SBIFX
| SEXTANT BOND INCOME
Sextant Bond Income Fund
Semi-Annual Shareholder Report - May 31, 2024
Fund Overview
The objective of the Bond Income Fund is current income. This Semiannual Shareholder Report contains important information about the Sextant Bond Income Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/sextant/bond-income-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 Investment | Cost Paid as a % of a $10,000 Investment |
---|---|---|
Sextant Bond Income | $32.78 | 0.65% |
How did the Fund perform over the last six months?
For the six-month period ended May 31, 2024, the Sextant Bond Income Fund returned 1.71% and the Bloomberg US Aggregate Bond Index returned 2.12%. For the five-year period ended May 31, 2024, the Fund reported an annualized total return of -1.04%, compared to -0.17% for the Index. The primary reason for the Fund’s underperformance was its longer effective duration.
Factors Affecting Past Performance
Persistent high inflation, economic growth uncertainty, and widening deficits among most world economies brought considerable market volatility in fiscal 2024. The Treasury curve was highly volatile throughout the year, with swings of over 100 basis points (bps) across the curve. Ultimately, the curve shifted up over the year, especially in the long end, marking a pronounced bear steepener.
As of May 31, 2024, the Sextant Bond Income Fund had nearly 47% of assets in bonds maturing in 10+ years. In comparison, the Bloomberg US Aggregate Bond Index only held about 20% of such bonds. The Fund’s effective duration was 7.25 years, longer than that of the Index, with an effective duration of 6.06 years. More exposure to movements in interest rates resulted in additional downward movement in net asset value (NAV). However, the Fund was positioned as conservatively as possible within its objectives and mandate.
The Sextant Bond Income Fund maintained an average effective maturity of 10.43 years in fiscal 2024, up from 9.81 years for fiscal 2023. The Fund is defensively positioned relative to the effective maturity of the Morningstar Long-Term Bond category average at 18.7 years. The Fund also targets holdings with a bigger coupon, allowing income to contribute to price stability. As a result, the Fund was in the 22nd percentile of its Morningstar category for the three-year period ended May 31, 2024.
Looking Forward
Federal Reserve policy changes, economic uncertainty, persistent high inflation, and elevated geopolitical risks may lead to continued volatility for yields and the Treasury curve in fiscal 2025. The Sextant Bond Income Fund portfolio remains defensively positioned to better withstand anticipated yield curve changes, currency movements, and inflationary pressures. Our goal has always been to choose good companies and invest through cycles rather than engage in market timing with outsized active bets.
How did the Fund perform over the past 10 years?
The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Cumulative Performance
May 31, 2014 through May 31, 2024 with initial investment of $10,000.
Sextant Bond Income Fund $10,931 | Bloomberg US Aggregate Bond Index $11,329 | |
---|---|---|
May - 14 | 10,000 | 10,000 |
June - 14 | 10,005 | 10,005 |
July - 14 | 10,012 | 9,980 |
August - 14 | 10,151 | 10,090 |
September - 14 | 10,041 | 10,022 |
October - 14 | 10,145 | 10,120 |
November - 14 | 10,227 | 10,192 |
December - 14 | 10,255 | 10,202 |
January - 15 | 10,514 | 10,415 |
February - 15 | 10,361 | 10,318 |
March - 15 | 10,411 | 10,365 |
April - 15 | 10,320 | 10,328 |
May - 15 | 10,307 | 10,303 |
June - 15 | 10,176 | 10,191 |
July - 15 | 10,244 | 10,262 |
August - 15 | 10,193 | 10,247 |
September - 15 | 10,260 | 10,316 |
October - 15 | 10,169 | 10,318 |
November - 15 | 10,178 | 10,291 |
December - 15 | 10,105 | 10,258 |
January - 16 | 10,229 | 10,399 |
February - 16 | 10,335 | 10,473 |
March - 16 | 10,485 | 10,569 |
April - 16 | 10,529 | 10,609 |
May - 16 | 10,557 | 10,612 |
June - 16 | 10,867 | 10,803 |
July - 16 | 10,973 | 10,871 |
August - 16 | 10,978 | 10,859 |
September - 16 | 10,940 | 10,852 |
October - 16 | 10,821 | 10,769 |
November - 16 | 10,474 | 10,514 |
December - 16 | 10,499 | 10,529 |
January - 17 | 10,528 | 10,550 |
February - 17 | 10,637 | 10,621 |
March - 17 | 10,624 | 10,615 |
April - 17 | 10,687 | 10,697 |
May - 17 | 10,821 | 10,779 |
June - 17 | 10,828 | 10,769 |
July - 17 | 10,900 | 10,815 |
August - 17 | 11,014 | 10,912 |
September - 17 | 10,956 | 10,860 |
October - 17 | 10,985 | 10,866 |
November - 17 | 10,947 | 10,852 |
December - 17 | 11,039 | 10,902 |
January - 18 | 10,876 | 10,777 |
February - 18 | 10,774 | 10,674 |
March - 18 | 10,846 | 10,743 |
April - 18 | 10,725 | 10,663 |
May - 18 | 10,840 | 10,739 |
June - 18 | 10,780 | 10,726 |
July - 18 | 10,789 | 10,728 |
August - 18 | 10,884 | 10,797 |
September - 18 | 10,802 | 10,728 |
October - 18 | 10,703 | 10,643 |
November - 18 | 10,752 | 10,707 |
December - 18 | 10,914 | 10,903 |
January - 19 | 11,052 | 11,019 |
February - 19 | 11,055 | 11,013 |
March - 19 | 11,304 | 11,224 |
April - 19 | 11,311 | 11,227 |
May - 19 | 11,518 | 11,426 |
June - 19 | 11,722 | 11,570 |
July - 19 | 11,776 | 11,595 |
August - 19 | 12,141 | 11,896 |
September - 19 | 12,034 | 11,833 |
October - 19 | 12,085 | 11,868 |
November - 19 | 12,091 | 11,862 |
December - 19 | 12,030 | 11,854 |
January - 20 | 12,399 | 12,082 |
February - 20 | 12,631 | 12,299 |
March - 20 | 12,203 | 12,227 |
April - 20 | 12,641 | 12,444 |
May - 20 | 12,738 | 12,502 |
June - 20 | 12,856 | 12,581 |
July - 20 | 13,227 | 12,769 |
August - 20 | 13,022 | 12,666 |
September - 20 | 13,021 | 12,659 |
October - 20 | 12,906 | 12,602 |
November - 20 | 13,116 | 12,726 |
December - 20 | 13,094 | 12,744 |
January - 21 | 12,887 | 12,652 |
February - 21 | 12,536 | 12,470 |
March - 21 | 12,257 | 12,314 |
April - 21 | 12,421 | 12,411 |
May - 21 | 12,517 | 12,452 |
June - 21 | 12,753 | 12,539 |
July - 21 | 12,967 | 12,679 |
August - 21 | 12,921 | 12,655 |
September - 21 | 12,709 | 12,546 |
October - 21 | 12,733 | 12,542 |
November - 21 | 12,829 | 12,579 |
December - 21 | 12,782 | 12,547 |
January - 22 | 12,401 | 12,277 |
February - 22 | 12,184 | 12,140 |
March - 22 | 11,826 | 11,803 |
April - 22 | 11,227 | 11,355 |
May - 22 | 11,253 | 11,428 |
June - 22 | 11,061 | 11,249 |
July - 22 | 11,425 | 11,523 |
August - 22 | 10,991 | 11,198 |
September - 22 | 10,362 | 10,714 |
October - 22 | 10,193 | 10,575 |
November - 22 | 10,656 | 10,964 |
December - 22 | 10,610 | 10,915 |
January - 23 | 10,954 | 11,251 |
February - 23 | 10,610 | 10,960 |
March - 23 | 10,980 | 11,238 |
April - 23 | 11,055 | 11,306 |
May - 23 | 10,884 | 11,183 |
June - 23 | 10,860 | 11,143 |
July - 23 | 10,837 | 11,135 |
August - 23 | 10,765 | 11,064 |
September - 23 | 10,418 | 10,783 |
October - 23 | 10,221 | 10,613 |
November - 23 | 10,747 | 11,094 |
December - 23 | 11,199 | 11,518 |
January - 24 | 11,125 | 11,487 |
February - 24 | 10,950 | 11,324 |
March - 24 | 11,078 | 11,429 |
April - 24 | 10,749 | 11,140 |
May - 24 | 10,931 | 11,329 |
Annual Average Total Return
1 Year | 5 Year | 10 Year | |
---|---|---|---|
Sextant Bond Income | 0.43% | - 1.04% | 0.89% |
Bloomberg US Aggregate Bond Index | 1.31% | - 0.17% | 1.25% |
Please visit www.saturna.com/sextant/bond-income-fund for more recent performance information.
SBIFX
| SEXTANT BOND INCOME
Sextant Bond Income Fund
Semi-Annual Shareholder Report - May 31, 2024
Key Fund Statistics
Total Net Assets | $9,974,054 |
# of Portfolio Holdings | 40 |
Advisory Fees Paid | $25,468 |
Portfolio Turnover Rate | 4% |
Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762
What did the Fund invest in?
Top 10 Holdings
% of Total Net Assets
United States Treasury Bond (4.250% due 05/15/2039) | 7.4% |
United States Treasury Bond (3.375% due 11/15/2048) | 4.5% |
United States Treasury Bond (5.375% due 02/15/2031) | 4.2% |
Apple (4.500% due 02/23/2036) | 3.4% |
Microsoft (4.200% due 11/3/2035) | 3.4% |
Intel (4.000% due 12/15/2032) | 3.3% |
Home Depot (5.875% due 12/16/2036) | 3.1% |
Burlington Northern Santa Fe (5.050% due 03/1/2041) | 2.9% |
United States Treasury Note (2.875% due 05/15/2052) | 2.9% |
Praxair (3.550% due 11/7/2042) | 2.8% |
Sector Weightings
% of Total Net Assets
Government | 27.2% |
Technology | 10.6% |
Health Care | 10.1% |
Financials | 8.9% |
Industrials | 6.6% |
Energy | 5.9% |
Consumer Discretionary | 5.7% |
Utilities | 5.2% |
Consumer Staples | 5.2% |
Communications | 4.4% |
Other Sectors | 2.8% |
Other Assets (net of liabilities) | 7.4% |
Geographic Weightings
% of Total Net Assets
United States | 85.5% |
Canada | 2.4% |
Norway | 2.4% |
Netherlands | 2.3% |
QR Code
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library .
1300 N. State Street
Bellingham, WA 98225
1-866-290-2688
SCORX
| SEXTANT CORE
Sextant Core Fund
Semi-Annual Shareholder Report - May 31, 2024
Fund Overview
The objective of the Core Fund is long-term appreciation and capital preservation. This Semiannual Shareholder Report contains important information about the Sextant Core Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/sextant/core-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 Investment | Cost Paid as a % of a $10,000 Investment |
---|---|---|
Sextant Core | $39.86 | 0.76% |
How did the Fund perform over the last six months?
The Sextant Core Fund returned 9.77% for the six-month period as of May 31, 2024. The Dow Jones Moderate Portfolio Index returned 8.05% for the same period. On May 31, 2024, the Fund recorded a 30-day yield of 2.22%.
What Factors influenced Performance?
Equities
The Sextant Core Fund's mandate allocates a 60% weight in equity securities, with two-thirds being US-domiciled companies and one-third foreign-domiciled companies. The Fund generally holds equity positions in larger companies with strong balance sheets. As of May 31, 2024, equity holdings represented 59.19% of the Fund's portfolio. Companies in the Technology sector comprised the largest share of equities in the Fund (17.4%), followed by Industrials (15.1%) and Health Care (7.9%).
Optimism about advances in artificial intelligence (AI) drove global equities performance for the six-month period. The Sextant Core Fund owns several companies that stand to benefit from these advances, including chipmakers Nvidia, Broadcom, and Taiwan Semiconductor, as well as software infrastructure companies Microsoft and Oracle.
Fixed Income
The Sextant Core Fund targets an allocation of 40% cash and investment-grade fixed-income securities. The US Federal Reserve, after an aggressive string of rate hikes in 2022 and 2023, has been on "pause" for almost a year. Higher interest rates on bonds improve their ability to cushion equity declines and reduce portfolio volatility. The Fed's next move is likely to be interest rate cuts, but it is not certain when these cuts will happen.
Looking Forward
The second half of the fiscal year may feature increased political uncertainty. The UK holds its national elections in July, and the US holds it presidential elections in November. While optimism about AI drove recent equity returns, the increasingly adversarial relationship between the US and China escalates geopolitical risk, which is compounded by uncertainty around election outcomes. In the US, large budget deficits are beginning to bite with higher interest rates, which may constrain politicians from enacting growth-oriented fiscal policies such as tax cuts or spending increases. This may make it increasingly difficult to reign in higher than desired inflation rates.
How did the Fund perform over the past 10 years?
The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Cumulative Performance
May 31, 2014 through May 31, 2024 with initial investment of $10,000.
