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Trending ETFs

Sierra Tactical Municipal Fund

mutual fund
STMYX
Payout Change
Pending
Price as of:
$26.01 +0.04 +0.15%
primary theme
High Yield Municipal Bond
STMYX (Mutual Fund)

Sierra Tactical Municipal Fund

Payout Change
Pending
Price as of:
$26.01 +0.04 +0.15%
primary theme
High Yield Municipal Bond
STMYX (Mutual Fund)

Sierra Tactical Municipal Fund

Payout Change
Pending
Price as of:
$26.01 +0.04 +0.15%
primary theme
High Yield Municipal Bond

Name

As of 06/14/2024

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

$26.01

$284 M

3.09%

$0.80

1.39%

Vitals

YTD Return

2.2%

1 yr return

6.5%

3 Yr Avg Return

0.1%

5 Yr Avg Return

2.1%

Net Assets

$284 M

Holdings in Top 10

84.2%

52 WEEK LOW AND HIGH

$26.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.39%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 121.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$10,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/14/2024

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

$26.01

$284 M

3.09%

$0.80

1.39%

STMYX - Profile

Distributions

  • YTD Total Return 2.2%
  • 3 Yr Annualized Total Return 0.1%
  • 5 Yr Annualized Total Return 2.1%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.36%
DIVIDENDS
  • Dividend Yield 3.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Sierra Tactical Municipal Fund
  • Fund Family Name
    Sierra Trust
  • Inception Date
    Dec 27, 2018
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Kenneth Sleeper

Fund Description

The Fund invests in open-end investment companies (mutual funds) and exchange-traded funds (“ETFs”) that primarily invest in tax-exempt municipal bonds (“Underlying Municipal Bond Funds”), as well as municipal money market funds. “Tax exempt” refers to the exemption from federal income taxes of the dividends paid by the Underlying Funds, a benefit that will be passed through to shareholders as to ordinary dividends from the Fund.

Under normal circumstances, the Fund invests at least 80% of its net assets (defined as net assets plus the amount of any borrowing for investment purposes) in funds that primarily invest in municipal bonds or other municipal debt instruments. The Adviser uses a proprietary model to tactically allocate the Fund’s assets. When any Underlying Municipal Bond Fund declines in price enough to generate a “Sell signal” under the Adviser’s model, the Fund will sell that Underlying Municipal Bond Fund and move the proceeds temporarily to a tax-free money market fund. Conversely, when prices of an Underlying Municipal Bond Fund begins new uptrends sufficient to give a “Buy signal” under that model, the Adviser will select and purchase an Underlying Municipal Bond Fund and will continue to make purchases with net cash inflows into the Fund.

The Fund invests in Underlying Municipal Bond Funds that may invest in high-yield municipal bonds as well as those that invest in investment-grade municipal bonds. The Fund does not have maturity or duration limitations with respect to holdings of the Underlying Municipal Bond Funds in which it invests. The Fund considers high-yield municipal bonds to be those that are rated lower than Baa3 by Moody’s Investors Service (“Moody’s”) or lower than BBB- by Standard and Poor’s Rating Group (“S&P”). From time to time and depending on market conditions, the Fund may be fully invested in Underlying Municipal Bond Funds that primarily invest or are fully invested in high-yield (or junk) municipal bonds.

The Adviser’s investment strategy is a tactical style that includes disciplines that attempt to limit downside risk (drawdown, meaning the magnitude of decline from highest price to the subsequent low) as well as to seek to enhance return through income and capital appreciation (total return). The current yield of the Fund is not a separate goal, and the monthly distribution yield will fluctuate.

The Adviser does not employ a passive “buy and hold,” strategy. As part of its integrated risk-management disciplines, the Adviser monitors each Fund holding daily and applies a trailing stop discipline (a form of sell signal) to each Underlying Fund in the Fund’s portfolio. The Adviser employs a trailing stop discipline which adjusts the sell signal level as the price of a holding rises and is calculated as a percentage or dollar amount below the market price. When the price of a holding decreases by a certain percentage or dollar amount, the Adviser sells the holding in an attempt to protect profits and minimize further impact on the portfolio. A trailing stop discipline” is a type of stop calculation managed by the Adviser that rises each day as the price of the underlying security rises, and thus “trails” the price movement. When any Underlying Fund declines in price enough to generate a “Sell signal” the Adviser either sells the Underlying Fund or hedges by purchasing an inverse Underlying Fund.

