Fund Evaluator:
Dunham U.S. Enhanced Market N (DNSPX)
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Best Performing in Global Moderately Conservative Allocation Over the Last Year
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Fund Details
Dunham U.S. Enhanced Market N Overview
Dunham U.S. Enhanced Market N (DNSPX) is an actively managed Allocation Global Moderately Conservative Allocation fund. Dunham Funds launched the fund in 2023.
The investment seeks to maximize long-term capital appreciation. The fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in investments that provide exposure to equity securities of U.S. companies and debt securities of the U.S. government through investments in options, futures, and U.S. Treasuries. The fund seeks to provide upside participation in the U.S. stock market when the U.S. stock market advances and seeks to reduce declines in the fund’s value when the stock market declines. The fund is non-diversified.
About Dunham U.S. Enhanced Market N (DNSPX)
There are 2 members of the management team with an average tenure of 3.25 years: Devang Gambhirwala (2023), Edward Tostanoski (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Dunham U.S. Enhanced Market N has 12 securities in its portfolio. The top 10 holdings constitute 99.9% 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.
Dunham U.S. Enhanced Market N is part of the Allocation global asset class and is within the Allocation fund group. Dunham U.S. Enhanced Market N has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 43.5%. 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 10.4% (10.4% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Dunham U.S. Enhanced Market N has 46.2% of the portfolio in cash.
Assets Under Management
The fund has $125 million in total assets, which is below the $304 million average for the Global Moderately Conservative Allocation 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.
DNSPX 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 Dunham U.S. Enhanced Market N expense ratio is high compared to funds in the Global Moderately Conservative Allocation category. Dunham U.S. Enhanced Market N has an expense ratio of 1.30%, which is 33% higher than its category average, making the fund expense ratio grade a D. 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. Dunham U.S. Enhanced Market N has a portfolio turnover rate of 39%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 50% for the Global Moderately Conservative Allocation category.
Recently, in the month of July 2026, Dunham U.S. Enhanced Market N returned -0.3%, which earned it a grade of B, as the Global Moderately Conservative Allocation category had an average return of -0.5%. 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.
Dunham U.S. Enhanced Market N has a trailing yield of 1.27%, which is below the 3.07% category average. The fund normally distributes its income annually 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.
Dunham U.S. Enhanced Market N Grades
Year to date, the fund has returned 9.8%, 4.7 percentage points better than the category, which translates into a grade of A. The fund has returned 19.8% over the past year (grade of A) and 17.7% over the past three years (grade of A).
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DNSPX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DNSPX Return (NAV) | -0.3% | 4.7% | 19.8% | 17.7% | na | na |
| DNSPX Grade | B | A | A | A | na | na |
| +/- Category | 0.2% | 3.3% | 8.9% | 8.6% | na | na |
| Global Moderately Conservative Allocation Avg | -0.5% | 1.5% | 10.9% | 9.1% | 3.9% | 5.4% |
| DNSPX Tax Cost Ratio | na | na | 5.9% | 5.0% | na | na |
DNSPX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DNSPX Return (NAV) | 9.8% | 16.3% | 25.6% | na | na | na | na | na | na | na | na |
| DNSPX Grade | A | A | A | na | na | na | na | na | na | na | na |
| +/- Category | 4.7% | 4.7% | 18.3% | na | na | na | na | na | na | na | na |
| Global Moderately Conservative Allocation Avg | 5.1% | 11.6% | 7.3% | 10.4% | -13.5% | 7.5% | 8.9% | 15.0% | -4.8% | 10.7% | 6.1% |
| Risk Measures | |
| Standard Deviation: | 15.4% |
| Total Risk Index: | 1.26 - Above Average |
| Category Risk Index: | 2.08 - High |
| Category Risk Grade: | F (107% Rank) |
| Beta: | 1.44 |
| R-Squared: | 76% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 1.3% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $136 Mil |
| Fund Total Assets: | $ 125 Mil |
| Share Class Type: | N |
| Portfolio Turnover: | 39% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.3 years | |||
| Average Tenure: 3.3 years | |||
| Managers (Year): Gambhirwala Devang (2023), Tostanoski Edward (2023) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 12 |
| % in Top 10 Holdings: | 99.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 43.5% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 10.4% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 46.2% |
Purchase Information
| Fund Family: | Dunham Funds |
| Phone Number: | 888-338-6426 |
| Website: | www.dunham.com |
| Status: | Open |
| Inception Date: | May 1, 2023 |
| Min. Initial Purchase: | $100,000 |
| 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: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.30% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | Dunham U.S. Enhanced Market N |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
