RESOURCES
At Sierra, we want our clients to have as much information as possible at your fingertips. Below, there are links to our fund applications as well as a literature and document search to find what you need.
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Supplement: Sierra Tactical Core Income Fund Prospectus
Supplement to the Sierra Tactical Core Income Fund Prospectus dated January 28, 2019.
Investment Professional account required to view
Market Minute: Using actively managed funds to tap into munis
Actively managed mutual funds are great vehicles to tap into unusual bond markets. We prefer using mutual funds to tap into the municipal bond market for many reasons. In this week's Market Minute, Terri shares three reasons why it makes sense.
5648-NLD-7/25/2019
Investment Professional account required to view
State of Confusion | 2019 Mid-Year Review
Chief Investment Officer Terri Spath shares her insights and perspectives on the financial market's State of Confusion in 2019.
5646-NLD-7/25/2019
Investment Professional account required to view
Sierra Pathways: 18Q4 Update
The fixed income markets continue to be very tricky through 2018. Do you have a process in place to help navigate through it? CIO Terri Spath reviews the events that shaped the third quarter and how we are positioned for future success.
5244-NLD-10/23/2018
Investment Professional account required to view
Sierra Pathways: 18Q3 Update
The fixed income markets continue to be very dynamic in 2018. Do you have a process in place to help navigate through it? CIO Terri Spath reviews the events that shaped the second quarter and how we are positioned for future success.
4925-NLD-7/25/2018
Investment Professional account required to view
Second Quarter 2018 Webinar Replay
National Accounts Director Colin Barber discusses the rationale behind the name change of the Sierra Strategic Income Fund to the Sierra Tactical Core Income Fund. CIO Terri Spath takes a retrospective look back at the first quarter which was defined by uncharacteristically high market volatility. In addition, she looks at why traditional bonds didn't slow portfolio declines, and shares insight about what you may not know about the Bloomberg Barclays U.S. Aggregate Bond Index.
6452-NLD-5/9/2018
Investment Professional account required to view
Fourth Quarter 2017 Webinar Replay
2017 was a unique and record setting year. Co-Founder & Portfolio Manager, David C. Wright talks about the reasoning behind the renaming of the Sierra Core Retirement Fund to the Sierra Tactical All Asset Fund. CIO & Portfolio Manager, Terri Spath, takes a look back at 2017 crystal ball predictions that didn't materialize. Our investment process and discipline drives all decisions and outcomes.
5162-NLD-02/02/2018
Investment Professional account required to view
Third Quarter 2017 Webinar Replay
CIO Terri Spath takes a look at some key indicators that could signal trouble for this record setting market environment. Co-Founder and Co-Portfolio Manager David C. Wright announces that the Sierra Core Retirement Fund will be renamed to the Sierra Tactical All Asset Fund.
9521-NLD-11/07/2017
Investment Professional account required to view
Third Quarter 2016 Webinar Replay
CIO Terri Spath provides a recap of the what events shaped the third quarter of 2016, and what some interesting areas of the capital markets we are keeping a close eye on for the quarter ahead.
2440-NLD-11/23/2016
Investment Professional account required to view
Bond Market Warnings? The Real Message
After 5 down days in the last 7, the S&P 500 bounced back today, regaining more than two-thirds of its decline over the last few weeks. At yesterday’s lows, the index was down a little more than 1% from its all-time highs. That’s it! The market drop, however, caused investor sentiment (as measured by the weekly American Association of Individual Investors bullish sentiment reading) to crash in its largest one week decline in four and a half years. How negative will investors be when the market dips 3% or 5% or more?
Investment Professional account required to view
Sierra Mutual Funds Historic Allocations
A graphical look at how the Sierra Mutual Funds have been tactically managed over the last 14 months. Last updated through December 31, 2017.
Investment Professional account required to view
Solving the Core Fixed Income Challenge
With the FED perhaps in the early stages of a rising rate policy, many Advisors feel they face a no-win situation when allocating investments to the bond side of their clients’ portfolios.
Investment Professional account required to view
Market Minute: Recapping a busy October
October has been a wild, volatile month in the domestic and global stock and bond markets. Terri talks about the pain the recent volatility has brought investors, and shares some high-level tactical sells that were made as a result.
