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AlphaCentric Strategic Income Fund

mutual fund
SIICX
Payout Change
Pending
Price as of:
$16.14 -0.03 -0.19%
primary theme
U.S. Balanced Allocation
SIICX (Mutual Fund)

AlphaCentric Strategic Income Fund

Payout Change
Pending
Price as of:
$16.14 -0.03 -0.19%
primary theme
U.S. Balanced Allocation
SIICX (Mutual Fund)

AlphaCentric Strategic Income Fund

Payout Change
Pending
Price as of:
$16.14 -0.03 -0.19%
primary theme
U.S. Balanced Allocation

Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$16.14

$58.1 M

5.64%

$0.91

3.13%

Vitals

YTD Return

2.1%

1 yr return

10.4%

3 Yr Avg Return

0.2%

5 Yr Avg Return

N/A

Net Assets

$58.1 M

Holdings in Top 10

48.4%

52 WEEK LOW AND HIGH

$16.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 3.13%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 20.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$2,500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$16.14

$58.1 M

5.64%

$0.91

3.13%

SIICX - Profile

Distributions

  • YTD Total Return 2.1%
  • 3 Yr Annualized Total Return 0.2%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 5.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    AlphaCentric Strategic Income Fund
  • Fund Family Name
    AlphaCentric Funds
  • Inception Date
    Aug 01, 2011
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    David Gregory

Fund Description

Goshen Rock Capital, LLC, the Fund’s investment sub-advisor (the “Sub-Advisor”), seeks undervalued investments and endeavors to identify overlooked factors that lead to price appreciation. The Sub-Advisor uses a fundamental, research driven approach to detect market inefficiencies and to identify what it perceives to be attractive risk-adjusted return potential. The Sub-Advisor’s analytic framework typically incorporates a “bottom up,” value-oriented evaluation of an investment’s potential. For fixed income securities, analysis is focused on understanding credit risks as well as structural nuances that could affect value. For equity securities, the focus revolves around asset-based analysis to uncover overlooked sources of value. The Sub-Advisor endeavors to purchase securities at a discount to their actual value based on the Sub-Advisor’s assessment of quantitative and qualitative factors (i.e., “intrinsic value”). The Sub-Advisor generally sells a security when it is at or near its intrinsic value or to facilitate the purchase of a security with a more attractive risk-adjusted return potential. Ultimately, investment decisions rely on the judgement and experience of the Sub-Advisor.

The Fund seeks to achieve its investment objective by investing primarily in interest-bearing fixed income securities, including convertible bonds, and dividend paying equity securities. The Fund focuses its investments in agency and non-agency residential and commercial mortgage-backed securities (“MBS”), including MBS secured by sub-prime mortgages; and debt and equity securities of companies engaged in real estate and mortgage related businesses, including, but not limited to, mortgage originators, mortgage servicers and real estate investment trusts (mortgage and equity) (“REITs”). The Fund may also invest in senior and subordinate collateralized debt obligations (“CDOs”) and collateralized loan obligations (“CLOs”), and the senior and subordinate debt securities and equity securities of businesses unrelated to real estate and mortgages. The Fund’s CDO or CLO investments will be concentrated in debt tranches, a portion of which could be subordinate debt tranches rated below investment grade. The Fund may invest in domestic and foreign entities.

The Fund concentrates its investments (i.e., invests more than 25% of its net assets) in securities of real estate industry companies. Real estate industry companies are defined by the Fund as REITs, MBS and companies that derive a majority of their revenue from real estate or mortgage related businesses or have a majority of their assets invested in real estate or mortgages.

The Fund may invest in debt securities of any maturity or duration. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. The more sensitive a security is to changes in interest rates, the higher its volatility risk. The Fund may invest in distressed asset backed securities and other below investment grade securities (commonly referred to as “junk”) without limitation. Below investment grade securities are rated below Baa3 by Moody’s Investor Services or equivalently by another nationally recognized statistical rating organization as well as non-rated securities. The equity securities in which the Fund may invest include the common stock, preferred stock and American Depository Receipts (“ADRs”) of companies of any capitalization. The Fund may hold up to 15% of its net assets in illiquid investments. The Fund may use derivatives for hedging purposes. The Fund may hedge against rising interest rates through interest rate swaps, interest rate-linked futures and options. The Fund may hedge against rising default rates through credit default swaps, total return swaps linked to an asset or asset class that is representative of the default risks faced by the Fund, and credit spread options.

