RFXIX: Rational Special Situations Income Fund

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RFXIX Rational Special Situations Income Fund


Profile

RFXIX - Profile

Vitals

  • YTD Return -2.5%
  • 3 Yr Annualized Return N/A
  • 5 Yr Annualized Return N/A
  • Net Assets $308 M
  • Holdings in Top 10 26.7%

52 WEEK LOW AND HIGH

$19.59
$17.90
$20.64

Expenses

OPERATING RELATED FEES

  • Expense Ratio 2.06%

SALES FEES

  • Front Load N/A
  • 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 Caregory
  • Fund Type Open End Mutual Fund
  • Investment Style Multisector Bond

Distributions

  • YTD Total Return -2.5%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.48%
DIVIDENDS
  • Dividend Yield 0.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Rational Special Situations Income Fund
  • Fund Family Name
    Rational Funds
  • Inception Date
    Jul 17, 2019
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    William 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.


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Categories

Performance

RFXIX - Performance

Return Ranking - Trailing

Period RFXIX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.5% -55.0% 8.4% 61.84%
1 Yr N/A -55.3% 10.9% N/A
3 Yr N/A* -38.7% 4.9% N/A
5 Yr N/A* -33.2% 18.3% N/A
10 Yr N/A* -5.7% 0.8% N/A

* Annualized

Return Ranking - Calendar

Period RFXIX Return Category Return Low Category Return High Rank in Category (%)
2019 N/A -35.1% 15.3% N/A
2018 N/A -48.0% 0.8% N/A
2017 N/A -14.8% 11.2% N/A
2016 N/A -11.2% 19.1% N/A
2015 N/A -51.1% 4.0% N/A

Total Return Ranking - Trailing

Period RFXIX Return Category Return Low Category Return High Rank in Category (%)
YTD -2.5% -55.0% 8.4% 61.84%
1 Yr N/A -55.3% 6.2% N/A
3 Yr N/A* -38.7% 4.0% N/A
5 Yr N/A* -33.2% 18.3% N/A
10 Yr N/A* -5.7% 5.2% N/A

* Annualized

Total Return Ranking - Calendar

Period RFXIX Return Category Return Low Category Return High Rank in Category (%)
2019 N/A -35.1% 15.3% N/A
2018 N/A -48.0% 4.8% N/A
2017 N/A -14.8% 14.0% N/A
2016 N/A -11.2% 22.5% N/A
2015 N/A -51.1% 4.0% N/A

NAV & Total Return History


Holdings

RFXIX - Holdings

Concentration Analysis

RFXIX Category Low Category High RFXIX % Rank
Net Assets 308 M 6.88 M 123 B 63.04%
Number of Holdings 347 6 7819 55.44%
Net Assets in Top 10 66.4 M -289 M 5.73 B 44.30%
Weighting of Top 10 26.71% 5.8% 214.0% 50.42%

Top 10 Holdings

  1. Mastr Adjustable Rate Mortgages Trust 2.72% 4.43%
  2. Mastr Adjustable Rate Mortgages Trust 2.61% 4.36%
  3. Mastr Adjustable Rate Mortgages Trust 2.67% 3.11%
  4. Bear Stearns Alternative A Trust 0.67% 3.10%
  5. Mastr Adjustable Rate Mortgages Trust 3.07% 2.72%
  6. Merrill Lynch Mtg Inv Trust 0.92% 2.27%
  7. GSR Mtg Ln Tr 07-3 5.75% 2.12%
  8. Bear Stearns Alternative A Trust 0.61% 1.69%
  9. Bear Stearns Asset Backed Securities I Trust 4.67% 1.49%
  10. JP Morgan Mortgage Trust 4.05% 1.42%

Asset Allocation

Weighting Return Low Return High RFXIX % Rank
Bonds
88.71% 9.56% 236.60% 63.06%
Cash
11.29% -144.73% 58.39% 16.45%
Stocks
0.00% -0.27% 13.29% 74.14%
Preferred Stocks
0.00% 0.00% 79.92% 76.66%
Other
0.00% -8.59% 29.25% 57.03%
Convertible Bonds
0.00% 0.00% 26.02% 90.19%

Bond Sector Breakdown

Weighting Return Low Return High RFXIX % Rank
Securitized
87.88% 0.00% 99.31% 3.18%
Cash & Equivalents
12.10% 0.02% 45.23% 19.10%
Corporate
0.02% 0.00% 98.13% 95.49%
Derivative
0.00% -0.44% 44.94% 65.52%
Municipal
0.00% 0.00% 35.72% 61.54%
Government
0.00% 0.00% 99.16% 91.51%

Bond Geographic Breakdown

Weighting Return Low Return High RFXIX % Rank
US
87.46% 5.88% 236.16% 19.89%
Non US
1.25% -63.84% 72.75% 93.63%

Expenses

RFXIX - Expenses

Operational Fees

RFXIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.06% 0.06% 24.26% 18.65%
Management Fee 1.50% 0.00% 2.25% 95.34%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.70% N/A

Sales Fees

RFXIX 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% 5.50% N/A

Trading Fees

RFXIX 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.

RFXIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 14.00% 0.00% 421.00% 4.14%

Distributions

RFXIX - Distributions

Dividend Yield Analysis

RFXIX Category Low Category High RFXIX % Rank
Dividend Yield 0.19% 0.00% 5.80% 11.11%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

RFXIX Category Low Category High RFXIX % Rank
Net Income Ratio 3.48% 1.07% 18.14% 62.80%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

RFXIX - Fund Manager Analysis

Managers

William Van de Water


Start Date

Tenure

Tenure Rank

Jul 17, 2019

1.04

1.0%

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

1.04

1.0%

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
0.01 29.23 5.71 3.33