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Mutual Funds

Hilton Tactical Income Fund

The Hilton Tactical Income Fund primarily seeks income with a secondary investment objective of capital appreciation consistent with the preservation of capital.

HCYAX

NAV (Net Asset Value)$17.02As of Apr 18, 2024
1 Day NAV change$-0.04(-0.23%)As of Apr 18, 2024

HCYIX

NAV (Net Asset Value)$17.06As of Apr 18, 2024
1 Day NAV change$-0.04(-0.23%)As of Apr 18, 2024
HCYAXHilton Tactical Income Fund (INV)
Daily NAV
$17.02
Expense Ratio
(gross/net %)
1.49 / 1.21*
Security Identifier
254939176
Inception Date
Sep 16, 2013
HCYIXHilton Tactical Income Fund (INST)
Daily NAV
$17.06
Expense Ratio
(gross/net %)
1.24 / 0.96*
Security Identifier
254939168
Inception Date
Sep 16, 2013

Documents & Downloads

  • Hilton Fact Sheet (pdf)
  • Prospectus

Pricing & Performance

NAV and Market Price information as of 04/18/2024.

HCYAX Hilton Tactical Income Fund (INV)
Net Asset Value (NAV)
$17.02Nav
$-0.04Change
-0.23%Change
HCYIX Hilton Tactical Income Fund (INST)
Net Asset Value (NAV)
$17.06Nav
$-0.04Change
-0.23%Change
1M3MYTD1Y3Y5Y10YSince
Inception
Expense Ratio*
(Gross / Net%)
Inception
Date
HCYAX NAV
1.58
4.38
4.38
10.04
3.20
3.99
4.45
4.79
1.49 / 1.21*
09/16/2013
HCYIX NAV
1.60
4.50
4.50
10.36
3.46
4.25
4.71
5.06
1.24 / 0.96*
09/16/2013

As of March 31, 2024

Performance information shown for periods prior to the close of business on December 5, 2014 is that of the Hilton Yield Plus Fund, a series of Managed Portfolio Series, which reorganized into the Fund on that date. Performance information from December 5, 2014 to June 1, 2015 reflects the performance of the Fund’s Investor Class Shares. Effective June 1, 2015, the Investor Class Shares converted to Class A Shares, and the performance information from June 1, 2015 to December 31, 2017 reflects the performance of the Fund’s Class A Shares. During the calendar year ended December 31, 2017, the Investor Class Shares were Class A Shares. Effective at the close of business on June 30, 2018, the Fund’s Class A Shares converted to Investor Class Shares.

The Net Expense Ratio includes management fees, other operating expenses and Acquired Fund Fees and Expenses. If Acquired Fund Fees and Expenses were excluded, the Net Expense Ratio would be 1.12% for Investor Shares and 0.87% for Institutional Shares. The Fund’s adviser, Rafferty Asset Management, LLC (“Rafferty”) has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses) through September 1, 2025, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 1.12% for Investor Class Shares and 0.87% for Institutional Class Shares of average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses). If these expenses were included, the expense ratio would be higher.

The performance data quoted represents past performance net of annual expenses and any sales charge. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns for performance for one year and under are cumulative, not annualized. Past performance does not guarantee future results. For most recent month end performance information please visit direxion.com or call 877-437-9363.

Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes. For additional information, see the fund’s prospectus.

Investment Philosophy & Management

Hilton’s Investment Philosophy

Hilton Capital Management follows a distinctive investment process that principally focuses on yield while attempting to mitigate market risk. The manager aims to invest in high quality companies that may offer an attractive level of risk adjusted returns. When a potential position is evaluated for inclusion, Hilton’s management team examines the company across their capital structure to determine where the investment opportunity offers the best risk adjusted return potential. They seek to limit the volatility in the portfolio and generate solid returns without taking on undue risk. The managers believe, through the use of tactical asset allocation amongst cash, equities, and fixed-income; they can generate attractive returns while reducing Fund volatility over market cycles.

Investment Management

Hilton Capital Management, LLC, an affiliate of Rafferty Holdings, LLC, was founded in 2001 and is a privately held firm based in Garden City, NY. As of 03/31/2024, the firm had over $2.5 billion in client assets.

  • William J. Garvey, Co-Chief Investment Officer
    Mr. Garvey, with over 30 years of industry experience is the founder and Chief Investment Officer of Hilton Capital. Mr. Garvey has developed a distinctive investment process that serves as the core of the firm’s investment philosophy.
  • C. Craig O’Neill, Chief Executive Officer
    Mr. O’Neill, with over 30 years in the industry is the Chief Executive Officer of Hilton Capital. Mr. O’Neill is a member of the investment committee as well as a co-portfolio manager.
  • Alexander D. Oxenham, CFA, Partner & Co-Chief Investment Officer
    Mr. Oxenham, with over 20 years of industry experience, participates in the active management of the Hilton Capital investment strategy. Mr. Oxenham is a CFA charterholder and a standing member of the CFA Institute.