The Sell Disciplines are not designed to attempt to buy at lows or to sell at highs, but to seek to participate in a substantial part of any sustained uptrend in the municipal bond market, as well as to step aside during most of any sustained downtrend. The Adviser employs a “reactive” approach as distinct from a “predictive” approach. The Adviser does not expect to average more than two Sell signals alternated with two Buy signals per year. Thus, the Adviser expects that the Fund’s portfolio turnover rate will average approximately 200% per year. This tactical approach has historically meant that most gains to be realized by the Fund upon sales of Underlying Municipal Bond Funds will be taxed as short-term capital gains rather than long-term capital gains.

It should be noted that (1) purchases and sales of municipal bonds by the Underlying Municipal Bond Funds will result in capital gains and losses, as to which net capital gains will be distributed to the Fund (typically at or near the end of each calendar year), distributed by the Fund to shareholders, and will not be tax exempt, and (2) that purchases and sales of Underlying Municipal Bond Funds by the Fund will also result in capital gains and losses, as to which net capital gains will be distributed to shareholders of the Fund at or near the end of each calendar year, and will not be tax exempt.

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STMYX - Performance

Return Ranking - Trailing

Period STMYX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% -2.0% 8.0% 83.17%
1 Yr 6.5% -4.0% 11.6% 60.58%
3 Yr 0.1%* -9.5% 2.0% 4.93%
5 Yr 2.1%* -4.8% 526.3% 14.14%
10 Yr N/A* 0.1% 155.7% N/A

* Annualized

Return Ranking - Calendar

Period STMYX Return Category Return Low Category Return High Rank in Category (%)
2023 1.7% -6.2% 7.5% 74.52%
2022 -4.0% -26.9% -3.5% 1.46%
2021 -1.4% -1.9% 5.6% 96.53%
2020 1.8% -10.1% 4.2% 14.50%
2019 5.1% -0.7% 9.1% 47.42%

Total Return Ranking - Trailing

Period STMYX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% -2.0% 8.0% 83.17%
1 Yr 6.5% -4.0% 11.6% 60.58%
3 Yr 0.1%* -9.5% 2.0% 4.93%
5 Yr 2.1%* -4.8% 526.3% 14.14%
10 Yr N/A* 0.1% 155.7% N/A

* Annualized

Total Return Ranking - Calendar

Period STMYX Return Category Return Low Category Return High Rank in Category (%)
2023 4.3% -4.1% 10.9% 84.13%
2022 -2.9% -26.9% 4.3% 0.98%
2021 0.4% -1.9% 10.0% 94.06%
2020 4.3% -4.1% 8.2% 29.00%
2019 7.5% -0.7% 1028633.9% 75.26%

NAV & Total Return History


STMYX - Holdings

Concentration Analysis

STMYX Category Low Category High STMYX % Rank
Net Assets 284 M 9.79 K 16.1 B 71.84%
Number of Holdings 37 1 3076 95.61%
Net Assets in Top 10 241 M -102 M 3.63 B 40.00%
Weighting of Top 10 84.20% 4.7% 99.9% 1.96%

Top 10 Holdings

  1. NVN-H/Y MUN-I 16.70%
  2. INVESCO NATIONAL 10.59%
  3. NVV-INT DUR-I 10.51%
  4. BLRK-STR MUN-I 9.92%
  5. JPM-NTL MUNI-I 9.51%
  6. RIC-T/E HI Y-S 6.54%
  7. SPDR NUVEEN BLOO 6.23%
  8. V/E HI YLD MUNI 5.69%
  9. ISHARES NATIONAL 5.57%
  10. VANGUARD TAX-EXM 2.93%

