Fund Evaluator:

Toews Hedged Opportunity Fund Overview

Toews Hedged Opportunity Fund (THSMX) is an actively managed Nontraditional Equity Equity Hedged fund. Toews Funds launched the fund in 2010.

The investment seeks long-term growth of capital; a secondary objective is to limit risk during unfavorable market conditions. The fund invests primarily in equity index futures contracts on equity indices compromised of U.S. and international stocks of any capitalization, and ETFs that primarily invest in U.S. and international stocks as well as investment grade fixed income securities, cash equivalents (such as U.S. Treasury securities) and futures contracts on investment grade fixed-income securities and U.S. Treasury securities. It may also invest in stocks of U.S. small and mid-cap issuers and exchange traded funds ("ETFs") that invest in such issuers.

About Toews Hedged Opportunity Fund (THSMX)

There are 4 members of the management team with an average tenure of 13.38 years: Randall Schroeder (2010), Jason Graffius (2014), Charles Collins (2017), Phillip Toews (2010). 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 Morningstar US Small Cap Mkt TR USD index with a weighting of 100%. Toews Hedged Opportunity Fund has 10 securities in its portfolio. The top 10 holdings constitute 90.9% 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.

Toews Hedged Opportunity Fund is part of the Equity global asset class and is within the Nontraditional Equity fund group. Toews Hedged Opportunity Fund has 19.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.2%. There is 19.5% 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). Toews Hedged Opportunity Fund has 80.3% of the portfolio in cash.

Assets Under Management

The fund has $47 million in total assets, which is below the $433 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.

THSMX 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 Toews Hedged Opportunity Fund expense ratio is high compared to funds in the Equity Hedged category. Toews Hedged Opportunity Fund has an expense ratio of 1.25%, which is 10% lower than its category average, making the fund expense ratio grade a C. 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. A portfolio turnover rate cannot be currently calculated for Toews Hedged Opportunity Fund. By way of comparison, the average portfolio turnover is 71% for the Equity Hedged category.

Recently, in the month of August 2026, Toews Hedged Opportunity Fund returned 0.6%, which earned it a grade of F, as the Equity Hedged category had an average return of 1.4%. 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.

Toews Hedged Opportunity Fund has a trailing yield of 4.65%, which is above the 0.95% 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.

Toews Hedged Opportunity Fund Grades

Year to date, the fund has returned 10.6%, 3.7 percentage points better than the category, which translates into a grade of A. The fund has returned 12.3% over the past year (grade of B), 8.2% over the past three years (grade of D) and 0.1% per year over the past five years (grade of F) and 4.6% per year over the past 10 years (grade of F).

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