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Trending ETFs

Deer Park Total Return Credit Fund

mutual fund
DPFNX
Payout Change
Pending
Price as of:
$8.4 +0.0 +0.0%
primary theme
High Yield Bond
DPFNX (Mutual Fund)

Deer Park Total Return Credit Fund

Payout Change
Pending
Price as of:
$8.4 +0.0 +0.0%
primary theme
High Yield Bond
DPFNX (Mutual Fund)

Deer Park Total Return Credit Fund

Payout Change
Pending
Price as of:
$8.4 +0.0 +0.0%
primary theme
High Yield Bond

Name

As of 10/01/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.40

$335 M

7.14%

$0.60

2.05%

Vitals

YTD Return

0.8%

1 yr return

6.2%

3 Yr Avg Return

-2.1%

5 Yr Avg Return

0.4%

Net Assets

$335 M

Holdings in Top 10

16.6%

52 WEEK LOW AND HIGH

$8.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.05%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 17.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$100,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/01/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.40

$335 M

7.14%

$0.60

2.05%

DPFNX - Profile

Distributions

  • YTD Total Return 0.8%
  • 3 Yr Annualized Total Return -2.1%
  • 5 Yr Annualized Total Return 0.4%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.97%
DIVIDENDS
  • Dividend Yield 7.1%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Deer Park Total Return Credit Fund
  • Fund Family Name
    Navigator Funds
  • Inception Date
    Oct 16, 2015
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Craig-Scheckman

Fund Description

The Fund seeks to achieve its investment objective by investing primarily in asset-backed debt securities (“ABS”) which are predominantly backed by mortgages on real estate. Such mortgage-backed securities (“MBS”) include residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) that are rated below investment grade, or not rated. The Fund may also invest in other types of asset-backed or debt securities. These investments may include securities rated as “Senior Alt-A” or “subprime”, which may present higher risk of default than securities rated as “prime”, but which the sub-adviser believes are undervalued. Debt securities rated below investment grade are also known as “junk bonds”. By using proprietary fundamental analysis and modeling key variables, the portfolio managers seek investments that they expect will provide steady and substantial cash flows. The sub-adviser believes that the duration, high cash flow nature of the bonds makes them less susceptible to volatility and expects them to generate returns that are uncorrelated with equities or high yield bonds over time.

The Fund will typically invest in both fixed and floating rate securities, although the ratio between the two will vary from time-to-time depending upon market conditions and available investment opportunities. Investments will include duration RMBS that the Fund’s sub-adviser believes can be purchased at a discount and have strong cash flows. The Fund invests without restriction as to issuer capitalization, country, credit quality and the maturity of fixed income securities. The Fund may employ risk-reducing hedging techniques using short selling, futures contracts, options, repurchase agreements, or credit-default swaps and total return swaps. The Fund may also enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells portfolio securities to a counterparty and agrees to repurchase the securities at an agreed-upon price and date. Cash received by the Fund from the counterparty will be used for investment purposes and may also be used for liquidity purposes.

The Adviser has delegated management of the Fund’s portfolio to a sub-adviser, Deer Park Road Management Company, L.P. (the “Sub-Adviser”). However, the Adviser sets the Fund’s investment objective, has overall supervisory responsibilities for the general management and investment of the Fund’s securities portfolio, and retains final authority with respect to the Fund’s portfolio if it believes an investment is not consistent with the Fund’s investment guidelines and restrictions. The Adviser is also responsible for ongoing performance evaluation, monitoring, and due diligence with respect to the Sub-Adviser.

Sub-Adviser’s Investment Process

The Sub-Adviser utilizes a credit analysis-based strategy which combines fundamental research with a proprietary valuation process. Deer Park seeks to identify and capitalize upon attractive investment opportunities in the MBS and ABS markets.

Although the portfolio is actively traded on an opportunistic basis, the Sub-Adviser’s philosophy is to buy securities that it is comfortable holding to term. The Fund seeks to derive portfolio returns through fundamental analysis and security selection.

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DPFNX - Performance

Return Ranking - Trailing

Period DPFNX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.8% -5.4% 15.4% 96.45%
1 Yr 6.2% -1.5% 20.2% 97.74%
3 Yr -2.1%* -14.9% 20.9% 95.21%
5 Yr 0.4%* -11.8% 37.4% 94.92%
10 Yr N/A* -5.1% 20.2% N/A

* Annualized

Return Ranking - Calendar

Period DPFNX Return Category Return Low Category Return High Rank in Category (%)
2023 -2.4% -4.7% 14.3% 99.51%
2022 -16.0% -33.4% 3.6% 58.01%
2021 2.7% -8.4% 8.2% 9.66%
2020 -4.4% -13.2% 302.7% 97.56%
2019 -0.5% -4.4% 13.3% 97.85%

Total Return Ranking - Trailing

Period DPFNX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.8% -5.4% 15.4% 96.45%
1 Yr 6.2% -1.5% 20.2% 97.74%
3 Yr -2.1%* -14.9% 20.9% 95.21%
5 Yr 0.4%* -11.8% 37.4% 94.92%
10 Yr N/A* -5.1% 20.2% N/A