5369-NLD-12/5/2018
Investment Professional account required to view
Market Minute: Recapping a busy October
October has been a wild, volatile month in the domestic and global stock and bond markets. Terri talks about the pain the recent volatility has brought investors, and shares some high-level tactical sells that were made as a result.
5369-NLD-12/5/2018
Investment Professional account required to view
Market Minute: A new year with new risks
The new year brings with it new risks. CIO Terri Spath shares her perspectives.
5025-NLD-1/7/2019
Investment Professional account required to view
Market Minute: How well do you know your fixed income benchmark?
How are bond benchmarks constructed? The largest issuers of bonds will generally make up the most significant portions of a benchmark, which may expose your clients to some unintentional risks.
5306-NLD-4/3/2019
Investment Professional account required to view
Market Minute: Using investment rules to create favorable outcomes
Ever hear of the "Santa Clause Rally" or "Sell in May then Go Away?" These are commonly understood rules that seem quirky and subjective, but have some historic proof behind them. Terri shares her perspectives in this week's Market Minute.
5456-NLD-5/8/2019
Investment Professional account required to view
Market Minute: Three D's to enhance your clients' portfolio
We seek to provide your client's the Diversification and Defense they seek in the accumulation phase to set them up for future success when they enter the Distribution phase.
5502-NLD-5/31/2019
Investment Professional account required to view
Market Minute: The truths about left tail risk
Volatility is unpredictable and is a component of the capital markets that must be accounted for. Left tail risk is low probability events that can dramatically affect a client's portfolio.
6518-NLD-6/13/2019
Firm At-A-Glance
A one page firm introductory flyer discussing our core investment management tenants.
The Stealth Bull Market in Bonds of the Past Year
For many, summer means days at the beach and, ideally, nights at the ice cream parlor. Picking a flavor of ice cream is never an easy decision. The same can be said for bonds. Like ice cream, bonds come in 31 flavors (or so). U.S. government bonds are really different flavors of vanilla, from just plain vanilla to French to New York. Interest rates are the driver of the prices of government bonds; a rise in rates pressures prices down and vice-versa. A risk of default is virtually nil so credit risk does not influence the price.
A Tactical Strategy for Current Volatility
From basketball to tennis or chess to tic-tac-toe, winning a game involves strategic decisions, probability analysis and math. The best teams and players are not passive, generating the same moves over and over, but tactically adjusting to make the next best move. Investing is much the same.
Sierra Tactical Municipal Fund - Fact Sheet
Sierra Tactical Municipal Fund Fact Sheet as of June 30, 2019.
Sierra Tactical All Asset Fund - Instl Class - Fact Sheet
Sierra Tactical All Asset Fund, Instl Class, Fact Sheet as of June 30, 2019.
Sierra Tactical All Asset Fund - Class A & C - Fact Sheet
Sierra Tactical All Asset Fund, Class A & C, Fact Sheet as of June 30, 2019.
Sierra Tactical Core Income Fund - Instl Class - Fact Sheet
Sierra Tactical Core Income Fund, Instl Class, Fact Sheet as of June 30, 2019.
Sierra Tactical Core Income Fund - Class A & C - Fact Sheet
Sierra Tactical Core Income Fund, Class A & C, Fact Sheet as of June 30, 2019.
True Diversification is a Process, Not a Set of Assumptions
A simple definition of investment diversification is conveyed in the overused statement, “don’t put all your eggs in one basket.” The basic buy-and-hold, set-it-and-forget-it style of investing is often premised in a 60% global stock and 40% bond allocation (known as “60/40”) and sold as enough diversification to handle whatever market turmoil might come your way over the long-term.
After Last Quarter's Bloodbath, We've Had a Nice Rally. Is it Time to Pop the Corks?
So far in 2019, and really since Christmas Eve, we have seen a nice risk-on rally. Equities (as measured by the S&P 500® Index) were up about 8% in the month of January despite the U.S. government shutdown and international turmoil. While it is nice to have a breather from the march downward, it may be too early to pop the champagne corks and celebrate for the rest of the year. 2019 has only just begun, and (stop me if you've heard this) investing in a marathon, not a sprint!
Sierra Tactical All Asset Fund Summary Prospectus
This Summary Prospectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for future reference.
Sierra Tactical Core Income Fund Summary Prospectus
This Summary Prospectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for future reference.