Asset Allocation

Weighting Return Low Return High STMYX % Rank
Stocks
99.33% 0.00% 99.33% 0.48%
Cash
0.67% -0.64% 100.00% 68.29%
Preferred Stocks
0.00% -47.61% 1.64% 34.63%
Other
0.00% -8.76% 9.96% 38.54%
Convertible Bonds
0.00% 0.00% 0.00% 34.15%
Bonds
0.00% 0.00% 146.69% 98.08%

Stock Sector Breakdown

Weighting Return Low Return High STMYX % Rank
Utilities
0.00% 0.00% 0.00% 62.50%
Technology
0.00% 0.00% 0.00% 31.25%
Real Estate
0.00% 0.00% 0.00% 50.00%
Industrials
0.00% 0.00% 4.78% 12.50%
Healthcare
0.00% 0.00% 0.00% 62.50%
Financial Services
0.00% 0.00% 0.00% 81.25%
Energy
0.00% 0.00% 0.00% 62.50%
Communication Services
0.00% 0.00% 0.00% 62.50%
Consumer Defense
0.00% 0.00% 0.00% 62.50%
Consumer Cyclical
0.00% 0.00% 77.65% 37.50%
Basic Materials
0.00% 17.58% 100.00% 37.50%

Stock Geographic Breakdown

Weighting Return Low Return High STMYX % Rank
US
99.33% 0.00% 99.33% 0.49%
Non US
0.00% 0.00% 0.00% 34.15%

STMYX - Expenses

Operational Fees

STMYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.39% 0.21% 3.44% 29.95%
Management Fee 0.75% 0.00% 1.41% 95.19%
12b-1 Fee 0.00% 0.00% 1.00% 8.11%
Administrative Fee N/A 0.02% 0.35% N/A

Sales Fees

STMYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.50% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

STMYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A 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.

STMYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 121.00% 2.00% 121.00% 97.91%

STMYX - Distributions

Dividend Yield Analysis

STMYX Category Low Category High STMYX % Rank
Dividend Yield 3.09% 0.00% 6.13% 87.98%

Dividend Distribution Analysis

STMYX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

STMYX Category Low Category High STMYX % Rank
Net Income Ratio 2.36% 1.11% 5.70% 82.69%

Capital Gain Distribution Analysis

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

Distributions History

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STMYX - Fund Manager Analysis

Managers

Kenneth Sleeper


Start Date

Tenure

Tenure Rank

Dec 26, 2018

3.43

3.4%

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 and has over 31 years of industry experience. He jointly oversees all aspects of the organization’s activities, including asset management, research, and client relationships. With an extensive background in statistical and computer applications, Ken previously focused on advanced risk management, developing and refining computerized techniques for reducing downside risk, before co-founding Sierra in 1987 with David C. Wright. Kenneth earned MBA and PhD degrees from the University of Southern California.

David Wright


Start Date

Tenure

Tenure Rank

Dec 26, 2018

3.43

3.4%

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 and has over 31 years of industry experience. He jointly oversees all aspects of the organization’s activities, including portfolio management, research, and client relationships. After 13 years with major Los Angeles law firms, Dave served several years as Director of Technical Research for Bateman Eichler, Hill Richards, Inc., then the largest investment banking firm west of Chicago, before co-founding Sierra in 1987 with Dr. Kenneth L. Sleeper. David earned a JD from University of Chicago and a BS, Civil Engineering, from Swarthmore College. Mr. Wright has served on the Board of the Los Angeles Chapter of AAII since 1984. He has often spoken for AAII and other investor groups, as well as several other professional organizations. Mr. Wright has also been quoted in the national press, such as in Mutual Funds magazine, and on television and radio.

Douglas Loeffler


Start Date

Tenure

Tenure Rank

Jan 28, 2022

0.34

0.3%

Doug oversees the operations of the Investment Management team and related trading, contributes to portfolio decisions, and supervises analytic research. Doug earned a BA in Economics at Washington State University and an MBA from the University of Chicago Booth School of Business. He is a CFA and CAIA charterholder. Doug has been active in investment management full-time since 1988.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.06 21.43 7.46 2.52