Strategy & Benefits

Principal Investment Strategy

  • The Fund is managed to employ a disciplined approach to balancing fixed income investments with historically higher income producing equity securities, with a focus on minimizing absolute risk and volatility but still taking advantage of short term opportunities.
  • In addition to targeting a consistent level of income for shareholders the Fund is also focused on creating a portfolio that offers the potential for both capital appreciation and preservation.
  • This actively managed Fund will invest in a diversified variety of income producing assets and provides monthly income distributions.
  • The Fund utilizes a collaborative team-based research and portfolio management process to ensure consistency surrounding portfolio construction coupled with diverse research views.

Key Strategy Benefits

  • Multi-sector equity and fixed-income approach which seeks to generate income and manage risk.
  • Needs-based security focus designed to seek higher dividends with lower cyclicality across market cycles.
  • Tactical management style aiming to avoid undue risk while taking advantage of short to medium term opportunities.
  • Income distributions occur monthly.

Diversification does not protect against a loss or ensure a gain. There is no guarantee the fund will achieve its investment objective.

 

Fund Holdings & Weightings

Top 10 Equity Holdings %

JPMorgan Nasdaq Equity Premium Income ETF 4.24
Communication Services Select Sector SPDR Fund 4.12
Microsoft Corp. 3.06
Apple, Inc. 1.74
Alerian MLP ETF 1.58
Applied Materials, Inc. 1.40
Taiwan Semiconductor Manufacturing Co Ltd. (China) 1.37
Republic Services, Inc. 1.18
AstraZeneca PLC (United Kingdom) 1.15
Tractor Supply Co. 1.11

Top 10 Fixed Income Holdings %

Janus Henderson AAA CLO ETF 6.44
United States Treasury Note/Bond 5.35
United States Treasury Note/Bond 4.61
SPDR Blackstone Senior Loan ETF 3.56
iShares Preferred & Income Securities ETF 3.36
Vanguard Short-Term Corporate Bond ETF 2.18
Invesco Senior Loan ETF 1.37
Janus Henderson B-BBB CLO ETF 1.06
Texas Instruments, Inc. 0.79
Astrazeneca Finance LLC 0.79

All holdings and sector weightings are as of 03/31/20234 and are subject to change. Diversification does not protect against a loss or ensure a gain. There is no guarantee the fund will achieve its investment objective.

 

Distributions

HCYAX Hilton Tactical Income Fund (INV)

Record DateEx DatePay DateIncome DividendShort-Term Capital GainLong-Term Capital GainExpand
03/28/202404/01/202404/01/20240.04830
02/29/202403/01/202403/01/20240.04250
01/31/202402/01/202402/01/20240.04250
12/29/202301/02/202401/02/20240.04250
Record Date03/28/2024
Ex Date04/01/2024
Pay Date04/01/2024
Income Dividend0.04830
Short-Term Capital Gain
Long-Term Capital Gain
Record Date02/29/2024
Ex Date03/01/2024
Pay Date03/01/2024
Income Dividend0.04250
Short-Term Capital Gain
Long-Term Capital Gain
Record Date01/31/2024
Ex Date02/01/2024
Pay Date02/01/2024
Income Dividend0.04250
Short-Term Capital Gain
Long-Term Capital Gain
Record Date12/29/2023
Ex Date01/02/2024
Pay Date01/02/2024
Income Dividend0.04250
Short-Term Capital Gain
Long-Term Capital Gain

HCYIX Hilton Tactical Income Fund (INST)

Record DateEx DatePay DateIncome DividendShort-Term Capital GainLong-Term Capital GainExpand
03/28/202404/01/202404/01/20240.05200
02/29/202403/01/202403/01/20240.04600
01/31/202402/01/202402/01/20240.04600
12/29/202301/02/202401/02/20240.04600
Record Date03/28/2024
Ex Date04/01/2024
Pay Date04/01/2024
Income Dividend0.05200
Short-Term Capital Gain
Long-Term Capital Gain
Record Date02/29/2024
Ex Date03/01/2024
Pay Date03/01/2024
Income Dividend0.04600
Short-Term Capital Gain
Long-Term Capital Gain
Record Date01/31/2024
Ex Date02/01/2024
Pay Date02/01/2024
Income Dividend0.04600
Short-Term Capital Gain
Long-Term Capital Gain
Record Date12/29/2023
Ex Date01/02/2024
Pay Date01/02/2024
Income Dividend0.04600
Short-Term Capital Gain
Long-Term Capital Gain

Documents

Tax Documents

Download the following Tax Reporting Documents

Section 19 Notices
(2024 1)
(2023 10| 9|8|7|5|3|1)
(2022 9)
(2021 10)
(2019 11|10|9|8|7|5|4|2|1)
(2018 11|10|9|6|3|2)
(2017 12|11|8|6|3|2)
(2016 12|10|9|8|6|5|4|3|2)

Form 8937

(2023 HCYAX | HCYIX)
(2021 HCYAX | HCYIX)
(2016 HCYAX|HCYCX|HCYIX)
(2015 HCYAX|HCYCX|HCYIX)

Ordinary Income from U.S. Government Obligations
(2023) (2022) (2021) (2020) (2018) (2017) (2016)

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