Name
As of 02/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-1.9%
1 yr return
3.3%
3 Yr Avg Return
-4.4%
5 Yr Avg Return
N/A
Net Assets
$9.38 M
Holdings in Top 10
36.5%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 3.35%
SALES FEES
Front Load 4.75%
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$2,500
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 02/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
MUNAX - Profile
Distributions
- YTD Total Return -1.9%
- 3 Yr Annualized Total Return -4.4%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.70%
- Dividend Yield 1.8%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameAlphaCentric SWBC Municipal Opportunities Fund
-
Fund Family NameMutual Fund Series Trust
-
Inception DateDec 31, 2019
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerTimothy Rudderow
Fund Description
The Fund seeks to achieve its investment objective by investing primarily in municipal securities that are exempt from regular federal individual income taxes. The Fund relies on the opinion of an issuers counsel in determining whether a security is exempt from regular federal income tax. The Fund selects investments without regard to the alternative minimum tax (AMT). Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in municipal securities (directly or through underlying funds) that are exempt from regular federal income tax. Although municipal securities are exempt from regular federal income tax, they can generate income that is subject to the federal alternative minimum tax. The Fund may also implement an overlay strategy under which the Fund may invest in derivatives to gain exposure to sovereign debt and corporate credit entities.
The Fund invests in municipal securities issued by state governments, their political subdivisions (such as cities, towns, counties, agencies and authorities) and the District of Columbia, U.S. territories, commonwealths and possessions or by their agencies, instrumentalities and authorities. These primarily include municipal bonds and notes, interests in municipal leases, and tax-exempt commercial paper.
A minimum of 25% of the securities held by the Fund is invested in investment grade bonds and up to 75% of the securities the Fund buys may be high-yield below investment-grade securities (also known as junk bonds). Of the 75% lower grade fixed income securities, the Fund may buy up to 25% of its net assets in non-rated municipal bonds. Below-investment-grade debt securities are those rated below BBB- by S&P Global Ratings or Baa3 by Moodys or comparable ratings by other nationally recognized statistical rating organizations (or, in the case of unrated securities, determined by the Funds Municipal Sub-Advisor (as defined below) to be comparable to securities rated below investment-grade). The Fund may buy bonds of any rating, including unrated bonds, and may invest in bonds that are in default. To the extent the Fund invests in pre-refunded municipal securities collateralized by U.S. government securities, the Fund may treat those securities as investment-grade (AAA) securities even if the issuer itself has a below-investment-grade rating. The Fund may invest up to 15% of the Funds net assets in investments that have legal or contractual restrictions on resale or are otherwise illiquid.
The Fund may invest up to 50% of its net assets in structured tax advantaged income producing products such as municipal closed-end funds that may offer value based on the income produced or the premium or discount at which the product is valued. These products generally contain embedded leverage of up to 45%, so their price sensitivity to interest rate or credit spread changes is generally magnified compared to unlevered municipal portfolios. Embedded leverage is the notional value in excess of the assets needed to maintain a position or the leverage employed by the underlying closed-end fund.
Due to the inherent diversification of structured products, the last listed average maturity, average duration and average ratings are used to calculate their effects on the Funds overall statistics. The Fund does not limit its investments to securities of a particular maturity range or duration, and may hold securities short- or long-term, or of negative duration.
The Fund can invest in inverse floater residual certificates of Tender Option Bond Trusts (TOB Residuals), a variable rate obligation and form of derivative, to seek increased income and return. The Funds investment in inverse floaters entails a degree of economic leverage. Economic leverage is the indirect leverage embedded in the investment that results in greater gains or losses without an obligation on the Fund above its initial investment. The Fund can expose up to 35% of its total assets to the effects of leverage from its investments in inverse floaters.
In selecting securities for the Fund, the portfolio managers look at a wide range of municipal sectors, coupons, and revenue sources for high-yield, tax-exempt municipal securities that (1) offer high-income opportunities, (2) might be overlooked by other investors and funds (including unrated securities or securities of smaller issuers), or (3) are special situations that provide opportunities for value. The portfolio managers may consider selling a security if any of these factors no longer applies to a security purchased for the Fund but are not required to do so.
