Fund Evaluator:
Spectrum Active Advantage Investor (SAPEX)
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Best Performing in Tactical Allocation Over the Last Year
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Fund Details
Spectrum Active Advantage Investor Overview
Spectrum Active Advantage Investor (SAPEX) is an actively managed Allocation Tactical Allocation fund. Advisors Preferred launched the fund in 2015.
The investment seeks long term capital appreciation. The fund's adviser delegates execution of its investment strategy to a sub-adviser. The sub-adviser seeks to fulfill the fund’s investment objective by using proprietary signals to evaluate general equity market conditions. The sub-adviser focuses on equities, and may employ leverage in especially favorable conditions. In unfavorable conditions, the sub-adviser emphasizes capital preservation by decreasing equity exposure and increasing the fund’s allocation to cash equivalents, fixed income securities, reducing leverage, and hedging depending on the environment.
About Spectrum Active Advantage Investor (SAPEX)
There are 3 members of the management team with an average tenure of 7.72 years: Ralph Doudera (2015), Christopher Hendrix (2020), Mary Collins (2020). 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%. Spectrum Active Advantage Investor has 15 securities in its portfolio. The top 10 holdings constitute 141.9% 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.
Spectrum Active Advantage Investor is part of the Allocation global asset class and is within the Allocation fund group. Spectrum Active Advantage Investor has 6.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 14.5%. There is 0.1% allocated to foreign stock, and 0.5% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 8.9% (3.1% domestic bond, 5.9% foreign bond and 0.0% convertible bond). Spectrum Active Advantage Investor has 17.5% of the portfolio in cash.
Assets Under Management
The fund has $9 million in total assets, which is below the $222 million average for the Tactical 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.
SAPEX 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 Spectrum Active Advantage Investor expense ratio is high compared to funds in the Tactical Allocation category. Spectrum Active Advantage Investor has an expense ratio of 2.88%, which is 63% higher than its category average, making the fund expense ratio grade a F. 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. Spectrum Active Advantage Investor has a portfolio turnover rate of 870%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 196% for the Tactical Allocation category.
Recently, in the month of July 2026, Spectrum Active Advantage Investor returned -0.8%, which earned it a grade of C, as the Tactical Allocation category had an average return of -0.9%. 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.
Spectrum Active Advantage Investor has a trailing yield of 4.53%, which is above the 2.86% category average. The fund normally distributes its income quarterly.
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.
Spectrum Active Advantage Investor Grades
Year to date, the fund has returned -4.0%, 12.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 5.2% over the past year (grade of F), 6.9% over the past three years (grade of F) and -3.1% per year over the past five years (grade of F) and 6.1% per year over the past 10 years (grade of C).
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SAPEX 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 |
|
| SAPEX Return (NAV) | -0.8% | -0.8% | 5.2% | 6.9% | -3.1% | 6.1% |
| SAPEX Grade | C | F | F | F | F | C |
| +/- Category | 0.1% | -2.3% | -11.0% | -3.7% | -8.4% | -0.2% |
| Tactical Allocation Avg | -0.9% | 1.5% | 16.2% | 10.6% | 5.3% | 6.3% |
| SAPEX Tax Cost Ratio | na | na | 1.7% | 1.0% | 2.5% | 2.0% |
SAPEX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SAPEX Return (NAV) | -4.0% | 15.2% | 5.3% | 12.1% | -38.1% | 17.2% | 34.0% | 27.6% | -4.4% | 15.3% | 8.5% |
| SAPEX Grade | F | B | D | B | F | B | A | A | B | B | B |
| +/- Category | -12.4% | 2.6% | -3.7% | 1.4% | -24.9% | 4.6% | 23.8% | 14.1% | 1.8% | 2.1% | 2.9% |
| Tactical Allocation Avg | 8.4% | 12.7% | 8.9% | 10.8% | -13.1% | 12.7% | 10.2% | 13.5% | -6.2% | 13.2% | 5.6% |
| Risk Measures | |
| Standard Deviation: | 10.4% |
| Total Risk Index: | 0.85 - Average |
| Category Risk Index: | 1.01 - Above Average |
| Category Risk Grade: | D (61% Rank) |
| Beta: | 0.89 |
| R-Squared: | 65% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 4.5% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | |
| Total Assets: | $9 Mil |
| Fund Total Assets: | $ 10 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 870% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 11.2 years | |||
| Average Tenure: 7.7 years | |||
| Managers (Year): Doudera Ralph (2015), Hendrix Christopher (2020), Collins Mary (2020) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 15 |
| % in Top 10 Holdings: | 141.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.0% |
Portfolio Allocation |
|
| Domestic Stock: | 14.5% |
| Foreign Stock: | 0.1% |
| Preferred Stock: | 0.5% |
| Domestic Bond: | 3.1% |
| Foreign Bond: | 5.9% |
| Convertible Bond: | 0.0% |
| Other: | 58.5% |
| Cash: | 17.5% |
Purchase Information
| Fund Family: | Advisors Preferred |
| Phone Number: | 866-862-9686 |
| Website: | www.advisorspreferred.com |
| Status: | Open |
| Inception Date: | June 1, 2015 |
| Min. Initial Purchase: | $1,000 |
| 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: | na |
Expenses and Fees | |
| Expense Ratio (%): | 2.88% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.76% |
| Share Class: | Spectrum Active Advantage Investor |
| Min. Subsequent Purchase: | $ 500 |
| Min. Subsequent IRA Purchase: | $ 0 |
