IOXAX — Catalyst/Stone Beach Income Opportunity Fund
Data updated: 2022-11-28
IOXAX — Catalyst/Stone Beach Income Opportunity Fund. Money Market · $3.07M AUM · 1.62% expense ratio. Holdings, fees, performance and SEC filings.
IOXAX Fund Overview
IOXAX — Catalyst/Stone Beach Income Opportunity Fund is a US mutual fund managed by Mutual Fund Series Trust, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Mutual Fund Series Trust
- Category: Money Market
- Assets under management: $3.07M
- 1-year return: -26.7%
- Ticker: IOXAX
- SEC CIK: 0001355064
- SEC series ID: S000045923
- Share class ID: C000143115
IOXAX Investment Objective and Strategy
Catalyst/Stone Beach Income Opportunity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Mutual Fund Series Trust.
Investment objective
The Funds investment objective is current income.
Principal investment strategy
The Fund seeks to deliver monthly dividend income derived from its investments in mortgage-backed securities (MBS), including U.S. agency and non-agency residential MBS, commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) (including privately-offered collateralized loans), and real estate investment trusts (REITs). The Fund will also invest in structured notes and total return swaps linked to foreign and domestic bonds, foreign and domestic money market funds, foreign and domestic interest rates, changes in interest rates, foreign and domestic bond futures, foreign and domestic credit default swaps and changes in exchange rates. U.S. agency MBS in which the Fund may invest include pass through and structured securities, such as fixed, floating and inverse floating rate collateralized mortgage obligations (CMOs) as well as interest-only and principal only MBS.
The Fund employs an actively managed hedged strategy that seeks to limit declines in the net asset value of the Funds portfolio in adverse market conditions. These investments may be made directly or through investments in exchange traded funds (ETFs). There is no guarantee that the Funds hedging strategy will be successful. The Fund may purchase securities on a when-issued, delayed delivery or forward commitment basis. The Fund may purchase or sell forward contracts in agency MBS pass-through securities via the To Be Announced (TBA) market. The Fund may utilize repurchase agreements and reverse repurchase agreements for cash management purposes. The Fund does not limit its investments to a particular credit quality and may invest in distressed MBS and ABS, and other below investment grade securities (rated below BBB- by Standard & Poors Rating Services or the equivalent by Moodys Investor Service, Inc.
or Fitch, Inc., which is also known as junk) without limitation. The Fund may invest up to 15% of the its net assets in securities that have legal or contractual restrictions on resale or are otherwise illiquid. The Fund may invest in securities of any maturity or duration. In managing the Funds investments, the sub-advisor seeks to construct an investment portfolio with a weighted average maturity that ranges between 1 and 10 years and a weighted average effective duration that ranges between -9 and 9 years. Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a securitys price to changes in interest rates. Effective duration is a measure of the Funds portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage pre-payment rates.
Unique to the residential MBS market are securities, such as interest-only securities, and related derivatives, that have negative duration. This means that these instruments normally move up with positive changes in interest rates, the opposite of most other debt instruments. This generally allows some portion of the portfolios market risk to be hedged with a purchase, rather than a short sale, and realize positive cash flows on the hedge. The maturity and effective duration of the Funds investment portfolio may vary materially from its target, from time to time, and there is no assurance that the maturity or effective duration of the Funds investment portfolio will not exceed its target. The Funds sub-advisor uses a relative value approach to profit from investment opportunities within the mortgage-backed securities market.
The sub-advisor seeks to invest in undervalued securities in order to capitalize on price appreciation and superior cash flows. The Fund sub-advisors objective is to construct a portfolio that will yield superior returns over time, yet minimize declines in the net asset value of the Funds portfolio in adverse market conditions. The Funds investment strategy is derived from the sub-advisors understanding of the dynamics of the housing market, mortgage finance, and other aspects of the economic landscape. Each potential investment in the Fund undergoes extensive quantitative and qualitative analysis to determine its fit within the portfolio. The analysis includes an assessment of key market sensitivity measures and stress-testing to establish how the investment will perform under a variety of conditions.
The Fund may also implement a hedging strategy, when deemed appropriate, that utilizes derivative instruments, including options, futures contracts, fixed income swap agreements and other synthetic mortgage-related swap agreements.
IOXAX Performance
Total returns for IOXAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -26.7% |
| 3 years (annualised) | -9.7% |
IOXAX Risk Information
Risk metrics for IOXAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 22.2%
IOXAX Costs and Fees
IOXAX costs about $162 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.62%
- Gross expense ratio: 2.20%
- Portfolio turnover: 660%
- Brokerage commissions: 31.34 bps of average net assets (SEC N-CEN)
IOXAX Cashflows
Over the 12 months to 2022-09, Catalyst/Stone Beach Income Opportunity Fund had net inflows of $30.14M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2022-09 | $11.32M |
| 2022-08 | $1.79M |
| 2022-07 | $1.15M |
| 2022-06 | $217.56K |
| 2022-05 | $388.67K |
| 2022-04 | $2.10M |
IOXAX Debt Constituents
No individual debt constituents are reported in Catalyst/Stone Beach Income Opportunity Fund's latest SEC N-PORT filing.
IOXAX Prospectus and SEC Filings
Official Catalyst/Stone Beach Income Opportunity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2021-10-28
- Prospectus (485BPOS) — filed 2020-10-28
- Prospectus (485BPOS) — filed 2019-11-06
- Portfolio holdings (N-PORT) — filed 2022-11-28
- Portfolio holdings (N-PORT) — filed 2022-08-25
- Portfolio holdings (N-PORT) — filed 2022-05-31
- Annual census (N-CEN) — filed 2022-09-13
- Annual census (N-CEN) — filed 2021-09-13
Related Funds
Other Money Market funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.