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.
Strategy
Type
Date

Rules-Based Process in Motion: April 2021 (SSIRX)
Reflects how our truly tactical rules-based investment process reacted due to market movement in the Sierra Tactical Core Income Fund through March 31, 2021.

Sierra Tactical Core Income Fund: Investment Returns During Episodes of Rising Interest Rates
Changes in interest rate levels are the primary driver of returns for U.S. Treasury bonds and high-quality corporate bonds. A sharp rise in long-term rates often leads to losses for investors in these “conservative” asset classes.

Advisor Voice Presentation: Rising Rates Discussion (3/16/21)
Presentation slides from the recent Advisor Voice video on rising rates, showing how we don't follow market predictions, but rather rely on our time-tested, truly tactical, rules-based investment discipline to serve advisors and their clients.

Rules-Based Process in Motion: March 2021 (SSIRX)
Reflects how our truly tactical rules-based investment process reacted due to market movement in the Sierra Tactical Core Income Fund through February 28, 2021.

Presentation: 2020 Year-End Review
Presentation slides from the Sierra Mutual Funds 2020 Year-End Review.

Rules-Based Process in Motion: February 2021 (SSIRX)
Reflects how our truly tactical rules-based investment process reacted due to market movement in the Sierra Tactical Core Income Fund through January 31, 2021.

2020 Q4 Update: Risk Matters. Defense Matters. Discipline Matters.
Sierra Mutual Funds CIO Terri Spath reviews the trends and challenges that happened during the fourth quarter of 2020, including the impact of COVID-19 on global markets.

Rules-Based Process in Motion: January 2021 (SSIRX)
Reflects how our truly tactical rules-based investment process reacted due to market movement in the Sierra Tactical Core Income Fund through December 31, 2020.
Commentary: Three Reasons to Own Bonds in 2021
CIO Terri Spath discusses the current state of the fixed income market and offers three reasons why we like bonds in 2021.

Rules-Based Process in Motion: December 2020 (SSIRX)
Reflects how our truly tactical rules-based investment process reacted due to market movement in the Sierra Tactical Core Income Fund through November 30, 2020.
Commentary: The Elections and the Broken 40% Bond Allocation
Chief Investment Officer Terri Spath provides four takeaways from the recent Presidential election and what it might mean for the future of the markets, as well as offering a potential alternative solution to a traditional, passive 40% bond allocation.

2020 Advisor Group ConnectED Conference Presentation Deck
Chief Financial Officer Terri Spath covers 2020 Q3 economic data, three risks to worry about right now, the impact of COVID, recession indicators, and why we believe a rules-based process can add value for clients while mitigating risks.

Rules-Based Process in Motion: November 2020 (SSIRX)
Reflects how our truly tactical rules-based investment process reacted due to market movement in the Sierra Tactical Core Income Fund through October 31, 2020.
Commentary: Three Ways to Invest for the Rest of 2020
Chief Investment Officer Terri Spath gives an outlook for the rest of 2020, and three potential way to invest during these turbulent times.

2020 Harbour Investments Annual Conference - Presentation Slides
Slides from Senior Portfolio Specialist Bill Philips' breakout session: Building a Diversified Fixed Income Portfolio - Satellite Sectors. Bill explores the opportunities in “satellite” sectors of fixed income, such as High Yield Corporate Bonds, Preferreds, Emerging Markets Bonds, and High Yield Municipal Bonds, while at the same time, showing how our truly tactical, rules-based discipline is designed to mitigate against excessive volatility.

2020 Q3 Update: Risk Matters. Defense Matters. Discipline Matters.
Sierra Mutual Funds CIO Terri Spath reviews the trends and challenges that happened during the third quarter of 2020, including the impact of COVID-19 on global markets.

Sierra Tactical Municipal Fund: Navigating the Municipal Market, Tactically
The Sierra Tactical Municipal Fund employs a truly tactical, rules-based approach to managing one of the most sensitive & complex asset classes – municipal bonds.