Sextant Core Fund $17,078 | S&P Global 1200 Index $25,155 | Dow Jones Moderate US Portfolio Index $16,934 | Bloomberg US Aggregate Bond Index $11,329 | 60%|40% S&P Global 1200|Bloomberg US Agg. Index $18,704 | |
---|---|---|---|---|---|
May - 14 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 |
June - 14 | 10,144 | 10,180 | 10,193 | 10,005 | 10,110 |
July - 14 | 9,968 | 10,040 | 10,047 | 9,980 | 10,016 |
August - 14 | 10,168 | 10,264 | 10,279 | 10,090 | 10,195 |
September - 14 | 10,056 | 9,977 | 9,976 | 10,022 | 9,996 |
October - 14 | 10,136 | 10,049 | 10,128 | 10,120 | 10,079 |
November - 14 | 10,242 | 10,241 | 10,210 | 10,192 | 10,223 |
December - 14 | 10,110 | 10,073 | 10,153 | 10,202 | 10,126 |
January - 15 | 10,011 | 9,891 | 10,132 | 10,415 | 10,101 |
February - 15 | 10,258 | 10,454 | 10,412 | 10,318 | 10,408 |
March - 15 | 10,200 | 10,293 | 10,383 | 10,365 | 10,331 |
April - 15 | 10,274 | 10,580 | 10,468 | 10,328 | 10,489 |
May - 15 | 10,209 | 10,605 | 10,462 | 10,303 | 10,494 |
June - 15 | 9,978 | 10,354 | 10,320 | 10,191 | 10,299 |
July - 15 | 9,986 | 10,494 | 10,340 | 10,262 | 10,412 |
August - 15 | 9,607 | 9,809 | 9,982 | 10,247 | 9,998 |
September - 15 | 9,467 | 9,462 | 9,793 | 10,316 | 9,813 |
October - 15 | 9,813 | 10,216 | 10,204 | 10,318 | 10,282 |
November - 15 | 9,793 | 10,163 | 10,159 | 10,291 | 10,240 |
December - 15 | 9,680 | 9,987 | 10,030 | 10,258 | 10,120 |
January - 16 | 9,358 | 9,413 | 9,683 | 10,399 | 9,827 |
February - 16 | 9,323 | 9,348 | 9,744 | 10,473 | 9,814 |
March - 16 | 9,741 | 10,004 | 10,273 | 10,569 | 10,263 |
April - 16 | 9,880 | 10,170 | 10,388 | 10,609 | 10,381 |
May - 16 | 10,002 | 10,217 | 10,407 | 10,612 | 10,411 |
June - 16 | 10,037 | 10,140 | 10,498 | 10,803 | 10,438 |
July - 16 | 10,280 | 10,574 | 10,813 | 10,871 | 10,733 |
August - 16 | 10,237 | 10,610 | 10,817 | 10,859 | 10,750 |
September - 16 | 10,219 | 10,654 | 10,869 | 10,852 | 10,774 |
October - 16 | 9,976 | 10,484 | 10,666 | 10,769 | 10,638 |
November - 16 | 9,967 | 10,622 | 10,707 | 10,514 | 10,621 |
December - 16 | 10,088 | 10,875 | 10,799 | 10,529 | 10,779 |
January - 17 | 10,203 | 11,153 | 11,010 | 10,550 | 10,953 |
February - 17 | 10,468 | 11,456 | 11,227 | 10,621 | 11,161 |
March - 17 | 10,538 | 11,614 | 11,278 | 10,615 | 11,251 |
April - 17 | 10,591 | 11,790 | 11,406 | 10,697 | 11,388 |
May - 17 | 10,750 | 12,048 | 11,540 | 10,779 | 11,573 |
June - 17 | 10,803 | 12,114 | 11,584 | 10,769 | 11,606 |
July - 17 | 10,883 | 12,437 | 11,792 | 10,815 | 11,812 |
August - 17 | 10,989 | 12,476 | 11,846 | 10,912 | 11,876 |
September - 17 | 11,183 | 12,747 | 11,965 | 10,860 | 12,008 |
October - 17 | 11,360 | 13,012 | 12,113 | 10,866 | 12,161 |
November - 17 | 11,477 | 13,272 | 12,310 | 10,852 | 12,301 |
December - 17 | 11,559 | 13,468 | 12,434 | 10,902 | 12,432 |
January - 18 | 11,827 | 14,209 | 12,818 | 10,777 | 12,785 |
February - 18 | 11,451 | 13,618 | 12,486 | 10,674 | 12,418 |
March - 18 | 11,317 | 13,344 | 12,437 | 10,743 | 12,300 |
April - 18 | 11,237 | 13,488 | 12,425 | 10,663 | 12,343 |
May - 18 | 11,380 | 13,539 | 12,525 | 10,739 | 12,406 |
June - 18 | 11,326 | 13,515 | 12,491 | 10,726 | 12,387 |
July - 18 | 11,756 | 13,956 | 12,671 | 10,728 | 12,630 |
August - 18 | 11,890 | 14,096 | 12,816 | 10,797 | 12,739 |
September - 18 | 11,899 | 14,200 | 12,770 | 10,728 | 12,763 |
October - 18 | 11,344 | 13,170 | 12,124 | 10,643 | 12,167 |
November - 18 | 11,487 | 13,341 | 12,276 | 10,707 | 12,291 |
December - 18 | 11,025 | 12,368 | 11,787 | 10,903 | 11,843 |
January - 19 | 11,543 | 13,313 | 12,472 | 11,019 | 12,436 |
February - 19 | 11,852 | 13,691 | 12,686 | 11,013 | 12,645 |
March - 19 | 11,961 | 13,886 | 12,823 | 11,224 | 12,850 |
April - 19 | 12,315 | 14,394 | 13,061 | 11,227 | 13,134 |
May - 19 | 11,861 | 13,565 | 12,646 | 11,426 | 12,773 |
June - 19 | 12,433 | 14,456 | 13,205 | 11,570 | 13,341 |
July - 19 | 12,487 | 14,491 | 13,252 | 11,595 | 13,372 |
August - 19 | 12,569 | 14,221 | 13,125 | 11,896 | 13,361 |
September - 19 | 12,669 | 14,560 | 13,262 | 11,833 | 13,524 |
October - 19 | 12,841 | 14,946 | 13,475 | 11,868 | 13,755 |
November - 19 | 12,996 | 15,338 | 13,691 | 11,862 | 13,969 |
December - 19 | 13,229 | 15,858 | 13,979 | 11,854 | 14,249 |
January - 20 | 13,209 | 15,720 | 13,918 | 12,082 | 14,284 |
February - 20 | 12,612 | 14,433 | 13,263 | 12,299 | 13,685 |
March - 20 | 11,650 | 12,573 | 11,875 | 12,227 | 12,595 |
April - 20 | 12,535 | 13,872 | 12,795 | 12,444 | 13,466 |
May - 20 | 12,892 | 14,496 | 13,206 | 12,502 | 13,854 |
June - 20 | 13,007 | 14,915 | 13,467 | 12,581 | 14,129 |
July - 20 | 13,489 | 15,617 | 13,985 | 12,769 | 14,613 |
August - 20 | 13,835 | 16,603 | 14,366 | 12,666 | 15,119 |
September - 20 | 13,652 | 16,049 | 14,121 | 12,659 | 14,813 |
October - 20 | 13,412 | 15,608 | 14,052 | 12,602 | 14,542 |
November - 20 | 14,259 | 17,545 | 15,201 | 12,726 | 15,682 |
December - 20 | 14,599 | 18,329 | 15,690 | 12,744 | 16,111 |
January - 21 | 14,482 | 18,186 | 15,657 | 12,652 | 15,989 |
February - 21 | 14,550 | 18,652 | 15,940 | 12,470 | 16,143 |
March - 21 | 14,951 | 19,299 | 16,087 | 12,314 | 16,398 |
April - 21 | 15,253 | 20,174 | 16,563 | 12,411 | 16,896 |
May - 21 | 15,478 | 20,516 | 16,721 | 12,452 | 17,090 |
June - 21 | 15,439 | 20,751 | 16,828 | 12,539 | 17,256 |
July - 21 | 15,615 | 20,997 | 16,914 | 12,679 | 17,456 |
August - 21 | 15,722 | 21,513 | 17,143 | 12,655 | 17,700 |
September - 21 | 15,244 | 20,617 | 16,689 | 12,546 | 17,196 |
October - 21 | 15,791 | 21,746 | 17,134 | 12,542 | 17,759 |
November - 21 | 15,820 | 21,333 | 16,806 | 12,579 | 17,578 |
December - 21 | 16,368 | 22,278 | 17,165 | 12,547 | 18,027 |
January - 22 | 15,854 | 21,248 | 16,503 | 12,277 | 17,371 |
February - 22 | 15,542 | 20,681 | 16,292 | 12,140 | 17,016 |
March - 22 | 15,723 | 21,229 | 16,290 | 11,803 | 17,097 |
April - 22 | 14,948 | 19,549 | 15,294 | 11,355 | 16,026 |
May - 22 | 14,998 | 19,663 | 15,337 | 11,428 | 16,123 |
June - 22 | 14,212 | 17,980 | 14,460 | 11,249 | 15,194 |
July - 22 | 14,766 | 19,306 | 15,171 | 11,523 | 16,015 |
August - 22 | 14,333 | 18,500 | 14,735 | 11,198 | 15,433 |
September - 22 | 13,578 | 16,756 | 13,667 | 10,714 | 14,293 |
October - 22 | 14,212 | 17,895 | 14,111 | 10,575 | 14,802 |
November - 22 | 14,978 | 19,331 | 14,936 | 10,964 | 15,733 |
December - 22 | 14,669 | 18,529 | 14,596 | 10,915 | 15,313 |
January - 23 | 15,048 | 19,858 | 15,392 | 11,251 | 16,160 |
February - 23 | 14,649 | 19,294 | 14,963 | 10,960 | 15,718 |
March - 23 | 15,078 | 19,955 | 15,242 | 11,238 | 16,200 |
April - 23 | 15,272 | 20,298 | 15,311 | 11,306 | 16,407 |
May - 23 | 14,996 | 20,125 | 15,072 | 11,183 | 16,252 |
June - 23 | 15,487 | 21,323 | 15,617 | 11,143 | 16,809 |
July - 23 | 15,692 | 22,011 | 15,990 | 11,135 | 17,129 |
August - 23 | 15,518 | 21,474 | 15,585 | 11,064 | 16,835 |
September - 23 | 15,007 | 20,543 | 15,067 | 10,783 | 16,226 |
October - 23 | 14,772 | 19,992 | 14,652 | 10,613 | 15,862 |
November - 23 | 15,559 | 21,821 | 15,673 | 11,094 | 17,020 |
December - 23 | 16,112 | 22,861 | 16,450 | 11,518 | 17,768 |
January - 24 | 16,039 | 23,073 | 16,351 | 11,487 | 17,847 |
February - 24 | 16,434 | 24,095 | 16,664 | 11,324 | 18,221 |
March - 24 | 16,922 | 24,936 | 17,066 | 11,429 | 18,669 |
April - 24 | 16,538 | 24,054 | 16,529 | 11,140 | 18,084 |
May - 24 | 17,078 | 25,155 | 16,934 | 11,329 | 18,704 |
Effective May 31, 2024, the performance benchmark against which the Fund compares its performance was changed from the Dow Jones Moderate U.S. Portfolio Index to the S&P Global 1200 Index, the Bloomberg US Aggregate Bond Index, and a 60%|40% S&P Global 1200 Index and Bloomberg US Aggregate Bond Index composite, which the investment adviser believes better reflects the Fund’s investment approach.
Annual Average Total Return
1 Year | 5 Year | 10 Year | |
---|---|---|---|
Sextant Core | 13.88% | 7.56% | 5.50% |
S&P Global 1200 Index | 24.99% | 13.13% | 9.65% |
Dow Jones Moderate US Portfolio Index | 12.35% | 6.01% | 5.40% |
Bloomberg US Aggregate Bond Index | 1.31% | - 0.17% | 1.25% |
60%|40% S&P Global 1200|Bloomberg US Agg. Index | 15.45% | 7.93% | 6.46% |
Please visit www.saturna.com/sextant/core-fund for more recent performance information.
SCORX
| SEXTANT CORE
Sextant Core Fund
Semi-Annual Shareholder Report - May 31, 2024
Key Fund Statistics
Total Net Assets | $25,273,737 |
# of Portfolio Holdings | 81 |
Advisory Fees Paid | $59,319 |
Portfolio Turnover Rate | 12% |
Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762
What did the Fund invest in?
Top 10 Holdings
% of Total Net Assets
United States Cash Management Bill (-% due 08/8/2024) | 12.7% |
Novo Nordisk ADR | 2.7% |
Eaton | 2.6% |
Microsoft | 2.1% |
Comcast (5.650% due 06/15/2035) | 2.0% |
Pacificorp (6.000% due 01/15/2039) | 2.0% |
NextEra Energy | 1.9% |
Oracle (2.950% due 04/1/2030) | 1.8% |
Alphabet, Class A | 1.7% |
Agnico-Eagle Mines | 1.6% |
Sector Weightings
% of Total Net Assets
Technology | 17.4% |
Government | 15.4% |
Industrials | 15.1% |
Health Care | 7.9% |
Utilities | 6.5% |
Consumer Discretionary | 6.3% |
Communications | 5.3% |
Consumer Staples | 5.3% |
Materials | 4.9% |
Financials | 4.9% |
Other Sectors | 4.2% |
Other Assets (net of liabilities) | 6.8% |
Geographic Weightings
% of Total Net Assets
United States | 70.9% |
Canada | 3.4% |
Ireland | 3.1% |
Denmark | 2.7% |
United Kingdom | 2.4% |
Netherlands | 2.3% |
France | 2.2% |
Germany | 2.0% |
Switzerland | 1.3% |
Australia | 1.2% |
QR Code
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library .
