Fund Evaluator:
Rational/Pier 88 Convertible Secs A (PBXAX)
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Best Performing in Convertibles Over the Last Year
| 24.2% | Harbor Ares Systematic Cnvrt Scs Ins (HACSX) |
| 24.1% | Fidelity Advisor Convertible Secs Z (FIQVX) |
| 24.0% | Fidelity Convertible Securities (FCVSX) |
| 23.8% | Harbor Ares Systematic Cnvrt Scs Inv (HICSX) |
| 21.1% | Invesco Convertible Securities Y (CNSDX) |
Fund Details
Rational/Pier 88 Convertible Secs A Overview
Rational/Pier 88 Convertible Secs A (PBXAX) is an actively managed Allocation Convertibles fund. Rational Funds launched the fund in 2019.
The investment seeks total return consisting of capital appreciation and income. Under normal conditions, the fund seeks to achieve its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in convertible securities. Convertible securities are "hybrid" securities that possess both fixed income and equity characteristics. The fund will generally invest primarily in investment-grade instruments. It is non-diversified.
About Rational/Pier 88 Convertible Secs A (PBXAX)
There are 2 members of the management team with an average tenure of 6.65 years: Sean Aurigemma (2019), Frank Timons (2019). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE BofA IG US conv 5% const TR USD index with a weighting of 100%. Rational/Pier 88 Convertible Secs A has 35 securities in its portfolio. The top 10 holdings constitute 47.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Rational/Pier 88 Convertible Secs A is part of the Hybrid Securities global asset class and is within the Allocation fund group. Rational/Pier 88 Convertible Secs A has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 14.9%. There is 0.0% allocated to foreign stock, and 21.6% 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 56.8% convertible bond). Rational/Pier 88 Convertible Secs A has 6.8% of the portfolio in cash.
Assets Under Management
The fund has $271 million in total assets, which is below the $212 million average for the Convertibles 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.
PBXAX 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/Pier 88 Convertible Secs A expense ratio is high compared to funds in the Convertibles category. Rational/Pier 88 Convertible Secs A has an expense ratio of 1.25%, which is 13% 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. Rational/Pier 88 Convertible Secs A has a portfolio turnover rate of 185%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 109% for the Convertibles category.
Recently, in the month of July 2026, Rational/Pier 88 Convertible Secs A returned -0.4%, which earned it a grade of A, as the Convertibles category had an average return of -4.5%. 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/Pier 88 Convertible Secs A has a trailing yield of 4.72%, which is above the 1.71% category average. The fund normally distributes its income quarterly.
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/Pier 88 Convertible Secs A Grades
Year to date, the fund has returned 9.7%, 3.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 9.7% over the past year (grade of F), 7.8% over the past three years (grade of F) and 2.7% per year over the past five years (grade of F).
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PBXAX 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 |
|
| PBXAX Return (NAV) | -0.4% | 4.1% | 9.7% | 7.8% | 2.7% | na |
| PBXAX Grade | A | A | F | F | F | na |
| +/- Category | 4.0% | 3.1% | -11.2% | -6.0% | -2.9% | na |
| Convertibles Avg | -4.5% | 1.1% | 20.9% | 13.8% | 5.6% | 10.7% |
| PBXAX Tax Cost Ratio | na | na | 2.0% | 1.3% | 1.5% | na |
PBXAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PBXAX Return (NAV) | 9.7% | 1.8% | 7.9% | 2.7% | -11.0% | 10.0% | 17.0% | na | na | na | na |
| PBXAX Grade | F | F | F | F | A | A | F | na | na | na | na |
| +/- Category | -3.3% | -14.3% | -3.3% | -6.0% | 6.8% | 5.1% | -25.4% | na | na | na | na |
| Convertibles Avg | 13.0% | 16.1% | 11.2% | 8.7% | -17.8% | 4.9% | 42.4% | 22.9% | -1.6% | 13.8% | 8.1% |
| Risk Measures | |
| Standard Deviation: | 7.6% |
| Total Risk Index: | 0.62 - Below Average |
| Category Risk Index: | 0.65 - Low |
| Category Risk Grade: | A (14% Rank) |
| Beta: | 0.67 |
| R-Squared: | 70% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 4.7% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | |
| Total Assets: | $238 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 185% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 6.7 years | |||
| Average Tenure: 6.7 years | |||
| Managers (Year): Aurigemma Sean (2019), Timons Frank (2019) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 35 |
| % in Top 10 Holdings: | 47.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 14.9% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 21.6% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 56.8% |
| Other: | 0.0% |
| Cash: | 6.8% |
Purchase Information
| Fund Family: | Rational Funds |
| Phone Number: | 800-253-0412 |
| Website: | www.rationalmf.com |
| Status: | Open |
| Inception Date: | December 6, 2019 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 4.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.25% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.11% |
| Share Class: | Rational/Pier 88 Convertible Secs Instl |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