A Portfolio Manager's Resolution for Investors: Trailing Stops
A new year brings with it the elation of a renewed start. We proclaim resolutions about how we will make this year better than the one that just concluded. After the volatile close to 2018, investors should now be doing the same. Fortunately, there is the trailing-stop.
Outcomes Delivered by Process
An introduction to how the Sierra Mutual Funds investment team approaches tactical asset management.
Sierra Tactical Municipal Fund Summary Prospectus
This Summary Prospectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for future reference.
Sierra Tactical Municipal Fund Prospectus
This Prospectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for future reference.
Observations and Perspectives: Some of These Things Are Not Like the Others
Since early July 2016, the yield on the 10-year Treasury has rocketed from 1.38% to nearly 3%. Investors in intermediate Treasuries have lost more than 7% over that period as rising interest rates have resulted in falling bond prices.
Observations and Perspectives: Show Me the Money
We are consistently hearing that bonds are making advisors and investors pull out their hair. Nearly three decades of generally falling interest rates has translated into a bull market for traditional bond strategies, but times have changed.
Observations and Perspectives: Trendless Volatility
The year 2017 went down in the record books as the calmest stock market in history. The worst decline from high to low (“drawdown”) was a scant 2.6% and the S&P 500 recorded just 8 swings of more than one percent, just about one every six weeks, all the while consistently moving to the upside.
Observations and Perspectives: Traditional Bonds = Risky Parachutes
During the short nine days of trading from late January to February 8, the S&P 500 fell like a skydiver leaping out of a plane: fast and down. In a classic flight-to-quality response, investors pulled their parachutes, socking billions into the largest ETFs tracking the widely-watched Bloomberg Barclays U.S. Aggregate Bond Index (the “Barclays Aggregate”). This time, though, it didn’t work.
Observations and Perspectives: Take It One Curve at a Time
Right now I am continually inspired by the competing Olympians and I just came across an obscure and just plain crazy sport: “skeleton.” In it, thrill-seeking competitors plummet headfirst down a twisting, frozen track at speeds over 80 miles per hour.
Sierra Tactical All Asset Fund Prospectus
This Prospectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for future reference.
Sierra Tactical Core Income Fund Prospectus
This Prospectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for future reference.
A Fool's Errand - 1st Quarter 2018 Commentary
As Yogi Berra famously quipped, “It’s tough to make predictions, especially about the future.” Nowhere is this truer than in the stock and bond markets around the world. It is a fool’s errand to make bold market predictions, but here we are at the beginning of 2018 and, as usual, economists, market pundits and fortune tellers alike are offering their best guesses for the next 12 months.
Creating Tax Alpha in Your Mutual Fund Investments: Three Actions to Take Right Now
When it comes to the timing, likelihood and economic impact of a potential tax overhaul, who wins? Who loses? The answer is: Who knows? What we do know right now, though, is how to manage taxes between now and year end to minimize the bill.
Sierra Mutual Funds: Time-tested Strategies Engineered for Conservative Investors
A brochure to help understand the capabilities of Sierra Mutual Funds.
Sierra Mutual Funds Annual Report 9/30/2017
Latest report published September 30, 2017.
Observations and Perspectives: Playing Whack-a-mole in Wacko Season
A widely followed bond guru recently declared that investment markets have entered “wacko season.” Some of his reasons include bitcoin mania and also European junk bonds that yield the same as U.S. Treasuries (which would you invest in)? We do not disagree and would add to his already long wacko and confusion list:
Observations and Perspectives: Passive ETF Investing & Sleepy Markets. Stay Alert!
“The reports of my death have been greatly exaggerated”, quipped Mark Twain after being told a newspaper had published his obituary when he had fallen ill. The death of active management has also been prematurely announced and is rooted in the herds of investors pouring money into passive ETF funds mimicking indexes.
Observations and Perspectives: Canaries in the Coal Mine: What to Watch as Stocks Continue to Make New Highs
Stocks continue to teeter at all-time highs and the out-sized profits enjoyed since November of last year are really a continuation of the bull market that turned 8 years old this past March. Low starting valuations, improved economic growth and employment, increased corporate earnings and low interest rates have driven the moves upward.
