Investment objective & strategy
As of March 31, 2025 · prospectusObjective. High income
Strategy. The Fund invests at least 80% of its net assets in a globally diversified portfolio of income-producing debt and equity securities, including preferred stocks, depositary receipts, and high-yield bonds (junk bonds). The Fund may invest in US and non-US government bonds. It applies a consistent, value-oriented approach to security selection, basing investment decisions on current income and expected total return, adjusted for risk. It adjusts allocations to individual securities to manage the portfolios fundamental risks, such as industry, country, currency, inflation, interest rate, liquidity, and credit cycle risks. In addition, the Fund will attempt to capitalize on periodic stress in credit markets, which may result in more volatile current income in exchange for more attractive long-term, risk adjusted total return … The Fund invests at least 80% of its net assets in a globally diversified portfolio of income-producing debt and equity securities, including preferred stocks, depositary receipts, and high-yield bonds (junk bonds). The Fund may invest in US and non-US government bonds. It applies a consistent, value-oriented approach to security selection, basing investment decisions on current income and expected total return, adjusted for risk. It adjusts allocations to individual securities to manage the portfolios fundamental risks, such as industry, country, currency, inflation, interest rate, liquidity, and credit cycle risks. In addition, the Fund will attempt to capitalize on periodic stress in credit markets, which may result in more volatile current income in exchange for more attractive long-term, risk adjusted total return consistent with its investment objective. The Fund does not, as a principal investment strategy, target any specific maturity dates for its debt securities. When selecting equities, the Fund principally invests in income-producing securities of companies with market capitalizations greater than $5 billion. Under normal circumstances, the Fund invests its assets as follows: ? At least 40% in equity securities ? At least 30% in debt securities ? At least 30% in securities of non-US issuers ? No more than 50% in bonds rated A3 or higher ? No more than 33% in securities of emerging market issuers
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Southern Copper Corporation COM USD0.01 | SCCO US | $660.36K | 5.90% |
| SEB AB-A | — | $531.82K | 4.75% |
| BHP Group Ltd. SPONSORED ADS | BHP US | $448.64K | 4.01% |
| ORANGE-SPON ADR | ORANY | $427.80K | 3.82% |
| ANZ Group Holdings Ltd. SPONSORED ADS | ANZGY | $427.65K | 3.82% |
| Novartis AG | — | $421.55K | 3.77% |
| CISCO SYSTEMS INC | — | $397.30K | 3.55% |
| GSK plc SPONSORED ADR | GSK US | $384.34K | 3.43% |
| TELENOR ASA /NOK/ 0.00000000 | — | $370.79K | 3.31% |
| SK TELEC-SPN ADR | SKM US | $333.74K | 2.98% |
Portfolio moves
Nov 30, 2025 → Feb 28, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Saturna Core Fund · SCORX | 12% | 0.75% |
| Towpath Focus Fund · TOWFX | 9% | 0.93% |
| GMO International Value ETF · GMOI | 9% | 0.60% |
Advisers
| Firm | Role |
|---|---|
| SATURNA CAPITAL CORPORATION | Adviser |
Footnotes
- Expense ratio as of March 31, 2025, from the fund's prospectus.
- Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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