MDCAX: Matisse Discounted Cl-End Fd Strat Instl

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MDCAX Matisse Discounted Cl-End Fd Strat Instl


Profile

MDCAX - Profile

Vitals

  • YTD Return 0.9%
  • 3 Yr Annualized Return 1.0%
  • 5 Yr Annualized Return 0.2%
  • Net Assets $44 M
  • Holdings in Top 10 62.3%

52 WEEK LOW AND HIGH

$10.10
$9.43
$10.62

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.55%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 55.00%

TRADING FEES

  • Max Redemption Fee 2.00%

Min Investment

  • Standard (Taxable) $1,000
  • IRA N/A

Fund Classification

  • Primary Caregory
  • Fund Type Open End Mutual Fund
  • Investment Style Tactical Allocation

Distributions

  • YTD Total Return 0.9%
  • 3 Yr Annualized Total Return 1.0%
  • 5 Yr Annualized Total Return 0.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.02%
DIVIDENDS
  • Dividend Yield 2.5%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Matisse Discounted Closed-End Fund Strategy
  • Fund Family Name
    Nottingham
  • Inception Date
    Oct 31, 2012
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States

Fund Description

The fund is a "fund of funds" that seeks to achieve its investment objectives principally through investments in unaffiliated closed-end funds which pay regular periodic cash distributions, the interests of which typically trade at substantial discounts relative to their underlying net asset values. The fund's investment advisor believes this approach is capable of generating capital appreciation and income. As a matter of investment policy, the fund will invest, under normal circumstances, at least 80% of net assets, plus borrowings for investment purposes, in discounted closed-end funds.


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Categories

Performance

MDCAX - Performance

Return Ranking - Trailing

Period MDCAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.9% -24.2% 45.1% 4.60%
1 Yr 7.9% -23.2% 72.5% 6.40%
3 Yr 1.0%* -11.7% 9.9% 17.72%
5 Yr 0.2%* -11.3% 7.4% 18.90%
10 Yr N/A* -3.4% 2.7% N/A

* Annualized

Return Ranking - Calendar

Period MDCAX Return Category Return Low Category Return High Rank in Category (%)
2019 13.8% -21.7% 26.6% 19.19%
2018 -22.3% -28.0% 0.2% 94.27%
2017 17.9% -11.6% 22.0% 2.63%
2016 12.3% -14.9% 16.0% 6.90%
2015 -14.8% -87.3% -0.8% 93.44%

Total Return Ranking - Trailing

Period MDCAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.9% -24.2% 45.1% 4.60%
1 Yr 7.9% -23.2% 72.5% 5.81%
3 Yr 1.0%* -11.7% 9.9% 33.54%
5 Yr 0.2%* -10.8% 8.2% 40.16%
10 Yr N/A* -3.4% 6.0% N/A

* Annualized

Total Return Ranking - Calendar

Period MDCAX Return Category Return Low Category Return High Rank in Category (%)
2019 13.8% -21.7% 26.6% 19.19%
2018 -22.3% -28.0% 1.1% 95.54%
2017 17.9% -5.4% 22.0% 3.29%
2016 12.3% -14.9% 19.7% 13.79%
2015 -14.8% -87.3% 1.8% 96.72%

NAV & Total Return History


Holdings

MDCAX - Holdings

Concentration Analysis

MDCAX Category Low Category High MDCAX % Rank
Net Assets 44 M 871 K 15.2 B 52.30%
Number of Holdings 30 1 1814 53.94%
Net Assets in Top 10 28.3 M 0 10.3 B 55.15%
Weighting of Top 10 62.33% 0.0% 99.7% 66.00%

Top 10 Holdings

  1. NexPoint Strategic Opportunities Fund 10.48%
  2. RMR Real Estate Income Fund 10.45%
  3. Pershing Sq Hldgs 9.03%
  4. Dividend and Income Fund 8.84%
  5. GDL Fund 4.26%
  6. Third Point Offshore USD Ord 4.02%
  7. Boulder Growth & Income 3.87%
  8. MS India Investment 3.85%
  9. Gabelli Global Small & Mid Cap Value Tru 3.82%
  10. ASA Gold and Precious Metals 3.71%

Asset Allocation

Weighting Return Low Return High MDCAX % Rank
Stocks
82.43% -0.01% 73.63% 0.58%
Preferred Stocks
6.12% 0.00% 17.05% 7.27%
Other
5.60% -3.81% 67.56% 32.12%
Bonds
4.69% -22.52% 79.22% 85.55%
Cash
1.04% -35.43% 100.00% 73.94%
Convertible Bonds
0.10% 0.00% 6.22% 50.30%

Stock Sector Breakdown

Weighting Return Low Return High MDCAX % Rank
Energy
15.85% 0.00% 16.59% 1.96%
Real Estate
9.59% 0.00% 34.83% 27.45%
Basic Materials
7.20% 0.00% 66.00% 11.76%
Industrials
7.19% 0.00% 22.11% 75.82%
Financial Services
6.74% 0.00% 100.00% 87.58%
Technology
4.78% 0.00% 54.08% 90.85%
Consumer Cyclical
4.21% 0.00% 16.41% 83.66%
Communication Services
3.00% 0.00% 21.12% 83.66%
Consumer Defense
2.86% 0.00% 43.97% 86.27%
Utilities
2.78% 0.00% 95.94% 67.97%
Healthcare
2.69% 0.00% 35.26% 92.16%

Stock Geographic Breakdown

Weighting Return Low Return High MDCAX % Rank
US
47.20% -0.01% 60.94% 20.00%
Non US
35.23% 0.00% 37.48% 12.73%

Bond Sector Breakdown

Weighting Return Low Return High MDCAX % Rank
Corporate
6.99% 0.00% 96.81% 55.76%
Securitized
2.96% 0.00% 48.69% 49.09%
Cash & Equivalents
1.04% 1.71% 100.00% 93.94%
Government
0.93% 0.00% 95.91% 89.09%
Derivative
0.00% 0.00% 74.33% 93.94%
Municipal
0.00% 0.00% 9.14% 89.70%

Bond Geographic Breakdown

Weighting Return Low Return High MDCAX % Rank
US
3.03% 0.00% 79.22% 89.70%
Non US
1.66% 0.00% 43.09% 78.18%

Expenses

MDCAX - Expenses

Operational Fees

MDCAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.55% 0.00% 5.31% 57.56%
Management Fee 0.99% 0.15% 1.50% 67.05%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.10% 0.03% 0.70% 54.55%

Sales Fees

MDCAX 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% 4.00% N/A

Trading Fees

MDCAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 0.50% 2.00% 25.00%

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.

MDCAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 55.00% 2.69% 474.00% 36.94%

Distributions

MDCAX - Distributions

Dividend Yield Analysis

MDCAX Category Low Category High MDCAX % Rank
Dividend Yield 2.53% 0.00% 6.80% 2.30%

Dividend Distribution Analysis

MDCAX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Monthly Annually

Net Income Ratio Analysis

MDCAX Category Low Category High MDCAX % Rank
Net Income Ratio 2.02% -1.48% 5.27% 26.16%

Capital Gain Distribution Analysis

MDCAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Daily Annually

Dividend Payout History

View More +

Fund Manager Analysis

MDCAX - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
0.17 29.6 5.37 3.83