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Matisse Discounted Closed-End Fund Strategy Institutional Class Shares MDCEX

NAVChangeNet Expense RatioYTD Return
YTD Return is adjusted for possible sales charges, and assumes reinvestment of dividends and capital gains.
$7.53+0.01 (0.13%)3.84%14.90%
Quote data as of close 07/11/2025As of 06/30/2025

Regional Holdingsas of 06/30/2025

45%  0%
44.6%
North America
32.9%
Europe
18.9%
Asia
3.6%
Latin America
0.1%
South Pacific
0.0%
Africa
Regional Holdings is calculated only using the long position holdings of the portfolio.
Portfolio Overview
Total Assets$59.0M
Total Holdings35
Total Holdings (Long)35
Total Holdings (Short)--
Portfolio Turnover23%
Average Maturity12.4 years
Effective Duration12.42 years
MDCEX has a Diversified Portfolio

Holdings Details

20.6% Category Average
48.8% Top Ten Holdings
Top 10 Holdings as of 06/30/2025
Symbol
Description
% of Net Assets
--Tetragon Finl
  • 8.86%
  •  
FIGXXFidelity Inv MM Government I
  • 7.01%
  •  
--Pershing Sq Hldgs
  • 6.41%
  •  
DMADestra Multi-Alternative
  • 4.02%
  •  
TWNTaiwan Fund
  • 4.00%
  •  
MXFMexico Fund
  • 3.92%
  •  
CHNChina Fund Inc
  • 3.83%
  •  
TDFTempleton Dragon Fund
  • 3.60%
  •  
NXDTNexPoint Diversified Real Esta...
Real Estate
  • 3.59%
  •  
HGLBHighland Global Allocation Fun...
  • 3.58%
  •  
% of portfolio in top 10 holdings: 48.82%
Country Breakdown as of 06/30/2025
Country
% of Assets
United States
45.76% 
 
Guernsey
24.99% 
 
China
9.12% 
 
Taiwan
4.95% 
 
South Korea
3.21% 
 
Mexico
3.05% 
 
Canada
1.62% 
 
United Kingdom
1.06% 
 
Germany
0.89% 
 
France
0.85% 
 
% of portfolio in top 10 countries: 95.50%
Country Breakdown is calculated only using the long position holdings of the portfolio.
Portfolio Breakdown as of 06/30/2025
Asset Breakdown Chart
 %Long%Short%Net
Domestic Stock
30.551.2529.30
Foreign Stock
40.560.0840.48
U.S. Bonds
4.420.044.39
Non-U.S. Bonds
0.650.000.65
Preferred
0.770.000.77
Convertible
0.230.000.23
Cash
9.560.549.02
Other
16.711.5515.16
Non-U.S. assets may include holdings that do not include a country identifier.
Market Capitalization
Pie Graph
Giant Cap
34.1%
Mid Cap
26.9%
Large Cap
20.7%
Micro Cap
11.3%
Small Cap
7.0%

Avg. Market Cap: $30,205.98M
Market Capitalization is calculated only using the long position holdings of the portfolio.
Sector Weightings – Stocks
Pie Graph
Financials
16.2%
Information Tech
15.9%
Energy
15.2%
Consumer Disc
11.4%
Industrials
9.9%
Real Estate
9.4%
Comm Services
5.3%
Utilities
4.7%
Materials
4.7%
Consumer Staples
4.4%
Health Care
3.0%

Sector Breakdown is calculated only using the long position holdings of the portfolio.
Sector Weightings – Fixed Income
Pie Graph
Cash & Equivalents
60.7%
Corporate Bond
10.5%
Municipal Tax-Exempt
9.7%
Preferred Stock
4.9%
Government
4.5%
Bank Loan
4.1%
Asset-Backed
2.0%
Convertible
1.3%
Non-Agency Residenti...
1.3%
Commercial Mortgage-...
0.4%
Government Related
0.3%
Agency Mortgage-Back...
0.3%
Future/Forward
0.1%
Municipal Taxable
0.0%

Sector Breakdown is calculated only using the long position holdings of the portfolio.
Sector Weightings – Municipal Bonds
Pie Graph
Health
23.6%
Transportation
19.2%
Education
14.2%
General Obligation
11.4%
Water/Sewer
9.7%
Misc. Revenue
6.7%
Industrial
5.0%
Non-state
Appro...
3.1%
Housing
3.0%
Utilities
2.6%
Advance Refunded
1.6%

Sector Breakdown is calculated only using the long position holdings of the portfolio.
Credit Ratings
Pie Graph
BB
22.9%
BBB
17.3%
B
15.5%
A
12.2%
Not Rated
12.2%
AAA
8.9%
AA
5.8%
Below B
5.4%

Credit Ratings is calculated only using the long position holdings of the portfolio.
 
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  • Investors should consider carefully information contained in the prospectus, including investment objectives, risks, charges and expenses. You can view, download, and print a prospectus by selecting the "View Prospectus" link at the top of the page. If there are remaining questions, please call 1-800-435-4000. Please read the prospectus carefully before investing.
  • Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a 3-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar risk-adjusted return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. (Each share class is counted as a fraction of 1 fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.
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