Rules-Based Process in Motion: October 2020 (SSIRX)
Reflects how our truly tactical rules-based investment process reacted due to market movement in the Sierra Tactical Core Income Fund through September 30, 2020.

Presentation: Cambridge Ignite 2020 - What Matters During Turbulent Times?
Presentation slides from CIO Terri Spath's session at Cambridge Ignite 2020. Terri covers What Matters During Turbulent Times, and how our truly tactical rules-based process seeks to provide stability to the fixed income side of a client portfolio, while mitigating market risks.
Commentary: Three Investment Ideas in Front of the Election
CIO Terri Spath covers the current state of the markets, and gives three possible ways to participate in investment returns while keeping a close eye on risk.

Presentation: Seeking to Limit Risk and Grow Wealth with Fixed Income
Slides from Senior Portfolio Specialist Bill Phillip's September 16th webcast. Bill takes a deeper look at the fixed income market, the current state of the bond market, alternatives to traditional asset classes, and gives an overview of Sierra's truly tactical rules-based process and the Tactical Core Income Fund.

Rules-Based Process in Motion: September 2020 (SSIRX)
Reflects how our truly tactical rules-based investment process reacted due to market movement in the Sierra Tactical Core Income Fund through August 31, 2020.

2020 Q2 Update: Risk Matters. Defense Matters. Discipline Matters.
Sierra Mutual Funds CIO Terri Spath reviews the trends and challenges that happened during the second quarter of 2020, including the impact of COVID-19 on global markets.
Commentary: The Answer to a Widespread Question: FAAANM
Chief Investment Officer Terri Spath discusses how the stock market continues to rise despite economic struggles, the current state of the bond market, and how our rules-based investment disciplines are navigating these unprecedented times.

Rules-Based Process in Motion: August 2020 (SSIRX)
Reflects how our truly tactical rules-based investment process reacted due to market movement in the Sierra Tactical Core Income Fund through July 31, 2020.

Sierra Tactical Bond Fund: Is Your Bond Fund Taking Advantage of Market Volatility?
The embedded complexities of the fixed income markets may make this a difficult proposition to achieve. We can offer your clients an alternative approach to a traditional asset class. The Sierra Tactical Bond Fund employs a truly tactical, rules-based approach to accessing two uncorrelated asset classes: High Yield Corporate Bonds and Long-Duration U.S. Treasury Bonds - updated through December 31, 2020.

Presentation: 2020 Mid-Year Update: What Matters Webcast
Presentation slides used in our 2020 Mid-Year Review webinar.

Rules-Based Process in Motion: July 2020 (SSIRX)
Reflects how our truly tactical rules-based investment process reacted due to market movement in the Sierra Tactical Core Income Fund through June 30, 2020.

Presentation: Solving the Core Fixed Income Challenge
This presentation provides perspective on the challenges facing Financial Advisors when building a well-diversified fixed income allocation that can deliver the benefits of fixed income while protecting against rising rates, defaults, bond market illiquidity, and stock market volatility.
COMMENTARY: Discipline Matters in Zombie Markets
Chief Investment Officer Terri Spath discusses the current state of the economy, what changes you might expect in the coming months, and some recommendations for navigating the ever changing market environment to help mitigate risk while seeking productive returns.

Rules-Based Process in Motion: June 2020 (SSIRX)
Reflects how our truly tactical rules-based investment process reacted due to market movement in the Sierra Tactical Core Income Fund through May 31, 2020.
Risk Matters: The Importance of Keeping Losses Small (flyer)
This flyer shows why it's important to keep losses small, and the gains needed to break even after a market decline over 2, 5, and 10 year periods.

Rules-Based Process in Motion: May 2020 (SSIRX)
Reflects how our truly tactical rules-based investment process reacted due to market movement in the Sierra Tactical Core Income Fund through April 31, 2020.