1300 N. State Street
Bellingham, WA 98225
1-866-290-2688
SGHIX
| SEXTANT GLOBAL HIGH INCOME FUND
Sextant Global High Income Fund
Semi-Annual Shareholder Report - May 31, 2024
Fund Overview
The objective of the Global High Income Fund is high income, with a secondary objective of capital preservation. This Semiannual Shareholder Report contains important information about the Sextant Global High Income Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/sextant/global-high-income-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 Investment | Cost Paid as a % of a $10,000 Investment |
---|---|---|
Sextant Global High Income Fund | $39.35 | 0.75% |
How did the Fund perform over the last six months?
The Sextant Global High Income Fund returned 9.87% for the six-month period ended May 31, 2024. The Fund's equity benchmark, the S&P Global 1200 Index, returned 15.28%. The Fund's debt securities benchmark, the Bloomberg Global High Yield Corporate Bond Index, returned 5.70%. The Fund's 30-day SEC yield on May 31, 2024, was 3.79%
What Factors influenced Performance?
The Federal Reserve's last interest rate increase was in July 2023. It is likely that the Fed's next move will be cutting interest rates. However, as inflation remains above target and economic growth remains resilient, the prospective cuts continue to be pushed further into the future. Since the release of ChatGPT 18 months ago, optimism about artificial intelligence (AI) drove much of the equity returns.
Materials companies Southern Copper and South32 drove semi-annual performance for the Sextant Global High Income Fund. Detractors for the same period included Woodside Energy Group and SK Telecom.
Looking Forward
The second half of the fiscal year may feature increased political uncertainty. The UK holds its national elections in July, and the US holds its presidential elections in November. While optimism about AI drove recent equity returns, the increasingly adversarial relationship between the US and China escalates geopolitical risk, which is compounded by uncertainty around election outcomes. In the US, large budget deficits are beginning to bite with higher interest rates, which may constrain politicians from enacting growth-oriented fiscal policies such as tax cuts or spending increases. This may make it increasingly difficult to reign in higher than desired inflation rates.
How did the Fund perform over the past 10 years?
The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Cumulative Performance
May 31, 2014 through May 31, 2024 with initial investment of $10,000.
Sextant Global High Income Fund $14,444 | S&P Global 1200 Index $25,155 | Bloomberg Global High Yield Corp. Index $13,982 | |
---|---|---|---|
May - 14 | 10,000 | 10,000 | 10,000 |
June - 14 | 10,132 | 10,180 | 10,096 |
July - 14 | 9,903 | 10,040 | 9,942 |
August - 14 | 10,097 | 10,264 | 10,031 |
September - 14 | 9,745 | 9,977 | 9,773 |
October - 14 | 9,639 | 10,049 | 9,838 |
November - 14 | 9,713 | 10,241 | 9,779 |
December - 14 | 9,574 | 10,073 | 9,589 |
January - 15 | 9,519 | 9,891 | 9,515 |
February - 15 | 9,722 | 10,454 | 9,739 |
March - 15 | 9,455 | 10,293 | 9,622 |
April - 15 | 9,869 | 10,580 | 9,824 |
May - 15 | 9,639 | 10,605 | 9,819 |
June - 15 | 9,400 | 10,354 | 9,708 |
July - 15 | 9,160 | 10,494 | 9,667 |
August - 15 | 8,875 | 9,809 | 9,526 |
September - 15 | 8,424 | 9,462 | 9,271 |
October - 15 | 8,801 | 10,216 | 9,528 |
November - 15 | 8,660 | 10,163 | 9,304 |
December - 15 | 8,328 | 9,987 | 9,116 |
January - 16 | 8,095 | 9,413 | 8,968 |
February - 16 | 8,221 | 9,348 | 8,994 |
March - 16 | 8,728 | 10,004 | 9,467 |
April - 16 | 9,244 | 10,170 | 9,800 |
May - 16 | 9,000 | 10,217 | 9,800 |
June - 16 | 9,254 | 10,140 | 9,831 |
July - 16 | 9,517 | 10,574 | 10,094 |
August - 16 | 9,741 | 10,610 | 10,282 |
September - 16 | 9,965 | 10,654 | 10,336 |
October - 16 | 9,975 | 10,484 | 10,327 |
November - 16 | 9,848 | 10,622 | 10,219 |
December - 16 | 9,956 | 10,875 | 10,391 |
January - 17 | 10,231 | 11,153 | 10,579 |
February - 17 | 10,414 | 11,456 | 10,694 |
March - 17 | 10,536 | 11,614 | 10,694 |
April - 17 | 10,597 | 11,790 | 10,861 |
May - 17 | 10,699 | 12,048 | 11,010 |
June - 17 | 10,699 | 12,114 | 11,053 |
July - 17 | 11,045 | 12,437 | 11,243 |
August - 17 | 11,157 | 12,476 | 11,267 |
September - 17 | 11,340 | 12,747 | 11,357 |
October - 17 | 11,361 | 13,012 | 11,392 |
November - 17 | 11,326 | 13,272 | 11,418 |
December - 17 | 11,493 | 13,468 | 11,460 |
January - 18 | 11,922 | 14,209 | 11,617 |
February - 18 | 11,493 | 13,618 | 11,469 |
March - 18 | 11,577 | 13,344 | 11,432 |
April - 18 | 11,640 | 13,488 | 11,440 |
May - 18 | 11,514 | 13,539 | 11,310 |
June - 18 | 11,482 | 13,515 | 11,320 |
July - 18 | 11,870 | 13,956 | 11,466 |
August - 18 | 11,639 | 14,096 | 11,478 |
September - 18 | 11,849 | 14,200 | 11,552 |
October - 18 | 11,482 | 13,170 | 11,324 |
November - 18 | 11,587 | 13,341 | 11,206 |
December - 18 | 11,351 | 12,368 | 11,063 |
January - 19 | 11,970 | 13,313 | 11,516 |
February - 19 | 12,209 | 13,691 | 11,694 |
March - 19 | 12,177 | 13,886 | 11,774 |
April - 19 | 12,253 | 14,394 | 11,928 |
May - 19 | 11,927 | 13,565 | 11,770 |
June - 19 | 12,470 | 14,456 | 12,089 |
July - 19 | 12,492 | 14,491 | 12,107 |
August - 19 | 12,101 | 14,221 | 12,107 |
September - 19 | 12,350 | 14,560 | 12,136 |
October - 19 | 12,470 | 14,946 | 12,249 |
November - 19 | 12,405 | 15,338 | 12,288 |
December - 19 | 12,653 | 15,858 | 12,548 |
January - 20 | 12,441 | 15,720 | 12,544 |
February - 20 | 11,946 | 14,433 | 12,340 |
March - 20 | 10,519 | 12,573 | 10,843 |
April - 20 | 11,003 | 13,872 | 11,387 |
May - 20 | 11,297 | 14,496 | 11,878 |
June - 20 | 11,403 | 14,915 | 12,074 |
July - 20 | 11,592 | 15,617 | 12,665 |
August - 20 | 11,745 | 16,603 | 12,842 |
September - 20 | 11,333 | 16,049 | 12,662 |
October - 20 | 11,097 | 15,608 | 12,701 |
November - 20 | 11,970 | 17,545 | 13,282 |
December - 20 | 12,308 | 18,329 | 13,573 |
January - 21 | 12,443 | 18,186 | 13,598 |
February - 21 | 12,614 | 18,652 | 13,664 |
March - 21 | 12,846 | 19,299 | 13,589 |
April - 21 | 13,029 | 20,174 | 13,794 |
May - 21 | 13,297 | 20,516 | 13,894 |
June - 21 | 13,236 | 20,751 | 13,930 |
July - 21 | 13,163 | 20,997 | 13,934 |
August - 21 | 13,236 | 21,513 | 14,001 |
September - 21 | 13,248 | 20,617 | 13,898 |
October - 21 | 13,371 | 21,746 | 13,823 |
November - 21 | 13,151 | 21,333 | 13,607 |
December - 21 | 13,613 | 22,278 | 13,839 |
January - 22 | 13,662 | 21,248 | 13,466 |
February - 22 | 13,712 | 20,681 | 13,229 |
March - 22 | 13,787 | 21,229 | 13,075 |
April - 22 | 12,953 | 19,549 | 12,499 |
May - 22 | 13,164 | 19,663 | 12,503 |
June - 22 | 12,218 | 17,980 | 11,604 |
July - 22 | 12,454 | 19,306 | 12,135 |
August - 22 | 12,230 | 18,500 | 11,887 |
September - 22 | 11,508 | 16,756 | 11,320 |
October - 22 | 11,832 | 17,895 | 11,569 |
November - 22 | 12,604 | 19,331 | 12,025 |
December - 22 | 12,554 | 18,529 | 12,089 |
January - 23 | 13,185 | 19,858 | 12,583 |
February - 23 | 12,850 | 19,294 | 12,376 |
March - 23 | 13,069 | 19,955 | 12,525 |
April - 23 | 13,198 | 20,298 | 12,673 |
May - 23 | 12,709 | 20,125 | 12,500 |
June - 23 | 12,992 | 21,323 | 12,742 |
July - 23 | 13,301 | 22,011 | 12,937 |
August - 23 | 13,031 | 21,474 | 12,917 |
September - 23 | 12,928 | 20,543 | 12,744 |
October - 23 | 12,696 | 19,992 | 12,612 |
November - 23 | 13,147 | 21,821 | 13,228 |
December - 23 | 13,812 | 22,861 | 13,721 |
January - 24 | 13,772 | 23,073 | 13,721 |
February - 24 | 13,665 | 24,095 | 13,767 |
March - 24 | 14,068 | 24,936 | 13,907 |
April - 24 | 13,947 | 24,054 | 13,777 |
May - 24 | 14,444 | 25,155 | 13,982 |
Annual Average Total Return
1 Year | 5 Year | 10 Year | |
---|---|---|---|
Sextant Global High Income Fund | 13.65% | 3.90% | 3.75% |
S&P Global 1200 Index | 24.99% | 13.13% | 9.65% |
Bloomberg Global High Yield Corp. Index | 11.86% | 3.50% | 3.41% |
Please visit www.saturna.com/sextant/global-high-income-fund for more recent performance information.
SGHIX
| SEXTANT GLOBAL HIGH INCOME FUND
Sextant Global High Income Fund
Semi-Annual Shareholder Report - May 31, 2024
Key Fund Statistics
Total Net Assets | $9,648,312 |
# of Portfolio Holdings | 37 |
Advisory Fees Paid | $23,902 |
Portfolio Turnover Rate | 2% |
Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762
What did the Fund invest in?
Top 10 Holdings
% of Total Net Assets
Southern Copper | 6.2% |
Skandinaviska Enskilda Banken, Cl A | 3.7% |
BHP Biliton ADR | 3.4% |
GlaxoSmithKline ADR | 3.0% |
ANZ Group Holdings ADR | 2.9% |
Shell ADR | 2.9% |
Nintendo | 2.8% |
Novartis ADR | 2.7% |
YUM! Brands (3.625% due 03/15/2031) | 2.7% |
South32 ADR | 2.6% |
Sector Weightings
% of Total Net Assets
Communications | 14.7% |
Materials | 14.7% |
Financials | 10.3% |
Industrials | 8.9% |
Consumer Discretionary | 8.8% |
Health Care | 5.9% |
Energy | 5.8% |
Technology | 5.2% |
Utilities | 2.6% |
Government | 2.5% |
Other Sectors | 2.3% |
Other Assets (net of liabilities) | 18.3% |
Geographic Weightings
% of Total Net Assets
United States | 32.5% |
Australia | 10.5% |
Peru | 6.2% |
Norway | 4.9% |
Sweden | 3.7% |
United Kingdom | 3.0% |
Switzerland | 2.9% |
Netherlands | 2.9% |
Japan | 2.8% |
France | 2.4% |
QR Code
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library .
1300 N. State Street
Bellingham, WA 98225
1-866-290-2688
SSGFX
| INVESTOR SHARES
Sextant Growth Fund
Semi-Annual Shareholder Report - May 31, 2024
Fund Overview
The objective of the Growth Fund is long-term capital growth. This Semiannual Shareholder Report contains important information about the Sextant Growth Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/sextant/growth-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 Investment | Cost Paid as a % of a $10,000 Investment |
---|---|---|
Investor Shares | $52.60 | 0.98% |
How did the Fund perform over the last six months?
For the six-month period ended May 31, 2024, Sextant Growth Fund Investor Shares returned 14.70%, trailing the 16.35% return for the S&P 500 Index. As was the case in the previous fiscal year, the Fund returns suffered in comparison to the S&P 500 due to a handful of mega-cap Technology and artificial intelligence (AI) related stocks driving Index returns.
What Factors Influenced Performance?
After Nvidia's May 2023 earnings announcement, the AI frenzy took off, defining market performance ever since. Indications of declining inflation and imminent rate cuts that buoyed a wider cross-section of the market in late 2023 gave way to inflation resilience and delayed interest rate reductions, which could last into next year. As a result, several of the mega-cap Technology stocks that accounted for much of the S&P 500 gains continued to drive Index performance through the first half of the fiscal year. Nvidia remains the leader of the pack, having appreciated over 130% over the trailing six-month period. The result, while not as dramatic a gap as last year, was the continued outperformance of the market cap-weighted S&P 500 versus the equal-weighted S&P 500.
The Sextant Growth Fund holds several of the mega-cap stocks that led returns over the past six months, including Nvidia, Amazon, Microsoft, and Alphabet. Earlier this year we added Meta (Facebook) to the portfolio. The Fund has investments in AI-adjacent companies such as Broadcom, Oracle, and Quanta, which have performed well. Holdings that detracted from Fund performance were Consumer stocks Lululemon and Monster Beverage, animal health care company Zoetis, and digital media company Adobe.
