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Altegris GSA Trend Strategy Fund

Core Trend Following Exposure. Flagship Investment Talent. World-class managed futures trend following strategy, diversified across a wide universe of time frames and markets with an industry-leading execution and risk management framework.

Reasons to Invest

  • Leading systematic manager's trend following strategy in a flat fee structure
  • Ability to gain long and short global exposure to four major asset classes: stocks, bonds, currencies and commodities
  • Goal of producing long-term uncorrelated returns to traditional markets, potentially improving the risk return profile of a traditional portfolio
  • Potential for positive returns during extreme market conditions

About GSA

  • Globally renowned and innovative quantitative investment manager
  • Headquartered in London, with additional offices in New York and Hong Kong
  • Proprietary technology, data and execution infrastructure, deep research talent
  • Experienced trading across asset classes, geographies and timescales
  • Currently manages approximately $6.5 billion in assets*

*As of January 2017. There is no guarantee that any investment will achieve its objectives, generate profits or avoid losses.

See the Glossary for term definitions.

Fund NAV & AUM


Fund Facts

Class A*Class IClass N
SymbolTRNAXTRNIXTRNNX
Inception12/30/1612/30/1612/30/16
Investment Minimum$2,500$1,000,000$2,500
Subsequent Investment$250$250$250
Gross Expense Ratio1.92%1.67%1.92%
Net Expense Ratio1.86%1.61%1.86%

The Fund's adviser has contractually agreed to reduce its fees and to reimburse expenses, at least until October 31, 2018 to ensure that total annual Fund operating expenses after fee waiver and reimbursement will not exceed 1.85%, 1.60%, and 1.85% of average daily net assets attributable to Class A, Class I, and Class N shares, respectively, subject to possible recoupment in future years. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the Fund’s adviser.

*The maximum sales charge for Class A shares is 5.75%. Class A share investors may be eligible for a reduction in sales charges. See the Prospectus for more information.

1078-NLD-3/2/2017

Historical Returns & NAV

*The maximum sales charge for Class A shares is 5.75%. Class A share investors may be eligible for a reduction in sales charges. See Prospectus for more information.

(1) Represents the percentage increase/decrease in the net asset value from the prior trading day. For Class A with load, represents the percentage increase/decrease of the net asset value from the prior trading day's maximum offering price.

(2) Performance for periods longer than one year is annualized.

(3) Inception date for Class A, Class I, and Class N was December 30, 2016.

The total annual fund operating expense ratio, gross of any fee waivers or expense reimbursements, is 1.92% for Class A, 1.67% for Class I and 1.92% for Class N.

The performance data quoted here represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The Fund's adviser has contractually agreed to reduce its fees and reimburse expenses of the Fund until at least October 31, 2018, to ensure the total annual Fund operating expenses after fee waiver and reimbursement will not exceed 1.85%, 1.60%, and 1.85% of average daily net assets attributable to Class A, Class I, and Class N shares, respectively, subject to possible recoupment in future years. Results shown reflect the waiver, without which the results would have been lower. A Fund's performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. For performance information current to the most recent month end, please call (888) 524-9441.

1078-NLD-3/2/2017

The Fund's investment objective is to seek long-term capital appreciation through utilization of an absolute return strategy. The Fund seeks to achieve its investment objective by allocating its assets between a "Trend" strategy and a "Fixed Income" strategy.


The Adviser may select and delegate management of the Fund’s portfolio to one or more sub-advisers, and the Adviser has selected GSA to manage that portion of the Fund’s assets allocated to the Trend strategy.


Trend Strategy — The Trend strategy seeks to deliver absolute returns for the Fund through a range of quantitative algorithms designed to exploit directional trends in global financial markets. In doing so, the strategy employs a range of statistical signals and filters that seek to capture medium-term trends in global futures and forwards markets, and to capitalize on them through a systematic investment process in a variety of financial instruments across multiple asset classes. This is accomplished by parsing and filtering voluminous, real-time market data (through computers applying statistical and mathematical algorithms and programs to the data) to isolate and identify specific price trends and patterns. Each individually identified trend or pattern in each type of asset class is a “signal”, and signals for each asset class are then combined to culminate in the identification of a trend (such as detecting momentum of prices in an upward or downward direction). Each of the many individual trends identified within the universe of asset classes upon which futures contracts are traded acts as a potential predictor of future returns of the asset class. These signals are adjusted to account for volatility in global markets over time. Based on the signals, the Fund’s Trend strategy portfolio is constructed and trades are executed (with further adjustments made to trade allocations in order to address portfolio risk, diversification and expected returns in each asset class).

Fixed income strategy — With respect to assets of the Fund not allocated to investments pursuant to the Trend strategy, the Fund will invest pursuant to a Fixed Income strategy comprised of: cash, cash equivalents, investment grade corporate bonds and other corporate debt securities, securities issued by the U.S. government and its agencies and instrumentalities (normally with one year or less term to maturity), money market securities and other interest-bearing instruments. The Fund will generally invest in investment grade fixed income securities rated in the four highest categories by Standard & Poor’s (“S&P”), Fitch Ratings (“Fitch”) or Moody’s Investors Service, Inc. (“Moody’s”). The Fund may also invest in money market funds or other investment companies (such as exchange traded funds) whose assets are comprised primarily of fixed income securities or that seek to track the composition and/or performance of specific fixed income indexes. The Fund’s Adviser manages the Fixed Income strategy on behalf of the Fund.

Investment Adviser

Altegris Advisors, L.L.C.

Sub-Adviser

GSA Capital Partners LLP

Pavel Zhlobich, PhD

Jonathan Hiscock

David Khabie-Zeitoune, PhD

Other Important Information

Of course, there is no guarantee that any investment will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
1078-NLD-3/2/2017

Altegris GSA Trend Strategy Fund

Fund Documents
Monthly Performance Update
Quarterly Fund Commentary
Prospectus
SAI
Forms & Applications
Regular Application
IRA Application
Simple IRA Application
IRA Transfer of Assets
IRA Custodial Agreement/Disclosure Statement
Roth IRA Custodial Agreement/Disclosure Statement
1078-NLD-3/2/2017