Morningstar Alternatives Fund
Name
As of 04/18/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
1.4%
1 yr return
7.5%
3 Yr Avg Return
1.9%
5 Yr Avg Return
3.3%
Net Assets
$232 M
Holdings in Top 10
21.1%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.49%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/18/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
MSTVX - Profile
Distributions
- YTD Total Return 1.4%
- 3 Yr Annualized Total Return 1.9%
- 5 Yr Annualized Total Return 3.3%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.14%
- Dividend Yield 3.8%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameMorningstar Alternatives Fund
-
Fund Family NameMorningstar
-
Inception DateNov 02, 2018
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerAlexander Volz
Fund Description
MSTVX - Performance
Return Ranking - Trailing
Period | MSTVX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.4% | -73.0% | 19.4% | 58.06% |
1 Yr | 7.5% | -9.1% | 86.9% | 49.82% |
3 Yr | 1.9%* | -9.5% | 16.2% | N/A |
5 Yr | 3.3%* | -4.9% | 14.4% | N/A |
10 Yr | N/A* | -0.9% | 7.5% | N/A |
* Annualized
Return Ranking - Calendar
Period | MSTVX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.8% | -22.7% | 305.1% | 60.37% |
2022 | -6.4% | -9.8% | 27.3% | 58.87% |
2021 | -0.8% | -20.8% | 10.9% | N/A |
2020 | 0.9% | -12.4% | 29.4% | N/A |
2019 | 4.0% | -10.5% | 15.8% | N/A |
Total Return Ranking - Trailing
Period | MSTVX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.4% | -73.0% | 19.4% | 58.06% |
1 Yr | 7.5% | -13.4% | 86.9% | 45.82% |
3 Yr | 1.9%* | -9.5% | 16.2% | N/A |
5 Yr | 3.3%* | -5.3% | 14.4% | N/A |
10 Yr | N/A* | -0.9% | 7.5% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | MSTVX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.8% | -22.7% | 305.1% | 60.37% |
2022 | -2.7% | -9.8% | 27.3% | 60.08% |
2021 | 2.8% | -20.8% | 10.9% | N/A |
2020 | 3.8% | -8.4% | 29.4% | N/A |
2019 | 6.1% | -10.2% | 18.0% | N/A |
NAV & Total Return History
MSTVX - Holdings
Concentration Analysis
MSTVX | Category Low | Category High | MSTVX % Rank | |
---|---|---|---|---|
Net Assets | 232 M | 1.5 M | 5.01 B | 39.48% |
Number of Holdings | 2207 | 4 | 4478 | 4.95% |
Net Assets in Top 10 | 48.5 M | -398 M | 2.55 B | 60.42% |
Weighting of Top 10 | 21.08% | 13.1% | 100.0% | 88.53% |
Top 10 Holdings
- US T-NOTE 2YR 7.41%
- Pioneer Natural Resources Company COM USD0.01 1.87%
- Splunk Inc COM USD0.001 1.85%
- US T-BOND ULTRA 1.80%
- Northern Inst Fds TREAS PRT PRMR 1.51%
- Sovos Brands Inc COM 1.49%
- Amedisys Inc COM USD0.001 1.49%
- Olink Holding Ab SPONSORED ADS 1.33%
- Hess Corporation COM USD1.00 1.20%
- Karuna Therapeutics Inc COM USD0.0001 1.13%
Asset Allocation
Weighting | Return Low | Return High | MSTVX % Rank | |
---|---|---|---|---|
Bonds | 56.50% | -326.45% | 6347.80% | 37.81% |
Convertible Bonds | 24.74% | 0.00% | 87.92% | 2.12% |
Stocks | 19.22% | -3.75% | 97.95% | 80.57% |
Cash | 10.89% | -6278.21% | 410.43% | 42.05% |
Other | 10.49% | -21.53% | 148.54% | 91.87% |
Preferred Stocks | 2.90% | -0.12% | 46.97% | 6.71% |
Stock Sector Breakdown
Weighting | Return Low | Return High | MSTVX % Rank | |
---|---|---|---|---|
Technology | 20.68% | 0.00% | 39.58% | 30.71% |
Healthcare | 13.53% | 0.00% | 45.63% | 21.65% |
Industrials | 11.91% | 0.00% | 21.45% | 5.91% |
Consumer Cyclical | 11.63% | 0.00% | 29.09% | 33.46% |
Financial Services | 8.14% | 0.00% | 59.28% | 83.46% |
Communication Services | 8.05% | 0.00% | 21.78% | 83.86% |
Energy | 7.26% | 0.00% | 100.00% | 27.95% |
Utilities | 5.30% | 0.00% | 9.23% | 20.08% |
Consumer Defense | 5.22% | 0.00% | 13.62% | 52.36% |
Real Estate | 5.17% | 0.00% | 51.26% | 53.54% |
Basic Materials | 3.10% | 0.00% | 27.46% | 50.00% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | MSTVX % Rank | |
---|---|---|---|---|