SWBC Investment Company, the Funds municipal bond sub-advisor (SWBC or the Municipal Sub-Advisor), uses a relative value approach to profit from investment opportunities within the municipal securities market. The Municipal Sub-Advisor seeks to invest in undervalued securities in order to capitalize on price appreciation and generate cash flows.
The Fund actively trades its portfolio investments, which may lead to higher transaction costs that may affect the Funds performance.
Overlay Strategy
The Funds overlay strategy seeks risk-adjusted returns over time and is based on the technical analysis of market prices to determine market trends. The overlay strategy is not a hedging strategy. Mount Lucas Management LP, the Funds sub-advisor responsible for the overlay strategy (Mount Lucas or the Overlay Sub-Advisor, and together with the Municipal Sub-Advisor, the Sub-Advisors) applies proprietary quantitative, momentum-driven investment models to invest the Funds assets under two mandates: the Fixed Income Trend Mandate and the Fixed Income Credit Mandate. This approach seeks to react to a wide range of market conditions, capture generally uncorrelated investment returns and provide a diversifying fixed income strategy to the Fund. Under the Fixed Income Trend Mandate, the Overlay Sub-Advisor uses its proprietary quantitative trend-following models to invest in either long or short U.S. and foreign government bond futures possessing attractive price momentum characteristics. The Fixed Income Credit Mandate uses its proprietary quantitative trend-following models to invest in credit default swap indices, to gain either long or short exposure to a broad basket of high yield and investment grade corporate credit entities which possess attractive price momentum characteristics.
MUNAX - Performance
Return Ranking - Trailing
Period | MUNAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.9% | -2.2% | 8.0% | 99.74% |
1 Yr | 3.3% | -0.6% | 38.9% | 89.30% |
3 Yr | -4.4%* | -9.9% | 2.9% | 95.79% |
5 Yr | N/A* | -4.9% | 1103.8% | N/A |
10 Yr | N/A* | -0.2% | 248.2% | N/A |
* Annualized
Return Ranking - Calendar
Period | MUNAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 1.4% | -1.4% | 41.0% | 88.98% |
2022 | -19.6% | -40.2% | 0.3% | 96.27% |
2021 | -1.5% | -5.6% | 6.9% | 92.24% |
2020 | N/A | -2.6% | 310.0% | N/A |
2019 | N/A | 0.0% | 26.0% | N/A |
Total Return Ranking - Trailing
Period | MUNAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.9% | -2.2% | 8.0% | 99.74% |
1 Yr | 3.3% | -0.6% | 38.9% | 89.30% |
3 Yr | -4.4%* | -9.9% | 2.9% | 95.79% |
5 Yr | N/A* | -4.9% | 1103.8% | N/A |
10 Yr | N/A* | -0.2% | 248.2% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | MUNAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.1% | -1.3% | 41.0% | 39.69% |
2022 | -17.2% | -40.2% | 1.1% | 95.42% |
2021 | 1.7% | -4.8% | 23761504.0% | 46.58% |
2020 | N/A | -1.5% | 17057.9% | N/A |
2019 | N/A | 0.2% | 3514.6% | N/A |
NAV & Total Return History
MUNAX - Holdings
Concentration Analysis
MUNAX | Category Low | Category High | MUNAX % Rank | |
---|---|---|---|---|
Net Assets | 9.38 M | 3.48 M | 68.1 B | 99.49% |
Number of Holdings | 63 | 2 | 12848 | 95.96% |
Net Assets in Top 10 | 3.42 M | -317 M | 3.4 B | 97.88% |
Weighting of Top 10 | 36.49% | 1.9% | 100.4% | 6.03% |
Top 10 Holdings
- CTSHGR 3 07/1/2039 5.58%
- HOUAPT 5.25 07/1/2053 5.37%
- VANECK HIGH YIEL 3.66%
- SPDR NUVEEN BLOO 3.30%
- JPM ULTR-SHT MUN 3.23%
- COSMED 3.25 08/1/2049 3.22%
- OHSEDU 6 09/1/2052 3.10%