The Fund is classified as “non-diversified” for purposes of the Investment Company Act of 1940 (the “1940 Act”), which means a relatively high percentage of the Fund’s assets may be invested in the securities of a limited number of companies that could be in the same or related economic sectors.

Distribution Policy: The Fund’s distribution policy is to make monthly distributions to shareholders. The Fund may, at the discretion of management, target a specific level of monthly distributions (including any return of capital) from time to time. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital. Shareholders should not assume that the source of a distribution from the Fund is net profit. For more information about the Fund’s distribution policy, please turn to “Additional Information About the Fund’s Principal Investment Strategies and Related Risks – Principal Investment Strategies – AlphaCentric Strategic Income Fund Distribution Policy and Goals” section in the Fund’s Prospectus.

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SIICX - Performance

Return Ranking - Trailing

Period SIICX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.1% 0.3% 33.8% 94.47%
1 Yr 10.4% -2.0% 61.3% 77.45%
3 Yr 0.2%* -7.0% 10.9% 84.82%
5 Yr N/A* -4.3% 15.7% N/A
10 Yr N/A* 0.4% 10.6% N/A

* Annualized

Return Ranking - Calendar

Period SIICX Return Category Return Low Category Return High Rank in Category (%)
2023 9.2% -12.2% 23.9% 63.25%
2022 -19.9% -34.7% 2.8% 67.15%
2021 N/A -11.9% 18.1% N/A
2020 N/A -20.9% 39.7% N/A
2019 N/A 0.8% 25.7% N/A

Total Return Ranking - Trailing

Period SIICX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.1% 0.3% 33.8% 94.47%
1 Yr 10.4% -2.0% 61.3% 77.45%
3 Yr 0.2%* -7.0% 10.9% 84.82%
5 Yr N/A* -4.3% 15.7% N/A
10 Yr N/A* 0.4% 10.6% N/A

* Annualized

Total Return Ranking - Calendar

Period SIICX Return Category Return Low Category Return High Rank in Category (%)
2023 15.9% -12.2% 26.8% 24.79%
2022 -15.8% -29.0% 10.9% 64.11%
2021 N/A -3.0% 27.3% N/A
2020 N/A -19.5% 40.6% N/A
2019 N/A 2.2% 32.7% N/A

NAV & Total Return History


SIICX - Holdings

Concentration Analysis

SIICX Category Low Category High SIICX % Rank
Net Assets 58.1 M 789 K 217 B 89.25%
Number of Holdings 98 2 15947 44.87%
Net Assets in Top 10 27.6 M 596 K 67.8 B 85.75%
Weighting of Top 10 48.45% 11.3% 121.1% 52.99%

Top 10 Holdings

  1. FIRST AM-TR OB-X 9.18%
  2. RITHM CAPITAL CO 8.24%
  3. TWO 6 1/4 01/15/26 5.34%
  4. ELLINGTON FINANC 4.59%
  5. MGIC INVT CORP 4.49%
  6. DYNEX CAPITAL 3.96%
  7. PMT 5 1/2 11/01/24 3.41%
  8. MFA FINANCIAL 3.36%
  9. REDWOOD TRUST 3.22%
  10. OCN 7 7/8 03/15/26 2.65%

Asset Allocation

Weighting Return Low Return High SIICX % Rank
Stocks
42.07% 0.00% 100.06% 89.32%
Bonds
21.51% 0.00% 77.51% 43.16%
Preferred Stocks
14.43% 0.00% 23.15% 0.85%
Other
11.80% -42.80% 112.46% 2.28%
Cash
10.19% -7.92% 100.00% 8.69%
Convertible Bonds
3.46% 0.00% 23.84% 6.46%

