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 higher-than-average management fees.
Share Price Chart
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Compare to other instruments
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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Matisse Discounted Closed-End Fund Strategy, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
Returns By Period
Matisse Discounted Closed-End Fund Strategy had a return of 7.65% year-to-date (YTD) and 14.75% in the last 12 months. Over the past 10 years, Matisse Discounted Closed-End Fund Strategy had an annualized return of 2.60%, while the S&P 500 had an annualized return of 11.31%, indicating that Matisse Discounted Closed-End Fund Strategy did not perform as well as the benchmark.
MDCEX
7.65%
3.65%
8.29%
14.75%
1.11%
2.60%
^GSPC (Benchmark)
4.46%
2.46%
9.31%
23.49%
13.03%
11.31%
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% | 7.65% | |||||||||||
| 2024 | 1.27% | 2.32% | 3.77% | -4.25% | 3.84% | 1.38% | 1.37% | 0.64% | 2.51% | -0.37% | 4.08% | -6.78% | 9.58% |
| 2023 | 10.00% | -2.51% | -1.52% | -0.33% | -2.01% | 7.92% | 3.56% | -1.56% | -2.50% | -4.33% | 10.26% | 6.18% | 23.93% |
| 2022 | 0.44% | -1.18% | 3.16% | -2.50% | 1.06% | -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% | -5.48% | 1.87% | -0.74% | 3.41% | -0.75% | -27.36% | -14.18% |
| 2020 | -1.60% | -9.64% | -29.29% | 11.53% | 5.38% | 1.99% | 3.17% | 4.41% | -3.30% | -1.89% | 14.56% | 3.52% | -8.65% |
| 2019 | 10.79% | 2.87% | 1.88% | 0.99% | -4.71% | 4.31% | 0.40% | -1.30% | 3.41% | -1.48% | 1.10% | -0.69% | 18.16% |
| 2018 | 3.71% | -3.41% | -1.11% | -0.09% | -0.81% | -0.33% | 1.48% | 0.09% | -1.34% | -5.41% | 2.46% | -15.38% | -19.58% |
| 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% | 9.66% | 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% | 0.13% | 0.97% | -0.39% | -3.97% | -1.74% | -6.44% | -3.07% | 7.89% | -2.29% | -0.69% | -6.88% |
| 2014 | -1.72% | 5.66% | 0.08% | 2.17% | 3.19% | 2.27% | -1.39% | 1.60% | -3.66% | -0.10% | 0.78% | -1.51% | 7.24% |
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
The current rank of MDCEX is 64, indicating average performance compared to other mutual funds on our website. Here’s 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.
Dividends
Dividend History
Matisse Discounted Closed-End Fund Strategy provided a 6.71% dividend yield over the last twelve months, with an annual payout of $0.48 per share.
| Period | TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.48 | $0.48 | $0.53 | $0.53 | $0.55 | $0.67 | $0.38 | $0.37 | $0.26 | $0.32 | $0.80 | $0.57 |
Dividend yield | 6.71% | 7.18% | 8.00% | 9.10% | 8.05% | 8.06% | 3.84% | 4.19% | 2.33% | 3.30% | 9.39% | 5.65% |
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 | $0.00 | $0.04 | ||||||||||
| 2024 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.00 | $0.48 |
| 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 | $0.15 | $0.00 | $0.13 | $0.00 | $0.00 | $0.00 | $0.55 |
| 2020 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.28 | $0.67 |
| 2019 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.00 | $0.38 |
| 2018 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.12 | $0.00 | $0.00 | $0.00 | $0.37 |
| 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 | $0.19 | $0.57 |
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.
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 52.85%, occurring on Mar 18, 2020. Recovery took 307 trading sessions.
The current Matisse Discounted Closed-End Fund Strategy drawdown is 4.30%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -52.85% | Jan 29, 2018 | 538 | Mar 18, 2020 | 307 | Jun 7, 2021 | 845 |
| -39.09% | Jun 11, 2021 | 326 | Sep 26, 2022 | — | — | — |
| -23.64% | Jul 24, 2014 | 376 | Jan 20, 2016 | 126 | Jul 20, 2016 | 502 |
| -10.23% | May 22, 2013 | 23 | Jun 24, 2013 | 170 | Feb 26, 2014 | 193 |
| -6.74% | Nov 2, 2012 | 10 | Nov 15, 2012 | 31 | Jan 2, 2013 | 41 |
Volatility
Volatility Chart
The current Matisse Discounted Closed-End Fund Strategy volatility is 2.29%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.