- NYCDEV 2.875 11/15/2046 3.05%
- SALAPT 5.5 07/1/2053 3.03%
- WASHSG 5 07/1/2048 2.95%
Asset Allocation
Weighting | Return Low | Return High | MUNAX % Rank | |
---|---|---|---|---|
Bonds | 81.44% | 0.00% | 150.86% | 98.27% |
Stocks | 10.19% | 0.00% | 99.88% | 1.41% |
Cash | 7.53% | -50.86% | 50.09% | 5.13% |
Other | 0.85% | -8.54% | 33.35% | 4.42% |
Preferred Stocks | 0.00% | 0.00% | 0.52% | 76.67% |
Convertible Bonds | 0.00% | 0.00% | 0.93% | 76.38% |
Stock Sector Breakdown
Weighting | Return Low | Return High | MUNAX % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 0.00% | N/A |
Technology | 0.00% | 0.00% | 0.00% | N/A |
Real Estate | 0.00% | 0.00% | 0.00% | N/A |
Industrials | 0.00% | 0.00% | 100.00% | N/A |
Healthcare | 0.00% | 0.00% | 0.00% | N/A |
Financial Services | 0.00% | 0.00% | 0.00% | N/A |
Energy | 0.00% | 0.00% | 0.00% | N/A |
Communication Services | 0.00% | 0.00% | 100.00% | N/A |
Consumer Defense | 0.00% | 0.00% | 0.00% | N/A |
Consumer Cyclical | 0.00% | 0.00% | 100.00% | N/A |
Basic Materials | 0.00% | 0.00% | 0.00% | N/A |
Stock Geographic Breakdown
Weighting | Return Low | Return High | MUNAX % Rank | |
---|---|---|---|---|
US | 10.19% | 0.00% | 99.88% | 1.41% |
Non US | 0.00% | 0.00% | 13.09% | 77.31% |
Bond Sector Breakdown
Weighting | Return Low | Return High | MUNAX % Rank | |
---|---|---|---|---|
Municipal | 83.76% | 44.39% | 100.00% | 98.13% |
Cash & Equivalents | 1.50% | 0.00% | 48.02% | 22.24% |
Derivative | 0.85% | -8.54% | 24.50% | 2.44% |
Securitized | 0.00% | 0.00% | 5.93% | 100.00% |
Corporate | 0.00% | 0.00% | 9.41% | 80.50% |
Government | 0.00% | 0.00% | 52.02% | 78.64% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | MUNAX % Rank | |
---|---|---|---|---|
US | 81.44% | 0.00% | 142.23% | 98.21% |
Non US | 0.00% | 0.00% | 23.89% | 78.27% |
MUNAX - Expenses
Operational Fees
MUNAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 3.35% | 0.03% | 20.65% | 0.51% |
Management Fee | 1.00% | 0.00% | 1.20% | 99.42% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 57.56% |
Administrative Fee | N/A | 0.01% | 0.44% | N/A |
Sales Fees
MUNAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 4.75% | 0.50% | 4.75% | 1.41% |
Deferred Load | N/A | 0.25% | 5.00% | N/A |
Trading Fees
MUNAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 1.00% | 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.
MUNAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 283.00% | 100.00% |
MUNAX - Distributions
Dividend Yield Analysis
MUNAX | Category Low | Category High | MUNAX % Rank | |
---|---|---|---|---|
Dividend Yield | 1.81% | 0.00% | 4.63% | 78.60% |
Dividend Distribution Analysis
MUNAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
MUNAX | Category Low | Category High | MUNAX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.70% | -0.53% | 5.33% | 12.59% |
Capital Gain Distribution Analysis
MUNAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Nov 30, 2022 | $0.023 | OrdinaryDividend |
Oct 31, 2022 | $0.017 | OrdinaryDividend |
Sep 30, 2022 | $0.016 | OrdinaryDividend |
Aug 31, 2022 | $0.023 | OrdinaryDividend |
Jul 29, 2022 | $0.023 | OrdinaryDividend |
Jun 30, 2022 | $0.018 | OrdinaryDividend |
May 31, 2022 | $0.022 | OrdinaryDividend |
Apr 29, 2022 | $0.022 | OrdinaryDividend |
Mar 31, 2022 | $0.013 | OrdinaryDividend |
Feb 28, 2022 | $0.023 | OrdinaryDividend |
Jan 31, 2022 | $0.017 | OrdinaryDividend |
Nov 29, 2021 | $0.034 | OrdinaryDividend |
Oct 28, 2021 | $0.026 | OrdinaryDividend |
Sep 29, 2021 | $0.047 | OrdinaryDividend |
