2022 | $0.021 | OrdinaryDividend |
Aug 30, 2022 | $0.056 | OrdinaryDividend |
Jan 28, 2022 | $0.040 | OrdinaryDividend |
Nov 29, 2021 | $0.030 | OrdinaryDividend |
Oct 28, 2021 | $0.042 | OrdinaryDividend |
Sep 29, 2021 | $0.053 | OrdinaryDividend |
Aug 30, 2021 | $0.050 | OrdinaryDividend |
Jul 29, 2021 | $0.053 | OrdinaryDividend |
Jun 29, 2021 | $0.060 | OrdinaryDividend |
May 27, 2021 | $0.045 | OrdinaryDividend |
Apr 29, 2021 | $0.015 | OrdinaryDividend |
Feb 25, 2021 | $0.066 | OrdinaryDividend |
Jan 28, 2021 | $0.052 | OrdinaryDividend |
Dec 30, 2020 | $0.096 | OrdinaryDividend |
Nov 27, 2020 | $0.050 | OrdinaryDividend |
Oct 29, 2020 | $0.055 | OrdinaryDividend |
Sep 29, 2020 | $0.067 | OrdinaryDividend |
Aug 28, 2020 | $0.060 | OrdinaryDividend |
Jul 30, 2020 | $0.053 | OrdinaryDividend |
Jun 29, 2020 | $0.069 | OrdinaryDividend |
May 28, 2020 | $0.013 | OrdinaryDividend |
Apr 29, 2020 | $0.017 | OrdinaryDividend |
Mar 30, 2020 | $0.038 | OrdinaryDividend |
Feb 27, 2020 | $0.063 | OrdinaryDividend |
Jan 30, 2020 | $0.057 | OrdinaryDividend |
Dec 27, 2019 | $0.119 | OrdinaryDividend |
Dec 27, 2019 | $0.028 | CapitalGainShortTerm |
Nov 27, 2019 | $0.052 | OrdinaryDividend |
Oct 30, 2019 | $0.051 | OrdinaryDividend |
Sep 27, 2019 | $0.052 | OrdinaryDividend |
Aug 29, 2019 | $0.052 | OrdinaryDividend |
Jul 30, 2019 | $0.059 | OrdinaryDividend |
Jun 27, 2019 | $0.058 | OrdinaryDividend |
May 30, 2019 | $0.049 | OrdinaryDividend |
Apr 29, 2019 | $0.052 | OrdinaryDividend |
Mar 28, 2019 | $0.041 | OrdinaryDividend |
Feb 27, 2019 | $0.047 | OrdinaryDividend |
Jan 30, 2019 | $0.027 | OrdinaryDividend |
STMEX - Fund Manager Analysis
Managers
Kenneth Sleeper
Start Date
Tenure
Tenure Rank
Dec 26, 2018
3.43
3.4%
Dr. Kenneth L. Sleeper, MBA, PhD is Co-Founder, Managing Director, and Co-Portfolio Manager at Sierra Investment Management, the parent company of the Sierra Mutual Funds and Ocean Park Asset Management and has over 31 years of industry experience. He jointly oversees all aspects of the organization’s activities, including asset management, research, and client relationships. With an extensive background in statistical and computer applications, Ken previously focused on advanced risk management, developing and refining computerized techniques for reducing downside risk, before co-founding Sierra in 1987 with David C. Wright. Kenneth earned MBA and PhD degrees from the University of Southern California.
David Wright
Start Date
Tenure
Tenure Rank
Dec 26, 2018
3.43
3.4%
David C. Wright, JD, is Co-Founder, Managing Director, and Co-Portfolio Manager at Sierra Investment Management, the parent company of the Sierra Mutual Funds and Ocean Park Asset Management and has over 31 years of industry experience. He jointly oversees all aspects of the organization’s activities, including portfolio management, research, and client relationships. After 13 years with major Los Angeles law firms, Dave served several years as Director of Technical Research for Bateman Eichler, Hill Richards, Inc., then the largest investment banking firm west of Chicago, before co-founding Sierra in 1987 with Dr. Kenneth L. Sleeper. David earned a JD from University of Chicago and a BS, Civil Engineering, from Swarthmore College. Mr. Wright has served on the Board of the Los Angeles Chapter of AAII since 1984. He has often spoken for AAII and other investor groups, as well as several other professional organizations. Mr. Wright has also been quoted in the national press, such as in Mutual Funds magazine, and on television and radio.
Douglas Loeffler
Start Date
Tenure
Tenure Rank
Jan 28, 2022
0.34
0.3%
Doug oversees the operations of the Investment Management team and related trading, contributes to portfolio decisions, and supervises analytic research. Doug earned a BA in Economics at Washington State University and an MBA from the University of Chicago Booth School of Business. He is a CFA and CAIA charterholder. Doug has been active in investment management full-time since 1988.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.25 | 21.43 | 7.5 | 2.52 |