Looking Forward
With a presidential election approaching, either bravery or foolishness would be required to opine on next year’s outlook. The two candidates have widely divergent opinions on a host of issues including taxation, tariffs, immigration, fossil fuels, alternative energy, and many others. Economic resilience (in terms of jobs and wages) adds to the uncertainty, defying the inverted yield curve prognostications, and consumers are still scarred from the pandemic-engendered period of high inflation.
How did the Fund perform over the past 10 years?
The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Cumulative Performance
May 31, 2014 through May 31, 2024 with initial investment of $10,000.
Sextant Growth Fund Investor Shares $29,850 | S&P 500 Index $33,028 | |
---|---|---|
May - 14 | 10,000 | 10,000 |
June - 14 | 10,157 | 10,207 |
July - 14 | 10,063 | 10,066 |
August - 14 | 10,556 | 10,468 |
September - 14 | 10,348 | 10,322 |
October - 14 | 10,536 | 10,574 |
November - 14 | 10,892 | 10,858 |
December - 14 | 10,813 | 10,831 |
January - 15 | 10,470 | 10,506 |
February - 15 | 11,148 | 11,109 |
March - 15 | 11,020 | 10,934 |
April - 15 | 10,933 | 11,039 |
May - 15 | 11,028 | 11,181 |
June - 15 | 10,863 | 10,964 |
July - 15 | 11,012 | 11,194 |
August - 15 | 10,313 | 10,519 |
September - 15 | 10,094 | 10,258 |
October - 15 | 10,755 | 11,124 |
November - 15 | 10,797 | 11,157 |
December - 15 | 10,581 | 10,981 |
January - 16 | 9,772 | 10,436 |
February - 16 | 9,507 | 10,422 |
March - 16 | 10,258 | 11,129 |
April - 16 | 10,132 | 11,172 |
May - 16 | 10,222 | 11,372 |
June - 16 | 10,029 | 11,402 |
July - 16 | 10,599 | 11,822 |
August - 16 | 10,550 | 11,839 |
September - 16 | 10,496 | 11,841 |
October - 16 | 10,208 | 11,625 |
November - 16 | 10,450 | 12,056 |
December - 16 | 10,533 | 12,294 |
January - 17 | 10,775 | 12,527 |
February - 17 | 11,245 | 13,025 |
March - 17 | 11,352 | 13,040 |
April - 17 | 11,581 | 13,174 |
May - 17 | 11,725 | 13,359 |
June - 17 | 11,762 | 13,442 |
July - 17 | 11,883 | 13,719 |
August - 17 | 11,972 | 13,761 |
September - 17 | 12,102 | 14,045 |
October - 17 | 12,354 | 14,372 |
November - 17 | 12,815 | 14,813 |
December - 17 | 12,887 | 14,978 |
January - 18 | 13,707 | 15,836 |
February - 18 | 13,467 | 15,252 |
March - 18 | 13,069 | 14,864 |
April - 18 | 13,202 | 14,921 |
May - 18 | 13,668 | 15,281 |
June - 18 | 13,791 | 15,375 |
July - 18 | 14,375 | 15,947 |
August - 18 | 15,185 | 16,466 |
September - 18 | 15,406 | 16,560 |
October - 18 | 13,992 | 15,428 |
November - 18 | 14,090 | 15,743 |
December - 18 | 12,941 | 14,321 |
January - 19 | 13,917 | 15,469 |
February - 19 | 14,412 | 15,966 |
March - 19 | 14,944 | 16,276 |
April - 19 | 15,713 | 16,935 |
May - 19 | 14,650 | 15,859 |
June - 19 | 15,827 | 16,976 |
July - 19 | 16,379 | 17,220 |
August - 19 | 16,291 | 16,948 |
September - 19 | 16,348 | 17,265 |
October - 19 | 16,642 | 17,639 |
November - 19 | 17,164 | 18,279 |
December - 19 | 17,649 | 18,831 |
January - 20 | 17,845 | 18,823 |
February - 20 | 16,555 | 17,274 |
March - 20 | 14,978 | 15,140 |
April - 20 | 16,916 | 17,081 |
May - 20 | 18,031 | 17,895 |
June - 20 | 18,790 | 18,250 |
July - 20 | 20,213 | 19,279 |
August - 20 | 22,082 | 20,665 |
September - 20 | 21,254 | 19,880 |
October - 20 | 20,351 | 19,351 |
November - 20 | 22,225 | 21,470 |
December - 20 | 23,028 | 22,295 |
January - 21 | 22,510 | 22,070 |
February - 21 | 22,622 | 22,679 |
March - 21 | 23,252 | 23,672 |
April - 21 | 24,668 | 24,935 |
May - 21 | 24,491 | 25,109 |
June - 21 | 25,399 | 25,696 |
July - 21 | 26,243 | 26,306 |
August - 21 | 27,007 | 27,106 |
September - 21 | 25,314 | 25,845 |
October - 21 | 27,060 | 27,656 |
November - 21 | 27,445 | 27,464 |
December - 21 | 28,323 | 28,695 |
January - 22 | 26,419 | 27,210 |
February - 22 | 25,453 | 26,395 |
March - 22 | 25,872 | 27,375 |
April - 22 | 23,451 | 24,988 |
May - 22 | 23,136 | 25,034 |
June - 22 | 21,286 | 22,968 |
July - 22 | 23,387 | 25,085 |
August - 22 | 22,147 | 24,062 |
September - 22 | 20,046 | 21,846 |
October - 22 | 21,303 | 23,615 |
November - 22 | 22,537 | 24,935 |
December - 22 | 21,172 | 23,498 |
January - 23 | 22,503 | 24,975 |
February - 23 | 21,786 | 24,365 |
March - 23 | 23,135 | 25,260 |
April - 23 | 23,583 | 25,654 |
May - 23 | 24,078 | 25,766 |
June - 23 | 25,714 | 27,468 |
July - 23 | 26,174 | 28,350 |
August - 23 | 25,756 | 27,899 |
September - 23 | 24,281 | 26,569 |
October - 23 | 23,828 | 26,010 |
November - 23 | 26,024 | 28,386 |
December - 23 | 27,152 | 29,675 |
January - 24 | 27,678 | 30,174 |
February - 24 | 29,206 | 31,785 |
March - 24 | 29,641 | 32,808 |
April - 24 | 28,328 | 31,468 |
May - 24 | 29,850 | 33,028 |
Annual Average Total Return
1 Year | 5 Year | 10 Year | |
---|---|---|---|
Investor Shares | 23.97% | 15.30% | 11.56% |
S&P 500 Index | 28.19% | 15.79% | 12.68% |
Please visit www.saturna.com/sextant/growth-fund for more recent performance information.
SSGFX
| INVESTOR SHARES
Sextant Growth Fund
Semi-Annual Shareholder Report - May 31, 2024
Key Fund Statistics
Total Net Assets | $67,857,920 |
# of Portfolio Holdings | 31 |
Advisory Fees Paid | $164,039 |
Portfolio Turnover Rate | 6% |
Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762
What did the Fund invest in?
Top 10 Holdings
% of Total Net Assets
Microsoft | 11.1% |
Apple | 8.3% |
Alphabet, Class A | 8.1% |
Amazon.com | 7.0% |
NVIDIA | 5.6% |
Costco Wholesale | 4.2% |
Mastercard, Class A | 3.9% |
Motorola Solutions | 3.2% |
Oracle | 3.0% |
Adobe | 2.9% |
Geographic Weightings
% of Total Net Assets
United States | 98.2% |
Industry Weightings
% of Total Net Assets
Infrastructure Software | 16.0% |
Semiconductor Devices | 15.5% |
Communications Equipment | 11.5% |
Internet Media & Services | 10.0% |
Online Marketplace | 7.0% |
Medical Devices | 5.3% |
Specialty Apparel Stores | 4.3% |
Mass Merchants | 4.2% |
Other Financial Services | 3.9% |
Application Software | 2.9% |
Other Industries | 17.6% |
Other Assets (net of liabilities) | 1.8% |
QR Code
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library .
1300 N. State Street
Bellingham, WA 98225
1-866-290-2688
SGZFX
| Z SHARES
Sextant Growth Fund
Semi-Annual Shareholder Report - May 31, 2024
Fund Overview
The objective of the Growth Fund is long-term capital growth. This Semiannual Shareholder Report contains important information about the Sextant Growth Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/sextant/growth-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 Investment | Cost Paid as a % of a $10,000 Investment |
---|---|---|
Z Shares | $39.75 | 0.74% |
How did the Fund perform over the last six months?
For the six-month period ended May 31, 2024, Sextant Growth Fund Z Shares returned 14.84%, trailing the 16.35% return for the S&P 500 Index. As was the case in the previous fiscal year, the Fund returns suffered in comparison to the S&P 500 due to a handful of mega-cap Technology and artificial intelligence (AI) related stocks driving Index returns.
What Factors Influenced Performance?
After Nvidia's May 2023 earnings announcement, the AI frenzy took off, defining market performance ever since. Indications of declining inflation and imminent rate cuts that buoyed a wider cross-section of the market in late 2023 gave way to inflation resilience and delayed interest rate reductions, which could last into next year. As a result, several of the mega-cap Technology stocks that accounted for much of the S&P 500 gains continued to drive Index performance through the first half of the fiscal year. Nvidia remains the leader of the pack, having appreciated over 130% over the trailing six-month period. The result, while not as dramatic a gap as last year, was the continued outperformance of the market cap-weighted S&P 500 versus the equal-weighted S&P 500.
The Sextant Growth Fund holds several of the mega-cap stocks that led returns over the past six months, including Nvidia, Amazon, Microsoft, and Alphabet. Earlier this year we added Meta (Facebook) to the portfolio. The Fund has investments in AI-adjacent companies such as Broadcom, Oracle, and Quanta, which have performed well. Holdings that detracted from Fund performance were Consumer stocks Lululemon and Monster Beverage, animal health care company Zoetis, and digital media company Adobe.
Looking Forward
With a presidential election approaching, either bravery or foolishness would be required to opine on next year’s outlook. The two candidates have widely divergent opinions on a host of issues including taxation, tariffs, immigration, fossil fuels, alternative energy, and many others. Economic resilience (in terms of jobs and wages) adds to the uncertainty, defying the inverted yield curve prognostications, and consumers are still scarred from the pandemic-engendered period of high inflation.
How did the Fund perform since inception?
The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Cumulative Performance
June 30, 2017 through May 31, 2024 with initial investment of $10,000.
Sextant Growth Fund Z Shares $25,792 | S&P 500 Index $24,570 | |
---|---|---|
June - 17 | 10,000 | 10,000 |
July - 17 | 10,107 | 10,206 |
August - 17 | 10,178 | 10,237 |
September - 17 | 10,285 | 10,448 |
October - 17 | 10,499 | 10,692 |
November - 17 | 10,893 | 11,020 |
December - 17 | 10,957 | 11,142 |
January - 18 | 11,661 | 11,780 |
February - 18 | 11,455 | 11,346 |
March - 18 | 11,120 | 11,058 |
April - 18 | 11,233 | 11,100 |
May - 18 | 11,631 | 11,367 |
June - 18 | 11,736 | 11,437 |
July - 18 | 12,239 | 11,863 |
August - 18 | 12,930 | 12,250 |
September - 18 | 13,123 | 12,319 |
October - 18 | 11,921 | 11,477 |
November - 18 | 12,004 | 11,711 |
December - 18 | 11,030 | 10,654 |
January - 19 | 11,862 | 11,508 |
February - 19 | 12,291 | 11,877 |
March - 19 | 12,751 | 12,108 |
April - 19 | 13,406 | 12,598 |
May - 19 | 12,503 | 11,797 |
June - 19 | 13,512 | 12,629 |
July - 19 | 13,986 | 12,810 |
August - 19 | 13,915 | 12,607 |
September - 19 | 13,968 | 12,843 |
October - 19 | 14,224 | 13,122 |
November - 19 | 14,671 | 13,598 |
December - 19 | 15,086 | 14,008 |
January - 20 | 15,259 | 14,003 |
February - 20 | 14,161 | 12,850 |
March - 20 | 12,812 | 11,263 |
April - 20 | 14,471 | 12,707 |
May - 20 | 15,428 | 13,312 |
June - 20 | 16,084 | 13,577 |
July - 20 | 17,306 | 14,342 |
August - 20 | 18,906 | 15,373 |
September - 20 | 18,204 | 14,789 |
October - 20 | 17,433 | 14,396 |
November - 20 | 19,042 | 15,972 |
December - 20 | 19,730 | 16,586 |
January - 21 | 19,294 | 16,418 |
February - 21 | 19,386 | 16,871 |
March - 21 | 19,937 | 17,610 |
April - 21 | 21,150 | 18,550 |
May - 21 | 21,003 | 18,679 |
June - 21 | 21,784 | 19,115 |
July - 21 | 22,514 | 19,569 |
August - 21 | 23,176 | 20,164 |
September - 21 | 21,729 | 19,226 |
October - 21 | 23,231 | 20,573 |
November - 21 | 23,566 | 20,431 |
December - 21 | 24,329 | 21,347 |
January - 22 | 22,693 | 20,242 |
February - 22 | 21,870 | 19,636 |
March - 22 | 22,231 | 20,365 |
April - 22 | 20,159 | 18,589 |
May - 22 | 19,888 | 18,623 |
June - 22 | 18,303 | 17,086 |
July - 22 | 20,114 | 18,661 |
August - 22 | 19,050 | 17,900 |
September - 22 | 17,249 | 16,252 |
October - 22 | 18,333 | 17,567 |
November - 22 | 19,397 | 18,549 |
December - 22 | 18,230 | 17,481 |
January - 23 | 19,372 | 18,579 |
February - 23 | 18,765 | 18,126 |
March - 23 | 19,928 | 18,791 |
April - 23 | 20,324 | 19,084 |
May - 23 | 20,756 | 19,167 |
June - 23 | 22,166 | 20,434 |
July - 23 | 22,568 | 21,090 |
August - 23 | 22,213 | 20,754 |
September - 23 | 20,947 | 19,765 |
October - 23 | 20,556 | 19,349 |
November - 23 | 22,459 | 21,116 |
December - 23 | 23,434 | 22,076 |
January - 24 | 23,898 | 22,447 |
February - 24 | 25,221 | 23,645 |
March - 24 | 25,602 | 24,406 |
April - 24 | 24,474 | 23,409 |
May - 24 | 25,792 | 24,570 |
Annual Average Total Return
1 Year | 5 Year | Since Inception | |
---|---|---|---|
Z Shares | 24.26% | 15.58% | 14.31% |
S&P 500 Index | 28.19% | 15.79% | 13.62% |
Please visit www.saturna.com/sextant/growth-fund for more recent performance information.