Sierra Mutual Funds Semi-Annual Report 3/31/2017
SIERRA MUTUAL FUNDS PORTFOLIO REVIEW (Unaudited) March 31, 2017
Observations and Perspectives: Look Out Above! Rates Are Going Up.
About fifty days into the new administration and the trend we have observed since July 2016 remains intact: interest rates are going up.
XBRL Sierra Mutual Funds Prospectus
This Prospectus (XBRL version) provides important information about the Sierra Mutual Funds that you should know before investing. Please read it carefully and keep it for future reference.
Sierra Mutual Funds Statement of Additional Information
This Statement of Additional Information ("SAI") is not a Prospectus and should be read in conjunction with the Prospectuses of the Sierra Tactical All Asset Fund, the Sierra Tactical Core Income Fund and the Sierra Tactical Municipal Fund (each a “Fund” and together the "Funds") dated January 30, 2019 and the Annual Report to Shareholders, copies of which may be obtained without charge by contacting the Funds’ Transfer Agent, Gemini Fund Services, LLC, 17605 Wright Street, Suite 2, Omaha, Nebraska 68130 or by calling 1-866-738-4363 or 1-866-RETI-FND.
Observations and Perspectives: Is the Sugar High Wearing Off?
Anticipation of lower taxes and higher infrastructure spending initially pushed investor enthusiasm and stock prices higher for several weeks following the election of Donald Trump as the 45th President of the United States. At the same time, a sea of change from central bank dominated markets to a focus on fiscal policy sparked inflationary fears, a stronger dollar prompted a melt-up in interest rates. As the Dow inches toward the historic level of 20,000, the sharp runs in stocks have begun to consolidate while rates have retreated. The sugar high is wearing off.
Observations and Perspectives: Do You Smell That?
What’s that smell? No political jokes. No celebrity ones either. That smell you smell is the faint whiff of inflation seeping into the economy. It’s also one of the big reasons for the cruel October bond selloff.
Observations and Perspectives: Your Client Doesn't Care About Standard Deviation
All else equal, given the choice between a 10% gain or a 5% gain, most (all) investors prefer the 10%, right? A degree in math or a course in probability and statistics isn’t needed to figure that out.
Observations and Perspectives: Sell Everything? Even the Kids?
A very smart investor (more than one very smart investor, actually) is saying to sell everything. These “smart guys” are very likely smarter than me. They most certainly are wealthier than I am. Some may argue they are also better looking than me.
Observations and Perspectives: Right Back Where We Started From
In an emotional vote against crony capitalism, immigration fears and the widening gap between haves and have-nots, the UK voted on Thursday to leave the European Union, shocking pollsters and market makers the world over. The psychological damage on Friday was jarring: the British pound touched a 30-year low, European bank stocks plunged close to 20% and jittery investors rushed into gold and anything U.S., including bonds and the dollar (but not stocks or high yield bonds….yet).
Observations and Perspectives: Pass the Pepto-Bismol
As stocks reach record highs, it’s worth re-visiting the ride to get here. It’s not unusual to see pullbacks in stocks, but over the past 12 months, investors in U.S. stocks have suffered two 12+% drops in the S&P 500 and in the process made a full 2.85%. That includes dividends. As you likely recall, the U.S. market had the worst start ever to a calendar year in 2016. Happy New Year and please pass the Pepto-Bismol.
The Dove, the Fed and the Tanker
Since the Federal Reserve raised its borrowing rate by 25 basis points (bps) this past December, the U.S. dollar keeps dropping to lower and lower levels relative to other currencies. The tanking dollar is the exact opposite of the predictions of economists’ models. Here's what most economists say: if rates are higher and rising in the U.S. versus Japan, people want U.S. bonds, so they sell yen to buy dollars. This should push up the value of the dollar versus the yen. In fact, the opposite has occurred.
Observations and Perspectives: Is it Time to "Live Happily Ever After"?
Stocks have rallied back into the green for 2016, recovering completely from the January collapse. The market breadth is convincing. Last year, we highlighted that “risk-on” assets were in fact at risk. One reason we held this view was the serious lack of breadth in the broad stock market. While the FANGS (Facebook, Amazon, Netflix, Google and Starbucks) were dazzling in their meteoric returns, the average stock was in negative territory for 2015. In fact, over 400 of the stocks in the S&P 500 lost ground in 2015, a terribly low level of market breadth.