2020 Q1 UPDATE: RISK MATTERS. DEFENSE MATTERS. DISCIPLINE MATTERS.
Sierra Mutual Funds CIO Terri Spath reviews the trends and challenges that happened during the first quarter of 2020, including the impact of COVID-19 on global markets.

Rules-Based Process in Motion: April 2020 (SSIRX)
Reflects how our truly tactical rules-based investment process reacted due to market movement in the Sierra Tactical Core Income Fund through March 31, 2020.

Sierra Tactical Bond Fund: Performance Analysis
Monthly performance analysis booklet for the Sierra Tactical Bond Fund sourced through Morningstar, updated through March 31, 2021.
Commentary: When It Comes Time to Buy, Will You Do It?
CIO Terri Spath's latest market commentary discusses when might be a good time to buy, and the importance of using a time-tested process, like the one used at Sierra.

Rules-Based Process in Motion: March 2020 (SSIRX)
Reflects how our truly tactical rules-based investment process reacted due to market movement in the Sierra Tactical Core Income Fund for March 2020.


Special Edition Market Minute: Got the moving market on your mind...
The markets have been unruly this week. In a matter of days, we've seen months of market gains eliminated right before our eyes. It is times like these that we rely on our truly-tactical rules-based investment process and quantitative trailing stops under each holding. Terri shares her perspectives in this Special Edition of the Market Minute.
5307-NLD-2/28/2020


Market Minute: Diversifying with Preferred Stocks
Preferred stocks offer investors the characteristics of both equities and bonds. Though less volatile than their common stock counterpart, they still need to be managed tactically. CIO Terri Spath shares her insights in this week's Market Minute.
5239-NLD-2/11/2020

Rules-Based Process in Motion: February 2020 (SSIRX)
Reflects how our truly tactical rules-based investment process reacted due to market movement in the Sierra Tactical Core Income Fund for February 2020.
Commentary: Puzzled by Fixed Income? A Tactical Resolution for 2020
Reviewing bond holdings doesn’t make most people’s list of New Year resolutions, but it should. Why? Investors often tell us that fixed-income is confusing and that they have heard now is not a good time to buy bonds. The truth is a bond allocation is critical to your financial health, and a truly tactical approach to the asset class can address a lot of the confusion and misgivings about bonds that investors typically have.


Webinar Replay | 19Q4 Update | 2020 Vision: Seeing Tactically
Chief Investment Officer Terri Spath shares her insights and perspectives as she recaps on the financial markets in 2019.
5166-NLD-1/27/2020

Sierra Tactical Core Income Fund: An Alternative Approach to a Traditional Asset Class
Correlations can have a meaningful impact on the client experience. Updated through December 31, 2019.

PRESENTATION: 19Q4 UPDATE | 2020 VISION: SEEING TACTICALLY
Presentation slides used in our 2019 Year in Review update webinar.
Sierra Tactical Bond Fund - Class A & C - Fact Sheet
Sierra Tactical Bond Fund, Class A & C, Fact Sheet as of December 31, 2020.


Market Minute: Risk Measures: Maximum Drawdown
Happy New Year to you all. It's 2020, and we want we want to share some thoughts with you about Maximum Drawdown. This risk measure looks at the largest observed loss from peak to trough. Terri shares her insights into the importance of Maximum Drawdown in this week's Market Minute.
5109-NLD-01/16/2020
Sierra Tactical Bond Fund - Instl Class - Fact Sheet
Sierra Tactical Bond Fund, Instl Class, Fact Sheet as of December 31, 2020.

Rules-Based Process in Motion: January 2020 (SSIRX)
Reflects how our investment process reacted due to market movement in the Sierra Tactical Core Income Fund for the month of January 2020.

Rules-Based Process in Motion: December 2019 (SSIRX)
Reflects how our investment process reacted due to market movement in the Sierra Tactical Core Income Fund for the month of December 2019.