SGZFX
| Z SHARES
Sextant Growth Fund
Semi-Annual Shareholder Report - May 31, 2024
Key Fund Statistics
Total Net Assets | $67,857,920 |
# of Portfolio Holdings | 31 |
Advisory Fees Paid | $164,039 |
Portfolio Turnover Rate | 6% |
Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762
What did the Fund invest in?
Top 10 Holdings
% of Total Net Assets
Microsoft | 11.1% |
Apple | 8.3% |
Alphabet, Class A | 8.1% |
Amazon.com | 7.0% |
NVIDIA | 5.6% |
Costco Wholesale | 4.2% |
Mastercard, Class A | 3.9% |
Motorola Solutions | 3.2% |
Oracle | 3.0% |
Adobe | 2.9% |
Geographic Weightings
% of Total Net Assets
United States | 98.2% |
Industry Weightings
% of Total Net Assets
Infrastructure Software | 16.0% |
Semiconductor Devices | 15.5% |
Communications Equipment | 11.5% |
Internet Media & Services | 10.0% |
Online Marketplace | 7.0% |
Medical Devices | 5.3% |
Specialty Apparel Stores | 4.3% |
Mass Merchants | 4.2% |
Other Financial Services | 3.9% |
Application Software | 2.9% |
Other Industries | 17.6% |
Other Assets (net of liabilities) | 1.8% |
QR Code
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library .
1300 N. State Street
Bellingham, WA 98225
1-866-290-2688
SSIFX
| INVESTOR SHARES
Sextant International Fund
Semi-Annual Shareholder Report - May 31, 2024
Fund Overview
The objective of the International Fund is long-term capital growth. This Semiannual Shareholder Report contains important information about the Sextant International Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/sextant/international-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 Investment | Cost Paid as a % of a $10,000 Investment |
---|---|---|
Investor Shares | $50.89 | 0.96% |
How did the Fund perform over the last six months?
For the six-month period ended May 31, 2024, the Sextant International Fund Investor Shares returned 12.03%. The MSCI EAFE Index and MSCI ACWI ex US Index returned 13.19% and 11.46% for the same period, respectively.
What Factors Influenced Performance?
The Sextant International Fund mandates that 65% of net assets be held in companies with their headquarters and at least half of their assets and earnings outside the US, and with market capitalizations greater than $1 billion. The Fund generally holds equity positions in larger companies with strong balance sheets. As of May 31, 2024, Technology was the largest sector weighting at 39.2% followed by Health Care at 18.1%, then Industrials at 16.4%. Consumer Discretionary and Materials were the next largest sector weightings in the portfolio, at 8.6% each. In terms of performance contributions, Health Care, Industrials, Communications, and Technology were the largest contributors. Top performers were Taiwan Semiconductor, Eaton, and ASML. The bottom performers included Lululemon, OpenText, and Accenture.
Looking Forward
We are entering an economic regime where global growth may remain sluggish, and the costs of capital elevated. While inflation and interest rates are important, their impact is expected to diminish over the next several quarters, as the significant tail risks associated with them have largely been mitigated. Last year, the Federal Reserve's policy actions could be described as a defusing a bomb; even a minor error could have had catastrophic consequences. This year, the challenge is more akin to parking a boat in a narrow slip on a rainy day — there may be bumps and collisions (i.e. economic weakness, sticky inflation), but probably nothing that will sink the ship. Fed Chair Jerome Powell will likely continue to bounce between hawkish and dovish tones based on the prevailing risks at any given time until the US economy achieves some form of "landing."
In this environment (slow growth + elevated cost of capital=margin pressure), the Sextant International Fund prioritizes companies that offer products and services which help enterprises improve operating profitability through productivity gains. Fortunately, surges in innovation (including AI, digital transformation, and accelerated computing) are likely to drive economic upside relative to market expectations over the next several years. Given this backdrop, the Fund maintains a constructive outlook for the remainder of 2024 and beyond.
How did the Fund perform over the past 10 years?
The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Cumulative Performance
May 31, 2014 through May 31, 2024 with initial investment of $10,000.
Sextant International Fund Investor Shares $20,370 | MSCI EAFE Index $16,461 | |
---|---|---|
May - 14 | 10,000 | 10,000 |
June - 14 | 10,428 | 10,099 |
July - 14 | 10,159 | 9,901 |
August - 14 | 10,159 | 9,887 |
September - 14 | 9,859 | 9,511 |
October - 14 | 9,682 | 9,373 |
November - 14 | 9,834 | 9,501 |
December - 14 | 9,497 | 9,175 |
January - 15 | 9,459 | 9,221 |
February - 15 | 10,088 | 9,773 |
March - 15 | 9,961 | 9,633 |
April - 15 | 10,387 | 10,034 |
May - 15 | 10,221 | 9,994 |
June - 15 | 9,942 | 9,714 |
July - 15 | 10,018 | 9,916 |
August - 15 | 9,281 | 9,188 |
September - 15 | 8,874 | 8,725 |
October - 15 | 9,389 | 9,407 |
November - 15 | 9,285 | 9,262 |
December - 15 | 8,922 | 9,139 |
January - 16 | 8,599 | 8,479 |
February - 16 | 8,554 | 8,326 |
March - 16 | 9,129 | 8,875 |
April - 16 | 9,188 | 9,142 |
May - 16 | 9,207 | 9,070 |
June - 16 | 9,188 | 8,770 |
July - 16 | 9,673 | 9,215 |
August - 16 | 9,686 | 9,223 |
September - 16 | 9,854 | 9,340 |
October - 16 | 9,563 | 9,150 |
November - 16 | 9,330 | 8,969 |
December - 16 | 9,557 | 9,277 |
January - 17 | 9,865 | 9,547 |
February - 17 | 10,068 | 9,685 |
March - 17 | 10,245 | 9,962 |
April - 17 | 10,389 | 10,223 |
May - 17 | 10,711 | 10,612 |
June - 17 | 10,698 | 10,597 |
July - 17 | 11,150 | 10,903 |
August - 17 | 11,183 | 10,900 |
September - 17 | 11,530 | 11,176 |
October - 17 | 11,615 | 11,347 |
November - 17 | 11,827 | 11,467 |
December - 17 | 11,991 | 11,653 |
January - 18 | 12,569 | 12,239 |
February - 18 | 12,119 | 11,688 |
March - 18 | 12,098 | 11,489 |
April - 18 | 11,941 | 11,763 |
May - 18 | 11,991 | 11,515 |
June - 18 | 11,841 | 11,378 |
July - 18 | 12,491 | 11,659 |
August - 18 | 12,726 | 11,435 |
September - 18 | 12,612 | 11,539 |
October - 18 | 11,612 | 10,621 |
November - 18 | 12,019 | 10,610 |
December - 18 | 11,518 | 10,097 |
January - 19 | 12,321 | 10,762 |
February - 19 | 12,931 | 11,037 |
March - 19 | 13,131 | 11,119 |
April - 19 | 13,541 | 11,443 |
May - 19 | 13,409 | 10,909 |
June - 19 | 13,957 | 11,560 |
July - 19 | 13,996 | 11,415 |
August - 19 | 13,888 | 11,120 |
September - 19 | 13,896 | 11,445 |
October - 19 | 14,104 | 11,857 |
November - 19 | 14,274 | 11,993 |
December - 19 | 14,611 | 12,384 |
January - 20 | 14,595 | 12,127 |
February - 20 | 13,547 | 11,032 |
March - 20 | 11,564 | 9,571 |
April - 20 | 12,251 | 10,197 |
May - 20 | 13,331 | 10,647 |
June - 20 | 13,699 | 11,014 |
July - 20 | 14,339 | 11,273 |
August - 20 | 14,874 | 11,854 |
September - 20 | 14,658 | 11,551 |
October - 20 | 14,147 | 11,091 |
November - 20 | 15,690 | 12,812 |
December - 20 | 16,815 | 13,410 |
January - 21 | 16,702 | 13,268 |
February - 21 | 16,301 | 13,567 |
March - 21 | 16,542 | 13,892 |
April - 21 | 17,368 | 14,322 |
May - 21 | 17,489 | 14,802 |
June - 21 | 17,962 | 14,640 |
July - 21 | 19,174 | 14,752 |
August - 21 | 20,017 | 15,013 |
September - 21 | 18,733 | 14,589 |
October - 21 | 19,263 | 14,951 |
November - 21 | 18,853 | 14,257 |
December - 21 | 19,759 | 14,989 |
January - 22 | 17,634 | 14,265 |
February - 22 | 17,268 | 14,015 |
March - 22 | 17,625 | 14,121 |
April - 22 | 16,187 | 13,219 |
May - 22 | 15,970 | 13,337 |
June - 22 | 14,637 | 12,103 |
July - 22 | 15,891 | 12,707 |
August - 22 | 14,819 | 12,105 |
September - 22 | 13,661 | 10,978 |
October - 22 | 14,366 | 11,569 |
November - 22 | 15,787 | 12,874 |
December - 22 | 15,290 | 12,888 |
January - 23 | 16,492 | 13,933 |
February - 23 | 15,996 | 13,644 |
March - 23 | 17,059 | 14,000 |
April - 23 | 17,128 | 14,409 |
May - 23 | 16,693 | 13,818 |
June - 23 | 17,285 | 14,451 |
July - 23 | 17,494 | 14,920 |
August - 23 | 17,076 | 14,350 |
September - 23 | 16,240 | 13,866 |
October - 23 | 16,222 | 13,306 |
November - 23 | 18,182 | 14,543 |
December - 23 | 19,085 | 15,318 |
January - 24 | 19,574 | 15,407 |
February - 24 | 20,273 | 15,692 |
March - 24 | 20,440 | 16,226 |
April - 24 | 19,469 | 15,827 |
May - 24 | 20,370 | 16,461 |
Annual Average Total Return
1 Year | 5 Year | 10 Year | |
---|---|---|---|
Investor Shares | 22.03% | 8.72% | 7.37% |
MSCI EAFE Index | 19.12% | 8.57% | 5.10% |
Please visit www.saturna.com/sextant/international-fund for more recent performance information.
SSIFX
| INVESTOR SHARES
Sextant International Fund
Semi-Annual Shareholder Report - May 31, 2024
Key Fund Statistics
Total Net Assets | $76,980,121 |
# of Portfolio Holdings | 34 |
Advisory Fees Paid | $181,027 |
Portfolio Turnover Rate | 6% |
Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762
What did the Fund invest in?
Top 10 Holdings
% of Total Net Assets
Novo Nordisk ADR | 9.9% |
ASML Holding NY | 6.8% |
MercadoLibre | 6.7% |
Wolters Kluwer | 6.4% |
Dassault Systemes ADR | 4.7% |
Taiwan Semiconductor ADR | 4.6% |
Ferguson | 3.6% |
NICE Systems ADR | 3.6% |
SAP ADR | 3.4% |
Linde | 3.1% |
Geographic Weightings
% of Total Net Assets
Netherlands | 13.2% |
France | 12.6% |
Denmark | 9.9% |
Switzerland | 9.0% |
Germany | 7.7% |
United States | 7.2% |
Argentina | 6.7% |
Ireland | 6.1% |
United Kingdom | 6.1% |
Taiwan | 4.6% |
Industry Weightings
% of Total Net Assets
Application Software | 13.1% |
Large Pharma | 12.8% |
Semiconductor Manufacturing | 11.4% |
IT Services | 9.5% |
Online Marketplace | 6.7% |
Electrical Power Equipment | 5.6% |
Iron | 4.3% |
Semiconductor Devices | 4.0% |
Commercial & Residential Building Equipment & Systems | 3.9% |
Industrial Wholesale & Rental | 3.6% |
Other Industries | 21.5% |
Other Assets (net of liabilities) | 3.6% |
QR Code
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library .
1300 N. State Street
Bellingham, WA 98225
1-866-290-2688
SIFZX
| Z SHARES
Sextant International Fund
Semi-Annual Shareholder Report - May 31, 2024
Fund Overview
The objective of the International Fund is long-term capital growth. This Semiannual Shareholder Report contains important information about the Sextant International Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/sextant/international-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 Investment | Cost Paid as a % of a $10,000 Investment |
---|---|---|
Z Shares | $38.19 | 0.72% |
How did the Fund perform over the last six months?
