We believe we can add value to shareholders by adjusting the Fund's allocation to stocks and bonds based on our assessment of market conditions. If warranted, we adjust the stock allocation limiting negative returns from a market correction. We also position the Fund to take advantage of market volatility, buying equities on market downturns. We feel this contrarian and disciplined approach provides a value add to shareholders.
The Fund uses a disciplined approach of allocating assets among the three major asset groups: common stocks, debt securities (bonds) and cash equivalents. Based on the adviser's assessment of market conditions, the Fund will invest 50% to 75% of its total assets in stocks and convertible securities, and 30% to 50% of its total assets in fixed income securities and cash. The Fund may invest in securities issued by companies of large, medium, or small capitalizations.
The objective of the Tributary Balanced Fund is to provide capital appreciation and income through tactical asset allocation and security selection. We analyze the economic and company universe on a daily basis. In security selection we feel our bottom-up, fundamental approach has resulted in enhanced returns.
| Monthly Performance as of: 03/31/2024 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Return (%) | Expense (%) | |||||||||||
| YTD | 1 Month | 3 Month | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | Inception Date | Gross | Net | ||
| Institutional: FOBAX | 6.44 | 2.27 | 6.44 | 18.18 | 6.33 | 9.25 | 7.55 | 7.33 | 08/06/1996 | 1.31 | 0.94 | |
| Institutional Plus: FOBPX | 6.46 | 2.27 | 6.46 | 18.41 | 6.51 | 9.45 | 7.75 | 7.42 | 10/14/2011 | 1.08 | 0.77 | |
| Fund Facts | ||||||
|---|---|---|---|---|---|---|
| Class | Morningstar Category | Ticker | Cusip | Inception | Dividend Frequency | Minimum Investment |
| Institutional | Moderate Allocation | FOBAX | 89609H837 | 8/6/1996 | Quarterly | $1,000 |
| Institutional Plus | Moderate Allocation | FOBPX | 89609H308 | 10/14/2011 | Quarterly | $5,000,000 |
| Expenses | ||||||
|---|---|---|---|---|---|---|
| Class | Net Management Fee | Other Expenses | Distribution (12b-1) Fees | Sales Charge | Shareholder Servicing Fee | Total Net Expense |
| Institutional | 0.40% | 0.39% | None | None | 0.17% | 0.96% |
| Institutional Plus | 0.46% | 0.33% | None | None | None | 0.79% |
Kurt serves as the Chief Investment Officer for FNA and is the Portfolio Manager for the Balanced Fund. He joined First National Adviser’s predecessor in 2005 and has 30 years of experience including the portfolio management of mutual funds in emerging markets, core international and U.S. moderate allocation. Previously, he was head of international equities for Principal Global Investors, as well as president of his own asset management firm. He received his Bachelors in Business Administration from Iowa State University and his M.B.A from Drake University. Kurt is a member of the CFA Institute and the CFA Society of Colorado.
Ron leads the Fixed Income Team and serves as Portfolio Manager on the Balanced, Income, Nebraska Tax-Free and Short-Intermediate Bond Funds. Ron joined First National Adviser’s predecessor in March 2006. Ron's 29 year career in investment management includes 18 years with Commercial Federal Bank in Omaha, Nebraska serving as an Investment Portfolio Manager and Secondary Mortgage Marketing Manager. He received his Bachelors in Business Administration from Creighton University in 1981 and Masters in Business Administration from the University of Nebraska at Omaha in 1985.
John joined First National Adviser’s predecessor in 2007 and serves as a Portfolio Manager for the Balanced Fund. He has nearly 30 years of investment experience, including fixed income, all domestic equity investment sizes and styles, and mutual fund portfolio management. John earned his MBA from the University of Wisconsin and holds the Chartered Financial Analyst designation. He is also an active member of the CFA Institute and the CFA Society of Colorado.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. Returns greater than one year are annualized. Investment performance reflects contractual fee waivers. Without these fee waivers, the performance would have been lower. The performance information shown above for the Institutional Plus Class reflects the Fund’s Institutional Class returns for the periods prior to the inception date of the Institutional Plus Class as noted above. Unlike Institutional Plus Class shares, Institutional Class shares impose a non-12b-1 shareholder services fee of 0.25%, which is reflected in the return information. Accordingly, had the Institutional Plus Class been in operation prior to the inception date noted above, the performance for that period would have been different as a result of lower annual operating expenses. The gross and net expense ratios are as reflected in the current prospectus. Stock funds are more volatile and carry more risk and return potential than other forms of investments. Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Cash equivalents offer low risk and low return potential.