MDFIX Performance — Matisse Discounted Bond CEF Strategy, Institutional Class
Data updated: 2026-08-28
MDFIX returned +0.98% year to date and +5.99% over one year to Jun 2026. Annualised returns are +9.04% over 3 years and +2.90% over 5 years. Against its Core Bond category average the fund came out ahead over three years but behind over one: $100 invested three years ago grew to $130, against $120 for the category, and to $106 over one year, against $107. Volatility over the past three years was 9.22% a year. In the 12 months to Jun 2026 the fund took in a net $399K, and assets reached $53.33M.
MDFIX Growth of $100
What $100 invested in Matisse Discounted Bond CEF Strategy grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Core Bond category average over the same months.
| Period | MDFIX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $106 | $107 |
| 3 years (Jul 2023 – Jun 2026) | $130 | $120 |
| 5 years (Jul 2021 – Jun 2026) | $115 | $112 |
| Since data start (Apr 2020 – Jun 2026) | $160 | $131 |
MDFIX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +0.98% |
| 1 year | +5.99% |
| 3 years (annualised) | +9.04% |
| 5 years (annualised) | +2.90% |
MDFIX Annual Returns
Calendar-year total returns of Matisse Discounted Bond CEF Strategy, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +0.98% |
| 2025 | +8.06% |
| 2024 | +10.63% |
| 2023 | +13.63% |
| 2022 | −15.83% |
| 2021 | +9.47% |
| 2020 (Apr–Dec) | +26.79% |
MDFIX 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 | +0.8% | −1.4% | −0.8% | +1.7% | +0.3% | +0.4% | — | — | — | — | — | — |
| 2025 | +1.8% | +1.7% | −1.4% | −0.5% | 0.0% | +1.3% | −0.6% | +1.3% | +3.5% | +0.6% | −0.3% | +0.4% |
| 2024 | +1.5% | +0.8% | +1.9% | −2.9% | +2.7% | +3.0% | +2.5% | +2.2% | +2.4% | −2.0% | +1.0% | −2.8% |
| 2023 | +8.3% | −3.7% | −0.1% | 0.0% | −1.6% | +3.1% | +3.0% | −2.0% | −4.9% | −2.9% | +10.7% | +4.0% |
| 2022 | −2.5% | −1.8% | −2.2% | −6.4% | +1.2% | −4.9% | +4.9% | −1.9% | −9.1% | −0.7% | +10.0% | −2.4% |
| 2021 | +1.2% | +0.3% | +2.0% | +2.7% | +1.7% | +1.2% | −0.2% | +0.8% | −0.6% | +0.3% | −0.7% | +0.4% |
| 2020 | — | — | — | 0.0% | +6.1% | +1.5% | +3.4% | +2.2% | 0.0% | −1.1% | +7.8% | +4.4% |
MDFIX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 9.22%
- 3-year Sharpe ratio: 0.49 (vs 4.5% risk-free rate)
- Best month: +10.74% (Nov 2023)
- Worst month: −4.85% (Sep 2023)
MDFIX Fund Flows
Monthly money in and out of Matisse Discounted Bond CEF Strategy, from SEC Form N-PORT.
- 12-month net flow: $399K
- 12-month gross sales (incl. reinvestments): $19.9M
- Sales ÷ redemptions: 1.02×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $2.2M | $1.8M | $410K |
| May 2026 | $2.9M | $3.0M | −$20K |
| Apr 2026 | $600K | $995K | −$395K |
| Mar 2026 | $896K | $976K | −$80K |
| Feb 2026 | $1.0M | $746K | $287K |
| Jan 2026 | $3.6M | $1.1M | $2.5M |
| Dec 2025 | $2.8M | $649K | $2.1M |
| Nov 2025 | $845K | $851K | −$5K |
| Oct 2025 | $1.1M | $668K | $465K |
| Sep 2025 | $1.5M | $596K | $917K |
| Aug 2025 | $1.4M | $1.5M | −$154K |
| Jul 2025 | $990K | $6.6M | −$5.7M |
MDFIX Assets Under Management
Net assets of Matisse Discounted Bond CEF Strategy by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $53.33M |
| 2026-03-31 | $53.01M |
| 2025-12-31 | $52.05M |
| 2025-09-30 | $51.56M |
| 2025-06-30 | $55.27M |
| 2025-03-31 | $54.54M |
| 2024-12-31 | $57.03M |
| 2024-09-30 | $70.62M |
| 2024-06-30 | $55.36M |
| 2024-03-31 | $49.89M |
| 2023-12-31 | $46.54M |
| 2023-09-30 | $39.08M |
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.