Ticker
SMNIXDay price | Change
02/04/2025Class
Institutional
OVERVIEW
The Steward Equity Market Neutral Fund pursues its investment objective utilizing a market neutral strategy, the goal of which is to generate absolute returns that are due primarily to stock selection, rather than the returns and direction of the stock market. Under normal market conditions, the fund invests at least 80% of its assets in equity securities. The fund implements its market neutral strategy by establishing long and short positions in a diversified portfolio of equity securities, subject to the limitations of the fund’s values-based screening policies on long positions. Substantially all of the equity securities in which the fund takes long and short positions will be included in the Russell 1000 Index at the time of purchase. As a result, the fund will invest significantly in large-capitalization companies. The fund may invest a portion of its assets in small- and mid-cap companies. The fund may also invest in other investment companies and real estate investment trusts.
Snapshot
- Morningstar category
- US Equity Market Neutral
- Inception date
- 11/15/2021
- Prospectus dated
- 08/23/24
- Prospectus expense ratio
- 2.33%
- Total AUM - All classes
- $106,768,593
- Average market cap (M)
- $38,813
- Benchmark
- ICE BofA U.S. Treasury Bill 3M Index
Performance (%)
| Performance (%) | Quarter | YTD | 1 Year | 3 Year | Inception |
|---|---|---|---|---|---|
| Steward Equity Market Neutral Fund | -3.67 | 4.13 | 4.13 | 5.28 | 5.93 |
| ICE BofA U.S. Treasury Bill 3M Index | 1.18 | 5.28 | 5.28 | 3.92 | 3.76 |
| Calendar Year Performance (%) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Steward Equity Market Neutral Fund | 4.13 | 0.75 | 11.23 |
| ICE BofA U.S. Treasury Bill 3M Index | 5.28 | 5.04 | 1.49 |
Past performance is no guarantee of future results. 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 current performance may be lower or higher than quoted. Before investing in a mutual fund, you should read the fund’s prospectus carefully and consider the fund’s investment objectives, risks, charges, and expenses. The prospectus contains this and other information about the fund. To obtain fund performance as of the most recent month-end or to obtain a copy of the Steward Funds’ prospectus free of charge, call Crossmark Distributors at 888.845.6910.
Index returns shown assume the reinvestment of all dividends and distributions.
Annual Fund Operating Expenses
Institutional
- Management fees
- 1.00%
- Other expenses
- Dividend expense on short positions 0.79%
- Remainder of other expenses 0.51%
- Acquired fund fees and expenses 0.03%
- Total annual fund operating expenses 1
- 2.33%
- Total Annual Fund Operating Expenses” do not correlate to the ratio of expenses to average net assets in the Financial Highlights table, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.
Portfolio Manager
ROBERT C. DOLL, CFA
RYAN E. CAYLOR, CFA
Resources
The Steward Funds are distributed by Crossmark Distributors, Inc., member FINRA. Crossmark Distributors is an affiliate of Crossmark Global Investments, Inc., the Steward Funds’ investment adviser. Crossmark Global Investments is an investment adviser registered with the Securities and Exchange Commission that provides discretionary investment management services to mutual funds, institutions, and individual clients.
The fund may not achieve its objective if the managers’ expectations regarding particular securities or markets are not met. Equity investments generally involve two principal risks—market risk and selection risk. The value of equity securities will rise and fall in response to general market and/or economic conditions (equity market risk). The value of any individual equity security will rise and fall in response to the market’s perception of the issuer’s revenues, earnings, balance sheet, credit worthiness, business plan, and overall perception of the viability of the issuer’s business (selection risk).
The fund also exposes the investor to short sale risk. An investor’s account would incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the account purchases the security to replace the borrowed security. In addition, the securities sold short may have to be returned to the lender on short notices, which may result in the account having to buy the securities sold short at an unfavorable price to close out a short position. If this occurs, any anticipated gain to the account may be reduced or eliminated, or the short sales may result in a loss.
The fund’s values-based screening policies exclude certain securities issuers from the universe of otherwise available investments. As a result, the fund may not achieve the same level of performance as it otherwise would have in the absence of the screening process. If the fund has invested in a company that is later discovered to be in violation of one or more screening criteria and liquidation of an investment in that company is required, selling the securities at issue could result in a loss to the fund. Further, the fund’s values-based screening policies may prevent the fund from participating in an otherwise suitable investment opportunity. With respect to the Steward Equity Market Neutral Fund, the values-based screening policies only apply to long positions.
The ICE BofA 3 Month U.S. Treasury Bill Index measures the performance of a single issue of outstanding treasury bill which matures closest to, but not beyond, three months from the rebalancing date. The issue is purchased at the beginning of the month and held for a full month; at the end of the month that issue is sold and rolled into a newly selected issue. Please note that indexes do not take into account any fees and expenses of investing in the individual securities that they track, and investors cannot invest directly in any index.