Fund Evaluator:
USA Mutuals All Seasons Institutional (UNAVX)
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Best Performing in Tactical Allocation Over the Last Year
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Fund Details
USA Mutuals All Seasons Institutional Overview
USA Mutuals All Seasons Institutional (UNAVX) is an actively managed Allocation Tactical Allocation fund. USA Mutuals launched the fund in 2017.
The investment seeks capital appreciation in all economic cycles. The fund, a diversified investment company, pursues its investment objective by employing a discretionary trading strategy which attempts to tactically allocate exposure levels in the U.S. stock market. Primarily, the Adviser invests the portfolio in long and short equity stock index futures,; however, the Adviser may also invest in stock index futures listed on other equity exchanges.
About USA Mutuals All Seasons Institutional (UNAVX)
There are 2 members of the management team with an average tenure of 4.76 years: Paul Strehle (2020), Arnold Englander (2023). 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%. USA Mutuals All Seasons Institutional has 4 securities in its portfolio. The top 10 holdings constitute 0.0% 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.
USA Mutuals All Seasons Institutional is part of the Allocation global asset class and is within the Allocation fund group. USA Mutuals All Seasons Institutional has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% 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). USA Mutuals All Seasons Institutional has 100.0% of the portfolio in cash.
Assets Under Management
The fund has $10 million in total assets, which is below the $224 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.
UNAVX 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 USA Mutuals All Seasons Institutional expense ratio is high compared to funds in the Tactical Allocation category. USA Mutuals All Seasons Institutional has an expense ratio of 2.26%, which is 28% 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. A portfolio turnover rate cannot be currently calculated for USA Mutuals All Seasons Institutional. By way of comparison, the average portfolio turnover is 207% for the Tactical Allocation category.
Recently, in the month of August 2026, USA Mutuals All Seasons Institutional returned 0.2%, which earned it a grade of F, as the Tactical Allocation category had an average return of 2.1%. 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.
USA Mutuals All Seasons Institutional has a trailing yield of 2.62%, which is below the 2.80% category average. The fund normally distributes its income semi-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.
USA Mutuals All Seasons Institutional Grades
Year to date, the fund has returned -3.8%, 14.5 percentage points worse than the category, which translates into a grade of F. The fund has returned -4.4% over the past year (grade of F), 1.5% over the past three years (grade of F) and 4.8% per year over the past five years (grade of C).
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UNAVX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| UNAVX Return (NAV) | 0.2% | -2.3% | -4.4% | 1.5% | 4.8% | na |
| UNAVX Grade | F | F | F | F | C | na |
| +/- Category | -1.9% | -3.1% | -20.5% | -10.7% | -0.7% | na |
| Tactical Allocation Avg | 2.1% | 0.8% | 16.1% | 12.2% | 5.5% | 6.5% |
| UNAVX Tax Cost Ratio | na | na | 1.0% | 0.9% | 0.6% | na |
UNAVX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| UNAVX Return (NAV) | -3.8% | 1.9% | 6.8% | 3.4% | 6.9% | 11.7% | -8.4% | 25.5% | -4.9% | na | na |
| UNAVX Grade | F | F | D | F | A | C | F | A | B | na | na |
| +/- Category | -14.5% | -10.8% | -2.2% | -7.3% | 20.0% | -0.9% | -18.5% | 12.0% | 1.3% | na | na |
| Tactical Allocation Avg | 10.7% | 12.7% | 9.0% | 10.8% | -13.0% | 12.7% | 10.2% | 13.5% | -6.2% | 13.2% | 5.6% |
| Risk Measures | |
| Standard Deviation: | 5.9% |
| Total Risk Index: | 0.48 - Below Average |
| Category Risk Index: | 0.58 - Low |
| Category Risk Grade: | A (7% Rank) |
| Beta: | 0.39 |
| R-Squared: | 38% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 2.6% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $10 Mil |
| Fund Total Assets: | $ 10 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 0% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 6.0 years | |||
| Average Tenure: 4.8 years | |||
| Managers (Year): Strehle Paul (2020), Englander Arnold (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 4 |
| % in Top 10 Holdings: | 0.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 100.0% |
Purchase Information
| Fund Family: | USA Mutuals |
| Phone Number: | 866-264-8783 |
| Website: |
| Status: | Open |
| Inception Date: | October 13, 2017 |
| Min. Initial Purchase: | $2,000 |
| Min. Initial IRA Purchase: | $ 100 |
| 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 (%): | 2.26% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.76% |
| Share Class: | USA Mutuals All Seasons Institutional |
| Min. Subsequent Purchase: | $ 20 |
| Min. Subsequent IRA Purchase: | $ 20 |