Market Minute: Interest rates and the yield curve
The yield curve inverts when consumers are able to borrow money at a lower interest rate for a longer period of time. It's unusual when it occurs, and it has investors a bit nervous. What affect does it have on the way we manage money for our clients? Terri provides her perspectives.
5306-NLD-4/3/2019


Market Minute: Understanding emerging markets investments
When considering investments in emerging markets for your clients, the opportunity for growth is tremendous; but if you are seeking to increase diversification, you may want to look deeper into emerging markets debt. Terri shares her perspective in this week's Market Minute.
5536-NLD-6/27/2019


Market Minute: Three popular methods for managing municipal bond
Municipal bonds, often a staple component of the fixed income sleeve of a client's portfolio, aren't exempt from periods of extreme volatility. We've found that financial advisors prefer one of three different methods for managing them. This week, Terri breaks down the features and benefits of each, and shares her personal preference.
5738-NLD-9/17/2019


Market Minute: How we manage the interest rate environment
2019's theme seems to be interest rates. They've been up, they've been down, and each move has been at a different velocity. With so much fluctuation, we're often asked how we are able to manage through the challenging environment. Terri explains in this week's Market Minute.
9003-NLD-11/25/2019


Market Minute: Sequence of returns risk
Unlike other investing risks, sequence of returns risk isn't a statistical figure that can be found or screened out in Morningstar. It's a risk that is unique to each individual investors experience. Terri explains how we're able to mitigate this overlooked risk in this week's Market Minute.
9044-NLD-12/11/2019

Sierra Tactical Bond Fund: An Alternative Approach to a Traditional Asset Class
The Sierra Tactical Bond Fund employs a truly tactical, rules-based approach to accessing two uncorrelated asset classes: High Yield Corporate Bonds (high yield) and Long-Duration U.S. Treasury Bonds.
Commentary: Airbags for Your Investments
Investment Commentary: Chief Investment Office Terri Spath discusses some potential hidden risks in the current markets, and how to seek to mitigate those risks.


Market Minute: A look at global stock valuations
With stocks reaching record highs, we continue to be asked about global opportunities and the risks associated with them. Valuation metrics are a great way of measuring value. Terri discusses the subject in this week's Market Minute.
5974-NLD-11/14/2019

Rules-Based Process in Motion: November 2019
Reflects how our investment process reacted due to market movement for the month of October 2019.


Market Minute: The impact of global negative interest rates
Bond market investing has been made more difficult than ever thanks to global negative interest rate debt. It's putting a crimp on investors who are looking to create income. Our tactical, rule-based process follows a myriad of asset classes, and it helps us identify areas of the market they may provide positive outcomes. Terri discusses in this week's Market Minute.
5924-NLD-11/1/2019

Presentation: Time for Tactical | Fall 2019 Update
Presentation slides used in our Fall 2019 update.

Sierra Tactical Core Income Fund vs US Bond Categories - Flyer
Flyer showing the Sierra Tactical Core Income Fund vs US Bond Categories, updated through September 30, 2019.
Commentary: Plug Your Portfolio
Investment Commentary: Chief Investment Officer Terri Spath talks about potential ways to guard against drawdowns and market risk in the current environment.
5862-NLD-10/22/2019
Sierra Tactical Municipal Fund - Class A & C - Fact Sheet
Sierra Tactical Municipal Fund, Class A & C, Fact Sheet as of December 31, 2020.

Rules-Based Process in Motion: October 2019
Reflects how our investment process reacted due to market movement for the month of September 2019.
Sierra Tactical Bond 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 Bond 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 vs. U.S. Bond Categories: June 30, 2018
Net flows of the intermediate-term bond funds, bank loan, short-term bond, and ultrashort bond funds. Updated through June 30, 2018.

Rules-Based Process in Motion: September 2019
Reflects how our investment process reacted due to market movement for the month of August, 2019.

