As the Matisse Discounted Bond CEF Strategy (MDFIX) celebrates 3 years of existence as a fund, we are pleased to report that Morningstar has given MDFIX an initial Morningstar Rating™ of 5 Stars! A 5 Star rating indicates that MDFIX falls within the top 10% of funds in Morningstar’s Multisector Bond category, as measured and ranked by risk-adjusted returns (more details on that risk-adjusted measure below).
Morningstar Ratings™ measure risk-adjusted returns. The overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.
Morningstar Category: Multisector Bond (as of April 30th, 2023)
| Product Name | Morningstar Overall Rating™ | 3-Year Rating (282 Funds in Category) | 5-Year Rating (251 Funds in Category) | 10-Year Rating (156 Funds in Category) |
|---|---|---|---|---|
| Matisse Discounted Bond CEF Strategy (MDFIX) | ⭐⭐⭐⭐⭐ 5 Stars | ⭐⭐⭐⭐⭐ 5 Stars | - | - |
Source: Morningstar®, 4/30/23. For each mutual fund and exchange traded fund with at least a 3-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund’s monthly performance, and does not take into account the effects of sales charges and loads, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The weights are: 100% 3-year rating for 36–59 months of total returns, 60% 5-year rating/40% 3-year rating for 60–119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. Mutual fund Morningstar Ratings™ are for Class I, Z or Advisor Shares only; other classes may have different performance characteristics. Past performance is not an indicator or a guarantee of future performance. © 2023 Morningstar, Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
| Performance as of 3/31/2024 | 3-Month | YTD | 1-Year | 3-Year | Since Inception MDFIX 4/30/2020 (average annual) |
|---|---|---|---|---|---|
| MDFIX | 4.32% | 4.32% | 13.65% | 1.78% | 8.67% |
| Bloomberg US Aggregate Bond Index | -0.78% | -0.78% | 1.70% | -2.46% | -2.15% |
| Bloomberg VLI High Yield Index | 1.27% | 1.27% | 10.99% | 1.80% | 5.41% |
| FT Taxable Fixed Income CEF Index | 6.57% | 6.57% | 17.83% | 1.00% | 8.19% |
| Yield as of 3/31/2024 | Distribution Rate | Subsidized 30-Day SEC Yield | Unsubsidized 30-Day SEC Yield |
|---|---|---|---|
| MDFIX | 7.06% | 5.24% | 4.98% |
Subsidized yield reflects fee waivers and/or expense reimbursements during the period. Without waivers and/or reimbursements, yields would be reduced. Unsubsidized yield does not adjust for any fee waivers and/or expense reimbursements in effect. The Expense Limitation Agreement runs through July 31, 2023 and may be terminated by the Board of Trustees of the Fund at any time.
The performance information quoted represents past performance, which is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. An investor may obtain performance data current to the most recent month-end by calling 1-800-773-3863. Total return measures net investment income and capital gain or loss from portfolio investments. All performance shown assumes reinvestment of dividends and capital gains distributions. Total Fund Expenses are 3.10% (as of 8/1/22).
Bloomberg Barclays US Aggregate Bond Index: is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate pass-throughs), ABS and CMBS (agency and non-agency).
Bloomberg Barclays VLI High Yield Index: a component of the US Corp High Yield Index that is designed to track a more liquid component of the USD-denominated, high yield, fixed-rate corporate bond market. The US High Yield VLI uses the same eligibility criteria as the US Corp High Yield Index, but includes only bonds that have a minimum amount outstanding of USD500mn and less than five years from issue date.
FT Taxable Fixed Income CEF Index: a capitalization weighted index designed to provide a broad representation of the taxable fixed income closed-end fund universe. The taxable fixed income closed-end fund market is comprised of the following sectors; high yield corporate, senior loan, global income, emerging market income, multi-sector, government, convertible, and mortgage funds.
An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Generally, the Fund will be subject to the following additional risks: Closed-End Fund Risk, Fund of Funds Risk, Control of Portfolio Funds Risk, Fixed Income Securities Risk, Credit Risk, Interest Rate Risk, Junk Bond Risk, Prepayment Risk, Derivatives Risk, COVID-19 and Other Infectious Illnesses Risk, Convertible Securities Risk, Cybersecurity Risk, Equity Securities Risk, Preferred Stock Risk, Foreign Securities Risk, General Investments Risk, Investment Advisor Risk, Quantitative Model Risk, Leverage Risk, Limited History of Operations Risk, Loans Risk, Management Style Risk, Market Risk, Money Market Mutual Fund Risk, and Portfolio Turnover Risk. More information about these risks and other risks can be found in the Fund’s prospectus.
Distributor: Capital Investment Group, Inc., Member FINRA/SIPC. There is no affiliation between Matisse Capital, including its principals, and Capital Investment Group, Inc. Serial #RCMAT0523003.
An investor should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available at www.ncfunds.com or by calling Shareholder Services at 1-800-773-3863. The prospectus should be read carefully before investing. Current and future holdings are subject to change and risk.