US | 17.22% | -8.85% | 91.88% | 74.91% |
Non US | 2.00% | -19.62% | 42.11% | 70.32% |
Bond Sector Breakdown
Weighting | Return Low | Return High | MSTVX % Rank | |
---|---|---|---|---|
Corporate | 43.88% | 0.00% | 87.73% | 9.19% |
Securitized | 25.58% | 0.00% | 56.83% | 15.55% |
Government | 2.94% | 0.00% | 84.29% | 64.66% |
Cash & Equivalents | 2.85% | 0.27% | 100.00% | 63.96% |
Derivative | 2.01% | 0.00% | 88.81% | 92.23% |
Municipal | 0.00% | 0.00% | 27.33% | 68.20% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | MSTVX % Rank | |
---|---|---|---|---|
US | 56.50% | -126.19% | 6311.18% | 30.04% |
Non US | 0.00% | -382.37% | 121.02% | 51.94% |
MSTVX - Expenses
Operational Fees
MSTVX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.49% | 0.29% | 31.15% | 69.06% |
Management Fee | 0.85% | 0.00% | 2.50% | 38.87% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.30% | N/A |
Sales Fees
MSTVX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
MSTVX 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.
MSTVX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 491.00% | 48.30% |
MSTVX - Distributions
Dividend Yield Analysis
MSTVX | Category Low | Category High | MSTVX % Rank | |
---|---|---|---|---|
Dividend Yield | 3.81% | 0.00% | 4.56% | 60.42% |
Dividend Distribution Analysis
MSTVX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annually | Quarterly | Annually |
Net Income Ratio Analysis
MSTVX | Category Low | Category High | MSTVX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.14% | -2.51% | 6.83% | 8.99% |
Capital Gain Distribution Analysis
MSTVX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 28, 2023 | $0.386 | OrdinaryDividend |
Dec 29, 2022 | $0.204 | OrdinaryDividend |
Dec 30, 2020 | $0.127 | OrdinaryDividend |
Dec 30, 2019 | $0.144 | OrdinaryDividend |
Dec 20, 2019 | $0.036 | OrdinaryDividend |
Dec 31, 2018 | $0.025 | OrdinaryDividend |
MSTVX - Fund Manager Analysis
Managers
Alexander Volz
Start Date
Tenure
Tenure Rank
Nov 02, 2018
3.58
3.6%
Alexander W. Volz. Mr. Volz has been a Portfolio Manager and Convertible Trader of SSI Investment Management, Inc. since 2006 and was a Vice President and Convertible Trader for SSI Investment Management, Inc. from 2002 to 2006. Mr. Volz has 20 years of experience in portfolio management and/or convertible securities trading. Prior to joining SSI Investment Management, Inc., Mr. Volz was a Convertible Trader for Southern Trading Partners and Wachovia Securities from 1997 to 2002. Mr. Volz received a B.A., Economics from Vanderbilt University in 1996.
Marta Norton
Start Date
Tenure
Tenure Rank
Nov 02, 2018
3.58
3.6%
Marta Norton is a portfolio manager for Morningstar’s Investment Management group. She leads the group’s U.S. outcome-based strategies team, which focuses on inflation-plus, cash-plus, and income investment strategies. Previously, Norton was an investment manager for Morningstar Investment Services, where she managed asset allocation, income, and absolute return strategies. Before that, she was a senior mutual fund analyst for Morningstar, Inc. and led Morningstar’s 529 college-savings plan coverage. Before joining Morningstar in 2005, Norton was an economist for the Bureau of Labor Statistics and a research analyst for LECG, LLC. Norton holds a bachelor’s degree from Wheaton College. She also holds the Chartered Financial Analyst® designation.
Dagney Maseda
Start Date
Tenure
Tenure Rank
Nov 02, 2018
3.58
3.6%
Dagney Hollander is a portfolio manager at SSI and oversees the daily management of the Hedged Convertible investment portfolios. Her industry experience as a trading assistant, analyst and portfolio manager began since 2003. She received a BS in Finance, summa cum laude, from California State University, Northridge. She is a CFA Level III Candidate.