For the six-month period ended May 31, 2024, the Sextant International Fund Z Shares returned 12.15%. The MSCI EAFE Index and MSCI ACWI ex US Index returned 13.19% and 11.46% for the same period, respectively.
What Factors Influenced Performance?
The Sextant International Fund mandates that 65% of net assets be held in companies with their headquarters and at least half of their assets and earnings outside the US, and with market capitalizations greater than $1 billion. The Fund generally holds equity positions in larger companies with strong balance sheets. As of May 31, 2024, Technology was the largest sector weighting at 39.2% followed by Health Care at 18.1%, then Industrials at 16.4%. Consumer Discretionary and Materials were the next largest sector weightings in the portfolio, at 8.6% each. In terms of performance contributions, Health Care, Industrials, Communications, and Technology were the largest contributors. Top performers were Taiwan Semiconductor, Eaton, and ASML. The bottom performers included Lululemon, OpenText, and Accenture.
Looking Forward
We are entering an economic regime where global growth may remain sluggish, and the costs of capital elevated. While inflation and interest rates are important, their impact is expected to diminish over the next several quarters, as the significant tail risks associated with them have largely been mitigated. Last year, the Federal Reserve's policy actions could be described as a defusing a bomb; even a minor error could have had catastrophic consequences. This year, the challenge is more akin to parking a boat in a narrow slip on a rainy day — there may be bumps and collisions (i.e. economic weakness, sticky inflation), but probably nothing that will sink the ship. Fed Chair Jerome Powell will likely continue to bounce between hawkish and dovish tones based on the prevailing risks at any given time until the US economy achieves some form of "landing."
In this environment (slow growth + elevated cost of capital=margin pressure), the Sextant International Fund prioritizes companies that offer products and services which help enterprises improve operating profitability through productivity gains. Fortunately, surges in innovation (including AI, digital transformation, and accelerated computing) are likely to drive economic upside relative to market expectations over the next several years. Given this backdrop, the Fund maintains a constructive outlook for the remainder of 2024 and beyond.
How did the Fund perform since inception?
The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Cumulative Performance
June 30, 2017 through May 31, 2024 with initial investment of $10,000.
Sextant International Fund Z Shares $19,355 | MSCI EAFE Index $15,534 | |
---|---|---|
June - 17 | 10,000 | 10,000 |
July - 17 | 10,435 | 10,289 |
August - 17 | 10,459 | 10,287 |
September - 17 | 10,783 | 10,547 |
October - 17 | 10,869 | 10,708 |
November - 17 | 11,073 | 10,821 |
December - 17 | 11,229 | 10,997 |
January - 18 | 11,777 | 11,549 |
February - 18 | 11,349 | 11,030 |
March - 18 | 11,329 | 10,842 |
April - 18 | 11,189 | 11,101 |
May - 18 | 11,236 | 10,867 |
June - 18 | 11,102 | 10,737 |
July - 18 | 11,717 | 11,002 |
August - 18 | 11,937 | 10,791 |
September - 18 | 11,831 | 10,889 |
October - 18 | 10,895 | 10,023 |
November - 18 | 11,276 | 10,012 |
December - 18 | 10,813 | 9,528 |
January - 19 | 11,566 | 10,156 |
February - 19 | 12,138 | 10,416 |
March - 19 | 12,333 | 10,493 |
April - 19 | 12,717 | 10,798 |
May - 19 | 12,601 | 10,295 |
June - 19 | 13,116 | 10,909 |
July - 19 | 13,152 | 10,772 |
August - 19 | 13,058 | 10,494 |
September - 19 | 13,065 | 10,800 |
October - 19 | 13,268 | 11,189 |
November - 19 | 13,434 | 11,317 |
December - 19 | 13,752 | 11,687 |
January - 20 | 13,737 | 11,444 |
February - 20 | 12,752 | 10,411 |
March - 20 | 10,888 | 9,032 |
April - 20 | 11,534 | 9,623 |
May - 20 | 12,557 | 10,048 |
June - 20 | 12,903 | 10,394 |
July - 20 | 13,504 | 10,638 |
August - 20 | 14,016 | 11,187 |
September - 20 | 13,820 | 10,901 |
October - 20 | 13,339 | 10,467 |
November - 20 | 14,790 | 12,090 |
December - 20 | 15,859 | 12,655 |
January - 21 | 15,753 | 12,521 |
February - 21 | 15,368 | 12,803 |
March - 21 | 15,602 | 13,110 |
April - 21 | 16,381 | 13,515 |
May - 21 | 16,502 | 13,969 |
June - 21 | 16,956 | 13,816 |
July - 21 | 18,098 | 13,921 |
August - 21 | 18,900 | 14,168 |
September - 21 | 17,690 | 13,767 |
October - 21 | 18,196 | 14,109 |
November - 21 | 17,811 | 13,454 |
December - 21 | 18,657 | 14,145 |
January - 22 | 16,658 | 13,462 |
February - 22 | 16,321 | 13,225 |
March - 22 | 16,658 | 13,326 |
April - 22 | 15,301 | 12,475 |
May - 22 | 15,104 | 12,586 |
June - 22 | 13,845 | 11,421 |
July - 22 | 15,030 | 11,991 |
August - 22 | 14,018 | 11,423 |
September - 22 | 12,932 | 10,360 |
October - 22 | 13,598 | 10,918 |
November - 22 | 14,939 | 12,149 |
December - 22 | 14,478 | 12,163 |
January - 23 | 15,613 | 13,149 |
February - 23 | 15,153 | 12,876 |
March - 23 | 16,156 | 13,211 |
April - 23 | 16,230 | 13,598 |
May - 23 | 15,819 | 13,040 |
June - 23 | 16,387 | 13,637 |
July - 23 | 16,584 | 14,080 |
August - 23 | 16,197 | 13,542 |
September - 23 | 15,400 | 13,086 |
October - 23 | 15,391 | 12,557 |
November - 23 | 17,259 | 13,724 |
December - 23 | 18,115 | 14,455 |
January - 24 | 18,578 | 14,540 |
February - 24 | 19,248 | 14,808 |
March - 24 | 19,413 | 15,312 |
April - 24 | 18,487 | 14,936 |
May - 24 | 19,355 | 15,534 |
Annual Average Total Return
1 Year | 5 Year | Since Inception | |
---|---|---|---|
Z Shares | 22.35% | 8.96% | 0.00 |
MSCI EAFE Index | 19.12% | 8.57% | 6.26% |
Please visit www.saturna.com/sextant/international-fund for more recent performance information.
SIFZX
| Z SHARES
Sextant International Fund
Semi-Annual Shareholder Report - May 31, 2024
Key Fund Statistics
Total Net Assets | $76,980,121 |
# of Portfolio Holdings | 34 |
Advisory Fees Paid | $181,027 |
Portfolio Turnover Rate | 6% |
Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762
What did the Fund invest in?
Top 10 Holdings
% of Total Net Assets
Novo Nordisk ADR | 9.9% |
ASML Holding NY | 6.8% |
MercadoLibre | 6.7% |
Wolters Kluwer | 6.4% |
Dassault Systemes ADR | 4.7% |
Taiwan Semiconductor ADR | 4.6% |
Ferguson | 3.6% |
NICE Systems ADR | 3.6% |
SAP ADR | 3.4% |
Linde | 3.1% |
Geographic Weightings
% of Total Net Assets
Netherlands | 13.2% |
France | 12.6% |
Denmark | 9.9% |
Switzerland | 9.0% |
Germany | 7.7% |
United States | 7.2% |
Argentina | 6.7% |
Ireland | 6.1% |
United Kingdom | 6.1% |
Taiwan | 4.6% |
Industry Weightings
% of Total Net Assets
Application Software | 13.1% |
Large Pharma | 12.8% |
Semiconductor Manufacturing | 11.4% |
IT Services | 9.5% |
Online Marketplace | 6.7% |
Electrical Power Equipment | 5.6% |
Iron | 4.3% |
Semiconductor Devices | 4.0% |
Commercial & Residential Building Equipment & Systems | 3.9% |
Industrial Wholesale & Rental | 3.6% |
Other Industries | 21.5% |
Other Assets (net of liabilities) | 3.6% |
QR Code
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library .
1300 N. State Street
Bellingham, WA 98225
1-866-290-2688
STBFX
| SEXTANT SHORT-TERM BOND
Sextant Short-Term Bond Fund
Semi-Annual Shareholder Report - May 31, 2024
Fund Overview
The objective of the Short-Term Bond Fund is capital preservation and current income. This Semiannual Shareholder Report contains important information about the Sextant Short-Term Bond Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/sextant/short-term-bond-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 Investment | Cost Paid as a % of a $10,000 Investment |
---|---|---|
Sextant Short-Term Bond | $30.29 | 0.60% |
How did the Fund perform over the last six months?
For the six-month period ended May 31, 2024, the Sextant Short-Term Bond Fund returned 1.96%. The Bloomberg US Aggregate 1-3 Year Index returned 2.06%. For the five-year period ended May 31, 2024, the Fund reported an annualized total return of 1.03%, compared to 1.20% for the Index. The primary reason for the Fund’s underperformance was lack of exposure to securitized debt, and cash positions.
Factors Affecting Past Performance
Persistent high inflation, economic growth uncertainty, and widening deficits among most world economies brought considerable market volatility in fiscal 2024. The Treasury curve was highly volatile throughout the year, with swings of over 100 basis points (bps) across the curve. Ultimately, the curve shifted up over the year, especially in the long end, marking a pronounced bear steepener.
As of May 31, 2024, the Sextant Short-Term Bond Fund had 49.2% of assets in bonds maturing inside of one year. In comparison, the Bloomberg US Aggregate 1-3 Year Index had 5.5% of such bonds. The Index held nearly 95% of its assets in bonds with maturities between one and three years, while the Fund held around 41.5% of its assets in such bonds. Bonds with maturities between zero and one years were the primary drivers of fiscal year 2024 performance, and the portfolio’s overweight to this maturity bucket aided performance. Overall, the Fund was positioned defensively during the six-month period, with an allocation to the very front end of the curve and only an 8% allocation to bonds outside of three years. This is reflected in the Fund’s effective duration of 1.43, shorter than the Index, which had an effective duration of 1.76 years.
Looking Forward
Federal Reserve policy changes, economic uncertainty, persistent high inflation, and elevated geopolitical risks may lead to continued volatility for yields and the Treasury curve in fiscal 2025. The Sextant Short-Term Bond Fund portfolio remains defensively positioned to better withstand anticipated yield curve changes, currency movements, and inflationary pressures. Our goal has always been to choose good companies and invest through cycles rather than engage in market timing with outsized active bets.
How did the Fund perform over the past 10 years?
The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Cumulative Performance
May 31, 2014 through May 31, 2024 with initial investment of $10,000.
