Nicholas Kaiser, Chairman, was born in Bellingham in 1946. Mr. Kaiser graduated from Yale College, with a degree in economics and obtained his MBA from the University of Chicago in 1968, with dual majors in International Economics and Finance. Mr. Kaiser purchased control of Unified Management Corporation (Indianapolis) in 1976, and built it into a mid-sized investment management and brokerage firm. After selling Unified to a major insurance company, he returned to Bellingham and founded Saturna Capital in 1989.
Mr. Kaiser and his children control Saturna Capital through its voting stock. A Chartered Financial Analyst®, he is Saturna's global investment strategist. He serves Saturna's mutual funds as trustee, president, and equity portfolio manager.
Mr. Kaiser's industry activities include service with the Investment Company Institute (past Governor), CFA Institute (past chapter president), Financial Planning Association (past chapter president), and No-Load Mutual Fund Association (past national president). He currently serves on the volunteer boards of St. Paul's Academy, Mt. Baker Council of the Boy Scouts of America, the Mt. Baker Foundation, and Shawnigan Lake School. He supports a range of non-profit activities, such as the Kaiser Professorship in International Business at Western Washington University. A commercial pilot (retired), ocean sailor, and avid skier, he reads and travels extensively.
Mr. Kaiser has been named to Morningstar's Ultimate Stockpicker's list seven years running (2010 through 2016); he has twice been nominated for Morningstar's Domestic Stock Portfolio Manager of the Year (2006 & 2008) and twice been named to Barron's Top 100 Portfolio Managers (2001 & 2002). Mr. Kaiser was Northwest Business Monthly's Business Person of the Year in 2006, and received Whatcom Business Alliance's Lifetime Achievement Award in 2013.
Targeted to investors seeking long-term capital growth
Generally large and mid-cap, but can invest in any capitalization domestic and foreign stocks
Globally diversified across industries, companies, and countries
Actively managed by the award-winning, values-based, global expertise of Saturna Capital
Principal Investment Strategies
Under normal conditions, the Fund invests at least 80% of its assets in equities of issuers located throughout the world that the Fund's adviser believes demonstrate sustainable characteristics. For purposes of this investment policy, the Fund's adviser considers issuers with sustainable characteristics to be those issuers that are generally larger, more established, consistently profitable, and financially strong, and with low risks in the areas of the environment, social responsibility, and corporate governance ("ESG"). The Fund's adviser uses an internally developed ESG rating system to identify issuers that the Fund's adviser believes present low ESG risks.
The Fund diversifies its investments across industries, companies, and countries, and generally follows a large and mid-cap value investment style. The Fund prefers seasoned companies that are expected to grow revenue and earnings, favoring equities of companies trading for less than the adviser's assessment of their intrinsic value, which typically means companies with low price/earnings multiples, strong balance sheets, and higher dividend yields. The Fund may invest up to 30% of assets in companies with headquarters in developing countries.
Principal Risks of Investing
Market risk: The value of the Fund's shares rises and falls as the market value of the securities in which the Fund invests goes up and down. The market value of securities will fluctuate, sometimes significantly and unpredictably, with stocks generally being more volatile than bonds. When you redeem your shares, they may be worth more or less than what you paid for them. Only consider investing in the Fund if you are willing to accept the risk that you may lose money.
Investment strategy risk: The adviser believes that sustainable investing may mitigate security-specific risk, but the screens used in connection with sustainable investing reduces the investable universe, which limits opportunities and may increase the risk of loss during market declines. In addition, the Fund has a relatively limited operating history, having commenced investment operations in March 2015, and its limited performance history does not provide extensive information on how the Funds may perform in different market conditions.
Equity securities risk: Equity securities may experience significant volatility in response to economic or market conditions or adverse events that affect a particular industry, sector, or company. Although the Fund may invest in companies of all sizes, the Fund tends to favor larger companies and, to a lesser extent, midsize companies. Larger companies may have slower rates of growth as compared to smaller, faster-growing companies. Midsize companies may have more limited financial resources, products, or
services, and tend to be more sensitive to changing economic or market conditions.
Foreign investing risk: Foreign investing involves risks not normally associated with US securities. These risks include fluctuations in currency exchange rates, less public information about securities, less governmental market supervision, and lack of uniform financial, social, and political standards. Foreign investing heightens the risk of confiscatory taxation, seizure or
nationalization of assets, currency controls, or adverse political or social developments that affect investments.
The risks of investing in foreign securities typically are greater in less developed or emerging countries.
The Saturna Sustainable Equity Fund began operations on March 27, 2015 and consequently has no historical returns to report. In the future, this page will be updated to show how the Fund's average annual total returns and other performance metrics compare with the S&P Global 1200 Index.
The Saturna Sustainable Equity Fund began operations on March 27, 2015 and consequently has no historical standardized returns to report.
