Fund Evaluator:
Ocean Park Tactical All Asset A (SIRAX)
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Best Performing in Tactical Allocation Over the Last Year
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Fund Details
Ocean Park Tactical All Asset A Overview
Ocean Park Tactical All Asset A (SIRAX) is an actively managed Allocation Tactical Allocation fund. Ocean Park Asset Management, LLC launched the fund in 2007.
The investment seeks to provide total return and to limit exposure to downside risk. The fund is a "fund of funds". The Adviser seeks to achieve the fund’s investment objectives by investing in open-end investment companies (mutual funds) and exchange-traded funds (“ETFs”) using the Adviser’s multi-asset diversification strategy. The Adviser constructs the fund's broadly-diversified investment portfolio by investing at various times in a wide range of underlying funds that invest in various security and investment categories.
About Ocean Park Tactical All Asset A (SIRAX)
There are 4 members of the management team with an average tenure of 7.17 years: Kenneth Sleeper (2007), Ryan Harder (2023), James St. Aubin (2024), Marshall Quan (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Morningstar Con Tgt Risk TR USD index with a weighting of 100%. Ocean Park Tactical All Asset A has 72 securities in its portfolio. The top 10 holdings constitute 53.5% 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.
Ocean Park Tactical All Asset A is part of the Allocation global asset class and is within the Allocation fund group. Ocean Park Tactical All Asset A has 26.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 41.8%. There is 15.0% allocated to foreign stock, and 2.4% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 41.4% (30.3% domestic bond, 11.1% foreign bond and 0.9% convertible bond). Ocean Park Tactical All Asset A has -0.1% of the portfolio in cash.
Assets Under Management
The fund has $13 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.
SIRAX 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 Ocean Park Tactical All Asset A expense ratio is high compared to funds in the Tactical Allocation category. Ocean Park Tactical All Asset A has an expense ratio of 2.17%, which is 23% 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. Ocean Park Tactical All Asset A has a portfolio turnover rate of 164%, 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, Ocean Park Tactical All Asset A returned -1.8%, which earned it a grade of F, 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.
Ocean Park Tactical All Asset A has a trailing yield of 2.18%, which is below the 2.86% 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.
Ocean Park Tactical All Asset A Grades
Year to date, the fund has returned 3.3%, 5.0 percentage points worse than the category, which translates into a grade of F. The fund has returned 8.7% over the past year (grade of F), 5.1% over the past three years (grade of F) and 1.5% per year over the past five years (grade of F) and 2.4% per year over the past 10 years (grade of F).
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SIRAX 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 |
|
| SIRAX Return (NAV) | -1.8% | 1.1% | 8.7% | 5.1% | 1.5% | 2.4% |
| SIRAX Grade | F | C | F | F | F | F |
| +/- Category | -1.0% | -0.4% | -7.5% | -5.5% | -3.8% | -3.9% |
| Tactical Allocation Avg | -0.9% | 1.5% | 16.2% | 10.6% | 5.3% | 6.3% |
| SIRAX Tax Cost Ratio | na | na | 0.9% | 1.2% | 1.0% | 0.9% |
SIRAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SIRAX Return (NAV) | 3.3% | 4.7% | 5.0% | 4.0% | -6.8% | 0.4% | 4.8% | 7.8% | -4.2% | 7.4% | 4.0% |
| SIRAX Grade | F | F | D | F | A | F | D | F | B | F | D |
| +/- Category | -5.0% | -7.9% | -3.9% | -6.7% | 6.3% | -12.2% | -5.4% | -5.7% | 2.0% | -5.7% | -1.7% |
| 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: | 6.8% |
| Total Risk Index: | 0.55 - Below Average |
| Category Risk Index: | 0.66 - Low |
| Category Risk Grade: | A (11% Rank) |
| Beta: | 0.65 |
| R-Squared: | 80% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 2.2% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $361 Mil |
| Fund Total Assets: | $ 13 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 164% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 18.6 years | |||
| Average Tenure: 7.2 years | |||
| Managers (Year): Sleeper Kenneth (2007), Quan Marshall (2022), Harder Ryan (2023), St. Aubin James (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 72 |
| % in Top 10 Holdings: | 53.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 26.0% |
Portfolio Allocation |
|
| Domestic Stock: | 41.8% |
| Foreign Stock: | 15.0% |
| Preferred Stock: | 2.4% |
| Domestic Bond: | 30.3% |
| Foreign Bond: | 11.1% |
| Convertible Bond: | 0.9% |
| Other: | -1.3% |
| Cash: | -0.1% |
Purchase Information
| Fund Family: | Ocean Park Asset Management, LLC |
| Phone Number: | 866-738-4363 |
| Website: | www.SierraMutualFunds.com |
| Status: | Open |
| Inception Date: | December 24, 2007 |
| Min. Initial Purchase: | $10,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 3.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 2.17% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.76% |
| Share Class: | Ocean Park Tactical All Asset Instl |
| Min. Subsequent Purchase: | $1,000 |
| Min. Subsequent IRA Purchase: | $ 0 |
