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Trending ETFs

Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.28

$391 M

0.00%

1.33%

Vitals

YTD Return

1.1%

1 yr return

8.9%

3 Yr Avg Return

3.3%

5 Yr Avg Return

3.6%

Net Assets

$391 M

Holdings in Top 10

21.9%

52 WEEK LOW AND HIGH

$9.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.33%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 180.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$2,500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.28

$391 M

0.00%

1.33%

CFRIX - Profile

Distributions

  • YTD Total Return 1.1%
  • 3 Yr Annualized Total Return 3.3%
  • 5 Yr Annualized Total Return 3.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.31%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Catalyst/CIFC Floating Rate Income Fund
  • Fund Family Name
    Mutual Fund Series Trust
  • Inception Date
    Dec 31, 2012
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Stan Sokolowski

Fund Description

In order to accomplish the Fund’s objective, the Fund invests in a portfolio composed mainly of senior secured corporate loans (sometimes referred to as “adjustable rate loans,” “floating rate loans” or “bank loans”). These loans hold a senior position in the capital structure and, at the time of purchase, are typically rated below investment grade. Such loans are considered to be speculative investments. The senior secured corporate loans in which the Fund invests generally are expected to bear interest at floating rate based on SOFR or such other alternative reference rate as has been adopted with respect to each loan in replacement of LIBOR. The Fund may invest in loans with financial maintenance covenants and loans that contain limited, if any, financial maintenance covenants that protect lenders (sometimes referred to as “covenant-lite” obligations). The Fund invests primarily in floating rate loans and other floating rate investments, but also may invest in other debt securities, including high yield securities (commonly referred to as “junk bonds”).

The Fund invests a majority of its assets in the securities of U.S. issuers, but may also invest in securities of non-U.S. issuers including, without limitation, securities issued by Canadian, U.K., and European corporations. The Fund has no restrictions on investment maturity. The Fund may invest in both the primary and secondary markets and may invest in secured corporate loans and other debt securities (which may be unsecured) made in connection with highly leveraged transactions, including but not limited to operating loans, leveraged buyout loans and bonds, and leveraged recapitalization loans and bonds. The Fund may also invest in debtor-in-possession loans (i.e., senior obligations issued in connection with restructuring proceedings).

Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in U.S. dollar-denominated floating rate secured loans and other floating rate debt instruments, including: floating rate bonds; floating rate notes; floating rate debentures; tranches of floating rate asset-backed securities, including structured notes, made to, or issued by, U.S. and non-U.S. corporations or other business entities; and other investment companies (including exchange traded funds) (“ETFs”) that invest primarily in floating rate assets. The Fund considers the investments of the underlying funds when determining its compliance with this 80% policy. Asset-backed securities include collateralized loan obligations (“CLOs”). The Fund may invest in senior or subordinate tranches of a CLO or other structured product. The Fund may invest up to 20% of its total assets, measured at the time of purchase, in a combination of one or more of the following types of U.S. dollar denominated investments: senior or subordinated fixed rate debt instruments, including notes and bonds, whether secured or unsecured; short-term debt obligations, repurchase agreements and cash and cash equivalents that do not otherwise qualify as floating rate debt; and other investment companies including money market funds and ETFs (other than ETFs that invest primarily in floating rate assets). Additionally, the Fund may receive equity securities from capital restructurings related to the floating rate instruments in which it invests. The Fund may sell or hold the equity securities received incidental to these investments for a period of time depending on market conditions. The Fund’s portfolio may be focused on a limited number of industries, asset classes, countries or issuers.

In constructing the Fund’s portfolio, the Fund’s sub-advisor, CIFC Investment Management LLC (the “Sub-Advisor”), uses a bottom-up approach that seeks to identify instruments that it believes are either mispriced relative to their risk or have a likelihood of near-term price appreciation. In addition, the Sub-Advisor seeks opportunities that generate income and have profit potential while managing default risk. In its assessment of individual instruments, the Sub-Advisor utilizes a disciplined approach that focuses on credit fundamentals, relative value, and active risk management. The Sub-Advisor monitors the Fund’s investments on an ongoing basis and sells an investment when the value of the investment relative to its risk profile no longer meets the Sub-Advisor’s criteria for inclusion in the portfolio or when a more attractive investment becomes available.

The Sub-Advisor also may implement a hedging strategy, when deemed appropriate to reduce risk of loss, that utilizes short sales and derivative instruments, including futures contracts, options, swap contracts, and options on futures and swap contracts. In particular, the Fund may take short positions, or obtain short exposure through derivatives, in U.S. Treasury bonds.

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CFRIX - Performance

Return Ranking - Trailing

Period CFRIX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.1% -0.8% 5.5% 91.29%
1 Yr 8.9% -5.7% 33.5% 90.53%
3 Yr 3.3%* -5.5% 9.2% 79.20%
5 Yr 3.6%* -6.6% 37.5% 64.26%
10 Yr 3.3%* -1.9% 19.3% 59.32%

* Annualized

Return Ranking - Calendar

Period CFRIX Return Category Return Low Category Return High Rank in Category (%)
2023 3.8% -12.0% 17.3% 24.24%
2022 -7.4% -22.9% 5.1% 49.42%
2021 0.6% -12.2% 12.0% 74.10%
2020 -0.8% -14.1% 289.8% 9.17%
2019 4.1% -8.1% 14.6% 9.91%

Total Return Ranking - Trailing

Period CFRIX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.1% -0.8% 5.5% 91.29%
1 Yr 8.9% -5.7% 33.5% 90.53%
3 Yr 3.3%* -5.5% 9.2% 79.20%
5 Yr 3.6%* -6.6% 37.5% 64.26%
10 Yr 3.3%* -1.9% 19.3% 59.32%

