Fund Evaluator:
AlphaCentric Real Income I (SIIIX)
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Best Performing in Conservative Allocation Over the Last Year
| 11.9% | Hussman Strategic Total Return (HSTRX) |
| 10.4% | Franklin Multi-Asset Income Y (PMIYX) |
| 10.1% | Columbia Income Builder Inst (CBUZX) |
| 8.2% | Thrivent Conservative Allocation S (THYFX) |
| 8.0% | Columbia Capital Allocation Cnsrv Inst (CBVZX) |
Fund Details
AlphaCentric Real Income I Overview
AlphaCentric Real Income I (SIIIX) is an actively managed Allocation Conservative Allocation fund. AlphaCentric Funds launched the fund in 2021.
The investment seeks total return through current income and capital appreciation. The fund seeks to achieve its investment objective by investing primarily in interest-bearing fixed income securities, including convertible bonds, and dividend paying equity securities. It may also invest in senior and subordinate collateralized debt obligations (“CDOs”) and collateralized loan obligations (“CLOs”), and the senior and subordinate debt securities and equity securities of businesses unrelated to real estate and mortgages. The fund is non-diversified.
About AlphaCentric Real Income I (SIIIX)
There are 2 members of the management team with an average tenure of 1.75 years: David Sherman (2024), Spencer Rolfe (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Bloomberg US MBS TR USD index with a weighting of 100%. AlphaCentric Real Income I has 76 securities in its portfolio. The top 10 holdings constitute 48.7% 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.
AlphaCentric Real Income I is part of the Allocation global asset class and is within the Allocation fund group. AlphaCentric Real Income I has 4.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 26.7%. There is 2.8% allocated to foreign stock, and 2.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 38.1% (36.6% domestic bond, 1.4% foreign bond and 4.6% convertible bond). AlphaCentric Real Income I has 25.6% of the portfolio in cash.
Assets Under Management
The fund has $32 million in total assets, which is below the $107 million average for the Conservative Allocation 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.
SIIIX 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 Real Income I expense ratio is high compared to funds in the Conservative Allocation category. AlphaCentric Real Income I has an expense ratio of 1.51%, which is 27% 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 Real Income I has a portfolio turnover rate of 152%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 100% for the Conservative Allocation category.
Recently, in the month of July 2026, AlphaCentric Real Income I returned -2.1%, which earned it a grade of F, as the Conservative Allocation category had an average return of -0.8%. 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 Real Income I has a trailing yield of 6.62%, which is above the 3.43% 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 Real Income I Grades
Year to date, the fund has returned 3.2%, 0.4 percentage points better than the category, which translates into a grade of B. The fund has returned 7.0% over the past year (grade of C), 7.0% over the past three years (grade of C) and 4.4% per year over the past five years (grade of A).
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SIIIX 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 |
|
| SIIIX Return (NAV) | -2.1% | -0.4% | 7.0% | 7.0% | 4.4% | na |
| SIIIX Grade | F | F | C | C | A | na |
| +/- Category | -1.3% | -1.0% | -0.2% | -0.1% | 1.7% | na |
| Conservative Allocation Avg | -0.8% | 0.6% | 7.2% | 7.2% | 2.7% | 3.9% |
| SIIIX Tax Cost Ratio | na | na | 2.6% | 2.7% | 2.6% | na |
SIIIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SIIIX Return (NAV) | 3.2% | 5.7% | 9.0% | 17.0% | -14.8% | na | na | na | na | na | na |
| SIIIX Grade | B | F | A | A | F | na | na | na | na | na | na |
| +/- Category | 0.4% | -3.6% | 3.1% | 8.3% | -2.9% | na | na | na | na | na | na |
| Conservative Allocation Avg | 2.8% | 9.2% | 5.9% | 8.7% | -11.9% | 4.5% | 8.0% | 11.5% | -3.3% | 7.1% | 5.9% |
| Risk Measures | |
| Standard Deviation: | 6.9% |
| Total Risk Index: | 0.57 - Below Average |
| Category Risk Index: | 1.08 - High |
| Category Risk Grade: | F (86% Rank) |
| Beta: | 0.58 |
| R-Squared: | 63% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 6.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $37 Mil |
| Fund Total Assets: | $ 32 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 152% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.8 years | |||
| Average Tenure: 1.8 years | |||
| Managers (Year): Sherman David (2024), Rolfe Spencer (2024) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 76 |
| % in Top 10 Holdings: | 48.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 4.3% |
Portfolio Allocation |
|
| Domestic Stock: | 26.7% |
| Foreign Stock: | 2.8% |
| Preferred Stock: | 2.3% |
| Domestic Bond: | 36.6% |
| Foreign Bond: | 1.4% |
| Convertible Bond: | 4.6% |
| Other: | 0.0% |
| Cash: | 25.6% |
Purchase Information
| Fund Family: | AlphaCentric Funds |
| Phone Number: | 844-223-8637 |
| Website: |
| Status: | Open |
| Inception Date: | May 28, 2021 |
| 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 (%): | 1.51% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.19% |
| Share Class: | AlphaCentric Real Income I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