Scroll right to see more. > >
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 invested at the beginning of the period and redeemed at the end of the period, and assumes reinvestment of all dividends and capital gains.
Annual Total Returns
As of September 30, 2016
The S&P Global 1200 Index is a global stock market index covering nearly 70% of the world's equity markets.
Security, sector, and country weightings are shown as a percentage of total net assets.
Scroll right to see more. > >
Ex, Pay and Reinvest Date
Short-Term Capital Gains
Long-Term Capital Gains
Total Distributions (per share)
Saturna Sustainable Equity (SEEFX)
Scroll right to see more. > >
The Saturna Sustainable Equity Fund intends to distribute its net investment income and net realized capital gains, if any, to its shareowners. Distributions from net capital gains and dividend income, if any, are paid at the end of November; as a result of its investment strategy, the Equity Fund may not pay income dividends.
Both dividends and capital gain distributions are paid in additional full and fractional shares of the share class owned. At your option, you may receive dividends and/or capital gain distributions in cash. You are notified of each dividend and capital gain distribution when paid. Returned dividend payments will be automatically reinvested into your account and invested in additional shares of the Fund; future dividends in such accounts will continue to be reinvested until the shareowner is located or the account is closed.
Distributions for the last five years are listed in the table above. For prior distributions, please contact a Saturna representative.
Regulations regarding distributions can be complex, and there are several methods for managing your tax liability. Please consult a tax advisor about your particular circumstances. You also may obtain helpful information by calling the Internal Revenue Service at 1-800-829-1040 or visiting www.irs.gov.
If applicable, distribution information will appear on Form 1099-DIV, typically sent in late January. For more information on tax documentation, please visit our Tax Documentation page.
The Fund pays per-share distributions to shareowners invested on the Record Date. On the Payable Date, the fund's share price is reduced by the amount of its distribution.
Fees and Expenses
The following tables describe the fees and expenses mutual fund shareowners may pay. There are no shareowner fees (fees paid directly from an investment). The Fund imposes no sales charge (load) on purchases or reinvested dividends, or any deferred sales charge (load) upon redemption. There are no exchange fees or account fees. Investments in mutual funds are subject to ongoing expenses. Saturna endeavors to keep these fees low. We encourage you to compare the following fees with similar fees of other no-load mutual funds:
Shareowner Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price):
Maximum Deferred Sales Charge (Load):
Maximum Sales Charge (Load) Imposed on Reinvested Dividends/Distributions:
Annual Fund Operating Expenses (expenses deducted from Fund Assets)²
Saturna Sustainable Equity
Distribution (12b-1) Fees
Other Expenses †
Total Annual Fund Operating Expenses
Fee Waiver and Expense Reimbursement
Total Annual Fund Operating Expenses after Fee Waiver and Expense Reimbursement‡
† The "Other Expenses" are based on estimated amounts for the initial fiscal year.
‡ The investment adviser has committed through March 31, 2016, to waive fees and/or reimburse expenses to the extent necessary to ensure that the Fund's net operating expenses, excluding brokerage commissions, interest, taxes, and extraordinary expenses do not exceed the net operating expense ratio of 0.99%. The committed net operating expense ratio may be changed or terminated only with approval of the Board of Trustees.
¹ A Fund's 30-Day Yield, sometimes referred to as "standardized yield" or "SEC yield,” is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). The 30-Day Yield provides an estimate of a Fund's investment income rate, but may not equal the actual income distribution rate.
² Expense ratios shown are as stated in the Fund's most recent prospectus or summary prospectus dated March 29, 2016.
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. Standardized returns current to the most recent month-end can be obtained by visiting our Month-End Returns Page or by calling toll free 1-800-728-8762. The Fund cannot guarantee that its investment objective will be met. Securities of the Fund are offered and sold only through the prospectus or summary prospectus.
Investing involves risk, including possible loss of principal. Generally, an investment that offers a higher potential return will have a higher risk of loss. Stock prices fluctuate, sometimes quickly and significantly, for a broad range of reasons that may affect individual companies, industries, or sectors. When interest rates rise, bond prices fall. When interest rates fall, bond prices go up. A bond fund's price will typically follow the same pattern. Investments in high-yield securities can be speculative in nature. High-yield bonds may have low or no ratings, and may be considered "junk bonds." Investing in foreign securities involves risks not typically associated directly with investing in US securities. These risks include currency and market fluctuations, and political or social instability. The risks of foreign investing are generally magnified in the smaller and more volatile securities markets of the developing world. For municipal tax-exempt funds, taxation may depend on your state of residence and the alternative minimum tax may apply. These and other risks pertaining to specific funds are discussed in each fund's prospectus and summary prospectus. Clicking a fund's name will take you to a more detailed page that includes objectives, strategies, and risks of that specific fund.