The Value of Partnership
Learn how Sierra partners with advisors to help grow their business.
Biography: Kenneth L. Sleeper
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.
Biography: David C. Wright
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.

Presentation: Strategies Engineered for Conservative Investors (IP Use)
This professional use only presentation introduces our company, the basics of our investment process and updated mutual funds strategy performance. Updated through March 31, 2019.

Presentation: Strategies Engineered for Conservative Investors (Public)
A client-approved presentation designed to introduce our company, the basics of our investment process and updated mutual funds strategy performance. Updated through March 31, 2019.

Presentation: Muting the Sounds of Intellectual Noise: Puzzled by Fixed Income?
Removing emotion, or intellectual noise, from investment decision making can create a more sustainable and predictable outcome. Deploying a rules-based investment process built to take advantage of what the markets are saying now, rather than what the so-called experts are predicting, can remove the emotion and noise from the market and create value for your client. Updated through March 31, 2019.

Presentation: State of Confusion | 2019 Mid-Year Review
Presentation slides used in our 2019 Mid-Year Review webinar.

Hypothetical Portfolio Illustration
This hypothetical illustration is based off a client who needs income and doesn't want volatility. Compares an investment in the Sierra Tactical All Asset Fund to 100% Bloomberg Barclays U.S. Aggregate Bond Index, Morningstar Allocation - 15% to 30% Equity Category, and to Morningstar Tactical Allocation Category. Updated through December 31, 2018.
Rolling 12 month Historic Allocations: Callan Visualizations
A visual view of tactical allocation shifts for the Sierra Tactical All Asset & Sierra Tactical Core Income Funds for the last rolling 12 months. Updated through March 31, 2021.
Rolling 12 month Historic Allocations: Callan Visualization - SSIRX only
A visual view of tactical allocation shifts for the Sierra Tactical Core Income Fund for the last rolling 12 months. Updated through March 31, 2021.

2018 Historic Allocations: Callan Visualizations
A visual view of tactical allocation shifts for the Sierra Tactical All Asset & Sierra Tactical Core Income Funds throughout 2018.

2018 Historic Allocations: Callan Visualization
A visual view of tactical allocation shifts for the Sierra Tactical Core Income Fund throughout 2018.

2017 Historic Allocations: Callan Visualization
A visual view of tactical allocation shifts for the Sierra Tactical Core Income Fund throughout 2017.

2016 Historic Allocations: Callan Visualization
A visual view of tactical allocation shifts for the Sierra Tactical Core Income Fund throughout 2016.

Sierra Tactical Core Income Fund: Performance Analysis
Monthly performance analysis booklet for Sierra Tactical Core Income Fund sourced through Morningstar. Updated through March 31, 2021.

A Comprehensive Product Offering
A one page view of our comprehensive product offering for financial advisors.

Quotes: Intellectual Noise
The complex nature of the capital markets has created a platform for so-called content experts, influencers, and market prognosticators to get their 30 second market soundbite into a deeply captive marketplace. Investor sentiment and behavior is heavily influenced by these, sometimes, irrational predictions on how the markets are expected to behave in the short or long-term.

Sierra Tactical All Asset Fund: Navigating an Interesting Decade
Monthly performance analysis booklet sourced through Morningstar. Updated through November 30, 2019.

Solving the Core Fixed Income Challenge
In this current fixed income environment, many advisors feel they face a no-win situation when allocating investments to the bond side of their clients’ portfolios.

Sierra Tactical Core Income Fund vs. U.S. Bond Categories: June 30, 2019
Net flows of the intermediate-term bond funds, bank loan, short-term bond, and ultrashort bond funds. Updated through June 30, 2019.

Rules-Based Process in Motion: April 2019
Reflects how our investment process reacted due to market movement for the month of March, 2019.

Rules-Based Process in Motion: May 2019
Reflects how our investment process reacted due to market movement for the month of April, 2019.

