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RAAAX

Investment Approach

The Fund seeks to achieve long-term capital appreciation. An evolutionary approach to managed futures which combines a focus on trend following with active fixed income management.

Managed Futures Strategy
Designed to achieve capital appreciation in the financial and commodities futures markets. The Fund may allocate up to 25% to securities that access managed futures, and attempt to maintain exposure to managed futures strategies as if between 100%-125% of the Fund’s net assets were invested in managed futures strategies.

Fixed Income Strategy
Designed to generate interest income and capital appreciation through various sub-strategies including “core fixed income”, “low duration”, and “opportunistic income”.

We believe the key differentiator of the Altegris Futures Evolution Strategy Fund is the fixed income allocation. Assets of the Fund not directed by the adviser to investments in managed futures investments will be allocated to investments in fixed income strategies by the sub-adviser, DoubleLine Capital LP. This active fixed income approach has the ability to invest in securities of varying quality or maturity.

Investing involves risk, including loss of principal. There is no guarantee that the investing strategy will be strategy will achieve it’s goals. Derivatives Risk: Futures, options and swaps involve risks different from, or possibly greater than the risks associated with investing directly in securities including leverage risk, tracking risk and counterparty default risk in the case of over the counter derivatives. Option positions may expire worthless exposing the Fund to potentially significant losses. Fixed Income Risk: When a fund invest in fixed income securities or derivatives, the value of your investment in the fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by a fund.



Key Facts


Target Fund Exposure

As of most recent prospectus

EVO_TargetExposure-Graphs_092021

1 Total exposure of the Fund will range from 170% to no more than 200%. Altegris is not affiliated with the managers. 2 The managed futures investments selected by Altegris Advisors to gain exposure to the managed futures managers listed above are subject to change at any time, and any such change may alter the strategy’s access and percentage exposures to each such manager. The strategy currently pursues its managed futures strategy through an option facility which accesses these managers, who are not direct sub-advisers to the Fund. The strategy may also make managed futures investments directly. Typical managed futures strategy exposure will be 100% up to a maximum of 125% using notional funding. Notional funding is the term used for funding an account below its nominal value. It is a form of leverage that does not involve borrowing. Leverage can increase the volatility of the investment. 3 Typically, 60%–80% of the Fund’s total net assets will be invested in fixed income strategies.

Managed Futures Exposure


Top Holdings: Futures Asset Class Transparency


Fixed income exposure





Managers

Matt Osborne

Portfolio Manager Co-Founder, CEO, and CIO of Altegris

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Antolin Garza

Portfolio Manager Head of Research and Investment Solutions of Altegris

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Winton

Futures Manager

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DoubleLine

Fixed Income Manager

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ISAM

Futures Manager

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Ratings and Awards

Morningstar Rating™

2021-LipperLogo-UnitedStates-Digital-1

HFM Best ‘40-Act Equity Fund

Winner

US Hedge Fund Performance Awards 2016

Documents

Product

Fact Sheet: Monthly

Fact Sheet: Quarterly

Commentary: Quarterly

Estimated 2021 Distributions


Legal and Compliance


Forms and Applications

Application: Regular

Application: IRA

Application: Simple IRA

IRA Transfer of Assets

IRA Custodial Agreement/Disclosure Statement

Roth IRA Custodial Agreement/Disclosure Statement

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Quarterly Commentary

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Managed Futures and Inflation White Paper

What If Inflation Isn't Transitory? A five-minute bulletin on potential inflation hedging in the Managed Futures sector.

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Prospectus

Before investing, please carefully consider the Fund’s investment objectives, risks, charges and expenses as detailed in the attached.

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CAREFULLY CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES AS DETAILED IN ITS PROSPECTUS AND SUMMARY PROSPECTUS, WHICH CAN BE OBTAINED BY CALLING (888) 524-9441. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.

Funds are distributed by Northern Lights Distributors, LLC. Altegris Advisors and Northern Lights Distributors, LLC are not affiliated.

Important Risk Disclosures

THE FUND MAY NOT BE SUITABLE FOR ALL INVESTORS

Investing involves risk, including possible loss of principal. You may have a gain or loss when you sell shares. There can be no assurance that the Fund will achieve its investment objectives. The Fund’s investments in commodity futures markets are volatile, as commodity futures prices are influenced by unfavorable weather, geologic and environmental factors, regulatory changes and restrictions. Trading and investing on non-US exchanges and in non-US markets poses additional risks as compared to trading and investing in the U.S., due to currency fluctuation, adverse political or economic conditions, and differing audit and legal standards (risks that are magnified for investments in emerging markets). The Fund will invest in futures, swaps, structured notes, options and other derivative instruments, which are leveraged and can be more volatile. less liquid, and subject to the Fund to increased costs, as compared to traditional investments. Derivatives may also be subject to increased tracking risk, risk of counterparty default, adverse tax treatment. The Fund will leverage investments to the extent permitted by its investment policies and applicable law, and the managed futures programs it accesses will be traded with additional notional funding – all of which will magnify the impact of increases or decreases in the value of Fund investments and cause the Fund to incur additional expenses. Futures contracts are generally liquid, but under certain market conditions there may not always be a liquid secondary market. The Fund’s use of short selling and taking short positions in derivatives involves increased risks and costs, as the Fund may pay more for an investment than it receives in a short sale, with potentially significant and possibly unlimited losses. The Fund’s investment in other investment funds will subject it to the risks and expenses affecting those funds. The Fund invests in fixed income securities, including preferred stock, and their values typically fall when interest rates rise. Fixed income securities are subject to the issuer’s credit risk, risk of default and prepayment risk in the case of mortgage-backed and similar securities. Below investment grade and lower quality high yield or junk bonds present heightened credit risk, liquidity risk, and potential for default. Investing in defaulted or distressed securities is considered speculative. REITs are subject to market, sector and interest rate risk.

ALTEGRIS ADVISORS

Altegris Advisors, LLC is a CFTC- and NFA-registered commodity pool operator and SEC-registered investment adviser that manages funds pursuing alternative investment strategies.

INDEX DESCRIPTIONS

An index is unmanaged, not available for direct investment, and its performance does not reflect transaction costs, fees, or expenses.

BofA Merrill Lynch 3-month T-Bill Index: The BofA Merrill Lynch 3-month T-Bill Index measures the returns of three-month Treasury Bills.

SG Trend Index: The SG Trend Index calculates the net daily rate of return for a group of 10 trend following CTAs selected from the largest managers open to new investment.

GLOSSARY

Short. Selling an asset/security that may have been borrowed from a third party with the intention of subsequently buying it back. Short positions profit from a decline in price. If a short position increases in price, the potential loss of an uncovered short is unlimited.

Long. Buying an asset/security that gives partial ownership to the buyer of the position. Long positions profit from an increase in price.

Value at Risk (VAR). A measure of the potential loss in value of a portfolio over a defined period for a given confidence interval. A one-day VAR at the 95% confidence level represents that there is a 5% probability that the mark-to-market loss on the portfolio over a one day horizon will exceed this value (assuming normal markets and no trading in the portfolio).

High yield. income securities with a belowinvestment grade credit rating; also known as “junk” bonds. Because of a higher risk of default, they typically pay a higher rate of interest or income.

Investment grade. A credit rating that is in one of the top categories by Standard & Poor’s (BBB- or higher) or Moody’s (Baa3 or higher). Typically believed to have adequate to exceptional ability to pay interest and repay principal.

Agency. Debt securities issued by U.S. government-sponsored entities such as Federal National Mortgage Association or the Federal Home Loan Bank.

 

 

8118-NLD-11/15/2021