Catalyst/Millburn Hedge Strategy Fund
MUTUAL FUND SERIES TRUST · Series S000052043 · 4 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2025 Q4
The Fund?s investment objective is long-term capital appreciation.
The fund allocates 30% to 70% of assets to a futures component—long and short positions in futures, forwards, options, and swaps across currencies, interest rates, equities, metals, energy, and agricultural commodities—with the remainder in equities via ETFs or direct holdings, both managed for long-term capital appreciation. A portion of futures exposure, up to 25% of total assets, is executed through a wholly-owned subsidiary that invests primarily in commodities and futures contracts. Day-to-day allocation decisions are delegated to sub-adviser Millburn Ridgefield LLC, which employs proprietary trading systems analyzing technical and economic variables across timeframes ranging from minutes to years. Because the sub-adviser's trading systems determine which markets to trade and the fund may reduce or forgo positions in particular markets, the fund risks missing significant profit opportunities.
| Share class | Expense ratio |
|---|---|
| MBXAX | 2.25% |
| MBXCX | 3.00% |
| MBXIX | 2.00% |
| MBXFX | 3.00% |
Portfolio turnover 19.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 49.85% |
| Bonds | 39.27% |
| Cash & short-term | 8.30% |
| Derivatives | 1.88% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT ×2, EUREX DEUTSCHLAND ×2, Chicago Board of Trade, THE MONTREAL EXCHANGE / BOURSE DE MONTREAL, ICE FUTURES EUROPE - FINANCIAL PRODUCTS DIVISION, CHICAGO MERCANTILE EXCHANGE
Largest exited: United States Treasury Notes, ICE FUTURES EUROPE - FINANCIAL PRODUCTS DIVISION ×2, CHICAGO MERCANTILE EXCHANGE ×2, Chicago Board of Trade ×2, EUREX DEUTSCHLAND
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +24.42% | +39.19% | +46.72% | 4.87% | -7.22% | |
| +23.51% | +36.05% | +41.27% | 4.87% | -7.39% | |
| +24.73% | +40.19% | +48.49% | 4.89% | -7.16% | |
| +23.49% | +36.10% | — | 4.88% | -7.38% |
These classes hold the same portfolio, so the 4.13pp spread over 3 years is the cost difference between them — roughly 1.38pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
This fund filed the credit-spread disclosure and reported no sensitivity — measured, and the answer is none.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 100% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 6.40 yr | 100% |
1 yr and 5 yr are NEGATIVE (-0.15 yr, -0.01 yr) — a deliberate hedge at that point on the curve, so they are not part of the band above.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +6.40 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | -0.15 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | -0.01 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 6.24 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT1.50% · due 2026-08-15 | 17.06% | — | $1.81B | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT2.00% · due 2026-11-15 | 9.68% | — | $1.02B | — |
| — | FIRST AMERICAN FUNDS INC | 8.30% | — | $878.57M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT2.38% · due 2027-05-15 | 7.64% | — | $808.87M | — |
| — | ISHARES TRUST | 6.37% | $77.11 | $674.37M | 8.7M |
| — | ISHARES TRUST | 6.33% | $409.50 | $670.66M | 1.6M |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT2.25% · due 2027-02-15 | 4.90% | — | $518.88M | — |
| — | ISHARES TRUST | 4.23% | $300.45 | $448.06M | 1.5M |
| — | ISHARES TRUST | 4.06% | $96.46 | $429.76M | 4.5M |
| — | VANGUARD INTERNATIONAL EQUITY INDEX FUNDS | 3.98% | $59.69 | $421.13M | 7.1M |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 72.55% of net assets, top 25 95.66%, across 33 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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