Rational Special Situations Income Fund
- RFXAX
- Price as of: Feb 25, 2021
-
$19.85
N/A N/A
- Primary Theme
- Bond Sector Diversified
- Fund Company
- Rational Funds
- Share Class
RFXAX - Snapshot
Vitals
- YTD Return 0.7%
- 3 Yr Annualized Return N/A
- 5 Yr Annualized Return N/A
- Net Assets $421 M
- Holdings in Top 10 30.7%
52 WEEK LOW AND HIGH
Expenses
OPERATING RELATED FEES
- Expense Ratio 2.21%
SALES FEES
- Front Load 4.75%
- Deferred Load N/A
BROKERAGE FEES
- Turnover 14.00%
TRADING FEES
- Max Redemption Fee N/A
Min Investment
- Standard (Taxable) $1,000
- IRA N/A
Fund Classification
-
Primary Theme
Bond Sector Diversified
- Fund Type Open End Mutual Fund
- Investment Style Multisector Bond
RFXAX - Profile
Distributions
- YTD Total Return 0.7%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 3.22%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameRational Special Situations Income Fund
-
Fund Family NameRational Funds
-
Inception DateJul 17, 2019
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerWilliam Van de Water
Fund Description
The fund seeks to achieve its investment objective by primarily investing in agency and non-agency residential and commercial mortgage-backed securities, with a focus on non-agency residential mortgage-backed securities. It does not limit its investments to a particular credit quality and may invest without limitation in debt securities rated below investment grade (commonly referred to as "junk" bonds). The fund is non-diversified.
RFXAX - Performance
Return Ranking - Trailing
Period | RFXAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.7% | -6.6% | 11.3% | 27.23% |
1 Yr | 0.9% | -28.0% | 23.3% | 81.15% |
3 Yr | N/A* | -14.9% | 10.5% | N/A |
5 Yr | N/A* | -12.7% | 14.7% | N/A |
10 Yr | N/A* | -1.3% | 12.8% | N/A |
* Annualized
Return Ranking - Calendar
Period | RFXAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2020 | -2.2% | -49.2% | 314.3% | 75.39% |
2019 | N/A | -35.1% | 15.3% | N/A |
2018 | N/A | -48.0% | 3.1% | N/A |
2017 | N/A | -14.8% | 11.2% | N/A |
2016 | N/A | -11.2% | 10.7% | N/A |
Total Return Ranking - Trailing
Period | RFXAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.7% | -6.6% | 13.3% | 27.62% |
1 Yr | -3.9% | -30.5% | 23.3% | 91.16% |
3 Yr | N/A* | -16.6% | 10.5% | N/A |
5 Yr | N/A* | -13.7% | 14.7% | N/A |
10 Yr | N/A* | -1.3% | 12.8% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | RFXAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2020 | -2.2% | -49.2% | 314.3% | 75.39% |
2019 | N/A | -35.1% | 15.3% | N/A |
2018 | N/A | -48.0% | 8.0% | N/A |
2017 | N/A | -14.8% | 15.2% | N/A |
2016 | N/A | -11.2% | 17.7% | N/A |
NAV & Total Return History
RFXAX - Holdings
Concentration Analysis
RFXAX | Category Low | Category High | RFXAX % Rank | |
---|---|---|---|---|
Net Assets | 421 M | 1.48 M | 133 B | 59.07% |
Number of Holdings | 487 | 3 | 7676 | 48.46% |
Net Assets in Top 10 | 117 M | -2.93 B | 12 B | 43.39% |
Weighting of Top 10 | 30.66% | 4.1% | 100.0% | 43.19% |
Top 10 Holdings
- First American Government Obligs U 8.60%
- BCP VOYAGER MSTR FUND 2009 0.34% 4.66%
- Mastr Adjustable Rate Mortgages Trust 1.59% 2.86%
- Mastr Adjustable Rate Mortgages Trust 1.48% 2.84%
- Deer Finance Syndicated Loan 2.72%
- Deer Finance Syndicated Loan 2.72%
- Deer Finance Syndicated Loan 2.72%
- Deer Finance Syndicated Loan 2.72%
- Deer Finance Syndicated Loan 2.72%
- Deer Finance Syndicated Loan 2.72%
Asset Allocation
Weighting | Return Low | Return High | RFXAX % Rank | |
---|---|---|---|---|
Bonds | 91.07% | -262.75% | 9989800.00% | 38.59% |
Cash | 8.93% | -220.60% | 362.75% | 36.85% |
Stocks | 0.00% | -91.60% | 171.32% | 83.69% |