Sextant Short-Term Bond Fund $11,159 | Bloomberg US Aggregate 1-3 Year Index $11,352 | Bloomberg US Aggregate Bond Index $11,329 | |
---|---|---|---|
May - 14 | 10,000 | 10,000 | 10,000 |
June - 14 | 9,989 | 9,996 | 10,005 |
July - 14 | 9,978 | 9,990 | 9,980 |
August - 14 | 10,006 | 10,007 | 10,090 |
September - 14 | 9,996 | 10,000 | 10,022 |
October - 14 | 10,026 | 10,029 | 10,120 |
November - 14 | 10,015 | 10,043 | 10,192 |
December - 14 | 9,965 | 10,018 | 10,202 |
January - 15 | 10,033 | 10,069 | 10,415 |
February - 15 | 10,020 | 10,054 | 10,318 |
March - 15 | 10,030 | 10,077 | 10,365 |
April - 15 | 10,058 | 10,086 | 10,328 |
May - 15 | 10,066 | 10,094 | 10,303 |
June - 15 | 10,055 | 10,091 | 10,191 |
July - 15 | 10,065 | 10,097 | 10,262 |
August - 15 | 10,054 | 10,091 | 10,247 |
September - 15 | 10,063 | 10,121 | 10,316 |
October - 15 | 10,092 | 10,117 | 10,318 |
November - 15 | 10,082 | 10,098 | 10,291 |
December - 15 | 10,072 | 10,084 | 10,258 |
January - 16 | 10,101 | 10,137 | 10,399 |
February - 16 | 10,090 | 10,147 | 10,473 |
March - 16 | 10,160 | 10,183 | 10,569 |
April - 16 | 10,189 | 10,197 | 10,609 |
May - 16 | 10,179 | 10,191 | 10,612 |
June - 16 | 10,226 | 10,252 | 10,803 |
July - 16 | 10,235 | 10,254 | 10,871 |
August - 16 | 10,245 | 10,243 | 10,859 |
September - 16 | 10,253 | 10,255 | 10,852 |
October - 16 | 10,261 | 10,252 | 10,769 |
November - 16 | 10,188 | 10,210 | 10,514 |
December - 16 | 10,219 | 10,216 | 10,529 |
January - 17 | 10,230 | 10,235 | 10,550 |
February - 17 | 10,241 | 10,252 | 10,621 |
March - 17 | 10,254 | 10,258 | 10,615 |
April - 17 | 10,264 | 10,277 | 10,697 |
May - 17 | 10,297 | 10,295 | 10,779 |
June - 17 | 10,289 | 10,290 | 10,769 |
July - 17 | 10,320 | 10,317 | 10,815 |
August - 17 | 10,330 | 10,338 | 10,912 |
September - 17 | 10,319 | 10,326 | 10,860 |
October - 17 | 10,308 | 10,323 | 10,866 |
November - 17 | 10,276 | 10,301 | 10,852 |
December - 17 | 10,270 | 10,305 | 10,902 |
January - 18 | 10,241 | 10,277 | 10,777 |
February - 18 | 10,210 | 10,267 | 10,674 |
March - 18 | 10,221 | 10,284 | 10,743 |
April - 18 | 10,213 | 10,273 | 10,663 |
May - 18 | 10,247 | 10,312 | 10,739 |
June - 18 | 10,238 | 10,313 | 10,726 |
July - 18 | 10,251 | 10,319 | 10,728 |
August - 18 | 10,285 | 10,355 | 10,797 |
September - 18 | 10,297 | 10,348 | 10,728 |
October - 18 | 10,291 | 10,359 | 10,643 |
November - 18 | 10,303 | 10,389 | 10,707 |
December - 18 | 10,381 | 10,470 | 10,903 |
January - 19 | 10,437 | 10,511 | 11,019 |
February - 19 | 10,450 | 10,528 | 11,013 |
March - 19 | 10,550 | 10,597 | 11,224 |
April - 19 | 10,566 | 10,621 | 11,227 |
May - 19 | 10,603 | 10,696 | 11,426 |
June - 19 | 10,681 | 10,755 | 11,570 |
July - 19 | 10,677 | 10,751 | 11,595 |
August - 19 | 10,756 | 10,836 | 11,896 |
September - 19 | 10,729 | 10,831 | 11,833 |
October - 19 | 10,787 | 10,867 | 11,868 |
November - 19 | 10,781 | 10,868 | 11,862 |
December - 19 | 10,798 | 10,893 | 11,854 |
January - 20 | 10,878 | 10,954 | 12,082 |
February - 20 | 10,957 | 11,043 | 12,299 |
March - 20 | 10,782 | 11,088 | 12,227 |
April - 20 | 10,968 | 11,148 | 12,444 |
May - 20 | 11,068 | 11,169 | 12,502 |
June - 20 | 11,104 | 11,185 | 12,581 |
July - 20 | 11,162 | 11,202 | 12,769 |
August - 20 | 11,154 | 11,204 | 12,666 |
September - 20 | 11,147 | 11,203 | 12,659 |
October - 20 | 11,118 | 11,202 | 12,602 |
November - 20 | 11,154 | 11,213 | 12,726 |
December - 20 | 11,166 | 11,228 | 12,744 |
January - 21 | 11,157 | 11,232 | 12,652 |
February - 21 | 11,104 | 11,225 | 12,470 |
March - 21 | 11,072 | 11,220 | 12,314 |
April - 21 | 11,104 | 11,229 | 12,411 |
May - 21 | 11,137 | 11,242 | 12,452 |
June - 21 | 11,120 | 11,225 | 12,539 |
July - 21 | 11,152 | 11,245 | 12,679 |
August - 21 | 11,139 | 11,245 | 12,655 |
September - 21 | 11,104 | 11,236 | 12,546 |
October - 21 | 11,069 | 11,199 | 12,542 |
November - 21 | 11,056 | 11,190 | 12,579 |
December - 21 | 11,043 | 11,173 | 12,547 |
January - 22 | 10,943 | 11,093 | 12,277 |
February - 22 | 10,885 | 11,043 | 12,140 |
March - 22 | 10,764 | 10,893 | 11,803 |
April - 22 | 10,665 | 10,832 | 11,355 |
May - 22 | 10,720 | 10,899 | 11,428 |
June - 22 | 10,644 | 10,823 | 11,249 |
July - 22 | 10,743 | 10,881 | 11,523 |
August - 22 | 10,645 | 10,794 | 11,198 |
September - 22 | 10,504 | 10,661 | 10,714 |
October - 22 | 10,495 | 10,647 | 10,575 |
November - 22 | 10,597 | 10,735 | 10,964 |
December - 22 | 10,616 | 10,757 | 10,915 |
January - 23 | 10,697 | 10,844 | 11,251 |
February - 23 | 10,623 | 10,763 | 10,960 |
March - 23 | 10,753 | 10,919 | 11,238 |
April - 23 | 10,790 | 10,957 | 11,306 |
May - 23 | 10,765 | 10,924 | 11,183 |
June - 23 | 10,760 | 10,880 | 11,143 |
July - 23 | 10,801 | 10,926 | 11,135 |
August - 23 | 10,818 | 10,967 | 11,064 |
September - 23 | 10,814 | 10,960 | 10,783 |
October - 23 | 10,834 | 10,995 | 10,613 |
November - 23 | 10,945 | 11,123 | 11,094 |
December - 23 | 11,036 | 11,257 | 11,518 |
January - 24 | 11,083 | 11,301 | 11,487 |
February - 24 | 11,062 | 11,262 | 11,324 |
March - 24 | 11,108 | 11,308 | 11,429 |
April - 24 | 11,087 | 11,270 | 11,140 |
May - 24 | 11,159 | 11,352 | 11,329 |
Effective May 31, 2024, the Fund is adding a new performance benchmark, the Bloomberg US Aggregate Bond Index, which the investment adviser believes better reflects the Fund’s investment approach.
Annual Average Total Return
1 Year | 5 Year | 10 Year | |
---|---|---|---|
Sextant Short-Term Bond | 3.66% | 1.03% | 1.10% |
Bloomberg US Aggregate 1-3 Year Index | 3.92% | 1.20% | 1.27% |
Bloomberg US Aggregate Bond Index | 1.31% | - 0.17% | 1.25% |
Please visit www.saturna.com/sextant/short-term-bond-fund for more recent performance information.
STBFX
| SEXTANT SHORT-TERM BOND
Sextant Short-Term Bond Fund
Semi-Annual Shareholder Report - May 31, 2024
Key Fund Statistics
Total Net Assets | $10,827,122 |
# of Portfolio Holdings | 37 |
Advisory Fees Paid | $27,275 |
Portfolio Turnover Rate | 11% |
Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762
What did the Fund invest in?
Top 10 Holdings
% of Total Net Assets
United States Treasury Note (2.375% due 05/15/2027) | 5.6% |
United States Cash Management Bill (-% due 08/8/2024) | 5.5% |
United States Treasury Note (2.250% due 10/31/2024) | 5.5% |
United States Treasury Bond (1.500% due 02/15/2025) | 5.4% |
United States Treasury Note (2.625% due 12/31/2025) | 5.3% |
Florida Power & Light (2.850% due 04/1/2025) | 3.8% |
United States Treasury Note (2.875% due 04/30/2025) | 3.6% |
Bank of America (3.500% due 04/19/2026) | 3.6% |
United States Cash Management Bill (-% due 06/27/2024) | 3.2% |
Edison International (3.550% due 11/15/2024) | 3.2% |
Sector Weightings
% of Total Net Assets
Government | 35.0% |
Financials | 16.2% |
Utilities | 11.2% |
Consumer Staples | 8.9% |
Communications | 7.1% |
Technology | 5.6% |
Consumer Discretionary | 5.5% |
Materials | 2.8% |
Industrials | 1.8% |
Health Care | 1.4% |
Other Assets (net of liabilities) | 4.5% |
Geographic Weightings
% of Total Net Assets
United States | 87.7% |
United Kingdom | 3.7% |
Netherlands | 3.2% |
China | 0.9% |
QR Code
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library .
1300 N. State Street
Bellingham, WA 98225
1-866-290-2688
SEBFX
| SUSTAINABLE BOND
Sustainable Bond Fund
Semi-Annual Shareholder Report - May 31, 2024
Fund Overview
The objective of the Bond Fund is current income and capital preservation. This Semiannual Shareholder Report contains important information about the Sustainable Bond Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/sustainable/bond-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 Investment | Cost Paid as a % of a $10,000 Investment |
---|---|---|
Sustainable Bond | $33.01 | 0.65% |
How did the Fund perform over the last six months?
The Saturna Sustainable Bond Fund returned 3.14% for the first six months of the fiscal year as of May 31, 2024. The FTSE World Broad Investment-Grade Bond Index returned 1.10% for the same period. The Fund’s outperformance relative the Index can be attributed to differences in duration and currency exposures. The Fund reported a 30-day yield of 4.76%.
The Sustainable Bond Fund portfolio held 42 securities as of May 31, 2024. The Fund’s effective duration decreased from 5.03 years as of May 31, 2023, to 2.80 years as of May 31, 2024. The FTSE WorldBIG Index reported an effective duration of 6.54 years. In an interest rate environment marked by higher volatility on securities with longer maturities, the Fund’s duration profile was decreased to emphasize ownership of high-quality issuers and reduce duration risk.
As of May 31, 2024, Saturna Sustainable Bond Fund held 57.44% of its assets in US dollar-denominated securities, followed by 9.25% in Mexican peso-denominated securities, and 9.16% in euro-denominated securities. The Fund retained a currency weighting of 6.84% to the Colombian peso, 6.58% to the Canadian dollar, 5.22% to the Brazilian real, 3.05% to the Australian dollar, and 0.71% to the British pound. In contrast, the FTSE WorldBIG Index had 53.29% of its portfolio in the US dollar, 28.50% in the euro, and 5.87% in Japanese yen. Relative to the US dollar, the Mexican peso appreciated 2.19% over the trailing six-month period.
How did the Fund perform since inception?
The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Cumulative Performance
March 31, 2015 through May 31, 2024 with initial investment of $10,000.
Sustainable Bond Fund $11,232 | FTSE WorldBIG Bond Index $10,128 | |
---|---|---|
March - 15 | 10,000 | 10,000 |
April - 15 | 9,945 | 10,103 |
May - 15 | 9,960 | 9,926 |
June - 15 | 9,856 | 9,878 |
July - 15 | 9,893 | 9,924 |
August - 15 | 9,839 | 9,953 |
September - 15 | 9,856 | 10,001 |
October - 15 | 9,894 | 10,009 |
November - 15 | 9,871 | 9,838 |
December - 15 | 9,809 | 9,896 |
January - 16 | 9,837 | 10,002 |
February - 16 | 9,744 | 10,199 |
March - 16 | 9,938 | 10,468 |
April - 16 | 9,996 | 10,574 |
May - 16 | 9,988 | 10,453 |
June - 16 | 10,099 | 10,724 |
July - 16 | 10,191 | 10,807 |
August - 16 | 10,224 | 10,757 |
September - 16 | 10,244 | 10,806 |
October - 16 | 10,257 | 10,521 |
November - 16 | 10,006 | 10,122 |
December - 16 | 9,990 | 10,088 |
January - 17 | 10,140 | 10,173 |
February - 17 | 10,214 | 10,212 |
March - 17 | 10,271 | 10,223 |
April - 17 | 10,291 | 10,355 |
May - 17 | 10,400 | 10,527 |
June - 17 | 10,496 | 10,524 |
July - 17 | 10,628 | 10,704 |
August - 17 | 10,628 | 10,816 |
September - 17 | 10,621 | 10,727 |
October - 17 | 10,519 | 10,688 |
November - 17 | 10,534 | 10,804 |
December - 17 | 10,579 | 10,838 |
January - 18 | 10,696 | 10,952 |
February - 18 | 10,600 | 10,842 |
March - 18 | 10,614 | 10,971 |
April - 18 | 10,565 | 10,804 |
May - 18 | 10,484 | 10,699 |
June - 18 | 10,442 | 10,674 |
July - 18 | 10,547 | 10,662 |
August - 18 | 10,531 | 10,663 |
September - 18 | 10,566 | 10,578 |
October - 18 | 10,425 | 10,449 |
November - 18 | 10,293 | 10,485 |
December - 18 | 10,244 | 10,695 |
January - 19 | 10,503 | 10,847 |
February - 19 | 10,517 | 10,788 |
March - 19 | 10,621 | 10,928 |
April - 19 | 10,680 | 10,907 |
May - 19 | 10,673 | 11,053 |
June - 19 | 10,816 | 11,298 |
July - 19 | 10,856 | 11,268 |
August - 19 | 10,946 | 11,508 |
September - 19 | 10,912 | 11,390 |
October - 19 | 10,978 | 11,470 |
November - 19 | 10,920 | 11,381 |
December - 19 | 10,969 | 11,431 |
January - 20 | 11,047 | 11,594 |
February - 20 | 11,079 | 11,676 |
March - 20 | 10,760 | 11,468 |
April - 20 | 10,927 | 11,662 |
May - 20 | 11,097 | 11,737 |
June - 20 | 11,191 | 11,844 |
July - 20 | 11,452 | 12,250 |
August - 20 | 11,455 | 12,210 |
September - 20 | 11,363 | 12,161 |
October - 20 | 11,319 | 12,145 |
November - 20 | 11,637 | 12,361 |
December - 20 | 11,717 | 12,514 |
January - 21 | 11,672 | 12,388 |
February - 21 | 11,570 | 12,157 |
March - 21 | 11,513 | 11,926 |
April - 21 | 11,650 | 12,069 |
May - 21 | 11,741 | 12,163 |
June - 21 | 11,707 | 12,075 |
July - 21 | 11,752 | 12,236 |
August - 21 | 11,741 | 12,179 |
September - 21 | 11,627 | 11,954 |
October - 21 | 11,570 | 11,916 |
November - 21 | 11,411 | 11,871 |
December - 21 | 11,496 | 11,836 |
January - 22 | 11,309 | 11,570 |
February - 22 | 11,204 | 11,405 |
March - 22 | 11,088 | 11,059 |
April - 22 | 10,820 | 10,434 |
May - 22 | 10,855 | 10,465 |
June - 22 | 10,598 | 10,138 |
July - 22 | 10,726 | 10,356 |
August - 22 | 10,610 | 9,932 |
September - 22 | 10,295 | 9,412 |
October - 22 | 10,295 | 9,367 |
November - 22 | 10,517 | 9,815 |
December - 22 | 10,514 | 9,808 |
January - 23 | 10,760 | 10,137 |
February - 23 | 10,584 | 9,813 |
March - 23 | 10,784 | 10,134 |
April - 23 | 10,854 | 10,205 |
May - 23 | 10,760 | 10,002 |
June - 23 | 10,913 | 10,025 |
July - 23 | 11,007 | 10,075 |
August - 23 | 10,854 | 9,954 |
September - 23 | 10,643 | 9,641 |
October - 23 | 10,514 | 9,526 |
November - 23 | 10,889 | 10,018 |
December - 23 | 11,244 | 10,439 |
January - 24 | 11,195 | 10,316 |
February - 24 | 11,159 | 10,174 |
March - 24 | 11,256 | 10,245 |
April - 24 | 11,061 | 9,986 |
May - 24 | 11,232 | 10,128 |
Annual Average Total Return
1 Year | 5 Year | Since Inception | |
---|---|---|---|
Sustainable Bond | 4.38% | 1.03% | 1.27% |
FTSE WorldBIG Bond Index | 1.26% | - 1.73% | 0.10% |
Please visit www.saturna.com/sustainable/bond-fund for more recent performance information.
