Overall rating out of 285 Nontraditional Bond funds as of December 31, 2023. An investment's overall Morningstar Rating™, based on risk-adjusted return, is a weighted average of its applicable three-, five- and ten-year (if applicable) Morningstar Rating™ metrics.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
The Tactical Core Income Fund – Inst Class was rated against the following numbers of U.S.-domiciled Nontraditional Bond funds over the following time periods: 286 funds in the last three years, 251 funds in the last 5 years, and 160 funds in the last 10 years. With respect to these Nontraditional Bond funds, the Tactical Core Income Fund received a Morningstar Rating™ of 3 stars for the three-year period, 3 stars for the five-year period and 5 stars for the ten-year period. Past performance is no guarantee of future results.
YTD (year to date) is a period, starting from the beginning of the current calendar year, and continuing up to the prior day's close.
Overall rating out of 285 Nontraditional Bond funds as of December 31, 2023. An investment's overall Morningstar Rating™, based on risk-adjusted return, is a weighted average of its applicable three-, five- and ten-year (if applicable) Morningstar Rating™ metrics.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
The Tactical Core Income Fund – Inst Class was rated against the following numbers of U.S.-domiciled Nontraditional Bond funds over the following time periods: 286 funds in the last three years, 251 funds in the last 5 years, and 160 funds in the last 10 years. With respect to these Nontraditional Bond funds, the Tactical Core Income Fund received a Morningstar Rating™ of 3 stars for the three-year period, 3 stars for the five-year period and 5 stars for the ten-year period. Past performance is no guarantee of future results.
The Fund's two investment objectives are to provide total return (with income contributing a significant part) and to limit volatility and downside risk.
The Portfolio Managers analyze and allocate portions of the fund’s portfolio to a wide range of income-oriented asset classes. Each decision must serve one or both of the fund’s two goals: to enhance total return and/or to reduce the overall volatility and downside risk of the portfolio.
The Sierra Tactical Core Income Fund seeks to pay a monthly dividend to its shareholders.
PROFILE
Disciplined Risk Management
We believe in disciplined risk management. This includes a tactical approach, rules-based decisions, consistency, and a focus on limiting drawdowns.
Rules-Based Investment Process
We focus on trend following, broad asset class diversification, securities exhibiting strong risk-adjusted returns, a Trailing Stop Discipline seeking to limit drawdowns, and the ability to move to 100% cash.
Team-Based Portfolio Management
Our investment management team has a combined 160 years of experience. All of our managers convene every day to review every asset class and every holding.
Overall rating out of 285 Nontraditional Bond funds as of December 31, 2023. An investment's overall Morningstar Rating™, based on risk-adjusted return, is a weighted average of its applicable three-, five- and ten-year (if applicable) Morningstar Rating™ metrics.
The Total Annual Operating Expenses are 1.72%; Front-End Sales Charge (commission or “load”) of 3.75%, with lower rates for accounts over $250,000; 12b-1 distribution fee which can be up to 0.40% per year.
Total Annual Operating Expenses are 2.32%, no Sales Charge (commission or "load”); 12b-1 distribution fee which can be up to 1.00% per year.
Total Annual Operating Expenses are 1.72%; no Sales Charge (commission or “load”); 12b-1 distribution fee which can be up to 0.40% per year.
Total Annual Operating Expenses are 1.32%, no Sales Charge (commission or “load”) or 12b-1 fee.
The performance presented above is net of the maximum sales charge ("load") for the respective share class.
The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information current to the most recent month-end, please call toll-free 1-866-738-4363 (1-866-RETI-FND).
(1) Represents the percentage increase/decrease in the net asset value from the prior trading day.
(2) Performance for periods of less than one year is not annualized.
(3) The inception date of the Sierra Tactical Core Income Fund Class A is December 2011.
NOTE: The Total Annual Operating Expenses include expenses of the underlying funds, which are currently 1.72% for Class A and Investor Class, 2.32% for Class C, and 1.32% for Instl Class.
Pivot Party - December 2023