Aug 30, 2021 | $0.033 | OrdinaryDividend |
Jul 29, 2021 | $0.033 | OrdinaryDividend |
Jun 29, 2021 | $0.040 | OrdinaryDividend |
May 27, 2021 | $0.030 | OrdinaryDividend |
Apr 29, 2021 | $0.044 | OrdinaryDividend |
Mar 30, 2021 | $0.024 | OrdinaryDividend |
Feb 25, 2021 | $0.023 | OrdinaryDividend |
Jan 28, 2021 | $0.005 | OrdinaryDividend |
Dec 30, 2020 | $0.037 | OrdinaryDividend |
Nov 27, 2020 | $0.021 | OrdinaryDividend |
Oct 29, 2020 | $0.023 | OrdinaryDividend |
Sep 29, 2020 | $0.022 | OrdinaryDividend |
Aug 28, 2020 | $0.018 | OrdinaryDividend |
Jul 30, 2020 | $0.017 | OrdinaryDividend |
Jun 29, 2020 | $0.015 | OrdinaryDividend |
May 28, 2020 | $0.017 | OrdinaryDividend |
MUNAX - Fund Manager Analysis
Managers
Timothy Rudderow
Start Date
Tenure
Tenure Rank
Dec 31, 2019
2.42
2.4%
Mr. Timothy Rudderow is the Co-Founder and serves as Chief Executive Officer, President and Chief Investment Officer at Mount Lucas Management. Tim co-founded Mount Lucas in 1986 and is the firm's president, overseeing all of its activities. He has been in the investment business since the late 1970s, when he worked at Commodities Corporation with the late Frank Vannerson, another co-founder of Mount Lucas. Tim specializes in the design and management of technical trading systems applied to the futures, equity, and fixed income markets. He holds a B.A. in Mathematics from Rutgers University and an M.B.A. in Management Analysis from Drexel University.
Gerald Prior
Start Date
Tenure
Tenure Rank
Dec 31, 2019
2.42
2.4%
Gerald L. Prior, III is Chief Operating Officer and Portfolio Manager of Mount Lucas Management LP and a Manager of its General Partner, MLM LLC. Mr. Prior joined the predecessor to Mount Lucas Management LP (Mount Lucas Management Corp.) in 1997. He served as portfolio manager for MLM Index™, for MLM Symmetry™ and for custom quantitative derivative products. Previously, he was responsible for maintaining the firm’s investment technology infrastructure and for conducting extensive portfolio research using futures modelling.
David Aspell
Start Date
Tenure
Tenure Rank
Dec 31, 2019
2.42
2.4%
Mr. David Aspell serves as Portfolio Manager at Mount Lucas Management. David joined Mount Lucas in 2011 as the firm's Chief Risk Officer. Prior to joining Mount Lucas, David spent approximately 6 years at Man Group as a Senior Risk Manager, working in London, New York and Chicago. He holds a Masters degree from Nottingham University.
Robert Roffo
Start Date
Tenure
Tenure Rank
Dec 31, 2019
2.42
2.4%
Roberto Roffo is the Lead Portfolio Manager of the Fund’s since its inception. He has over 25 years experience as a Portfolio Manager. Prior to joining R&C Investment Advisors, LLC in 2019, Mr. Roffo was the Senior Portfolio Manager, Asset Management Development and Portfolio Consultant for HJ Sims/Braintree Capital Partners from 2016 to 2018; the Senior Vice President and Head of Municipal Fixed Income, Advisors Asset Management from 2013 to 2014; Managing Director/Senior Portfolio Manager of SMC Fixed Income Management where he managed mutual funds, separately managed accounts and structured products totaling $2 billion from 2006 to 2013; Managing Director of Claymore Advisors where he managed mutual funds and separately managed accounts totaling $1.2 billion from 2003 to 2006; Director and Portfolio Manager of Merrill Lynch Asset Management from 1992 to 2003. Mr. Roffo earned a BA degree from the University of Massachusetts.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 35.05 | 7.35 | 1.58 |