Fund Evaluator:
Westwood Broadmark Tactical Plus A (SBTAX)
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Best Performing in Equity Hedged Over the Last Year
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Fund Details
Westwood Broadmark Tactical Plus A Overview
Westwood Broadmark Tactical Plus A (SBTAX) is an actively managed Nontraditional Equity Equity Hedged fund. Westwood launched the fund in 2014.
The investment seeks to produce, in any market environment, above-average risk-adjusted returns and less downside volatility than the S&P 500 Index. The fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of instruments that provide exposure to U.S. and non-U.S. equity securities. These instruments generally include futures and options on securities, securities indices and shares of exchange-traded funds ("ETFs").
About Westwood Broadmark Tactical Plus A (SBTAX)
There are 3 members of the management team with an average tenure of 9.87 years: Richard Damico (2012), Ricardo Cortez (2012), P. Adrian Helfert (2024). 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 HFRX Equity Hedge USD index with a weighting of 100%. Westwood Broadmark Tactical Plus A has 10 securities in its portfolio. The top 10 holdings constitute 95.7% 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.
Westwood Broadmark Tactical Plus A is part of the Equity global asset class and is within the Nontraditional Equity fund group. Westwood Broadmark Tactical Plus A has 4.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 43.7%. There is 4.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Westwood Broadmark Tactical Plus A has 52.3% of the portfolio in cash.
Assets Under Management
The fund has $340 million in total assets, which is below the $432 million average for the Equity Hedged 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.
SBTAX 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 Westwood Broadmark Tactical Plus A expense ratio is high compared to funds in the Equity Hedged category. Westwood Broadmark Tactical Plus A has an expense ratio of 1.73%, which is 25% 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. Westwood Broadmark Tactical Plus A has a portfolio turnover rate of 670%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 69% for the Equity Hedged category.
Recently, in the month of July 2026, Westwood Broadmark Tactical Plus A returned -2.0%, which earned it a grade of F, as the Equity Hedged category had an average return of -0.0%. 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.
Westwood Broadmark Tactical Plus A has a trailing yield of 2.59%, which is above the 0.94% 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.
Westwood Broadmark Tactical Plus A Grades
Year to date, the fund has returned 2.0%, 3.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 5.9% over the past year (grade of F), 0.5% over the past three years (grade of F) and 0.8% per year over the past five years (grade of F) and 3.8% per year over the past 10 years (grade of F).
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SBTAX 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 |
|
| SBTAX Return (NAV) | -2.0% | -1.0% | 5.9% | 0.5% | 0.8% | 3.8% |
| SBTAX Grade | F | F | F | F | F | F |
| +/- Category | -2.0% | -3.1% | -4.6% | -9.4% | -5.1% | -2.8% |
| Equity Hedged Avg | -0.0% | 2.1% | 10.6% | 9.9% | 5.9% | 6.6% |
| SBTAX Tax Cost Ratio | na | na | 1.0% | 1.3% | 1.2% | 1.4% |
SBTAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SBTAX Return (NAV) | 2.0% | -2.9% | 2.5% | 3.2% | -2.2% | 5.8% | 7.0% | 7.0% | 2.3% | 8.3% | 5.6% |
| SBTAX Grade | F | F | F | F | A | F | D | F | A | D | C |
| +/- Category | -3.4% | -12.3% | -9.7% | -9.1% | 7.6% | -5.4% | -3.9% | -7.2% | 5.0% | -0.6% | 1.0% |
| Equity Hedged Avg | 5.4% | 9.4% | 12.2% | 12.3% | -9.8% | 11.3% | 10.8% | 14.1% | -2.7% | 8.9% | 4.5% |
| Risk Measures | |
| Standard Deviation: | 5.9% |
| Total Risk Index: | 0.48 - Below Average |
| Category Risk Index: | 0.75 - Below Average |
| Category Risk Grade: | B (22% Rank) |
| Beta: | 0.26 |
| R-Squared: | 32% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 2.6% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $63 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 670% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 13.6 years | |||
| Average Tenure: 9.9 years | |||
| Managers (Year): Damico Richard (2012), Cortez Ricardo (2012), Helfert P. Adrian (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 10 |
| % in Top 10 Holdings: | 95.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.0% |
Portfolio Allocation |
|
| Domestic Stock: | 43.7% |
| Foreign Stock: | 4.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 52.3% |
Purchase Information
| Fund Family: | Westwood |
| Phone Number: | 877-386-3944 |
| Website: |
| Status: | Open |
| Inception Date: | December 15, 2014 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | No |
| Front Load Maximum: | 3.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.73% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.39% |
| Share Class: | Westwood Broadmark Tactical Plus F |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
