Fund Facts

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† The Sextant Growth Fund began operation under its current objective Sept. 28, 1995. Previously, it was the Northwest Growth Fund. † The Sextant Bond Income Fund began operation under its current objective Sept. 28, 1995. Previously, it was the Washington Tax-Exempt Fund.

Portfolio Managers

Scott Klimo CFA®
Portfolio Manager since 2014 (Deputy Portfolio Manager 2012 — 2014)

Scott Klimo, Chief Investment Officer, joined Saturna Capital in May 2012. He received his BA in Asian Studies from Hamilton College in Clinton, NY and also attended the Chinese University of Hong Kong and the Mandarin Training Center in Taipei, Taiwan. Scott has over 25 years experience in the financial industry with the first several years of his career spent living and working in a variety of Asian countries and the past 10 years working as a senior analyst, research director and portfolio manager covering global equities. Mr. Klimo is a chartered financial analyst (CFA) charterholder and a private pilot. He is a supporter of various environmental organizations and served for several years on the Board of Directors of the Marin County Bicycle Coalition. Outside of work Mr. Klimo is an avid cyclist and scuba diver; pursuits he shares with his wife and two teenage children.

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Monem Salam MBA
Deputy Portfolio Manager since 2017

Monem Salam is the President and Executive Director of Saturna Sdn. Bhd., Saturna Capital's wholly-owned Malaysian subsidiary, and a Director at Saturna Capital.  He received his degrees from the University of Texas: BA (Austin) and MBA (Dallas).

He worked as the Chief Investment Officer for ITG & Associates (Dallas) until 1999; then as a representative with Morgan Stanley (suburban Dallas) until joining Saturna Capital in June 2003.  He served as the Director of Islamic investing and Deputy Portfolio Manager to the Amana Mutual Funds Trust until moving to Kuala Lumpur in 2012 to oversee Saturna Sdn. Bhd.

Monem is Adjunct Professor at IE Business School and speaks at Islamic finance/investment conferences worldwide and he is co-author of A Muslim's Guide to Investing and Personal Finance. Monem has authored chapters on Islamic Investing in both Contemporary Islamic Finance and Islamic Capital Markets and he contributes articles to leading Islamic financial magazines. As a mark of recognition of his achievements in Islamic economy, Monem was ranked among 500 of the Islamic world's most prominent and influential leaders by ISLAMICA 500 in 2015.

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Investment Style

Targeted to investors seeking value and diversification beyond developed markets

Global scope, with focus on 30 emerging markets

Diversified across countries of the developing world, currencies, and industries

Actively managed by the award-winning, values-based, global expertise of Saturna Capital

 

* Institutional Shares of the Fund are available for purchase without any minimum initial investment by:

  • Qualified and non-qualified employer-sponsored retirement or benefit plans, including 401(k) plans, 457 plans, 403(b) plans, profit-sharing plans, and deferred compensation plans;
  • Qualified retirement or benefit plans, including IRA, ESA, and HSA plans serviced as trustee by Saturna Trust Company; and
  • Fee-based advisory programs (including mutual fund wrap programs) sponsored by financial intermediaries that provide bundled services for a fee.

Overview

Investment Objective

Long-term capital growth, consistent with Islamic principles.

Principal Investment Strategies

The Developing World Fund invests only in common stocks of companies with significant exposure (50% or more of production assets, or revenues) to countries with developing economies and/or markets. Investment decisions are made in accordance with Islamic principles.  Generally, Islamic principles require that investors share in profit and loss, that they receive no usury or interest, and that they do not invest in a business that is prohibited by Islamic principles.  Some of the businesses not permitted are liquor, wine, casinos, pornography, insurance, gambling, pork processing, and interest-based banks or finance associations. 

The Developing World Fund does not make any investments that pay interest.  In accordance with Islamic principles, the Funds shall not purchase conventional bonds, debentures, or other interest-paying obligations of indebtedness.  Islamic principles discourage speculation, and the Funds tend to hold investments for several years.

The Developing World Fund diversifies its investments across the countries of the developing world, industries, and companies, and generally follows a large-cap value investment style.  The Fund seeks companies demonstrating both Islamic and sustainable characteristics.  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 robust policies in the areas of the environment, social responsibility, and corporate governance (“ESG”).  The Fund’s adviser uses internally developed rating systems to identify issuers that it believes demonstrate Islamic and sustainable characteristics.  

In determining whether a country is part of the developing world, the Fund’s adviser (Saturna Capital Corporation) will consider such factors as the country’s per capita gross domestic product, the percentage of the country’s economy that is industrialized, market capitalization as a percentage of gross domestic product, the overall regulatory environment, and limits on foreign ownership and restrictions on repatriation of initial capital or income.

By allowing investments in companies headquartered in more advanced economies yet having the majority of production assets or revenues in the developing world, the Developing World Fund seeks to reduce its foreign investing risk.

It is the policy of the Developing World Fund, under normal circumstances, to invest at least 80% of assets in common stocks of companies with significant exposure to countries with developing economies and/or markets.

The adviser maintains a list of countries it considers to have developing economies and/or markets.  The list, which changes over time, currently includes: Argentina, Bahrain, Brazil, Chile, China, Colombia, Croatia, Czech Republic, Egypt, Hungary, India, Indonesia, Jordan, Kuwait, Lebanon, Malaysia, Malta, Mexico, Morocco, Oman, Panama, Peru, Philippines, Poland, Qatar, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey, Ukraine,  and United Arab Emirates.