Observations and Perspectives: Are We Out of the Woods Yet?
We’ve had a year’s worth of trading moves already in 2016. Seven weeks into the trading year and global markets, from commodities to stocks, went on a tear to the downside. Most recently, many market benchmarks have reversed course, posting solid gains. The big question now is whether this newer move is sustainable. Are we out of the woods yet?
Markets in Focus: January 2016 - What the Heck?!
Equity markets around the world ended January down substantially, and the declines in the major U.S. stock indices, in the first week and as well as the first two weeks of the year, were the worst in over 100 years. (The month as a whole was the worst January since 2009.)
Observations and Perspectives: Global Confidence is Fragile
Kicking off the start of the second full week of trading for 2016 did little to calm investors. The year started in an ugly way when The People’s Bank of China depreciated the value of its currency, the renminbi, causing shares to tumble in Shanghai. The descent in Chinese stocks was so sharp that circuit breakers were triggered, halting trading. Just like when you are fighting with your spouse, or getting ready to hit the send button in an angry email, a short pause can often stop destruction.
Do Retirees Really Need "Income"?
There is extensive coverage in the financial press regarding the “income” that retirees supposedly need, or can safely take from their savings on an annual basis. Importantly, there is also heavy emphasis in the financial press about the difficulty of obtaining sufficient “income” from retirement investments in the current environment, during which the Federal Reserve has “repressed” interest rates on certificates of deposit, Treasury bills and related interest-bearing investments, upon which many retirees have traditionally relied.
Does Greece Need Adult Supervision?
Events on Saturday in Europe, regarding the "final" proposal by the ECB, IMF and Germany, roiled the global markets on Monday, June 29. The Greek leadership team and teh Eurogroup negotiating team have traded proposals for the past ten days. But the ECB and IMF negotiators finally set Saturday as the deadline for their final offer - and Greece whiffed.
New Account Application
Sierra Mutual Funds new account application (not for use with IRA accounts). If you require assistance completing the application, please call (866) 738-4363.
Individual Retirement Account (IRA) Custodial Account Adoption Agreement
Please complete this application to establish a new Traditional IRA or Roth IRA. This application must be preceded or accompanied by a current IRA Disclosure Statement and Custodial Agreement. If you require assistance completing the application, please call (866) 738-4363.
Simple Individual Retirement Account (IRA) Custodial Account Adoption Agreement
Please complete this application to establish a new SIMPLE IRA. This application must be preceded or accompanied by a current Disclosure Statement and Custodial Agreement. If you require assistance completing the application, please call (866) 738-4363.
Individual Retirement Account (IRA) Transfer of Assets Form
Please complete this form only if you are transferring assets directly to a new or existing Sierra Mutual Funds IRA, converting from a Traditional IRA to a Roth IRA, transferring from an existing Roth IRA, rolling over a Roth IRA, or you are requesting a direct rollover from an employer sponsored plan. If you require assistance completing the application, please call (866) 738-4363.
Non-Qualified Transfer of Assets Form
Please complete this form only if you are transferring assets directly to a new or existing non-qualified account with the Sierra Mutual Funds. Please complete a separate form for each account you wish to transfer. Transfers may take 3 to 5 weeks to complete after your paperwork is received in good order. If you require assistance completing the application, please call (866) 738-4363.
Coverdell Education Savings Account (ESA) Application
Please complete this application to establish a new Education Savings Account. This application must be preceded or accompanied by a current Disclosure Statement and Custodial Agreement. If you require assistance completing the application, please call (866) 738-4363.
Individual Retirement Account (IRA) Custodial Agreement & Disclosure Statement
Form 5305-A under section 408(a) of the Internal Revenue Code.
ROTH Individual Retirement Account (IRA) Custodial Agreement & Disclosure Statement
Form 5305-RA under section 408(a) of the Internal Revenue Code.
State of Confusion
Financial markets don’t know if they are coming or going, telegraphing that investors are in a state of confusion. The U.S. stock market is tapping out historic highs, but as we write this, the reality is that the S&P 500 is a scant 2% higher than levels established 9 months ago. Along the way to that meager gain, buy and hold investors endured an agonizing and unrelenting free-fall at the end of 2018 and a sharp 7% loss in value in May.