MDCEX Performance — Matisse Discounted Closed-End Fund Strategy, Institutional Class
Data updated: 2026-08-28
MDCEX returned +6.54% year to date and +18.69% over one year to Jun 2026. Annualised returns are +20.40% over 3 years and +13.16% over 5 years. The fund beat its Financials Equity category average: $100 invested three years ago grew to $175, against $158 for the category, and to $119 over one year, against $112. Volatility over the past three years was 12.04% a year. In the 12 months to Jun 2026 the fund took in a net $14.6M, and assets reached $74.98M.
MDCEX Growth of $100
What $100 invested in Matisse Discounted Closed-End Fund Strategy grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Financials Equity category average over the same months.
| Period | MDCEX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $119 | $112 |
| 3 years (Jul 2023 – Jun 2026) | $175 | $158 |
| 5 years (Jul 2021 – Jun 2026) | $186 | $144 |
| Since data start (Jan 2020 – Jun 2026) | $210 | $172 |
MDCEX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +6.54% |
| 1 year | +18.69% |
| 3 years (annualised) | +20.40% |
| 5 years (annualised) | +13.16% |
MDCEX Annual Returns
Calendar-year total returns of Matisse Discounted Closed-End Fund Strategy, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +6.54% |
| 2025 | +28.02% |
| 2024 | +14.97% |
| 2023 | +23.89% |
| 2022 | −6.59% |
| 2021 | +23.13% |
| 2020 | −6.14% |
MDCEX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +3.6% | −1.0% | −5.2% | +8.2% | +2.3% | −1.1% | — | — | — | — | — | — |
| 2025 | +5.1% | +0.6% | −2.5% | −0.1% | +4.9% | +6.3% | +1.7% | +3.9% | +3.1% | +0.7% | −0.9% | +2.6% |
| 2024 | +1.3% | +2.3% | +3.8% | −4.3% | +3.8% | +1.4% | +1.4% | +0.6% | +2.5% | −0.4% | +4.1% | −2.2% |
| 2023 | +10.0% | −2.5% | −1.5% | −0.3% | −2.0% | +7.9% | +3.6% | −1.6% | −2.5% | −4.3% | +10.3% | +6.2% |
| 2022 | +0.4% | −1.2% | +3.1% | −2.5% | +1.1% | −7.3% | +5.3% | −0.2% | −10.8% | +7.4% | +5.3% | −5.8% |
| 2021 | +1.8% | +4.6% | +3.6% | +4.7% | +3.6% | +0.6% | −2.0% | +1.9% | −0.7% | +3.4% | −0.8% | +0.5% |
| 2020 | −1.6% | −9.6% | −29.3% | +11.5% | +5.4% | +2.0% | +3.2% | +4.4% | −3.3% | −1.9% | +14.6% | +6.3% |
MDCEX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 12.04%
- 3-year Sharpe ratio: 1.32 (vs 4.5% risk-free rate)
- Best month: +10.26% (Nov 2023)
- Worst month: −5.19% (Mar 2026)
MDCEX Fund Flows
Monthly money in and out of Matisse Discounted Closed-End Fund Strategy, from SEC Form N-PORT.
- 12-month net flow: $14.6M
- 12-month gross sales (incl. reinvestments): $28.6M
- Sales ÷ redemptions: 2.04×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $673K | $2.8M | −$2.1M |
| May 2026 | $1.1M | $327K | $753K |
| Apr 2026 | $6.8M | $433K | $6.4M |
| Mar 2026 | $754K | $571K | $182K |
| Feb 2026 | $1.2M | $406K | $822K |
| Jan 2026 | $2.6M | $4.2M | −$1.6M |
| Dec 2025 | $5.7M | $1.1M | $4.6M |
| Nov 2025 | $981K | $599K | $382K |
| Oct 2025 | $2.0M | $421K | $1.5M |
| Sep 2025 | $1.3M | $587K | $674K |
| Aug 2025 | $4.8M | $364K | $4.4M |
| Jul 2025 | $785K | $2.2M | −$1.4M |
MDCEX Assets Under Management
Net assets of Matisse Discounted Closed-End Fund Strategy by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $74.98M |
| 2026-03-31 | $64.86M |
| 2025-12-31 | $68.34M |
| 2025-09-30 | $66.93M |
| 2025-06-30 | $58.96M |
| 2025-03-31 | $51.52M |
| 2024-12-31 | $47.78M |
| 2024-09-30 | $48.14M |
| 2024-06-30 | $46.79M |
| 2024-03-31 | $46.95M |
| 2023-12-31 | $41.48M |
| 2023-09-30 | $38.58M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.