Preferred Stocks | 0.00% | 0.00% | 34.52% | 79.17% |
Other | 0.00% | -42.24% | 120.57% | 69.16% |
Convertible Bonds | 0.00% | 0.00% | 179.84% | 93.59% |
Bond Sector Breakdown
Weighting | Return Low | Return High | RFXAX % Rank | |
---|---|---|---|---|
Securitized | 88.46% | 0.00% | 98.78% | 3.47% |
Cash & Equivalents | 8.93% | 0.00% | 100.00% | 44.19% |
Corporate | 2.61% | 0.00% | 99.97% | 90.39% |
Derivative | 0.00% | 0.00% | 56.11% | 77.97% |
Municipal | 0.00% | 0.00% | 42.12% | 73.83% |
Government | 0.00% | 0.00% | 98.91% | 95.06% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | RFXAX % Rank | |
---|---|---|---|---|
US | 89.21% | -262.75% | 168.96% | 10.95% |
Non US | 1.86% | 0.00% | 151.10% | 94.39% |
RFXAX - Expenses
Operational Fees
RFXAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.21% | 0.01% | 14.61% | 14.29% |
Management Fee | 1.50% | 0.00% | 2.25% | 95.60% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 40.98% |
Administrative Fee | N/A | 0.01% | 0.70% | N/A |
Sales Fees
RFXAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 4.75% | 0.00% | 5.75% | 18.37% |
Deferred Load | N/A | 1.00% | 5.50% | N/A |
Trading Fees
RFXAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.40% | 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.
RFXAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 14.00% | 0.00% | 493.00% | 4.07% |
RFXAX - Distributions
Dividend Yield Analysis
RFXAX | Category Low | Category High | RFXAX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 7.16% | 64.55% |
Dividend Distribution Analysis
RFXAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Annually | Monthly | Monthly |
Net Income Ratio Analysis
RFXAX | Category Low | Category High | RFXAX % Rank | |
---|---|---|---|---|
Net Income Ratio | 3.22% | -1.55% | 18.14% | 54.32% |
Capital Gain Distribution Analysis
RFXAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
RFXAX - Fund Manager Analysis
Managers
William Van de Water
Start Date
Tenure
Tenure Rank
Jul 17, 2019
1.55
1.6%
William R. Van de Water has been working in finance since 2005. Mr. Van de Water joined ESM Management LLC as a residential mortgage-backed securities analyst and trader in June 2009 and became a managing director in December 2009. In 2014, Mr. Van de Water became a co-portfolio manager at ESM Management LLC. From 2005 through March 2009, Mr. Van de Water worked in the Boston office of Susquehanna International Group. His primary responsibility was to analyze and trade mortgage-backed securities. Mr. Van de Water earned joint B.S. degrees in Physics, Business, Economics, and Management from the California Institute of Technology in 2005.
Eric Meyer
Start Date
Tenure
Tenure Rank
Jul 17, 2019
1.55
1.6%
Eric S. Meyer has been working in finance since 1995 and he founded ESM Management LLC in January 2009. From 1997 through 2008, Dr. Meyer worked at Susquehanna International Group. His primary responsibilities included building and managing the emerging markets bond trading group, building and managing a fixed income arbitrage group, creating and managing tax-advantaged trading strategies, and trading and investing in mortgage-backed securities. From 1995 through 1997, he was a quantitative researcher in the fixed income relative value arbitrage group at D. E. Shaw & Co., a hedge fund based in New York. Before entering the financial field, Dr. Meyer was a physicist at the National Institute of Standards and Technology in Gaithersburg, MD. He received both his A.B. degree and Ph.D. degree in Physics from Harvard University.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.05 | 29.73 | 5.49 | 1.87 |