Fund Evaluator:
AlphaCentric Premium Opportunity A (HMXAX)
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Best Performing in Equity Hedged Over the Last Year
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| 11.6% | MAI Managed Volatility Investor (DIVPX) |
Fund Details
AlphaCentric Premium Opportunity A Overview
AlphaCentric Premium Opportunity A (HMXAX) is an actively managed Nontraditional Equity Equity Hedged fund. AlphaCentric Funds launched the fund in 2016.
The investment seeks long-term capital appreciation. Under normal circumstances, the fund seeks to achieve its investment objective by investing primarily in long and short futures and call and put options on futures on the S&P 500 Index; futures contracts on the Cboe Volatility Index; and cash and cash equivalents. It may also invest in securities that represent the return of a securities index; volatility exchange traded funds; and income securities of any maturity or credit quality, and investment companies that invest in such income securities (including affiliated and unaffiliated investment companies).
About AlphaCentric Premium Opportunity A (HMXAX)
There are 1 members of the management team with an average tenure of 9.84 years: Russell Kellites (2016). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. AlphaCentric Premium Opportunity A has 103 securities in its portfolio. The top 10 holdings constitute 73.5% 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.
AlphaCentric Premium Opportunity A is part of the Equity global asset class and is within the Nontraditional Equity fund group. AlphaCentric Premium Opportunity A has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.4%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). AlphaCentric Premium Opportunity A has 97.7% of the portfolio in cash.
Assets Under Management
The fund has $2 million in total assets, which is below the $432 million average for the Equity Hedged 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.
HMXAX 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 AlphaCentric Premium Opportunity A expense ratio is high compared to funds in the Equity Hedged category. AlphaCentric Premium Opportunity A has an expense ratio of 2.32%, which is 67% higher than its category average, making the fund expense ratio grade a F. 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. A portfolio turnover rate cannot be currently calculated for AlphaCentric Premium Opportunity A. By way of comparison, the average portfolio turnover is 69% for the Equity Hedged category.
Recently, in the month of July 2026, AlphaCentric Premium Opportunity A returned 0.9%, which earned it a grade of B, as the Equity Hedged category had an average return of -0.0%. 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.
AlphaCentric Premium Opportunity A has a trailing yield of 2.36%, which is above the 0.94% category average. The fund normally distributes its income annually 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.
AlphaCentric Premium Opportunity A Grades
Year to date, the fund has returned 8.6%, 3.2 percentage points better than the category, which translates into a grade of A. The fund has returned 14.6% over the past year (grade of A), 9.3% over the past three years (grade of D) and 5.7% per year over the past five years (grade of D).
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HMXAX 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 |
|
| HMXAX Return (NAV) | 0.9% | 5.3% | 14.6% | 9.3% | 5.7% | na |
| HMXAX Grade | B | A | A | D | D | na |
| +/- Category | 1.0% | 3.2% | 4.0% | -0.6% | -0.2% | na |
| Equity Hedged Avg | -0.0% | 2.1% | 10.6% | 9.9% | 5.9% | 6.6% |
| HMXAX Tax Cost Ratio | na | na | 1.9% | 0.9% | 0.8% | na |
HMXAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HMXAX Return (NAV) | 8.6% | 8.5% | 8.6% | 13.1% | -10.8% | 7.6% | 27.6% | 16.3% | -6.3% | 5.0% | na |
| HMXAX Grade | A | D | D | C | C | D | A | B | F | F | na |
| +/- Category | 3.2% | -0.9% | -3.6% | 0.7% | -1.1% | -3.7% | 16.7% | 2.1% | -3.6% | -3.9% | na |
| Equity Hedged Avg | 5.4% | 9.4% | 12.2% | 12.3% | -9.8% | 11.3% | 10.8% | 14.1% | -2.7% | 8.9% | 4.5% |
| Risk Measures | |
| Standard Deviation: | 10.5% |
| Total Risk Index: | 0.85 - Average |
| Category Risk Index: | 1.31 - High |
| Category Risk Grade: | F (83% Rank) |
| Beta: | 0.73 |
| R-Squared: | 83% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 2.4% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $33 Mil |
| Fund Total Assets: | $ 2 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 0% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 9.8 years | |||
| Average Tenure: 9.8 years | |||
| Managers (Year): Kellites Russell (2016) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 103 |
| % in Top 10 Holdings: | 73.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 2.4% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | 97.7% |
Purchase Information
| Fund Family: | AlphaCentric Funds |
| Phone Number: | 844-223-8637 |
| Website: | www.AlphaCentricFunds.com. |
| Status: | Open |
| Inception Date: | September 30, 2016 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $2,500 |
| True No-Load: | No |
| Front Load Maximum: | 5.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 2.32% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.39% |
| Share Class: | AlphaCentric Premium Opportunity I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
