MDCEX: Matisse Discounted Closed-End Fund Strategy - MutualFunds.com
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Matisse Discounted Cl-End Fd Strat Instl

MDCEX - Snapshot

Vitals

  • YTD Return 5.5%
  • 3 Yr Annualized Return 2.3%
  • 5 Yr Annualized Return 8.5%
  • Net Assets $289 M
  • Holdings in Top 10 41.9%

52 WEEK LOW AND HIGH

$8.78
$5.23
$10.18

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.66%

SALES FEES

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

BROKERAGE FEES

  • Turnover 101.38%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

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

Fund Classification


Compare MDCEX to Popular Tactical Allocation Funds and ETFs

Overview

Income Profile

Income Risk

Returns Profile

Allocations

Expenses

About

$12.79

+0.31%

$15.90 B

3.47%

$0.44

3.15%

-

$11.61

+0.26%

$4.05 B

0.86%

$0.10

0.43%

-

$8.59

+0.35%

$3.03 B

4.32%

$0.37

3.87%

-

$9.90

+0.51%

$2.69 B

-

$0.00

1.23%

-

$18.20

+0.50%

$1.70 B

1.74%

$0.31

1.05%

-

MDCEX - Profile

Distributions

  • YTD Total Return 5.5%
  • 3 Yr Annualized Total Return 2.3%
  • 5 Yr Annualized Total Return 8.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.04%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

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

Fund Description

The fund is a "fund of funds" that seeks to achieve its investment objectives principally through investments in unaffiliated closed-end funds that 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.


MDCEX - Performance

Return Ranking - Trailing

Period MDCEX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.5% -3.5% 10.4% 4.74%
1 Yr -6.1% -11.8% 77.4% 94.82%
3 Yr 2.3%* -6.8% 24.3% 83.33%
5 Yr 8.5%* 0.2% 22.6% 21.27%
10 Yr N/A* -1.8% 10.6% N/A

* Annualized

Return Ranking - Calendar

Period MDCEX Return Category Return Low Category Return High Rank in Category (%)
2020 -16.5% -17.2% 52.8% 99.60%
2019 13.8% -11.4% 26.7% 25.61%
2018 -22.3% -29.6% 1.6% 95.22%
2017 17.9% -11.6% 27.5% 5.53%
2016 12.3% -14.9% 16.0% 5.50%

Total Return Ranking - Trailing

Period MDCEX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.5% -3.5% 10.4% 4.74%
1 Yr -6.1% -11.8% 77.4% 94.02%
3 Yr 2.3%* -7.7% 24.3% 77.92%
5 Yr 8.5%* 0.0% 22.6% 20.36%
10 Yr N/A* -1.8% 10.6% N/A

* Annualized

Total Return Ranking - Calendar

Period MDCEX Return Category Return Low Category Return High Rank in Category (%)
2020 -16.5% -17.2% 52.8% 99.60%
2019 13.8% -11.4% 26.7% 25.61%
2018 -9.0% -29.6% 1.6% 60.87%
2017 21.3% -5.4% 27.6% 5.07%
2016 19.7% -14.9% 19.7% 0.50%

NAV & Total Return History


MDCEX - Holdings

Concentration Analysis

MDCEX Category Low Category High MDCEX % Rank
Net Assets 289 M 1.36 M 15.9 B 30.43%
Number of Holdings 80 2 1792 33.20%
Net Assets in Top 10 132 M 349 K 8.42 B 37.55%
Weighting of Top 10 41.94% 14.4% 100.0% 77.21%

Top 10 Holdings

  1. Pershing Sq Hldgs 8.75%
  2. Third Point Investors USD Ord 5.17%
  3. NexPoint Strategic Opportunities Fund 4.56%
  4. Highland Income Fund 4.48%
  5. MS China A Share 3.86%
  6. Adams Diversified Equity Fund 3.58%
  7. Aberdeen Asia-Pacific Income 3.35%
  8. Tetragon Financial Ord 3.09%
  9. Central Securities Corporation 3.02%
  10. MS Emerging Markets Domestic 2.97%

