Catalyst/Millburn Hedge Strategy Fund
Name
As of 11/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
11.6%
1 yr return
7.5%
3 Yr Avg Return
5.6%
5 Yr Avg Return
7.6%
Net Assets
$6.22 B
Holdings in Top 10
72.8%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 2.28%
SALES FEES
Front Load 5.75%
Deferred Load N/A
TRADING FEES
Turnover 13.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$2,500
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
MBXAX - Profile
Distributions
- YTD Total Return 11.6%
- 3 Yr Annualized Total Return 5.6%
- 5 Yr Annualized Total Return 7.6%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -1.47%
- Dividend Yield 1.4%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameCatalyst/Millburn Hedge Strategy Fund
-
Fund Family NameMutual Fund Series Trust
-
Inception DateDec 28, 2015
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerBarry Goodman
Fund Description
The Fund seeks to achieve its investment objective by investing in a portfolio comprised of (i) futures contracts, forward and spot contracts, and/or options on futures contracts on or related to the following sectors: currencies, interest rate instruments, stock indices, metals, energy and agricultural commodities, (the Futures Component) and (ii) equity exchange traded funds (ETFs), currently implemented via a portfolio of ETFs, but may also be implemented and/or augmented by single-name or baskets of equity securities, and common stocks (the Equity Component), intended to capitalize on the non-correlated, long term historical performance of the equities and managed futures asset classes The Fund also holds a large portion of its assets in cash, money market mutual funds, U.S. Treasury Securities, and other cash equivalents, some or all of which will serve as margin or collateral for the Funds investments.
Futures Component
The Futures Component of the Funds portfolio may hold long and short positions on futures contracts, forward contracts and options on futures contracts, or swaps on the preceding, and maintains cash and cash equivalents to be utilized as margin or collateral. The Fund invests 30% to 70% of its assets in the Futures Component. The Futures Component of the Funds assets are allocated among various asset classes including equity, fixed income, commodities and currencies. Investments may be made in domestic and foreign markets, including emerging markets. Investment in these instruments may be made by the Fund directly or indirectly by investing through its Subsidiary (as described below).
The Funds sub-advisor, Millburn Ridgefield Corporation (the Sub-Advisor), utilizes a set of proprietary trading systems, developed by the Sub-Advisor to determine the Funds asset allocations. The trading systems generate buy or sell decisions in a particular market based on the analysis of technical market information (such as price, liquidity, and transaction costs) and/or non-price economic variables (such as economic statistics, interest rates, and supply/demand measures). The trading systems analyze these factors over a broad time spectrum that may range from several minutes to multiple years. The Sub-Advisor analyzes a number of additional factors in determining how the markets traded are allocated in the portfolio including, but not limited to: profitability of an asset class or market; liquidity of a particular market; professional judgement; desired diversification among markets and asset classes; transaction costs; exchange regulations and depth of market. Decisions whether to trade a particular market require the exercise of judgment. The decision not to trade certain markets for certain periods, or to reduce the size of a position in a particular market, may result at times in missing significant profit opportunities. The allocations are reviewed at least monthly, although changes may occur more or less frequently.
Equity Component
The Equity Component is intended to provide the Funds portfolio with long-term, strategic exposure to a number of U.S. and international liquid equity securities. The companies held by the Fund and the ETFs held by the Fund may be of any market capitalization, sector and geographic location (including emerging markets). The Fund invests 30% to 70% of its assets in the Equity Component. The Funds Equity Component investments are taken on a relatively passive, long-only, buy-and-hold basis.
The Fund actively trades its portfolio investments, which may lead to higher transaction costs that may affect the Funds performance.
Investments in Subsidiary
The Sub-Advisor executes a portion of the Funds strategy by investing up to 25% of its total assets in a wholly-owned and controlled subsidiary (the Subsidiary). The Subsidiary invests the majority of its assets in commodities and other futures contracts. The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis.
