Rational Tactical Return Fund
Name
As of 12/12/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
2.2%
1 yr return
2.4%
3 Yr Avg Return
1.7%
5 Yr Avg Return
2.0%
Net Assets
$78.8 M
Holdings in Top 10
84.4%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 3.06%
SALES FEES
Front Load N/A
Deferred Load 1.00%
TRADING FEES
Turnover 0.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/12/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
HRSFX - Profile
Distributions
- YTD Total Return 2.2%
- 3 Yr Annualized Total Return 1.7%
- 5 Yr Annualized Total Return 2.0%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -2.98%
- Dividend Yield 0.3%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameRational Tactical Return Fund
-
Fund Family NameRational Funds
-
Inception DateMay 31, 2016
-
Shares OutstandingN/A
-
Share ClassC
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMark Adams
Fund Description
Under normal circumstances, the Fund invests primarily in long and short call and put options on futures contracts on the Standard & Poor’s 500 Index (“SPX”), and in cash and cash equivalents (including short-term Treasury securities and unaffiliated money market funds).
The Fund seeks to achieve its investment objective in three ways: (1) Premium Collection – the Fund collects premiums on options it sells; (2) Volatility Trading – the Fund may enter into positions designed to hedge or profit from either an increase or a decrease in the SPX volatility; and (3) Trend Following – the Fund may increase or decrease the balance of puts and calls based on trending market direction; however, in general, the strategy does not depend on a forecast of equity market direction and is designed to produce returns that are not correlated with equity market returns.
The Fund’s risk management procedures aim to provide consistency of returns and to mitigate the extent of losses. However, the procedures may not be successful in doing so. Positions are entered on a continuous basis across different option exercise prices and expiration dates. The foundation of the Fund’s trading methodology is determined by both technical and fundamental analysis of SPX futures. Technical analysis focuses on the statistical analysis of price movements of the SPX and provides the framework for trade decisions. However, Warrington Asset Management, LLC (the “Sub-Advisor”) also uses fundamental analysis of macroeconomic events such Federal Reserve policy statements, disputes between countries, political upheaval, and other geopolitical events to supplement the technical analysis for final trade execution. The Fund employs risk management procedures intended to adjust portfolio exposure as necessitated by changing market conditions, which may lead to higher transaction costs that may affect the
Fund’s performance. In the event options on SPX futures are unavailable for investment, in order to gain similar market exposure, the Fund may instead invest a significant portion of its assets in Cboe Volatility Index (“VIX”) futures and options, and SPX options. The VIX is a measure of the implied volatility of S&P 500 Index options.
Exchange-traded options on broad-based equity indices that trade on a national securities exchange registered with the SEC, or a domestic board of trade designated as a contract market by the Commodity Futures Trading Commission, generally qualify for treatment as “section 1256 contracts,” as defined in the Internal Revenue Code of 1986, as amended (the “Code”). Under the Code, capital gains and losses on “section 1256 contracts” are generally recognized annually based on a marking-to-market of open positions at tax year-end, with gains or losses treated as 60% long-term and 40% short-term, regardless of holding period. The Fund intends to utilize primarily options that are “section 1256 contracts.”
The Fund actively trades its portfolio securities in an attempt to achieve its investment objective.
HRSFX - Performance
Return Ranking - Trailing
Period | HRSFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.2% | -2.8% | 240.8% | 94.86% |
1 Yr | 2.4% | -4.3% | 140.6% | 98.70% |
3 Yr | 1.7%* | -8.3% | 18.3% | 75.00% |
5 Yr | 2.0%* | -5.0% | 17.3% | 73.73% |
10 Yr | N/A* | -4.6% | 13.2% | 96.08% |
* Annualized
Return Ranking - Calendar
Period | HRSFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -0.5% | -34.1% | 904.0% | 72.07% |
2022 | -1.6% | -28.6% | 438.4% | 87.28% |
2021 | -0.9% | -93.5% | 8.2% | 2.07% |
2020 | -0.4% | -38.9% | 19.8% | 83.72% |
2019 | 3.5% | -10.9% | 12.8% | N/A |
Total Return Ranking - Trailing
Period | HRSFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.2% | -2.7% | 244.0% | 94.86% |
1 Yr | 2.4% | -4.3% | 140.6% | 97.39% |
3 Yr | 1.7%* | -8.3% | 18.3% | 71.79% |
5 Yr | 2.0%* | -5.4% | 17.3% | 69.49% |
10 Yr | N/A* | -4.6% | 13.2% | 96.08% |
* Annualized
Total Return Ranking - Calendar
Period | HRSFX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.0% | -34.1% | 904.0% | 72.07% |
