Matisse Discounted Closed-End Fund Strategy (MDCEX)
The fund is a "fund of funds" that seeks to achieve its investment objectives principally through investments in unaffiliated closed-end funds that pay regular periodic cash distributions, the interests of which typically trade at substantial discounts relative to their underlying net asset values. The fund's investment advisor believes this approach is capable of generating capital appreciation and income. As a matter of investment policy, the fund will invest, under normal circumstances, at least 80% of net assets, plus borrowings for investment purposes, in discounted closed-end funds.
Fund Info
US85520V4344
85520V434
Oct 30, 2012
$1,000
Large-Cap
Value
Expense Ratio
MDCEX has a high expense ratio of 1.25%, indicating above-average management fees.
Share Price Chart
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Compare to other instruments
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Performance
Performance Chart
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Returns By Period
Matisse Discounted Closed-End Fund Strategy (MDCEX) returned 7.43% year-to-date (YTD) and 16.22% over the past 12 months. Over the past 10 years, MDCEX returned 9.01% annually, underperforming the S&P 500 benchmark at 10.85%.
MDCEX
7.43%
4.28%
5.09%
16.22%
12.33%
17.48%
9.01%
^GSPC (Benchmark)
0.51%
6.15%
-2.00%
12.92%
12.68%
14.19%
10.85%
Monthly Returns
The table below presents the monthly returns of MDCEX, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 5.11% | 0.62% | -2.51% | -0.09% | 4.28% | 7.43% | |||||||
| 2024 | 1.27% | 2.32% | 3.77% | -4.25% | 3.84% | 1.38% | 1.37% | 0.64% | 2.51% | -0.37% | 4.08% | -2.18% | 14.98% |
| 2023 | 10.00% | -2.51% | -1.52% | -0.33% | -2.01% | 7.93% | 3.56% | -1.56% | -2.51% | -4.33% | 10.26% | 6.18% | 23.93% |
| 2022 | 0.44% | -1.18% | 3.16% | -2.50% | 1.05% | -7.30% | 5.26% | -0.16% | -10.81% | 7.36% | 5.35% | -5.80% | -6.59% |
| 2021 | 1.79% | 4.58% | 3.63% | 4.73% | 3.57% | 0.64% | -1.97% | 1.87% | -0.74% | 3.41% | -0.75% | 0.50% | 23.15% |
| 2020 | -1.60% | -9.65% | -29.29% | 11.52% | 5.39% | 1.99% | 3.17% | 4.41% | -3.30% | -1.89% | 14.56% | 6.40% | -6.11% |
| 2019 | 10.80% | 2.87% | 1.88% | 0.99% | -4.71% | 4.31% | 0.40% | -1.29% | 3.41% | -1.48% | 1.10% | 5.53% | 25.56% |
| 2018 | 3.71% | -3.41% | -1.11% | -0.09% | -0.81% | -0.33% | 1.48% | 0.09% | -1.34% | -5.41% | 2.46% | -4.30% | -9.05% |
| 2017 | 3.44% | 2.72% | 1.57% | 2.03% | 0.95% | 1.31% | 2.31% | 0.36% | 1.12% | 0.99% | 0.53% | 1.69% | 20.71% |
| 2016 | -6.20% | 1.25% | 9.65% | 3.04% | 0.66% | 1.65% | 4.29% | 1.03% | -0.01% | -2.99% | 1.38% | 2.02% | 16.07% |
| 2015 | 0.40% | 2.78% | 0.14% | 0.97% | -0.38% | -3.97% | -1.74% | -6.45% | -3.06% | 7.89% | -2.29% | -0.68% | -6.88% |
| 2014 | -1.72% | 5.66% | 0.08% | 2.17% | 3.19% | 2.27% | -1.39% | 1.60% | -3.66% | -0.09% | 0.77% | 0.09% | 8.98% |
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
With an overall rank of 83, MDCEX is among the top 17% of mutual funds on our website when it comes to balancing risk and reward. Below is a breakdown of how it compares using common performance measures.
Risk-Adjusted Performance Indicators
The charts below present risk-adjusted performance metrics for Matisse Discounted Closed-End Fund Strategy (MDCEX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.
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Dividends
Dividend History
Matisse Discounted Closed-End Fund Strategy provided a 10.93% dividend yield over the last twelve months, with an annual payout of $0.77 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.77 | $0.82 | $0.53 | $0.53 | $3.47 | $0.90 | $1.01 | $1.51 | $0.26 | $0.32 | $0.80 | $0.73 |
Dividend yield | 10.93% | 12.11% | 8.00% | 9.10% | 51.21% | 10.81% | 10.09% | 17.17% | 2.33% | 3.30% | 9.39% | 7.23% |
Monthly Dividends
The table displays the monthly dividend distributions for Matisse Discounted Closed-End Fund Strategy. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | $0.04 | $0.04 | $0.04 | $0.04 | $0.00 | $0.18 | |||||||
| 2024 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.33 | $0.82 |
| 2023 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.53 |
| 2022 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.53 |
| 2021 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.49 | $0.00 | $0.13 | $0.00 | $0.00 | $2.58 | $3.47 |
| 2020 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.51 | $0.90 |
| 2019 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.63 | $1.01 |
| 2018 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $1.14 | $1.51 |
| 2017 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.08 | $0.00 | $0.00 | $0.18 | $0.26 |
| 2016 | $0.00 | $0.00 | $0.02 | $0.00 | $0.00 | $0.04 | $0.00 | $0.00 | $0.11 | $0.00 | $0.00 | $0.14 | $0.32 |
| 2015 | $0.00 | $0.00 | $0.09 | $0.00 | $0.00 | $0.14 | $0.00 | $0.00 | $0.23 | $0.00 | $0.00 | $0.34 | $0.80 |
| 2014 | $0.15 | $0.00 | $0.00 | $0.14 | $0.00 | $0.00 | $0.09 | $0.00 | $0.00 | $0.35 | $0.73 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Matisse Discounted Closed-End Fund Strategy. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Matisse Discounted Closed-End Fund Strategy was 48.67%, occurring on Mar 18, 2020. Recovery took 229 trading sessions.
The current Matisse Discounted Closed-End Fund Strategy drawdown is 0.42%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -48.67% | Jan 17, 2020 | 42 | Mar 18, 2020 | 229 | Feb 12, 2021 | 271 |
| -23.55% | Apr 27, 2015 | 186 | Jan 20, 2016 | 126 | Jul 20, 2016 | 312 |
| -17.19% | Apr 21, 2022 | 109 | Sep 26, 2022 | 198 | Jul 12, 2023 | 307 |
| -15.3% | Jan 29, 2018 | 229 | Dec 24, 2018 | 59 | Mar 21, 2019 | 288 |
| -13.46% | Feb 19, 2025 | 34 | Apr 7, 2025 | 34 | May 27, 2025 | 68 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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