Fund Evaluator:
AlphaCentric Income Opportunities I (IOFIX)
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Best Performing in Securitized Bond - Focused Over the Last Year
| 0.0% | Aristotle Pacific EXclusive Series C (APXCX) |
Fund Details
AlphaCentric Income Opportunities I Overview
AlphaCentric Income Opportunities I (IOFIX) is an actively managed Taxable Bond Securitized Bond - Focused fund. AlphaCentric Funds launched the fund in 2015.
The investment seeks current income. The fund seeks to achieve its investment objective by primarily investing in asset-backed fixed income securities, such as securities backed by credit card receivables, automobiles, aircraft, student loans, equipment leases, and agency and non-agency residential and commercial mortgages. Asset-backed securities in which the fund may invest also include collateralized debt obligations ("CDOs"), collateralized loan obligations ("CLOs") and privately-offered collateralized loans.
About AlphaCentric Income Opportunities I (IOFIX)
There are 2 members of the management team with an average tenure of 11.18 years: Garrett Smith (2015), Brian Loo (2015). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. AlphaCentric Income Opportunities I has 79 securities in its portfolio. The top 10 holdings constitute 65.0% 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 Income Opportunities I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. AlphaCentric Income Opportunities I has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.5%. 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 99.0% (99.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). AlphaCentric Income Opportunities I has -1.5% of the portfolio in cash.
Assets Under Management
The fund has $138 million in total assets, which is above the $131 million average for the Securitized Bond - Focused 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.
IOFIX 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 Income Opportunities I expense ratio is high compared to funds in the Securitized Bond - Focused category. AlphaCentric Income Opportunities I has an expense ratio of 1.86%, which is 54% higher than its category average, making the fund expense ratio grade a D. 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. AlphaCentric Income Opportunities I has a portfolio turnover rate of 14%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 21% for the Securitized Bond - Focused category.
Recently, in the month of July 2026, AlphaCentric Income Opportunities I returned -1.1%, which earned it a grade of D, as the Securitized Bond - Focused category had an average return of -0.3%. 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 Income Opportunities I has a trailing yield of 8.51%, which is above the 6.32% category average. The fund normally distributes its income monthly.
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 Income Opportunities I Grades
Year to date, the fund has returned 0.1%, 0.9 percentage points worse than the category, which translates into a grade of D. The fund has returned 4.4% over the past year (grade of C), 1.8% over the past three years (grade of D) and -3.3% per year over the past five years (grade of D) and 1.4% per year over the past 10 years (grade of B).
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IOFIX 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 |
|
| IOFIX Return (NAV) | -1.1% | 0.4% | 4.4% | 1.8% | -3.3% | 1.4% |
| IOFIX Grade | D | C | C | D | D | B |
| +/- Category | -0.8% | -0.3% | 0.1% | -2.5% | -3.6% | -0.1% |
| Securitized Bond - Focused Avg | -0.3% | 0.7% | 4.3% | 4.4% | 0.3% | 1.5% |
| IOFIX Tax Cost Ratio | na | na | 3.3% | 3.2% | 2.8% | 2.4% |
IOFIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| IOFIX Return (NAV) | 0.1% | 9.1% | -0.4% | -5.5% | -21.7% | 14.9% | -10.6% | 11.9% | 4.5% | 14.0% | 9.8% |
| IOFIX Grade | D | A | D | D | D | A | D | A | A | A | A |
| +/- Category | -0.9% | 1.6% | -5.4% | -5.9% | -8.8% | 5.5% | -1.3% | 3.2% | 1.2% | 4.6% | 2.2% |
| Securitized Bond - Focused Avg | 1.1% | 7.5% | 5.0% | 0.4% | -12.9% | 9.5% | -9.3% | 8.7% | 3.3% | 9.4% | 7.6% |
| Risk Measures | |
| Standard Deviation: | 6.1% |
| Total Risk Index: | 0.49 - Below Average |
| Category Risk Index: | 1.49 - High |
| Category Risk Grade: | F (100% Rank) |
| Beta: | 0.83 |
| R-Squared: | 59% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 8.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $181 Mil |
| Fund Total Assets: | $ 138 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 14% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 11.2 years | |||
| Average Tenure: 11.2 years | |||
| Managers (Year): Smith Garrett (2015), Loo Brian (2015) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 79 |
| % in Top 10 Holdings: | 65.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 2.5% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -1.5% |
Purchase Information
| Fund Family: | AlphaCentric Funds |
| Phone Number: | 844-223-8637 |
| Website: | www.AlphaCentricFunds.com. |
| Status: | Open |
| Inception Date: | May 28, 2015 |
| 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: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.86% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.21% |
| Share Class: | AlphaCentric Income Opportunities I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