Principal Risks of Investing in the Fund

Market risk: The value of Developing World Fund shares rises and falls as the value of the stocks in which the Fund invests goes up and down.  Consider investing in the Fund only if you are willing to accept the risk that you may lose money.  Fund share prices, yields, and total returns will change with the fluctuations in the securities and currency markets as well as the fortunes of the industries and companies in which the Fund invests.

Investment strategy risk: Islamic principles restrict the Developing World Fund’s ability to invest in certain market sectors, such as financial companies and conventional fixed-income securities. The adviser believes that Islamic and sustainable investing may mitigate security-specific risks, but the screens used in connection with these strategies reduce the investable universe which may limit investment opportunities and adversely affect the Fund’s performance.  Because Islamic principles preclude the use of interest-paying instruments, cash reserves do not earn income.

Foreign investing risk: The Developing World Fund involves risks not typically associated with investing in US securities.  Investments in the securities of foreign issuers may involve risks in addition to those normally associated with investments in the securities of US issuers.  All foreign investments are subject to risks of: (1) foreign political and economic instability; (2) adverse movements in foreign exchange rates; (3) currency devaluation; (4) the imposition or tightening of exchange controls or other limitations on repatriation of foreign capital;  (5) changes in foreign governmental attitudes towards private investment, including potential nationalization, increased taxation, or confiscation of assets, and (6) differing reporting, accounting, and auditing standards of foreign countries.  

Emerging markets risk: The risks of foreign investing are generally magnified in the smaller and more volatile securities markets of the developing world. 

Performance

Daily Price and Stats

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As of {{pricing_date | date:'MMMM dd, yyyy'}} Ticker Price Change YTD 30-Day Yield¹
{{price.name}} {{price.type}} Shares {{price.ticker}} {{price.nav | currency}} {{price.nav_change | currency}} {{price.returns_YTD | number:2}}% {{(price.yield_30day) | number:2}}% n/a

Average Annual Total Returns

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Month-end, as of {{month_end_pricing_date | date:'longDate'}} Ticker 1 Year 3 Year 5 Year 10 Year Expense Ratio² 30-Day Yield¹

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Quarter-end, as of {{quarter_end_pricing_date | date:'longDate'}} Ticker 1 Year 3 Year 5 Year 10 Year Expense Ratio² 30-Day Yield¹

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Growth of $10,000

Amana Developing World Fund 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 March 31, 2018

Amana Developing World Fund Annual Total Returns Volatility Chart

The MSCI Emerging Markets Index, produced by Morgan Stanley Capital International, measures equity market performance in over 20 emerging market countries.

Holdings

As of {{holdingsDate | date:'MMMM dd, yyyy'}}

AllTop Ten Holdings

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Name Market Value Face Amount
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Sector Allocation

Security and sector weightings are shown as a percentage of total net assets.

Distributions

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Record Date Ex, Pay and
Reinvest Date
Ordinary
Income
Qualified
Income
Short-Term
Capital Gains
Long-Term
Capital Gains
Total Distributions
(per share)
Investor Shares (AMDWX)
12/28/2017 12/29/2017 $0.00 $0.01904 $0.00 $0.00 $0.01904
12/29/2016 12/30/2016 $0.00 $0.02477 $0.00 $0.00 $0.02477
12/30/2015 12/31/2015 $0.00 $0.05073 $0.00 $0.00 $0.05073
12/30/2014 12/31/2014 $0.00 $0.02073 $0.00 $0.00 $0.02073
12/30/2013 12/31/2013 $0.04070 $0.00 $0.00 $0.00 $0.04070
12/29/2011 12/30/2011 $0.00 $0.00780 $0.00 $0.00 $0.00780
Institutional Shares (AMIDX)
12/28/2017 12/29/2017 $0.00 $0.02888 $0.00 $0.00 $0.02888
12/29/2016 12/30/2016 $0.00 $0.06724 $0.00 $0.00 $0.06724
12/30/2015 12/31/2015 $0.00 $0.06849 $0.00 $0.00 $0.06849
12/30/2014 12/31/2014 $0.00 $0.04054 $0.00 $0.00 $0.04054
12/30/2013 12/31/2013 $0.04070 $0.00 $0.00 $0.00 $0.04070

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The Amana Developing World Fund intends to distribute its net investment income and net realized capital gains, if any, to its shareowners. Distributions from net capital gains are paid at the end of December and May; income dividends are paid at the end of December — as a result of its investment strategy, the Developing World Fund may not pay income dividends.

Dividends paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time.

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.

The Amana Developing World Fund Investor Shares (AMDWX) began operations September 28, 2009 and Institutional Shares began operations September 25, 2013. The Fund's entire distribution history is listed above.

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 & 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): 0%
Maximum Deferred Sales Charge (Load): 0%
Maximum Sales Charge (Load) Imposed on Reinvested Dividends/Distributions: 0%
Early Redemption Fee: 0%
Exchange Fee (between Saturna's affiliated funds): 0%
Maximum Account Fee: 0%

Annual Fund Operating Expenses (expenses deducted from Fund Assets)²

Amana Developing World Fund Investor Shares (AMDWX) Institutional Shares (AMIDX)
Management Fees 0.95% 0.95%
Distribution (12b-1) Fees 0.25% None
Other Expenses 0.15% 0.19%
Total Annual Fund Operating Expenses 1.35% 1.14%

Literature

 

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 September 21, 2017.

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.