Navigator Tactical Fixed Income Fund
Northern Lights Fund Trust · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q3
Navigator Tactical Fixed Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Short duration
- Features
- Fund of funds
Fund profile
As filed in the prospectus · 2026 Q1
The Navigator Tactical Fixed Income Fund (the ?Fund?) investment objective is to seek total return
The fund uses a momentum-based model to tactically shift exposure among high yield corporate bonds, U.S. treasuries, and cash, holding fixed income securities and derivatives—including swaps, futures, and inverse ETFs—as well as underlying funds that invest primarily in fixed income securities. When high yield is favored, the fund seeks to approximate the Barclays U.S. Corporate High Yield Index through securities and derivatives; when treasuries or cash are favored, it hedges high yield exposure and reallocates accordingly. The fund holds collateral in highly liquid securities for its derivatives and invests excess cash in investment-grade corporates, treasury bills, municipal bonds and similar instruments, meaning that even when one asset class is favored, the fund maintains material exposure to other fixed income types.
| Share class | Gross | Net |
|---|---|---|
| NTBAX | 1.30% | 1.28% |
| NTBCX | 2.05% | 2.03% |
| NTBIX | 1.05% | 1.03% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 44.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 82.70% |
| Stocks | 9.01% |
| Cash & short-term | 7.45% |
| Derivatives | 2.38% |
Look-through blends 2 underlying funds; 8.955% of NAV was not looked through and stays direct-classified.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q3
| Government | 33.3% |
| Other | 21.5% |
| Financials | 15.5% |
| Cash | 6.4% |
| 10 smaller | 23.4% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT ×8
Largest exited: UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT ×8
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +7.52% | +17.49% | +13.95% | 2.85% | -5.15% | |
| +6.71% | +15.08% | +9.87% | 2.80% | -5.14% | |
| +7.80% | +18.54% | +15.51% | 2.74% | -5.08% |
These classes hold the same portfolio, so the 5.64pp spread over 5 years is the cost difference between them — roughly 1.13pp a year — not a difference in what they own.
May 2026 and Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 79.4% |
| Floating rate | 20.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 65.3% |
| 1-3y | 27.0% |
| 3-5y | 7.7% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 55% |
| Interest rates | 45% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +1.44 yr |
| Investment grade | +0.32 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 1.15 yr | 81% |
| 1 yr | 0.15 yr | 11% |
| 5 yr | 0.13 yr | 9% |
| 3 mo | 0.22 yr | 13% |
| 1 yr | 0.16 yr | 9% |
| 5 yr | 1.35 yr | 77% |
| 10 yr | 0.02 yr | 1% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +1.15 | +0.22 | +0.00 | $159.3k | $0 |
| 1 yr | +0.15 | +0.09 | +0.07 | $64.8k | $49.0k |
| 5 yr | +0.13 | +0.00 | +1.35 | $2.3k | $966.6k |
| 10 yr | +0.00 | +0.00 | +0.02 | $0 | $17.7k |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | ISHARES TRUST | 8.96% | $80.38 | $643.04M | 8.0M |
| DTRXX | DREYFUS TREASURY OBLIGATIONS CASH MANAGEMENTDTRXX | 7.35% | — | $527.76M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT4.13% · due 2029-10-31 | 4.20% | — | $301.71M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.00% · due 2026-05-07 | 2.09% | — | $149.91M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.00% · due 2026-05-14 | 2.09% | — | $149.81M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.00% · due 2026-05-21 | 2.08% | — | $149.70M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.00% · due 2026-05-28 | 2.08% | — | $149.60M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.00% · due 2026-06-04 | 2.08% | — | $149.49M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.00% · due 2026-06-11 | 2.08% | — | $149.39M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT0.00% · due 2026-07-16 | 2.07% | — | $148.87M | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
Top 10 positions are 35.08% of net assets, top 25 58.94%, across 89 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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