SEBFX
| SUSTAINABLE BOND
Sustainable Bond Fund
Semi-Annual Shareholder Report - May 31, 2024
Key Fund Statistics
Total Net Assets | $33,343,240 |
# of Portfolio Holdings | 42 |
Advisory Fees Paid | $86,593 |
Portfolio Turnover Rate | 7% |
Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762
What did the Fund invest in?
Top 10 Holdings
% of Total Net Assets
Int'l Bk Recon & Develop (4.250% due 01/22/2026) | 4.8% |
Canadian Imperial Bank (4.375% due 10/28/2080) | 4.5% |
United Utilities (6.875% due 08/15/2028) | 4.4% |
Inter-American Devel BK (7.500% due 12/5/2024) | 4.3% |
Int'l Bk Recon & Develop (5.000% due 10/7/2026) | 4.2% |
Asian Development Bank (6.000% due 02/5/2026) | 4.0% |
New York City NY Hsg Dev Corp (3.300% due 05/1/2062) | 3.7% |
First Abu Dhabi Bank PJSC (5.125% due 10/13/2027) | 3.7% |
MAF Global Securities (7.875% due PERP) | 3.7% |
AXA (5.125% due 01/17/2027) | 3.7% |
Geographic Weightings
% of Total Net Assets
United States | 25.0% |
Germany | 12.6% |
United Arab Emirates | 9.7% |
United Kingdom | 7.3% |
Canada | 6.6% |
Netherlands | 5.6% |
Finland | 4.8% |
Philippines | 4.0% |
France | 3.7% |
Australia | 3.1% |
Sector Weightings
% of Total Net Assets
Government | 29.7% |
Financials | 26.6% |
Real Estate | 9.4% |
Technology | 5.9% |
Utilities | 4.4% |
Health Care | 4.3% |
Consumer Discretionary | 3.4% |
Consumer Staples | 2.8% |
Communications | 2.6% |
Industrials | 1.8% |
Other Sectors | 1.6% |
Other Assets (net of liabilities) | 7.5% |
QR Code
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library .
1300 N. State Street
Bellingham, WA 98225
1-866-290-2688
SEEFX
| SUSTAINABLE EQUITY
Sustainable Equity Fund
Semi-Annual Shareholder Report - May 31, 2024
Fund Overview
The objective of the Equity Fund is capital appreciation. This Semiannual Shareholder Report contains important information about the Sustainable Equity Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/sustainable/equity-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
Class Name | Cost of a $10,000 Investment | Cost Paid as a % of a $10,000 Investment |
---|---|---|
Sustainable Equity | $40.01 | 0.75% |
How did the Fund perform over the last six months?
For the six-month period ended May 31, 2024, the Saturna Sustainable Equity Fund rose 13.37%. The S&P Global 1200 Index gained 15.28% over the period, while the Morningstar Global Large-Stock Blend category trailed at 13.20%. Relative to these two non-ESG benchmarks, the absence of oil and gas investments, and cash drag accounted for most of the performance gap.
The artificial intelligence (AI) frenzy launched by Nvidia’s May 2023 results has continued. Indications of declining inflation and imminent rate cuts that buoyed a wider cross-section of the market in late 2023, gave way to persistent inflation and the delaying of interest rate reductions. Several of the mega-cap Technology stocks that accounted for most of the index gains continued to drive index performance through the first half of the fiscal year. Nvidia remains the leader, having appreciated over 130% over the trailing six-month period. The result has been continued outperformance of the market-cap weight S&P 500 Index versus the equal-weighted S&P 500 Index.
Nvidia was the best performing stock and a top contributor to the Saturna Sustainable Equity Fund for the past six months, followed by Taiwan Semiconductor, Eli Lilly, and Novo Nordisk. The latter three have all been significant contributors over the past few years, which we believe will continue. As the world’s premier semiconductor foundry, Taiwan Semiconductor makes the chips that Nvidia sells to power the AI revolution. Lilly and Novo Nordisk continue to struggle to meet demand for their weight loss drugs Wegovy and Mounjaro. Wegovy may have added cardiovascular benefits, while Mounjaro may help with sleep apnea. We may see additional indications in future. Lululemon, a strong performer in the previous financial year, declined the most among our holdings in the first six months as new competitors and cautious consumers weighed on growth.
With a presidential election approaching, we refrain from opining on the outlook over the coming year. The two candidates have widely divergent opinions on a host of issues including taxation, tariffs, immigration, fossil fuels, alternative energy and others. Adding to the uncertainty has been economic resilience in terms of jobs and wages defying the inverted yield curve prognostications of recession, while consumers remain scarred from the pandemic-engendered period of high inflation.
How did the Fund perform since inception?
The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Cumulative Performance
March 31, 2015 through May 31, 2024 with initial investment of $10,000.
Sustainable Equity Fund $20,139 | S&P Global 1200 Index $24,440 | |
---|---|---|
March - 15 | 10,000 | 10,000 |
April - 15 | 9,960 | 10,279 |
May - 15 | 10,000 | 10,304 |
June - 15 | 9,790 | 10,060 |
July - 15 | 9,800 | 10,196 |
August - 15 | 9,118 | 9,531 |
September - 15 | 9,018 | 9,193 |
October - 15 | 9,579 | 9,925 |
November - 15 | 9,759 | 9,874 |
December - 15 | 9,599 | 9,703 |
January - 16 | 9,047 | 9,146 |
February - 16 | 9,017 | 9,082 |
March - 16 | 9,408 | 9,720 |
April - 16 | 9,328 | 9,881 |
May - 16 | 9,378 | 9,927 |
June - 16 | 9,208 | 9,852 |
July - 16 | 9,609 | 10,273 |
August - 16 | 9,749 | 10,308 |
September - 16 | 9,810 | 10,351 |
October - 16 | 9,629 | 10,186 |
November - 16 | 9,459 | 10,320 |
December - 16 | 9,462 | 10,566 |
January - 17 | 9,654 | 10,836 |
February - 17 | 9,987 | 11,130 |
March - 17 | 10,219 | 11,284 |
April - 17 | 10,410 | 11,455 |
May - 17 | 10,673 | 11,706 |
June - 17 | 10,703 | 11,770 |
July - 17 | 10,905 | 12,084 |
August - 17 | 10,975 | 12,121 |
September - 17 | 11,106 | 12,384 |
October - 17 | 11,449 | 12,643 |
November - 17 | 11,540 | 12,895 |
December - 17 | 11,711 | 13,085 |
January - 18 | 12,310 | 13,805 |
February - 18 | 11,955 | 13,231 |
March - 18 | 11,843 | 12,964 |
April - 18 | 11,782 | 13,104 |
May - 18 | 11,975 | 13,154 |
June - 18 | 11,955 | 13,131 |
July - 18 | 12,300 | 13,559 |
August - 18 | 12,564 | 13,696 |
September - 18 | 12,514 | 13,797 |
October - 18 | 11,487 | 12,795 |
November - 18 | 11,700 | 12,962 |
December - 18 | 11,036 | 12,016 |
January - 19 | 11,775 | 12,935 |
February - 19 | 12,185 | 13,301 |
March - 19 | 12,472 | 13,491 |
April - 19 | 13,149 | 13,985 |
May - 19 | 12,452 | 13,179 |
June - 19 | 13,241 | 14,045 |
July - 19 | 13,323 | 14,079 |
August - 19 | 13,241 | 13,817 |
September - 19 | 13,334 | 14,146 |
October - 19 | 13,580 | 14,521 |
November - 19 | 13,929 | 14,902 |
December - 19 | 14,452 | 15,407 |
January - 20 | 14,369 | 15,273 |
February - 20 | 13,596 | 14,022 |
March - 20 | 12,329 | 12,215 |
April - 20 | 13,287 | 13,478 |
May - 20 | 14,153 | 14,084 |
June - 20 | 14,741 | 14,491 |
July - 20 | 15,854 | 15,173 |
August - 20 | 16,617 | 16,131 |
September - 20 | 16,390 | 15,593 |
October - 20 | 15,813 | 15,165 |
November - 20 | 17,235 | 17,046 |
December - 20 | 17,977 | 17,808 |
January - 21 | 17,729 | 17,669 |
February - 21 | 17,553 | 18,122 |
March - 21 | 18,142 | 18,750 |
April - 21 | 18,691 | 19,600 |
May - 21 | 18,887 | 19,932 |
June - 21 | 18,980 | 20,161 |
July - 21 | 19,353 | 20,400 |
August - 21 | 19,839 | 20,902 |
September - 21 | 18,804 | 20,031 |
October - 21 | 19,570 | 21,128 |
November - 21 | 19,187 | 20,726 |
December - 21 | 20,007 | 21,645 |
January - 22 | 18,560 | 20,643 |
February - 22 | 17,706 | 20,093 |
March - 22 | 17,769 | 20,625 |
April - 22 | 16,645 | 18,993 |
May - 22 | 16,645 | 19,104 |
June - 22 | 15,354 | 17,468 |
July - 22 | 16,384 | 18,757 |
August - 22 | 15,260 | 17,974 |
September - 22 | 14,084 | 16,280 |
October - 22 | 14,885 | 17,386 |
November - 22 | 16,124 | 18,782 |
December - 22 | 15,727 | 18,002 |
January - 23 | 16,557 | 19,293 |
February - 23 | 16,147 | 18,746 |
March - 23 | 16,840 | 19,387 |
April - 23 | 17,198 | 19,721 |
May - 23 | 16,630 | 19,553 |
June - 23 | 17,418 | 20,717 |
July - 23 | 17,649 | 21,385 |
August - 23 | 17,229 | 20,863 |
September - 23 | 16,494 | 19,959 |
October - 23 | 16,252 | 19,423 |
November - 23 | 17,765 | 21,201 |
December - 23 | 18,686 | 22,212 |
January - 24 | 19,025 | 22,417 |
February - 24 | 19,853 | 23,410 |
March - 24 | 19,991 | 24,227 |
April - 24 | 19,227 | 23,370 |
May - 24 | 20,139 | 24,440 |
Annual Average Total Return
1 Year | 5 Year | Since Inception | |
---|---|---|---|
Sustainable Equity | 21.10% | 10.09% | 7.90% |
S&P Global 1200 Index | 24.99% | 13.13% | 10.20% |
Please visit www.saturna.com/sustainable/equity-fund for more recent performance information.
SEEFX
| SUSTAINABLE EQUITY
Sustainable Equity Fund
Semi-Annual Shareholder Report - May 31, 2024
Key Fund Statistics
Total Net Assets | $24,587,651 |
# of Portfolio Holdings | 48 |
Advisory Fees Paid | $75,568 |
Portfolio Turnover Rate | 6% |
Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762
What did the Fund invest in?
Top 10 Holdings
% of Total Net Assets
Novo Nordisk ADR | 5.6% |
NVIDIA | 4.4% |
United States Cash Management Bill (-% due 06/27/2024) | 3.7% |
Schneider Electric ADR | 3.5% |
Taiwan Semiconductor ADR | 3.3% |
Wolters Kluwer | 3.3% |
Nintendo ADR | 3.1% |
Eli Lilly | 3.0% |
Tractor Supply | 2.9% |
Legrand | 2.7% |
Geographic Weightings
% of Total Net Assets
United States | 39.3% |
France | 11.4% |
Switzerland | 8.8% |
United Kingdom | 6.7% |
Japan | 6.5% |
Denmark | 5.6% |
Netherlands | 5.5% |
Taiwan | 3.3% |
Sweden | 2.6% |
Canada | 2.4% |
Industry Weightings
% of Total Net Assets
Large Pharma | 13.4% |
Semiconductor Devices | 8.1% |
IT Services | 7.5% |
Home Products Stores | 7.1% |
U S Government | 6.3% |
Personal Care Products | 6.2% |
Electrical Power Equipment | 5.6% |
Commercial & Residential Building Equipment & Systems | 5.3% |
Consumer Electronics | 4.5% |
Infrastructure Software | 4.2% |
Other Industries | 28.1% |
Other Assets (net of liabilities) | 3.7% |
QR Code
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library .
1300 N. State Street
Bellingham, WA 98225
1-866-290-2688
Signature and Title
Signature and Title
Signature and Title