* Annualized

Total Return Ranking - Calendar

Period DPFNX Return Category Return Low Category Return High Rank in Category (%)
2023 4.5% -4.7% 18.7% 97.57%
2022 -11.1% -33.4% 47.8% 60.62%
2021 7.6% -8.4% 12.4% 10.17%
2020 0.9% -9.6% 325.6% 93.19%
2019 5.2% -3.8% 19.4% 97.49%

NAV & Total Return History


DPFNX - Holdings

Concentration Analysis

DPFNX Category Low Category High DPFNX % Rank
Net Assets 335 M 3.13 M 23.6 B 64.52%
Number of Holdings 512 2 3879 31.60%
Net Assets in Top 10 45.1 M -492 M 5.25 B 67.10%
Weighting of Top 10 16.58% 4.2% 146.0% 34.68%

Top 10 Holdings

  1. HELT 2007-FRE1 M1 3.31%
  2. FFML 2006-FF10 M1 2.15%
  3. HMH 2017-NSS E 1.78%
  4. FFML 2006-FF11 M1 1.48%
  5. EQLS 2007-1 M1 1.39%
  6. AMSI 2005-R11 M6 1.34%
  7. CARR 2005-FRE1 M4 1.31%
  8. SRPT 2014-STAR A 1.30%
  9. RALI 2007-QH3 A2 1.27%
  10. SASC 2006-BC6 M1 1.24%

Asset Allocation

Weighting Return Low Return High DPFNX % Rank
Other
99.96% -39.08% 99.96% 0.32%
Cash
0.13% -52.00% 48.02% 94.17%
Bonds
0.11% 0.00% 145.36% 98.71%
Stocks
0.00% 0.00% 99.64% 79.35%
Preferred Stocks
0.00% 0.00% 4.97% 53.97%
Convertible Bonds
0.00% 0.00% 17.89% 96.92%

Bond Sector Breakdown

Weighting Return Low Return High DPFNX % Rank
Securitized
97.24% 0.00% 97.24% 0.16%
Cash & Equivalents
0.13% 0.00% 48.02% 86.55%
Derivative
0.00% -14.19% 42.26% 64.51%
Corporate
0.00% 0.00% 100.00% 99.51%
Municipal
0.00% 0.00% 1.17% 55.52%
Government
0.00% 0.00% 99.07% 67.86%

Bond Geographic Breakdown

Weighting Return Low Return High DPFNX % Rank
US
0.11% 0.00% 126.57% 98.54%
Non US
0.00% 0.00% 96.91% 55.43%

DPFNX - Expenses

Operational Fees

DPFNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.05% 0.02% 38.33% 6.63%
Management Fee 1.49% 0.00% 1.75% 99.52%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

DPFNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

DPFNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

DPFNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 17.00% 1.00% 255.00% 1.77%

DPFNX - Distributions

Dividend Yield Analysis

DPFNX Category Low Category High DPFNX % Rank
Dividend Yield 7.14% 0.00% 11.76% 83.25%

Dividend Distribution Analysis

DPFNX Category Low Category High Category Mod
Dividend Distribution Frequency None SemiAnnual Monthly Monthly

Net Income Ratio Analysis

DPFNX Category Low Category High DPFNX % Rank
Net Income Ratio 2.97% -2.39% 9.30% 93.73%

Capital Gain Distribution Analysis

DPFNX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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DPFNX - Fund Manager Analysis

Managers

Michael Craig-Scheckman


Start Date

Tenure

Tenure Rank

Oct 16, 2015

6.63

6.6%

Michael Craig-Scheckman has been in the investment business for over 30 years and has over 20 years’ experience in the distressed mortgage-backed/asset-backed (MBS/ABS) field. Michael has operated Deer Park Road (DPR) as an investment advisor, focused exclusively on MBS/ABS, from 2003 until the present. He started his focus on MBS/ABS while working at Millennium Partners in 1993. He maintained a portfolio management relationship, focused on MBS/ABS, with Millennium from 1993 until 2010. Prior to his employment at Millennium Partners in 1993, he held various trading positions at several securities firms and banks where his focus included metals, US government securities, and MBS. Michael earned a BA in Physics at Queens College, New York, in 1975 and a MA in Physics at Columbia University, New York, in 1977.

Scott Burg


Start Date

Tenure

Tenure Rank

Oct 16, 2015

6.63

6.6%

Scott Burg, CIO/Portfolio Manager, has over 8 years’ experience valuing and analyzing mortgage and asset-backed securities. Prior to joining Deer Park Road Management Company, LP in 2010, he was a Principal at General Capital Partners, focused on advising middle market companies in distressed situations. Previously, he was at Pursuit Partners, where his focus was on analyzing ABS opportunities. Mr. Burg received his MBA from Daniels School of Business at the University of Denver in 2007, and a B.S. in Finance from the University of Colorado in 2001.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.29 8.17