Fund Evaluator:
Rational Strategic Allocation A (RHSAX)
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Best Performing in Multi-Asset Overlay Over the Last Year
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Fund Details
Rational Strategic Allocation A Overview
Rational Strategic Allocation A (RHSAX) is an actively managed Alternative Multi-Asset Overlay fund. Rational Funds launched the fund in 2009.
The investment seeks current income and moderate appreciation of capital. The fund seeks to achieve its investment objective by investing in a portfolio of futures contracts on the S&P 500 Index and in income and yield-oriented securities. Under normal market conditions, the Advisor intends to invest in a portfolio of underlying funds, excluding cash and cash equivalents required for margin or collateral, while also maintaining notional exposure to the index through its investments in futures contracts, which are intended to provide the fund with economic exposure to U.S. equities in an amount up to the value of the fund’s net assets.
About Rational Strategic Allocation A (RHSAX)
There are 1 members of the management team with an average tenure of 10.25 years: David Miller (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%. Rational Strategic Allocation A has 9 securities in its portfolio. The top 10 holdings constitute 87.6% 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 Strategic Allocation A is part of the Alternative Strategies global asset class and is within the Alternative fund group. Rational Strategic Allocation A has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -0.2%. There is 0.5% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 22.1% (22.0% domestic bond, 0.1% foreign bond and 0.2% convertible bond). Rational Strategic Allocation A has -14.1% of the portfolio in cash.
Assets Under Management
The fund has $8 million in total assets, which is below the $369 million average for the Multi-Asset Overlay 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.
RHSAX 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 Strategic Allocation A expense ratio is high compared to funds in the Multi-Asset Overlay category. Rational Strategic Allocation A has an expense ratio of 2.30%, which is 35% lower than its category average, making the fund expense ratio grade a C. 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 Strategic Allocation A has a portfolio turnover rate of 30%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 155% for the Multi-Asset Overlay category.
Recently, in the month of July 2026, Rational Strategic Allocation A returned -2.2%, which earned it a grade of F, as the Multi-Asset Overlay category had an average return of 0.1%. 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 Strategic Allocation A has a trailing yield of 0.12%, which is below the 0.87% category average. The fund normally distributes its income quarterly 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 Strategic Allocation A Grades
Year to date, the fund has returned 4.7%, 3.6 percentage points worse than the category, which translates into a grade of D. The fund has returned 20.4% over the past year (grade of D), 11.0% over the past three years (grade of B) and 5.5% per year over the past five years (grade of D) and 6.5% per year over the past 10 years (grade of F).
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RHSAX 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 |
|
| RHSAX Return (NAV) | -2.2% | 8.1% | 20.4% | 11.0% | 5.5% | 6.5% |
| RHSAX Grade | F | A | D | B | D | F |
| +/- Category | -2.2% | 6.1% | -2.0% | -1.6% | -0.5% | -0.9% |
| Multi-Asset Overlay Avg | 0.1% | 2.0% | 22.4% | 12.6% | 6.0% | 7.5% |
| RHSAX Tax Cost Ratio | na | na | 2.6% | 2.3% | 3.0% | 2.6% |
RHSAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RHSAX Return (NAV) | 4.7% | 10.8% | 14.3% | 23.8% | -28.0% | 33.6% | -3.4% | 12.5% | -3.1% | 11.6% | 8.2% |
| RHSAX Grade | D | B | B | A | F | A | F | F | B | D | F |
| +/- Category | -3.6% | 1.5% | -0.7% | 13.9% | -25.7% | 15.2% | -11.3% | -6.0% | 1.9% | -0.3% | -6.1% |
| Multi-Asset Overlay Avg | 8.2% | 9.3% | 14.9% | 9.8% | -2.4% | 18.4% | 7.9% | 18.5% | -4.9% | 11.9% | 14.2% |
| Risk Measures | |
| Standard Deviation: | 23.6% |
| Total Risk Index: | 1.92 - High |
| Category Risk Index: | 1.87 - High |
| Category Risk Grade: | F (95% Rank) |
| Beta: | 1.67 |
| R-Squared: | 80% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.1% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $9 Mil |
| Fund Total Assets: | $ 8 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 30% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 10.3 years | |||
| Average Tenure: 10.3 years | |||
| Managers (Year): Miller David (2016) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 9 |
| % in Top 10 Holdings: | 87.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | -0.2% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.1% |
| Domestic Bond: | 22.0% |
| Foreign Bond: | 0.1% |
| Convertible Bond: | 0.2% |
| Other: | 91.5% |
| Cash: | -14.1% |
Purchase Information
| Fund Family: | Rational Funds |
| Phone Number: | 800-253-0412 |
| Website: | www.rationalmf.com |
| Status: | Open |
| Inception Date: | July 30, 2009 |
| 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 (%): | 2.30% ( Rating : High ) |
| Category Average Expense Ratio (%): | 3.52% |
| Share Class: | Rational Strategic Allocation A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
