Catalyst/Millburn Hedge Strategy Fund
Moderate allocation fund
As of its 2026 Q2 report, Catalyst/Millburn Hedge Strategy Fund held 184 positions with $10.59B in net assets. Its ten largest holdings made up 72.5% of the fund. The MBXAX share class costs 2.25% a year. Over the 12 months to May 2026, MBXAX returned 20.8%, with dividends reinvested. In 2026 Q2 it added 95 new positions and exited 95.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 1.50% · due 2026-08-15 | 17.06% | $1.81B | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 2.00% · due 2026-11-15 | 9.68% | $1.02B | — | — |
FIRST AMERICAN FUNDS INC | 8.30% | $878.57M | — | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 2.38% · due 2027-05-15 | 7.64% | $808.87M | — | — |
ISHARES TRUST | 6.37% | $674.37M | 8.7M | $77.11 |
ISHARES TRUST | 6.33% | $670.66M | 1.6M | $409.50 |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 2.25% · due 2027-02-15 | 4.90% | $518.88M | — | — |
ISHARES TRUST | 4.23% | $448.06M | 1.5M | $300.45 |
ISHARES TRUST | 4.06% | $429.76M | 4.5M | $96.46 |
VANGUARD INTERNATIONAL EQUITY INDEX FUNDS | 3.98% | $421.13M | 7.1M | $59.69 |
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.
All 184 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 49.85% |
| Bonds | 39.27% |
| Cash & short-term | 8.30% |
| Derivatives | 1.88% |
Derivatives are shown at market value, not notional exposure.
How it has done
MBXAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 5.36%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 2.25% | +20.82% | +40.39% | +41.17% | -7.22% | |
| 3.00% | +19.91% | +37.24% | +35.91% | -7.39% | |
| 2.00% | +21.13% | +41.39% | +42.86% | -7.16% | |
| 3.00% | +19.92% | +37.23% | — | -7.38% |
These classes hold the same portfolio, so the 4.17pp spread over 3 years is the cost difference between them — roughly 1.39pp a year — not a difference in what they own.
Fees & fund details
Catalyst/Millburn Hedge Strategy Fund is a moderate allocation fund.
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Moderate
- Expense ratio, by class
- 2.00% – 3.00%· MBXAX 2.25%
- Portfolio turnover
- 19.00% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
95 new· the largest 6
95 exited· the largest 5
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.
Understand how this fund fits with the rest.
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