Asset Allocation

Weighting Return Low Return High MDCEX % Rank
Stocks
71.70% 0.00% 128.09% 31.62%
Bonds
12.69% -22.04% 308.81% 58.50%
Other
7.93% -17.59% 77.76% 23.32%
Cash
3.90% -269.48% 100.00% 48.22%
Preferred Stocks
2.60% 0.00% 19.67% 6.32%
Convertible Bonds
0.99% 0.00% 6.75% 19.37%

Stock Sector Breakdown

Weighting Return Low Return High MDCEX % Rank
Energy
18.35% 0.00% 18.35% 0.41%
Healthcare
13.34% 0.00% 31.66% 37.34%
Financial Services
12.31% 0.00% 97.34% 53.11%
Technology
11.39% 0.00% 85.69% 87.14%
Real Estate
8.55% 0.00% 100.00% 13.69%
Basic Materials
7.34% 0.00% 58.50% 16.60%
Utilities
7.22% 0.00% 95.07% 12.03%
Industrials
6.98% 0.00% 22.33% 78.84%
Consumer Cyclical
5.17% 0.00% 31.35% 94.19%
Communication Services
5.05% 0.00% 33.58% 86.31%
Consumer Defense
4.30% 0.00% 42.40% 84.65%

Stock Geographic Breakdown

Weighting Return Low Return High MDCEX % Rank
US
42.22% -2.81% 126.91% 43.08%
Non US
29.48% -0.05% 65.75% 13.83%

Bond Sector Breakdown

Weighting Return Low Return High MDCEX % Rank
Corporate
49.61% 0.00% 99.74% 13.83%
Cash & Equivalents
26.41% 0.26% 100.00% 56.52%
Government
15.96% 0.00% 93.57% 58.89%
Securitized
7.67% 0.00% 70.30% 27.27%
Derivative
0.33% 0.00% 57.45% 28.85%
Municipal
0.02% 0.00% 11.84% 20.95%

Bond Geographic Breakdown

Weighting Return Low Return High MDCEX % Rank
US
6.44% -26.30% 205.82% 62.85%
Non US
6.25% 0.00% 105.40% 36.76%

MDCEX - Expenses

Operational Fees

MDCEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.66% 0.22% 4.67% 44.18%
Management Fee 0.99% 0.00% 1.50% 64.54%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.10% 0.05% 0.70% 38.03%

Sales Fees

MDCEX 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

MDCEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% 15.38%

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.

MDCEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 101.38% 1.44% 465.00% 41.78%

MDCEX - Distributions

Dividend Yield Analysis

MDCEX Category Low Category High MDCEX % Rank
Dividend Yield 0.00% 0.00% 6.42% 28.46%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

MDCEX Category Low Category High MDCEX % Rank
Net Income Ratio 3.04% -73.00% 6.58% 6.00%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

MDCEX - Fund Manager Analysis

Managers

Eric Boughton


Start Date

Tenure

Tenure Rank

Oct 31, 2012

8.17

8.2%

Mr. Torkelson has been the Chief Investment Officer of Deschutes Portfolio Strategy, LLC since 2010. He has been in the investment business since 1981. He began his career with Smith Barney, and founded Deschutes Portfolio Strategy, LLC’s predecessor, Deschutes Investment Advisors, Inc., in 1997, and Deschutes Portfolio Strategy, LLC in 2010. Mr. Boughton received a Bachelor of Science in Mathematics, Applied Analysis, from the University of Houston, College of Natural Science & Mathematics.

Bryn Torkelson


Start Date

Tenure

Tenure Rank

Oct 31, 2012

8.17

8.2%

Mr. Torkelson is the founder and has been the chief investment officer of the Deschutes Portfolio Strategy, LLC since 2010. He has been in the investment business since 1981. He began his career with Smith Barney, and founded the Deschutes Portfolio Strategies' predecessor, Deschutes Investment Advisors, Inc., in 1997, and the Deschutes Portfolio Strategies in 2010. Mr. Torkelson received a Bachelor of Science in Finance from the University of Oregon.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.02 32.41 5.5 8.27