Northern Lights Fund Trust Proposes Fee Cuts, New Adviser for Altegris Fund

TL;DR

**Northern Lights is cutting fees and swapping advisors for Altegris Futures, a clear win for shareholders looking for better net returns.**

AI Summary

Northern Lights Fund Trust filed a DEF 14A on August 7, 2025, proposing significant changes to the Altegris Futures Evolution Strategy Fund. The primary change involves replacing Altegris Advisors LLC with Winton Capital Management Limited as the new investment adviser. Winton has already served as a sub-adviser to the Fund's Managed Futures Strategy since 2011, indicating a continuity in expertise. A key benefit for shareholders is a proposed reduction in the advisory fee, which is expected to enhance long-term value by lowering direct and indirect costs. The Board of Trustees has approved these changes and recommends shareholder approval. This strategic shift aims to optimize the Fund's operational efficiency and cost structure, potentially improving net returns for investors. The filing does not specify exact dollar amounts for revenue or net income, focusing instead on the structural and fee-related modifications.

Why It Matters

This DEF 14A signals a strategic move by Northern Lights Fund Trust to enhance shareholder value for the Altegris Futures Evolution Strategy Fund by reducing advisory fees and streamlining management. For investors, lower fees directly translate to higher potential net returns, making the fund more attractive in a competitive market. Employees of Altegris Advisors LLC may face changes, while Winton Capital Management Limited solidifies its role. This shift could set a precedent for other funds within the trust to re-evaluate their fee structures and advisory relationships, impacting the broader asset management industry's competitive landscape.

Risk Assessment

Risk Level: low — The risk level is low because the proposed changes, including the appointment of Winton Capital Management Limited, are designed to reduce fees and enhance long-term value. Winton has already served as a sub-adviser since 2011, suggesting a smooth transition and continuity in the Fund's Managed Futures Strategy, mitigating operational risk.

Analyst Insight

Investors in the Altegris Futures Evolution Strategy Fund should approve the proposed changes to benefit from reduced advisory fees and a streamlined management structure. This move is likely to improve the fund's cost efficiency and potentially boost net returns, making it a more attractive long-term holding.

Key Numbers

• 2011 — Year Winton Capital Management Limited began as sub-adviser (Demonstrates Winton's long-standing involvement with the Fund's Managed Futures Strategy.)
• 811-21720 — SEC File Number (Identifies the specific registration of Northern Lights Fund Trust with the SEC.)

Key Players & Entities

• Northern Lights Fund Trust (company) — Registrant filing the DEF 14A
• Altegris Futures Evolution Strategy Fund (company) — Fund undergoing proposed changes
• Winton Capital Management Limited (company) — Proposed new investment adviser
• Altegris Advisors LLC (company) — Current investment adviser to be replaced
• Board of Trustees (person) — Approved and recommends shareholder approval of changes
• 2011 (date) — Year Winton began serving as sub-adviser
• August 7, 2025 (date) — Date of DEF 14A filing

FAQ

Industry Context

The mutual fund industry is highly competitive, with a constant focus on performance, fees, and operational efficiency. Changes in investment advisers and fee structures are common strategies employed by fund complexes to attract and retain assets, especially in strategies like managed futures where specialized expertise is crucial. Investors are increasingly sensitive to expense ratios, driving a trend towards lower fees and greater transparency.

Regulatory Implications

The proposed change in investment adviser requires shareholder approval, a standard regulatory process for such significant changes in fund management. The reduction in advisory fees is a positive development that aligns with regulatory and investor pressure for lower costs within the asset management industry.

What Investors Should Do

1. Review the DEF 14A filing carefully.
2. Vote on the proposed changes.
3. Assess the impact of the reduced advisory fee on potential returns.

Key Dates

• 2025-08-07: Filing of DEF 14A — Announces proposed changes to the Altegris Futures Evolution Strategy Fund, including a change in investment adviser and a reduction in advisory fees.
• 2011-01-01: Winton Capital Management Limited began as sub-adviser — Indicates Winton's long-standing expertise and familiarity with the Fund's Managed Futures Strategy, providing continuity.

Glossary

DEF 14A

A filing with the U.S. Securities and Exchange Commission (SEC) that provides detailed information about a company's annual meeting, including proposals to be voted on by shareholders. (This document outlines the proposed changes to the Altegris Futures Evolution Strategy Fund, including the change of investment adviser and fee structure.)

Investment Adviser

A firm that provides investment advice and manages investment portfolios for clients. (The filing proposes changing the investment adviser for the Altegris Futures Evolution Strategy Fund from Altegris Advisors LLC to Winton Capital Management Limited.)

Sub-adviser

An investment adviser that is hired by the primary investment adviser to manage a portion of the assets or a specific strategy within a fund. (Winton Capital Management Limited has been serving as a sub-adviser to the Fund's Managed Futures Strategy since 2011, demonstrating prior experience.)

Advisory Fee

The fee charged by an investment adviser for managing a fund's assets. (A key proposal in the filing is the reduction of the advisory fee, which is expected to benefit shareholders by lowering costs.)

Year-Over-Year Comparison

This filing is a DEF 14A, which is a proxy statement related to a shareholder meeting. It does not provide comparative financial metrics like revenue or net income from a previous year. The primary focus is on the proposed change of investment adviser from Altegris Advisors LLC to Winton Capital Management Limited and a reduction in the advisory fee, aiming to improve the Fund's cost structure and long-term value for shareholders.