Stock Sector Breakdown

Weighting Return Low Return High SIICX % Rank
Real Estate
65.01% 0.00% 65.01% 0.43%
Financial Services
32.24% 0.00% 38.77% 1.29%
Consumer Cyclical
2.75% 0.00% 19.36% 94.96%
Utilities
0.00% 0.00% 99.55% 99.42%
Technology
0.00% 0.00% 44.21% 99.86%
Industrials
0.00% 0.00% 24.37% 99.86%
Healthcare
0.00% 0.00% 29.35% 99.86%
Energy
0.00% 0.00% 85.65% 100.00%
Communication Services
0.00% 0.00% 38.10% 99.86%
Consumer Defense
0.00% 0.00% 15.14% 99.86%
Basic Materials
0.00% 0.00% 33.35% 99.86%

Stock Geographic Breakdown

Weighting Return Low Return High SIICX % Rank
US
42.07% 0.00% 100.06% 85.47%
Non US
0.00% 0.00% 39.69% 97.58%

Bond Sector Breakdown

Weighting Return Low Return High SIICX % Rank
Corporate
52.06% 0.00% 98.21% 18.36%
Securitized
24.58% 0.00% 92.13% 30.99%
Cash & Equivalents
9.18% 0.00% 99.92% 9.12%
Derivative
0.00% -2.92% 43.22% 88.60%
Municipal
0.00% 0.00% 24.80% 98.42%
Government
0.00% 0.00% 97.26% 99.71%

Bond Geographic Breakdown

Weighting Return Low Return High SIICX % Rank
US
21.51% 0.00% 77.51% 42.88%
Non US
0.00% 0.00% 11.88% 97.44%

SIICX - Expenses

Operational Fees

SIICX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 3.13% 0.03% 17.63% 3.54%
Management Fee 1.50% 0.00% 1.83% 99.72%
12b-1 Fee 1.00% 0.00% 1.00% 99.52%
Administrative Fee 0.10% 0.01% 0.83% 56.68%

Sales Fees

SIICX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

SIICX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 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.

SIICX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 20.00% 0.00% 343.00% 24.77%

SIICX - Distributions

Dividend Yield Analysis

SIICX Category Low Category High SIICX % Rank
Dividend Yield 5.64% 0.00% 17.90% 6.51%

Dividend Distribution Analysis

SIICX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Monthly Annual

Net Income Ratio Analysis

SIICX Category Low Category High SIICX % Rank
Net Income Ratio N/A -2.34% 19.41% N/A

Capital Gain Distribution Analysis

SIICX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Monthly Annually

Distributions History

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SIICX - Fund Manager Analysis

Managers

David Gregory


Start Date

Tenure

Tenure Rank

May 28, 2021

1.01

1.0%

Mr. Gregory is the Chief Investment Officer, Managing Member and a Portfolio Manager of GRC since its inception in 2021. Mr. Gregory is also a Portfolio Manager at SCM, where he has been employed since 2006. Mr. Gregory has responsibility for portfolio management and trading at both SCM and GRC. Over his career, he has gained over thirteen years of trading experience with a focus on securitized products. In addition to his expertise pertaining to fundamental analysis and deal structure, his sourcing capabilities have led to investments in multiple new asset classes for SCM’s client accounts. His primary focus has been on real estate related securities with a particular expertise in complex asset classes including non-Agency RMBS, derivatives, CMBS, esoteric ABS and CDOs. He also serves on the investment committee for a family scholarship fund and investment partnership. Mr. Gregory is a graduate of Bucknell University (2006), where he received a Bachelor of Science in Business Management with a focus on Finance.

Alex Cigolle


Start Date

Tenure

Tenure Rank

May 28, 2021

1.01

1.0%

Mr. Cigolle has served as Chief Investment Officer of Strategos Capital Management, LLC since September 2004. From 2000 to 2004, Mr. Cigolle served as Vice President of Delaware Investments in the Structured Products Group. At Delaware Investments Mr. Cigolle directed the trading and structuring of collateralized debt obligations (CDOs). In addition, Mr. Cigolle was responsible for credit analysis of various structured products including ABS, MBS, and CDOs. Prior to Delaware Investments, Mr. Cigolle was employed with Bank of America Securities where he was a structurer in the Structured Credit Products Group. Mr. Cigolle is a graduate of the Massachusetts Institute of Technology where he earned a bachelor's degree in economics. He is also a CFA Charterholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 34.51 6.36 2.41