Fund Evaluator:
Hilton Tactical Income Inv (HCYAX)
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Best Performing in Tactical Allocation Over the Last Year
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Fund Details
Hilton Tactical Income Inv Overview
Hilton Tactical Income Inv (HCYAX) is an actively managed Allocation Tactical Allocation fund. Direxion Funds launched the fund in 2013.
The investment seeks income with a secondary investment objective of capital appreciation consistent with the preservation of capital. The fund utilizes a disciplined approach to balancing fixed income investments with historically higher income producing equity investments, with a focus on minimizing risk and volatility. The fund's subadviser generally seeks to mitigate portfolio risk and volatility by creating a diversified portfolio of income producing securities that offer the potential for capital appreciation but also may invest in options to attempt to hedge volatility and portfolio risks.
About Hilton Tactical Income Inv (HCYAX)
There are 3 members of the management team with an average tenure of 11.48 years: Alexander Oxenham (2013), C. Craig O'Neill (2013), Timothy Reilly (2017). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. Hilton Tactical Income Inv has 103 securities in its portfolio. The top 10 holdings constitute 43.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Hilton Tactical Income Inv is part of the Allocation global asset class and is within the Allocation fund group. Hilton Tactical Income Inv has 12.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 40.1%. There is 7.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 37.8% (33.5% domestic bond, 4.3% foreign bond and 1.2% convertible bond). Hilton Tactical Income Inv has 12.8% of the portfolio in cash.
Assets Under Management
The fund has $4 million in total assets, which is below the $222 million average for the Tactical Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HCYAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Hilton Tactical Income Inv expense ratio is high compared to funds in the Tactical Allocation category. Hilton Tactical Income Inv has an expense ratio of 1.29%, which is 27% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Hilton Tactical Income Inv has a portfolio turnover rate of 92%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 196% for the Tactical Allocation category.
Recently, in the month of July 2026, Hilton Tactical Income Inv returned 0.5%, which earned it a grade of B, as the Tactical Allocation category had an average return of -0.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Hilton Tactical Income Inv has a trailing yield of 3.88%, which is above the 2.86% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Hilton Tactical Income Inv Grades
Year to date, the fund has returned 3.2%, 5.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 7.9% over the past year (grade of F), 8.4% over the past three years (grade of D) and 4.0% per year over the past five years (grade of D) and 5.2% per year over the past 10 years (grade of D).
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HCYAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HCYAX Return (NAV) | 0.5% | 1.8% | 7.9% | 8.4% | 4.0% | 5.2% |
| HCYAX Grade | B | C | F | D | D | D |
| +/- Category | 1.4% | 0.3% | -8.3% | -2.2% | -1.3% | -1.1% |
| Tactical Allocation Avg | -0.9% | 1.5% | 16.2% | 10.6% | 5.3% | 6.3% |
| HCYAX Tax Cost Ratio | na | na | 2.2% | 1.6% | 1.4% | 1.3% |
HCYAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HCYAX Return (NAV) | 3.2% | 8.4% | 10.1% | 6.8% | -10.9% | 15.5% | -1.8% | 15.3% | -3.0% | 8.3% | 9.9% |
| HCYAX Grade | F | D | B | D | B | B | F | B | A | D | B |
| +/- Category | -5.2% | -4.3% | 1.2% | -3.9% | 2.3% | 2.8% | -12.0% | 1.8% | 3.3% | -4.9% | 4.2% |
| Tactical Allocation Avg | 8.4% | 12.7% | 8.9% | 10.8% | -13.1% | 12.7% | 10.2% | 13.5% | -6.2% | 13.2% | 5.6% |
| Risk Measures | |
| Standard Deviation: | 5.7% |
| Total Risk Index: | 0.46 - Low |
| Category Risk Index: | 0.56 - Low |
| Category Risk Grade: | A (6% Rank) |
| Beta: | 0.56 |
| R-Squared: | 85% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 3.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $133 Mil |
| Fund Total Assets: | $ 4 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 92% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 12.9 years | |||
| Average Tenure: 11.5 years | |||
| Managers (Year): Oxenham Alexander (2013), O'Neill C. Craig (2013), Reilly Timothy (2017) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 103 |
| % in Top 10 Holdings: | 43.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 12.2% |
Portfolio Allocation |
|
| Domestic Stock: | 40.1% |
| Foreign Stock: | 7.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 33.5% |
| Foreign Bond: | 4.3% |
| Convertible Bond: | 1.2% |
| Other: | 0.2% |
| Cash: | 12.8% |
Purchase Information
| Fund Family: | Direxion Funds |
| Phone Number: | 800-851-0511 |
| Website: | www.direxionfunds.com |
| Status: | Open |
| Inception Date: | September 16, 2013 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $2,500 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 1.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.29% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.76% |
| Share Class: | Hilton Tactical Income Instl |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
