Address And Details

3420 Ocean Park Blvd., Suite 3060 , Santa Monica, CA 80405
Fund Manager David C. Wright
Manager Tenure 13 Years 9 Months

Strategy And Objective

The Fund s two investment objectives are to provide long-term total return (the combination of yield and net price gains from the Underlying Funds) and to limit volatility and downside risk. The Sierra Tactical All Asset Fund is a fund of funds . To access a wide variety of underlying asset classes and strategies, the Adviser (defined below) seeks to achieve the Fund s investment objectives by investing in (1) open-end investment companies (mutual funds), (2) exchange-traded funds ( ETFs ), and (3) closed-end investment companies (collectively Underlying Funds ) using the Adviser s multi-asset diversification strategy. The Adviser constructs the Fund s broadly-diversified investment portfolio by investing at various times in a wide range of Underlying Funds that invest in various security and investment categories (each an Asset Class ). Underlying Funds include those that invest in: equity securities (common and preferred stock) of both domestic and foreign companies of various sizes; fixed-income securities of domestic and foreign corporate and government issuers, without restriction as to maturity or credit quality, including high yield securities; physical commodities, such as crude oil, copper and wheat, through mutual funds and ETFs that invest in commodity-linked derivatives; currencies and the Dollar Index, and its inverse; funds that rise in value when interest rates rise; and money-market instruments. The Fund defines high yield securities, also known as junk bonds, as fixed-income securities rated below investment grade (rated BB+ or lower by S&P or comparably rated by another nationally recognized statistical rating organization (NRSRO)), and if unrated, determined by the Adviser to be of comparable quality. The Adviser s multi-asset diversification strategy employs unusually broad diversification across Asset Classes (investment categories), markets, industries and issuers in an effort to limit downside risk as well as to seek opportunities to enhance return. The Adviser constructs the Fund s portfolio in the following manner: First, the Adviser selects Asset Classes that it believes will respond differently to a variety of economic forces. Second, the Adviser identifies diversified Underlying Funds through which the Fund can participate in each chosen Asset Class. Third, within many Asset Classes, the Adviser attempts to identify Underlying Funds with managers whose history demonstrates an ability to add positive Alpha (above-peer-group-average total return after adjusting for volatility). Where available, the Fund invests in institutional share classes, those with the lowest internal fees for those Underlying Funds. Fourth, the Adviser monitors each Underlying Fund daily, and sells or hedges the Underlying Fund whenever it declines substantially , as defined by the Adviser s proprietary studies of the historic behavior of the Asset Class represented by the Underlying Fund. 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 to each Underlying Fund within the Fund s portfolio, based on the proprietary approach ( Sell disciplines ) which the portfolio managers have used since 1987 with their managed separate accounts, in order to limit the impact on the overall Fund portfolio of any sustained decline in a given Asset Class or Underlying Fund. The Sell disciplines used by the portfolio managers for the past 32 years are not designed to attempt to buy at lows or to sell at highs, but to participate in a substantial part of any sustained uptrend in a selected Asset Class, 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 consider its approach to be a trading style in terms of frequency, and does not expect to average more than two Sell signals per year in each Asset Class. The overall asset allocation of the Fund is not fixed. It can and does change significantly over time as the Adviser decides to re-allocate portions of the portfolio in response to trend changes in the U.S. and global economy and in various investment markets. The Adviser may engage in frequent buying and selling of portfolio securities to achieve the Fund s investment objectives.

Net Asset Value

as of 7:05 PM ET 09/22/2021

Performance

  • 1 Week
  • -0.37%
  • 1 Month
  • +0.41%
  • 3 Months
  • -1.02%
  • 1 Yr Return
  • +3.76%
  • 5 Yr Return
  • +4.60%

Equity Sector Breakdown

Finance 77.52%
ConsumerDurables n/a
Energy n/a
Health n/a
IndustrialCyclical n/a
NonDurables n/a
RetailTrade n/a
Services n/a
Technology n/a
Utilities n/a

Asset Allocation

Asset Type % Of Allocation
Other 78.99%
Stocks 21.01%
Cash 0.00%
Bonds 0.00%
Preferred 0.00%
Convertible 0.00%
ForeignStocks 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 29.26 M

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha -0.26 -0.79 0.30
Beta 0.17 0.18 0.13
R Squared 0.55 0.48 0.28
Std Deviation 4.26 3.83 3.40
Sharpe Ratio 0.64 0.57 n/a

Purchase Information

as of 7:53 PM ET 09/20/2021
Minimum Initial $10000
Minimum Additional $1000
Minimum Initial IRA $0

Performance

Timeframe Average Annual Current Performance Monthly As Of 08/31/2021 Average Annual Current Performance Quarterly As Of 06/30/2021 Avg Annual Current Performance Monthly As Of 08/31/2021 Avg Annual Current Performance Quarterly As Of 06/30/2021
1 Year
  • +5.76%
  • +8.66%
+5.76% +8.66%
3 Year
  • +3.74%
  • +4.15%
+3.74% +4.15%
10 Year
  • +3.03%
  • +2.95%
+3.03% +2.95%
Life Of Fund
  • +4.58%
  • +4.64%
+4.58% +4.64%

Top 10 Holdings

Symbol Company Name % Of Assets
DBLSX DOUBLELINE LOW DURATION BOND 7.47%
PFORX PIMCO INTL BOND FUND 7.08%
PAIAX PIMCO SHORT ASSET INVESTMENT 6.48%
NPSAX NUVEEN PREFERRED SECURITIES F 5.62%
PPSAX PRINCIPAL PREFERRED SEC FD 4.55%
PSDYX PUTNAM ULTRA SHORT DUR INC FD 4.48%
VSCFX VOYA SECURITIZED CREDIT FD 4.48%
JHEQX JPMORGAN HEDGED EQUITY 4.04%
MERFX MERGER FUND 3.24%
FRIFX FIDELITY REAL ESTATE INC FD 2.98%

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