Rules-Based Process in Motion: June 2019
Reflects how our investment process reacted due to market movement for the month of May, 2019.

Rules-Based Process in Motion: July 2019
Reflects how our investment process reacted due to market movement for the month of June, 2019.

Staying in the Game with Singles and Doubles
The challenge for Financial Advisors is finding the right components in order to assemble a sustainable, diversified portfolio for clients. Diversification consists of selecting asset classes that aren’t highly correlated to each other to create resilience through various market cycles. Clients value portfolios that are stable and can provide defense. Updated through March 31, 2019.

How is your fixed income allocated and why?
There are endless fixed income options available for your investment dollar. Do you have a process in place to help make these decisions a lot easier?

Rebuild Your Core: Constructing a Bond Portfolio to Prosper in a Changing Environment
Bond portfolio construction can be more effective in a dynamic environment by assembling the portfolio with puzzle pieces that are not included within the Agg. The biggest challenge may be knowing when to adjust allocation – a problem that can be solved by following a clearly defined investment process.


Market Minute: Distancing investing from gambling
Have you ever spent a day at the horse races? Choosing one horse before the race has begun and hoping for the best result is gambling. The same mentality can creep into investing. Terri Spath shares her investing insights in this week's Market Minute.
6809-NLD-09/04/2019
Commentary: Winning at the Horse Races
For most people the end of summer means one last dash to the beach, back-to-school shopping, and some final wagering at the horse track. At least this has been the case for me. The last bet on the last race at the Del Mar Racetrack in Southern California comes at Labor Day. Betting on a horse means putting money on a hopeful winner before the announcer shouts “go” and either picking up a gain or losing it all several minutes later.
6825-NLD-09/05/2019

Rules-Based Process in Motion: August 2019
Reflects how our investment process reacted due to market movement for the month of July, 2019.
Sales Support Territory Map
Sierra Mutual Funds regional sales territories.


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


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


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


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


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


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


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


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

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?

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.


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


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


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.
5396-NLD-4/29/2019


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


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


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
Commentary: 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.
Commentary: 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.
Commentary: 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 - Instl Class - Fact Sheet
Sierra Tactical Municipal Fund, Instl Class, Fact Sheet as of December 31, 2020.
Sierra Tactical All Asset Fund - Instl Class - Fact Sheet
Sierra Tactical All Asset Fund, Instl Class, Fact Sheet as of December 31, 2020.
Sierra Tactical All Asset Fund - Class A & C - Fact Sheet
Sierra Tactical All Asset Fund, Class A & C, Fact Sheet as of December 31, 2020.
Sierra Tactical Core Income Fund - Instl Class - Fact Sheet
Sierra Tactical Core Income Fund, Instl Class, Fact Sheet as of December 31, 2020.
Sierra Tactical Core Income Fund - Class A & C - Fact Sheet
Sierra Tactical Core Income Fund, Class A & C, Fact Sheet as of December 31, 2020.
Commentary: 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.
Commentary: 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.
Commentary: 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.
Truly Tactical Rules-Based Investment Management
We are a truly tactical, rules-based investment manager. For more than 30 years we have been able to add value for advisors and their clients who appreciate the importance of total returns and mitigating downside risk. We believe in the importance of diversification, a strong defense, and the ability to sequence returns to provide a long distribution phase.
Sierra Mutual Funds Annual Report
The latest report published on September 30, 2019.
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
SIERRA MUTUAL FUNDS PORTFOLIO REVIEW (Unaudited) March 31, 2019
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.
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, the Sierra Tactical Municipal Fund, and the Sierra Tactical Bond Fund (each a “Fund” and together the "Funds") dated January 28, 2021 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.
Commentary: Risk-on and Risk-off Visualization
This chart visualizes how Long-Term Treasury Rates and High Yield Corporate Bond Spreads often move in opposite directions, as investors move into Treasuries in periods of market stress and tend to move out of High Yield Corporate Bonds during the same periods.