John Orrico
Start Date
Tenure
Tenure Rank
Nov 02, 2018
3.58
3.6%
Mr. Orrico founded Water Island Capital, the advisor to The Arbitrage Funds, in 2000. He currently serves as Chairman of The Arbitrage Funds series trust and Chief Investment Officer of the firm. Prior to founding Water Island Capital, Mr. Orrico directed arbitrage, special situations, and distressed hedge fund portfolios at Lindemann Capital, which he joined in 1999, in conjunction with starting the organizational process for the Arbitrage Fund. Prior to joining Lindemann Capital, Mr. Orrico joined Gruss & Co in 1994, focusing on merger arbitrage and special situations, and became Senior Arbitrage Analyst in 1996. Mr. Orrico has worked in the securities industry since joining Morgan Stanley in 1982, beginning in corporate finance, with additional experience in institutional equity trading, equity research analysis and portfolio management. Mr. Orrico received a BA from Georgetown University.
Todd Munn
Start Date
Tenure
Tenure Rank
Nov 02, 2018
3.58
3.6%
Munn is a portfolio manager of Water Island Capital, LLC. Prior to becoming a portfolio manager of the Fund, Mr. Munn was a senior equity analyst for the Fund. Mr. Munn received a Master of Business Administration degree from Fordham Graduate School of Business in 2003 and a Bachelors degree from Gettysburg College in 1993 — with a double major in Finance and Accounting.
Roger Foltynowicz
Start Date
Tenure
Tenure Rank
Nov 02, 2018
3.58
3.6%
Roger Foltynowicz, CAIA, received a Master of Science degree from Pace University in 2006 – with a major in Investment Management – and a Bachelor's degree from Presbyterian College in 1999 – with a major in Business Administration.
Jeffrey Rosenberg
Start Date
Tenure
Tenure Rank
Jun 30, 2020
1.92
1.9%
Jeffrey Rosenberg, CFA. Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio since 2018, including setting the Fund’s overall investment strategy and overseeing the management of the Fund Managing Director of BlackRock, Inc. since 2011; Chief Fixed Income Strategist and member of the BlackRock Investment Institute since 2016; Chief Investment Strategist for Fundamental Fixed Income at BlackRock since 2011; Chief Credit Strategist at Bank of America Merrill Lynch from 2002 to 2011.
Scott Radell
Start Date
Tenure
Tenure Rank
Jun 30, 2020
1.92
1.9%
Scott Radell has been employed as managing director and portfolio manager with BlackRock Investment Management LLC and BlackRock Financial Advisers (formerly, Barclays Global Fund Advisors) and its predecessors since 2009. Mr. Radell served as a portfolio manager at Barclays Global Fund Advisors and its affiliates since 2004. Radell was a credit strategist from 2003 to 2004 before becoming a CoreAlpha Bond Portfolio Manager and prior to that he was employed by Morgan Stanley Asset Management as a credit analyst from 1996 to 2003.
Tom Parker
Start Date
Tenure
Tenure Rank
Jun 30, 2020
1.92
1.9%
Managing Director of BlackRock, Inc. since 2009; Chief Investment Officer of BlackRock’s Systematic Fixed Income Group since 2015;Deputy Chief Investment Officer of BlackRock’s Model-Based Fixed Income Portfolio Management Group since 2010; Co-Head of Credit Investments and Member of the Fixed Income Research Approval Committee of Barclays Global Investors (“BGI”) from 2001 to 2009.
Ricky Williamson
Start Date
Tenure
Tenure Rank
Dec 30, 2020
1.42
1.4%
Ricky Williamson is a portfolio manager within Morningstar Investment Management. He is focused on portfolio construction, asset allocation, and manager due diligence. Williamson is also a member of Investment Management’s Global Asset Allocation team, focusing on emerging-market debt as well as general fixed-income research. He develops and implements asset-class positioning and fund-of-funds portfolios, evaluates investment managers, and performs capital-market research. He currently serves as a co-manager for three Morningstar mutual funds: Morningstar Total Return Bond Fund, Morningstar Municipal Bond Fund, and Morningstar Multisector Bond Fund. Prior to joining Morningstar Investment Management in 2013, Williamson was a consultant and analyst with Cardinal Investment Advisors, LLC., where he built asset-allocation models for defined-benefit plans, performed manager due diligence, and worked on capital-market research. Williamson holds a bachelor’s degree in economics and government from the University of Virginia. He also holds a Certificate in Investment Performance Measurement and the Chartered Financial Analyst® designation.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.02 | 17.37 | 4.48 | 1.67 |