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
HCYIX
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Pricing & Performance
NAV and Market Price information as of 10/14/2024.
Net Asset Value (NAV)
Net Asset Value (NAV)
| 1M | 3M | YTD | 1Y | 3Y | 5Y | 10Y | Since Inception | Expense Ratio* (Gross / Net%) | Inception Date | |
|---|---|---|---|---|---|---|---|---|---|---|
| HCYAX NAV | 1.11 | 3.94 | 10.77 | 17.32 | 3.58 | 4.02 | 4.68 | 5.13 | 1.49 / 1.21* | 09/16/2013 |
| HCYIX NAV | 1.13 | 4.05 | 11.02 | 17.65 | 3.85 | 4.29 | 4.95 | 5.40 | 1.24 / 0.96* | 09/16/2013 |
As of September 30, 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.
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 06/30/2024, 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 | 4.26 |
| Microsoft Corp. | 3.19 |
| Alerian MLP ETF | 2.32 |
| Alphabet, Inc | 2.10 |
| Apple, Inc. | 2.10 |
| Communication Services Select Sector SPDR Fund | 2.09 |
| Eli Lilly & Co, | 1.24 |
| Taiwan Semiconductor Manufacturing Co Ltd. (China) | 1.21 |
| Republic Services, Inc. | 1.17 |
| Applied Materials, Inc. | 1.13 |
Top 10 Fixed Income Holdings %
| Janus Henderson AAA CLO ETF | 6.49 |
| United States Treasury Note/Bond | 3.77 |
| SPDR Blackstone Senior Loan ETF | 3.50 |
| iShares 0.5 Year High Yield Corporate Bond ETF | 3.49 |
| iShares Preferred & Income Securities ETF | 3.40 |
| United States Treasury Note/Bond | 3.03 |
| Vanguard Short-Term Corporate Bond ETF | 2.00 |
| Janus Henderson B-BBB CLO ETF | 1.99 |
| Invesco Senior Loan ETF | 1.37 |
| Astrazeneca Finance LLC | 0.77 |
All holdings and sector weightings are as of 06/30/20234 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 Date | Ex Date | Pay Date | Income Dividend | Short-Term Capital Gain | Long-Term Capital Gain | Expand |
|---|---|---|---|---|---|---|
| 09/30/2024 | 10/01/2024 | 10/01/2024 | 0.05120 | — | — | |
| 08/30/2024 | 09/03/2024 | 09/03/2024 | 0.05120 | — | — | |
| 07/31/2024 | 08/01/2024 | 08/01/2024 | 0.05120 | — | — | |
| 06/28/2024 | 07/01/2024 | 07/01/2024 | 0.05120 | — | — | |
Record Date09/30/2024 Ex Date10/01/2024 Pay Date10/01/2024 Income Dividend0.05120 Short-Term Capital Gain— Long-Term Capital Gain— Record Date08/30/2024 Ex Date09/03/2024 Pay Date09/03/2024 Income Dividend0.05120 Short-Term Capital Gain— Long-Term Capital Gain— Record Date07/31/2024 Ex Date08/01/2024 Pay Date08/01/2024 Income Dividend0.05120 Short-Term Capital Gain— Long-Term Capital Gain— Record Date06/28/2024 Ex Date07/01/2024 Pay Date07/01/2024 Income Dividend0.05120 Short-Term Capital Gain— Long-Term Capital Gain— | ||||||
HCYIX Hilton Tactical Income Fund (INST)
| Record Date | Ex Date | Pay Date | Income Dividend | Short-Term Capital Gain | Long-Term Capital Gain | Expand |
|---|---|---|---|---|---|---|
| 09/30/2024 | 10/01/2024 | 10/01/2024 | 0.05500 | — | — | |
| 08/30/2024 | 09/03/2024 | 09/03/2024 | 0.05500 | — | — | |
| 07/31/2024 | 08/01/2024 | 08/01/2024 | 0.05500 | — | — | |
| 06/28/2024 | 07/01/2024 | 07/01/2024 | 0.05500 | — | — | |
Record Date09/30/2024 Ex Date10/01/2024 Pay Date10/01/2024 Income Dividend0.05500 Short-Term Capital Gain— Long-Term Capital Gain— Record Date08/30/2024 Ex Date09/03/2024 Pay Date09/03/2024 Income Dividend0.05500 Short-Term Capital Gain— Long-Term Capital Gain— Record Date07/31/2024 Ex Date08/01/2024 Pay Date08/01/2024 Income Dividend0.05500 Short-Term Capital Gain— Long-Term Capital Gain— Record Date06/28/2024 Ex Date07/01/2024 Pay Date07/01/2024 Income Dividend0.05500 Short-Term Capital Gain— Long-Term Capital Gain— | ||||||
Documents
Fund Documents
Tax Documents
Download the following Tax Reporting Documents
Section 19 Notices
(2024 10 |8|5|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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