ALL SEASONS FUND (SYMBOL: UNAVX)
FUND OBJECTIVE:
The Fund seeks capital appreciation in all economic cycles.
INVESTMENT PROCESS:
The All Seasons Fund’s investment methodology uses a scientific and model-driven process, and quantitative indicators. It aims to exploit the non-normal distribution of broadly- based equity indices with the goal of positive returns over a variety of market cycles. We believe the non-normal properties of these indices provide a bevy of asymmetric risk/ reward opportunities due to the complex herding behavior of market participants. These behaviors are often driven by fear, panic, or greed, and are detectable in a variety of factors around the indices. We believe our model is capable of detecting periods when risk/reward is appealing by-trade, and we make enough trades per year whereby we have the potential of positive return over time. We currently use the S&P 500 e-mini futures to express direction and long-only S&P 500 e-mini options as a hedge.
GROWTH OF $10,000 & ANNUAL RETURNS (%)
QUARTER-END PERFORMANCE AS OF 9/30/2024
| YTD | 1 YEAR | 3 YEAR | 5 YEAR | 10 YEAR | SINCE INCEPTION* | |
|---|---|---|---|---|---|---|
| USA Mutuals All Seasons Fund Inst. Class | 5.00% | 8.01% | 10.12% | 5.05% | 6.34% | 10.19% |
| S&P 500 TR Index | 22.08% | 36.35% | 11.91% | 15.98% | 13.38% | 9.59% |
| S&P 500 Target Risk Conservation Index (TR) | 8.83% | 17.48% | 1.96% | 4.18% | 4.37% | 4.98% |
*Inception Date of Navigator Fund: 2/1/2002
The Navigator Fund name was changed to the All Seasons Fund on July 21st, 2021.
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-866-264-8783.
DRAWDOWN STATISTICS
ROLLING 24-MONTH RETURN ANALYSIS
From 02/1/2002 to 09/30/2024
| 24 MONTH S&P 500 | 24 MONTH UNAVX | |
|---|---|---|
| Number of Periods | 249 | 249 |
| Average Annualized Return % | 10.13% | 10.69% |
| Best Annualized Return % | 37.22% | 38.04% |
| Worst Annualized Return % | -26.08% | -0.56% |
| Standard Deviation % | 10.11% | 6.54% |
| Profitable Periods % | 89.96% | 99.60% |
| Average Profitable Return % | 12.73% | 10.73% |
| Unprofitable Period % | 10.04% | 0.40% |
| Average Unprofitable Return % | -13.18% | -0.56% |
PORTFOLIO STATISTICS
as of 09/30/2024
Since Inception All Seasons Fund vs. S&P 500 TR Index
| UNAVX | |
|---|---|
| Alpha | 5.41% |
| Beta | 0.51 |
| R-Squared | 0.44 |
INVESTMENT
INFORMATION
$2,000 MINIMUM INVESTMENT $100 FOR RETIREMENT ACCOUNTS
| TICKER | NET EXPENSE | GROSS EXPENSE |
|---|---|---|
| UNAVX | 1.96% | 2.65% |
*The advisor has contractually agreed to limit expenses to 1.96% of the average net assets of the Fund through 7/31/2025.
The Fund’s adviser, USA Mutuals Advisors, Inc. (the “Adviser”), has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until July 31, 2025, to ensure that total annual fund operating expenses after fee waiver and reimbursement (but does not include: front-end or contingent deferred loads, shareholder servicing plan fees, taxes, borrowing costs such as interest and dividends on short positions, brokerage fees and commissions, acquired fund fees and expenses, extraordinary expenses such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser)) and class-specific expenses like distribution (12b-1) fees) will not exceed 1.96% of the Fund’s average daily net assets for each share class.”
Our model exploits the complex herding behavior of traders and investors. While markets are unpredictable, we believe human behavior is more predictable, and is evident and estimable in the price fluctuations of broadly based indices. Our team has spent decades attempting to manage the risks around these types of complex systems in financial markets and beyond. - Paul Strehle, Portfolio Manager
4-Star Overall Morningstar Rating™
All Seasons Fund received a 4-Star Overall Morningstar Rating™ out of 229 funds for the period ending September 30, 2024, in the Tactical Allocation category, based on risk-adjusted returns.
Morningstar uses this step to calculate this rating:
1) Morningstar Risk-Adjusted Return: Adjust Morningstar Return for risk to get MRAR. Morningstar Risk is then calculated as the difference between Morningstar Return and Morningstar Risk-Adjusted Return.
UNAVX also received 5-Star Morningstar Ratings™ for 3-year out of 229 funds, and 3-Star for 5-year out of 210 funds, for the period ending September 30, 2024. All in Morningstar’s Tactial Allocation category, based on risk-adjusted returns. The 10-year returns are not included in the Morningstar rating because the Predecessor Partnership was not registered under the 1940 Act.
©2024 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
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. Past performance is no guarantee of future results.
VIEW UNAVX ON MORNINGSTAR
NEWS ON OUR FUNDS
We publish regular commentaries on our funds in order to keep our investors informed. In addition, our team keeps up to date on business and legal matters that are or could become relevant to the overall health of our portfolios. Take a look at our news page to stay up to date with our comprehensive news and analysis.
Performance data quoted prior to October 13, 2017 represents the past performance of the Goldman Navigator Fund, L.P., a limited partnership (the “Predecessor Partnership”). From its inception on February 1, 2002 through October 13, 2017, the Predecessor Partnership maintained investment policies, objectives, guidelines, and restrictions that were, in all material respects, equivalent to those of the Fund. The Predecessor Partnership was not registered under the 1940 Act, and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended (the “Code”), which, if applicable, may have adversely affected its performance. On a going-forward basis after October 13, 2017, the Fund’s performance will be calculated using the standard formula set forth in rules promulgated by the SEC, which differs in certain respects from the methods used to compute total returns for the Predecessor Partnership. Please refer to the Financial Statements section of the Fund’s SAI to review additional information regarding the Predecessor Partnership. The Navigator Fund name was changed to the All Seasons Fund on July 21st, 2021.
S&P 500 Index is considered to be generally representative of the U.S. large capitalization stock market as a whole. You cannot invest directly in an index. Unmanaged index returns do not reflect fees, expenses or sales charges.
DEFINITIONS:
Alpha: A measure of the difference between a fund’s actual returns and its expected performance, given its level of risk as
measured by beta.
Beta: A measure of a fund’s sensitivity to market movements. S&P 500 TR: Considered to be generally representative of the U.S. large capitalization stock market as a whole.
Correlation: A measurement of how similar a fund’s historical performance has been to that of the benchmark.
Drawdown: The peak-to-trough decline during a specific recorded period of an investment, fund or commodity, usually quoted as the percentage between the peak and the subsequent trough.
R-squared: A measure of the relationship between a portfolio and its benchmark.
Standard Deviation: A measure of the dispersion of a set of data from its mean. It is calculated as the square root of variance by determining the variation between each data point relative to the mean.