2022 | -1.3% | -5.9% | 438.4% | 87.86% |
2021 | 2.9% | -81.2% | 8.2% | 2.07% |
2020 | 1.8% | -29.0% | 19.8% | 82.17% |
2019 | 7.0% | -10.9% | 12.8% | N/A |
NAV & Total Return History
HRSFX - Holdings
Concentration Analysis
HRSFX | Category Low | Category High | HRSFX % Rank | |
---|---|---|---|---|
Net Assets | 78.8 M | 25 | 17.4 B | 26.59% |
Number of Holdings | 12 | 2 | 508 | 53.82% |
Net Assets in Top 10 | 70.2 M | -6.66 M | 5.12 B | 28.24% |
Weighting of Top 10 | 84.42% | 11.3% | 100.0% | 36.00% |
Top 10 Holdings
- FIRST AM-TR OB-X 48.47%
- B 10/03/24 18.04%
- B 12/26/24 17.85%
- SP EMINI Tues Wk Oct24P 0.05%
- SP Emini 1st Wee Oct24P 0.02%
- SP500 EMINI OPTN Sep24P 0.01%
- Emini SP W Week O Oct24P 0.01%
- Emini SP W Week O Oct24P 0.01%
- Emini SP W Week O Oct24P 0.00%
- Emini SP W Week O Oct24P -0.01%
Asset Allocation
Weighting | Return Low | Return High | HRSFX % Rank | |
---|---|---|---|---|
Cash | 64.16% | -0.76% | 100.29% | 1.53% |
Bonds | 35.88% | 0.00% | 97.96% | 61.45% |
Stocks | 0.00% | -3.92% | 100.76% | 93.13% |
Preferred Stocks | 0.00% | 0.00% | 3.08% | 58.40% |
Convertible Bonds | 0.00% | 0.00% | 20.91% | 60.31% |
Other | -0.04% | 0.00% | 45.92% | 67.56% |
Bond Sector Breakdown
Weighting | Return Low | Return High | HRSFX % Rank | |
---|---|---|---|---|
Cash & Equivalents | 48.47% | 0.09% | 100.00% | 41.60% |
Securitized | 0.00% | 0.00% | 22.63% | 58.02% |
Corporate | 0.00% | 0.00% | 91.57% | 63.36% |
Municipal | 0.00% | 0.00% | 97.57% | 58.02% |
Government | 0.00% | 0.00% | 99.91% | 61.07% |
Derivative | -0.04% | 0.00% | 0.13% | 59.16% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | HRSFX % Rank | |
---|---|---|---|---|
US | 35.88% | 0.00% | 97.96% | 61.83% |
Non US | 0.00% | 0.00% | 16.94% | 58.40% |
HRSFX - Expenses
Operational Fees
HRSFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 3.06% | 0.20% | 6.78% | 4.94% |
Management Fee | 1.75% | 0.20% | 1.75% | 97.76% |
12b-1 Fee | 1.00% | 0.00% | 1.00% | 94.83% |
Administrative Fee | N/A | 0.02% | 0.28% | N/A |
Sales Fees
HRSFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 4.75% | 5.75% | N/A |
Deferred Load | 1.00% | 1.00% | 1.00% | 58.33% |
Trading Fees
HRSFX 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.
HRSFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 0.00% | 0.00% | 456.80% | 18.75% |
HRSFX - Distributions
Dividend Yield Analysis
HRSFX | Category Low | Category High | HRSFX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.26% | 0.00% | 3.76% | 60.97% |
Dividend Distribution Analysis
HRSFX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annually | Monthly | Annually |
Net Income Ratio Analysis
HRSFX | Category Low | Category High | HRSFX % Rank | |
---|---|---|---|---|
Net Income Ratio | -2.98% | -2.54% | 14.24% | 100.00% |
Capital Gain Distribution Analysis
HRSFX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 15, 2023 | $0.044 | OrdinaryDividend |
Dec 15, 2023 | $0.255 | CapitalGainShortTerm |
Dec 15, 2023 | $0.441 | CapitalGainLongTerm |
Dec 16, 2022 | $0.005 | CapitalGainShortTerm |
Dec 16, 2022 | $0.044 | CapitalGainLongTerm |
Dec 17, 2021 | $0.010 | CapitalGainShortTerm |
Dec 17, 2021 | $0.632 | CapitalGainLongTerm |
Dec 18, 2020 | $0.087 | CapitalGainShortTerm |
Dec 18, 2020 | $0.272 | CapitalGainLongTerm |
Dec 18, 2019 | $0.185 | CapitalGainShortTerm |
Dec 18, 2019 | $0.385 | CapitalGainLongTerm |
Dec 20, 2018 | $0.198 | CapitalGainShortTerm |
Dec 21, 2017 | $0.671 | OrdinaryDividend |
Dec 20, 2016 | $2.035 | OrdinaryDividend |
HRSFX - Fund Manager Analysis
Managers
Mark Adams
Start Date
Tenure
Tenure Rank
Dec 02, 2017
4.5
4.5%
Mark W. Adams has been the Assistant Portfolio Manager to Warrington GP, LLC an affiliate of Warrington Asset Management LLC since 2015. From 2009 to 2014, Mr. Adams was employed by Morgan Stanley Smith Barney LLC (“MSSB”) and was registered with the NFA as an Associated Person of MSSB. Mr. Adams graduated from Washington University in St. Louis where he received a BBA with a triple major in Finance, Management and International Business. He also received an MBA from Southern Methodist University’s Cox School of Business.
Scott Kimple
Start Date
Tenure
Tenure Rank
Dec 02, 2017
4.5
4.5%
Scott C. Kimple, is a Principal and Portfolio Manager of Warrington since its inception in 2008. Mr. Kimple also serves as the Portfolio Manager to private commodity pools sponsored by an affiliate of Warrington, as well as to separate commodity trading accounts. From 1991 to 2015, Mr. Kimple was employed by Morgan Stanley Smith Barney LLC and its predecessors (“MSSB”) as a registered representative and was registered with the NFA as an Associated Person of MSSB. Mr. Kimple received a BBA in finance from Southern Methodist University and a MBA, with emphasis in Finance and Derivative Securities, from SMU’s Cox School of Business.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.04 | 19.77 | 3.61 | 5.67 |