Fund Evaluator:
Rational Premium Income C (HRSFX)
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Best Performing in Equity Hedged Over the Last Year
| 14.3% | Parametric Volatil Risk Prm-Defensv I (EIVPX) |
| 13.7% | Cavanal Hill Hedged Equity Income Inv (APLIX) |
| 13.5% | Fidelity Advisor Hedged Equity Z (FEQZX) |
| 12.5% | T. Rowe Price Hedged Equity Z (PZHEX) |
| 11.6% | MAI Managed Volatility Investor (DIVPX) |
Fund Details
Rational Premium Income C Overview
Rational Premium Income C (HRSFX) is an actively managed Nontraditional Equity Equity Hedged fund. Rational Funds launched the fund in 2016.
The investment seeks total return consisting of long-term capital appreciation and income. The fund seeks to achieve its investment objective by implementing options strategies on the Standard & Poor’s 500 Index (“S&P 500®”), futures contracts on the S&P 500®, or options and futures contracts on similar U.S. stock indexes, and/or their underlying constituents. Options strategies may include buying and selling options, buying and selling option spreads, and writing covered call options.
About Rational Premium Income C (HRSFX)
There are 2 members of the management team with an average tenure of 0.58 years: David Miller (2025), Charles Ashley (2025). 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%. Rational Premium Income C has 23 securities in its portfolio. The top 10 holdings constitute 176.1% 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.
Rational Premium Income C is part of the Equity global asset class and is within the Nontraditional Equity fund group. Rational Premium Income C has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. 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 65.1% (65.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Rational Premium Income C has -87.5% of the portfolio in cash.
Assets Under Management
The fund has $1 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.
HRSFX 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 Rational Premium Income C expense ratio is high compared to funds in the Equity Hedged category. Rational Premium Income C has an expense ratio of 3.04%, which is 119% 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 Rational Premium Income C. By way of comparison, the average portfolio turnover is 69% for the Equity Hedged category.
Recently, in the month of July 2026, Rational Premium Income C returned 0.2%, which earned it a grade of C, 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.
Rational Premium Income C has a trailing yield of 4.02%, 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.
Rational Premium Income C Grades
Year to date, the fund has returned 5.5%, 0.1 percentage points better than the category, which translates into a grade of C. The fund has returned 6.5% over the past year (grade of F), 4.1% over the past three years (grade of F) and 2.7% per year over the past five years (grade of F) and 3.5% per year over the past 10 years (grade of F).
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HRSFX 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 |
|
| HRSFX Return (NAV) | 0.2% | 2.6% | 6.5% | 4.1% | 2.7% | 3.5% |
| HRSFX Grade | C | B | F | F | F | F |
| +/- Category | 0.3% | 0.5% | -4.0% | -5.8% | -3.2% | -3.1% |
| Equity Hedged Avg | -0.0% | 2.1% | 10.6% | 9.9% | 5.9% | 6.6% |
| HRSFX Tax Cost Ratio | na | na | 3.0% | 1.9% | 1.3% | 1.5% |
HRSFX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HRSFX Return (NAV) | 5.5% | 2.6% | 2.3% | 4.0% | -1.3% | 2.9% | 1.8% | 3.5% | 8.6% | 3.0% | 6.2% |
| HRSFX Grade | C | F | F | F | A | F | F | F | A | F | B |
| +/- Category | 0.1% | -6.8% | -9.9% | -8.3% | 8.4% | -8.3% | -9.1% | -10.6% | 11.3% | -5.9% | 1.7% |
| 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: | 2.6% |
| Total Risk Index: | 0.21 - Low |
| Category Risk Index: | 0.33 - Low |
| Category Risk Grade: | A (6% Rank) |
| Beta: | 0.10 |
| R-Squared: | 26% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $21 Mil |
| Fund Total Assets: | $ 2 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 0% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.6 years | |||
| Average Tenure: 0.6 years | |||
| Managers (Year): Miller David (2025), Ashley Charles (2025) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 23 |
| % in Top 10 Holdings: | 176.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 65.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 122.5% |
| Cash: | -87.5% |
Purchase Information
| Fund Family: | Rational Funds |
| Phone Number: | 800-253-0412 |
| Website: | www.rationalmf.com |
| Status: | Open |
| Inception Date: | May 31, 2016 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 3.04% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.39% |
| Share Class: | Rational Premium Income Institutional |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
