Navigator Tactical Fixed Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Navigator Tactical Fixed Income Fund held 131 positions with $7.18B in net assets. Its ten largest holdings made up 35.1% of the fund. The NTBAX share class costs 1.28% a year. Over the 12 months to May 2026, NTBAX returned 6.5%, with dividends reinvested. In 2026 Q3 it added 46 new positions and exited 44.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
ISHARES TRUST | 8.96% | $643.04M | 8.0M | $80.38 |
DTRXXDREYFUS TREASURY OBLIGATIONS CASH MANAGEMENT | 7.35% | $527.76M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 4.13% · due 2029-10-31 | 4.20% | $301.71M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 0.00% · due 2026-05-07 | 2.09% | $149.91M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 0.00% · due 2026-05-14 | 2.09% | $149.81M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 0.00% · due 2026-05-21 | 2.08% | $149.70M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 0.00% · due 2026-05-28 | 2.08% | $149.60M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 0.00% · due 2026-06-04 | 2.08% | $149.49M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 0.00% · due 2026-06-11 | 2.08% | $149.39M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 0.00% · 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.
All 131 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| 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.
By sector
- Government
- 33.3%
- Other
- 22.8%
- Financials
- 14.2%
- Cash
- 6.4%
- 10 other sectors
- 23.4%
- Government
- 33.3%
- Other
- 22.8%
- Financials
- 14.2%
- Cash
- 6.4%
- Health Care
- 4.6%
- International
- 3.7%
- Utilities
- 3.0%
- Consumer Discretionary
- 3.0%
- Information Technology
- 2.8%
- Industrials
- 2.3%
- Consumer Staples
- 2.3%
- Energy
- 1.0%
- Communication Services
- 0.6%
- Materials
- 0.2%
How it has done
NTBAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.68%. Past returns are a record, not a forecast.
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.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.28% | +6.49% | +18.35% | +14.34% | -5.15% | |
| 2.03% | +5.80% | +15.80% | +10.22% | -5.14% | |
| 1.03% | +6.88% | +19.27% | +15.89% | -5.08% |
These classes hold the same portfolio, so the 5.67pp spread over 5 years is the cost difference between them — roughly 1.13pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 1.03% – 2.03%· NTBAX 1.28%
- Portfolio turnover
- 44.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q3. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
46 new· the largest 1
44 exited· the largest 1
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.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — NTBAX, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”