* Annualized

Total Return Ranking - Calendar

Period CFRIX Return Category Return Low Category Return High Rank in Category (%)
2023 9.3% -12.0% 30.3% 90.15%
2022 -2.1% -22.9% 5.1% 40.47%
2021 4.2% -10.2% 19.4% 68.92%
2020 3.9% -14.1% 306.9% 8.75%
2019 7.1% -3.6% 23.8% 63.79%

NAV & Total Return History


CFRIX - Holdings

Concentration Analysis

CFRIX Category Low Category High CFRIX % Rank
Net Assets 391 M 35.9 M 11.9 B 75.09%
Number of Holdings 307 2 1605 56.41%
Net Assets in Top 10 78.6 M -191 M 2.38 B 54.95%
Weighting of Top 10 21.87% 5.2% 100.8% 21.69%

Top 10 Holdings

  1. FIRST AM-TR OB-X 11.07%
  2. INVESCO SENIOR LOAN ETF 1.39%
  3. VCVHHO TL B 1L USD 1.32%
  4. RCAP TL 1L USD 1.31%
  5. SPDR BLACKSTONE 1.30%
  6. CDK TL B 1L USD 1.14%
  7. BEIMID TL B4 1L USD 1.12%
  8. RGCARE TL B 1L USD 1.10%
  9. TGE TL 1LD 1.07%
  10. TRICGR TL B 1L USD 1.04%

Asset Allocation

Weighting Return Low Return High CFRIX % Rank
Bonds
95.81% 0.00% 161.82% 36.26%
Cash
11.07% -61.90% 18.85% 5.86%
Stocks
2.69% 0.00% 100.76% 31.14%
Preferred Stocks
0.00% -3.99% 6.42% 78.02%
Other
0.00% -52.39% 26.58% 75.82%
Convertible Bonds
0.00% 0.00% 5.51% 77.86%

Stock Sector Breakdown

Weighting Return Low Return High CFRIX % Rank
Technology
100.00% 0.00% 100.00% 2.61%
Utilities
0.00% 0.00% 100.00% 73.91%
Real Estate
0.00% 0.00% 48.61% 66.09%
Industrials
0.00% 0.00% 100.00% 81.74%
Healthcare
0.00% 0.00% 100.00% 66.09%
Financial Services
0.00% 0.00% 89.61% 65.22%
Energy
0.00% 0.00% 100.00% 83.48%
Communication Services
0.00% 0.00% 100.00% 88.70%
Consumer Defense
0.00% 0.00% 100.00% 74.78%
Consumer Cyclical
0.00% 0.00% 97.66% 77.39%
Basic Materials
0.00% 0.00% 1.36% 66.09%

Stock Geographic Breakdown

Weighting Return Low Return High CFRIX % Rank
US
2.69% -0.01% 100.76% 31.14%
Non US
0.00% 0.00% 0.68% 69.60%

Bond Sector Breakdown

Weighting Return Low Return High CFRIX % Rank
Corporate
84.89% 0.00% 141.23% 77.86%
Cash & Equivalents
11.07% 0.00% 25.03% 4.40%
Securitized
6.06% 0.00% 91.68% 8.49%
Derivative
0.00% -8.79% 1.12% 70.33%
Municipal
0.00% 0.00% 0.47% 66.79%
Government
0.00% 0.00% 3.18% 72.32%

Bond Geographic Breakdown

Weighting Return Low Return High CFRIX % Rank
US
95.81% 0.00% 144.71% 28.21%
Non US
0.00% 0.00% 63.23% 80.59%

CFRIX - Expenses

Operational Fees

CFRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.33% 0.03% 12.26% 42.55%
Management Fee 1.00% 0.00% 1.89% 89.29%
12b-1 Fee 0.00% 0.00% 1.00% 8.70%
Administrative Fee N/A 0.02% 0.27% 66.43%

Sales Fees

CFRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

CFRIX 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.

CFRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 180.00% 4.00% 180.00% 100.00%

CFRIX - Distributions

Dividend Yield Analysis

CFRIX Category Low Category High CFRIX % Rank
Dividend Yield 0.00% 0.00% 11.56% 37.01%

Dividend Distribution Analysis

CFRIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

CFRIX Category Low Category High CFRIX % Rank
Net Income Ratio 3.31% 1.77% 9.82% 66.79%

Capital Gain Distribution Analysis

CFRIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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CFRIX - Fund Manager Analysis

Managers

Stan Sokolowski


Start Date

Tenure

Tenure Rank

Aug 01, 2018

3.83

3.8%

Mr. Sokolowski joined CIFC in 2012. Prior to joining CIFC, Mr. Sokolowski was a credit portfolio manager and trader with Lucidus Capital Partners, a credit trading firm that was spun out of Caxton Associates in 2011. Preceding Lucidus, Mr. Sokolowski was a portfolio manager at Caxton. Before joining Caxton in 2006, Mr. Sokolowski was a Managing Director with JPMorgan (“JPM”) where he founded and managed the European par and distressed loan trading business in London. Mr. Sokolowski joined Manufacturers Hanover in 1991 and completed Chemical Bank’s MBA Capital Markets and Credit Training Program in 1994. He held various positions in New York and London throughout the Capital Markets, Sales and Trading, Investment Banking and Emerging Markets businesses of JPM’s predecessor organizations. Mr. Sokolowski has invested across the spectrum of credit including high yield to investment grade as well as distressed / stressed credit, fixed / floating rate instruments, bonds & loans and CDS / index products. Mr. Sokolowski holds a B.A. in Finance from Michigan State University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 21.18 6.0 3.25