Fund Evaluator:

North Star Opportunity I Overview

North Star Opportunity I (NSOIX) is an actively managed Allocation Moderately Aggressive Allocation fund. North Star launched the fund in 2011.

The investment seeks long-term capital appreciation. The adviser expects to invest approximately 80 - 100% of its net assets in net long positions in securities that it deems to be underpriced. Target position sizes will range from 0% to 5% of the fund's net assets, for individual stocks and up to 25% for macroeconomic themes. The fund may invest in fixed income securities that are investment grade as well as those that are below investment grade. The advisor may also devote a substantial amount of the fund's capital to cash, cash equivalents or short-term obligations of the U.S. government, its agencies and instrumentalities.

About North Star Opportunity I (NSOIX)

There are 3 members of the management team with an average tenure of 14.64 years: Peter Gottlieb (2011), Bradley Cohen (2011), Eric Kuby (2011). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and S&P Target Risk Aggressive TR USD index with a weighting of 100%. North Star Opportunity I has 68 securities in its portfolio. The top 10 holdings constitute 35.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

North Star Opportunity I is part of the Allocation global asset class and is within the Allocation fund group. North Star Opportunity I has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 70.3%. There is 0.0% allocated to foreign stock, and 5.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 18.0% (18.0% domestic bond, 0.0% foreign bond and 1.5% convertible bond). North Star Opportunity I has 5.2% of the portfolio in cash.

Assets Under Management

The fund has $139 million in total assets, which is below the $570 million average for the Moderately Aggressive 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.

NSOIX 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 North Star Opportunity I expense ratio is high compared to funds in the Moderately Aggressive Allocation category. North Star Opportunity I has an expense ratio of 1.31%, which is 28% 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. North Star Opportunity I has a portfolio turnover rate of 25%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 34% for the Moderately Aggressive Allocation category.

Recently, in the month of July 2026, North Star Opportunity I returned 0.5%, which earned it a grade of A, as the Moderately Aggressive Allocation 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.

North Star Opportunity I has a trailing yield of 1.23%, which is below the 1.47% category average. The fund normally distributes its income quarterly 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.

North Star Opportunity I Grades

Year to date, the fund has returned 10.1%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 23.0% over the past year (grade of A), 11.6% over the past three years (grade of F) and 4.8% per year over the past five years (grade of F) and 8.9% per year over the past 10 years (grade of F).

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