Fund Evaluator:
Spectrum Unconstrained Investor (SUNBX)
Follow This Fund
Best Performing in Nontraditional Bond Over the Last Year
| 11.2% | Artisan Global Unconstrained Investor (APFPX) |
| 6.3% | Goldman Sachs Dynamic Bond Inv (GZIRX) |
| 5.2% | PGIM Absolute Return Bond Z (PADZX) |
| 4.9% | Spectrum Low Volatility Investor (SVARX) |
| 4.8% | Spectrum Unconstrained Investor (SUNBX) |
Fund Details
Spectrum Unconstrained Investor Overview
Spectrum Unconstrained Investor (SUNBX) is an actively managed Taxable Bond Nontraditional Bond fund. Advisors Preferred launched the fund in 2021.
The investment seeks total return. The fund invests in a diversified portfolio of primarily fixed income exchange-traded funds ("ETFs") and mutual funds that invest in investment-grade and non-investment grade fixed income securities, preferred stocks as well as derivative instruments. It may also invest directly in the preceding derivatives. The fund invests without restriction as to issuer type, country, capitalization, credit quality or maturity of individual securities held directly or by the mutual funds and ETFs in which it invests. The ETFs and mutual funds may invest in foreign countries including emerging markets.
About Spectrum Unconstrained Investor (SUNBX)
There are 3 members of the management team with an average tenure of 5.29 years: Ralph Doudera (2021), Christopher Hendrix (2021), Mary Collins (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Morningstar LSTA US LL100 TR USD index with a weighting of 100%. Spectrum Unconstrained Investor has 13 securities in its portfolio. The top 10 holdings constitute 91.6% 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 Unconstrained Investor is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Spectrum Unconstrained Investor has 4.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -3.7%. There is -0.3% allocated to foreign stock, and 0.6% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 12.5% (7.5% domestic bond, 5.1% foreign bond and 9.3% convertible bond). Spectrum Unconstrained Investor has 50.6% of the portfolio in cash.
Assets Under Management
The fund has $6 million in total assets, which is below the $663 million average for the Nontraditional Bond 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.
SUNBX 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 Unconstrained Investor expense ratio is high compared to funds in the Nontraditional Bond category. Spectrum Unconstrained Investor has an expense ratio of 3.46%, which is 144% 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 Unconstrained Investor has a portfolio turnover rate of 449%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 304% for the Nontraditional Bond category.
Recently, in the month of July 2026, Spectrum Unconstrained Investor returned 0.4%, which earned it a grade of A, as the Nontraditional Bond category had an average return of -0.2%. 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 Unconstrained Investor has a trailing yield of 2.82%, which is below the 4.94% 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 Unconstrained Investor Grades
Year to date, the fund has returned 0.7%, 0.5 percentage points worse than the category, which translates into a grade of D. The fund has returned 4.8% over the past year (grade of B), 6.1% over the past three years (grade of B) and 3.1% per year over the past five years (grade of C).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Spectrum Unconstrained Investor, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
SUNBX 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 |
|
| SUNBX Return (NAV) | 0.4% | 1.1% | 4.8% | 6.1% | 3.1% | na |
| SUNBX Grade | A | A | B | B | C | na |
| +/- Category | 0.6% | 0.7% | 0.4% | 0.5% | 0.6% | na |
| Nontraditional Bond Avg | -0.2% | 0.4% | 4.4% | 5.6% | 2.5% | 3.1% |
| SUNBX Tax Cost Ratio | na | na | 1.1% | 1.1% | 1.3% | na |
SUNBX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SUNBX Return (NAV) | 0.7% | 8.3% | 1.4% | 10.8% | -8.5% | na | na | na | na | na | na |
| SUNBX Grade | D | B | F | A | D | na | na | na | na | na | na |
| +/- Category | -0.5% | 1.5% | -4.0% | 4.2% | -2.5% | na | na | na | na | na | na |
| Nontraditional Bond Avg | 1.2% | 6.8% | 5.4% | 6.5% | -6.1% | 1.3% | 5.4% | 6.5% | -0.8% | 4.1% | 6.4% |
| Risk Measures | |
| Standard Deviation: | 5.5% |
| Total Risk Index: | 0.45 - Low |
| Category Risk Index: | 1.54 - High |
| Category Risk Grade: | F (91% Rank) |
| Beta: | 0.75 |
| R-Squared: | 58% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 2.8% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | |
| Total Assets: | $6 Mil |
| Fund Total Assets: | $ 6 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 449% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 5.3 years | |||
| Average Tenure: 5.3 years | |||
| Managers (Year): Doudera Ralph (2021), Hendrix Christopher (2021), Collins Mary (2021) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 13 |
| % in Top 10 Holdings: | 91.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.7% |
Portfolio Allocation |
|
| Domestic Stock: | -3.7% |
| Foreign Stock: | -0.3% |
| Preferred Stock: | 0.6% |
| Domestic Bond: | 7.5% |
| Foreign Bond: | 5.1% |
| Convertible Bond: | 9.3% |
| Other: | 31.0% |
| Cash: | 50.6% |
Purchase Information
| Fund Family: | Advisors Preferred |
| Phone Number: | 866-862-9686 |
| Website: | www.advisorspreferred.com |
| Status: | Open |
| Inception Date: | April 16, 2021 |
| 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 (%): | 3.46% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.42% |
| Share Class: | Spectrum Unconstrained Investor |
| Min. Subsequent Purchase: | $ 500 |
| Min. Subsequent IRA Purchase: | $ 0 |