Key Financial Figures

• $13 billion — ng strategies, Winton manages more than $13 billion of assets on behalf of some of the worl
• $691,884 — ar ended June 30, 2024, Altegris earned $691,884 in advisory fees from the Fund, of whic
• $309,353 — n advisory fees from the Fund, of which $309,353 was waived. For such compensation, Al
• $13.2 billion — t of London, England with approximately $13.2 billion in assets under advisement as of March
• $200,000 — had estimated profits of approximately $200,000 or 40% in its first year and approximat
• $482,000 — 40% in its first year and approximately $482,000 or 64% in the second year. They further
• $50 million — imates were based on the Fund achieving $50 million of AUM in the first year and increasing
• $75 million — AUM in the first year and increasing to $75 million of AUM in the second year. After a disc
• $20,000 — o the Proxy Solicitor are approximately $20,000. The cost of preparing and mailing this

Filing Documents

• altegris-futures_proxy.htm (DEF 14A) — 253KB
• al001_v1.jpg (GRAPHIC) — 2KB
• al002_v1.jpg (GRAPHIC) — 16KB
• al003_v1.jpg (GRAPHIC) — 47KB
• 0001580642-25-004967.txt ( ) — 347KB
• S000034148
• C000105241 (EVOAX)
• C000105242 (EVOCX)
• C000105243 (EVOIX)
• C000105244 (EVONX)

From the Filing

DEF 14A 1 altegris-futures_proxy.htm DEF 14A SCHEDULE 14A INFORMATION Proxy Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: o Preliminary Proxy Statement o Confidential, for Use of the Commission only (as permitted by Rule 14a-6(e)(2)) x Definitive Proxy Statement o Definitive Additional Materials o Soliciting Material Pursuant to §240.14a-12 Northern Lights Fund Trust (Name of Registrant as Specified in Its Charter) Not Applicable (Name of Person (s) Filing Proxy Statement, if Other Than the Registrant) Payment of Filing Fee (Check the appropriate box): x No fee required. o Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. 1) Title of each class of securities to which transaction applies: 2) Aggregate number of securities to which transaction applies: 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined): 4) Proposed maximum aggregate value of transaction: 5) Total fee paid: o Fee paid previously with preliminary materials: o Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. 1) Amount Previously Paid: 2) Form, Schedule or Registration Statement No.: 3) Filing Party: 4) Date Filed: August 7, 2025 Re: Proposed Changes to the Altegris Futures Evolution Strategy Fund Dear Shareholder, We are writing to you in respect of proposed changes to the Altegris Futures Evolution Strategy Fund (the Fund). We believe that these changes are designed to enhance the Funds ability to deliver long-term value to its shareholders by reducing fees and certain indirect costs associated with its current structure. What Is Changing? Investment Adviser The Funds Board of Trustees has approved, and recommends that shareholders approve, the appointment of Winton Capital Management Limited (Winton) as the new investment adviser to the Fund. If approved, Winton will replace Altegris Advisors LLC, the Funds current adviser. Winton has served as a sub-adviser to the Underlying Pools of the Funds Managed Futures Strategy since its inception in 2011. Reduced Advisory Fee Winton will reduce the advisory fee of the Fund from 1.15% to 1.00%, while maintaining the Funds existing expense limit in respect of each share class. Reduced Indirect Costs Under the proposed new Fund structure, the full investment strategy will be implemented directly by the Fund – eliminating intermediary layers and the associated indirect costs. For the Funds financial year ending June 2025, Winton estimates these indirect costs reduced the Funds performance by approximately 1.5%. Investment Strategy The Funds Managed Futures Strategy will be simplified to focus solely on Wintons trend-following strategy in major futures and currency markets, which currently represents approximately 83% of the Funds Managed Futures Strategy. The Funds Fixed Income Strategy will be replaced by a portfolio of predominantly short-dated U.S. Treasuries, actively managed by Winton. Fund Name To reflect the changes to the investment adviser and strategy, the Fund will be renamed the Winton Managed Futures Trend Fund. What Happens Next? A proxy statement containing detailed information about the proposed changes is enclosed with this letter. It includes instructions on how to vote. Your vote is important, and we encourage you to participate. Questions? If you have any questions or would like to discuss the proposed change, please contact your financial adviser or the EQ Fund Solutions team on Toll Free: (800) 207-3156 or visit www.vote.proxyonline.com/altegris/docs/specialmeeting2025.pdf . We thank you for your continued investment in the Altegris Futures Evolution Strategy Fund, and for your trust in us as stewards of your capital. Sincerely, Alexandra Openshaw General Counsel Winton Capital Management Limited About Winton and Managed Futures Winton is a quantitative investment management firm founded by Sir David Harding in 1997. Headquartered in London, Winton also maintains offices in New York, Hong Kong, Shanghai, Sydney, and Abu Dhabi. A pioneer in managed futures and trend-following strategies, Winton manages more than $13 billion of assets on behalf of some of the worlds largest institutional investors. Managed futures is an alternative investment strategy involving the trading of futures across global markets – including commodities, currencies, equity indices, and interest rates. The term is often used interchangeably with trend following, a strategy that seeks to capitalize on sustained market trends by goi

View Full Filing

View this DEF 14A filing on SEC EDGAR