MBXAX - Performance
Return Ranking - Trailing
Period | MBXAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 11.6% | -73.0% | 19.4% | 3.23% |
1 Yr | 7.5% | -9.1% | 86.9% | 2.91% |
3 Yr | 5.6%* | -9.5% | 16.2% | 11.24% |
5 Yr | 7.6%* | -4.9% | 14.4% | 3.59% |
10 Yr | N/A* | -0.9% | 7.5% | N/A |
* Annualized
Return Ranking - Calendar
Period | MBXAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -2.8% | -22.7% | 305.1% | 82.22% |
2022 | -0.3% | -9.8% | 27.3% | 25.40% |
2021 | 16.6% | -20.8% | 10.9% | 48.44% |
2020 | -4.6% | -12.4% | 29.4% | 8.42% |
2019 | 8.1% | -10.5% | 15.8% | 1.05% |
Total Return Ranking - Trailing
Period | MBXAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 11.6% | -73.0% | 19.4% | 3.23% |
1 Yr | 7.5% | -13.4% | 86.9% | 7.64% |
3 Yr | 5.6%* | -9.5% | 16.2% | 23.69% |
5 Yr | 7.6%* | -5.3% | 14.4% | 9.42% |
10 Yr | N/A* | -0.9% | 7.5% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | MBXAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -0.9% | -22.7% | 305.1% | 82.22% |
2022 | 7.5% | -9.8% | 27.3% | 25.81% |
2021 | 16.6% | -20.8% | 10.9% | 56.00% |
2020 | -0.8% | -8.4% | 29.4% | 3.96% |
2019 | 13.6% | -10.2% | 18.0% | 1.05% |
NAV & Total Return History
MBXAX - Holdings
Concentration Analysis
MBXAX | Category Low | Category High | MBXAX % Rank | |
---|---|---|---|---|
Net Assets | 6.22 B | 1.5 M | 5.01 B | 7.01% |
Number of Holdings | 3122 | 4 | 4478 | 60.78% |
Net Assets in Top 10 | 5.48 B | -398 M | 2.55 B | 2.83% |
Weighting of Top 10 | 72.80% | 13.1% | 100.0% | 41.28% |
Top 10 Holdings
- T 2 1/4 11/15/24 16.01%
- T 2 3/8 08/15/24 15.87%
- ISHARES RUSSELL 6.43%
- T 2 02/15/25 6.39%
- FIRST AM-TR OB-X 6.22%
- ISHARES-C SP MC 5.99%
- ISHARES RUSSELL 4.20%
- ISHARES MSCI USA 4.08%
- VANGUARD FTSE EM 3.92%
- SPDR SP 500 ETF 3.69%
Asset Allocation
Weighting | Return Low | Return High | MBXAX % Rank | |
---|---|---|---|---|
Stocks | 49.37% | -3.75% | 97.95% | 21.55% |
Bonds | 38.27% | -326.45% | 6347.80% | 66.43% |
Cash | 10.05% | -6278.21% | 410.43% | 40.64% |
Other | 2.31% | -21.53% | 148.54% | 39.58% |
Preferred Stocks | 0.00% | -0.12% | 46.97% | 56.18% |
Convertible Bonds | 0.00% | 0.00% | 87.92% | 70.67% |
Stock Sector Breakdown
Weighting | Return Low | Return High | MBXAX % Rank | |
---|---|---|---|---|
Technology | 15.67% | 0.00% | 39.58% | 63.39% |
Financial Services | 14.49% | 0.00% | 59.28% | 54.72% |
Real Estate | 14.02% | 0.00% | 51.26% | 11.42% |
Industrials | 12.26% | 0.00% | 21.45% | 24.02% |
Consumer Cyclical | 10.70% | 0.00% | 29.09% | 51.18% |
Healthcare | 10.63% | 0.00% | 45.63% | 37.40% |
Basic Materials | 4.99% | 0.00% | 27.46% | 43.31% |
Consumer Defense | 4.78% | 0.00% | 13.62% | 59.84% |
Energy | 4.68% | 0.00% | 100.00% | 37.40% |
Communication Services | 4.66% | 0.00% | 21.78% | 82.28% |
Utilities | 3.11% | 0.00% | 9.23% | 44.09% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | MBXAX % Rank | |
---|---|---|---|---|
US | 49.37% | -8.85% | 91.88% | 18.02% |
Non US | 0.00% | -19.62% | 42.11% | 37.46% |
Bond Sector Breakdown
Weighting | Return Low | Return High | MBXAX % Rank | |
---|---|---|---|---|
Cash & Equivalents | 6.22% | 0.27% | 100.00% | 87.63% |
Government | 4.37% | 0.00% | 84.29% | 70.67% |
Derivative | 2.31% | 0.00% | 88.81% | 0.35% |
Securitized | 0.00% | 0.00% | 56.83% | 65.72% |
Corporate | 0.00% | 0.00% | 87.73% | 80.57% |
Municipal | 0.00% | 0.00% | 27.33% | 45.23% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | MBXAX % Rank | |
---|---|---|---|---|
US | 38.27% | -126.19% | 6311.18% | 49.47% |
Non US | 0.00% | -382.37% | 121.02% | 77.39% |
MBXAX - Expenses
Operational Fees
MBXAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.28% | 0.29% | 31.15% | 40.65% |
Management Fee | 1.75% | 0.00% | 2.50% | 88.34% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 35.81% |
Administrative Fee | N/A | 0.01% | 0.30% | N/A |
Sales Fees
MBXAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 5.75% | 2.50% | 5.75% | 13.46% |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
MBXAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
MBXAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 13.00% | 0.00% | 491.00% | 27.82% |
MBXAX - Distributions
Dividend Yield Analysis
MBXAX | Category Low | Category High | MBXAX % Rank | |
---|---|---|---|---|
Dividend Yield | 1.43% | 0.00% | 4.56% | 31.80% |
Dividend Distribution Analysis
MBXAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annually | Quarterly | Annually |
Net Income Ratio Analysis
MBXAX | Category Low | Category High | MBXAX % Rank | |
---|---|---|---|---|
Net Income Ratio | -1.47% | -2.51% | 6.83% | 82.37% |
Capital Gain Distribution Analysis
MBXAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 12, 2023 | $0.557 | OrdinaryDividend |
Dec 12, 2023 | $0.064 | CapitalGainShortTerm |
Dec 12, 2023 | $0.083 | CapitalGainLongTerm |
Dec 13, 2022 | $2.715 | OrdinaryDividend |
Dec 15, 2020 | $1.209 | OrdinaryDividend |
Dec 13, 2019 | $1.605 | OrdinaryDividend |
Dec 14, 2018 | $0.450 | OrdinaryDividend |
Dec 14, 2018 | $0.469 | CapitalGainShortTerm |
Dec 15, 2017 | $0.462 | CapitalGainShortTerm |
Dec 15, 2017 | $0.595 | CapitalGainLongTerm |
Dec 23, 2016 | $0.350 | OrdinaryDividend |
Dec 16, 2016 | $0.084 | CapitalGainShortTerm |
Dec 16, 2016 | $0.088 | CapitalGainLongTerm |
MBXAX - Fund Manager Analysis
Managers
Barry Goodman
Start Date
Tenure
Tenure Rank
Dec 28, 2015
6.43
6.4%
Mr. Goodman is Co-Chief Executive Officer and Executive Director of Trading of Millburn, and is a member of Millburn’s Investment Committee. Mr. Goodman joined Millburn in 1982 as Assistant Director of Trading. He played an important role in the development of several key investment directions at the firm, including projects taken from inception through to execution and ongoing support. Today, Mr. Goodman’s role is focused on strategic initiatives and the enhancement of capabilities across all critical operating areas of the firm. From 1979 through late 1982, prior to joining Millburn, Mr. Goodman was with E. F. Hutton & Co., Inc. At Hutton, the majority of his time was spent in trading, where he designed and maintained various technical indicators and coordinated research projects pertaining to the futures markets. Mr. Goodman graduated magna cum laude from Harpur College of the State University of New York in 1979 with a B.A. in economics. He has been a featured speaker at industry events in the United States, Europe and Asia.
Harvey Beker
Start Date
Tenure
Tenure Rank
Dec 28, 2015
6.43
6.4%
Mr. Beker is Chairman of Millburn and Chairman of Millburn’s Investment Committee. Mr. Beker has been employed by Millburn since June 1978. During his tenure at Millburn, he has been instrumental in the development of the research, trading and operations areas. Mr. Beker became a principal of the firm in 1982. From June 1975 to July 1977, Mr. Beker was employed by Loeb Rhoades, Inc. where he developed and traded silver arbitrage strategies. From July 1977 to June 1978, he was a futures trader at Clayton Brokerage Co. of St. Louis. Mr. Beker received a B.A. in economics from New York University in 1974 and an M.B.A. in finance from NYU in 1975.
Grant Smith
Start Date
Tenure
Tenure Rank
Dec 28, 2015
6.43
6.4%
Mr. Smith is Co-Chief Executive Officer and Chief Investment Officer of Millburn, and is a member of Millburn’s Investment Committee. Mr. Smith joined Millburn in 1975. His responsibilities include the design, testing and implementation of quantitative trading strategies, as well as for planning and overseeing the computerized decision-support systems of the firm. Mr. Smith received a B.S. from the Massachusetts Institute of Technology in 1974 and an M.S. from M.I.T. in 1975. While at M.I.T. he held several teaching and research positions in the computer science field and participated in various projects relating to database management.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.02 | 17.37 | 4.48 | 1.67 |