Fund Evaluator:

NAA Opportunity C Overview

NAA Opportunity C (SAOCX) is an actively managed Nontraditional Equity Long-Short Equity fund. New Age Alpha Advisors LLC launched the fund in 2003.

The investment seeks long-term capital growth. Under normal market conditions, the fund pursues its objective by investing in long and short positions of domestic equity and equity-related securities. The fund will ordinarily hold simultaneous long and short positions in equity securities or securities markets that provide exposure up to a level equal to 150% of the fund’s net assets for both the long and short positions.

About NAA Opportunity C (SAOCX)

There are 6 members of the management team with an average tenure of 3.43 years: Julian Koski (2024), Armen Arus (2024), Gennadiy Khayutin (2025), Burak Hurmeydan (2015), Konstantin Tourevski (2024), Hugo Chang (2024). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100% and Morningstar long/short equity Cat Avg index with a weighting of 100%. NAA Opportunity C has 450 securities in its portfolio. The top 10 holdings constitute 55.3% 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.

NAA Opportunity C is part of the Equity global asset class and is within the Nontraditional Equity fund group. NAA Opportunity C has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 43.3%. 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 21.3% (21.3% domestic bond, 0.0% foreign bond and 0.0% convertible bond). NAA Opportunity C has 29.0% of the portfolio in cash.

Assets Under Management

The fund has $33 million in total assets, which is below the $361 million average for the Long-Short Equity 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.

SAOCX 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 NAA Opportunity C expense ratio is high compared to funds in the Long-Short Equity category. NAA Opportunity C has an expense ratio of 2.46%, which is 12% 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. NAA Opportunity C has a portfolio turnover rate of 234%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 287% for the Long-Short Equity category.

Recently, in the month of August 2026, NAA Opportunity C returned 3.0%, which earned it a grade of B, as the Long-Short Equity category had an average return of 1.8%. 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.

NAA Opportunity C has a trailing yield of 0.00%, which is below the 1.14% 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.

NAA Opportunity C Grades

Year to date, the fund has returned 18.9%, 9.5 percentage points better than the category, which translates into a grade of A. The fund has returned 18.6% over the past year (grade of B), 8.5% over the past three years (grade of D) and 5.1% per year over the past five years (grade of D) and 3.2% per year over the past 10 years (grade of F).

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