Fund Evaluator:
Amana Participation Investor (AMAPX)
Follow This Fund
Best Performing in Global Bond Over the Last Year
| 6.3% | Destinations Global Fixed Income Opps Z (DGFZX) |
| 4.5% | Invesco International Bond Y (OIBYX) |
| 3.6% | Amana Participation Investor (AMAPX) |
| 3.0% | Nomura Global Bond Fund Class Y (IVSYX) |
| 2.7% | Invesco Global Strategic Income Y (OSIYX) |
Fund Details
Amana Participation Investor Overview
Amana Participation Investor (AMAPX) is an actively managed Taxable Bond Global Bond fund. Amana launched the fund in 2015.
The investment seeks capital preservation and current income, consistent with Islamic principles; capital preservation is its primary objective. Under normal conditions, the fund invests at least 80% of its total net assets in short and intermediate-term Islamic income-producing investments. It invests at least 65% of its assets in securities rated within the four highest grades (Aaa, Aa, A, Baa) by a nationally-recognized rating agency and may invest up to 35% in unrated and high-yield notes and certificates, which may be considered equivalent to "junk bonds". The fund is non-diversified.
About Amana Participation Investor (AMAPX)
There are 2 members of the management team with an average tenure of 8.93 years: Patrick Drum (2015), Elizabeth Alm (2019). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and Bloomberg Custom Sukuk TR USD index with a weighting of 100%. Amana Participation Investor has 66 securities in its portfolio. The top 10 holdings constitute 31.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Amana Participation Investor is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Amana Participation Investor has 92.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.9% (3.3% domestic bond, 92.7% foreign bond and 0.0% convertible bond). Amana Participation Investor has 4.1% of the portfolio in cash.
Assets Under Management
The fund has $48 million in total assets, which is below the $419 million average for the Global Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
AMAPX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Amana Participation Investor expense ratio is high compared to funds in the Global Bond category. Amana Participation Investor has an expense ratio of 0.82%, which is 15% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Amana Participation Investor has a portfolio turnover rate of 22%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 158% for the Global Bond category.
Recently, in the month of June 2026, Amana Participation Investor returned 0.2%, which earned it a grade of A, as the Global Bond category had an average return of -0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Amana Participation Investor has a trailing yield of 3.67%, which is below the 4.15% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Amana Participation Investor Grades
Year to date, the fund has returned 0.5%, 0.4 percentage points better than the category, which translates into a grade of C. The fund has returned 3.6% over the past year (grade of B), 4.0% over the past three years (grade of C) and 1.5% per year over the past five years (grade of B) and 2.1% per year over the past 10 years (grade of A).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Amana Participation Investor, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
AMAPX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AMAPX Return (NAV) | 0.2% | 1.8% | 3.6% | 4.0% | 1.5% | 2.1% |
| AMAPX Grade | A | B | B | C | B | A |
| +/- Category | 0.7% | 0.1% | 1.9% | -0.3% | 2.0% | 1.1% |
| Global Bond Avg | -0.4% | 1.7% | 1.7% | 4.3% | -0.6% | 1.1% |
| AMAPX Tax Cost Ratio | na | na | 1.5% | 1.4% | 1.1% | 1.0% |
AMAPX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AMAPX Return (NAV) | 0.5% | 6.0% | 3.8% | 2.5% | -5.0% | 0.5% | 5.4% | 6.6% | -0.1% | 2.6% | 2.3% |
| AMAPX Grade | C | F | A | F | A | A | D | D | A | F | D |
| +/- Category | 0.4% | -3.5% | 4.8% | -4.1% | 8.9% | 4.9% | -2.5% | -0.6% | 2.0% | -5.3% | -1.3% |
| Global Bond Avg | 0.1% | 9.5% | -1.0% | 6.5% | -13.9% | -4.5% | 7.8% | 7.2% | -2.1% | 7.9% | 3.6% |
| Risk Measures | |
| Standard Deviation: | 2.9% |
| Total Risk Index: | 0.24 - Low |
| Category Risk Index: | 0.42 - Low |
| Category Risk Grade: | A (4% Rank) |
| Beta: | 0.46 |
| R-Squared: | 77% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $322 Mil |
| Fund Total Assets: | $ 48 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 22% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 10.8 years | |||
| Average Tenure: 8.9 years | |||
| Managers (Year): Drum Patrick (2015), Alm Elizabeth (2019) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 66 |
| % in Top 10 Holdings: | 31.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 92.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 3.3% |
| Foreign Bond: | 92.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.1% |
Purchase Information
| Fund Family: | Amana |
| Phone Number: | 888-732-6262 |
| Website: | www.amanafunds.com |
| Status: | Open |
| Inception Date: | September 28, 2015 |
| Min. Initial Purchase: | $ 100 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.82% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.96% |
| Share Class: | Amana Participation Institutional |
| Min. Subsequent Purchase: | $ 25 |
| Min. Subsequent IRA Purchase: | $ 0 |
